0001047469-15-006560.txt : 20150819 0001047469-15-006560.hdr.sgml : 20150819 20150805060132 ACCESSION NUMBER: 0001047469-15-006560 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150805 DATE AS OF CHANGE: 20150805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIMON PROPERTY GROUP INC /DE/ CENTRAL INDEX KEY: 0001063761 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 046268599 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14469 FILM NUMBER: 151027366 BUSINESS ADDRESS: STREET 1: 225 WEST WASHINGTON STREET CITY: INDIANAPOLIS STATE: IN ZIP: 46204-3438 BUSINESS PHONE: 317-636-1600 MAIL ADDRESS: STREET 1: 225 WEST WASHINGTON STREET CITY: INDIANAPOLIS STATE: IN ZIP: 46204-3438 FORMER COMPANY: FORMER CONFORMED NAME: CORPORATE PROPERTY INVESTORS INC DATE OF NAME CHANGE: 19980610 10-Q 1 a2225497z10-q.htm 10-Q

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

SIMON PROPERTY GROUP, INC.
(Exact name of registrant as specified in its charter)


Delaware (State of incorporation or organization)	001-14469 (Commission File No.)	04-6268599 (I.R.S. Employer Identification No.)
225 West Washington Street Indianapolis, Indiana 46204 (Address of principal executive offices)
(317) 636-1600 (Registrant's telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ý No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one):


Large accelerated filer ý		Accelerated filer o		Non-accelerated filer o (Do not check if a smaller reporting company)		Smaller reporting company o

Indicate by check mark whether Registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes o No ý

As of June 30, 2015, Simon Property Group, Inc. had 309,409,637 shares of common stock, par value $0.0001 per share and 8,000 shares of Class B common stock, par value $0.0001 per share outstanding.

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Simon Property Group, Inc. and Subsidiaries
Form 10-Q

INDEX



Part I — Financial Information
	Item 1.	Consolidated Financial Statements (Unaudited)
		Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014	3
		Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2015 and 2014	4
		Consolidated Statements of Cash Flows for the six months ended June 30, 2015 and 2014	5
		Condensed Notes to Consolidated Financial Statements	6
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
	Item 3.	Qualitative and Quantitative Disclosures About Market Risk	38
	Item 4.	Controls and Procedures	38
Part II — Other Information
	Item 1.	Legal Proceedings	39
	Item 1A.	Risk Factors	39
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
	Item 3.	Defaults Upon Senior Securities	39
	Item 4.	Mine Safety Disclosures	39
	Item 5.	Other Information	39
	Item 6.	Exhibits	40
Signatures			41

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Simon Property Group, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)

	June 30, 2015			December 31, 2014

ASSETS:
Investment properties at cost	$	32,898,773		$	31,318,532
Less — accumulated depreciation		9,409,100			8,950,747

		23,489,673			22,367,785
Cash and cash equivalents		565,657			612,282
Tenant receivables and accrued revenue, net		537,172			580,197
Investment in unconsolidated entities, at equity		2,353,339			2,378,800
Investment in Klepierre, at equity		1,803,746			1,786,477
Deferred costs and other assets		1,333,944			1,806,789

Total assets	$	30,083,531		$	29,532,330



LIABILITIES:
Mortgages and unsecured indebtedness	$	22,070,777		$	20,852,993
Accounts payable, accrued expenses, intangibles, and deferred revenues		1,215,444			1,259,681
Cash distributions and losses in partnerships and joint ventures, at equity		1,344,028			1,167,163
Other liabilities		248,596			275,451

Total liabilities		24,878,845			23,555,288

Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership		25,537			25,537
EQUITY:
Stockholders' Equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8³/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847		43,898			44,062
Common stock, $0.0001 par value, 511,990,000 shares authorized, 314,807,366 and 314,320,664 issued and outstanding, respectively		31			31
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding		—			—
Capital in excess of par value		9,357,567			9,422,237
Accumulated deficit		(4,274,289	)		(4,208,183	)
Accumulated other comprehensive loss		(246,575	)		(61,041	)
Common stock held in treasury at cost, 5,397,729 and 3,540,754 shares, respectively		(437,751	)		(103,929	)

Total stockholders' equity		4,442,881			5,093,177
Noncontrolling interests		736,268			858,328

Total equity		5,179,149			5,951,505

Total liabilities and equity	$	30,083,531		$	29,532,330

The accompanying notes are an integral part of these statements.

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Simon Property Group, Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations and Comprehensive Income
(Dollars in thousands, except per share amounts)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	2015			2014			2015			2014
REVENUE:
Minimum rent	$	768,138		$	728,486		$	1,521,583		$	1,450,768
Overage rent		37,029			39,160			75,986			70,834
Tenant reimbursements		364,309			342,250			704,479			667,721
Management fees and other revenues		40,027			34,142			75,106			64,749
Other income		139,607			37,944			188,191			84,932

Total revenue		1,349,110			1,181,982			2,565,345			2,339,004

EXPENSES:
Property operating		99,841			92,630			199,598			187,577
Depreciation and amortization		295,778			287,214			583,883			567,708
Real estate taxes		106,487			99,396			213,374			193,699
Repairs and maintenance		22,676			21,656			52,410			51,421
Advertising and promotion		41,215			38,149			59,971			60,768
Provision for credit losses		2,685			2,442			6,533			6,866
Home and regional office costs		39,346			44,958			75,250			80,246
General and administrative		15,345			15,599			30,344			30,454
Other		23,352			18,407			42,426			37,769

Total operating expenses		646,725			620,451			1,263,789			1,216,508

OPERATING INCOME		702,385			561,531			1,301,556			1,122,496
Interest expense		(230,974	)		(254,930	)		(463,147	)		(509,164	)
Income and other taxes		(3,420	)		(6,626	)		(9,781	)		(13,489	)
Income from unconsolidated entities		70,196			55,764			135,068			112,842
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		16,339			133,870			16,339			136,525

Consolidated income from continuing operations		554,526			489,609			980,035			849,210
Discontinued operations and gain on disposal		—			26,022			—			67,524
Discontinued operations transaction expenses		—			(38,163	)		—			(38,163	)

CONSOLIDATED NET INCOME		554,526			477,468			980,035			878,571
Net income attributable to noncontrolling interests		80,748			70,047			143,248			128,667
Preferred dividends		834			834			1,669			1,669

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	472,944		$	406,587		$	835,118		$	748,235



BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Income from continuing operations	$	1.52		$	1.34		$	2.69		$	2.33
Discontinued operations		—			(0.03	)		—			0.08

Net income attributable to common stockholders	$	1.52		$	1.31		$	2.69		$	2.41



Consolidated Net Income	$	554,526		$	477,468		$	980,035		$	878,571
Unrealized gain (loss) on derivative hedge agreements		9,240			(8	)		19,339			(7,541	)
Net (gain) loss reclassified from accumulated other comprehensive income into earnings		(77,536	)		2,577			(74,909	)		5,274
Currency translation adjustments		(14,282	)		4,046			(138,793	)		17,779
Changes in available-for-sale securities and other		(27,721	)		202			(22,084	)		682

Comprehensive income		444,227			484,285			763,588			894,765
Comprehensive income attributable to noncontrolling interests		65,193			71,020			112,335			130,802

Comprehensive income attributable to common stockholders	$	379,034		$	413,265		$	651,253		$	763,963

The accompanying notes are an integral part of these statements.

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Simon Property Group, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(Dollars in thousands)

	For the Six Months Ended June 30,

	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated Net Income	$	980,035		$	878,571
Adjustments to reconcile consolidated net income to net cash provided by operating activities —
Depreciation and amortization		615,249			670,714
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(16,339	)		(136,767	)
Gain on sale of marketable securities		(80,187	)		—
Straight-line rent		(27,206	)		(23,165	)
Equity in income of unconsolidated entities		(135,068	)		(113,494	)
Distributions of income from unconsolidated entities		120,918			105,087
Changes in assets and liabilities —
Tenant receivables and accrued revenue, net		70,426			63,647
Deferred costs and other assets		(40,841	)		(45,761	)
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities		(3,681	)		(127,695	)

Net cash provided by operating activities		1,483,306			1,271,137

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(1,231,381	)		(85,459	)
Funding of loans to related parties		—			(33,236	)
Repayments of loans to related parties		—			4,092
Capital expenditures, net		(488,950	)		(366,034	)
Cash impact from the consolidation of properties		—			5,402
Investments in unconsolidated entities		(153,663	)		(115,827	)
Purchase of marketable and non-marketable securities		(17,450	)		(9,201	)
Proceeds from sale of marketable and non-marketable securities		454,012			—
Distributions of capital from unconsolidated entities and other		583,626			287,870

Net cash used in investing activities		(853,806	)		(312,393	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of common stock and other, net of transaction costs		(3,465	)		(71	)
Cash impact of Washington Prime spin-off		—			(33,776	)
Purchase of preferred stock, limited partner units and treasury stock		(505,691	)		—
Purchase of noncontrolling interest in consolidated properties		—			(89,818	)
Distributions to noncontrolling interest holders in properties		(4,049	)		(18,164	)
Contributions from noncontrolling interest holders in properties		613			388
Preferred distributions of the Operating Partnership		(958	)		(957	)
Preferred dividends and distributions to stockholders		(902,815	)		(793,892	)
Distributions to limited partners		(151,318	)		(133,858	)
Proceeds from issuance of debt, net of transaction costs		4,058,658			1,405,336
Repayments of debt		(3,167,100	)		(2,348,113	)
Proceeds from issuance of debt related to Washington Prime properties, net		—			1,003,135

Net cash used in financing activities		(676,125	)		(1,009,790	)

DECREASE IN CASH AND CASH EQUIVALENTS		(46,625	)		(51,046	)
CASH AND CASH EQUIVALENTS, beginning of period		612,282			1,716,863

CASH AND CASH EQUIVALENTS, end of period	$	565,657		$	1,665,817

The accompanying notes are an integral part of these statements.

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Simon Property Group, Inc. and Subsidiaries
Condensed Notes to Consolidated Financial Statements
(Unaudited)
(Dollars in thousands, except share and per share amounts
and where indicated in millions or billions)

1. Organization

Simon Property Group, Inc., or Simon, is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. REITs will generally not be liable for federal corporate income taxes as long as they continue to distribute not less than 100% of their taxable income. Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In these condensed notes to the unaudited consolidated financial statements, the terms "we", "us" and "our" refer to Simon, the Operating Partnership, and its subsidiaries.

We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, and The Mills®. As of June 30, 2015, we owned or held an interest in 207 income-producing properties in the United States, which consisted of 110 malls, 68 Premium Outlets, 14 Mills, three community centers, and 12 other retail properties in 37 states and Puerto Rico. Internationally, as of June 30, 2015, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. As of June 30, 2015, we had a noncontrolling ownership interest in a joint venture that holds five outlet properties in Europe. Of the five properties, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. Additionally, as of June 30, 2015, as further discussed in Note 5, we owned a 20.3% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 16 countries in Europe.

2. Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim period ended June 30, 2015, are not necessarily indicative of the results to be expected for the full year.

These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in our 2014 Annual Report on Form 10-K.

As of June 30, 2015, we consolidated 135 wholly-owned properties and 13 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 80 properties, or the joint venture properties, as well as our investment in Klépierre, using the equity method of accounting, as we have determined we have significant influence over their operations. We manage the day-to-day operations of 58 of the 80 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, and the five European outlet properties comprise 19 of the remaining 22 properties. These international properties are managed locally by joint ventures in which we share control.

Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests held by limited partners, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to us based on the partners' respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Our weighted average ownership interest in the Operating Partnership was 85.6% and 85.5% for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015 and December 31, 2014, our ownership interest in the Operating Partnership was 85.7% and 85.5%, respectively. We adjust the noncontrolling limited partners' interests at the end of each period to reflect their interest in the net assets of the Operating Partnership.

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3. Significant Accounting Policies

Cash and Cash Equivalents

We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers' acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of FDIC and SIPC insurance limits.

Marketable and Non-Marketable Securities

Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available-for-sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At June 30, 2015, we had marketable securities of $184.2 million generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in accumulated other comprehensive income (loss) as of June 30, 2015 and December 31, 2014 were approximately $1.7 million and $103.9 million, respectively, and represent the valuation adjustments for our marketable securities.

The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established.

Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income.

On June 24, 2015 we sold our investment in certain marketable securities that were accounted for as an available-for-sale security, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2015.

At June 30, 2015 and December 31, 2014, we had investments of $177.3 million and $167.1 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no adjustment in the carrying value was required.

Fair Value Measurements

Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of

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inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs.

The marketable securities we held at June 30, 2015 and December 31, 2014 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs which consist primarily of interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $0.7 million and $2.1 million at June 30, 2015 and December 31, 2014, respectively, and a gross asset value of $24.5 million and $20.1 million at June 30, 2015 and December 31, 2014, respectively.

Note 6 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 9 and 5 include a discussion of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.

Noncontrolling Interests

Details of the carrying amount of our noncontrolling interests are as follows:

	As of June 30, 2015			As of December 31, 2014

Limited partners' interests in the Operating Partnership	$	736,679		$	858,557
Nonredeemable noncontrolling deficit interests in properties, net		(411	)		(229	)

Total noncontrolling interests reflected in equity	$	736,268		$	858,328

Net income attributable to noncontrolling interests (which includes nonredeemable noncontrolling interests in consolidated properties, limited partners' interests in the Operating Partnership, redeemable noncontrolling interests in consolidated properties and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders.

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A rollforward of noncontrolling interests reflected in equity is as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	2015			2014			2015			2014
Noncontrolling interests, beginning of period	$	828,618		$	989,988		$	858,328		$	973,226
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties		80,269			70,060			142,290			127,710
Distributions to noncontrolling interest holders		(78,488	)		(74,029	)		(153,398	)		(151,465	)
Other comprehensive income (loss) allocable to noncontrolling interests:
Unrealized gain (loss) on derivative hedge agreements		1,380			(17	)		2,861			(1,253	)
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings		(11,126	)		376			(10,745	)		768
Currency translation adjustments		(1,667	)		586			(19,665	)		2,518
Changes in available-for-sale securities and other		(4,141	)		30			(3,364	)		102

		(15,554	)		975			(30,913	)		2,135

Adjustment to limited partners' interest from change in ownership in the Operating Partnership		(75,905	)		(121,454	)		(81,529	)		(188,680	)
Units issued to limited partners		—			—			—			84,910
Units exchanged for common shares		(56	)		(279	)		(7,905	)		(1,190	)
Units redeemed		(14,843	)		—			(14,843	)		—
Long-term incentive performance units		11,812			12,484			23,640			24,969
Purchase and disposition of noncontrolling interests, net, and other		415			4,599			598			10,729

Noncontrolling interests, end of period	$	736,268		$	882,344		$	736,268		$	882,344

Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of June 30, 2015:

	Currency translation adjustments			Accumulated derivative losses, net			Net unrealized gains (losses) on marketable securities			Total

Beginning balance	$	(110,722	)	$	(39,161	)	$	88,842		$	(61,041	)
Other comprehensive loss before reclassifications		(119,129	)		16,479			(18,720	)		(121,370	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			4,521			(68,685	)		(64,164	)

Net current-period other comprehensive income (loss)		(119,129	)		21,000			(87,405	)		(185,534	)

Ending balance	$	(229,851	)	$	(18,161	)	$	1,437		$	(246,575	)

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The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of June 30, 2015 and 2014:

	June 30, 2015			June 30, 2014

Details about accumulated other comprehensive income (loss) components:	Amount reclassified from accumulated other comprehensive income (loss)			Amount reclassified from accumulated other comprehensive income (loss)			Affected line item in the statement where net income is presented
Accumulated derivative losses, net	$	(5,278	)	$	(5,274	)	Interest expense
		757			768		Net income attributable to noncontrolling interests

	$	(4,521	)	$	(4,506	)



Realized gain on sale of marketable securities	$	80,187		$	—		Other income
		(11,502	)		—		Net income attributable to noncontrolling interests

	$	68,685		$	—

Derivative Financial Instruments

We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities.

As of both June 30, 2015 and December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk:

Interest Rate Derivative		Number of Instruments		Notional Amount

Interest Rate Swaps		2		$375.0 million

The carrying value of our interest rate swap agreements, at fair value, as of June 30, 2015, was a net asset balance of $0.9 million, of which $1.6 million is included in deferred costs and other assets and $0.6 million is included in other liabilities. The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2014, was a net liability balance of $1.2 million, of which $2.1 million was included in other liabilities and $0.9 million was included in deferred costs and other assets.

We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in US dollars for their fair value at or close to their settlement date.

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As of June 30, 2015, we had no outstanding Yen:USD forward contracts. Approximately ¥14.7 million remained at December 31, 2014 for our Yen forward contracts that matured on January 5, 2015. The December 31, 2014 asset balance related to these forward contracts was $0.1 million and was included in deferred costs and other assets. We have reported the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign currency denominated receivables are also reported in income and generally offset the amounts in earnings for these forward contracts.

In the third quarter of 2014, we entered into Euro:USD forward contracts, which were designated as net investment hedges, with an aggregate €150.0 million notional value which mature through August 11, 2017. During the second quarter, one forward contract with a €50.0 million notional value was settled. The June 30, 2015 asset balance related to the remaining €100.0 million forward contracts was $22.9 million and is included in deferred costs and other assets. The December 31, 2014 asset balance related to these forward contracts was $19.1 million and was included in deferred costs and other assets. We apply hedge accounting to these forward contracts and report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment.

The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $21.2 million and $45.8 million as of June 30, 2015 and December 31, 2014, respectively.

New Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 became effective prospectively for fiscal years beginning after December 15, 2014, but could be early-adopted. We early-adopted ASU 2014-08 in the first quarter of 2014 and are applying the revised definition to all disposals on a prospective basis, including the spin-off of WP Glimcher Inc. (formerly known as Washington Prime Group Inc.), or Washington Prime, as further discussed below. ASU 2014-08 also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation.

In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. In July 2015, the FASB decided to delay the effective date of the new revenue recognition standard by one year, which will result in the new standard being effective for us beginning with the first quarter 2018. The new standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements.

In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. This guidance becomes effective for annual and interim periods beginning after December 15, 2015. All reporting entities involved with limited partnerships will have to re-evaluate whether these entities qualify for consolidation and revise documentation accordingly. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for us retrospectively beginning in the first quarter of 2016. We expect this new guidance will reduce total assets and total mortgage and unsecured indebtedness on our Consolidated Balance Sheet for amounts classified as deferred costs specific to debt issuance costs. We do not expect this guidance to have any other effect on our consolidated financial statements.

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Discontinued Operations

On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of outstanding units of partnership interest of the Operating Partnership, or units, owned by us. The remaining units of Washington Prime Group, L.P. were owned by limited partners of the Operating Partnership who received one Washington Prime Group, L.P. unit for every two units they owned in the Operating Partnership. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from completed unsecured debt and mortgage debt as part of the spin-off and incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime.

The historical results of operations of the Washington Prime properties have been presented as discontinued operations in the consolidated statements of operations and comprehensive income. The accompanying consolidated statement of cash flows includes within operating, investing and financing cash flows those activities which related to our period of ownership of the Washington Prime properties.

Summarized financial information for discontinued operations for the three and six month periods ended June 30, 2014 is presented below.

	Three Months Ended June 30, 2014			Six Months Ended June 30, 2014

TOTAL REVENUE	$	104,683		$	262,652
Property Operating		17,035			43,175
Depreciation and amortization		31,024			76,992
Real estate taxes		12,526			32,474
Repairs and maintenance		3,181			10,331
Advertising and promotion		1,388			3,340
Provision for credit losses		708			1,494
Other		910			2,028

Total operating expenses		66,772			169,834
OPERATING INCOME		37,911			92,818
Interest expense		(12,159	)		(26,076	)
Income and other taxes		(37	)		(112	)
Income from unconsolidated entities		307			652
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net		—			242

CONSOLIDATED NET INCOME		26,022			67,524
Net income attributable to noncontrolling interests		3,792			9,781

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	22,230		$	57,743

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Capital expenditures on a cash basis for the three and six month periods ended June 30, 2014 were $7.1 million and $31.9 million, respectively.

We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we provide certain services to Washington Prime and its properties that were previously owned by us. Pursuant to the terms of the property management agreements, we manage, lease, and maintain those Washington Prime mall properties under the direction of Washington Prime. In exchange, Washington Prime pays us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimburses us for direct out-of-pocket costs and expenses and also pays us separate fees for any leasing and development services we provide. The property management agreements have an initial term of two years with automatic one year renewals unless terminated. Either party may terminate the property management agreements on or after the two-year anniversary of the spin-off upon 180 days prior written notice.

We also provide certain support services to the Washington Prime strip centers that were previously owned by us and certain of its central functions to assist Washington Prime as it establishes its stand-alone processes for various activities that were previously provided by us and does not constitute significant continuing support of Washington Prime's operations. These services include assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services are intended to allow us to recover costs of providing these services. The transition services agreement will terminate no later than two years following the date of the spin-off subject to a minimum notice period equal to the shorter of 180 days or one-half of the original service period. Transitional services fees earned for the three and six months ended June 30, 2015 were approximately $1.6 million and $2.9 million, respectively.

4. Per Share Data

We determine basic earnings per share based on the weighted average number of shares of common stock outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share based on the weighted average number of shares of common stock outstanding combined with the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common shares at the earliest date possible. The following table sets forth the computation of our basic and diluted earnings per share.

	For the Three Months Ended June 30,				For the Six Months Ended June 30,

	2015		2014		2015		2014
Net Income attributable to Common Stockholders — Basic and Diluted	$	472,944	$	406,587	$	835,118	$	748,235



Weighted Average Shares Outstanding — Basic and Diluted		310,498,911		310,743,242		310,798,814		310,683,240

For the six months ended June 30, 2015, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance, or LTIP, units granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a dilutive effect for the three and six months ended June 30, 2015 and 2014. We accrue dividends when they are declared.

5. Investment in Unconsolidated Entities

Real Estate Joint Ventures and Investments

Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 80 properties as of June 30, 2015.

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Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner.

We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of June 30, 2015 and December 31, 2014, we had construction loans and other advances to related parties totaling $14.6 million and $14.9 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.

Unconsolidated Property Transactions

On January 30, 2014, as discussed in Note 9, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. As a result of this acquisition, we now own 100% of this property.

On February 24, 2015, Houston Galleria, in which we own a 50.4% noncontrolling interest, refinanced its $821.0 million mortgage with a $1.2 billion mortgage that matures on March 1, 2025. The fixed interest rate was reduced from 5.44% to 3.55% as a result. Excess proceeds from the financing were distributed to the venture partners in February 2015.

On April 13, 2015, we announced we had formed a joint venture with Sears Holdings, or Sears, whereby Sears contributed 10 of its properties located at our malls to the newly formed joint venture in exchange for a 50% noncontrolling interest in this joint venture. We contributed $114.0 million in cash in exchange for a 50% noncontrolling interest in this joint venture. Sears or its affiliates are leasing back each of the 10 properties from the joint venture. The joint venture has the right to recapture not less than 50% of the space leased to Sears to be used for purposes of redeveloping and releasing the recaptured space. We will provide development, leasing and management services to the joint venture. On July 7, 2015, we separately invested approximately $33.0 million in exchange for 1,125,760 common shares of Seritage Growth Properties, a public REIT recently formed by Sears, which now holds their previous interest in the newly formed joint venture.

On April 23, 2015, we announced a partnership with Swire Properties Inc. and Whitman Family Development to jointly develop the approximately 500,000 square foot shopping center component of Brickell City Centre, a mixed-use development in downtown Miami. We own a 25% interest in the retail component of this project which is scheduled to open in September 2016. Our share of the estimated cost of this project including development fees is approximately $100.0 million.

On July 22, 2015, we closed on our previously announced joint venture with Hudson's Bay Company, or HBC, whereby HBC contributed 42 properties and we committed to contribute $100.0 million for improvements to the properties contributed by HBC in exchange for a noncontrolling interest in the newly formed joint venture. We may contribute up to an additional $178.5 million in the newly formed joint venture. Upon the closing of the joint venture, we funded $1.0 million of our commitment. On June 15, 2015 HBC announced it is acquiring Galeria Holding, the parent company of Germany's leading department store, Kaufhof. This joint venture has agreed to purchase at least 40 Kaufhof properties from HBC. This transaction is expected to close in 2015.

European Investments

At June 30, 2015, we owned 63,924,148 shares, or approximately 20.3%, of Klépierre, which had a quoted market price of $44.29 per share. On July 29, 2014 Klépierre announced that it had entered into a conditional agreement to acquire Corio N.V., or Corio, pursuant to which Corio shareholders received 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015 the tender offer transaction closed and the merger was completed on March 31, 2015, reducing our ownership from 28.9% at December 31, 2014 to 18.3%. On May 11, 2015 we purchased 6,290,000 additional shares of Klépierre for $279.4 million bringing our ownership to 20.3%. All of the excess investment related to the purchase has been

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allocated to investment property. Our share of net income, net of amortization of our excess investment, was $9.6 million and $135.9 million for the six months ended June 30, 2015 and 2014, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre's results to GAAP, Klépierre's total revenues, operating income and consolidated net income were approximately $740.3 million, $277.6 million and $96.9 million, respectively, for the six months ended June 30, 2015 and $654.8 million, $281.1 million and $1.2 billion, respectively, for the six months ended June 30, 2014. On April 16, 2014, Klépierre completed the disposal of a portfolio of 126 retail galleries located in France, Spain and Italy. Total gross consideration for the transaction, including transfer duties, was €1.98 billion (€1.65 billion Klépierre's group share). The net cash proceeds were used by Klépierre to reduce its overall indebtedness. In connection with this transaction, we recorded a gain of $133.9 million, net of the write-off of a portion of our excess investment, which is included in "Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net" in the accompanying consolidated statements of operations and comprehensive income.

Our joint venture in Europe has interests in five outlet properties, one development project as well as a property management and development company. As of June 30, 2015 our legal percentage ownership interests in these entities range from 45% to 90%. The carrying amount of our investment in these joint ventures, including all related components of accumulated other comprehensive income (loss) as well as subsequent capital contributions for development, was $605.8 million and $677.1 million as of June 30, 2015 and December 31, 2014, respectively. In December 2014, Roermond Designer Outlet phases 2 and 3, in which we own a 90% interest, refinanced its $85.1 million mortgage maturing in 2017 with a $218.9 million mortgage that matures in 2021. The fixed interest rate was reduced from 5.12% to 1.86% as a result. Excess proceeds from the financing were distributed to the venture partners in January 2015.

We also have a minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets throughout Europe and a direct minority ownership in three of those outlets. Our investment in these centers is accounted for under the cost method. At each of June 30, 2015 and December 31, 2014, the carrying value of these non-marketable investments was $115.4 million and is included in deferred costs and other assets.

On March 19, 2015 we disposed of our interest in a joint venture which had held interests in rights to pre-development projects in Europe, for total proceeds of $19.0 million. We recognized a gain on the sale of $8.3 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. The gain includes $0.8 million that was reclassified from accumulated other comprehensive income (loss).

Asian Joint Ventures

We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $229.8 million as of June 30, 2015 and December 31, 2014, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $110.4 million and $104.5 million as of June 30, 2015 and December 31, 2014, respectively, including all related components of accumulated other comprehensive income (loss).

Summary Financial Information

A summary of our equity method investments and share of income from such investments, excluding Klépierre, follows. As discussed in Note 3, on May 28, 2014, we completed the spin-off of Washington Prime, which included ten unconsolidated properties. The net income of these ten properties is included in income from operations of discontinued joint venture interests in the accompanying summary financial information for the six months ended June 30, 2014.

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BALANCE SHEETS

	June 30, 2015			December 31, 2014

Assets:
Investment properties, at cost	$	16,790,264		$	16,087,282
Less — accumulated depreciation		5,611,016			5,457,899

		11,179,248			10,629,383
Cash and cash equivalents		885,430			993,178
Tenant receivables and accrued revenue, net		333,033			362,201
Investment in unconsolidated entities, at equity		—			11,386
Deferred costs and other assets		533,447			536,600

Total assets	$	12,931,158		$	12,532,748



Liabilities and Partners' Deficit:
Mortgages	$	13,801,561		$	13,272,557
Accounts payable, accrued expenses, intangibles, and deferred revenue		940,309			1,015,334
Other liabilities		386,277			493,718

Total liabilities		15,128,147			14,781,609
Preferred units		67,450			67,450
Partners' deficit		(2,264,439	)		(2,316,311	)

Total liabilities and partners' deficit	$	12,931,158		$	12,532,748



Our Share of:
Partners' deficit	$	(820,782	)	$	(663,700	)
Add: Excess Investment		1,830,093			1,875,337

Our net Investment in unconsolidated entities, at equity	$	1,009,311		$	1,211,637

"Excess Investment" represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and is allocated on a fair value basis primarily to investment property, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities.

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STATEMENT OF OPERATIONS

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	2015			2014			2015			2014
Revenue:
Minimum rent	$	443,485		$	427,899		$	877,266		$	852,684
Overage rent		41,342			41,589			92,522			90,386
Tenant reimbursements		199,142			193,006			393,629			385,799
Other income		61,545			61,929			115,539			174,635

Total revenue		745,514			724,423			1,478,956			1,503,504
Operating Expenses:
Property operating		132,257			131,643			263,061			293,064
Depreciation and amortization		148,607			142,047			290,265			294,195
Real estate taxes		56,477			52,797			115,051			107,588
Repairs and maintenance		17,086			15,944			37,447			35,585
Advertising and promotion		17,388			17,113			34,090			35,923
Provision for credit losses		1,296			970			3,149			4,078
Other		38,924			44,554			83,351			97,483

Total operating expenses		412,035			405,068			826,414			867,916

Operating Income		333,479			319,355			652,542			635,588
Interest expense		(149,041	)		(150,059	)		(296,062	)		(301,696	)

Income from Continuing Operations		184,438			169,296			356,480			333,892
Income from operations of discontinued joint venture interests		—			2,094			—			5,079
Gain on sale or disposal of assets and interests in unconsolidated entities		35,779			—			35,779			—

Net Income	$	220,217		$	171,390		$	392,259		$	338,971



Third-Party Investors' Share of Net Income	$	112,763		$	88,217		$	201,877		$	177,530



Our Share of Net Income		107,454			83,173			190,382			161,441
Amortization of Excess Investment		(24,387	)		(24,383	)		(48,541	)		(49,981	)
Our Share of Loss from Unconsolidated Discontinued Operations		—			(307	)		—			(652	)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		(16,339	)		—			(16,339	)		—

Income from Unconsolidated Entities	$	66,728		$	58,483		$	125,502		$	110,808

Our share of income from unconsolidated entities in the above table, aggregated with our share of the results of Klépierre, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income.

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6. Debt

Unsecured Debt

At June 30, 2015, our unsecured debt consisted of $13.0 billion of senior unsecured notes of the Operating Partnership, net of discounts, $1.4 billion outstanding under the Operating Partnership's $4.0 billion unsecured revolving credit facility, or Credit Facility, $240.0 million outstanding under an unsecured term loan, and $803.0 million outstanding under the Operating Partnership's global unsecured commercial paper note program, or the Commercial Paper program. The June 30, 2015 balance on the Credit Facility included $1.0 billion (U.S. dollar equivalent) of Euro-denominated borrowings and $181.5 million (U.S. dollar equivalent) of Yen-denominated borrowings. At June 30, 2015 the outstanding amount under the Commercial Paper program was $803.0 million, of which $193.0 million was related to U.S. dollar equivalent of Euro-denominated notes. Foreign currency denominated borrowings under both the Credit Facility and Commercial Paper program are designated as net investment hedges of a portion of our international investments.

On June 30, 2015, we had an aggregate available borrowing capacity of $4.5 billion under the Credit Facility and the Operating Partnership's $2.75 billion supplemental unsecured revolving credit facility, or Supplemental Facility. The maximum aggregate outstanding balance under the two credit facilities during the six months ended June 30, 2015 was $1.8 billion and the weighted average outstanding balance was $1.2 billion. Letters of credit of $37.2 million were outstanding under the two credit facilities as of June 30, 2015.

The Credit Facility's initial borrowing capacity of $4.0 billion may be increased to $5.0 billion during its term and provides for borrowings denominated in U.S. Dollars, Euros, Yen, Sterling, Canadian Dollars and Australian Dollars. Borrowings in currencies other than the U.S. Dollar are limited to 75% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2018 and can be extended for an additional year to June 30, 2019 at our sole option. The base interest rate on the Credit Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points.

On March 2, 2015, the Operating Partnership amended and extended the Supplemental Facility. The initial borrowing capacity of $2.0 billion has been increased to $2.75 billion, may be further increased to $3.5 billion during its term, will initially mature on June 30, 2019 and can be extended for an additional year to June 30, 2020 at our sole option. The base interest rate on the amended Supplemental Facility was reduced to LIBOR plus 80 basis points and the additional facility fee was reduced to 10 basis points. The Supplemental Facility provides for borrowings denominated in U.S. Dollars, Euro, Yen, Sterling, Canadian Dollars and Australian Dollars.

On March 2, 2015, the Operating Partnership increased the maximum aggregate program size of its Commercial Paper program from $500.0 million to $1.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euros and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S and Euro commercial paper note markets and will rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. Our Commercial Paper program is supported by our Credit Facility and Supplemental Facility and if necessary or appropriate, we may make one or more draws under either the Credit Facility or Supplemental Facility to pay amounts outstanding from time to time on the Commercial Paper program. At June 30, 2015, we had $803.0 million outstanding under the Commercial Paper program, comprised of $610.0 million outstanding in U.S. dollar denominated notes and $193.0 million (U.S. dollar equivalent) of Euro denominated notes with weighted average interest rates of 0.22% and 0.05%, respectively. The borrowings mature on various dates from July 1, 2015 to September 25, 2015.

During the six months ended June 30, 2015, we used cash on hand to repay at maturity $326.8 million of senior unsecured notes with a fixed rate of 5.10%.

Mortgage Debt

Total mortgage indebtedness was $6.6 billion and $6.2 billion at June 30, 2015 and December 31, 2014, respectively.

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On January 15, 2015, as discussed in Note 9, we acquired two properties — Jersey Gardens in Elizabeth, New Jersey (renamed "The Mills at Jersey Gardens") and University Park Village in Fort Worth, Texas, subject to existing fixed-rate mortgage loans of $350.0 million and $55.0 million, respectively. The loans mature on November 1, 2020 and May 1, 2028 and bear interest at 3.83% and 3.85%, respectively.

Covenants

Our unsecured debt agreements contain financial and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender including adjustments to the applicable interest rate. As of June 30, 2015, we were in compliance with all covenants of our unsecured debt.

At June 30, 2015, we or our subsidiaries are the borrowers under 40 non-recourse mortgage notes secured by mortgages on 54 properties, including five separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of 21 properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties which serve as collateral for that debt. If the borrower fails to comply with these covenants, the lender could accelerate the debt and enforce its right against their collateral. At June 30, 2015, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually, or giving effect to applicable cross-default provisions in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows.

Fair Value of Debt

The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed-rate mortgages and unsecured indebtedness was $19.0 billion as of June 30, 2015 and December 31, 2014. The fair values of these financial instruments and the related discount rate assumptions as of June 30, 2015 and December 31, 2014 are summarized as follows:

	June 30, 2015		December 31, 2014

Fair value of fixed-rate mortgages and unsecured indebtedness	$	20,135	$	20,558
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages		2.77%		3.02%

7. Equity

During the six months ended June 30, 2015, we issued 486,702 shares of common stock to eight limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership.

On April 2, 2015, our Board of Directors authorized us to repurchase up to $2.0 billion of our common stock over the next twenty-four months as market conditions warrant. We may repurchase the shares in the open market or in privately negotiated transactions. During the second quarter of 2015, we repurchased 1,903,340 shares at an average price of $180.19 per share as part of this program.

On May 14, 2015, the Operating Partnership redeemed 944,359 units from a limited partner for $162.7 million.

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Stock Based Compensation

Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants made under The Simon Property Group, L.P. 1998 Stock Incentive Plan, as amended, or the Plan. Restricted stock and awards under the LTIP programs are all performance based and are based on various corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying consolidated statements of operations and comprehensive income.

LTIP Programs. Every year since 2010, the Compensation Committee of the Board of Directors, or Compensation Committee, has approved long-term, performance based incentive compensation programs, or the LTIP programs, for certain senior executive officers. Awards under the LTIP programs take the form of LTIP units, a form of limited partnership interest issued by the Operating Partnership, and will be considered earned if, and only to the extent to which, applicable total shareholder return, or TSR, performance measures are achieved during the performance period. Once earned, LTIP units are subject to a two year vesting period. One-half of the earned LTIP units will vest on January 1 of each of the 2nd and 3rd years following the end of the applicable performance period, subject to the participant maintaining employment with us through those dates and certain other conditions as described in those agreements. Awarded LTIP units not earned are forfeited. Earned and fully vested LTIP units are the equivalent of units. During the performance period, participants are entitled to receive distributions on the LTIP units awarded to them equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two-class method of computing earnings per share.

From 2010 to 2015, the Compensation Committee approved LTIP grants as shown in the table below. Grant date fair values of the LTIP units are estimated using a Monte Carlo model, and the resulting expense is recorded regardless of whether the TSR performance measures are achieved if the required service is delivered. The grant date fair values are being amortized into expense over the period from the grant date to the date at which the awards, if any, would become vested. The extent to which LTIP units were earned, and the aggregate grant date fair values adjusted for estimated forfeitures, are as follows:

LTIP Program	LTIP Units Earned	Grant Date Fair Value

2010 LTIP Program
1-year 2010 LTIP Program	133,673	1-year program — $7.2 million
2-year 2010 LTIP Program	337,006	2-year program — $14.8 million
3-year 2010 LTIP Program	489,654	3-year program — $23.0 million
2011-2013 LTIP Program	469,848	$35.0 million
2012-2014 LTIP Program	401,203	$35.0 million
2013-2015 LTIP Program	To be determined in 2016	$29.5 million
2014-2016 LTIP Program	To be determined in 2017	$30.0 million
2015-2017 LTIP Program	To be determined in 2018	$29.9 million

We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $12.4 million and $13.6 million for the six months ended June 30, 2015 and 2014, respectively.

Restricted Stock.

The Compensation Committee awarded 1,989 and 58,083 shares of restricted stock to employees on February 26, 2015 and April 1, 2015, respectively, under the Plan, at a fair market value of $187.14 per share and $197.99 per share, respectively. On May 14, 2015, our non-employee Directors were awarded an aggregate of 3,323 shares of restricted stock under the Plan at a fair market value of $184.76 per share. The grant date fair value of the employee restricted stock awards is being recognized as expense over the three-year vesting service period. The grant date fair value of the Director restricted stock awards is being recognized as expense over the one-year vesting service period.

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We recorded compensation expense, net of capitalization, related to restricted stock of approximately $4.2 million and $7.4 million for the six months ended June 30, 2015 and 2014, respectively.

Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an eight year employment agreement, the Compensation Committee granted David Simon, our Chairman and CEO, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service as our Chairman and Chief Executive Officer through July 5, 2019. Effective December 31, 2013, the Award was modified, or the Current Award, and as a result the LTIP units will now become earned and eligible to vest based on the attainment of Company-based performance goals, in addition to the service-based vesting requirement included in the original Award. If the relevant performance criteria are not achieved, all or a portion of the Current Award will be forfeited. The Current Award does not contain an opportunity for Mr. Simon to receive additional LTIP Units above and beyond the original Award should our performance exceed the higher end of the performance criteria. The performance criteria of the Current Award are based on the attainment of specific funds from operations, or FFO, per share. If the performance criteria have been met, a maximum of 360,000 LTIP units, or the A Units, 360,000 LTIP units, or the B Units, and 280,000 LTIP units, or the C Units, may become earned December 31, 2015, 2016 and 2017, respectively. The earned A Units will vest on January 1, 2018, earned B Units will vest on January 1, 2019 and earned C Units will vest on June 30, 2019, subject to Mr. Simon's continued employment through such applicable date. The grant date fair value of the retention award of $120.3 million is being recognized as expense over the eight-year term of his employment agreement on a straight-line basis through the applicable vesting periods of the A Units, B Units and C Units.

Changes in Equity

The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to common stockholders and equity attributable to noncontrolling interests:

	Preferred Stock			Common Stock		Accumulated Other Comprehensive Income (Loss)			Capital in Excess of Par Value			Accumulated Deficit			Common Stock Held in Treasury			Noncontrolling interests			Total Equity

January 1, 2015	$	44,062		$	31	$	(61,041	)	$	9,422,237		$	(4,208,183	)	$	(103,929	)	$	858,328		$	5,951,505
Exchange of limited partner units for common shares										7,905									(7,905	)		—
Redemption of limited partner units										(147,841	)								(14,843	)		(162,684	)
Treasury stock purchase																(343,007	)					(343,007	)
LTIP units																			23,640			23,640
Purchase and disposition of noncontrolling interests, net and other		(164	)							(6,263	)		(78	)		9,185			598			3,278
Adjustment to limited partners' interest from change in ownership in the Operating Partnership										81,529									(81,529	)		—
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests													(902,815	)					(151,318	)		(1,054,133	)
Distributions to other noncontrolling interest partners																			(2,080	)		(2,080	)
Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership							(185,534	)					836,787						111,377			762,630

June 30, 2015	$	43,898		$	31	$	(246,575	)	$	9,357,567		$	(4,274,289	)	$	(437,751	)	$	736,268		$	5,179,149

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8. Commitments and Contingencies

Litigation

We are involved from time-to-time in various legal proceedings that arise in the ordinary course of our business, including, but not limited to commercial disputes, environmental matters, and litigation in connection with transactions including acquisitions and divestitures. We believe that such litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated.

In May 2010, Opry Mills sustained significant flood damage. Insurance proceeds of $50 million have been funded by the insurers and remediation work has been completed. The property was re-opened March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) denied the claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. In the first quarter of 2015, summary judgment was granted in our favor, concluding that up to $150 million of additional coverage is available under our excess insurance policy for this claim. In July 2015, trial on the damages portion of our claim began. We and our lenders are continuing our efforts through pending litigation to recover our losses, including consequential damages, under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurances can be made that our efforts to recover these funds will be successful.

Guarantees of Indebtedness

Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of June 30, 2015 and December 31, 2014, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $319.9 million and $223.5 million, respectively (of which we have a right of recovery from our joint venture partners of $96.7 million and $78.7 million, respectively). Mortgages guaranteed by us are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount.

Concentration of Credit Risk

Our U.S. Malls, Premium Outlets, and The Mills rely heavily upon anchor tenants to attract customers; however anchor retailers do not contribute materially to our financial results as many anchor retailers own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues.

9. Real Estate Acquisitions and Dispositions

During the second quarter of 2015, we disposed of our interests in two unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $16.3 million.

On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher Realty Trust for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million. We recorded the assets and liabilities of these properties at estimated fair value at the acquisition date, the majority of which was allocated to the investment property. The purchase price allocation is preliminary and subject to revision within the measurement period, not to exceed one year from the date of acquisition.

On April 10, 2014, through a European joint venture, we acquired an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our percentage ownership to 45%.

On January 30, 2014, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner, as well as approximately 39 acres of land in Oyster Bay, New York, for approximately $145.8 million, consisting of cash consideration and 555,150 units of the Operating Partnership. Arizona Mills is subject to a mortgage which was $166.9 million at the time of the acquisition. The consolidation of this previously unconsolidated property resulted in a

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remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. We now own 100% of this property.

On January 10, 2014, we acquired one of our partner's interests in a portfolio of ten properties for approximately $114.4 million, seven of which were previously consolidated.

Unless otherwise noted, gains and losses on the above transactions are included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We expense acquisition, potential acquisition and disposition related costs as they are incurred. We incurred $4.4 million in transaction costs during the first six months of 2015 in connection with the acquisitions of Jersey Gardens and University Park Village, which are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. We also incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime. Other than these transaction costs, we incurred a minimal amount of transaction expenses during the six months ended June 30, 2015 and 2014.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in this report.

Overview

Simon Property Group, Inc., or Simon, is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. REITs will generally not be liable for federal corporate income taxes as long as they continue to distribute not less than 100% of their taxable income. Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this discussion, the terms "we", "us" and "our" refer to Simon, the Operating Partnership, and its subsidiaries.

We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, and The Mills®. As of June 30, 2015, we owned or held an interest in 207 income-producing properties in the United States, which consisted of 110 malls, 68 Premium Outlets, 14 Mills, three community centers, and 12 other retail properties in 37 states and Puerto Rico. We have four Premium Outlets and two malls under development and have redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants, underway at 28 properties. Internationally, as of June 30, 2015, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. As of June 30, 2015, we had a noncontrolling ownership interest in a joint venture that holds five outlet properties in Europe. Of the five properties, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. Additionally, as of June 30, 2015, we owned a 20.3% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 16 countries in Europe.

We generate the majority of our revenues from leases with retail tenants including:

•: base minimum rents,
•: overage and percentage rents based on tenants' sales volume, and
•: recoverable expenditures such as property operating, real estate taxes, repair and maintenance, and advertising and promotional expenditures.

Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed.

We invest in real estate properties to maximize total financial return which includes both operating cash flows and capital appreciation. We seek growth in earnings, funds from operations, or FFO, and cash flows by enhancing the profitability and operation of our properties and investments. We seek to accomplish this growth through the following:

•: attracting and retaining high quality tenants and utilizing economies of scale to reduce operating expenses,
•: expanding and re-tenanting existing highly productive locations at competitive rental rates,
•: selectively acquiring or increasing our interests in high quality real estate assets or portfolios of assets,
•: generating consumer traffic in our retail properties through marketing initiatives and strategic corporate alliances, and
•: selling selective non-core assets.

We also grow by generating supplemental revenues from the following activities:

•: establishing our malls as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank-issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events,
•: offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services,
•: selling or leasing land adjacent to our properties, commonly referred to as "outlots" or "outparcels," and
•: generating interest income on cash deposits and investments in loans, including those made to related entities.

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We focus on high quality real estate across the retail real estate spectrum. We expand or redevelop properties to enhance profitability and market share of existing assets when we believe the investment of our capital meets our risk-reward criteria. We selectively develop new properties in markets we believe are not adequately served by existing retail outlets.

We routinely review and evaluate acquisition opportunities based on their ability to enhance our portfolio. Our international strategy includes partnering with established real estate companies and financing international investments with local currency to minimize foreign exchange risk.

To support our growth, we employ a three-fold capital strategy:

•: provide the capital necessary to fund growth,
•: maintain sufficient flexibility to access capital in many forms, both public and private, and
•: manage our overall financial structure in a fashion that preserves our investment grade credit ratings.

We consider FFO, net operating income, or NOI, and comparable property NOI (NOI for properties owned and operating in both periods under comparison) to be key measures of operating performance that are not specifically defined by accounting principles generally accepted in the United States, or GAAP. We use these measures internally to evaluate the operating performance of our portfolio and provide a basis for comparison with other real estate companies. Reconciliations of these measures to the most comparable GAAP measure are included below in this discussion.

Results Overview

Diluted earnings per common share increased $0.28 during the first six months of 2015 to $2.69 from $2.41 for the same period last year. The increase in diluted earnings per share was primarily attributable to:

•: improved operating performance and core business fundamentals in 2015 and the impact of our acquisition and expansion activity,
•: decreased interest expense in 2015 as further discussed below,
•: a 2015 gain of $80.2 million, or $0.22 per diluted share, from the sale of marketable securities, and
•: a 2015 non-cash gain of $16.3 million, or $0.05 per diluted share, due to the disposition of our interests in two unconsolidated entities,
•: partially offset by the loss of $29.3 million ($67.5 million from operations net of $38.2 million of transaction expenses), or $0.08 per diluted share ($0.18 from operations net of $0.10 of transaction expenses), from the spin-off of WP Glimcher Inc. (formerly known as Washington Prime Group Inc.), or Washington Prime, and
•: a 2014 gain on acquisitions and disposals primarily related to Klépierre's sale of a portfolio of 126 retail galleries of which our share was $136.5 million, or $0.38 per diluted share.

Core business fundamentals during the first six months of 2015 improved compared to the first six months of 2014, primarily driven by higher tenant sales and strong leasing activity. Our share of portfolio NOI grew by 7.9% for the six month period in 2015 over the prior year period. Comparable property NOI also grew 3.5% for our portfolio of U.S. Malls, Premium Outlets, and The Mills. Total sales per square foot, or psf, increased 2.0% from $608 psf at June 30, 2014 to $620 psf at June 30, 2015, for our U.S. Malls and Premium Outlets. Average base minimum rent for U.S. Malls and Premium Outlets increased 4.9% to $48.07 psf as of June 30, 2015, from $45.83 psf as of June 30, 2014. Releasing spreads remained positive in our U.S. Malls and Premium Outlets, as we were able to lease available square feet at higher rents than the expiring rental rates on the same space, resulting in a releasing spread (based on total tenant payments — base minimum rent plus common area maintenance) of $10.87 psf ($69.90 openings compared to $59.03 closings) as of June 30, 2015, representing an 18.4% increase over expiring payments. Ending occupancy for our U.S. Malls and Premium Outlets was 96.1% as of June 30, 2015, as compared to 96.5% as of June 30, 2014, a decrease of 40 basis points primarily as a result of tenant bankruptcy activity announced in the first quarter of 2015.

Our effective overall borrowing rate at June 30, 2015 on our consolidated indebtedness decreased 41 basis points to 4.17% as compared to 4.58% at June 30, 2014. This reduction was primarily due to a decrease in the effective overall borrowing rate on fixed rate debt of 18 basis points (4.70% at June 30, 2015 as compared to 4.88% at June 30, 2014) combined with a decrease in the effective overall borrowing rate on variable rate debt of 13 basis points (0.95% at June 30, 2015 as compared to 1.08% at June 30, 2014). At June 30, 2015, the weighted average years to maturity of our

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consolidated indebtedness was 5.6 years as compared to 6.2 years at December 31, 2014. Our financing activities for the six months ended June 30, 2015, included:

•: Acquiring two properties — Jersey Gardens in Elizabeth, New Jersey (renamed "The Mills at Jersey Gardens") and University Park Village in Fort Worth, Texas, subject to existing fixed-rate mortgage loans of $350.0 million and $55.0 million, respectively, which mature on November 1, 2020 and May 1, 2028 and bear interest at 3.83% and 3.85%, respectively.
•: Borrowing $200.0 million, net on our $4.0 billion unsecured revolving credit facility, or Credit Facility.
•: Increasing our Euro denominated borrowings by $660.0 million (U.S. dollar equivalent) on the multi-currency tranche of the Credit Facility.
•: Increasing our borrowings under our global unsecured commercial paper note program, or the Commercial Paper program, by $410.0 million through the issuance of U.S. dollar denominated notes.
•: Repaying at maturity $326.8 million of senior unsecured notes with a fixed rate of 5.1%.

United States Portfolio Data

The portfolio data discussed in this overview includes the following key operating statistics: ending occupancy, average base minimum rent per square foot, and total sales per square foot for our domestic assets. We include acquired properties in this data beginning in the year of acquisition and remove disposed properties in the year of disposition. The Washington Prime properties have been removed from the portfolio data for all periods presented. For comparative purposes, we separate the information related to The Mills from our other U.S. operations. We also do not include any properties located outside of the United States.

The following table sets forth these key operating statistics for:

•: properties that are consolidated in our consolidated financial statements,
•: properties we account for under the equity method of accounting as joint ventures, and
•: the foregoing two categories of properties on a total portfolio basis.

	June 30, 2015	June 30, 2014	%/Basis Points Change (1)

U.S. Malls and Premium Outlets:
*Ending Occupancy*
Consolidated	96.4%	96.9%	–50 bps
Unconsolidated	95.3%	95.5%	–20 bps
Total Portfolio	96.1%	96.5%	–40 bps
*Average Base Minimum Rent per Square Foot*
Consolidated	$46.40	$44.46	4.4%
Unconsolidated	$53.08	$49.66	6.9%
Total Portfolio	$48.07	$45.83	4.9%
*Total Sales per Square Foot*
Consolidated	$608	$596	2.0%
Unconsolidated	$662	$650	1.7%
Total Portfolio	$620	$608	2.0%
The Mills:
*Ending Occupancy*	98.2%	98.0%	+20 bps
*Average Base Minimum Rent per Square Foot*	$26.53	$24.78	7.1%
*Total Sales per Square Foot*	$571	$529	7.9%

(1): Percentages may not recalculate due to rounding. Percentage and basis point changes are representative of the change from the comparable prior period.

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Ending Occupancy Levels and Average Base Minimum Rent per Square Foot. Ending occupancy is the percentage of gross leasable area, or GLA, which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation. Base minimum rent per square foot is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in ending occupancy.

Total Sales per Square Foot. Total sales include total reported retail tenant sales on a trailing 12-month basis at owned GLA (for mall stores with less than 10,000 square feet) in the malls and The Mills and all reporting tenants in the Premium Outlets. Retail sales at owned GLA affect revenue and profitability levels because sales determine the amount of minimum rent that can be charged, the percentage rent realized, and the recoverable expenses (common area maintenance, real estate taxes, etc.) that tenants can afford to pay.

Current Leasing Activities

During the six months ended June 30, 2015, we signed 418 new leases and 702 renewal leases (excluding mall anchors and majors, new development, redevelopment, expansion, downsizing and relocation) with a fixed minimum rent across our U.S. Malls and Premium Outlets portfolio, comprising approximately 3.4 million square feet of which 2.6 million square feet related to consolidated properties. During the comparable period in 2014, we signed 402 new leases and 939 renewal leases with a fixed minimum rent, comprising approximately 4.2 million square feet of which 3.0 million square feet related to consolidated properties. The average annual initial base minimum rent for new leases was $53.44 per square foot in 2015 and $56.14 per square foot in 2014 with an average tenant allowance on new leases of $41.66 per square foot and $36.79 per square foot, respectively.

International Property Data

The following are selected key operating statistics for our Premium Outlets in Japan. The information used to prepare these statistics has been supplied by the managing venture partner.

	June 30, 2015	June, 30 2014	%/Basis Points Change

Ending Occupancy	99.8%	99.5%	+30 bps
Total Sales per Square Foot	¥99,582	¥91,869	8.40%
Average Base Minimum Rent per Square Foot	¥4,967	¥4,913	1.10%

Results of Operations

In addition to the activity discussed above in the "Results Overview" section, the following acquisitions, openings, and dispositions of consolidated properties affected our consolidated results from continuing operations in the comparative periods:

•: On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher Realty Trust.
•: On January 30, 2014, we acquired the remaining 50% interest in the previously unconsolidated Arizona Mills from our joint venture partner.
•: On January 10, 2014, we acquired one of our partner's interests in a portfolio of ten properties, seven of which we had previously consolidated.
•: During 2014, we disposed of three retail properties.

In addition to the activities discussed above and in "Results Overview," the following acquisitions, dispositions and openings of joint venture properties affected our income from unconsolidated entities in the comparative periods:

•: During the six months ended June 30, 2015, we disposed of our interests in two retail properties.
•: During the second quarter of 2015, we formed a joint venture with Sears Holdings, or Sears, whereby we have a 50% noncontrolling interest in a joint venture in which Sears contributed 10 of its properties located at our malls.

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•: On October 30, 2014, we and our partner, Calloway Real Estate Investment Trust, opened Premium Outlets Montreal in Canada, a 365,000 square foot outlet center serving the Greater Montreal area. We have a 50% noncontrolling interest in this new center.
•: On August 14, 2014, we and our partner opened Twin Cities Premium Outlets, a 409,000 square foot outlet center. We have a 35% noncontrolling interest in this new center.
•: On July 31, 2014, we and our partner, Tanger Factory Outlet Centers, opened Charlotte Premium Outlets, a 399,000 square foot outlet center. We have a 50% noncontrolling interest in this new center.
•: On April 16, 2014, Klépierre disposed of a portfolio of 126 properties located in France, Spain, and Italy.
•: On April 10, 2014, through a European joint venture, we acquired an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our ownership interest in this property to 45%.
•: On January 10, 2014, as discussed above, we acquired one of our partner's redeemable interests in a portfolio of ten properties, seven of which were consolidated and three were unconsolidated prior to the transaction. The three unconsolidated properties remained unconsolidated following the transaction.

For the purposes of the following comparison between the three and six months ended June 30, 2015 and 2014, the above transactions are referred to as the property transactions. In the following discussions of our results of operations, "comparable" refers to properties we owned and operated in both of the periods under comparison.

Three months ended June 30, 2015 vs. Three months ended June 30, 2014

Minimum rents increased $39.7 million during 2015, of which the property transactions accounted for $10.4 million of the increase. Comparable rents increased $29.3 million, or 4.2%, primarily attributable to an increase in base minimum rents.

Tenant reimbursements increased $22.1 million, due to a $6.0 million increase attributable to the property transactions and a $16.1 million, or 5.0%, increase in the comparable properties primarily due to annual fixed contractual increases related to common area maintenance and real estate tax recoveries.

Total other income increased $101.7 million, principally as a result of the following:

•: an $80.2 million gain on the sale of marketable securities,
•: a $12.1 million increase in lease settlement income,
•: a $5.4 million increase attributable to dividend income, and
•: $4.0 million of net other activity.

Property operating expense increased $7.2 million, due to a $2.7 million increase related to the property transactions, and a $4.5 million increase in comparable property activity as a result of inflationary cost increases.

Real estate taxes increased $7.1 million, of which the property transactions accounted for $1.9 million, with the remaining increase primarily caused by higher tax estimates in 2015.

Home and regional office costs decreased $5.6 million primarily related to higher personnel costs, including one-time items related to the spin-off of Washington Prime during 2014.

Other expenses increased $4.9 million primarily due to an increase in legal costs and professional fees, partially offset by a favorable net foreign currency revaluation impact on foreign currency denominated assets and liabilities.

Interest expense decreased $24.0 million primarily due to the net impact of our financing activities during 2014 and 2015 and the reduction in our effective overall borrowing rate as previously discussed.

Income and other taxes decreased $3.2 million primarily due to taxes related to certain of our international investments and a decrease in state income taxes.

Income from unconsolidated entities increased $14.4 million primarily due to favorable results of operations and financing activity of joint venture properties.

During the second quarter of 2015, we disposed of our interests in two unconsolidated retail properties resulting in a gain of $16.3 million. During the quarter ended June 30, 2014, we recorded a gain of $133.9 million related to Klépierre's sale of a portfolio of 126 properties.

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Discontinued operations increased $12.1 million due to the second quarter of 2014 including approximately two months of our ownership of the Washington Prime properties, whereas 2015 did not include any ownership of those properties. Results for 2014 include $38.2 million in transaction costs related to the Washington Prime spin-off.

Net income attributable to noncontrolling interests increased $10.7 million due to an increase in the net income of the Operating Partnership.

Six months ended June 30, 2015 vs. Six months ended June 30, 2014

Minimum rents increased $70.8 million during 2015, of which the property transactions accounted for $21.6 million of the increase. Comparable rents increased $49.2 million, or 3.5%, primarily attributable to an increase in base minimum rents.

Tenant reimbursements increased $36.8 million, due to a $12.9 million increase attributable to the property transactions and a $23.9 million, or 3.8%, increase in the comparable properties primarily due to annual fixed contractual increases related to common area maintenance and real estate tax recoveries.

Total other income increased $103.3 million, principally as a result of the following:

•: an $80.2 million gain on the sale of marketable securities in the second quarter of 2015,
•: an $8.3 million gain on the sale of our interests in certain pre-development projects in Europe,
•: a $10.8 million increase attributable to dividend income,
•: a $5.0 million increase in lease settlement income, and
•: $6.8 million of net other activity,
•: partially offset by a $7.8 million decrease in land sale activity.

Property operating expense increased $12.0 million, due to a $5.3 million increase related to the property transactions, and a $6.7 million increase in comparable property activity as a result of inflationary cost increases.

Real estate taxes increased $19.7 million, of which the property transactions accounted for $5.2 million, with the remaining increase primarily caused by higher tax estimates in 2015.

Home and regional office costs decreased $5.0 million primarily related to higher personnel costs, including one-time items related to the spin-off of Washington Prime during 2014.

Other expenses increased $4.7 million primarily due to an increase in legal costs and professional fees and costs associated with our first quarter acquisition activity in 2015, partially offset by a favorable net foreign currency revaluation impact on foreign currency denominated assets and liabilities.

Interest expense decreased $46.0 million primarily due to the net impact of our financing activities during 2014 and 2015 and the reduction in our effective overall borrowing rate as previously discussed.

Income and other taxes decreased $3.7 million primarily due to taxes related to certain of our international investments.

Income from unconsolidated entities increased $22.2 million primarily due to favorable results of operations and financing activity of joint venture properties.

During the six months ended June 30, 2015, we disposed of our interests in two unconsolidated retail properties resulting in a gain of $16.3 million. During the six months ended June 30, 2014, we recorded a $133.9 million gain related to Klépierre's sale of a portfolio of 126 properties. Additionally, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner. The property was previously accounted for under the equity method and we recognized a non-cash gain upon consolidation of this property of $2.7 million. The aggregate gain recognized on these transactions was $136.5 million.

Discontinued operations decreased $29.3 million due to the first six months of 2014 including approximately five months of our ownership of the Washington Prime properties, whereas 2015 did not include any ownership of those properties. Results for 2014 include $38.2 million in transaction costs related to the Washington Prime spin-off.

Net income attributable to noncontrolling interests increased $14.6 million due to an increase in the net income of the Operating Partnership.

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Liquidity and Capital Resources

Because we own long-lived income-producing assets, our financing strategy relies primarily on long-term fixed rate debt. Floating rate debt currently comprises only 14.0% of our total consolidated debt at June 30, 2015. We also enter into interest rate protection agreements to manage our interest rate risk. We derive most of our liquidity from positive net cash flow from operations and distributions of capital from unconsolidated entities that totaled $2.1 billion during the six months ended June 30, 2015. In addition, the Credit Facility, Supplemental Facility, and the Commercial Paper program provide alternative sources of liquidity as our cash needs vary from time to time. Borrowing capacity under these credit facilities may be increased as discussed further below.

Our balance of cash and cash equivalents decreased $46.6 million during the first six months of 2015 to $565.7 million as of June 30, 2015 as further discussed in "Cash Flows" below.

On June 30, 2015, we had an aggregate available borrowing capacity of $4.5 billion under the Credit Facility and Supplemental Facility, net of outstanding borrowings of $1.4 billion and letters of credit of $37.2 million. For the six months ended June 30, 2015, the maximum aggregate amount outstanding under the two credit facilities was $1.8 billion and the weighted average amount outstanding was $1.2 billion. The weighted average interest rate was 0.81% for the six months ended June 30, 2015. Further, on October 6, 2014, the Operating Partnership entered into the global Commercial Paper program and on March 2, 2015, increased the maximum aggregate program size from $500.0 million to $1.0 billion as further discussed below.

We and the Operating Partnership have historically had access to public equity and long and short-term unsecured debt markets and access to secured debt and private equity from institutional investors at the property level.

Our business model and status as a REIT requires us to regularly access the debt markets to raise funds for acquisition, development and redevelopment activity, and to refinance maturing debt. We may also, from time to time, access the equity capital markets to accomplish our business objectives. We believe we have sufficient cash on hand and availability under the Credit Facility, the Supplemental Facility, and the Commercial Paper program to address our debt maturities and capital needs through 2015.

Cash Flows

Our net cash flow from operating activities and distributions of capital from unconsolidated entities for the six months ended June 30, 2015 totaled $2.1 billion. In addition, we had net proceeds from our debt financing and repayment activities of $891.6 million in 2015. These activities are further discussed below under "Financing and Debt." During the first six months of 2015, we or the Operating Partnership also:

•: funded the acquisition of two properties, acquired the land and existing structure anchored to one of our wholly owned properties, funded an additional equity stake in Klépierre, funded the acquisition of our joint venture interest of ten assets that are adjacent to our existing properties, and funded our portion of a joint venture development project, the aggregate cash portion of which was $1.2 billion,
•: paid stockholder dividends and unitholder distributions totaling $1.1 billion,
•: funded consolidated capital expenditures of $489.0 million (includes development and other costs of $70.9 million, redevelopment and expansion costs of $337.0 million, and tenant costs and other operational capital expenditures of $81.1 million),
•: funded investments in unconsolidated entities of $153.7 million, and
•: funded the repurchase of our common stock and the purchase of limited partner units of $505.7 million, and
•: received proceeds on the sale of marketable securities of $454.0 million.

In general, we anticipate that cash generated from operations will be sufficient to meet operating expenses, monthly debt service, recurring capital expenditures, and dividends to stockholders necessary to maintain our REIT qualification on a long-term basis. In addition, we expect to be able to generate or obtain capital for nonrecurring capital expenditures, such as acquisitions, major building redevelopments and expansions, as well as for scheduled principal maturities on outstanding indebtedness, from:

•: excess cash generated from operating performance and working capital reserves,
•: borrowings on our credit facilities and Commercial Paper program,
•: additional secured or unsecured debt financing, or

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•: additional equity raised in the public or private markets.

We expect to generate positive cash flow from operations in 2015, and we consider these projected cash flows in our sources and uses of cash. These cash flows are principally derived from rents paid by our retail tenants. A significant deterioration in projected cash flows from operations could cause us to increase our reliance on available funds from our credit facilities, curtail planned capital expenditures, or seek other additional sources of financing as discussed above.

Financing and Debt

Unsecured Debt

At June 30, 2015, our unsecured debt consisted of $13.0 billion of senior unsecured notes of the Operating Partnership, net of discounts, $1.4 billion outstanding under the Credit Facility, $240.0 million outstanding under an unsecured term loan, and $803.0 million outstanding under the Commercial Paper program. The June 30, 2015 balance on the Credit Facility included $1.0 billion (U.S. dollar equivalent) of Euro-denominated borrowings and $181.5 million (U.S. dollar equivalent) of Yen-denominated borrowings. At June 30, 2015 the outstanding amount under the Commercial Paper program was $803.0 million, of which $193.0 million was related to U.S. dollar equivalent of Euro-denominated notes. Foreign currency denominated borrowings under both the Credit Facility and Commercial Paper program are designated as net investment hedges of a portion of our international investments.

On June 30, 2015, we had an aggregate available borrowing capacity of $4.5 billion under the Credit Facility and the Supplemental Facility. The maximum aggregate outstanding balance of the credit facilities during the six months ended June 30, 2015 was $1.8 billion and the weighted average outstanding balance was $1.2 billion. Letters of credit of $37.2 million were outstanding under the two credit facilities as of June 30, 2015.

During the six months ended June 30, 2015, we used cash on hand to repay at maturity $326.8 million of senior unsecured notes with a fixed rate of 5.10%.

Mortgage Debt

Total mortgage indebtedness was $6.6 billion and $6.2 billion at June 30, 2015 and December 31, 2014, respectively.

On January 15, 2015 we acquired two properties — Jersey Gardens in Elizabeth, New Jersey (renamed "The Mills at Jersey Gardens") and University Park Village in Fort Worth, Texas, subject to existing fixed-rate mortgage loans of $350.0 million and $55.0 million, respectively. The loans mature on November 1, 2020 and May 1, 2028 and bear interest at 3.83% and 3.85%, respectively.

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Covenants

Summary of Financing

Our consolidated debt, adjusted to reflect outstanding derivative instruments, and the effective weighted average interest rates as of June 30, 2015 and December 31, 2014, consisted of the following (dollars in thousands):

Debt Subject to	Adjusted Balance as of June 30, 2015				Adjusted Balance as of December 31, 2014

Fixed Rate	$	18,990,473	4.70	%	$	19,015,271	4.72	%
Variable Rate		3,080,304	0.95	%		1,837,722	1.16	%

	$	22,070,777	4.17	%	$	20,852,993	4.41	%

Contractual Obligations

There have been no material changes to our outstanding capital expenditure and lease commitments previously disclosed in our 2014 Annual Report on Form 10-K.

In regards to long-term debt arrangements, the following table summarizes the material aspects of these future obligations on our consolidated indebtedness as of June 30, 2015, for the remainder of 2015 and subsequent years thereafter (dollars in thousands) assuming the obligations remain outstanding through initial maturities including applicable exercise of available extension options:

	2015		2016 - 2017		2018 - 2019		After 2019		Total

Long Term Debt (1)	$	1,209,192	$	5,926,476	$	4,801,403	$	10,115,282	$	22,052,353
Interest Payments (2)		460,847		1,475,158		1,014,747		2,489,715		5,440,467

(1): Represents principal maturities only and therefore, excludes net premiums of $18,424.
(2): Variable rate interest payments are estimated based on the LIBOR rate at June 30, 2015.

Off-Balance Sheet Arrangements

Our off-balance sheet arrangements consist primarily of our investments in joint ventures which are common in the real estate industry and are described in Note 5 of the condensed notes to consolidated financial statements. Our joint ventures typically fund their cash needs through secured debt financings obtained by and in the name of the joint venture entity. The joint venture debt is secured by a first mortgage, is without recourse to the joint venture partners, and does not represent a liability of the partners, except to the extent the partners or their affiliates expressly guarantee the joint venture debt. As of June 30, 2015, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $319.9 million (of which we have a right of recovery from our joint venture partners of $96.7 million). Mortgages guaranteed by us are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and

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which has an estimated fair value in excess of the guaranteed amount. We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such fundings are not typically required contractually or otherwise.

Acquisitions and Dispositions

Buy-sell, marketing rights, and other exit mechanisms are common in real estate partnership agreements. Most of our partners are institutional investors who have a history of direct investment in retail real estate. We and our partners in our joint venture properties may initiate these provisions (subject to any applicable lock up or similar restrictions). If we determine it is in our stockholders' best interests for us to purchase the joint venture interest and we believe we have adequate liquidity to execute the purchase without hindering our cash flows, then we may initiate these provisions or elect to buy our partner's interest. If we decide to sell any of our joint venture interests, we expect to use the net proceeds to reduce outstanding indebtedness or to reinvest in development, redevelopment, or expansion opportunities.

Acquisitions. On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher Realty Trust for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million.

On April 10, 2014, through a European joint venture, we acquired an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our ownership interest in this property to 45%.

On January 10, 2014, we acquired one of our partner's interests in a portfolio of ten properties for approximately $114.4 million, seven of which were previously consolidated.

Dispositions. We continue to pursue the disposition of properties that no longer meet our strategic criteria or that are not a primary retail venue within their trade area.

During the first six months of 2015, we disposed of our interests in two unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $16.3 million.

Joint Venture Formation Activity

On April 13, 2015, we announced we had formed a joint venture with Sears, whereby Sears contributed 10 of its properties located at our malls to the newly formed joint venture in exchange for a 50% noncontrolling interest in this joint venture. We contributed $114.0 million in cash in exchange for a 50% noncontrolling interest in this joint venture. Sears or its affiliates are leasing back each of the 10 properties from the joint venture. The joint venture has the right to recapture not less than 50% of the space leased to Sears to be used for purposes of redeveloping and releasing the recaptured space. We will provide development, leasing and management services to the joint venture. On July 7, 2015, we separately invested approximately $33.0 million in exchange for 1,125,760 common shares of Seritage Growth Properties, a public REIT recently formed by Sears, which now holds their previous interest in the newly formed joint venture.

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Development Activity

New Domestic Developments, Redevelopments and Expansions. During 2015, construction began on the following new Premium Outlet and new mall:

•: A 355,000 square foot upscale outlet center located in Columbus, Ohio which is scheduled to open in June 2016. We own a 50% noncontrolling interest in this project. Our estimated share of the cost of this project is $47.5 million.
•: The Shops at Clearfork, a 590,000 square foot project located in Fort Worth, Texas, which is scheduled to open in February 2017. We own a 45% noncontrolling interest in this project. Our estimated share of the cost of this project is $108.1 million.

Construction continues on three new Premium Outlets opening in 2015:

•: Gloucester Premium Outlets, a 375,000 square foot project located in Gloucester, New Jersey, which is scheduled to open in August 2015. We own a 50% noncontrolling interest in this project. Our estimated share of the cost of this project is $61.4 million.
•: Tucson Premium Outlets, a 366,000 square foot project, which is scheduled to open in October 2015. We own a 100% interest in this project. The estimated cost of this project is $95.0 million.
•: Tampa Premium Outlets, a 441,000 square foot project, which is scheduled to open in October 2015. We own a 100% interest in this project. The estimated cost of this project is $129.2 million.

We routinely incur costs related to construction for significant redevelopment and expansion projects at our properties. Redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants, are underway at 28 properties.

Our share of the costs of all development and redevelopment projects currently under construction is approximately $2.3 billion. We expect to fund these capital projects with cash flows from operations. Our estimated stabilized return on invested capital typically ranges between 8-12% for all of our new development, expansion and redevelopment projects.

International Development Activity. We typically reinvest net cash flow from our international joint ventures to fund future international development activity. We believe this strategy mitigates some of the risk of our initial investment and our exposure to changes in foreign currencies. We have also funded most of our foreign investments with local currency-denominated borrowings that act as a natural hedge against fluctuations in exchange rates. Our consolidated net income exposure to changes in the volatility of the Euro, Yen, Won, and other foreign currencies is not material. We expect our share of international development costs for 2015 will be approximately $114 million, primarily funded through reinvested joint venture cash flow and construction loans.

The following table describes these new development and expansion projects as well as our share of the estimated total cost as of June 30, 2015 (in millions):

Property	Location					Our Share of Projected Net Cost (in USD)		Projected Opening Date

New Development Projects:
Vancouver Designer Outlets	Vancouver (British Columbia), Canada	242,000	45	%	CAD 70.2	$	56.5	Opened Jul. - 2015
Expansions:
Yeoju Premium Outlets Phase 2	Gyeonggi Province, South Korea	265,400	50	%	KRW 79,361	$	71.8	Opened Feb. - 2015
Shisui Premium Outlets Phase 2	Shisui (Chiba), Japan	130,000	40	%	JPY 2,895	$	24.1	Opened Apr - 2015

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Dividends and Stock Repurchase Program

We paid a common stock dividend of $1.50 per share in the second quarter of 2015. Our Board of Directors declared a cash dividend for the third quarter of 2015 of $1.55 per share of common stock payable on August 31, 2015 to stockholders of record on August 17, 2015. We must pay a minimum amount of dividends to maintain our status as a REIT. Our future dividends and future distributions of the Operating Partnership will be determined by the Board of Directors based on actual results of operations, cash available for dividends and limited partner distributions, cash reserves as deemed necessary for capital and operating expenditures, and the amount required to maintain our status as a REIT.

Forward-Looking Statements

Certain statements made in this section or elsewhere in this report may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that its expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: our ability to meet debt service requirements, the availability and terms of financing, changes in our credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate and currency risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic conditions, changes in market rental rates, security breaches that could compromise our information technology or infrastructure or personally identifiable data of customers of our retail properties, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, the intensely competitive market environment in the retail industry, costs of common area maintenance, risks related to international activities, insurance costs and coverage, the loss of key management personnel, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. We discussed these and other risks and uncertainties under the heading "Risk Factors" in our most recent Annual Report on Form 10-K. We may update that discussion in subsequent Quarterly Reports on Form 10-Q, but otherwise we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Non-GAAP Financial Measures

Industry practice is to evaluate real estate properties in part based on performance measures such as FFO, diluted FFO per share, NOI and comparable property NOI. We believe that these non-GAAP measures are helpful to investors because they are widely recognized measures of the performance of REITs and provide a relevant basis for comparison among REITs. We also use these measures internally to measure the operating performance of our portfolio.

We determine FFO based on the definition set forth by the National Association of Real Estate Investment Trusts, or NAREIT, as consolidated net income computed in accordance with GAAP:

•: excluding real estate related depreciation and amortization,
•: excluding gains and losses from extraordinary items and cumulative effects of accounting changes,
•: excluding gains and losses from the sales or disposals of previously depreciated retail operating properties,
•: excluding impairment charges of depreciable real estate,
•: plus the allocable portion of FFO of unconsolidated entities accounted for under the equity method of accounting based upon economic ownership interest, and
•: all determined on a consistent basis in accordance with GAAP.

We have adopted NAREIT's clarification of the definition of FFO that requires us to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting changes, or a gain or loss resulting from the sale of, or any impairment charges related to, previously depreciated retail operating properties.

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We include in FFO gains and losses realized from the sale of land, outlot buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. We also include in FFO the impact of foreign currency exchange gains and losses, legal expenses, transaction expenses and other items required by GAAP.

You should understand that our computations of these non-GAAP measures might not be comparable to similar measures reported by other REITs and that these non-GAAP measures:

•: do not represent cash flow from operations as defined by GAAP,
•: should not be considered as alternatives to consolidated net income determined in accordance with GAAP as a measure of operating performance, and
•: are not alternatives to cash flows as a measure of liquidity.

The following schedule reconciles total FFO to consolidated net income and diluted net income per share to diluted FFO per share.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	2015			2014			2015			2014
	(in thousands)
Funds from Operations	$	955,356		$	783,833		$	1,786,087		$	1,649,166



Change in FFO from prior period		21.9%			2.3%			8.3%			9.3%



Consolidated Net Income	$	554,526		$	477,468		$	980,035		$	878,571
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated properties		291,853			314,500			576,080			637,104
Our share of depreciation and amortization from unconsolidated entities, including Klépierre		128,184			128,461			252,068			275,718
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(16,339	)		(133,870	)		(16,339	)		(136,767	)
Net income attributable to noncontrolling interest holders in properties		(609	)		(447	)		(1,298	)		(970	)
Noncontrolling interests portion of depreciation and amortization		(946	)		(966	)		(1,833	)		(1,864	)
Preferred distributions and dividends		(1,313	)		(1,313	)		(2,626	)		(2,626	)

FFO of the Operating Partnership (A) (B)		955,356			783,833			1,786,087			1,649,166
FFO allocable to limited partners		137,682			114,003			257,987			238,881

Dilutive FFO allocable to common stockholders (A) (B)	$	817,674		$	669,830		$	1,528,100		$	1,410,285



Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share	$	1.52		$	1.31		$	2.69		$	2.41
Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, net of noncontrolling interests portion of depreciation and amortization		1.16			1.22			2.28			2.51
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(0.05	)		(0.37	)		(0.05	)		(0.38	)

Diluted FFO per share (A) (B)	$	2.63		$	2.16		$	4.92		$	4.54



Basic and Diluted weighted average shares outstanding		310,499			310,743			310,799			310,683
Weighted average limited partnership units outstanding		52,263			52,861			52,472			52,625

Basic and Diluted weighted average shares and units outstanding		362,762			363,604			363,271			363,308

(A): Includes FFO of the Operating Partnership related to the Washington Prime properties, net of transaction expenses, of $19.7 million for the three months ended June 30, 2014 and $108.0 million for the six months ended June 30, 2014. Includes Diluted FFO per share related to Washington Prime properties, net of transaction expenses, of $0.05 for the three months ended June 30, 2014 and $0.30 for the six months ended June 30, 2014. Includes Diluted FFO allocable to common stockholders of $16.8 million and $92.4 million for the three and six months ended June 30, 2014, respectively, related to the Washington Prime properties, net of transaction expenses.
(B): Includes FFO of the Operating Partnership related to a gain on sale of marketable securities of $80.2 million, or $0.22 per diluted share, for the three and six months ended June 30, 2015. Includes Diluted FFO allocable to common stockholders of $68.6 million for both the three and six months ended June 30, 2015.

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The following schedule reconciles consolidated net income to NOI and sets forth the computations of comparable property NOI.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	2015			2014			2015			2014
	(in thousands)
Reconciliation of NOI of consolidated properties:
Consolidated Net Income	$	554,526		$	477,468		$	980,035		$	878,571
Discontinued operations		—			(26,022	)		—			(67,524	)
Discontinued operations transaction expenses		—			38,163			—			38,163
Income and other taxes		3,420			6,626			9,781			13,489
Interest expense		230,974			254,930			463,147			509,164
Income from unconsolidated entities		(70,196	)		(55,764	)		(135,068	)		(112,842	)
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net		(16,339	)		(133,870	)		(16,339	)		(136,525	)

Operating Income		702,385			561,531			1,301,556			1,122,496
Depreciation and amortization		295,778			287,214			583,883			567,708

NOI of consolidated properties	$	998,163		$	848,745		$	1,885,439		$	1,690,204



Reconciliation of NOI of unconsolidated entities:
Net Income	$	220,217		$	171,390		$	392,259		$	338,971
Interest expense		149,041			150,059			296,062			301,696
Gain on sale or disposal of assets and interests in unconsolidated entities		(35,779	)		—			(35,779	)		—
Income from operations of discontinued joint venture interests		—			(2,094	)		—			(5,079	)

Operating Income		333,479			319,355			652,542			635,588
Depreciation and amortization		148,607			142,047			290,265			294,195

NOI of unconsolidated entities	$	482,086		$	461,402		$	942,807		$	929,783



Total consolidated and unconsolidated NOI from continuing operations	$	1,480,249		$	1,310,147		$	2,828,246		$	2,619,987



Change in total NOI from continuing operations from prior period		13.0%						7.9%
Adjustments to NOI:
NOI of discontinued consolidated properties		—			68,953			—			169,828
NOI of discontinued unconsolidated properties		—			6,969			—			17,445

Total NOI of our portfolio	$	1,480,249		$	1,386,069		$	2,828,246		$	2,807,260



Change in NOI from prior period		6.8%			5.9%			0.7%			7.5%
Add: Our share of NOI from Klépierre		43,364			53,189			86,661			120,065
Less: Joint venture partners' share of NOI from continuing operations		249,945			237,443			491,268			477,666
Less: Joint venture partners' share of NOI from discontinued operations		—			5,139			—			12,998

Our share of NOI	$	1,273,668		$	1,196,676		$	2,423,639		$	2,436,661



Change in our share of NOI from prior period		6.4%			3.8%			–0.5%			6.5%
Total NOI of our portfolio	$	1,480,249		$	1,386,069		$	2,828,246		$	2,807,260
NOI from non comparable properties (1)		300,933			247,346			502,186			560,486

Total NOI of comparable properties (2)	$	1,179,316		$	1,138,723		$	2,326,060		$	2,246,774



Increase in NOI of U.S. Malls, Premium Outlets, and The Mills that are comparable properties		3.6%						3.5%

(1): NOI excluded from comparable property NOI relates to Washington Prime properties, international properties, other retail properties, TMLP properties, any of our non-retail holdings and results of our corporate and management company operations, NOI of U.S. Malls, Premium Outlets, and The Mills not owned and operated in both periods under comparison and excluded income noted in footnote 2 below.
(2): Excludes lease termination income, interest income, land sale gains, straight line rent, above/below market rent adjustments, and the impact of significant redevelopment activities.

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Item 3. Qualitative and Quantitative Disclosures About Market Risk

Sensitivity Analysis. We disclosed a qualitative and quantitative analysis regarding market risk in the Management's Discussion and Analysis of Financial Condition and Results of Operations included in our 2014 Annual Report on Form 10-K. There have been no material changes in the assumptions used or results obtained regarding market risk since December 31, 2014.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures. We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")) that are designed to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures. Because of inherent limitations, disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of disclosure controls and procedures are met.

Simon's management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective at a reasonable assurance level.

Changes in Internal Control Over Financial Reporting. There have not been any changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that occurred during the quarter ended June 30, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II — Other Information

Item 1. Legal Proceedings

We are involved from time-to-time in various legal proceedings that arise in the ordinary course of our business, including, but not limited to commercial disputes, environmental matters, and litigation in connection with transactions including acquisitions and divestitures. We believe that such litigation, claims, and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable, and the amount can be reasonably estimated.

Item 1A. Risk Factors

Through the period covered by this report, there were no material changes to the Risk Factors disclosed under Item 1A: Risk Factors in Part I of our 2014 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the quarter ended June 30, 2015, we issued 3,548 shares of common stock to three limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership, as follows:

•: 3,448 shares on April 3, 2015, and
•: 100 shares on April 20, 2015.

In each case, the issuance of the shares of common stock was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

Issuer Purchases of Equity Securities

The following table summarizes repurchases of common stock settled during the three month period ended June 30, 2015:

Period			Average price paid per share			Approximate value of shares that may yet be purchased under programs (2)

April 1, 2015 - April 30, 2015	14,741	(1)	$	195.64	—	$	2,000,000,000
May 1, 2015 - May 31, 2015	1,162,009		$	182.45	1,162,009	$	1,787,994,833
June 1, 2015 - June 30, 2015	741,331		$	176.71	741,331	$	1,656,993,026

	1,918,081		$	180.33	1,903,340

(1): Total number of shares purchased represents shares withheld by us and transferred to treasury shares in connection with employee payroll tax withholding upon the vesting of certain restricted stock awards.
(2): On April 2, 2015, our Board of Directors authorized us to repurchase up to $2.0 billion of our common stock over the next twenty-four months as market conditions warrant. We may repurchase the shares in the open market or in privately negotiated transactions.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the quarter covered by this report, the Audit Committee of our Board of Directors approved certain audit, audit-related, and non-audit tax compliance and tax consulting services to be provided by Ernst & Young LLP, our independent registered public accounting firm. This disclosure is made pursuant to Section 10A(i)(2) of the Exchange Act as added by Section 202 of the Sarbanes-Oxley Act of 2002.

Table of Contents

Item 6. Exhibits

Exhibit Number			Exhibit Descriptions

	31.1		Certification by the Chief Executive Officer pursuant to rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	31.2		Certification by the Chief Financial Officer pursuant to rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	32		Certification by the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	101.INS		XBRL Instance Document
	101.SCH		XBRL Taxonomy Extension Schema Document
	101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
	101.LAB		XBRL Taxonomy Extension Label Linkbase Document
	101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
	101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		SIMON PROPERTY GROUP, INC.
		/s/ ANDREW JUSTER Andrew Juster Executive Vice President and Chief Financial Officer
		Date: August 5, 2015

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EXHIBIT 31.1

CERTIFICATION PURSUANT TO
RULE 13a-14(a)/15d-14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David Simon, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of Simon Property Group, Inc.;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 5, 2015

/s/ DAVID SIMON

David Simon
Chairman of the Board of Directors and
Chief Executive Officer

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EXHIBIT 31.1

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
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EXHIBIT 31.2

CERTIFICATION PURSUANT TO
RULE 13a-14(a)/15d-14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Andrew Juster, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of Simon Property Group, Inc.;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 5, 2015

/s/ ANDREW JUSTER

Andrew Juster
Executive Vice President and Chief Financial Officer

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EXHIBIT 31.2

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
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EXHIBIT 32

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 In connection with the Quarterly Report of Simon Property Group, Inc. (the "Company") on Form 10-Q for the period ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ DAVID SIMON

David Simon
Chairman of the Board of Directors and
Chief Executive Officer

Date: August 5, 2015

/s/ ANDREW JUSTER

Andrew Juster
Executive Vice President and
Chief Financial Officer

Date: August 5, 2015

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EXHIBIT 32

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
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style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;padding:0pt;">   </td> <td valign="bottom" style="width:00.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2014 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #CCEEFF;padding:0pt;"> Assets: </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> Investment properties, at cost </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,790,264 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,087,282 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #CCEEFF;padding:0pt;"> Less — accumulated depreciation </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,611,016 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,457,899 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,179,248 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,629,383 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>885,430 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>993,178 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> Tenant receivables and accrued revenue, net </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>333,033 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>362,201 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #CCEEFF;padding:0pt;"> Investment in unconsolidated entities, at equity </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,386 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> Deferred costs and other assets </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>533,447 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>536,600 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #CCEEFF;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,931,158 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,532,748 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> Liabilities and Partners' Deficit: </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #CCEEFF;padding:0pt;"> Mortgages </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,801,561 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,272,557 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> Accounts payable, accrued expenses, intangibles, and deferred revenue </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>940,309 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,015,334 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #CCEEFF;padding:0pt;"> Other liabilities </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>386,277 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>493,718 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> Total liabilities </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,128,147 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,781,609 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #CCEEFF;padding:0pt;"> Preferred units </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,450 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,450 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> Partners' deficit </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,264,439 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,316,311 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #CCEEFF;padding:0pt;"> Total liabilities and partners' deficit </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,931,158 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,532,748 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> Our Share of: </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #CCEEFF;padding:0pt;"> Partners' deficit </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(820,782 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(663,700 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> Add: Excess Investment </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,830,093 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,875,337 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #CCEEFF;padding:0pt;"> Our net Investment in unconsolidated entities, at equity </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,009,311 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.02%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,211,637 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:70.84%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;padding:0pt;">   </td> <td valign="bottom" style="width:00.66%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:22.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Three Months Ended June 30, </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:24.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Six Months Ended June 30, </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;padding:0pt;">   </td> <td valign="bottom" style="width:00.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Revenue: </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> Minimum rent </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>443,485 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>427,899 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>877,266 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>852,684 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Overage rent </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,342 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,589 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92,522 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>90,386 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> Tenant reimbursements </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>199,142 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>193,006 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>393,629 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>385,799 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Other income </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,545 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,929 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,539 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>174,635 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> Total revenue </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>745,514 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>724,423 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,478,956 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,503,504 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Operating Expenses: </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> Property operating </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>132,257 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>131,643 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>263,061 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>293,064 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Depreciation and amortization </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148,607 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,047 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>290,265 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>294,195 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> Real estate taxes </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56,477 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52,797 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,051 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>107,588 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Repairs and maintenance </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,086 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,944 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,447 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,585 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> Advertising and promotion </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,388 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,113 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,090 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,923 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Provision for credit losses </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,296 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>970 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,149 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,078 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,924 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,554 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83,351 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,483 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Total operating expenses </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>412,035 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>405,068 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>826,414 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>867,916 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> Operating Income </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>333,479 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>319,355 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>652,542 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>635,588 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Interest expense </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(149,041 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(150,059 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(296,062 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(301,696 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> Income from Continuing Operations </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>184,438 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>169,296 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>356,480 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>333,892 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Income from operations of discontinued joint venture interests </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,094 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,079 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> Gain on sale or disposal of assets and interests in unconsolidated entities </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,779 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,779 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Net Income </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>220,217 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>171,390 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>392,259 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>338,971 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> Third-Party Investors' Share of Net Income </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>112,763 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88,217 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>201,877 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>177,530 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Our Share of Net Income </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>107,454 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83,173 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>190,382 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>161,441 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> Amortization of Excess Investment </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(24,387 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(24,383 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(48,541 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(49,981 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Our Share of Loss from Unconsolidated Discontinued Operations </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(307 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(652 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16,339 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16,339 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #CCEEFF;padding:0pt;"> Income from Unconsolidated Entities </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,728 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,483 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>125,502 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.68%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>110,808 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:49.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>   </div> </div> 11386000 177530000 88217000 201877000 112763000 1980000000 1650000000 0.50 0.50 19000000000 19000000000 78700000 96700000 80246000 44958000 75250000 39346000 112842000 135900000 110808000 55764000 58483000 135068000 9600000 125502000 70196000 66728000 113494000 135068000 -127695000 -3681000 19 P10Y P1Y 22 58 80 0.0010 0.0010 0.75 1000000000 5000000000 3500000000 2 64749000 34142000 75106000 40027000 50000000 <div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;padding:0pt;">   </td> <td valign="bottom" style="width:00.66%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:21.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Three Months Ended June 30, </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:22.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Six Months Ended June 30, </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;padding:0pt;">   </td> <td valign="bottom" style="width:00.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #CCEEFF;padding:0pt;"> Noncontrolling interests, beginning of period </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>828,618 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>989,988 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>858,328 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>973,226 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #FFFFFF;padding:0pt;"> Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,269 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70,060 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,290 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>127,710 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #CCEEFF;padding:0pt;"> Distributions to noncontrolling interest holders </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(78,488 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(74,029 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(153,398 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(151,465 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #FFFFFF;padding:0pt;"> Other comprehensive income (loss) allocable to noncontrolling interests: </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #CCEEFF;padding:0pt;"> Unrealized gain (loss) on derivative hedge agreements </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,380 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,861 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,253 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #FFFFFF;padding:0pt;"> Net (gain) loss reclassified from accumulated other comprehensive loss into earnings </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,126 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>376 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,745 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>768 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #CCEEFF;padding:0pt;"> Currency translation adjustments </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,667 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>586 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(19,665 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,518 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #FFFFFF;padding:0pt;"> Changes in available-for-sale securities and other </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,141 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,364 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>102 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15,554 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>975 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30,913 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,135 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #FFFFFF;padding:0pt;"> Adjustment to limited partners' interest from change in ownership in the Operating Partnership </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(75,905 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(121,454 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(81,529 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(188,680 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #CCEEFF;padding:0pt;"> Units issued to limited partners </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84,910 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #FFFFFF;padding:0pt;"> Units exchanged for common shares </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(56 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(279 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,905 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,190 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #CCEEFF;padding:0pt;"> Units redeemed </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,843 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,843 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #FFFFFF;padding:0pt;"> Long-term incentive performance units </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,812 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,484 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,640 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,969 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #CCEEFF;padding:0pt;"> Purchase and disposition of noncontrolling interests, net, and other </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>415 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,599 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>598 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,729 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #FFFFFF;padding:0pt;"> Noncontrolling interests, end of period </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.68%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,268 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>882,344 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,268 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>882,344 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:53.00%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>   </div> </div> 14843000 14843000 84910000 24969000 12484000 23640000 11812000 <div> <div style="margin-left:0pt;margin-right:0pt;"> Noncontrolling Interests             Details of the carrying amount of our noncontrolling interests are as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of June 30, 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of December 31, 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Limited partners' interests in the Operating Partnership </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,679 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>858,557 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Nonredeemable noncontrolling deficit interests in properties, net </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(411 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(229 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Total noncontrolling interests reflected in equity </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,268 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>858,328 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>             Net income attributable to noncontrolling interests (which includes nonredeemable noncontrolling interests in consolidated properties, limited partners' interests in the Operating Partnership, redeemable noncontrolling interests in consolidated properties and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders.             A rollforward of noncontrolling interests reflected in equity is as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Three Months Ended June 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Six Months Ended June 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Noncontrolling interests, beginning of period </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>828,618 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>989,988 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>858,328 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>973,226 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,269 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70,060 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,290 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>127,710 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Distributions to noncontrolling interest holders </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(78,488 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(74,029 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(153,398 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(151,465 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Other comprehensive income (loss) allocable to noncontrolling interests: </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Unrealized gain (loss) on derivative hedge agreements </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,380 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,861 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,253 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net (gain) loss reclassified from accumulated other comprehensive loss into earnings </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,126 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>376 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,745 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>768 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Currency translation adjustments </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,667 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>586 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(19,665 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,518 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Changes in available-for-sale securities and other </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,141 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,364 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>102 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15,554 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>975 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30,913 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,135 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Adjustment to limited partners' interest from change in ownership in the Operating Partnership </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(75,905 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(121,454 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(81,529 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(188,680 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Units issued to limited partners </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84,910 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Units exchanged for common shares </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(56 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(279 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,905 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,190 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Units redeemed </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,843 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,843 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Long-term incentive performance units </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,812 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,484 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,640 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,969 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Purchase and disposition of noncontrolling interests, net, and other </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>415 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,599 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>598 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,729 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Noncontrolling interests, end of period </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,268 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>882,344 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,268 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>882,344 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>   </div> </div> 0 5 1 8 9 3 1 10 42 21 40 10 10 7 2 126 2 10 98 33776000 89818000 505691000 0.50 71000 3465000 127710000 70060000 142290000 80269000 P2Y P2Y P180D P1Y 10729000 4599000 3278000 -6263000 598000 -164000 -78000 9185000 415000 <div> <div style="margin-left:0pt;margin-right:0pt;"> 9. Real Estate Acquisitions and Dispositions             During the second quarter of 2015, we disposed of our interests in two unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $16.3 million.             On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher Realty Trust for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million. We recorded the assets and liabilities of these properties at estimated fair value at the acquisition date, the majority of which was allocated to the investment property. The purchase price allocation is preliminary and subject to revision within the measurement period, not to exceed one year from the date of acquisition.             On April 10, 2014, through a European joint venture, we acquired an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our percentage ownership to 45%.             On January 30, 2014, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner, as well as approximately 39 acres of land in Oyster Bay, New York, for approximately $145.8 million, consisting of cash consideration and 555,150 units of the Operating Partnership. Arizona Mills is subject to a mortgage which was $166.9 million at the time of the acquisition. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. We now own 100% of this property.             On January 10, 2014, we acquired one of our partner's interests in a portfolio of ten properties for approximately $114.4 million, seven of which were previously consolidated.             Unless otherwise noted, gains and losses on the above transactions are included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We expense acquisition, potential acquisition and disposition related costs as they are incurred. We incurred $4.4 million in transaction costs during the first six months of 2015 in connection with the acquisitions of Jersey Gardens and University Park Village, which are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. We also incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime. Other than these transaction costs, we incurred a minimal amount of transaction expenses during the six months ended June 30, 2015 and 2014.   </div> </div> 0.25 162684000 147841000 14843000 <div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:32.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> LTIP Program </td> <td valign="bottom" style="width:00.70%;padding:0pt;">   </td> <td valign="bottom" style="width:28.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> LTIP Units Earned </td> <td valign="bottom" style="width:00.70%;padding:0pt;">   </td> <td valign="bottom" style="width:36.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Grant Date Fair Value </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:32.98%;background-color: #CCEEFF;padding:0pt;"> 2010 LTIP Program </td> <td valign="bottom" style="width:00.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:28.96%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:36.68%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:32.98%;background-color: #FFFFFF;padding:0pt;"> 1-year 2010 LTIP Program </td> <td valign="bottom" style="width:00.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:28.96%;background-color: #FFFFFF;padding:0pt;"> 133,673 </td> <td valign="bottom" style="width:00.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:36.68%;background-color: #FFFFFF;padding:0pt;"> 1-year program — $7.2 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:32.98%;background-color: #CCEEFF;padding:0pt;"> 2-year 2010 LTIP Program </td> <td valign="bottom" style="width:00.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:28.96%;background-color: #CCEEFF;padding:0pt;"> 337,006 </td> <td valign="bottom" style="width:00.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:36.68%;background-color: #CCEEFF;padding:0pt;"> 2-year program — $14.8 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:32.98%;background-color: #FFFFFF;padding:0pt;"> 3-year 2010 LTIP Program </td> <td valign="bottom" style="width:00.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:28.96%;background-color: #FFFFFF;padding:0pt;"> 489,654 </td> <td valign="bottom" style="width:00.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:36.68%;background-color: #FFFFFF;padding:0pt;"> 3-year program — $23.0 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:32.98%;background-color: #CCEEFF;padding:0pt;"> 2011-2013 LTIP Program </td> <td valign="bottom" style="width:00.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:28.96%;background-color: #CCEEFF;padding:0pt;"> 469,848 </td> <td valign="bottom" style="width:00.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:36.68%;background-color: #CCEEFF;padding:0pt;"> $35.0 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:32.98%;background-color: #FFFFFF;padding:0pt;"> 2012-2014 LTIP Program </td> <td valign="bottom" style="width:00.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:28.96%;background-color: #FFFFFF;padding:0pt;"> 401,203 </td> <td valign="bottom" style="width:00.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:36.68%;background-color: #FFFFFF;padding:0pt;"> $35.0 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:32.98%;background-color: #CCEEFF;padding:0pt;"> 2013-2015 LTIP Program </td> <td valign="bottom" style="width:00.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:28.96%;background-color: #CCEEFF;padding:0pt;"> To be determined in 2016 </td> <td valign="bottom" style="width:00.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:36.68%;background-color: #CCEEFF;padding:0pt;"> $29.5 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:32.98%;background-color: #FFFFFF;padding:0pt;"> 2014-2016 LTIP Program </td> <td valign="bottom" style="width:00.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:28.96%;background-color: #FFFFFF;padding:0pt;"> To be determined in 2017 </td> <td valign="bottom" style="width:00.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:36.68%;background-color: #FFFFFF;padding:0pt;"> $30.0 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:32.98%;background-color: #CCEEFF;padding:0pt;"> 2015-2017 LTIP Program </td> <td valign="bottom" style="width:00.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:28.96%;background-color: #CCEEFF;padding:0pt;"> To be determined in 2018 </td> <td valign="bottom" style="width:00.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:36.68%;background-color: #CCEEFF;padding:0pt;"> $29.9 million </td> </tr> </table></div>   </div> </div> 120300000 35000000 35000000 29500000 30000000 29900000 7200000 23000000 14800000 P1Y P3Y P2Y -652000 -307000 16339000 16339000 P180D 0.50 P2Y 580197000 362201000 537172000 333033000 103900000 1700000 -45800000 -21200000 -61041000 -246575000 9422237000 9357567000 39 500000 29532330000 30083531000 555150 0.50 1.00 4400000 114400000 145800000 166900000 405000000 1.00 2700000 612282000 993178000 565657000 885430000 1716863000 1665817000 612282000 565657000 -51046000 -46625000 <div> <div style="margin-left:0pt;margin-right:0pt;"> Cash and Cash Equivalents             We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers' acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of FDIC and SIPC insurance limits.   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> 8. Commitments and Contingencies <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Litigation             We are involved from time-to-time in various legal proceedings that arise in the ordinary course of our business, including, but not limited to commercial disputes, environmental matters, and litigation in connection with transactions including acquisitions and divestitures. We believe that such litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated.             In May 2010, Opry Mills sustained significant flood damage. Insurance proceeds of $50 million have been funded by the insurers and remediation work has been completed. The property was re-opened March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) denied the claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. In the first quarter of 2015, summary judgment was granted in our favor, concluding that up to $150 million of additional coverage is available under our excess insurance policy for this claim. In July 2015, trial on the damages portion of our claim began. We and our lenders are continuing our efforts through pending litigation to recover our losses, including consequential damages, under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurances can be made that our efforts to recover these funds will be successful. <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Guarantees of Indebtedness             Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of June 30, 2015 and December 31, 2014, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $319.9 million and $223.5 million, respectively (of which we have a right of recovery from our joint venture partners of $96.7 million and $78.7 million, respectively). Mortgages guaranteed by us are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Concentration of Credit Risk             Our U.S. Malls, Premium Outlets, and The Mills rely heavily upon anchor tenants to attract customers; however anchor retailers do not contribute materially to our financial results as many anchor retailers own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues.   </div> </div> 0.0001 0.0001 0.0001 0.0001 511990000 10000 511990000 10000 314320664 8000 314807366 8000 314320664 8000 314807366 8000 31000 31000 763963000 413265000 651253000 379034000 130802000 71020000 112335000 65193000 894765000 484285000 763588000 444227000 0.05 100000000 <div> <div style="margin-left:0pt;margin-right:0pt;"> 5. Investment in Unconsolidated Entities <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Real Estate Joint Ventures and Investments             Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 80 properties as of June 30, 2015.             Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner.             We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of June 30, 2015 and December 31, 2014, we had construction loans and other advances to related parties totaling $14.6 million and $14.9 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Unconsolidated Property Transactions             On January 30, 2014, as discussed in Note 9, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. As a result of this acquisition, we now own 100% of this property.             On February 24, 2015, Houston Galleria, in which we own a 50.4% noncontrolling interest, refinanced its $821.0 million mortgage with a $1.2 billion mortgage that matures on March 1, 2025. The fixed interest rate was reduced from 5.44% to 3.55% as a result. Excess proceeds from the financing were distributed to the venture partners in February 2015.             On April 13, 2015, we announced we had formed a joint venture with Sears Holdings, or Sears, whereby Sears contributed 10 of its properties located at our malls to the newly formed joint venture in exchange for a 50% noncontrolling interest in this joint venture. We contributed $114.0 million in cash in exchange for a 50% noncontrolling interest in this joint venture. Sears or its affiliates are leasing back each of the 10 properties from the joint venture. The joint venture has the right to recapture not less than 50% of the space leased to Sears to be used for purposes of redeveloping and releasing the recaptured space. We will provide development, leasing and management services to the joint venture. On July 7, 2015, we separately invested approximately $33.0 million in exchange for 1,125,760 common shares of Seritage Growth Properties, a public REIT recently formed by Sears, which now holds their previous interest in the newly formed joint venture.             On April 23, 2015, we announced a partnership with Swire Properties Inc. and Whitman Family Development to jointly develop the approximately 500,000 square foot shopping center component of Brickell City Centre, a mixed-use development in downtown Miami. We own a 25% interest in the retail component of this project which is scheduled to open in September 2016. Our share of the estimated cost of this project including development fees is approximately $100.0 million.             On July 22, 2015, we closed on our previously announced joint venture with Hudson's Bay Company, or HBC, whereby HBC contributed 42 properties and we committed to contribute $100.0 million for improvements to the properties contributed by HBC in exchange for a noncontrolling interest in the newly formed joint venture. We may contribute up to an additional $178.5 million in the newly formed joint venture. Upon the closing of the joint venture, we funded $1.0 million of our commitment. On June 15, 2015 HBC announced it is acquiring Galeria Holding, the parent company of Germany's leading department store, Kaufhof. This joint venture has agreed to purchase at least 40 Kaufhof properties from HBC. This transaction is expected to close in 2015. <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> European Investments             At June 30, 2015, we owned 63,924,148 shares, or approximately 20.3%, of Klépierre, which had a quoted market price of $44.29 per share. On July 29, 2014 Klépierre announced that it had entered into a conditional agreement to acquire Corio N.V., or Corio, pursuant to which Corio shareholders received 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015 the tender offer transaction closed and the merger was completed on March 31, 2015, reducing our ownership from 28.9% at December 31, 2014 to 18.3%. On May 11, 2015 we purchased 6,290,000 additional shares of Klépierre for $279.4 million bringing our ownership to 20.3%. All of the excess investment related to the purchase has been allocated to investment property. Our share of net income, net of amortization of our excess investment, was $9.6 million and $135.9 million for the six months ended June 30, 2015 and 2014, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre's results to GAAP, Klépierre's total revenues, operating income and consolidated net income were approximately $740.3 million, $277.6 million and $96.9 million, respectively, for the six months ended June 30, 2015 and $654.8 million, $281.1 million and $1.2 billion, respectively, for the six months ended June 30, 2014. On April 16, 2014, Klépierre completed the disposal of a portfolio of 126 retail galleries located in France, Spain and Italy. Total gross consideration for the transaction, including transfer duties, was €1.98 billion (€1.65 billion Klépierre's group share). The net cash proceeds were used by Klépierre to reduce its overall indebtedness. In connection with this transaction, we recorded a gain of $133.9 million, net of the write-off of a portion of our excess investment, which is included in "Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net" in the accompanying consolidated statements of operations and comprehensive income.             Our joint venture in Europe has interests in five outlet properties, one development project as well as a property management and development company. As of June 30, 2015 our legal percentage ownership interests in these entities range from 45% to 90%. The carrying amount of our investment in these joint ventures, including all related components of accumulated other comprehensive income (loss) as well as subsequent capital contributions for development, was $605.8 million and $677.1 million as of June 30, 2015 and December 31, 2014, respectively. In December 2014, Roermond Designer Outlet phases 2 and 3, in which we own a 90% interest, refinanced its $85.1 million mortgage maturing in 2017 with a $218.9 million mortgage that matures in 2021. The fixed interest rate was reduced from 5.12% to 1.86% as a result. Excess proceeds from the financing were distributed to the venture partners in January 2015.             We also have a minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets throughout Europe and a direct minority ownership in three of those outlets. Our investment in these centers is accounted for under the cost method. At each of June 30, 2015 and December 31, 2014, the carrying value of these non-marketable investments was $115.4 million and is included in deferred costs and other assets.             On March 19, 2015 we disposed of our interest in a joint venture which had held interests in rights to pre-development projects in Europe, for total proceeds of $19.0 million. We recognized a gain on the sale of $8.3 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. The gain includes $0.8 million that was reclassified from accumulated other comprehensive income (loss). <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Asian Joint Ventures             We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $229.8 million as of June 30, 2015 and December 31, 2014, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $110.4 million and $104.5 million as of June 30, 2015 and December 31, 2014, respectively, including all related components of accumulated other comprehensive income (loss). <p style="margin:5pt 0pt 5pt 8.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Summary Financial Information             A summary of our equity method investments and share of income from such investments, excluding Klépierre, follows. As discussed in Note 3, on May 28, 2014, we completed the spin-off of Washington Prime, which included ten unconsolidated properties. The net income of these ten properties is included in income from operations of discontinued joint venture interests in the accompanying summary financial information for the six months ended June 30, 2014. <p style="margin:5pt 0pt 5pt 8.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> BALANCE SHEETS                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Assets: </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Investment properties, at cost </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,790,264 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,087,282 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Less — accumulated depreciation </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,611,016 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,457,899 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,179,248 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,629,383 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>885,430 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>993,178 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Tenant receivables and accrued revenue, net </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>333,033 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>362,201 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Investment in unconsolidated entities, at equity </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,386 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Deferred costs and other assets </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>533,447 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>536,600 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Total assets </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,931,158 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,532,748 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Liabilities and Partners' Deficit: </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Mortgages </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,801,561 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,272,557 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Accounts payable, accrued expenses, intangibles, and deferred revenue </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>940,309 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,015,334 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Other liabilities </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>386,277 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>493,718 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Total liabilities </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,128,147 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,781,609 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Preferred units </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,450 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,450 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Partners' deficit </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,264,439 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,316,311 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Total liabilities and partners' deficit </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,931,158 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,532,748 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Our Share of: </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Partners' deficit </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(820,782 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(663,700 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Add: Excess Investment </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,830,093 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,875,337 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Our net Investment in unconsolidated entities, at equity </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,009,311 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,211,637 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>             "Excess Investment" represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and is allocated on a fair value basis primarily to investment property, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities. <p style="margin:5pt 0pt 5pt 8.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> STATEMENT OF OPERATIONS                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Three Months Ended June 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Six Months Ended June 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Revenue: </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Minimum rent </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>443,485 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>427,899 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>877,266 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>852,684 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Overage rent </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,342 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>41,589 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92,522 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>90,386 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Tenant reimbursements </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>199,142 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>193,006 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>393,629 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>385,799 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Other income </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,545 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,929 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,539 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>174,635 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Total revenue </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>745,514 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>724,423 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,478,956 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,503,504 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Operating Expenses: </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Property operating </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>132,257 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>131,643 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>263,061 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>293,064 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Depreciation and amortization </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148,607 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,047 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>290,265 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>294,195 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Real estate taxes </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56,477 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52,797 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>115,051 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>107,588 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Repairs and maintenance </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,086 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,944 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,447 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,585 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Advertising and promotion </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,388 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,113 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,090 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,923 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Provision for credit losses </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,296 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>970 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,149 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,078 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,924 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,554 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83,351 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97,483 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Total operating expenses </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>412,035 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>405,068 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>826,414 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>867,916 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Operating Income </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>333,479 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>319,355 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>652,542 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>635,588 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Interest expense </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(149,041 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(150,059 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(296,062 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(301,696 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Income from Continuing Operations </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>184,438 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>169,296 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>356,480 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>333,892 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Income from operations of discontinued joint venture interests </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,094 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,079 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Gain on sale or disposal of assets and interests in unconsolidated entities </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,779 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>35,779 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Net Income </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>220,217 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>171,390 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>392,259 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>338,971 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Third-Party Investors' Share of Net Income </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>112,763 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88,217 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>201,877 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>177,530 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Our Share of Net Income </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>107,454 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>83,173 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>190,382 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>161,441 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Amortization of Excess Investment </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(24,387 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(24,383 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(48,541 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(49,981 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Our Share of Loss from Unconsolidated Discontinued Operations </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(307 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(652 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16,339 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(16,339 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Income from Unconsolidated Entities </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,728 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58,483 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>125,502 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>110,808 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>             Our share of income from unconsolidated entities in the above table, aggregated with our share of the results of Klépierre, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income.   </div> </div> 167100000 115400000 177300000 115400000 0 51421000 35585000 21656000 15944000 52410000 37447000 22676000 17086000 1216508000 867916000 620451000 405068000 1263789000 826414000 646725000 412035000 20852993000 6200000000 13272557000 350000000 55000000 22070777000 240000000 6600000000 13801561000 13000000000 <div> <div style="margin-left:0pt;margin-right:0pt;"> 6. Debt <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Unsecured Debt             At June 30, 2015, our unsecured debt consisted of $13.0 billion of senior unsecured notes of the Operating Partnership, net of discounts, $1.4 billion outstanding under the Operating Partnership's $4.0 billion unsecured revolving credit facility, or Credit Facility, $240.0 million outstanding under an unsecured term loan, and $803.0 million outstanding under the Operating Partnership's global unsecured commercial paper note program, or the Commercial Paper program. The June 30, 2015 balance on the Credit Facility included $1.0 billion (U.S. dollar equivalent) of Euro-denominated borrowings and $181.5 million (U.S. dollar equivalent) of Yen-denominated borrowings. At June 30, 2015 the outstanding amount under the Commercial Paper program was $803.0 million, of which $193.0 million was related to U.S. dollar equivalent of Euro-denominated notes. Foreign currency denominated borrowings under both the Credit Facility and Commercial Paper program are designated as net investment hedges of a portion of our international investments.             On June 30, 2015, we had an aggregate available borrowing capacity of $4.5 billion under the Credit Facility and the Operating Partnership's $2.75 billion supplemental unsecured revolving credit facility, or Supplemental Facility. The maximum aggregate outstanding balance under the two credit facilities during the six months ended June 30, 2015 was $1.8 billion and the weighted average outstanding balance was $1.2 billion. Letters of credit of $37.2 million were outstanding under the two credit facilities as of June 30, 2015.             The Credit Facility's initial borrowing capacity of $4.0 billion may be increased to $5.0 billion during its term and provides for borrowings denominated in U.S. Dollars, Euros, Yen, Sterling, Canadian Dollars and Australian Dollars. Borrowings in currencies other than the U.S. Dollar are limited to 75% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2018 and can be extended for an additional year to June 30, 2019 at our sole option. The base interest rate on the Credit Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points.             On March 2, 2015, the Operating Partnership amended and extended the Supplemental Facility. The initial borrowing capacity of $2.0 billion has been increased to $2.75 billion, may be further increased to $3.5 billion during its term, will initially mature on June 30, 2019 and can be extended for an additional year to June 30, 2020 at our sole option. The base interest rate on the amended Supplemental Facility was reduced to LIBOR plus 80 basis points and the additional facility fee was reduced to 10 basis points. The Supplemental Facility provides for borrowings denominated in U.S. Dollars, Euro, Yen, Sterling, Canadian Dollars and Australian Dollars.             On March 2, 2015, the Operating Partnership increased the maximum aggregate program size of its Commercial Paper program from $500.0 million to $1.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euros and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S and Euro commercial paper note markets and will rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. Our Commercial Paper program is supported by our Credit Facility and Supplemental Facility and if necessary or appropriate, we may make one or more draws under either the Credit Facility or Supplemental Facility to pay amounts outstanding from time to time on the Commercial Paper program. At June 30, 2015, we had $803.0 million outstanding under the Commercial Paper program, comprised of $610.0 million outstanding in U.S. dollar denominated notes and $193.0 million (U.S. dollar equivalent) of Euro denominated notes with weighted average interest rates of 0.22% and 0.05%, respectively. The borrowings mature on various dates from July 1, 2015 to September 25, 2015.             During the six months ended June 30, 2015, we used cash on hand to repay at maturity $326.8 million of senior unsecured notes with a fixed rate of 5.10%. <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Mortgage Debt             Total mortgage indebtedness was $6.6 billion and $6.2 billion at June 30, 2015 and December 31, 2014, respectively.             On January 15, 2015, as discussed in Note 9, we acquired two properties — Jersey Gardens in Elizabeth, New Jersey (renamed "The Mills at Jersey Gardens") and University Park Village in Fort Worth, Texas, subject to existing fixed-rate mortgage loans of $350.0 million and $55.0 million, respectively. The loans mature on November 1, 2020 and May 1, 2028 and bear interest at 3.83% and 3.85%, respectively. <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Covenants             Our unsecured debt agreements contain financial and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender including adjustments to the applicable interest rate. As of June 30, 2015, we were in compliance with all covenants of our unsecured debt.             At June 30, 2015, we or our subsidiaries are the borrowers under 40 non-recourse mortgage notes secured by mortgages on 54 properties, including five separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of 21 properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties which serve as collateral for that debt. If the borrower fails to comply with these covenants, the lender could accelerate the debt and enforce its right against their collateral. At June 30, 2015, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually, or giving effect to applicable cross-default provisions in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows. <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Fair Value of Debt             The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed-rate mortgages and unsecured indebtedness was $19.0 billion as of June 30, 2015 and December 31, 2014. The fair values of these financial instruments and the related discount rate assumptions as of June 30, 2015 and December 31, 2014 are summarized as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Fair value of fixed-rate mortgages and unsecured indebtedness </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,135  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,558  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.77%  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.02%  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div> 0.0080 0.0080 218900000 1200000000 0.0512 0.0186 0.0383 0.0385 0.0355 0.0544 0.051 0.0005 0.0022 1806789000 536600000 1333944000 533447000 567708000 294195000 287214000 142047000 583883000 290265000 295778000 148607000 20100000 24500000 2100000 700000 19100000 100000 22900000 <div> <div style="margin-left:0pt;margin-right:0pt;"> Derivative Financial Instruments             We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities.             As of both June 30, 2015 and December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Interest Rate Derivative </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Number of Instruments </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Notional Amount </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Interest Rate Swaps </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 2 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $375.0 million </td> </tr> </table></div>             The carrying value of our interest rate swap agreements, at fair value, as of June 30, 2015, was a net asset balance of $0.9 million, of which $1.6 million is included in deferred costs and other assets and $0.6 million is included in other liabilities. The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2014, was a net liability balance of $1.2 million, of which $2.1 million was included in other liabilities and $0.9 million was included in deferred costs and other assets.             We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in US dollars for their fair value at or close to their settlement date.             As of June 30, 2015, we had no outstanding Yen:USD forward contracts. Approximately ¥14.7 million remained at December 31, 2014 for our Yen forward contracts that matured on January 5, 2015. The December 31, 2014 asset balance related to these forward contracts was $0.1 million and was included in deferred costs and other assets. We have reported the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign currency denominated receivables are also reported in income and generally offset the amounts in earnings for these forward contracts.             In the third quarter of 2014, we entered into Euro:USD forward contracts, which were designated as net investment hedges, with an aggregate €150.0 million notional value which mature through August 11, 2017. During the second quarter, one forward contract with a €50.0 million notional value was settled. The June 30, 2015 asset balance related to the remaining €100.0 million forward contracts was $22.9 million and is included in deferred costs and other assets. The December 31, 2014 asset balance related to these forward contracts was $19.1 million and was included in deferred costs and other assets. We apply hedge accounting to these forward contracts and report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment.             The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $21.2 million and $45.8 million as of June 30, 2015 and December 31, 2014, respectively.   </div> </div> 0 0 0 0 187577000 293064000 92630000 131643000 199598000 263061000 99841000 132257000 35779000 35779000 92818000 37911000 67524000 26022000 <div> <div style="margin-left:0pt;margin-right:0pt;"> Discontinued Operations             On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of outstanding units of partnership interest of the Operating Partnership, or units, owned by us. The remaining units of Washington Prime Group, L.P. were owned by limited partners of the Operating Partnership who received one Washington Prime Group, L.P. unit for every two units they owned in the Operating Partnership. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from completed unsecured debt and mortgage debt as part of the spin-off and incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime.             The historical results of operations of the Washington Prime properties have been presented as discontinued operations in the consolidated statements of operations and comprehensive income. The accompanying consolidated statement of cash flows includes within operating, investing and financing cash flows those activities which related to our period of ownership of the Washington Prime properties.             Summarized financial information for discontinued operations for the three and six month periods ended June 30, 2014 is presented below.                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended June 30, 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Six Months Ended June 30, 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> TOTAL REVENUE </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,683 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>262,652 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Property Operating </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,035 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,175 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Depreciation and amortization </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,024 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76,992 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Real estate taxes </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,526 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,474 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Repairs and maintenance </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,181 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,331 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Advertising and promotion </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,388 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,340 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Provision for credit losses </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>708 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,494 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>910 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,028 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Total operating expenses </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,772 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>169,834 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> OPERATING INCOME </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,911 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92,818 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Interest expense </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,159 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(26,076 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Income and other taxes </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(37 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(112 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Income from unconsolidated entities </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>307 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>652 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>242 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> CONSOLIDATED NET INCOME </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,022 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,524 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net income attributable to noncontrolling interests </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,792 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,781 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,230 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,743 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>             Capital expenditures on a cash basis for the three and six month periods ended June 30, 2014 were $7.1 million and $31.9 million, respectively.             We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we provide certain services to Washington Prime and its properties that were previously owned by us. Pursuant to the terms of the property management agreements, we manage, lease, and maintain those Washington Prime mall properties under the direction of Washington Prime. In exchange, Washington Prime pays us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimburses us for direct out-of-pocket costs and expenses and also pays us separate fees for any leasing and development services we provide. The property management agreements have an initial term of two years with automatic one year renewals unless terminated. Either party may terminate the property management agreements on or after the two-year anniversary of the spin-off upon 180 days prior written notice.             We also provide certain support services to the Washington Prime strip centers that were previously owned by us and certain of its central functions to assist Washington Prime as it establishes its stand-alone processes for various activities that were previously provided by us and does not constitute significant continuing support of Washington Prime's operations. These services include assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services are intended to allow us to recover costs of providing these services. The transition services agreement will terminate no later than two years following the date of the spin-off subject to a minimum notice period equal to the shorter of 180 days or one-half of the original service period. Transitional services fees earned for the three and six months ended June 30, 2015 were approximately $1.6 million and $2.9 million, respectively.   </div> </div> 112000 37000 76992000 31024000 26076000 12159000 169834000 66772000 2028000 910000 262652000 104683000 1054133000 151318000 902815000 2.41 1.31 2.69 1.52 <div> <div style="margin-left:0pt;margin-right:0pt;"> 4. Per Share Data             We determine basic earnings per share based on the weighted average number of shares of common stock outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share based on the weighted average number of shares of common stock outstanding combined with the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common shares at the earliest date possible. The following table sets forth the computation of our basic and diluted earnings per share.                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Three Months Ended June 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Six Months Ended June 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Net Income attributable to Common Stockholders — Basic and Diluted </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>472,944  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>406,587  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>835,118  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>748,235  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Weighted Average Shares Outstanding — Basic and Diluted </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,498,911  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,743,242  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,798,814  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,683,240  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>             For the six months ended June 30, 2015, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance, or LTIP, units granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a dilutive effect for the three and six months ended June 30, 2015 and 2014. We accrue dividends when they are declared.   </div> </div> 1875337000 1830093000 105087000 120918000 19000000 0.289 0.90 0.504 0.183 0.50 0.50 0.203 0.203 0.90 0.45 0.40 0.50 8300000 2378800000 677100000 1211637000 229800000 104500000 2353339000 605800000 1009311000 229800000 110400000 12532748000 12931158000 281100000 333892000 169296000 277600000 356480000 184438000 1200000000 338971000 171390000 96900000 392259000 220217000 654800000 740300000 663700000 820782000 0.0302 0.0277 <div> <div style="margin-left:0pt;margin-right:0pt;"> Fair Value Measurements             Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs.             The marketable securities we held at June 30, 2015 and December 31, 2014 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs which consist primarily of interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $0.7 million and $2.1 million at June 30, 2015 and December 31, 2014, respectively, and a gross asset value of $24.5 million and $20.1 million at June 30, 2015 and December 31, 2014, respectively.             Note 6 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 9 and 5 include a discussion of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.   </div> </div> 16300000 80187000 80200000 80200000 133900000 30454000 15599000 30344000 15345000 223500000 319900000 849210000 489609000 980035000 554526000 2.33 1.34 2.69 1.52 67524000 26022000 9781000 3792000 57743000 5079000 22230000 2094000 0.08 -0.03 13489000 6626000 9781000 3420000 -63647000 -70426000 45761000 40841000 509164000 5274000 301696000 254930000 150059000 463147000 5278000 296062000 230974000 149041000 900000 1600000 2100000 600000 -1200000 900000 5710000 63924148 <div> <div style="margin-left:0pt;margin-right:0pt;"> Marketable and Non-Marketable Securities             Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available-for-sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At June 30, 2015, we had marketable securities of $184.2 million generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in accumulated other comprehensive income (loss) as of June 30, 2015 and December 31, 2014 were approximately $1.7 million and $103.9 million, respectively, and represent the valuation adjustments for our marketable securities.             The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established.             Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income.             On June 24, 2015 we sold our investment in certain marketable securities that were accounted for as an available-for-sale security, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2015.             At June 30, 2015 and December 31, 2014, we had investments of $177.3 million and $167.1 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no adjustment in the carrying value was required.   </div> </div> 0 1786477000 1803746000 37200000 23555288000 14781609000 24878845000 15128147000 29532330000 12532748000 30083531000 12931158000 803000000 1400000000 193000000 1000000000 181500000 610000000 1200000000 1800000000 2750000000 2000000000 500000000 4000000000 4500000000 150000000 14900000 14600000 20558000000 20135000000 184200000 60768000 35923000 38149000 17113000 59971000 34090000 41215000 17388000 858328000 736268000 2080000 2080000 858557000 736679000 0.855 0.855 0.857 0.856 40 <div> <div style="margin-left:0pt;margin-right:0pt;"> 1. Organization             Simon Property Group, Inc., or Simon, is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. REITs will generally not be liable for federal corporate income taxes as long as they continue to distribute not less than 100% of their taxable income. Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In these condensed notes to the unaudited consolidated financial statements, the terms "we", "us" and "our" refer to Simon, the Operating Partnership, and its subsidiaries.             We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, and The Mills®. As of June 30, 2015, we owned or held an interest in 207 income-producing properties in the United States, which consisted of 110 malls, 68 Premium Outlets, 14 Mills, three community centers, and 12 other retail properties in 37 states and Puerto Rico. Internationally, as of June 30, 2015, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. As of June 30, 2015, we had a noncontrolling ownership interest in a joint venture that holds five outlet properties in Europe. Of the five properties, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. Additionally, as of June 30, 2015, as further discussed in Note 5, we owned a 20.3% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 16 countries in Europe.   </div> </div> -1009790000 -676125000 -312393000 -853806000 1271137000 1483306000 128667000 -768000 70047000 143248000 -757000 11502000 80748000 748235000 -4506000 406587000 835118000 -4521000 68685000 472944000 748235000 406857000 835118000 472944000 <div> <div style="margin-left:0pt;margin-right:0pt;"> New Accounting Pronouncements             In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 became effective prospectively for fiscal years beginning after December 15, 2014, but could be early-adopted. We early-adopted ASU 2014-08 in the first quarter of 2014 and are applying the revised definition to all disposals on a prospective basis, including the spin-off of WP Glimcher Inc. (formerly known as Washington Prime Group Inc.), or Washington Prime, as further discussed below. ASU 2014-08 also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation.             In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. In July 2015, the FASB decided to delay the effective date of the new revenue recognition standard by one year, which will result in the new standard being effective for us beginning with the first quarter 2018. The new standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements.             In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. This guidance becomes effective for annual and interim periods beginning after December 15, 2015. All reporting entities involved with limited partnerships will have to re-evaluate whether these entities qualify for consolidation and revise documentation accordingly. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements.             In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for us retrospectively beginning in the first quarter of 2016. We expect this new guidance will reduce total assets and total mortgage and unsecured indebtedness on our Consolidated Balance Sheet for amounts classified as deferred costs specific to debt issuance costs. We do not expect this guidance to have any other effect on our consolidated financial statements.   </div> </div> 16 2 2 207 13 135 3 1 110 12 2 1 2 9 3 1 1 1 1 5 68 14 54 37 16479000 -18720000 -121370000 -119129000 1122496000 635588000 561531000 319355000 1301556000 652542000 702385000 333479000 70834000 90386000 39160000 41589000 75986000 92522000 37029000 41342000 1450768000 852684000 728486000 427899000 1521583000 877266000 768138000 443485000 33236000 17779000 2518000 4046000 586000 -138793000 -19665000 -14282000 -1667000 2135000 975000 -30913000 -15554000 21000000 -87405000 -185534000 -119129000 -5274000 -768000 -2577000 -376000 74909000 10745000 77536000 11126000 -7541000 -1253000 -8000 -17000 19339000 2861000 9240000 1380000 37769000 97483000 18407000 44554000 42426000 83351000 23352000 38924000 84932000 174635000 37944000 61929000 188191000 80187000 115539000 139607000 61545000 275451000 493718000 248596000 386277000 -229000 -411000 162700000 944359 1000000 366034000 488950000 133858000 151318000 793892000 902815000 677900000 279400000 33000000 114000000 178500000 115827000 153663000 9201000 17450000 31900000 7100000 85459000 1231381000 18164000 4049000 0.08375 0.08375 1669000 834000 1669000 834000 39847000 39847000 1000000 1000000 796948 796948 796948 796948 44062000 43898000 67450000 67450000 1003135000 1000000000 287870000 583626000 50000000 1405336000 4058658000 388000 613000 454012000 454000000 878571000 477468000 980035000 554526000 6866000 4078000 2442000 970000 6533000 3149000 2685000 1296000 8950747000 5457899000 9409100000 5611016000 31318532000 16087282000 32898773000 16790264000 22367785000 10629383000 23489673000 11179248000 193699000 107588000 99396000 52797000 213374000 115051000 106487000 56477000 800000 -4521000 68685000 64164000 <div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Details about accumulated other comprehensive income (loss) components: </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount reclassified from accumulated other comprehensive income (loss) </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount reclassified from accumulated other comprehensive income (loss) </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Affected line item in the statement where net income is presented </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Accumulated derivative losses, net </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,278 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,274 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Interest expense </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>757 </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>768 </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net income attributable to noncontrolling interests </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,521 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,506 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Realized gain on sale of marketable securities </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,187 </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Other income </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,502 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Net income attributable to noncontrolling interests </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>68,685 </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:68.94%;padding:0pt;">   </td> <td valign="bottom" style="width:00.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of June 30, 2015 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of December 31, 2014 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:68.94%;background-color: #CCEEFF;padding:0pt;"> Limited partners' interests in the Operating Partnership </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.44%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,679 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.22%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.36%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>858,557 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:68.94%;background-color: #FFFFFF;padding:0pt;"> Nonredeemable noncontrolling deficit interests in properties, net </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.44%;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(411 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:02.22%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.36%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(229 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:68.94%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:68.94%;background-color: #CCEEFF;padding:0pt;"> Total noncontrolling interests reflected in equity </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.44%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,268 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.22%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.36%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>858,328 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:68.94%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:68.94%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:14.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>   </div> </div> 4092000 85100000 326800000 821000000 2348113000 3167100000 -4208183000 -2316311000 -4274289000 -2264439000 2900000 1600000 2339004000 1503504000 1181982000 724423000 2565345000 1478956000 1349110000 745514000 6290000 1125760 0.45 0.225 <div> <div style="margin-left:0pt;margin-right:0pt;">             The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of June 30, 2015:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:51.36%;padding:0pt;">   </td> <td valign="bottom" style="width:00.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Currency translation adjustments </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Accumulated derivative losses, net </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Net unrealized gains (losses) on marketable securities </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:51.36%;background-color: #CCEEFF;padding:0pt;"> Beginning balance </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(110,722 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.76%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(39,161 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.66%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88,842 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(61,041 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:51.36%;background-color: #FFFFFF;padding:0pt;"> Other comprehensive loss before reclassifications </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(119,129 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.58%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.76%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,479 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.56%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.66%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,720 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(121,370 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:51.36%;background-color: #CCEEFF;padding:0pt;"> Amounts reclassified from accumulated other comprehensive income (loss) </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.76%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,521 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.66%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68,685 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(64,164 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:51.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:51.36%;background-color: #FFFFFF;padding:0pt;"> Net current-period other comprehensive income (loss) </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(119,129 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.58%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.76%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,000 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.56%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.66%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(87,405 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(185,534 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:51.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:51.36%;background-color: #CCEEFF;padding:0pt;"> Ending balance </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(229,851 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.76%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,161 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.66%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,437 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.58%;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(246,575 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:51.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:51.36%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.64%;padding:0pt;">   </td> <td valign="bottom" style="width:00.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:08.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:00.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2014 </td> <td valign="bottom" style="width:00.66%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.64%;background-color: #CCEEFF;padding:0pt;"> Fair value of fixed-rate mortgages and unsecured indebtedness </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:07.34%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,135  </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.80%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20,558  </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:77.64%;background-color: #FFFFFF;padding:0pt;"> Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.34%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:07.34%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.77%  </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.80%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.88%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.02%  </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;">             As of both June 30, 2015 and December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Interest Rate Derivative </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> <td valign="bottom" style="width:34.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Number of Instruments </td> <td valign="bottom" style="width:01.14%;padding:0pt;">   </td> <td valign="bottom" style="width:26.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Notional Amount </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:36.26%;background-color: #CCEEFF;padding:0pt;"> Interest Rate Swaps </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:34.60%;background-color: #CCEEFF;padding:0pt;"> 2 </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:26.86%;background-color: #CCEEFF;padding:0pt;"> $375.0 million </td> </tr> </table></div>   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;padding:0pt;">   </td> <td valign="bottom" style="width:00.66%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended June 30, 2014 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Six Months Ended June 30, 2014 </td> <td valign="bottom" style="width:00.90%;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #CCEEFF;padding:0pt;"> TOTAL REVENUE </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.96%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,683 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.00%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>262,652 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #FFFFFF;padding:0pt;"> Property Operating </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,035 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,175 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #CCEEFF;padding:0pt;"> Depreciation and amortization </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,024 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76,992 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #FFFFFF;padding:0pt;"> Real estate taxes </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,526 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,474 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #CCEEFF;padding:0pt;"> Repairs and maintenance </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,181 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,331 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #FFFFFF;padding:0pt;"> Advertising and promotion </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,388 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,340 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #CCEEFF;padding:0pt;"> Provision for credit losses </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>708 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,494 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #FFFFFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>910 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,028 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #CCEEFF;padding:0pt;"> Total operating expenses </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,772 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>169,834 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #FFFFFF;padding:0pt;"> OPERATING INCOME </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,911 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92,818 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #CCEEFF;padding:0pt;"> Interest expense </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,159 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(26,076 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #FFFFFF;padding:0pt;"> Income and other taxes </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(37 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(112 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #CCEEFF;padding:0pt;"> Income from unconsolidated entities </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>307 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>652 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #FFFFFF;padding:0pt;"> Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>242 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #CCEEFF;padding:0pt;"> CONSOLIDATED NET INCOME </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,022 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,524 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #FFFFFF;padding:0pt;"> Net income attributable to noncontrolling interests </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,792 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,781 </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #CCEEFF;padding:0pt;"> NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS </td> <td valign="bottom" style="width:00.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.84%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.96%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,230 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.70%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.00%;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,743 </td> <td valign="bottom" style="width:00.90%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:71.04%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:00.66%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:01.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:00.90%;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Three Months Ended June 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Six Months Ended June 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Net Income attributable to Common Stockholders — Basic and Diluted </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>472,944  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>406,587  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>835,118  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>748,235  </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Weighted Average Shares Outstanding — Basic and Diluted </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,498,911  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,743,242  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,798,814  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,683,240  </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;">                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Preferred Stock </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Common Stock </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Accumulated Other Comprehensive Income (Loss) </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Capital in Excess of Par Value </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Accumulated Deficit </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Common Stock Held in Treasury </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Noncontrolling interests </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total Equity </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> January 1, 2015 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,062 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(61,041 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,422,237 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,208,183 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(103,929 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>858,328 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,951,505 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Exchange of limited partner units for common shares </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,905 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,905 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Redemption of limited partner units </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(147,841 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,843 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(162,684 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Treasury stock purchase </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(343,007 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(343,007 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> LTIP units </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,640 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,640 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Purchase and disposition of noncontrolling interests, net and other </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(164 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,263 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(78 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,185 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>598 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,278 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Adjustment to limited partners' interest from change in ownership in the Operating Partnership </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81,529 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(81,529 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(902,815 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(151,318 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,054,133 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Distributions to other noncontrolling interest partners </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,080 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,080 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(185,534 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>836,787 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>111,377 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>762,630 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,898 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(246,575 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,357,567 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,274,289 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(437,751 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,268 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,179,149 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>   </div> </div> P8Y P2Y P3Y P1Y 0.50 1000000 1989 58083 3323 187.14 197.99 184.76 360000 360000 280000 469848 401203 133673 489654 337006 <div> <div style="margin-left:0pt;margin-right:0pt;"> 3. Significant Accounting Policies <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Cash and Cash Equivalents             We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers' acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of FDIC and SIPC insurance limits. <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Marketable and Non-Marketable Securities             Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available-for-sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At June 30, 2015, we had marketable securities of $184.2 million generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in accumulated other comprehensive income (loss) as of June 30, 2015 and December 31, 2014 were approximately $1.7 million and $103.9 million, respectively, and represent the valuation adjustments for our marketable securities.             The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established.             Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income.             On June 24, 2015 we sold our investment in certain marketable securities that were accounted for as an available-for-sale security, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2015.             At June 30, 2015 and December 31, 2014, we had investments of $177.3 million and $167.1 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no adjustment in the carrying value was required. <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Fair Value Measurements             Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs.             The marketable securities we held at June 30, 2015 and December 31, 2014 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs which consist primarily of interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $0.7 million and $2.1 million at June 30, 2015 and December 31, 2014, respectively, and a gross asset value of $24.5 million and $20.1 million at June 30, 2015 and December 31, 2014, respectively.             Note 6 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 9 and 5 include a discussion of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates. <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Noncontrolling Interests             Details of the carrying amount of our noncontrolling interests are as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of June 30, 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of December 31, 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Limited partners' interests in the Operating Partnership </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,679 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>858,557 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Nonredeemable noncontrolling deficit interests in properties, net </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(411 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(229 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Total noncontrolling interests reflected in equity </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,268 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>858,328 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>             Net income attributable to noncontrolling interests (which includes nonredeemable noncontrolling interests in consolidated properties, limited partners' interests in the Operating Partnership, redeemable noncontrolling interests in consolidated properties and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders.             A rollforward of noncontrolling interests reflected in equity is as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Three Months Ended June 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> For the Six Months Ended June 30, </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Noncontrolling interests, beginning of period </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>828,618 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>989,988 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>858,328 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>973,226 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,269 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>70,060 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>142,290 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>127,710 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Distributions to noncontrolling interest holders </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(78,488 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(74,029 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(153,398 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(151,465 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Other comprehensive income (loss) allocable to noncontrolling interests: </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Unrealized gain (loss) on derivative hedge agreements </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,380 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(17 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,861 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,253 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net (gain) loss reclassified from accumulated other comprehensive loss into earnings </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,126 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>376 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(10,745 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>768 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Currency translation adjustments </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,667 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>586 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(19,665 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,518 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Changes in available-for-sale securities and other </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,141 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,364 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>102 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15,554 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>975 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30,913 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,135 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Adjustment to limited partners' interest from change in ownership in the Operating Partnership </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(75,905 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(121,454 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(81,529 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(188,680 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Units issued to limited partners </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>84,910 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Units exchanged for common shares </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(56 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(279 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,905 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,190 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Units redeemed </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,843 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,843 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Long-term incentive performance units </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,812 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,484 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,640 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24,969 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Purchase and disposition of noncontrolling interests, net, and other </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>415 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,599 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>598 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,729 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Noncontrolling interests, end of period </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,268 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>882,344 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,268 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>882,344 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div> Accumulated Other Comprehensive Income (Loss)             The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of June 30, 2015:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Currency translation adjustments </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Accumulated derivative losses, net </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Net unrealized gains (losses) on marketable securities </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Beginning balance </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(110,722 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(39,161 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88,842 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(61,041 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Other comprehensive loss before reclassifications </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(119,129 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,479 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,720 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(121,370 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Amounts reclassified from accumulated other comprehensive income (loss) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,521 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68,685 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(64,164 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net current-period other comprehensive income (loss) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(119,129 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,000 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(87,405 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(185,534 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Ending balance </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(229,851 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,161 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,437 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(246,575 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>             The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of June 30, 2015 and 2014:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Details about accumulated other comprehensive income (loss) components: </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount reclassified from accumulated other comprehensive income (loss) </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount reclassified from accumulated other comprehensive income (loss) </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Affected line item in the statement where net income is presented </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Accumulated derivative losses, net </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,278 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,274 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Interest expense </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>757 </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>768 </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net income attributable to noncontrolling interests </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,521 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,506 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Realized gain on sale of marketable securities </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,187 </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Other income </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,502 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Net income attributable to noncontrolling interests </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>68,685 </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div> Derivative Financial Instruments             We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities.             As of both June 30, 2015 and December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Interest Rate Derivative </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Number of Instruments </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Notional Amount </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Interest Rate Swaps </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 2 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $375.0 million </td> </tr> </table></div>             The carrying value of our interest rate swap agreements, at fair value, as of June 30, 2015, was a net asset balance of $0.9 million, of which $1.6 million is included in deferred costs and other assets and $0.6 million is included in other liabilities. The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2014, was a net liability balance of $1.2 million, of which $2.1 million was included in other liabilities and $0.9 million was included in deferred costs and other assets.             We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in US dollars for their fair value at or close to their settlement date.             As of June 30, 2015, we had no outstanding Yen:USD forward contracts. Approximately ¥14.7 million remained at December 31, 2014 for our Yen forward contracts that matured on January 5, 2015. The December 31, 2014 asset balance related to these forward contracts was $0.1 million and was included in deferred costs and other assets. We have reported the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign currency denominated receivables are also reported in income and generally offset the amounts in earnings for these forward contracts.             In the third quarter of 2014, we entered into Euro:USD forward contracts, which were designated as net investment hedges, with an aggregate €150.0 million notional value which mature through August 11, 2017. During the second quarter, one forward contract with a €50.0 million notional value was settled. The June 30, 2015 asset balance related to the remaining €100.0 million forward contracts was $22.9 million and is included in deferred costs and other assets. The December 31, 2014 asset balance related to these forward contracts was $19.1 million and was included in deferred costs and other assets. We apply hedge accounting to these forward contracts and report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment.             The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $21.2 million and $45.8 million as of June 30, 2015 and December 31, 2014, respectively. <p style="margin:5pt 0pt 5pt 8.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> New Accounting Pronouncements             In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 became effective prospectively for fiscal years beginning after December 15, 2014, but could be early-adopted. We early-adopted ASU 2014-08 in the first quarter of 2014 and are applying the revised definition to all disposals on a prospective basis, including the spin-off of WP Glimcher Inc. (formerly known as Washington Prime Group Inc.), or Washington Prime, as further discussed below. ASU 2014-08 also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation.             In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. In July 2015, the FASB decided to delay the effective date of the new revenue recognition standard by one year, which will result in the new standard being effective for us beginning with the first quarter 2018. The new standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements.             In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. This guidance becomes effective for annual and interim periods beginning after December 15, 2015. All reporting entities involved with limited partnerships will have to re-evaluate whether these entities qualify for consolidation and revise documentation accordingly. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements.             In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for us retrospectively beginning in the first quarter of 2016. We expect this new guidance will reduce total assets and total mortgage and unsecured indebtedness on our Consolidated Balance Sheet for amounts classified as deferred costs specific to debt issuance costs. We do not expect this guidance to have any other effect on our consolidated financial statements. <p style="margin:5pt 0pt 5pt 8.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Discontinued Operations             On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of outstanding units of partnership interest of the Operating Partnership, or units, owned by us. The remaining units of Washington Prime Group, L.P. were owned by limited partners of the Operating Partnership who received one Washington Prime Group, L.P. unit for every two units they owned in the Operating Partnership. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from completed unsecured debt and mortgage debt as part of the spin-off and incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime.             The historical results of operations of the Washington Prime properties have been presented as discontinued operations in the consolidated statements of operations and comprehensive income. The accompanying consolidated statement of cash flows includes within operating, investing and financing cash flows those activities which related to our period of ownership of the Washington Prime properties.             Summarized financial information for discontinued operations for the three and six month periods ended June 30, 2014 is presented below.                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended June 30, 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Six Months Ended June 30, 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> TOTAL REVENUE </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,683 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>262,652 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Property Operating </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,035 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,175 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Depreciation and amortization </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,024 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>76,992 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Real estate taxes </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,526 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,474 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Repairs and maintenance </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,181 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,331 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Advertising and promotion </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,388 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,340 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Provision for credit losses </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>708 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,494 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Other </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>910 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,028 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Total operating expenses </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,772 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>169,834 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> OPERATING INCOME </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,911 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92,818 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Interest expense </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,159 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(26,076 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Income and other taxes </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(37 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(112 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Income from unconsolidated entities </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>307 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>652 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>242 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> CONSOLIDATED NET INCOME </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,022 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,524 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net income attributable to noncontrolling interests </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,792 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,781 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,230 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57,743 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>             Capital expenditures on a cash basis for the three and six month periods ended June 30, 2014 were $7.1 million and $31.9 million, respectively.             We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we provide certain services to Washington Prime and its properties that were previously owned by us. Pursuant to the terms of the property management agreements, we manage, lease, and maintain those Washington Prime mall properties under the direction of Washington Prime. In exchange, Washington Prime pays us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimburses us for direct out-of-pocket costs and expenses and also pays us separate fees for any leasing and development services we provide. The property management agreements have an initial term of two years with automatic one year renewals unless terminated. Either party may terminate the property management agreements on or after the two-year anniversary of the spin-off upon 180 days prior written notice.             We also provide certain support services to the Washington Prime strip centers that were previously owned by us and certain of its central functions to assist Washington Prime as it establishes its stand-alone processes for various activities that were previously provided by us and does not constitute significant continuing support of Washington Prime's operations. These services include assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services are intended to allow us to recover costs of providing these services. The transition services agreement will terminate no later than two years following the date of the spin-off subject to a minimum notice period equal to the shorter of 180 days or one-half of the original service period. Transitional services fees earned for the three and six months ended June 30, 2015 were approximately $1.6 million and $2.9 million, respectively.   </div> </div> 5093177000 -39161000 88842000 -61041000 -110722000 4442881000 -18161000 1437000 -246575000 -229851000 973226000 989988000 882344000 5951505000 -61041000 9422237000 31000 858328000 44062000 -4208183000 -103929000 828618000 5179149000 -246575000 9357567000 31000 736268000 43898000 -4274289000 -437751000 <div> <div style="margin-left:0pt;margin-right:0pt;"> 7. Equity             During the six months ended June 30, 2015, we issued 486,702 shares of common stock to eight limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership.             On April 2, 2015, our Board of Directors authorized us to repurchase up to $2.0 billion of our common stock over the next twenty-four months as market conditions warrant. We may repurchase the shares in the open market or in privately negotiated transactions. During the second quarter of 2015, we repurchased 1,903,340 shares at an average price of $180.19 per share as part of this program.             On May 14, 2015, the Operating Partnership redeemed 944,359 units from a limited partner for $162.7 million. <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Stock Based Compensation             Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants made under The Simon Property Group, L.P. 1998 Stock Incentive Plan, as amended, or the Plan. Restricted stock and awards under the LTIP programs are all performance based and are based on various corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying consolidated statements of operations and comprehensive income.             LTIP Programs.    Every year since 2010, the Compensation Committee of the Board of Directors, or Compensation Committee, has approved long-term, performance based incentive compensation programs, or the LTIP programs, for certain senior executive officers. Awards under the LTIP programs take the form of LTIP units, a form of limited partnership interest issued by the Operating Partnership, and will be considered earned if, and only to the extent to which, applicable total shareholder return, or TSR, performance measures are achieved during the performance period. Once earned, LTIP units are subject to a two year vesting period. One-half of the earned LTIP units will vest on January 1 of each of the 2nd and 3rd years following the end of the applicable performance period, subject to the participant maintaining employment with us through those dates and certain other conditions as described in those agreements. Awarded LTIP units not earned are forfeited. Earned and fully vested LTIP units are the equivalent of units. During the performance period, participants are entitled to receive distributions on the LTIP units awarded to them equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two-class method of computing earnings per share.             From 2010 to 2015, the Compensation Committee approved LTIP grants as shown in the table below. Grant date fair values of the LTIP units are estimated using a Monte Carlo model, and the resulting expense is recorded regardless of whether the TSR performance measures are achieved if the required service is delivered. The grant date fair values are being amortized into expense over the period from the grant date to the date at which the awards, if any, would become vested. The extent to which LTIP units were earned, and the aggregate grant date fair values adjusted for estimated forfeitures, are as follows:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> LTIP Program </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> LTIP Units Earned </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Grant Date Fair Value </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 2010 LTIP Program </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 1-year 2010 LTIP Program </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 133,673 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 1-year program — $7.2 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 2-year 2010 LTIP Program </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 337,006 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 2-year program — $14.8 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 3-year 2010 LTIP Program </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 489,654 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 3-year program — $23.0 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 2011-2013 LTIP Program </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 469,848 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $35.0 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 2012-2014 LTIP Program </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 401,203 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $35.0 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 2013-2015 LTIP Program </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> To be determined in 2016 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $29.5 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> 2014-2016 LTIP Program </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> To be determined in 2017 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $30.0 million </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> 2015-2017 LTIP Program </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> To be determined in 2018 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $29.9 million </td> </tr> </table></div>             We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $12.4 million and $13.6 million for the six months ended June 30, 2015 and 2014, respectively. <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Restricted Stock.             The Compensation Committee awarded 1,989 and 58,083 shares of restricted stock to employees on February 26, 2015 and April 1, 2015, respectively, under the Plan, at a fair market value of $187.14 per share and $197.99 per share, respectively. On May 14, 2015, our non-employee Directors were awarded an aggregate of 3,323 shares of restricted stock under the Plan at a fair market value of $184.76 per share. The grant date fair value of the employee restricted stock awards is being recognized as expense over the three-year vesting service period. The grant date fair value of the Director restricted stock awards is being recognized as expense over the one-year vesting service period.             We recorded compensation expense, net of capitalization, related to restricted stock of approximately $4.2 million and $7.4 million for the six months ended June 30, 2015 and 2014, respectively.             Other Compensation Arrangements.    On July 6, 2011, in connection with the execution of an eight year employment agreement, the Compensation Committee granted David Simon, our Chairman and CEO, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service as our Chairman and Chief Executive Officer through July 5, 2019. Effective December 31, 2013, the Award was modified, or the Current Award, and as a result the LTIP units will now become earned and eligible to vest based on the attainment of Company-based performance goals, in addition to the service-based vesting requirement included in the original Award. If the relevant performance criteria are not achieved, all or a portion of the Current Award will be forfeited. The Current Award does not contain an opportunity for Mr. Simon to receive additional LTIP Units above and beyond the original Award should our performance exceed the higher end of the performance criteria. The performance criteria of the Current Award are based on the attainment of specific funds from operations, or FFO, per share. If the performance criteria have been met, a maximum of 360,000 LTIP units, or the A Units, 360,000 LTIP units, or the B Units, and 280,000 LTIP units, or the C Units, may become earned December 31, 2015, 2016 and 2017, respectively. The earned A Units will vest on January 1, 2018, earned B Units will vest on January 1, 2019 and earned C Units will vest on June 30, 2019, subject to Mr. Simon's continued employment through such applicable date. The grant date fair value of the retention award of $120.3 million is being recognized as expense over the eight-year term of his employment agreement on a straight-line basis through the applicable vesting periods of the A Units, B Units and C Units. <p style="margin:5pt 0pt 5pt 44.6pt;text-indent: -8.6pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt"> Changes in Equity             The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to common stockholders and equity attributable to noncontrolling interests:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Preferred Stock </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Common Stock </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Accumulated Other Comprehensive Income (Loss) </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Capital in Excess of Par Value </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Accumulated Deficit </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Common Stock Held in Treasury </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Noncontrolling interests </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total Equity </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> January 1, 2015 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,062 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(61,041 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,422,237 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,208,183 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(103,929 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>858,328 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,951,505 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Exchange of limited partner units for common shares </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,905 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(7,905 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Redemption of limited partner units </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(147,841 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(14,843 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(162,684 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Treasury stock purchase </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(343,007 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(343,007 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> LTIP units </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,640 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,640 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Purchase and disposition of noncontrolling interests, net and other </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(164 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,263 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(78 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,185 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>598 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,278 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Adjustment to limited partners' interest from change in ownership in the Operating Partnership </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81,529 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(81,529 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(902,815 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(151,318 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,054,133 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Distributions to other noncontrolling interest partners </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,080 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,080 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(185,534 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>836,787 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>111,377 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>762,630 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43,898 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(246,575 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,357,567 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,274,289 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(437,751 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>736,268 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:7.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,179,149 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>   </div> </div> 1.14 <div> <div style="margin-left:0pt;margin-right:0pt;">   Accumulated Other Comprehensive Income (Loss)             The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of June 30, 2015:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Currency translation adjustments </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Accumulated derivative losses, net </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Net unrealized gains (losses) on marketable securities </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Beginning balance </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(110,722 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(39,161 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88,842 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(61,041 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Other comprehensive loss before reclassifications </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(119,129 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,479 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,720 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(121,370 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Amounts reclassified from accumulated other comprehensive income (loss) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,521 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68,685 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(64,164 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net current-period other comprehensive income (loss) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(119,129 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,000 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(87,405 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(185,534 </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Ending balance </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(229,851 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,161 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,437 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;;font-weight:bold;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(246,575 </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;"> ) </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> </table></div>             The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of June 30, 2015 and 2014:                                                                                                                                                                                      <div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;"> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2014 </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Details about accumulated other comprehensive income (loss) components: </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount reclassified from accumulated other comprehensive income (loss) </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount reclassified from accumulated other comprehensive income (loss) </td> <td valign="bottom" style="width:auto;padding:0pt;">   </td> <td valign="bottom" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Affected line item in the statement where net income is presented </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Accumulated derivative losses, net </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,278 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,274 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Interest expense </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>757 </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>768 </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Net income attributable to noncontrolling interests </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,521 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,506 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Realized gain on sale of marketable securities </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,187 </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> Other income </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11,502 </td> <td valign="top" style="width:auto;background-color: #CCEEFF;"> ) </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #CCEEFF;padding:0pt;"> Net income attributable to noncontrolling interests </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #FFFFFF;;font-family:Times;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>68,685 </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> $ </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> — </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;">   </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> </tr> <tr style="CellSpacing:0;"> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="bottom" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" style="width:auto;background-color: #FFFFFF;padding:0pt;"> </td> <td valign="top" style="width:auto;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;">   </td> <td valign="top" 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Income Loss From Equity Method Investments After Tax Income from unconsolidated entities Income from Unconsolidated Entities Share of net income, net of amortization of our excess investment In a business combination achieved in stages, this element represents the amount of gain or loss recognized by the entity as a result of re-measuring to fair value the equity interest in the acquiree it held before the business combination. Also includes the difference between the carrying value and the sales price for consolidated investment property and equity method investments. Acquisition of Controlling Interest Sale or Disposal of Assets and Interests in Unconsolidated Entities Gain or Loss Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest Consolidated income from continuing operations Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest Discontinued operations and gain on disposal Amount of transaction expenses after tax expense or benefit and not previously recognized, resulting from the sale of a business component. 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Changes in Available for Sale Securities and Other Changes in available-for-sale securities and other Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive income Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest Comprehensive income attributable to noncontrolling interests Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive income attributable to common stockholders Consolidated Statements of Cash Flows Net Cash Provided by (Used in) Operating Activities [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile consolidated net income to net cash provided by operating activities - The cash flow add back for the noncash expense of depreciation and amortization. Depreciation and Amortization, Cash Flows Depreciation and amortization In a business combination achieved in stages, this element represents the amount of gain or loss recognized by the entity as a result of re-measuring to fair value the equity interest in the acquiree it held before the business combination. Also includes the difference between the carrying value and the sales price for consolidated investment property and equity method investments and discontinued operations. Acquisition of Controlling Interest Sale or Disposal of Assets and Interests in Unconsolidated Entities Gain or Loss Including Discontinued Operations Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net Gain (Loss) on Investments Gain on sale of marketable securities Gain on sale of investment Straight Line Rent Straight-line rent This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee and discontinued operations. Income (Loss) From Equity Method Investments Including Discontinued Operations Equity in income of unconsolidated entities Proceeds from Equity Method Investment, Dividends or Distributions Distributions of income from unconsolidated entities Increase (Decrease) in Operating Capital [Abstract] Changes in assets and liabilities - Increase (Decrease) in Accounts and Notes Receivable Tenant receivables and accrued revenue, net Increase (Decrease) in Prepaid Expense and Other Assets Deferred costs and other assets The net change during the reporting period in accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities. Increase (Decrease) in Accounts Payable, Accrued Expenses, Intangibles, Deferred Revenues, and Other Liabilities Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES: Payments to Acquire Real Estate and Real Estate Joint Ventures Acquisitions Origination of Notes Receivable from Related Parties Funding of loans to related parties Repayment of Notes Receivable from Related Parties Repayments of loans to related parties Payments for (Proceeds from) Productive Assets Capital expenditures, net Cash inflow and outflow from acquisitions and from consolidation and deconsolidation of properties. Cash from Acquisitions and Cash Impact of Property Consolidation and Deconsolidation Cash impact from the consolidation of properties Payments to Acquire Interest in Subsidiaries and Affiliates Investments in unconsolidated entities Payments to Acquire Investments Purchase of marketable and non-marketable securities Proceeds from Sale, Maturity and Collection of Investments Proceeds from sale of marketable and non-marketable securities Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital Distributions of capital from unconsolidated entities and other Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Net Cash Provided by (Used in) Financing Activities [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES: Represents proceeds from sales of common stock and other, net of transaction costs. Proceeds From Sale Of Common Stock And Other Proceeds from sales of common stock and other, net of transaction costs Represents the cash outflow associated with cash to be retained by subsidiary during the period. Payment of Cash to be Retained by Subsidiary Cash impact of Washington Prime spin-off The cash outflows to purchase preferred stock, limited partner units and treasury stock. Payments For Purchase Of Preferred Stock Limited Partner Units And Treasury Stock Purchase of preferred stock, limited partner units and treasury stock The cash outflow associated with purchase of noncontrolling interest in consolidated properties. Payments for Purchase of Noncontrolling Interest in Consolidated Properties Purchase of noncontrolling interest in consolidated properties Payments to Noncontrolling Interests Distributions to noncontrolling interest holders in properties Proceeds from Noncontrolling Interests Contributions from noncontrolling interest holders in properties Distributions from earnings to preferred unit holders. Distributions to Preferred Unit Holders, Financing Activities Preferred distributions of the Operating Partnership Payments of Ordinary Dividends Preferred dividends and distributions to stockholders Payments of Ordinary Dividends, Noncontrolling Interest Distributions to limited partners Proceeds from Issuance of Long-term Debt and Capital Securities, Net Proceeds from issuance of debt, net of transaction costs Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities Repayments of debt Proceeds from Debt, Net of Issuance Costs Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off Proceeds from issuance of debt related to Washington Prime properties, net Net Cash Provided by (Used in) Financing Activities Net cash used in financing activities Cash and Cash Equivalents, Period Increase (Decrease) DECREASE IN CASH AND CASH EQUIVALENTS Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations CASH AND CASH EQUIVALENTS, end of period CASH AND CASH EQUIVALENTS, beginning of period Organization Nature of Operations [Text Block] Organization Basis of Presentation Describes an entity's accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. An entity also may describe its accounting treatment for intercompany accounts and transactions, minority interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Also discloses any material changes in classifications in the current financial statements compared to the classifications in the prior year's financial statements, including an explanation of the reason for the change and the areas impacted. Basis of Presentation and Consolidation Disclosure [Text Block] Basis of Presentation Significant Accounting Policies Significant Accounting Policies [Text Block] Significant Accounting Policies Per Share Data Earnings Per Share [Text Block] Per Share Data Investment in Unconsolidated Entities Cost and Equity Method Investments Disclosure [Text Block] Investment in Unconsolidated Entities Debt Debt Disclosure [Text Block] Debt Equity Stockholders' Equity Note Disclosure [Text Block] Equity Commitments and Contingencies. Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Real Estate Acquisitions and Dispositions The entire disclosure of real estate acquisitions, disposals, and impairments. Real Estate Acquisitions, Disposals and Impairment Disclosure [Text Block] Real Estate Acquisitions and Dispositions Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents Investment, Policy [Policy Text Block] Marketable and Non-Marketable Securities Fair Value of Financial Instruments, Policy [Policy Text Block] Fair Value Measurements Disclosure of accounting policy for noncontrolling interests. 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Movement in Minority Interest Roll Forward [Text Block] Schedule of rollforward of noncontrolling interests Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] Schedule of reclassifications out of accumulated other comprehensive income (loss) Schedule of Derivative Instruments [Table Text Block] Schedule of outstanding interest rate derivatives related to interest rate risk Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] Summarized financial information for discontinued operations Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of computation of basic and diluted earnings per share Disclosure of summarized balance sheet financial information for investments accounted for using the equity method of accounting. Equity Method Investments, Summarized Financial Information, Balance Sheet [Table Text Block] Summary of equity method investments and share of income from such investments, balance sheet Disclosure of summarized statement of operations information for investments accounted for using the equity method of accounting. Equity Method Investments, Summarized Financial Information, Statement of Operations [Table Text Block] Summary of equity method investments and share of income from such investments, statement of operations Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] Schedule of fair value of financial instruments and the related discount rate assumptions Represents information pertaining to LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures. Schedule of Share-based Compensation Arrangement by Share-based Payment Award, L T I P Units Earned and Aggregate Grant Date Fair Values Adjusted for Estimated Forfeitures [Table Text Block] Schedule of LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures Schedule of Stockholders Equity [Table Text Block] Reconciliation of carrying amounts of equity Schedule of Real Estate Properties [Table] Geographical [Axis] Segment Geographical [Domain] Geographical [Domain] United States and Puerto Rico locations. United States And Puerto Rico [Member] U.S. and Puerto Rico J [P] Japan K [R] South Korea C [A] Canada M [X] Mexico M [Y] Malaysia Europe [Member] Europe I [T] Italy Represents information pertaining to Austria. Austria [Member] Austria N [L] Netherlands G [B] United Kingdom Real Estate, Type of Property [Axis] Mortgage Loans On Real Estate Name Property Type [Domain] Real Estate [Domain] Represents Malls. Malls [Member] Malls Premium Outlet centers. Premium Outlet Centers [Member] Premium Outlets Properties operated as The Mills. The Mills [Member] The Mills Community lifestyle centers. Community Lifestyle Centers [Member] Community Centers Other shopping centers or outlet centers. Other Shopping Centers Or Outlet Centers [Member] Other Investment, Name [Axis] Equity Method Investee Name [Domain] Equity method investee type, all Represents activity related to Klepierre. Klepierre [Member] Klepierre Real Estate Properties [Line Items] Real Estate Properties Number of Real Estate Properties Number of properties secured by non-recourse mortgage notes Number of properties Number of States in which Entity Operates Number of U.S. states containing property locations Equity Method Investment, Ownership Percentage Joint venture ownership percentage Number of Countries in which Entity Operates Number of countries Real Estate Property Ownership [Axis] Real Estate Properties [Domain] Real Estate Properties [Domain] Wholly Owned Properties [Member] Wholly owned properties Partially Owned Properties [Member] Partially owned properties Range [Axis] Range [Member] Range [Domain] Weighted Average [Member] Weighted average The number of properties owned via a joint venture and accounted for using the equity method of accounting. Joint Venture Properties, Number Total number of joint venture properties The number of properties owned via a joint venture in which daily operations are managed by the entity. Joint Venture Properties, Managed, Number Number of joint venture properties managed by the entity The number of properties owned via an International joint venture. International Joint Venture Properties Number of International joint venture properties The number of properties owned via a joint venture in which daily operations are managed by groups other than the entity. Joint Venture Properties, Managed by Others Number of joint venture properties managed by others Ownership Interest Item List [Abstract] Ownership interest: Noncontrolling Interest, Ownership Percentage by Parent Ownership percentage in the Operating Partnership Investment Holdings [Table] Investment Type [Axis] Investment Type Categorization [Member] Investments [Domain] Availableforsale Securities [Member] Available for sale securities Investment Secondary Categorization [Axis] Investments By Secondary Categorization [Domain] Marketable and non-marketable security secondary categorization, all U.S. Treasury or other U.S. government securities and corporate debt securities. U. S. Treasury Or Government And Corporate Debt Securities [Member] Securities in captive insurance subsidiary portfolio Minimum [Member] Minimum Maximum [Member] Maximum Investment Holdings [Line Items] Marketable and Non-Marketable Securities Marketable Securities Represents the maturity periods of the investments held by the entity. Investment Maturity Period Investment maturity period Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax Net unrealized gains (losses) recorded in other comprehensive income (loss) Cost Method Investments Cost method investments included in deferred costs and other assets Carrying value of investments under the cost method Investment Owned, Balance, Shares Number of shares owned Shares owned Proceeds from Sale of Available-for-sale Securities, Equity Proceeds received from the sale of investments Cost-method Investments, Other than Temporary Impairment Other-than-temporary non-cash charges Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Hierarchy [Axis] Fair Value Measurements Fair Value Hierarchy [Domain] Fair Value Hierarchy [Domain] Fair Value Inputs Level2 [Member] Level 2 Fair Value Inputs Level3 [Member] Level 3 Measurement Frequency [Axis] Fair Value Measurement Frequency [Domain] Fair Value, Measurement Frequency [Domain] Fair Value Measurements Recurring [Member] Recurring Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value Measurements Investments, Fair Value Disclosure Investments Derivative Liability, Fair Value, Gross Liability Interest rate swap agreements and foreign currency forward contracts, gross liability balance Derivative Asset, Fair Value, Gross Asset Interest rate swap agreements and foreign currency forward contracts, gross asset balance Noncontrolling Interests Carrying Amount Reclassified to Equity Item List [Abstract] Noncontrolling interests, carrying amounts, reclassified to permanent equity: Noncontrolling Interest in Operating Partnerships Limited partners' interests in the Operating Partnership Other Noncontrolling Interests Nonredeemable noncontrolling (deficit) interests in properties, net Noncontrolling Interest [Table] Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Noncontrolling Interest [Member] Noncontrolling Interests Noncontrolling Interest [Line Items] Noncontrolling Interest A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. Noncontrolling Interests [Roll Forward] Noncontrolling interests: The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest and excluding preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties. Profit (Loss) Excluding Preferred Distributions and Income Attributable to Redeemable Noncontrolling Interests in Consolidated Properties Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties Decrease in noncontrolling interest balance from distributions to noncontrolling interest holders. Distributions to Noncontrolling Interest Holders Distributions to noncontrolling interest holders Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest [Abstract] Other comprehensive income (loss) allocable to noncontrolling interests: Other Comprehensive Income (Loss), Net of Tax Other comprehensive income (loss) Change in capital as a result of a reallocation of a subsidiary's stockholders' equity to noncontrolling interest due to the subsidiary issuing stock, issuing units, redemptions, or distributions. Change in Partners' Capital Adjustment to limited partners' interest from change in ownership in the Operating Partnership Increase in noncontrolling interests resulting from the issuance of investment units to limited partners. Noncontrolling Interest, Increase Investment Units Issued to Limited Partners Units issued to limited partners Stock Issued During Period, Value, Conversion of Units Exchange of limited partner units for common shares Exchange of limited partner units for common shares Decrease in noncontrolling interests resulting from the redemption of investment units to limited partners. Noncontrolling Interest Decrease Investment Units Redeemed to Limited Partners Units Redeemed Increase in noncontrolling interests resulting from the issuance of units under share based compensation program. Noncontrolling Interest, Increase Units Issued under Share Based Compensation Program Long-term incentive performance units Represents the purchases and dispositions of noncontrolling interests and other movements included in the statement of stockholder's equity which are not separately disclosed or provided for elsewhere in the taxonomy. Purchase And Disposition Of Noncontrolling Interest And Other Purchase and dispositions of noncontrolling interests, net and other Accumulated Other Comprehensive Income (Loss) [Table] Accumulated Translation Adjustment [Member] Currency translation adjustments Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges [Member] Accumulated derivative losses, net Accumulated Net Unrealized Investment Gain Loss [Member] Net gains (losses) on marketable securities Accumulated Other Comprehensive Income (Loss) [Line Items] Significant Accounting Policies AOCI Attributable to Parent, Net of Tax [Roll Forward] Changes in accumulated other comprehensive income (loss) OCI, before Reclassifications, before Tax, Attributable to Parent Other comprehensive (loss) before reclassifications Reclassification from AOCI, Current Period, before Tax, Attributable to Parent Amounts reclassified from accumulated other comprehensive income (loss) Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Net current-period other comprehensive income (loss) Reclassification out of Accumulated Other Comprehensive Income [Table] Reclassification out of Accumulated Other Comprehensive Income [Axis] Reclassification Out Of Accumulated Other Comprehensive Income [Domain] Reclassification out of Accumulated Other Comprehensive Income [Domain] Reclassification Out Of Accumulated Other Comprehensive Income [Member] Amount reclassified from accumulated other comprehensive income (loss) Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] Significant Accounting Policies Derivative [Table] Derivative Instrument [Axis] Derivative Contract Type [Domain] Derivative Contract [Domain] Interest Rate Swap [Member] Interest rate swap Forward Contracts [Member] Currency forward contracts A currency forward contract related to fixing the USD-Yen exchange rate for delivery of a specified amount of foreign currency on a specified date. U S D Yen Forward Contract [Member] USD-Yen currency forward contract A currency forward contract related to fixing the USD-Euro exchange rate for delivery of a specified amount of foreign currency on a specified date. U S D Euro Forward Contract [Member] USD-Euro currency forward contract Balance Sheet Location [Axis] Balance Sheet Location [Domain] Balance Sheet Location [Domain] Primary financial statement caption encompassing deferred costs and other assets. Deferred Costs And Other Assets [Member] Deferred costs and other assets Other Liabilities [Member] Other liabilities. Hedging Designation [Axis] Hedging Designation [Domain] Hedging Designation [Domain] Designated As Hedging Instrument [Member] Designated as Hedging Instrument Derivative [Line Items] Derivative financial instruments Represents the number of credit-risk-related hedging or derivative activities. Number Of Credit Risk Related Hedging Or Derivative Activities Number of credit-risk-related hedging or derivative activities Number of Interest Rate Derivatives Held Number of Instruments Represents the number of contracts settled during the period. Number Of Contracts Settled Number of contracts settled Represents the notional amount of the derivative settled during the period. Derivative Notional Amount Settled During Period Notional contract settled during period Derivative, Notional Amount Notional Amount Interest Rate Derivative Assets, at Fair Value Interest rate derivative asset, fair value Interest Rate Derivative Liabilities, at Fair Value Interest rate derivative liabilities, fair value Interest Rate Derivatives, at Fair Value, Net Interest rate net, fair value Foreign Currency Derivatives at Fair Value, Net Forward contract net, fair value Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax Gross accumulated other comprehensive income or loss related to derivative activities Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Table] Related Party [Axis] Related Party [Domain] Related Party [Domain] Represents information pertaining to Washington Prime Group Inc. (Washington Prime), an independent publicly traded REIT. Washington Prime Group Inc [Member] Washington Prime Group Inc Represents information pertaining to Washington Prime Group, L.P. Washington Prime Group Lp [Member] Washington Prime Group LP Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] Discontinued Operations Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] Discontinued Operations Represents the number of properties merged under spin off into publicly traded real estate investment trust. Number of Real Estate Properties Merged Under Spin Off Number of properties merged under spin off into Washington Prime, an independent publicly traded REIT Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] No definition available. Transaction Expenses [Abstract] Transaction Expenses Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] Summarized financial information for discontinued operations Disposal Group, Including Discontinued Operation, Revenue TOTAL REVENUE Amount of expense incurred and directly related to generating revenue from leased and rented property or equipment attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Disposal Group Including Discontinued Operation Direct Costs of Leased and Rented Property or Equipment Property operating Disposal Group, Including Discontinued Operation, Depreciation and Amortization Depreciation and amortization A tax based on the assessed value of real estate by the local government attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Disposal Group Including Discontinued Operation Real Estate Tax Expense Real estate taxes The aggregate costs of keeping the property in good condition but that do not appreciably prolong the life or increase the value of the property attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Disposal Group Including Discontinued Operation Cost of Property Repairs and Maintenance Repairs and maintenance The total expense recognized in the period for promotion, public relations, and brand or product advertising attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Disposal Group Including Discontinued Operation Marketing and Advertising Expense Advertising and promotion The aggregate costs of keeping the property in good condition but that do not appreciably prolong the life or increase the value of the property attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Disposal Group Including Discontinued Operation Provision for Loan Lease and Other Losses Provision for credit losses Disposal Group, Including Discontinued Operation, Other Expense Other Disposal Group, Including Discontinued Operation, Operating Expense Total operating expenses Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax OPERATING INCOME Disposal Group, Including Discontinued Operation, Interest Expense Interest expense Discontinued Operation, Tax Effect of Discontinued Operation Income and other taxes This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Discontinued Operation Income (Loss) from Discontinued Operation from Equity Method Investments Income from unconsolidated entities In a business combination achieved in stages, this element represents the amount of gain or loss recognized by the entity as a result of re-measuring to fair value the equity interest in the acquiree it held before the business combination. Also includes the difference between the carrying value and the sales price for consolidated investment property and equity method investments attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Discontinued Operation Gain (Loss) from Discontinued Operation Acquisition of Controlling Interest Sale or Disposal of Assets and Interests in Unconsolidated Entities Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax CONSOLIDATED NET INCOME Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest Net income attributable to noncontrolling interests Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS Income from operations of discontinued joint venture interests Discontinued Operation, Additional Disclosures [Abstract] Additional disclosures Payments to Acquire Property, Plant, and Equipment Capital expenditures on a cash basis Represents the percentage of annual fixed rate property management fees. Annual Fixed Rate Property Management Fee Percentage Annual fixed rate property management fees (as a percent) Represents the term of the property management agreement. Property Management Agreement Term Term of property management agreement Represents the automatic renewal term of the property management agreement. Property Management Renewal Agreement Term Renewal term of property management agreement Represents the termination period of property management agreement by either party under the agreement. Property Management Agreement Termination Period Termination period of property management agreement Represents the period of prior written notice for termination of property management agreement by either party under the agreement. Property Management Agreement Termination Prior Written Notice Period Period of prior written notice for termination of property management agreement Represents the termination period of transition services agreement. Transition Services Agreement Termination Period Termination period of transition services agreement Represents the minimum notice period for termination of the transition services agreement. Transition Services Agreement Termination Minimum Notice Period Minimum notice period for transition services agreement Represents the minimum notice period for termination of transition services agreement expressed as percentage of original service period. Transition Services Agreement Termination Minimum Notice Period as Percentage of Original Service Period Minimum notice period as percentage of original service period Represents the ratio applied to the number of common shares of the entity's stockholders to be received under the spin-off transaction, for example but not limited to, one share converted to two or two shares converted to one. Exchange Ratio Number of Common Shares Received Under Spin Off Transaction Exchange ratio of common shares for entity's stockholders to receive under spin off Represents the ratio applied to the number of units to be received by limited partner of operating Partnership under the spin-off transaction. Exchange Ratio Number of Units Received by Limited Partners in Operating Partnership Exchange ratio of common units for entity's stockholders to receive under spin off Revenue from Related Parties Transition services fees earned Net Income (Loss) Available to Common Stockholders, Diluted Net Income attributable to Common Stockholders - Diluted Weighted Average Number of Shares Outstanding, Basic and Diluted Weighted Average Number of Shares Outstanding - Basic and Diluted Dilutive Securities, Effect on Basic Earnings Per Share [Abstract] Effect of dilutive securities: Dilutive Securities, Effect on Basic Earnings Per Share Securities with dilutive effect Schedule of Equity Method Investments [Table] Receivable Type [Axis] Receivable Type [Domain] Receivable [Domain] Represents the borrowing arrangement, which provides the entity constructing a facility (such as a building and a landfill) with funds to effect construction, generally on a draw down, or as needed, basis and includes information pertaining to the related party loans not otherwise specified in the taxonomy. Construction And Other Related Party Loans [Member] Construction and other related party loans Schedule of Equity Method Investments [Line Items] Schedule of Equity Method Investments Loans and Leases Receivable, Related Parties Loans to related party Sale of Stock, Percentage of Ownership before Transaction Joint venture ownership percentage before transaction Equity Method Investment, Realized Gain (Loss) on Disposal Gain on disposal of equity method investment Gain due to formation of joint venture Schedule of Business Acquisitions, by Acquisition [Table] Business Acquisition [Axis] Business Acquisition Acquiree [Domain] Business Acquisition, Acquiree [Domain] Represents information regarding the joint venture pertaining to Arizona Mills. Arizona Mills [Member] Arizona Mills Business Acquisition [Line Items] Business acquisition Business Acquisition, Percentage of Voting Interests Acquired Ownership interests acquired (as a percent) Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net Gain due to acquisition of controlling interest Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage Ownership interest after acquisition (as a percent) Represents information pertaining to Houston Galleria. Houston Galleria [Member] Houston Galleria Represents information pertaining to the joint venture with Hudson's Bay Company, or HBC. Hudson Bay Company Joint Venture [Member] Hudson's Bay Company (HBC) Joint Venture Represents information pertaining to the the joint venture with Sears Holdings (Sears). Sears Joint Venture [Member] Sears Joint Venture Represents the joint venture in Europe. European Joint Venture [Member] European Joint Venture Represents the number of properties contributed to form joint venture. Number Of Properties Contributed to Form Joint Venture Number of properties contributed to form joint venture Represents the number of properties being leased back from the joint venture. Number Of Property Leased Back From Joint Venture Number of property being leased back Represents the number of Kaufhof, Germany's leading department store, properties to be purchased by the joint venture. Number Of Properties To be Purchased By Joint Venture Number of Kaufhof properties to be purchased by the joint venture Represents the committed monetary amount for improvements to contributed propertied in exchange for a noncontrolling interest in newly formed joint venture. Commitment To Contribute Capital For Improvements To Contributed Properties In Exchange For Noncontrolling Interest In Joint Venture Committed amount to contribute Payments to Acquire Interest in Joint Venture Contribution to form joint venture Payments for Capital Improvements Contributions for improvements to properties Represents the percentage of property space subject to recapture. Percentage Of Property Space Subject To Recapture Percentage of property space subject to recapture Area of Real Estate Property Area of property (in square feet) Area of land acquired (in acre) in Oyster Bay, New York Represents the ownership interest in the retail property. Real Estate Ownership Interest Property ownership interest (as a percent) Construction and Development Costs Estimated cost of project, including development fees Represents the quoted market price per share of an identified investment accounted for under the equity method of accounting for those investments in common stock for which a quoted market price is available. Equity Method Investment Quoted Market Value Per Share Quoted market price per share (in dollars per share) Sale of Stock, Number of Shares Issued in Transaction Additional shares acquired (in shares) Payments to Acquire Equity Method Investments Payments to acquire equity method investment Equity Method Investment, Summarized Financial Information, Revenue Total revenues Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items Total operating income Income from Continuing Operations This element represents the number of real estate properties that were disposed of during the period. Number of Real Estate Properties Disposed Number of properties disposed of during the period Represents the total consideration, including transfer duties for disposal of a portfolio of Carrefour-anchored retail galleries located in France, Spain and Italy by Klepierre. Equity Method Investment Total Consideration for Disposal of Retail Galleries Total gross consideration Represents the Group's share of total consideration, including transfer duties for disposal of a portfolio of Carrefour-anchored retail galleries located in France, Spain and Italy by Klepierre. Equity Method Investment Total Consideration for Disposal of Retail Galleries Entitys Share Group's share of total consideration Equity Method Investment, Summarized Financial Information, Net Income (Loss) Consolidated net income Net Income Gain (Loss) on Sale of Properties Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net Stockholders' Equity Note, Stock Split, Conversion Ratio Ordinary share conversion ratio Repayments of Debt Debt repaid Debt refinanced Debt Instrument, Face Amount Debt issued Debt issued to refinance previous mortgage Debt Instrument, Interest Rate, Stated Percentage Interest rate on debt (as a percent) Schedule of Cost-method Investments [Table] Represents information pertaining to Value Retail PLC, in which the entity has a minority interest. Value Retail P L C [Member] Value Retail PLC Schedule of Cost-method Investments [Line Items] Cost method investments Represents the number of luxury outlets owned and operated. Number of Luxury Outlets Owned and Operated Number of luxury outlets owned and operated Represents the number of outlets in which the entity has a minority direct ownership. Number of Outlets in which Entity has Minority Direct Ownership Number of outlets in which the entity has a minority direct ownership Equity Method Investment, Net Sales Proceeds Aggregate proceeds received Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax Amounts reclassified from accumulated other comprehensive income (loss) Represents information pertaining to the Mitsubishi Estate Co., Ltd. Mitsubishi Estate Co Ltd [Member] Mitsubishi Estate Co., Ltd. Represents information pertaining to the Shinsegae International Co. Shinsegae International Co [Member] Shinsegae International Co Equity Method Investments [Member] Equity Method Investments Unconsolidated Properties [Member] Unconsolidated properties Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract] BALANCE SHEETS Equity Method Investment, Summarized Financial Information, Assets [Abstract] Assets: The amount of equity method investments reported by an equity method investment of the entity. Equity Method Investment Summarized Financial Information Equity Method Investments Investment in unconsolidated entities, at equity Equity Method Investment, Summarized Financial Information, Assets Total assets Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract] Liabilities and Partners' Deficit: Preferred Units, Preferred Partners' Capital Accounts Preferred units Equity Method Investment, Summarized Financial Information, Ownership Interest [Abstract] Our Share of: Equity Method Investment, Underlying Equity in Net Assets Partners' deficit Equity Method Investment, Difference Between Carrying Amount and Underlying Equity Add: Excess investment The life, in years, over which the excess investment in equity method investments is amortized. Equity Method Investment, Excess Investment Life Life of joint ventures with excess investment Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] STATEMENTS OF OPERATIONS Equity Method Investment, Summarized Financial Information Revenue [Abstract] Revenue: Equity Method Investment, Summarized Financial Information, Costs and Expenses [Abstract] Operating Expenses: Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax Gain on sale or disposal of assets and interests in unconsolidated entities This item represents the amount of third parties' share of net income loss reported by the joint ventures in which the entity has an ownership interest. Equity Method Investment, Third Party Investors Share of Net Income Third-Party Investors' Share of Net Income This item represents the amount of the entity's share of net income loss reported by the joint ventures in which the entity has an ownership interest. Equity Method Investment, Entity Ownership, Net Income Our Share of Net Income This item represents the amortization of the difference between the amount at which an investment accounted for under the equity method of accounting is carried on the balance sheet and the amount of underlying equity in net assets the reporting entity has in the investee. Equity Method Investment, Amortization of Difference Between Carrying Amount and Underlying Equity Amortization of Excess Investment The Company's share of income (loss) from discontinued operations in unconsolidated entities. Share of Reporting Entity on Discontinued Operations Of Interest in Joint Venture Our Share of Loss from Unconsolidated Discontinued Operations The Company's share of gain on sale or disposal of assets and interests in unconsolidated entities. Share of Reporting Entity on Disposal of Interest in Joint Venture Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net Schedule of Long-term Debt Instruments [Table] Long-term Debt, Type [Axis] Longterm Debt Type [Domain] Debt type, all Unsecured Debt [Member] Unsecured Debt Secured Debt [Member] Secured Debt Debt Instrument [Axis] Debt Instrument Name [Domain] Debt instrument name, all Corporate Debt Securities [Member] Senior unsecured notes Represents the revolving credit facility and the supplemental revolving credit facility borrowed by the entity. The information pertaining to net total of both facilities related activities. Revolving Credit And Supplemental Revolving Credit Facility [Member] Credit Facility and the Supplemental Facility Line Of Credit [Member] Credit Facility Represents the supplemental revolving credit facility borrowed by the entity. Supplemental Revolving Credit Facility [Member] Supplemental Facility Represents information pertaining to the amendment made to the Supplemental Facility. Amended Supplemental Facility [Member] Amended Supplemental Facility Represents the term loan borrowed by the entity. Term Loan [Member] Term loan Mortgages [Member] Mortgages Represents the mortgage loan maturing on November 1, 2020. Mortgage Maturing November2020 [Member] Mortgage Maturing November 1, 2020 Represents the mortgage loan maturing May 1, 2028. Mortgage Maturing May2028 [Member] Mortgage Maturing May 1, 2028 Legal Entity [Axis] Entity [Domain] Entity [Domain] Subsidiaries [Member] Operating Partnership Currency [Axis] All Currencies [Domain] All Currencies [Domain] E U [R] Euro J P [Y] Yen Debt Instrument [Line Items] Debt Line of Credit Facility, Amount Outstanding Credit facility, amount outstanding Line of Credit Facility, Maximum Borrowing Capacity Maximum borrowing capacity Maximum borrowing capacity to which the credit facility was expanded per the terms of the agreement of the reporting entity. Line of Credit Facility Maximum Borrowing Capacity Expanded Expanded maximum borrowing capacity Line of Credit Facility, Remaining Borrowing Capacity Available borrowing capacity Line of Credit Facility, Maximum Amount Outstanding During Period Maximum amount outstanding during period Line of Credit Facility, Average Outstanding Amount Credit facility, weighted average amount outstanding Letters of Credit Outstanding, Amount Letters of credit outstanding Represents the number of credit facilities available to the entity. Line of Credit Facility, Number Number of credit facilities The number of real estate properties in which additional interests were acquired during the period. Number of Real Estate Properties Acquired Number of properties in which interest is acquired Maximum borrowing capacity to which the credit facility may be expanded per the terms of the agreement, at the option of the reporting entity. Line of Credit Facility Maximum Borrowing Capacity Optional Expanded Optional expanded maximum borrowing capacity Represents the percentage of other than borrowings in the currency of the country of domicile, identification of the currency in which borrowings are made. Line of Credit Facility Currency Percentage Percentage of borrowings in currencies other than the U.S. Dollar Debt Instrument, Basis Spread on Variable Rate Interest added to reference rate (as a percent) The number of additional percentage points added to the reference rate as a facility fee on the line of credit. Line of Credit Additional Basis Spread on Variable Rate Additional facility fee (as a percent) Debt, Weighted Average Interest Rate Weighted average interest rate (as a percent) Debt Covenants [Abstract] Debt covenants Mortgage Loans on Real Estate, Number of Loans Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers Number of pools of cross-defaulted and cross-collateralized mortgages encumbering the entity's properties. Number of Cross Defaulted and Cross Collateralized Mortgage Pools with Collateral Properties Number of cross-defaulted and cross-collateralized mortgage pools The total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages. Number of Properties Cross Defaulted and Cross Collateralized Mortgages, Total Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages Fair Value of Debt [Abstract] Fair value of debt The carrying value of the amount of fixed rate debt outstanding at the balance sheet date. Fixed Rate Debt Carrying value of fixed-rate mortgages and unsecured indebtedness Long-term Debt, Fair Value Fair value of fixed-rate mortgages and unsecured indebtedness Fair Value Inputs, Discount Rate Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages (as a percent) Schedule of Stock by Class [Table] Information by category of agreements entered into by the entity. Type of Agreement [Axis] This item is to be populated with the collective of (i) types (categories) of agreements the entity has entered into with the related parties. Type Of Agreement [Domain] Type of Agreement [Domain] Represents information about the partnership agreement of Operating Partnership. Partnership Agreement [Member] Partnership agreement of Operating Partnership Class of Stock [Line Items] Equity Partners' Capital Account, Units, Redeemed Units Redeemed (in units) Partners' Capital Account, Redemptions Value of units redeemed Stock Issued During Period, Shares, Conversion of Units Exchange of limited partner units, common shares The number of limited partners who received common stock in exchange for an equal number of units, in the period. Number of Limited Partners Issued Shares of Common Stock Number of limited partners who received common stock Stock Repurchase Program, Authorized Amount Common stock authorized for repurchase Stock Repurchase Program, Period in Force Period common stock is authorized to repurchase Treasury Stock, Shares, Acquired Shares repurchased (in shares) Treasury Stock Acquired, Average Cost Per Share Average share price repurchased (in dollars per share) Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Number of units issued in connection with acquisition of the remaining interest in Arizona Mills Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Plan Name [Axis] Plan Name [Domain] Plan Name [Domain] Represents the long-term incentive performance programs. Long Term Incentive Performance Programs [Member] LTIP programs The Long-Term Incentive Performance Program which has a one-year performance period. Long Term Incentive Performance Program One Year [Member] One-year 2010 LTIP Program The Long-Term Incentive Performance Program which has a two-year performance period. Long Term Incentive Performance Program Two Year [Member] Two-year 2010 LTIP Program The Long-Term Incentive Performance Program which has a three-year performance period. Long Term Incentive Performance Program Three Year [Member] Three-year 2010 LTIP Program The 2011 Long-Term Incentive Performance Program. Long Term Incentive Performance Program2011 [Member] 2011-2013 LTIP Program The 2012 Long-Term Incentive Performance Program. Long Term Incentive Performance Program2012 [Member] 2012-2014 LTIP Program Represents the 2013 Long-Term Incentive Performance Program. Long Term Incentive Performance Program2013 [Member] 2013-2015 LTIP program Represents the 2014 Long-Term Incentive Performance Program. Long Term Incentive Performance Program2014 [Member] 2014-2016 LTIP program Represents the 2015 Long-Term Incentive Performance Program. Long Term Incentive Performance Program2015 [Member] 2015-2017 LTIP program Award Type [Axis] Share Based Compensation Arrangements By Share Based Payment Award Award Type And Plan Name [Domain] Equity Award [Domain] Restricted Stock [Member] Restricted stock The one-time retention award issued to the chairman and CEO in the form of LTIP units. L T I P Retention Award Chairman And C E O [Member] LTIP Retention Award to Chairman and CEO Title of Individual [Axis] Title Of Individual With Relationship To Entity [Domain] Relationship to Entity [Domain] Represents information pertaining to the employees of the entity. Employees [Member] Employees Represents information pertaining to the non-employee Directors of the entity. Non Employee Directors [Member] Non-employee Directors Information about the type of vesting for share-based compensation awards. 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Comprehensive Income Net of Tax, Including Portion Attributable to Noncontrolling Interest, Excluding Preferred Distributions Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership Represents the change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to Preferred Interests, if any. Comprehensive Income Net of Tax Attributable to Preferred Interests Comprehensive income attributable to preferred interests Gain Contingencies [Table] Gain Contingencies [Line Items] Real Estate Taxes and Insurance [Abstract] Insurance Proceeds from Insurance Settlement, Operating Activities Insurance proceeds funded by insurers Represents the amount of minimum insurance coverage provided by single insurance provider. Minimum Insurance, Coverage by Single Insurance Provider Minimum insurance coverage Represents the maximum amount of additional insurance proceeds to be received from insurance provider. Additional Proceeds from Insurance Settlement, Operating Activities Maximum Additional insurance proceeds Litigation Settlement, Amount Summary judgment of additional insurance coverage available under excess insurance policy Schedule of Guarantor Obligations [Table] Guarantor Obligations, Nature [Axis] Guarantee Obligations Nature [Domain] Guarantor Obligations, Nature [Domain] Financial Guarantee [Member] Joint Venture Mortgage and Indebtedness Guarantor Obligations [Line Items] Guarantees of Joint Venture Indebtedness: Guarantor Obligations, Maximum Exposure, Undiscounted Loan guarantee Represents the amount recoverable by the guarantor from the third parties for any of the amounts paid under the guarantee. Guarantee Obligations Recoverable Amount Loan guarantees recoverable Concentration Risk [Table] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Concentration Risk Benchmark [Domain] Sales Revenue Goods Net [Member] Consolidated revenues Concentration Risk Type [Axis] Concentration Risk Type [Domain] Concentration Risk Type [Domain] Customer Concentration Risk [Member] Concentration of credit risk Concentration Risk [Line Items] Concentration of Credit Risk Concentration Risk, Percentage Percentage of consolidated revenues from a single customer or tenant Consolidated Properties [Member] Consolidated properties Represents activity related to retail properties. Retail Properties [Member] Retail properties Represents Jersey Gardens in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas. Jersey Gardens And University Park Village [Member] Jersey Gardens and University Park Village Represents information related to portfolio of ten properties. Portfolio Of Ten Properties [Member] Portfolio of ten properties Sale of Stock, Percentage of Ownership after Transaction Joint venture ownership percentage after transactions Gain (Loss) on Disposition of Assets Gain (loss) on disposition of interest in properties Business Combination, Consideration Transferred Consideration paid Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt Mortgage debt including debt premiums The number of partner's interest acquired. Number of Partners Interest Acquired Number of partner's interest acquired Payments to Acquire Businesses, Gross Cash purchase price for acquisition Business Combination, Acquisition Related Costs Transaction costs Income Statement Location [Axis] Income Statement Location [Domain] Income Statement Location [Domain] Other Income [Member] Other Income. 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Sears Holdings [Member] Sears Name of Property [Axis] Real Estate And Accumulated Depreciation Name Of Property [Domain] Name of Property [Domain] Represents the Roermond Designer Outlet phases 2 and 3. Roermond Designer Outlet [Member] Roermond Designer Outlet Represents Brickell City Centre, a mixed-use development in downtown Miami. Brickell City Centre [Member] Brickell City Centre Scenario [Axis] Scenario Unspecified [Domain] Scenario, Unspecified [Domain] Scenario Forecast [Member] Forecast Represents Corio N.V. (Corio). Corio [Member] Corio Disposal Group Disposed Of By Sale Not Discontinued Operations [Member] Disposed by Sales Represents information pertaining to the mortgage maturing 2017. Mortgage Maturing2017 [Member] Mortgage Maturing 2017 Represents information pertaining to mortgage maturing 2021. Mortgage Maturing2021 [Member] Mortgage Maturing 2021 Represents information pertaining to the mortgage maturing March 1, 2025. Mortgage Maturing March2025 [Member] Mortgage Maturing March 2025 Represents information pertaining to the joint venture which held interests in pre-development projects in Europe. Pre Development Europe Projects Joint Venture [Member] Pre-Development Europe Projects Joint Venture Commercial Paper [Member] Commercial Paper Variable Rate [Axis] Variable Rate [Domain] Variable Rate [Domain] London Interbank Offered Rate L I B O R [Member] LIBOR U S [D] USD Represents Jersey Gardens in Elizabeth, New Jersey ("The Mills at Jersey Gardens"). Jersey Gardens [Member] Jersey Gardens (The Mills at Jersey Gardens) Represents University Park Village in Fort Worth, Texas. University Park Village [Member] University Park Village Partner Type [Axis] Partner Type Of Partners Capital Account Name [Domain] Partner Type of Partners' Capital Account, Name [Domain] Limited Partner [Member] Limited Partner Represents information pertaining to Opry Mills located at Nashville, TN. 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Investment in Unconsolidated Entities (Details 8) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Revenue:

Minimum rent $ 768,138 $ 728,486 $ 1,521,583 $ 1,450,768

Overage rent 37,029 39,160 75,986 70,834

Tenant reimbursements 364,309 342,250 704,479 667,721

Other income 139,607 37,944 188,191 84,932

Total revenue 1,349,110 1,181,982 2,565,345 2,339,004

Operating Expenses:

Property operating 99,841 92,630 199,598 187,577

Depreciation and amortization 295,778 287,214 583,883 567,708

Real estate taxes 106,487 99,396 213,374 193,699

Repairs and maintenance 22,676 21,656 52,410 51,421

Advertising and promotion 41,215 38,149 59,971 60,768

Provision for credit losses 2,685 2,442 6,533 6,866

Other 23,352 18,407 42,426 37,769

Total operating expenses 646,725 620,451 1,263,789 1,216,508

OPERATING INCOME 702,385 561,531 1,301,556 1,122,496

Interest expense (230,974) (254,930) (463,147) (509,164)

Income from Unconsolidated Entities 70,196 55,764 135,068 112,842

Equity Method Investments | Unconsolidated properties

Revenue:

Minimum rent 443,485 427,899 877,266 852,684

Overage rent 41,342 41,589 92,522 90,386

Tenant reimbursements 199,142 193,006 393,629 385,799

Other income 61,545 61,929 115,539 174,635

Total revenue 745,514 724,423 1,478,956 1,503,504

Operating Expenses:

Property operating 132,257 131,643 263,061 293,064

Depreciation and amortization 148,607 142,047 290,265 294,195

Real estate taxes 56,477 52,797 115,051 107,588

Repairs and maintenance 17,086 15,944 37,447 35,585

Advertising and promotion 17,388 17,113 34,090 35,923

Provision for credit losses 1,296 970 3,149 4,078

Other 38,924 44,554 83,351 97,483

Total operating expenses 412,035 405,068 826,414 867,916

OPERATING INCOME 333,479 319,355 652,542 635,588

Interest expense (149,041) (150,059) (296,062) (301,696)

Income from Continuing Operations 184,438 169,296 356,480 333,892

Income from operations of discontinued joint venture interests 2,094 5,079

Gain on sale or disposal of assets and interests in unconsolidated entities 35,779 35,779

Net Income 220,217 171,390 392,259 338,971

Third-Party Investors' Share of Net Income 112,763 88,217 201,877 177,530

Our Share of Net Income 107,454 83,173 190,382 161,441

Amortization of Excess Investment (24,387) (24,383) (48,541) (49,981)

Our Share of Loss from Unconsolidated Discontinued Operations (307) (652)

Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net (16,339) (16,339)

Income from Unconsolidated Entities $ 66,728 $ 58,483 $ 125,502 $ 110,808

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Commitments and Contingencies (Details 3)
6 Months Ended

Jun. 30, 2015

Consolidated revenues | Concentration of credit risk | Minimum

Concentration of Credit Risk

Percentage of consolidated revenues from a single customer or tenant 5.00%

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
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Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

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Period Type: duration

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- Definition
For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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Investment in Unconsolidated Entities (Details 2) - Arizona Mills - USD ($)
$ in Millions
3 Months Ended

Mar. 31, 2014

Jan. 30, 2014

Business acquisition

Ownership interests acquired (as a percent) 50.00%

Gain due to acquisition of controlling interest $ 2.7

Ownership interest after acquisition (as a percent) 100.00%

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Significant Accounting Policies (Details 3) - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

Noncontrolling interests, carrying amounts, reclassified to permanent equity:

Limited partners' interests in the Operating Partnership $ 736,679 $ 858,557

Nonredeemable noncontrolling (deficit) interests in properties, net (411) (229)

Total noncontrolling interests reflected in equity $ 736,268 $ 858,328

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Equity (Details 2) - USD ($)
$ / shares in Units, $ in Millions
1 Months Ended 6 Months Ended

May. 14, 2015

Apr. 01, 2015

Feb. 26, 2015

Jul. 31, 2011

Jun. 30, 2015

Jun. 30, 2014

Restricted stock

Stock-based incentive plan awards

Compensation expense, net of capitalization $ 4.2 $ 7.4

Restricted stock | Employees

Stock-based incentive plan awards

Award of restricted stock (in shares) 58,083 1,989

Weighted average fair value of shares granted during the period (in dollars per share) $ 197.99 $ 187.14

Vesting period 3 years

Restricted stock | Non-employee Directors

Stock-based incentive plan awards

Award of restricted stock (in shares) 3,323

Weighted average fair value of shares granted during the period (in dollars per share) $ 184.76

Vesting period 1 year

LTIP Retention Award to Chairman and CEO

Stock-based incentive plan awards

Award of restricted stock (in shares) 1,000,000

Aggregate grant date fair value $ 120.3

Service period 8 years

LTIP Retention Award to Chairman and CEO | A Units | Maximum

Stock-based incentive plan awards

Units to be earned under LTIP program (in shares) 360,000

LTIP Retention Award to Chairman and CEO | B Units | Maximum

Stock-based incentive plan awards

Units to be earned under LTIP program (in shares) 360,000

LTIP Retention Award to Chairman and CEO | C Units | Maximum

Stock-based incentive plan awards

Units to be earned under LTIP program (in shares) 280,000

LTIP programs

Stock-based incentive plan awards

Percent of distributions of Operating Partnership that participants are entitled to receive during performance period 10.00%

Compensation expense, net of capitalization $ 12.4 $ 13.6

Vesting period 2 years

Vesting rights percentage 50.00%

One-year 2010 LTIP Program

Stock-based incentive plan awards

Performance period 1 year

Units earned under LTIP program (in shares) 133,673

Aggregate grant date fair value $ 7.2

Two-year 2010 LTIP Program

Stock-based incentive plan awards

Performance period 2 years

Units earned under LTIP program (in shares) 337,006

Aggregate grant date fair value $ 14.8

Three-year 2010 LTIP Program

Stock-based incentive plan awards

Performance period 3 years

Units earned under LTIP program (in shares) 489,654

Aggregate grant date fair value $ 23.0

2011-2013 LTIP Program

Stock-based incentive plan awards

Units earned under LTIP program (in shares) 469,848

Aggregate grant date fair value $ 35.0

2012-2014 LTIP Program

Stock-based incentive plan awards

Units earned under LTIP program (in shares) 401,203

Aggregate grant date fair value $ 35.0

2013-2015 LTIP program

Stock-based incentive plan awards

Aggregate grant date fair value 29.5

2014-2016 LTIP program

Stock-based incentive plan awards

Aggregate grant date fair value 30.0

2015-2017 LTIP program

Stock-based incentive plan awards

Aggregate grant date fair value $ 29.9

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Investment in Unconsolidated Entities (Details 6) - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

Schedule of Equity Method Investments

Equity investment $ 2,353,339 $ 2,378,800

Japan | Mitsubishi Estate Co., Ltd. | Premium Outlets

Schedule of Equity Method Investments

Joint venture ownership percentage 40.00%

Equity investment $ 229,800 229,800

South Korea | Shinsegae International Co | Premium Outlets

Schedule of Equity Method Investments

Joint venture ownership percentage 50.00%

Equity investment $ 110,400 $ 104,500

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Real Estate Acquisitions and Dispositions (Details)
$ in Thousands
3 Months Ended 6 Months Ended

Jan. 15, 2015

USD ($)

property

Apr. 10, 2014

Jan. 30, 2014

USD ($)

a

shares

Jan. 10, 2014

item

property

Jan. 10, 2014

USD ($)

item

Jun. 30, 2015

USD ($)

property

Jun. 30, 2014

USD ($)

Mar. 31, 2014

USD ($)

Jun. 30, 2015

USD ($)

Jun. 30, 2014

USD ($)

Real Estate Properties

Discontinued operations transaction expenses $ 38,163 $ 38,163

Strip Center Business and Small Malls | Spinoff

Real Estate Properties

Discontinued operations transaction expenses $ 38,200

Ashford Designer Outlets | European Joint Venture

Real Estate Properties

Joint venture ownership percentage before transaction 22.50%

Joint venture ownership percentage after transactions 45.00%

Jersey Gardens and University Park Village

Real Estate Properties

Number of properties in which interest is acquired | property 2

Mortgage debt including debt premiums $ 405,000

Ownership interests acquired (as a percent) 100.00%

Cash purchase price for acquisition $ 677,900

Transaction costs $ 4,400

Arizona Mills

Real Estate Properties

Area of land acquired (in acre) in Oyster Bay, New York | a 39

Consideration paid $ 145,800

Mortgage debt including debt premiums $ 166,900

Gain due to acquisition of controlling interest $ 2,700

Ownership interests acquired (as a percent) 50.00%

Ownership interest after acquisition (as a percent) 100.00%

Arizona Mills | Operating Partnership

Real Estate Properties

Number of units issued in connection with acquisition of the remaining interest in Arizona Mills | shares 555,150

Portfolio of ten properties

Real Estate Properties

Number of properties in which interest is acquired | item 10

Consideration paid $ 114,400

Number of partner's interest acquired | item 1 1

Unconsolidated properties | Retail properties | Disposed by Sales

Real Estate Properties

Number of properties disposed of during the period | property 2

Gain (loss) on disposition of interest in properties $ 16,300

Consolidated properties | Portfolio of ten properties

Real Estate Properties

Number of properties in which interest is acquired | property 7

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Per Share Data
6 Months Ended

Jun. 30, 2015

Per Share Data

Per Share Data

4. Per Share Data

 We determine basic earnings per share based on the weighted average number of shares of common stock outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share based on the weighted average number of shares of common stock outstanding combined with the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common shares at the earliest date possible. The following table sets forth the computation of our basic and diluted earnings per share.



For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2015

2014

2015

2014

Net Income attributable to Common Stockholders — Basic and Diluted

$

472,944

$

406,587

$

835,118

$

748,235

Weighted Average Shares Outstanding — Basic and Diluted

310,498,911

310,743,242

310,798,814

310,683,240

 For the six months ended June 30, 2015, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance, or LTIP, units granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a dilutive effect for the three and six months ended June 30, 2015 and 2014. We accrue dividends when they are declared.

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Equity (Details 3) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Increase (Decrease) in Stockholders' Equity

Balance $ 5,951,505

Redemption of limited partner units (162,684)

Treasury stock purchase (343,007)

LTIP units 23,640

Purchase and dispositions of noncontrolling interests, net and other 3,278

Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests (1,054,133)

Distributions to other noncontrolling interest partners (2,080)

Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership 762,630

Balance $ 5,179,149 5,179,149

Preferred Stock

Increase (Decrease) in Stockholders' Equity

Balance 44,062

Purchase and dispositions of noncontrolling interests, net and other (164)

Balance 43,898 43,898

Preferred Stock | Operating Partnership

Increase (Decrease) in Stockholders' Equity

Comprehensive income attributable to preferred interests 958

Common Stock.

Increase (Decrease) in Stockholders' Equity

Balance 31

Balance 31 31

Accumulated Other Comprehensive Income (Loss)

Increase (Decrease) in Stockholders' Equity

Balance (61,041)

Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership (185,534)

Balance (246,575) (246,575)

Capital in Excess of Par Value

Increase (Decrease) in Stockholders' Equity

Balance 9,422,237

Exchange of limited partner units for common shares 7,905

Redemption of limited partner units (147,841)

Purchase and dispositions of noncontrolling interests, net and other (6,263)

Adjustment to limited partners' interest from change in ownership in the Operating Partnership 81,529

Balance 9,357,567 9,357,567

Accumulated Deficit

Increase (Decrease) in Stockholders' Equity

Balance (4,208,183)

Purchase and dispositions of noncontrolling interests, net and other (78)

Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests (902,815)

Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership 836,787

Balance (4,274,289) (4,274,289)

Common Stock Held in Treasury

Increase (Decrease) in Stockholders' Equity

Balance (103,929)

Treasury stock purchase (343,007)

Purchase and dispositions of noncontrolling interests, net and other 9,185

Balance (437,751) (437,751)

Noncontrolling Interests

Increase (Decrease) in Stockholders' Equity

Balance 828,618 $ 989,988 858,328 $ 973,226

Exchange of limited partner units for common shares (56) (279) (7,905) (1,190)

Redemption of limited partner units (14,843)

LTIP units 23,640

Purchase and dispositions of noncontrolling interests, net and other 415 4,599 598 10,729

Adjustment to limited partners' interest from change in ownership in the Operating Partnership (75,905) (121,454) (81,529) (188,680)

Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests (151,318)

Distributions to other noncontrolling interest partners (2,080)

Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership 111,377

Balance $ 736,268 $ 882,344 $ 736,268 $ 882,344

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Significant Accounting Policies (Details 7)
€ in Millions, ¥ in Millions, $ in Millions
3 Months Ended

Jun. 30, 2015

EUR (€)

DerivativeInstrument

Jun. 30, 2015

USD ($)

DerivativeInstrument

item

Jun. 30, 2015

JPY (¥)

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DerivativeInstrument

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DerivativeInstrument

Sep. 30, 2014

EUR (€)

Derivative financial instruments

Number of credit-risk-related hedging or derivative activities | item 0 0 0

Gross accumulated other comprehensive income or loss related to derivative activities $ 21.2 $ 45.8

Interest rate swap | Designated as Hedging Instrument

Derivative financial instruments

Number of Instruments | DerivativeInstrument 2 2 2 2 2

Notional Amount $ 375.0 $ 375.0

Interest rate net, fair value 0.9 (1.2)

Interest rate swap | Deferred costs and other assets | Designated as Hedging Instrument

Derivative financial instruments

Interest rate derivative asset, fair value 1.6 0.9

Interest rate swap | Other liabilities. | Designated as Hedging Instrument

Derivative financial instruments

Interest rate derivative liabilities, fair value 0.6 2.1

USD-Yen currency forward contract | Designated as Hedging Instrument

Derivative financial instruments

Notional Amount | ¥ ¥ 0.0 ¥ 14.7

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Derivative financial instruments

Forward contract net, fair value 0.1

USD-Euro currency forward contract | Designated as Hedging Instrument

Derivative financial instruments

Number of contracts settled | DerivativeInstrument 1

Notional contract settled during period | € € 50.0

Notional Amount | € € 100.0 € 150.0

USD-Euro currency forward contract | Deferred costs and other assets | Designated as Hedging Instrument

Derivative financial instruments

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Significant Accounting Policies (Details 6) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Significant Accounting Policies

Interest expense $ (230,974) $ (254,930) $ (463,147) $ (509,164)

Other Income 139,607 37,944 188,191 84,932

Net income attributable to noncontrolling interests (80,748) (70,047) (143,248) (128,667)

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 472,944 $ 406,587 835,118 748,235

Accumulated Net Gain (Loss) from Derivatives Including Portion Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss)

Significant Accounting Policies

Interest expense (5,278) (5,274)

Accumulated Net Gain (Loss) from Derivatives Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss)

Significant Accounting Policies

Net income attributable to noncontrolling interests 757 768

Accumulated derivative losses, net | Amount reclassified from accumulated other comprehensive income (loss)

Significant Accounting Policies

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (4,521) $ (4,506)

Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss)

Significant Accounting Policies

Other Income 80,187

Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss)

Significant Accounting Policies

Net income attributable to noncontrolling interests (11,502)

Net gains (losses) on marketable securities | Amount reclassified from accumulated other comprehensive income (loss)

Significant Accounting Policies

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 68,685

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Commitments and Contingencies (Details) - Opry Mills, Nashville, TN - USD ($)
$ in Millions
1 Months Ended 3 Months Ended

May. 31, 2010

Mar. 31, 2015

Insurance

Insurance proceeds funded by insurers $ 50

Minimum insurance coverage 50

Additional insurance proceeds $ 150

Positive Outcome of Litigation | Maximum

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Summary judgment of additional insurance coverage available under excess insurance policy $ 150

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Significant Accounting Policies (Details 8)
$ in Thousands
3 Months Ended 6 Months Ended

May. 28, 2014

USD ($)

property

Jun. 30, 2015

USD ($)

Jun. 30, 2014

USD ($)

Jun. 30, 2015

USD ($)

Jun. 30, 2014

USD ($)

Discontinued Operations

Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off $ 1,003,135

Transaction Expenses

Discontinued operations transaction expenses $ 38,163 38,163

Spinoff | Strip Center Business and Small Malls

Discontinued Operations

Number of properties merged under spin off into Washington Prime, an independent publicly traded REIT | property 98

Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off $ 1,000,000

Transaction Expenses

Discontinued operations transaction expenses 38,200

Summarized financial information for discontinued operations

TOTAL REVENUE 104,683 262,652

Property operating 17,035 43,175

Depreciation and amortization 31,024 76,992

Real estate taxes 12,526 32,474

Repairs and maintenance 3,181 10,331

Advertising and promotion 1,388 3,340

Provision for credit losses 708 1,494

Other 910 2,028

Total operating expenses 66,772 169,834

OPERATING INCOME 37,911 92,818

Interest expense (12,159) (26,076)

Income and other taxes (37) (112)

Income from unconsolidated entities 307 652

Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net 242

CONSOLIDATED NET INCOME 26,022 67,524

Net income attributable to noncontrolling interests 3,792 9,781

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS 22,230 57,743

Additional disclosures

Capital expenditures on a cash basis $ 7,100 $ 31,900

Washington Prime Group Inc | Transitional Services

Additional disclosures

Transition services fees earned $ 1,600 $ 2,900

Washington Prime Group Inc | Spinoff | Strip Center Business and Small Malls

Additional disclosures

Term of property management agreement 2 years

Renewal term of property management agreement 1 year

Termination period of property management agreement 2 years

Period of prior written notice for termination of property management agreement 180 days

Termination period of transition services agreement 2 years

Minimum notice period for transition services agreement 180 days

Minimum notice period as percentage of original service period 50.00%

Exchange ratio of common shares for entity's stockholders to receive under spin off 0.50

Washington Prime Group Inc | Minimum

Additional disclosures

Annual fixed rate property management fees (as a percent) 2.50%

Washington Prime Group Inc | Maximum

Additional disclosures

Annual fixed rate property management fees (as a percent) 4.00%

Washington Prime Group LP | Spinoff | Strip Center Business and Small Malls

Additional disclosures

Exchange ratio of common units for entity's stockholders to receive under spin off 0.50

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Per Share Data (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Per Share Data

Net Income attributable to Common Stockholders - Basic $ 472,944 $ 406,587 $ 835,118 $ 748,235

Net Income attributable to Common Stockholders - Diluted $ 472,944 $ 406,857 $ 835,118 $ 748,235

Weighted Average Number of Shares Outstanding - Basic and Diluted 310,498,911 310,743,242 310,798,814 310,683,240

Effect of dilutive securities:

Securities with dilutive effect $ 0 $ 0 $ 0 $ 0

X

- Definition
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Significant Accounting Policies
6 Months Ended

Jun. 30, 2015

Significant Accounting Policies

Significant Accounting Policies

3. Significant Accounting Policies

Cash and Cash Equivalents

 We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers' acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of FDIC and SIPC insurance limits.

Marketable and Non-Marketable Securities

 Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available-for-sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At June 30, 2015, we had marketable securities of $184.2 million generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in accumulated other comprehensive income (loss) as of June 30, 2015 and December 31, 2014 were approximately $1.7 million and $103.9 million, respectively, and represent the valuation adjustments for our marketable securities.

 The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established.

 Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income.

 On June 24, 2015 we sold our investment in certain marketable securities that were accounted for as an available-for-sale security, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2015.

 At June 30, 2015 and December 31, 2014, we had investments of $177.3 million and $167.1 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no adjustment in the carrying value was required.

Fair Value Measurements

 Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs.

 The marketable securities we held at June 30, 2015 and December 31, 2014 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs which consist primarily of interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $0.7 million and $2.1 million at June 30, 2015 and December 31, 2014, respectively, and a gross asset value of $24.5 million and $20.1 million at June 30, 2015 and December 31, 2014, respectively.

 Note 6 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 9 and 5 include a discussion of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.

Noncontrolling Interests

 Details of the carrying amount of our noncontrolling interests are as follows:



As of June 30,
2015

As of December 31,
2014

Limited partners' interests in the Operating Partnership

$

736,679

$

858,557

Nonredeemable noncontrolling deficit interests in properties, net

(411
)

(229
)

Total noncontrolling interests reflected in equity

$

736,268

$

858,328

 Net income attributable to noncontrolling interests (which includes nonredeemable noncontrolling interests in consolidated properties, limited partners' interests in the Operating Partnership, redeemable noncontrolling interests in consolidated properties and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders.

 A rollforward of noncontrolling interests reflected in equity is as follows:



For the Three Months
Ended June 30,

For the Six Months
Ended June 30,

2015

2014

2015

2014

Noncontrolling interests, beginning of period

$

828,618

$

989,988

$

858,328

$

973,226

Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties

80,269

70,060

142,290

127,710

Distributions to noncontrolling interest holders

(78,488
)

(74,029
)

(153,398
)

(151,465
)

Other comprehensive income (loss) allocable to noncontrolling interests:

Unrealized gain (loss) on derivative hedge agreements

1,380

(17
)

2,861

(1,253
)

Net (gain) loss reclassified from accumulated other comprehensive loss into earnings

(11,126
)

376

(10,745
)

768

Currency translation adjustments

(1,667
)

586

(19,665
)

2,518

Changes in available-for-sale securities and other

(4,141
)

30

(3,364
)

102

(15,554
)

975

(30,913
)

2,135

Adjustment to limited partners' interest from change in ownership in the Operating Partnership

(75,905
)

(121,454
)

(81,529
)

(188,680
)

Units issued to limited partners

—

—

—

84,910

Units exchanged for common shares

(56
)

(279
)

(7,905
)

(1,190
)

Units redeemed

(14,843
)

—

(14,843
)

—

Long-term incentive performance units

11,812

12,484

23,640

24,969

Purchase and disposition of noncontrolling interests, net, and other

415

4,599

598

10,729

Noncontrolling interests, end of period

$

736,268

$

882,344

$

736,268

$

882,344

Accumulated Other Comprehensive Income (Loss)

 The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of June 30, 2015:



Currency
translation
adjustments

Accumulated
derivative
losses, net

Net unrealized
gains
(losses) on
marketable
securities

Total

Beginning balance

$

(110,722
)

$

(39,161
)

$

88,842

$

(61,041
)

Other comprehensive loss before reclassifications

(119,129
)

16,479

(18,720
)

(121,370
)

Amounts reclassified from accumulated other comprehensive income (loss)

—

4,521

(68,685
)

(64,164
)

Net current-period other comprehensive income (loss)

(119,129
)

21,000

(87,405
)

(185,534
)

Ending balance

$

(229,851
)

$

(18,161
)

$

1,437

$

(246,575
)

 The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of June 30, 2015 and 2014:



June 30, 2015

June 30, 2014

Details about accumulated other
comprehensive income (loss)
components:

Amount reclassified
from accumulated
other comprehensive
income (loss)

Amount reclassified
from accumulated
other comprehensive
income (loss)

Affected line item in the
statement where
net income is presented

Accumulated derivative losses, net

$

(5,278
)

$

(5,274
)

Interest expense

757

768

Net income attributable to noncontrolling interests

$

(4,521
)

$

(4,506
)

Realized gain on sale of marketable securities

$

80,187

$

—

Other income

(11,502
)

—

Net income attributable to noncontrolling interests

$

68,685

$

—

Derivative Financial Instruments

 We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities.

 As of both June 30, 2015 and December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk:



Interest Rate Derivative

Number of Instruments

Notional Amount

Interest Rate Swaps

2

$375.0 million

 The carrying value of our interest rate swap agreements, at fair value, as of June 30, 2015, was a net asset balance of $0.9 million, of which $1.6 million is included in deferred costs and other assets and $0.6 million is included in other liabilities. The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2014, was a net liability balance of $1.2 million, of which $2.1 million was included in other liabilities and $0.9 million was included in deferred costs and other assets.

 We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in US dollars for their fair value at or close to their settlement date.

 As of June 30, 2015, we had no outstanding Yen:USD forward contracts. Approximately ¥14.7 million remained at December 31, 2014 for our Yen forward contracts that matured on January 5, 2015. The December 31, 2014 asset balance related to these forward contracts was $0.1 million and was included in deferred costs and other assets. We have reported the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign currency denominated receivables are also reported in income and generally offset the amounts in earnings for these forward contracts.

 In the third quarter of 2014, we entered into Euro:USD forward contracts, which were designated as net investment hedges, with an aggregate €150.0 million notional value which mature through August 11, 2017. During the second quarter, one forward contract with a €50.0 million notional value was settled. The June 30, 2015 asset balance related to the remaining €100.0 million forward contracts was $22.9 million and is included in deferred costs and other assets. The December 31, 2014 asset balance related to these forward contracts was $19.1 million and was included in deferred costs and other assets. We apply hedge accounting to these forward contracts and report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment.

 The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $21.2 million and $45.8 million as of June 30, 2015 and December 31, 2014, respectively.

New Accounting Pronouncements

 In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 became effective prospectively for fiscal years beginning after December 15, 2014, but could be early-adopted. We early-adopted ASU 2014-08 in the first quarter of 2014 and are applying the revised definition to all disposals on a prospective basis, including the spin-off of WP Glimcher Inc. (formerly known as Washington Prime Group Inc.), or Washington Prime, as further discussed below. ASU 2014-08 also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation.

 In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. In July 2015, the FASB decided to delay the effective date of the new revenue recognition standard by one year, which will result in the new standard being effective for us beginning with the first quarter 2018. The new standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements.

 In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. This guidance becomes effective for annual and interim periods beginning after December 15, 2015. All reporting entities involved with limited partnerships will have to re-evaluate whether these entities qualify for consolidation and revise documentation accordingly. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements.

 In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for us retrospectively beginning in the first quarter of 2016. We expect this new guidance will reduce total assets and total mortgage and unsecured indebtedness on our Consolidated Balance Sheet for amounts classified as deferred costs specific to debt issuance costs. We do not expect this guidance to have any other effect on our consolidated financial statements.

Discontinued Operations

 On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of outstanding units of partnership interest of the Operating Partnership, or units, owned by us. The remaining units of Washington Prime Group, L.P. were owned by limited partners of the Operating Partnership who received one Washington Prime Group, L.P. unit for every two units they owned in the Operating Partnership. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from completed unsecured debt and mortgage debt as part of the spin-off and incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime.

 The historical results of operations of the Washington Prime properties have been presented as discontinued operations in the consolidated statements of operations and comprehensive income. The accompanying consolidated statement of cash flows includes within operating, investing and financing cash flows those activities which related to our period of ownership of the Washington Prime properties.

 Summarized financial information for discontinued operations for the three and six month periods ended June 30, 2014 is presented below.



Three Months Ended
June 30, 2014

Six Months Ended
June 30, 2014

TOTAL REVENUE

$

104,683

$

262,652

Property Operating

17,035

43,175

Depreciation and amortization

31,024

76,992

Real estate taxes

12,526

32,474

Repairs and maintenance

3,181

10,331

Advertising and promotion

1,388

3,340

Provision for credit losses

708

1,494

Other

910

2,028

Total operating expenses

66,772

169,834

OPERATING INCOME

37,911

92,818

Interest expense

(12,159

)

(26,076

)

Income and other taxes

(37
)

(112
)

Income from unconsolidated entities

307

652

Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net

—

242

CONSOLIDATED NET INCOME

26,022

67,524

Net income attributable to noncontrolling interests

3,792

9,781

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

22,230

$

57,743

 Capital expenditures on a cash basis for the three and six month periods ended June 30, 2014 were $7.1 million and $31.9 million, respectively.

 We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we provide certain services to Washington Prime and its properties that were previously owned by us. Pursuant to the terms of the property management agreements, we manage, lease, and maintain those Washington Prime mall properties under the direction of Washington Prime. In exchange, Washington Prime pays us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimburses us for direct out-of-pocket costs and expenses and also pays us separate fees for any leasing and development services we provide. The property management agreements have an initial term of two years with automatic one year renewals unless terminated. Either party may terminate the property management agreements on or after the two-year anniversary of the spin-off upon 180 days prior written notice.

 We also provide certain support services to the Washington Prime strip centers that were previously owned by us and certain of its central functions to assist Washington Prime as it establishes its stand-alone processes for various activities that were previously provided by us and does not constitute significant continuing support of Washington Prime's operations. These services include assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services are intended to allow us to recover costs of providing these services. The transition services agreement will terminate no later than two years following the date of the spin-off subject to a minimum notice period equal to the shorter of 180 days or one-half of the original service period. Transitional services fees earned for the three and six months ended June 30, 2015 were approximately $1.6 million and $2.9 million, respectively.

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Investment in Unconsolidated Entities (Details)
$ in Millions

Jun. 30, 2015

USD ($)

property

Dec. 31, 2014

USD ($)

Schedule of Equity Method Investments

Total number of joint venture properties | property 80

Construction and other related party loans

Schedule of Equity Method Investments

Loans to related party $ 14.6 $ 14.9

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Debt (Details)
$ in Thousands
6 Months Ended 12 Months Ended

Mar. 02, 2015

USD ($)

Jan. 15, 2015

USD ($)

property

Jun. 30, 2015

USD ($)

item

property

Dec. 31, 2014

USD ($)

Debt

Total Mortgages and Other Indebtedness $ 22,070,777 $ 20,852,993

Fair value of debt

Carrying value of fixed-rate mortgages and unsecured indebtedness 19,000,000 19,000,000

Fair value of fixed-rate mortgages and unsecured indebtedness $ 20,135,000 $ 20,558,000

Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages (as a percent) 2.77% 3.02%

Jersey Gardens and University Park Village

Debt

Number of properties in which interest is acquired | property 2

Mortgage Maturing November 1, 2020 | Jersey Gardens (The Mills at Jersey Gardens)

Debt

Total Mortgages and Other Indebtedness $ 350,000

Interest rate on debt (as a percent) 3.83%

Mortgage Maturing May 1, 2028 | University Park Village

Debt

Total Mortgages and Other Indebtedness $ 55,000

Interest rate on debt (as a percent) 3.85%

Unsecured Debt | Senior unsecured notes | Operating Partnership

Debt

Total Mortgages and Other Indebtedness $ 13,000,000

Interest rate on debt (as a percent) 5.10%

Debt repaid $ 326,800

Unsecured Debt | Credit Facility and the Supplemental Facility | Operating Partnership

Debt

Available borrowing capacity 4,500,000

Maximum amount outstanding during period 1,800,000

Credit facility, weighted average amount outstanding 1,200,000

Letters of credit outstanding $ 37,200

Number of credit facilities | item 2

Unsecured Debt | Credit Facility | Operating Partnership

Debt

Credit facility, amount outstanding $ 1,400,000

Maximum borrowing capacity 4,000,000

Optional expanded maximum borrowing capacity $ 5,000,000

Additional facility fee (as a percent) 0.10%

Unsecured Debt | Credit Facility | Operating Partnership | Euro

Debt

Credit facility, amount outstanding $ 1,000,000

Unsecured Debt | Credit Facility | Operating Partnership | Yen

Debt

Credit facility, amount outstanding $ 181,500

Unsecured Debt | Credit Facility | Maximum | Operating Partnership

Debt

Percentage of borrowings in currencies other than the U.S. Dollar 75.00%

Unsecured Debt | Credit Facility | LIBOR | Operating Partnership

Debt

Interest added to reference rate (as a percent) 0.80%

Unsecured Debt | Supplemental Facility | Operating Partnership

Debt

Maximum borrowing capacity $ 2,000,000

Unsecured Debt | Amended Supplemental Facility | Operating Partnership

Debt

Maximum borrowing capacity 2,750,000

Optional expanded maximum borrowing capacity $ 3,500,000

Additional facility fee (as a percent) 0.10%

Unsecured Debt | Amended Supplemental Facility | LIBOR | Operating Partnership

Debt

Interest added to reference rate (as a percent) 0.80%

Unsecured Debt | Term loan

Debt

Total Mortgages and Other Indebtedness $ 240,000

Unsecured Debt | Commercial Paper | Operating Partnership

Debt

Credit facility, amount outstanding 803,000

Maximum borrowing capacity $ 500,000

Expanded maximum borrowing capacity $ 1,000,000

Unsecured Debt | Commercial Paper | Operating Partnership | USD

Debt

Credit facility, amount outstanding $ 610,000

Weighted average interest rate (as a percent) 0.22%

Unsecured Debt | Commercial Paper | Operating Partnership | Euro

Debt

Credit facility, amount outstanding $ 193,000

Weighted average interest rate (as a percent) 0.05%

Secured Debt | Mortgages

Debt

Total Mortgages and Other Indebtedness $ 6,600,000 $ 6,200,000

Debt covenants

Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item 40

Number of properties secured by non-recourse mortgage notes | property 54

Number of cross-defaulted and cross-collateralized mortgage pools | item 5

Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property 21

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XML 35 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727

Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

ASSETS:

Investment properties at cost $ 32,898,773 $ 31,318,532

Less - accumulated depreciation 9,409,100 8,950,747

Investment properties, net 23,489,673 22,367,785

Cash and cash equivalents 565,657 612,282

Tenant receivables and accrued revenue, net 537,172 580,197

Investment in unconsolidated entities, at equity 2,353,339 2,378,800

Investment in Klepierre, at equity 1,803,746 1,786,477

Deferred costs and other assets 1,333,944 1,806,789

Total assets 30,083,531 29,532,330

LIABILITIES:

Mortgages and unsecured indebtedness 22,070,777 20,852,993

Accounts payable, accrued expenses, intangibles, and deferred revenues 1,215,444 1,259,681

Cash distributions and losses in partnerships and joint ventures, at equity 1,344,028 1,167,163

Other liabilities 248,596 275,451

Total liabilities $ 24,878,845 $ 23,555,288

Commitments and contingencies

Limited partners' preferred interest in the Operating Partnership $ 25,537 $ 25,537

Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):

Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $ 39,847 43,898 44,062

Capital in excess of par value 9,357,567 9,422,237

Accumulated deficit (4,274,289) (4,208,183)

Accumulated other comprehensive loss (246,575) (61,041)

Common stock held in treasury at cost, 5,397,729 and 3,540,754 shares, respectively (437,751) (103,929)

Total stockholders' equity 4,442,881 5,093,177

Noncontrolling interests 736,268 858,328

Total equity 5,179,149 5,951,505

Total liabilities and equity 30,083,531 29,532,330

Common stock

Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):

Common stock $ 31 $ 31

Class B common stock

Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):

Common stock

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Commitments and Contingencies (Details 2) - Joint Venture Mortgage and Indebtedness - USD ($)
$ in Millions

Jun. 30, 2015

Dec. 31, 2014

Guarantees of Joint Venture Indebtedness:

Loan guarantee $ 319.9 $ 223.5

Loan guarantees recoverable $ 96.7 $ 78.7

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Organization
6 Months Ended

Jun. 30, 2015

Organization

Organization

1. Organization

 Simon Property Group, Inc., or Simon, is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. REITs will generally not be liable for federal corporate income taxes as long as they continue to distribute not less than 100% of their taxable income. Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In these condensed notes to the unaudited consolidated financial statements, the terms "we", "us" and "our" refer to Simon, the Operating Partnership, and its subsidiaries.

 We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, and The Mills®. As of June 30, 2015, we owned or held an interest in 207 income-producing properties in the United States, which consisted of 110 malls, 68 Premium Outlets, 14 Mills, three community centers, and 12 other retail properties in 37 states and Puerto Rico. Internationally, as of June 30, 2015, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. As of June 30, 2015, we had a noncontrolling ownership interest in a joint venture that holds five outlet properties in Europe. Of the five properties, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. Additionally, as of June 30, 2015, as further discussed in Note 5, we owned a 20.3% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 16 countries in Europe.

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Investment in Unconsolidated Entities (Details 4)
$ in Millions

Jun. 30, 2015

USD ($)

property

Dec. 31, 2014

USD ($)

Cost method investments

Cost method investments included in deferred costs and other assets | $ $ 177.3 $ 167.1

Europe | Value Retail PLC

Cost method investments

Number of luxury outlets owned and operated 9

Number of outlets in which the entity has a minority direct ownership 3

Cost method investments included in deferred costs and other assets | $ $ 115.4 $ 115.4

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Basis of Presentation (Details) - property

Jun. 30, 2015

Dec. 31, 2014

Jun. 30, 2014

Real Estate Properties

Total number of joint venture properties 80

Number of joint venture properties managed by the entity 58

Number of International joint venture properties 19

Number of joint venture properties managed by others 22

Ownership interest:

Ownership percentage in the Operating Partnership 85.70% 85.50%

European Joint Venture | Premium Outlets

Real Estate Properties

Number of properties 5

Weighted average

Ownership interest:

Ownership percentage in the Operating Partnership 85.60% 85.50%

Wholly owned properties

Real Estate Properties

Number of properties 135

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Number of properties 13

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Investment in Unconsolidated Entities (Details 5) - Pre-Development Europe Projects Joint Venture - Disposed by Sales
$ in Millions

Mar. 19, 2015

USD ($)

Schedule of Equity Method Investments

Aggregate proceeds received $ 19.0

Gain on disposal of equity method investment 8.3

Amounts reclassified from accumulated other comprehensive income (loss) $ 0.8

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Significant Accounting Policies (Details 2) - Recurring - USD ($)
$ in Millions

Jun. 30, 2015

Dec. 31, 2014

Level 2

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Interest rate swap agreements and foreign currency forward contracts, gross liability balance $ 0.7 $ 2.1

Interest rate swap agreements and foreign currency forward contracts, gross asset balance 24.5 $ 20.1

Level 3

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Investments $ 0.0

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Basis of Presentation
6 Months Ended

Jun. 30, 2015

Basis of Presentation

Basis of Presentation

2. Basis of Presentation

 The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim period ended June 30, 2015, are not necessarily indicative of the results to be expected for the full year.

 These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in our 2014 Annual Report on Form 10-K.

 As of June 30, 2015, we consolidated 135 wholly-owned properties and 13 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 80 properties, or the joint venture properties, as well as our investment in Klépierre, using the equity method of accounting, as we have determined we have significant influence over their operations. We manage the day-to-day operations of 58 of the 80 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, and the five European outlet properties comprise 19 of the remaining 22 properties. These international properties are managed locally by joint ventures in which we share control.

 Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests held by limited partners, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to us based on the partners' respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Our weighted average ownership interest in the Operating Partnership was 85.6% and 85.5% for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015 and December 31, 2014, our ownership interest in the Operating Partnership was 85.7% and 85.5%, respectively. We adjust the noncontrolling limited partners' interests at the end of each period to reflect their interest in the net assets of the Operating Partnership.

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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Capital stock, total shares authorized 850,000,000 850,000,000

Capital stock, par value (in dollars per share) $ 0.0001 $ 0.0001

Capital stock, shares of excess common stock 238,000,000 238,000,000

Capital stock, authorized shares of preferred stock 100,000,000 100,000,000

Preferred stock stated dividend rate percentage 8.375% 8.375%

Series J 8 3/8% cumulative redeemable preferred stock, shares authorized 1,000,000 1,000,000

Series J 8 3/8% cumulative redeemable preferred stock, shares issued 796,948 796,948

Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding 796,948 796,948

Series J 8 3/8% cumulative redeemable preferred stock, liquidation value (in dollars) $ 39,847 $ 39,847

Common stock held in treasury, shares 5,397,729 3,540,754

Common stock

Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001

Common stock, shares authorized 511,990,000 511,990,000

Common stock, shares issued 314,807,366 314,320,664

Common stock, shares outstanding 314,807,366 314,320,664

Class B common stock

Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001

Common stock, shares authorized 10,000 10,000

Common stock, shares issued 8,000 8,000

Common stock, shares outstanding 8,000 8,000

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Per Share Data (Tables)
6 Months Ended

Jun. 30, 2015

Per Share Data

Schedule of computation of basic and diluted earnings per share



For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2015

2014

2015

2014

Net Income attributable to Common Stockholders — Basic and Diluted

$

472,944

$

406,587

$

835,118

$

748,235

Weighted Average Shares Outstanding — Basic and Diluted

310,498,911

310,743,242

310,798,814

310,683,240

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Document and Entity Information - Jun. 30, 2015 - $ / shares

Total

Entity Registrant Name SIMON PROPERTY GROUP INC /DE/

Entity Central Index Key 0001063761

Document Type 10-Q

Document Period End Date Jun. 30, 2015

Amendment Flag false

Current Fiscal Year End Date --12-31

Entity Current Reporting Status Yes

Entity Filer Category Large Accelerated Filer

Document Fiscal Year Focus 2015

Document Fiscal Period Focus Q2

Common stock

Entity Common Stock, Shares Outstanding 309,409,637

Entity Listing, Par Value Per Share $ 0.0001

Class B common stock

Entity Common Stock, Shares Outstanding 8,000

Entity Listing, Par Value Per Share $ 0.0001

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XML 47 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727

Investment in Unconsolidated Entities (Tables)
6 Months Ended

Jun. 30, 2015

Investment in Unconsolidated Entities

Summary of equity method investments and share of income from such investments, balance sheet



June 30,
2015

December 31,
2014

Assets:

Investment properties, at cost

$

16,790,264

$

16,087,282

Less — accumulated depreciation

5,611,016

5,457,899

11,179,248

10,629,383

Cash and cash equivalents

885,430

993,178

Tenant receivables and accrued revenue, net

333,033

362,201

Investment in unconsolidated entities, at equity

—

11,386

Deferred costs and other assets

533,447

536,600

Total assets

$

12,931,158

$

12,532,748

Liabilities and Partners' Deficit:

Mortgages

$

13,801,561

$

13,272,557

Accounts payable, accrued expenses, intangibles, and deferred revenue

940,309

1,015,334

Other liabilities

386,277

493,718

Total liabilities

15,128,147

14,781,609

Preferred units

67,450

67,450

Partners' deficit

(2,264,439
)

(2,316,311
)

Total liabilities and partners' deficit

$

12,931,158

$

12,532,748

Our Share of:

Partners' deficit

$

(820,782
)

$

(663,700
)

Add: Excess Investment

1,830,093

1,875,337

Our net Investment in unconsolidated entities, at equity

$

1,009,311

$

1,211,637

Summary of equity method investments and share of income from such investments, statement of operations



For the Three Months
Ended June 30,

For the Six Months
Ended June 30,

2015

2014

2015

2014

Revenue:

Minimum rent

$

443,485

$

427,899

$

877,266

$

852,684

Overage rent

41,342

41,589

92,522

90,386

Tenant reimbursements

199,142

193,006

393,629

385,799

Other income

61,545

61,929

115,539

174,635

Total revenue

745,514

724,423

1,478,956

1,503,504

Operating Expenses:

Property operating

132,257

131,643

263,061

293,064

Depreciation and amortization

148,607

142,047

290,265

294,195

Real estate taxes

56,477

52,797

115,051

107,588

Repairs and maintenance

17,086

15,944

37,447

35,585

Advertising and promotion

17,388

17,113

34,090

35,923

Provision for credit losses

1,296

970

3,149

4,078

Other

38,924

44,554

83,351

97,483

Total operating expenses

412,035

405,068

826,414

867,916

Operating Income

333,479

319,355

652,542

635,588

Interest expense

(149,041

)

(150,059

)

(296,062

)

(301,696

)

Income from Continuing Operations

184,438

169,296

356,480

333,892

Income from operations of discontinued joint venture interests

—

2,094

—

5,079

Gain on sale or disposal of assets and interests in unconsolidated entities

35,779

—

35,779

—

Net Income

$

220,217

$

171,390

$

392,259

$

338,971

Third-Party Investors' Share of Net Income

$

112,763

$

88,217

$

201,877

$

177,530

Our Share of Net Income

107,454

83,173

190,382

161,441

Amortization of Excess Investment

(24,387
)

(24,383
)

(48,541
)

(49,981
)

Our Share of Loss from Unconsolidated Discontinued Operations

—

(307
)

—

(652
)

Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net

(16,339
)

—

(16,339
)

—

Income from Unconsolidated Entities

$

66,728

$

58,483

$

125,502

$

110,808

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Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

REVENUE:

Minimum rent $ 768,138 $ 728,486 $ 1,521,583 $ 1,450,768

Overage rent 37,029 39,160 75,986 70,834

Tenant reimbursements 364,309 342,250 704,479 667,721

Management fees and other revenues 40,027 34,142 75,106 64,749

Other income 139,607 37,944 188,191 84,932

Total revenue 1,349,110 1,181,982 2,565,345 2,339,004

EXPENSES:

Property operating 99,841 92,630 199,598 187,577

Depreciation and amortization 295,778 287,214 583,883 567,708

Real estate taxes 106,487 99,396 213,374 193,699

Repairs and maintenance 22,676 21,656 52,410 51,421

Advertising and promotion 41,215 38,149 59,971 60,768

Provision for credit losses 2,685 2,442 6,533 6,866

Home and regional office costs 39,346 44,958 75,250 80,246

General and administrative 15,345 15,599 30,344 30,454

Other 23,352 18,407 42,426 37,769

Total operating expenses 646,725 620,451 1,263,789 1,216,508

OPERATING INCOME 702,385 561,531 1,301,556 1,122,496

Interest expense (230,974) (254,930) (463,147) (509,164)

Income and other taxes (3,420) (6,626) (9,781) (13,489)

Income from unconsolidated entities 70,196 55,764 135,068 112,842

Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net 16,339 133,870 16,339 136,525

Consolidated income from continuing operations 554,526 489,609 980,035 849,210

Discontinued operations and gain on disposal 26,022 67,524

Discontinued operations transaction expenses (38,163) (38,163)

CONSOLIDATED NET INCOME 554,526 477,468 980,035 878,571

Net income attributable to noncontrolling interests 80,748 70,047 143,248 128,667

Preferred dividends 834 834 1,669 1,669

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 472,944 $ 406,587 $ 835,118 $ 748,235

BASIC AND DILUTED EARNINGS PER COMMON SHARE:

Income from continuing operations (in dollars per share) $ 1.52 $ 1.34 $ 2.69 $ 2.33

Discontinued operations (in dollars per share) (0.03) 0.08

Net income attributable to common stockholders (in dollars per share) $ 1.52 $ 1.31 $ 2.69 $ 2.41

Consolidated Net Income $ 554,526 $ 477,468 $ 980,035 $ 878,571

Unrealized gain (loss) on derivative hedge agreements 9,240 (8) 19,339 (7,541)

Net (gain) loss reclassified from accumulated other comprehensive loss into earnings (77,536) 2,577 (74,909) 5,274

Currency translation adjustments (14,282) 4,046 (138,793) 17,779

Changes in available-for-sale securities and other (27,721) 202 (22,084) 682

Comprehensive income 444,227 484,285 763,588 894,765

Comprehensive income attributable to noncontrolling interests 65,193 71,020 112,335 130,802

Comprehensive income attributable to common stockholders $ 379,034 $ 413,265 $ 651,253 $ 763,963

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XML 49 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727

Equity
6 Months Ended

Jun. 30, 2015

Equity

Equity

7. Equity

 During the six months ended June 30, 2015, we issued 486,702 shares of common stock to eight limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership.

 On April 2, 2015, our Board of Directors authorized us to repurchase up to $2.0 billion of our common stock over the next twenty-four months as market conditions warrant. We may repurchase the shares in the open market or in privately negotiated transactions. During the second quarter of 2015, we repurchased 1,903,340 shares at an average price of $180.19 per share as part of this program.

 On May 14, 2015, the Operating Partnership redeemed 944,359 units from a limited partner for $162.7 million.

Stock Based Compensation

 Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants made under The Simon Property Group, L.P. 1998 Stock Incentive Plan, as amended, or the Plan. Restricted stock and awards under the LTIP programs are all performance based and are based on various corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying consolidated statements of operations and comprehensive income.

 LTIP Programs. Every year since 2010, the Compensation Committee of the Board of Directors, or Compensation Committee, has approved long-term, performance based incentive compensation programs, or the LTIP programs, for certain senior executive officers. Awards under the LTIP programs take the form of LTIP units, a form of limited partnership interest issued by the Operating Partnership, and will be considered earned if, and only to the extent to which, applicable total shareholder return, or TSR, performance measures are achieved during the performance period. Once earned, LTIP units are subject to a two year vesting period. One-half of the earned LTIP units will vest on January 1 of each of the 2nd and 3rd years following the end of the applicable performance period, subject to the participant maintaining employment with us through those dates and certain other conditions as described in those agreements. Awarded LTIP units not earned are forfeited. Earned and fully vested LTIP units are the equivalent of units. During the performance period, participants are entitled to receive distributions on the LTIP units awarded to them equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two-class method of computing earnings per share.

 From 2010 to 2015, the Compensation Committee approved LTIP grants as shown in the table below. Grant date fair values of the LTIP units are estimated using a Monte Carlo model, and the resulting expense is recorded regardless of whether the TSR performance measures are achieved if the required service is delivered. The grant date fair values are being amortized into expense over the period from the grant date to the date at which the awards, if any, would become vested. The extent to which LTIP units were earned, and the aggregate grant date fair values adjusted for estimated forfeitures, are as follows:



LTIP Program

LTIP Units Earned

Grant Date Fair Value

2010 LTIP Program

1-year 2010 LTIP Program

133,673

1-year program — $7.2 million

2-year 2010 LTIP Program

337,006

2-year program — $14.8 million

3-year 2010 LTIP Program

489,654

3-year program — $23.0 million

2011-2013 LTIP Program

469,848

$35.0 million

2012-2014 LTIP Program

401,203

$35.0 million

2013-2015 LTIP Program

To be determined in 2016

$29.5 million

2014-2016 LTIP Program

To be determined in 2017

$30.0 million

2015-2017 LTIP Program

To be determined in 2018

$29.9 million

 We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $12.4 million and $13.6 million for the six months ended June 30, 2015 and 2014, respectively.

Restricted Stock.

 The Compensation Committee awarded 1,989 and 58,083 shares of restricted stock to employees on February 26, 2015 and April 1, 2015, respectively, under the Plan, at a fair market value of $187.14 per share and $197.99 per share, respectively. On May 14, 2015, our non-employee Directors were awarded an aggregate of 3,323 shares of restricted stock under the Plan at a fair market value of $184.76 per share. The grant date fair value of the employee restricted stock awards is being recognized as expense over the three-year vesting service period. The grant date fair value of the Director restricted stock awards is being recognized as expense over the one-year vesting service period.

 We recorded compensation expense, net of capitalization, related to restricted stock of approximately $4.2 million and $7.4 million for the six months ended June 30, 2015 and 2014, respectively.

 Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an eight year employment agreement, the Compensation Committee granted David Simon, our Chairman and CEO, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service as our Chairman and Chief Executive Officer through July 5, 2019. Effective December 31, 2013, the Award was modified, or the Current Award, and as a result the LTIP units will now become earned and eligible to vest based on the attainment of Company-based performance goals, in addition to the service-based vesting requirement included in the original Award. If the relevant performance criteria are not achieved, all or a portion of the Current Award will be forfeited. The Current Award does not contain an opportunity for Mr. Simon to receive additional LTIP Units above and beyond the original Award should our performance exceed the higher end of the performance criteria. The performance criteria of the Current Award are based on the attainment of specific funds from operations, or FFO, per share. If the performance criteria have been met, a maximum of 360,000 LTIP units, or the A Units, 360,000 LTIP units, or the B Units, and 280,000 LTIP units, or the C Units, may become earned December 31, 2015, 2016 and 2017, respectively. The earned A Units will vest on January 1, 2018, earned B Units will vest on January 1, 2019 and earned C Units will vest on June 30, 2019, subject to Mr. Simon's continued employment through such applicable date. The grant date fair value of the retention award of $120.3 million is being recognized as expense over the eight-year term of his employment agreement on a straight-line basis through the applicable vesting periods of the A Units, B Units and C Units.

Changes in Equity

 The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to common stockholders and equity attributable to noncontrolling interests:



Preferred
Stock

Common
Stock

Accumulated
Other
Comprehensive
Income (Loss)

Capital in
Excess of Par
Value

Accumulated
Deficit

Common
Stock
Held in
Treasury

Noncontrolling
interests

Total
Equity

January 1, 2015

$

44,062

$

31

$

(61,041
)

$

9,422,237

$

(4,208,183
)

$

(103,929
)

$

858,328

$

5,951,505

Exchange of limited partner units for common shares

7,905

(7,905

)

—

Redemption of limited partner units

(147,841
)

(14,843
)

(162,684
)

Treasury stock purchase

(343,007
)

(343,007
)

LTIP units

23,640

23,640

Purchase and disposition of noncontrolling interests, net and other

(164
)

(6,263
)

(78
)

9,185

598

3,278

Adjustment to limited partners' interest from change in ownership in the Operating Partnership

81,529

(81,529
)

—

Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests

(902,815
)

(151,318
)

(1,054,133
)

Distributions to other noncontrolling interest partners

(2,080
)

(2,080
)

Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership

(185,534
)

836,787

111,377

762,630

June 30, 2015

$

43,898

$

31

$

(246,575
)

$

9,357,567

$

(4,274,289
)

$

(437,751
)

$

736,268

$

5,179,149

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Debt
6 Months Ended

Jun. 30, 2015

Debt

Debt

6. Debt

Unsecured Debt

 At June 30, 2015, our unsecured debt consisted of $13.0 billion of senior unsecured notes of the Operating Partnership, net of discounts, $1.4 billion outstanding under the Operating Partnership's $4.0 billion unsecured revolving credit facility, or Credit Facility, $240.0 million outstanding under an unsecured term loan, and $803.0 million outstanding under the Operating Partnership's global unsecured commercial paper note program, or the Commercial Paper program. The June 30, 2015 balance on the Credit Facility included $1.0 billion (U.S. dollar equivalent) of Euro-denominated borrowings and $181.5 million (U.S. dollar equivalent) of Yen-denominated borrowings. At June 30, 2015 the outstanding amount under the Commercial Paper program was $803.0 million, of which $193.0 million was related to U.S. dollar equivalent of Euro-denominated notes. Foreign currency denominated borrowings under both the Credit Facility and Commercial Paper program are designated as net investment hedges of a portion of our international investments.

 On June 30, 2015, we had an aggregate available borrowing capacity of $4.5 billion under the Credit Facility and the Operating Partnership's $2.75 billion supplemental unsecured revolving credit facility, or Supplemental Facility. The maximum aggregate outstanding balance under the two credit facilities during the six months ended June 30, 2015 was $1.8 billion and the weighted average outstanding balance was $1.2 billion. Letters of credit of $37.2 million were outstanding under the two credit facilities as of June 30, 2015.

 The Credit Facility's initial borrowing capacity of $4.0 billion may be increased to $5.0 billion during its term and provides for borrowings denominated in U.S. Dollars, Euros, Yen, Sterling, Canadian Dollars and Australian Dollars. Borrowings in currencies other than the U.S. Dollar are limited to 75% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility is June 30, 2018 and can be extended for an additional year to June 30, 2019 at our sole option. The base interest rate on the Credit Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points.

 On March 2, 2015, the Operating Partnership amended and extended the Supplemental Facility. The initial borrowing capacity of $2.0 billion has been increased to $2.75 billion, may be further increased to $3.5 billion during its term, will initially mature on June 30, 2019 and can be extended for an additional year to June 30, 2020 at our sole option. The base interest rate on the amended Supplemental Facility was reduced to LIBOR plus 80 basis points and the additional facility fee was reduced to 10 basis points. The Supplemental Facility provides for borrowings denominated in U.S. Dollars, Euro, Yen, Sterling, Canadian Dollars and Australian Dollars.

 On March 2, 2015, the Operating Partnership increased the maximum aggregate program size of its Commercial Paper program from $500.0 million to $1.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euros and other currencies. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S and Euro commercial paper note markets and will rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. Our Commercial Paper program is supported by our Credit Facility and Supplemental Facility and if necessary or appropriate, we may make one or more draws under either the Credit Facility or Supplemental Facility to pay amounts outstanding from time to time on the Commercial Paper program. At June 30, 2015, we had $803.0 million outstanding under the Commercial Paper program, comprised of $610.0 million outstanding in U.S. dollar denominated notes and $193.0 million (U.S. dollar equivalent) of Euro denominated notes with weighted average interest rates of 0.22% and 0.05%, respectively. The borrowings mature on various dates from July 1, 2015 to September 25, 2015.

 During the six months ended June 30, 2015, we used cash on hand to repay at maturity $326.8 million of senior unsecured notes with a fixed rate of 5.10%.

Mortgage Debt

 Total mortgage indebtedness was $6.6 billion and $6.2 billion at June 30, 2015 and December 31, 2014, respectively.

 On January 15, 2015, as discussed in Note 9, we acquired two properties — Jersey Gardens in Elizabeth, New Jersey (renamed "The Mills at Jersey Gardens") and University Park Village in Fort Worth, Texas, subject to existing fixed-rate mortgage loans of $350.0 million and $55.0 million, respectively. The loans mature on November 1, 2020 and May 1, 2028 and bear interest at 3.83% and 3.85%, respectively.

Covenants

 Our unsecured debt agreements contain financial and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender including adjustments to the applicable interest rate. As of June 30, 2015, we were in compliance with all covenants of our unsecured debt.

 At June 30, 2015, we or our subsidiaries are the borrowers under 40 non-recourse mortgage notes secured by mortgages on 54 properties, including five separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of 21 properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties which serve as collateral for that debt. If the borrower fails to comply with these covenants, the lender could accelerate the debt and enforce its right against their collateral. At June 30, 2015, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually, or giving effect to applicable cross-default provisions in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows.

Fair Value of Debt

 The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed-rate mortgages and unsecured indebtedness was $19.0 billion as of June 30, 2015 and December 31, 2014. The fair values of these financial instruments and the related discount rate assumptions as of June 30, 2015 and December 31, 2014 are summarized as follows:



June 30,
2015

December 31,
2014

Fair value of fixed-rate mortgages and unsecured indebtedness

$

20,135

$

20,558

Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages

2.77%

3.02%

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Significant Accounting Policies (Details) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended

Jun. 24, 2015

Jun. 30, 2015

Jun. 30, 2015

Dec. 31, 2014

Marketable and Non-Marketable Securities

Marketable Securities $ 184,200 $ 184,200

Net unrealized gains (losses) recorded in other comprehensive income (loss) 1,700 1,700 $ 103,900

Carrying value of investments under the cost method 177,300 177,300 $ 167,100

Gain on sale of investment 80,187

Other-than-temporary non-cash charges $ 0

Available for sale securities

Marketable and Non-Marketable Securities

Number of shares owned 5,710

Proceeds received from the sale of investments $ 454,000

Available for sale securities | Securities in captive insurance subsidiary portfolio | Minimum

Marketable and Non-Marketable Securities

Investment maturity period 1 year

Available for sale securities | Securities in captive insurance subsidiary portfolio | Maximum

Marketable and Non-Marketable Securities

Investment maturity period 10 years

Available for sale securities | Other Income.

Marketable and Non-Marketable Securities

Gain on sale of investment $ 80,200 $ 80,200

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Jun. 30, 2015

Debt

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June 30,
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December 31,
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Fair value of fixed-rate mortgages and unsecured indebtedness

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20,135

$

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Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages

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Significant Accounting Policies (Policies)
6 Months Ended

Jun. 30, 2015

Significant Accounting Policies

Cash and Cash Equivalents

Cash and Cash Equivalents

 We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers' acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions of high credit quality. However, at certain times, such cash and cash equivalents are in excess of FDIC and SIPC insurance limits.

Marketable and Non-Marketable Securities

Marketable and Non-Marketable Securities

 Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available-for-sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At June 30, 2015, we had marketable securities of $184.2 million generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in accumulated other comprehensive income (loss) as of June 30, 2015 and December 31, 2014 were approximately $1.7 million and $103.9 million, respectively, and represent the valuation adjustments for our marketable securities.

 The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established.

 Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income.

 On June 24, 2015 we sold our investment in certain marketable securities that were accounted for as an available-for-sale security, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2015.

 At June 30, 2015 and December 31, 2014, we had investments of $177.3 million and $167.1 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no adjustment in the carrying value was required.

Fair Value Measurements

Fair Value Measurements

 Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs.

 The marketable securities we held at June 30, 2015 and December 31, 2014 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs which consist primarily of interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $0.7 million and $2.1 million at June 30, 2015 and December 31, 2014, respectively, and a gross asset value of $24.5 million and $20.1 million at June 30, 2015 and December 31, 2014, respectively.

 Note 6 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 9 and 5 include a discussion of the fair values recorded in purchase accounting using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates.

Noncontrolling Interests

Noncontrolling Interests

 Details of the carrying amount of our noncontrolling interests are as follows:



As of June 30,
2015

As of December 31,
2014

Limited partners' interests in the Operating Partnership

$

736,679

$

858,557

Nonredeemable noncontrolling deficit interests in properties, net

(411
)

(229
)

Total noncontrolling interests reflected in equity

$

736,268

$

858,328

 Net income attributable to noncontrolling interests (which includes nonredeemable noncontrolling interests in consolidated properties, limited partners' interests in the Operating Partnership, redeemable noncontrolling interests in consolidated properties and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders.

 A rollforward of noncontrolling interests reflected in equity is as follows:



For the Three Months
Ended June 30,

For the Six Months
Ended June 30,

2015

2014

2015

2014

Noncontrolling interests, beginning of period

$

828,618

$

989,988

$

858,328

$

973,226

Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties

80,269

70,060

142,290

127,710

Distributions to noncontrolling interest holders

(78,488
)

(74,029
)

(153,398
)

(151,465
)

Other comprehensive income (loss) allocable to noncontrolling interests:

Unrealized gain (loss) on derivative hedge agreements

1,380

(17
)

2,861

(1,253
)

Net (gain) loss reclassified from accumulated other comprehensive loss into earnings

(11,126
)

376

(10,745
)

768

Currency translation adjustments

(1,667
)

586

(19,665
)

2,518

Changes in available-for-sale securities and other

(4,141
)

30

(3,364
)

102

(15,554
)

975

(30,913
)

2,135

Adjustment to limited partners' interest from change in ownership in the Operating Partnership

(75,905
)

(121,454
)

(81,529
)

(188,680
)

Units issued to limited partners

—

—

—

84,910

Units exchanged for common shares

(56
)

(279
)

(7,905
)

(1,190
)

Units redeemed

(14,843
)

—

(14,843
)

—

Long-term incentive performance units

11,812

12,484

23,640

24,969

Purchase and disposition of noncontrolling interests, net, and other

415

4,599

598

10,729

Noncontrolling interests, end of period

$

736,268

$

882,344

$

736,268

$

882,344

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

 The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of June 30, 2015:



Currency
translation
adjustments

Accumulated
derivative
losses, net

Net unrealized
gains
(losses) on
marketable
securities

Total

Beginning balance

$

(110,722
)

$

(39,161
)

$

88,842

$

(61,041
)

Other comprehensive loss before reclassifications

(119,129
)

16,479

(18,720
)

(121,370
)

Amounts reclassified from accumulated other comprehensive income (loss)

—

4,521

(68,685
)

(64,164
)

Net current-period other comprehensive income (loss)

(119,129
)

21,000

(87,405
)

(185,534
)

Ending balance

$

(229,851
)

$

(18,161
)

$

1,437

$

(246,575
)

 The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of June 30, 2015 and 2014:



June 30, 2015

June 30, 2014

Details about accumulated other
comprehensive income (loss)
components:

Amount reclassified
from accumulated
other comprehensive
income (loss)

Amount reclassified
from accumulated
other comprehensive
income (loss)

Affected line item in the
statement where
net income is presented

Accumulated derivative losses, net

$

(5,278
)

$

(5,274
)

Interest expense

757

768

Net income attributable to noncontrolling interests

$

(4,521
)

$

(4,506
)

Realized gain on sale of marketable securities

$

80,187

$

—

Other income

(11,502
)

—

Net income attributable to noncontrolling interests

$

68,685

$

—

Derivative Financial Instruments

Derivative Financial Instruments

 We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities.

 As of both June 30, 2015 and December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk:



Interest Rate Derivative

Number of Instruments

Notional Amount

Interest Rate Swaps

2

$375.0 million

 The carrying value of our interest rate swap agreements, at fair value, as of June 30, 2015, was a net asset balance of $0.9 million, of which $1.6 million is included in deferred costs and other assets and $0.6 million is included in other liabilities. The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2014, was a net liability balance of $1.2 million, of which $2.1 million was included in other liabilities and $0.9 million was included in deferred costs and other assets.

 We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward contracts are typically cash settled in US dollars for their fair value at or close to their settlement date.

 As of June 30, 2015, we had no outstanding Yen:USD forward contracts. Approximately ¥14.7 million remained at December 31, 2014 for our Yen forward contracts that matured on January 5, 2015. The December 31, 2014 asset balance related to these forward contracts was $0.1 million and was included in deferred costs and other assets. We have reported the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign currency denominated receivables are also reported in income and generally offset the amounts in earnings for these forward contracts.

 In the third quarter of 2014, we entered into Euro:USD forward contracts, which were designated as net investment hedges, with an aggregate €150.0 million notional value which mature through August 11, 2017. During the second quarter, one forward contract with a €50.0 million notional value was settled. The June 30, 2015 asset balance related to the remaining €100.0 million forward contracts was $22.9 million and is included in deferred costs and other assets. The December 31, 2014 asset balance related to these forward contracts was $19.1 million and was included in deferred costs and other assets. We apply hedge accounting to these forward contracts and report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment.

 The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $21.2 million and $45.8 million as of June 30, 2015 and December 31, 2014, respectively.

New Accounting Pronouncements

New Accounting Pronouncements

 In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 became effective prospectively for fiscal years beginning after December 15, 2014, but could be early-adopted. We early-adopted ASU 2014-08 in the first quarter of 2014 and are applying the revised definition to all disposals on a prospective basis, including the spin-off of WP Glimcher Inc. (formerly known as Washington Prime Group Inc.), or Washington Prime, as further discussed below. ASU 2014-08 also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation.

 In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. In July 2015, the FASB decided to delay the effective date of the new revenue recognition standard by one year, which will result in the new standard being effective for us beginning with the first quarter 2018. The new standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements.

 In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. This guidance becomes effective for annual and interim periods beginning after December 15, 2015. All reporting entities involved with limited partnerships will have to re-evaluate whether these entities qualify for consolidation and revise documentation accordingly. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements.

 In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for us retrospectively beginning in the first quarter of 2016. We expect this new guidance will reduce total assets and total mortgage and unsecured indebtedness on our Consolidated Balance Sheet for amounts classified as deferred costs specific to debt issuance costs. We do not expect this guidance to have any other effect on our consolidated financial statements.

Discontinued Operations

Discontinued Operations

 On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of outstanding units of partnership interest of the Operating Partnership, or units, owned by us. The remaining units of Washington Prime Group, L.P. were owned by limited partners of the Operating Partnership who received one Washington Prime Group, L.P. unit for every two units they owned in the Operating Partnership. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from completed unsecured debt and mortgage debt as part of the spin-off and incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime.

 The historical results of operations of the Washington Prime properties have been presented as discontinued operations in the consolidated statements of operations and comprehensive income. The accompanying consolidated statement of cash flows includes within operating, investing and financing cash flows those activities which related to our period of ownership of the Washington Prime properties.

 Summarized financial information for discontinued operations for the three and six month periods ended June 30, 2014 is presented below.



Three Months Ended
June 30, 2014

Six Months Ended
June 30, 2014

TOTAL REVENUE

$

104,683

$

262,652

Property Operating

17,035

43,175

Depreciation and amortization

31,024

76,992

Real estate taxes

12,526

32,474

Repairs and maintenance

3,181

10,331

Advertising and promotion

1,388

3,340

Provision for credit losses

708

1,494

Other

910

2,028

Total operating expenses

66,772

169,834

OPERATING INCOME

37,911

92,818

Interest expense

(12,159

)

(26,076

)

Income and other taxes

(37
)

(112
)

Income from unconsolidated entities

307

652

Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net

—

242

CONSOLIDATED NET INCOME

26,022

67,524

Net income attributable to noncontrolling interests

3,792

9,781

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

22,230

$

57,743

 Capital expenditures on a cash basis for the three and six month periods ended June 30, 2014 were $7.1 million and $31.9 million, respectively.

 We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we provide certain services to Washington Prime and its properties that were previously owned by us. Pursuant to the terms of the property management agreements, we manage, lease, and maintain those Washington Prime mall properties under the direction of Washington Prime. In exchange, Washington Prime pays us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimburses us for direct out-of-pocket costs and expenses and also pays us separate fees for any leasing and development services we provide. The property management agreements have an initial term of two years with automatic one year renewals unless terminated. Either party may terminate the property management agreements on or after the two-year anniversary of the spin-off upon 180 days prior written notice.

 We also provide certain support services to the Washington Prime strip centers that were previously owned by us and certain of its central functions to assist Washington Prime as it establishes its stand-alone processes for various activities that were previously provided by us and does not constitute significant continuing support of Washington Prime's operations. These services include assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services are intended to allow us to recover costs of providing these services. The transition services agreement will terminate no later than two years following the date of the spin-off subject to a minimum notice period equal to the shorter of 180 days or one-half of the original service period. Transitional services fees earned for the three and six months ended June 30, 2015 were approximately $1.6 million and $2.9 million, respectively.

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Commitments and Contingencies
6 Months Ended

Jun. 30, 2015

Commitments and Contingencies.

Commitments and Contingencies

8. Commitments and Contingencies

Litigation

 We are involved from time-to-time in various legal proceedings that arise in the ordinary course of our business, including, but not limited to commercial disputes, environmental matters, and litigation in connection with transactions including acquisitions and divestitures. We believe that such litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated.

 In May 2010, Opry Mills sustained significant flood damage. Insurance proceeds of $50 million have been funded by the insurers and remediation work has been completed. The property was re-opened March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) denied the claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. In the first quarter of 2015, summary judgment was granted in our favor, concluding that up to $150 million of additional coverage is available under our excess insurance policy for this claim. In July 2015, trial on the damages portion of our claim began. We and our lenders are continuing our efforts through pending litigation to recover our losses, including consequential damages, under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurances can be made that our efforts to recover these funds will be successful.

Guarantees of Indebtedness

 Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of June 30, 2015 and December 31, 2014, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $319.9 million and $223.5 million, respectively (of which we have a right of recovery from our joint venture partners of $96.7 million and $78.7 million, respectively). Mortgages guaranteed by us are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount.

Concentration of Credit Risk

 Our U.S. Malls, Premium Outlets, and The Mills rely heavily upon anchor tenants to attract customers; however anchor retailers do not contribute materially to our financial results as many anchor retailers own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues.

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Real Estate Acquisitions and Dispositions
6 Months Ended

Jun. 30, 2015

Real Estate Acquisitions and Dispositions

Real Estate Acquisitions and Dispositions

9. Real Estate Acquisitions and Dispositions

 During the second quarter of 2015, we disposed of our interests in two unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $16.3 million.

 On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher Realty Trust for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million. We recorded the assets and liabilities of these properties at estimated fair value at the acquisition date, the majority of which was allocated to the investment property. The purchase price allocation is preliminary and subject to revision within the measurement period, not to exceed one year from the date of acquisition.

 On April 10, 2014, through a European joint venture, we acquired an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our percentage ownership to 45%.

 On January 30, 2014, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner, as well as approximately 39 acres of land in Oyster Bay, New York, for approximately $145.8 million, consisting of cash consideration and 555,150 units of the Operating Partnership. Arizona Mills is subject to a mortgage which was $166.9 million at the time of the acquisition. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. We now own 100% of this property.

 On January 10, 2014, we acquired one of our partner's interests in a portfolio of ten properties for approximately $114.4 million, seven of which were previously consolidated.

 Unless otherwise noted, gains and losses on the above transactions are included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We expense acquisition, potential acquisition and disposition related costs as they are incurred. We incurred $4.4 million in transaction costs during the first six months of 2015 in connection with the acquisitions of Jersey Gardens and University Park Village, which are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. We also incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime. Other than these transaction costs, we incurred a minimal amount of transaction expenses during the six months ended June 30, 2015 and 2014.

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Significant Accounting Policies (Tables)
6 Months Ended

Jun. 30, 2015

Significant Accounting Policies

Schedule of carrying amount of noncontrolling interests



As of June 30,
2015

As of December 31,
2014

Limited partners' interests in the Operating Partnership

$

736,679

$

858,557

Nonredeemable noncontrolling deficit interests in properties, net

(411
)

(229
)

Total noncontrolling interests reflected in equity

$

736,268

$

858,328

Schedule of rollforward of noncontrolling interests



For the Three Months
Ended June 30,

For the Six Months
Ended June 30,

2015

2014

2015

2014

Noncontrolling interests, beginning of period

$

828,618

$

989,988

$

858,328

$

973,226

Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties

80,269

70,060

142,290

127,710

Distributions to noncontrolling interest holders

(78,488
)

(74,029
)

(153,398
)

(151,465
)

Other comprehensive income (loss) allocable to noncontrolling interests:

Unrealized gain (loss) on derivative hedge agreements

1,380

(17
)

2,861

(1,253
)

Net (gain) loss reclassified from accumulated other comprehensive loss into earnings

(11,126
)

376

(10,745
)

768

Currency translation adjustments

(1,667
)

586

(19,665
)

2,518

Changes in available-for-sale securities and other

(4,141
)

30

(3,364
)

102

(15,554
)

975

(30,913
)

2,135

Adjustment to limited partners' interest from change in ownership in the Operating Partnership

(75,905
)

(121,454
)

(81,529
)

(188,680
)

Units issued to limited partners

—

—

—

84,910

Units exchanged for common shares

(56
)

(279
)

(7,905
)

(1,190
)

Units redeemed

(14,843
)

—

(14,843
)

—

Long-term incentive performance units

11,812

12,484

23,640

24,969

Purchase and disposition of noncontrolling interests, net, and other

415

4,599

598

10,729

Noncontrolling interests, end of period

$

736,268

$

882,344

$

736,268

$

882,344

Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest

 The changes in accumulated other comprehensive income (loss) net of noncontrolling interest by component consisted of the following as of June 30, 2015:



Currency
translation
adjustments

Accumulated
derivative
losses, net

Net unrealized
gains
(losses) on
marketable
securities

Total

Beginning balance

$

(110,722
)

$

(39,161
)

$

88,842

$

(61,041
)

Other comprehensive loss before reclassifications

(119,129
)

16,479

(18,720
)

(121,370
)

Amounts reclassified from accumulated other comprehensive income (loss)

—

4,521

(68,685
)

(64,164
)

Net current-period other comprehensive income (loss)

(119,129
)

21,000

(87,405
)

(185,534
)

Ending balance

$

(229,851
)

$

(18,161
)

$

1,437

$

(246,575
)

Schedule of reclassifications out of accumulated other comprehensive income (loss)



June 30, 2015

June 30, 2014

Details about accumulated other
comprehensive income (loss)
components:

Amount reclassified
from accumulated
other comprehensive
income (loss)

Amount reclassified
from accumulated
other comprehensive
income (loss)

Affected line item in the
statement where
net income is presented

Accumulated derivative losses, net

$

(5,278
)

$

(5,274
)

Interest expense

757

768

Net income attributable to noncontrolling interests

$

(4,521
)

$

(4,506
)

Realized gain on sale of marketable securities

$

80,187

$

—

Other income

(11,502
)

—

Net income attributable to noncontrolling interests

$

68,685

$

—

Schedule of outstanding interest rate derivatives related to interest rate risk

 As of both June 30, 2015 and December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk:



Interest Rate Derivative

Number of Instruments

Notional Amount

Interest Rate Swaps

2

$375.0 million

Summarized financial information for discontinued operations



Three Months Ended
June 30, 2014

Six Months Ended
June 30, 2014

TOTAL REVENUE

$

104,683

$

262,652

Property Operating

17,035

43,175

Depreciation and amortization

31,024

76,992

Real estate taxes

12,526

32,474

Repairs and maintenance

3,181

10,331

Advertising and promotion

1,388

3,340

Provision for credit losses

708

1,494

Other

910

2,028

Total operating expenses

66,772

169,834

OPERATING INCOME

37,911

92,818

Interest expense

(12,159

)

(26,076

)

Income and other taxes

(37
)

(112
)

Income from unconsolidated entities

307

652

Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net

—

242

CONSOLIDATED NET INCOME

26,022

67,524

Net income attributable to noncontrolling interests

3,792

9,781

NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

22,230

$

57,743

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Investment in Unconsolidated Entities (Details 3)
$ / shares in Units, $ in Thousands, € in Millions
1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended

Jul. 22, 2015

USD ($)

property

Jul. 07, 2015

USD ($)

shares

May. 11, 2015

USD ($)

shares

Apr. 23, 2015

USD ($)

ft²

Apr. 13, 2015

USD ($)

property

Feb. 24, 2015

USD ($)

Jan. 15, 2015

Apr. 16, 2014

USD ($)

property

Apr. 16, 2014

EUR (€)

property

Dec. 31, 2014

USD ($)

Jun. 30, 2015

USD ($)

property

$ / shares

shares

Jun. 30, 2014

USD ($)

Jun. 30, 2015

USD ($)

property

$ / shares

shares

Jun. 30, 2014

USD ($)

Dec. 31, 2015

property

Mar. 31, 2015

Schedule of Equity Method Investments

Share of net income, net of amortization of our excess investment $ 70,196 $ 55,764 $ 135,068 $ 112,842

Equity investment $ 2,378,800 2,353,339 2,353,339

Development project | Brickell City Centre

Schedule of Equity Method Investments

Area of property (in square feet) | ft² 500,000

Property ownership interest (as a percent) 25.00%

Estimated cost of project, including development fees $ 100,000

Houston Galleria

Schedule of Equity Method Investments

Joint venture ownership percentage 50.40%

Houston Galleria | Mortgages

Schedule of Equity Method Investments

Debt refinanced $ 821,000

Interest rate on debt (as a percent) 5.44%

Houston Galleria | Mortgage Maturing March 2025

Schedule of Equity Method Investments

Debt issued to refinance previous mortgage $ 1,200,000

Interest rate on debt (as a percent) 3.55%

Hudson's Bay Company (HBC) Joint Venture

Schedule of Equity Method Investments

Committed amount to contribute $ 100,000

Contributions for improvements to properties 1,000

Hudson's Bay Company (HBC) Joint Venture | Maximum

Schedule of Equity Method Investments

Contribution to form joint venture $ 178,500

Hudson's Bay Company (HBC) Joint Venture | Hudson Bay Company

Schedule of Equity Method Investments

Number of properties contributed to form joint venture | property 42

Hudson's Bay Company (HBC) Joint Venture | Hudson Bay Company | Forecast

Schedule of Equity Method Investments

Number of Kaufhof properties to be purchased by the joint venture | property 40

Sears Joint Venture

Schedule of Equity Method Investments

Contribution to form joint venture $ 114,000

Joint venture ownership percentage 50.00%

Sears Joint Venture | Minimum

Schedule of Equity Method Investments

Percentage of property space subject to recapture 50.00%

Sears Joint Venture | Sears

Schedule of Equity Method Investments

Number of properties contributed to form joint venture | property 10

Number of property being leased back | property 10

Joint venture ownership percentage 50.00%

Klepierre | Corio

Schedule of Equity Method Investments

Ordinary share conversion ratio 1.14

European Joint Venture

Schedule of Equity Method Investments

Equity investment $ 677,100 $ 605,800 $ 605,800

European Joint Venture | Minimum

Schedule of Equity Method Investments

Joint venture ownership percentage 45.00% 45.00%

European Joint Venture | Maximum

Schedule of Equity Method Investments

Joint venture ownership percentage 90.00% 90.00%

European Joint Venture | Roermond Designer Outlet

Schedule of Equity Method Investments

Joint venture ownership percentage 90.00%

European Joint Venture | Roermond Designer Outlet | Mortgage Maturing 2017

Schedule of Equity Method Investments

Debt refinanced $ 85,100

Interest rate on debt (as a percent) 5.12%

European Joint Venture | Roermond Designer Outlet | Mortgage Maturing 2021

Schedule of Equity Method Investments

Debt issued to refinance previous mortgage $ 218,900

Interest rate on debt (as a percent) 1.86%

European Joint Venture | Premium Outlets

Schedule of Equity Method Investments

Number of properties | property 5 5

European Joint Venture | Development project

Schedule of Equity Method Investments

Number of properties | property 1 1

Seritage Growth Properties

Schedule of Equity Method Investments

Additional shares acquired (in shares) | shares 1,125,760

Payments to acquire equity method investment $ 33,000

Europe | Klepierre

Schedule of Equity Method Investments

Shares owned | shares 63,924,148 63,924,148

Joint venture ownership percentage 20.30% 28.90% 20.30% 20.30% 18.30%

Quoted market price per share (in dollars per share) | $ / shares $ 44.29 $ 44.29

Additional shares acquired (in shares) | shares 6,290,000

Payments to acquire equity method investment $ 279,400

Share of net income, net of amortization of our excess investment $ 9,600 135,900

Total revenues 740,300 654,800

Total operating income 277,600 281,100

Consolidated net income $ 96,900 $ 1,200,000

Europe | Klepierre | Disposed by Sales

Schedule of Equity Method Investments

Number of properties disposed of during the period | property 126 126

Total gross consideration | € € 1,980

Group's share of total consideration | € € 1,650

Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net $ 133,900

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Organization (Details)

Jun. 30, 2015

state

country

property

May. 11, 2015

Mar. 31, 2015

Dec. 31, 2014

Premium Outlets | European Joint Venture

Real Estate Properties

Number of properties 5

U.S. and Puerto Rico

Real Estate Properties

Number of properties 207

Number of U.S. states containing property locations | state 37

U.S. and Puerto Rico | Malls

Real Estate Properties

Number of properties 110

U.S. and Puerto Rico | Premium Outlets

Real Estate Properties

Number of properties 68

U.S. and Puerto Rico | The Mills

Real Estate Properties

Number of properties 14

U.S. and Puerto Rico | Community Centers

Real Estate Properties

Number of properties 3

U.S. and Puerto Rico | Other

Real Estate Properties

Number of properties 12

Japan | Premium Outlets

Real Estate Properties

Number of properties 9

South Korea | Premium Outlets

Real Estate Properties

Number of properties 3

Canada | Premium Outlets

Real Estate Properties

Number of properties 2

Mexico | Premium Outlets

Real Estate Properties

Number of properties 1

Malaysia | Premium Outlets

Real Estate Properties

Number of properties 1

Europe | Klepierre

Real Estate Properties

Joint venture ownership percentage 20.30% 20.30% 18.30% 28.90%

Number of countries | country 16

Italy | Premium Outlets

Real Estate Properties

Number of properties 2

Austria | Premium Outlets

Real Estate Properties

Number of properties 1

Netherlands | Premium Outlets

Real Estate Properties

Number of properties 1

United Kingdom | Premium Outlets

Real Estate Properties

Number of properties 1

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Significant Accounting Policies (Details 4) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Noncontrolling interests:

Balance $ 5,951,505

Other comprehensive income (loss) allocable to noncontrolling interests:

Unrealized gain (loss) on derivative hedge agreements $ 9,240 $ (8) 19,339 $ (7,541)

Net (gain) loss reclassified from accumulated other comprehensive loss into earnings (77,536) 2,577 (74,909) 5,274

Currency translation adjustments (14,282) 4,046 (138,793) 17,779

Changes in available-for-sale securities and other (27,721) 202 (22,084) 682

Purchase and dispositions of noncontrolling interests, net and other 3,278

Balance 5,179,149 5,179,149

Noncontrolling Interests

Noncontrolling interests:

Balance 828,618 989,988 858,328 973,226

Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties 80,269 70,060 142,290 127,710

Distributions to noncontrolling interest holders (78,488) (74,029) (153,398) (151,465)

Other comprehensive income (loss) allocable to noncontrolling interests:

Unrealized gain (loss) on derivative hedge agreements 1,380 (17) 2,861 (1,253)

Net (gain) loss reclassified from accumulated other comprehensive loss into earnings (11,126) 376 (10,745) 768

Currency translation adjustments (1,667) 586 (19,665) 2,518

Changes in available-for-sale securities and other (4,141) 30 (3,364) 102

Other comprehensive income (loss) (15,554) 975 (30,913) 2,135

Adjustment to limited partners' interest from change in ownership in the Operating Partnership (75,905) (121,454) (81,529) (188,680)

Units issued to limited partners 84,910

Exchange of limited partner units for common shares (56) (279) (7,905) (1,190)

Units Redeemed (14,843) (14,843)

Long-term incentive performance units 11,812 12,484 23,640 24,969

Purchase and dispositions of noncontrolling interests, net and other 415 4,599 598 10,729

Balance $ 736,268 $ 882,344 $ 736,268 $ 882,344

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Equity (Details)
$ / shares in Units, $ in Millions
3 Months Ended 6 Months Ended

May. 14, 2015

USD ($)

shares

Apr. 02, 2015

USD ($)

Jun. 30, 2015

$ / shares

shares

Jun. 30, 2015

item

shares

Equity

Period common stock is authorized to repurchase 24 months

Shares repurchased (in shares) 1,903,340

Average share price repurchased (in dollars per share) | $ / shares $ 180.19

Operating Partnership | Limited Partner

Equity

Units Redeemed (in units) 944,359

Value of units redeemed | $ $ 162.7

Partnership agreement of Operating Partnership | Limited Partner

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XML 61 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

CASH FLOWS FROM OPERATING ACTIVITIES:

Consolidated Net Income $ 980,035 $ 878,571

Adjustments to reconcile consolidated net income to net cash provided by operating activities -

Depreciation and amortization 615,249 670,714

Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net (16,339) (136,767)

Gain on sale of marketable securities (80,187)

Straight-line rent (27,206) (23,165)

Equity in income of unconsolidated entities (135,068) (113,494)

Distributions of income from unconsolidated entities 120,918 105,087

Changes in assets and liabilities -

Tenant receivables and accrued revenue, net 70,426 63,647

Deferred costs and other assets (40,841) (45,761)

Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities (3,681) (127,695)

Net cash provided by operating activities 1,483,306 1,271,137

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisitions (1,231,381) (85,459)

Funding of loans to related parties (33,236)

Repayments of loans to related parties 4,092

Capital expenditures, net (488,950) (366,034)

Cash impact from the consolidation of properties 5,402

Investments in unconsolidated entities (153,663) (115,827)

Purchase of marketable and non-marketable securities (17,450) (9,201)

Proceeds from sale of marketable and non-marketable securities 454,012

Distributions of capital from unconsolidated entities and other 583,626 287,870

Net cash used in investing activities (853,806) (312,393)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from sales of common stock and other, net of transaction costs (3,465) (71)

Cash impact of Washington Prime spin-off (33,776)

Purchase of preferred stock, limited partner units and treasury stock (505,691)

Purchase of noncontrolling interest in consolidated properties (89,818)

Distributions to noncontrolling interest holders in properties (4,049) (18,164)

Contributions from noncontrolling interest holders in properties 613 388

Preferred distributions of the Operating Partnership (958) (957)

Preferred dividends and distributions to stockholders (902,815) (793,892)

Distributions to limited partners (151,318) (133,858)

Proceeds from issuance of debt, net of transaction costs 4,058,658 1,405,336

Repayments of debt (3,167,100) (2,348,113)

Proceeds from issuance of debt related to Washington Prime properties, net 1,003,135

Net cash used in financing activities (676,125) (1,009,790)

DECREASE IN CASH AND CASH EQUIVALENTS (46,625) (51,046)

CASH AND CASH EQUIVALENTS, beginning of period 612,282 1,716,863

CASH AND CASH EQUIVALENTS, end of period $ 565,657 $ 1,665,817

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Investment in Unconsolidated Entities
6 Months Ended

Jun. 30, 2015

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

5. Investment in Unconsolidated Entities

Real Estate Joint Ventures and Investments

 Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 80 properties as of June 30, 2015.

 Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash or borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner.

 We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of June 30, 2015 and December 31, 2014, we had construction loans and other advances to related parties totaling $14.6 million and $14.9 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets.

Unconsolidated Property Transactions

 On January 30, 2014, as discussed in Note 9, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. As a result of this acquisition, we now own 100% of this property.

 On February 24, 2015, Houston Galleria, in which we own a 50.4% noncontrolling interest, refinanced its $821.0 million mortgage with a $1.2 billion mortgage that matures on March 1, 2025. The fixed interest rate was reduced from 5.44% to 3.55% as a result. Excess proceeds from the financing were distributed to the venture partners in February 2015.

 On April 13, 2015, we announced we had formed a joint venture with Sears Holdings, or Sears, whereby Sears contributed 10 of its properties located at our malls to the newly formed joint venture in exchange for a 50% noncontrolling interest in this joint venture. We contributed $114.0 million in cash in exchange for a 50% noncontrolling interest in this joint venture. Sears or its affiliates are leasing back each of the 10 properties from the joint venture. The joint venture has the right to recapture not less than 50% of the space leased to Sears to be used for purposes of redeveloping and releasing the recaptured space. We will provide development, leasing and management services to the joint venture. On July 7, 2015, we separately invested approximately $33.0 million in exchange for 1,125,760 common shares of Seritage Growth Properties, a public REIT recently formed by Sears, which now holds their previous interest in the newly formed joint venture.

 On April 23, 2015, we announced a partnership with Swire Properties Inc. and Whitman Family Development to jointly develop the approximately 500,000 square foot shopping center component of Brickell City Centre, a mixed-use development in downtown Miami. We own a 25% interest in the retail component of this project which is scheduled to open in September 2016. Our share of the estimated cost of this project including development fees is approximately $100.0 million.

 On July 22, 2015, we closed on our previously announced joint venture with Hudson's Bay Company, or HBC, whereby HBC contributed 42 properties and we committed to contribute $100.0 million for improvements to the properties contributed by HBC in exchange for a noncontrolling interest in the newly formed joint venture. We may contribute up to an additional $178.5 million in the newly formed joint venture. Upon the closing of the joint venture, we funded $1.0 million of our commitment. On June 15, 2015 HBC announced it is acquiring Galeria Holding, the parent company of Germany's leading department store, Kaufhof. This joint venture has agreed to purchase at least 40 Kaufhof properties from HBC. This transaction is expected to close in 2015.

European Investments

 At June 30, 2015, we owned 63,924,148 shares, or approximately 20.3%, of Klépierre, which had a quoted market price of $44.29 per share. On July 29, 2014 Klépierre announced that it had entered into a conditional agreement to acquire Corio N.V., or Corio, pursuant to which Corio shareholders received 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015 the tender offer transaction closed and the merger was completed on March 31, 2015, reducing our ownership from 28.9% at December 31, 2014 to 18.3%. On May 11, 2015 we purchased 6,290,000 additional shares of Klépierre for $279.4 million bringing our ownership to 20.3%. All of the excess investment related to the purchase has been allocated to investment property. Our share of net income, net of amortization of our excess investment, was $9.6 million and $135.9 million for the six months ended June 30, 2015 and 2014, respectively. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre's results to GAAP, Klépierre's total revenues, operating income and consolidated net income were approximately $740.3 million, $277.6 million and $96.9 million, respectively, for the six months ended June 30, 2015 and $654.8 million, $281.1 million and $1.2 billion, respectively, for the six months ended June 30, 2014. On April 16, 2014, Klépierre completed the disposal of a portfolio of 126 retail galleries located in France, Spain and Italy. Total gross consideration for the transaction, including transfer duties, was €1.98 billion (€1.65 billion Klépierre's group share). The net cash proceeds were used by Klépierre to reduce its overall indebtedness. In connection with this transaction, we recorded a gain of $133.9 million, net of the write-off of a portion of our excess investment, which is included in "Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net" in the accompanying consolidated statements of operations and comprehensive income.

 Our joint venture in Europe has interests in five outlet properties, one development project as well as a property management and development company. As of June 30, 2015 our legal percentage ownership interests in these entities range from 45% to 90%. The carrying amount of our investment in these joint ventures, including all related components of accumulated other comprehensive income (loss) as well as subsequent capital contributions for development, was $605.8 million and $677.1 million as of June 30, 2015 and December 31, 2014, respectively. In December 2014, Roermond Designer Outlet phases 2 and 3, in which we own a 90% interest, refinanced its $85.1 million mortgage maturing in 2017 with a $218.9 million mortgage that matures in 2021. The fixed interest rate was reduced from 5.12% to 1.86% as a result. Excess proceeds from the financing were distributed to the venture partners in January 2015.

 We also have a minority interests in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets throughout Europe and a direct minority ownership in three of those outlets. Our investment in these centers is accounted for under the cost method. At each of June 30, 2015 and December 31, 2014, the carrying value of these non-marketable investments was $115.4 million and is included in deferred costs and other assets.

 On March 19, 2015 we disposed of our interest in a joint venture which had held interests in rights to pre-development projects in Europe, for total proceeds of $19.0 million. We recognized a gain on the sale of $8.3 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. The gain includes $0.8 million that was reclassified from accumulated other comprehensive income (loss).

Asian Joint Ventures

 We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $229.8 million as of June 30, 2015 and December 31, 2014, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $110.4 million and $104.5 million as of June 30, 2015 and December 31, 2014, respectively, including all related components of accumulated other comprehensive income (loss).

Summary Financial Information

 A summary of our equity method investments and share of income from such investments, excluding Klépierre, follows. As discussed in Note 3, on May 28, 2014, we completed the spin-off of Washington Prime, which included ten unconsolidated properties. The net income of these ten properties is included in income from operations of discontinued joint venture interests in the accompanying summary financial information for the six months ended June 30, 2014.

BALANCE SHEETS



June 30,
2015

December 31,
2014

Assets:

Investment properties, at cost

$

16,790,264

$

16,087,282

Less — accumulated depreciation

5,611,016

5,457,899

11,179,248

10,629,383

Cash and cash equivalents

885,430

993,178

Tenant receivables and accrued revenue, net

333,033

362,201

Investment in unconsolidated entities, at equity

—

11,386

Deferred costs and other assets

533,447

536,600

Total assets

$

12,931,158

$

12,532,748

Liabilities and Partners' Deficit:

Mortgages

$

13,801,561

$

13,272,557

Accounts payable, accrued expenses, intangibles, and deferred revenue

940,309

1,015,334

Other liabilities

386,277

493,718

Total liabilities

15,128,147

14,781,609

Preferred units

67,450

67,450

Partners' deficit

(2,264,439
)

(2,316,311
)

Total liabilities and partners' deficit

$

12,931,158

$

12,532,748

Our Share of:

Partners' deficit

$

(820,782
)

$

(663,700
)

Add: Excess Investment

1,830,093

1,875,337

Our net Investment in unconsolidated entities, at equity

$

1,009,311

$

1,211,637

 "Excess Investment" represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and is allocated on a fair value basis primarily to investment property, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities.

STATEMENT OF OPERATIONS



For the Three Months
Ended June 30,

For the Six Months
Ended June 30,

2015

2014

2015

2014

Revenue:

Minimum rent

$

443,485

$

427,899

$

877,266

$

852,684

Overage rent

41,342

41,589

92,522

90,386

Tenant reimbursements

199,142

193,006

393,629

385,799

Other income

61,545

61,929

115,539

174,635

Total revenue

745,514

724,423

1,478,956

1,503,504

Operating Expenses:

Property operating

132,257

131,643

263,061

293,064

Depreciation and amortization

148,607

142,047

290,265

294,195

Real estate taxes

56,477

52,797

115,051

107,588

Repairs and maintenance

17,086

15,944

37,447

35,585

Advertising and promotion

17,388

17,113

34,090

35,923

Provision for credit losses

1,296

970

3,149

4,078

Other

38,924

44,554

83,351

97,483

Total operating expenses

412,035

405,068

826,414

867,916

Operating Income

333,479

319,355

652,542

635,588

Interest expense

(149,041

)

(150,059

)

(296,062

)

(301,696

)

Income from Continuing Operations

184,438

169,296

356,480

333,892

Income from operations of discontinued joint venture interests

—

2,094

—

5,079

Gain on sale or disposal of assets and interests in unconsolidated entities

35,779

—

35,779

—

Net Income

$

220,217

$

171,390

$

392,259

$

338,971

Third-Party Investors' Share of Net Income

$

112,763

$

88,217

$

201,877

$

177,530

Our Share of Net Income

107,454

83,173

190,382

161,441

Amortization of Excess Investment

(24,387
)

(24,383
)

(48,541
)

(49,981
)

Our Share of Loss from Unconsolidated Discontinued Operations

—

(307
)

—

(652
)

Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net

(16,339
)

—

(16,339
)

—

Income from Unconsolidated Entities

$

66,728

$

58,483

$

125,502

$

110,808

 Our share of income from unconsolidated entities in the above table, aggregated with our share of the results of Klépierre, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income.

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Significant Accounting Policies (Details 5)
$ in Thousands
6 Months Ended

Jun. 30, 2015

USD ($)

Changes in accumulated other comprehensive income (loss)

Balance at beginning of period $ 5,093,177

Balance at end of period 4,442,881

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss)

Balance at beginning of period (61,041)

Other comprehensive (loss) before reclassifications (121,370)

Amounts reclassified from accumulated other comprehensive income (loss) (64,164)

Net current-period other comprehensive income (loss) (185,534)

Balance at end of period (246,575)

Currency translation adjustments

Changes in accumulated other comprehensive income (loss)

Balance at beginning of period (110,722)

Other comprehensive (loss) before reclassifications (119,129)

Net current-period other comprehensive income (loss) (119,129)

Balance at end of period (229,851)

Accumulated derivative losses, net

Changes in accumulated other comprehensive income (loss)

Balance at beginning of period (39,161)

Other comprehensive (loss) before reclassifications 16,479

Amounts reclassified from accumulated other comprehensive income (loss) 4,521

Net current-period other comprehensive income (loss) 21,000

Balance at end of period (18,161)

Net gains (losses) on marketable securities

Changes in accumulated other comprehensive income (loss)

Balance at beginning of period 88,842

Other comprehensive (loss) before reclassifications (18,720)

Amounts reclassified from accumulated other comprehensive income (loss) (68,685)

Net current-period other comprehensive income (loss) (87,405)

Balance at end of period $ 1,437

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Investment in Unconsolidated Entities (Details 7)
$ in Thousands
6 Months Ended

May. 28, 2014

property

Jun. 30, 2015

USD ($)

Dec. 31, 2014

USD ($)

Assets:

Investment properties, at cost $ 32,898,773 $ 31,318,532

Less - accumulated depreciation 9,409,100 8,950,747

Investment properties, net 23,489,673 22,367,785

Cash and cash equivalents 565,657 612,282

Tenant receivables and accrued revenue, net 537,172 580,197

Deferred costs and other assets 1,333,944 1,806,789

Liabilities and Partners' Deficit:

Mortgages and unsecured indebtedness 22,070,777 20,852,993

Accounts payable, accrued expenses, intangibles, and deferred revenues 1,215,444 1,259,681

Other liabilities 248,596 275,451

Total liabilities 24,878,845 23,555,288

Partners' deficit (4,274,289) (4,208,183)

Total liabilities and equity 30,083,531 29,532,330

Our Share of:

Our net investment in unconsolidated entities, at equity 2,353,339 2,378,800

Unconsolidated properties

Our Share of:

Number of properties merged under spin off into Washington Prime, an independent publicly traded REIT | property 10

Equity Method Investments | Unconsolidated properties

Assets:

Investment properties, at cost 16,790,264 16,087,282

Less - accumulated depreciation 5,611,016 5,457,899

Investment properties, net 11,179,248 10,629,383

Cash and cash equivalents 885,430 993,178

Tenant receivables and accrued revenue, net 333,033 362,201

Investment in unconsolidated entities, at equity 11,386

Deferred costs and other assets 533,447 536,600

Total assets 12,931,158 12,532,748

Liabilities and Partners' Deficit:

Mortgages and unsecured indebtedness 13,801,561 13,272,557

Accounts payable, accrued expenses, intangibles, and deferred revenues 940,309 1,015,334

Other liabilities 386,277 493,718

Total liabilities 15,128,147 14,781,609

Preferred units 67,450 67,450

Partners' deficit (2,264,439) (2,316,311)

Total liabilities and equity 12,931,158 12,532,748

Our Share of:

Partners' deficit (820,782) (663,700)

Add: Excess investment 1,830,093 1,875,337

Our net investment in unconsolidated entities, at equity $ 1,009,311 $ 1,211,637

Equity Method Investments | Unconsolidated properties | Maximum

Our Share of:

Life of joint ventures with excess investment 40 years

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XML 67 R20.htm IDEA: XBRL DOCUMENT v3.2.0.727

Equity (Tables)
6 Months Ended

Jun. 30, 2015

Equity

Schedule of LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures



LTIP Program

LTIP Units Earned

Grant Date Fair Value

2010 LTIP Program

1-year 2010 LTIP Program

133,673

1-year program — $7.2 million

2-year 2010 LTIP Program

337,006

2-year program — $14.8 million

3-year 2010 LTIP Program

489,654

3-year program — $23.0 million

2011-2013 LTIP Program

469,848

$35.0 million

2012-2014 LTIP Program

401,203

$35.0 million

2013-2015 LTIP Program

To be determined in 2016

$29.5 million

2014-2016 LTIP Program

To be determined in 2017

$30.0 million

2015-2017 LTIP Program

To be determined in 2018

$29.9 million

Reconciliation of carrying amounts of equity



Preferred
Stock

Common
Stock

Accumulated
Other
Comprehensive
Income (Loss)

Capital in
Excess of Par
Value

Accumulated
Deficit

Common
Stock
Held in
Treasury

Noncontrolling
interests

Total
Equity

January 1, 2015

$

44,062

$

31

$

(61,041
)

$

9,422,237

$

(4,208,183
)

$

(103,929
)

$

858,328

$

5,951,505

Exchange of limited partner units for common shares

7,905

(7,905

)

—

Redemption of limited partner units

(147,841
)

(14,843
)

(162,684
)

Treasury stock purchase

(343,007
)

(343,007
)

LTIP units

23,640

23,640

Purchase and disposition of noncontrolling interests, net and other

(164
)

(6,263
)

(78
)

9,185

598

3,278

Adjustment to limited partners' interest from change in ownership in the Operating Partnership

81,529

(81,529
)

—

Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests

(902,815
)

(151,318
)

(1,054,133
)

Distributions to other noncontrolling interest partners

(2,080
)

(2,080
)

Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership

(185,534
)

836,787

111,377

762,630

June 30, 2015

$

43,898

$

31

$

(246,575
)

$

9,357,567

$

(4,274,289
)

$

(437,751
)

$

736,268

$

5,179,149

X

- Definition
Represents information pertaining to LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures.
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		/s/ DAVID SIMON David Simon Chairman of the Board of Directors and Chief Executive Officer

Investment in Unconsolidated Entities (Details 8) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Minimum rent	$ 768,138	$ 728,486	$ 1,521,583	$ 1,450,768
Overage rent	37,029	39,160	75,986	70,834
Tenant reimbursements	364,309	342,250	704,479	667,721
Other income	139,607	37,944	188,191	84,932
Total revenue	1,349,110	1,181,982	2,565,345	2,339,004
Operating Expenses:
Property operating	99,841	92,630	199,598	187,577
Depreciation and amortization	295,778	287,214	583,883	567,708
Real estate taxes	106,487	99,396	213,374	193,699
Repairs and maintenance	22,676	21,656	52,410	51,421
Advertising and promotion	41,215	38,149	59,971	60,768
Provision for credit losses	2,685	2,442	6,533	6,866
Other	23,352	18,407	42,426	37,769
Total operating expenses	646,725	620,451	1,263,789	1,216,508
OPERATING INCOME	702,385	561,531	1,301,556	1,122,496
Interest expense	(230,974)	(254,930)	(463,147)	(509,164)
Income from Unconsolidated Entities	70,196	55,764	135,068	112,842
Equity Method Investments \| Unconsolidated properties
Revenue:
Minimum rent	443,485	427,899	877,266	852,684
Overage rent	41,342	41,589	92,522	90,386
Tenant reimbursements	199,142	193,006	393,629	385,799
Other income	61,545	61,929	115,539	174,635
Total revenue	745,514	724,423	1,478,956	1,503,504
Operating Expenses:
Property operating	132,257	131,643	263,061	293,064
Depreciation and amortization	148,607	142,047	290,265	294,195
Real estate taxes	56,477	52,797	115,051	107,588
Repairs and maintenance	17,086	15,944	37,447	35,585
Advertising and promotion	17,388	17,113	34,090	35,923
Provision for credit losses	1,296	970	3,149	4,078
Other	38,924	44,554	83,351	97,483
Total operating expenses	412,035	405,068	826,414	867,916
OPERATING INCOME	333,479	319,355	652,542	635,588
Interest expense	(149,041)	(150,059)	(296,062)	(301,696)
Income from Continuing Operations	184,438	169,296	356,480	333,892
Income from operations of discontinued joint venture interests		2,094		5,079
Gain on sale or disposal of assets and interests in unconsolidated entities	35,779		35,779
Net Income	220,217	171,390	392,259	338,971
Third-Party Investors' Share of Net Income	112,763	88,217	201,877	177,530
Our Share of Net Income	107,454	83,173	190,382	161,441
Amortization of Excess Investment	(24,387)	(24,383)	(48,541)	(49,981)
Our Share of Loss from Unconsolidated Discontinued Operations		(307)		(652)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net	(16,339)		(16,339)
Income from Unconsolidated Entities	$ 66,728	$ 58,483	$ 125,502	$ 110,808

Commitments and Contingencies (Details 3)	6 Months Ended
Commitments and Contingencies (Details 3)	Jun. 30, 2015
Consolidated revenues \| Concentration of credit risk \| Minimum
Concentration of Credit Risk
Percentage of consolidated revenues from a single customer or tenant	5.00%

Investment in Unconsolidated Entities (Details 2) - Arizona Mills - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Jan. 30, 2014
Business acquisition
Ownership interests acquired (as a percent)		50.00%
Gain due to acquisition of controlling interest	$ 2.7
Ownership interest after acquisition (as a percent)		100.00%

Significant Accounting Policies (Details 3) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Noncontrolling interests, carrying amounts, reclassified to permanent equity:
Limited partners' interests in the Operating Partnership	$ 736,679	$ 858,557
Nonredeemable noncontrolling (deficit) interests in properties, net	(411)	(229)
Total noncontrolling interests reflected in equity	$ 736,268	$ 858,328

Equity (Details 2) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended	6 Months Ended
	May. 14, 2015	Apr. 01, 2015	Feb. 26, 2015	Jul. 31, 2011	Jun. 30, 2015	Jun. 30, 2014
Restricted stock
Stock-based incentive plan awards
Compensation expense, net of capitalization					$ 4.2	$ 7.4
Restricted stock \| Employees
Stock-based incentive plan awards
Award of restricted stock (in shares)		58,083	1,989
Weighted average fair value of shares granted during the period (in dollars per share)		$ 197.99	$ 187.14
Vesting period					3 years
Restricted stock \| Non-employee Directors
Stock-based incentive plan awards
Award of restricted stock (in shares)	3,323
Weighted average fair value of shares granted during the period (in dollars per share)	$ 184.76
Vesting period					1 year
LTIP Retention Award to Chairman and CEO
Stock-based incentive plan awards
Award of restricted stock (in shares)				1,000,000
Aggregate grant date fair value				$ 120.3
Service period				8 years
LTIP Retention Award to Chairman and CEO \| A Units \| Maximum
Stock-based incentive plan awards
Units to be earned under LTIP program (in shares)					360,000
LTIP Retention Award to Chairman and CEO \| B Units \| Maximum
Stock-based incentive plan awards
Units to be earned under LTIP program (in shares)					360,000
LTIP Retention Award to Chairman and CEO \| C Units \| Maximum
Stock-based incentive plan awards
Units to be earned under LTIP program (in shares)					280,000
LTIP programs
Stock-based incentive plan awards
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period					10.00%
Compensation expense, net of capitalization					$ 12.4	$ 13.6
Vesting period					2 years
Vesting rights percentage					50.00%
One-year 2010 LTIP Program
Stock-based incentive plan awards
Performance period					1 year
Units earned under LTIP program (in shares)					133,673
Aggregate grant date fair value					$ 7.2
Two-year 2010 LTIP Program
Stock-based incentive plan awards
Performance period					2 years
Units earned under LTIP program (in shares)					337,006
Aggregate grant date fair value					$ 14.8
Three-year 2010 LTIP Program
Stock-based incentive plan awards
Performance period					3 years
Units earned under LTIP program (in shares)					489,654
Aggregate grant date fair value					$ 23.0
2011-2013 LTIP Program
Stock-based incentive plan awards
Units earned under LTIP program (in shares)					469,848
Aggregate grant date fair value					$ 35.0
2012-2014 LTIP Program
Stock-based incentive plan awards
Units earned under LTIP program (in shares)					401,203
Aggregate grant date fair value					$ 35.0
2013-2015 LTIP program
Stock-based incentive plan awards
Aggregate grant date fair value					29.5
2014-2016 LTIP program
Stock-based incentive plan awards
Aggregate grant date fair value					30.0
2015-2017 LTIP program
Stock-based incentive plan awards
Aggregate grant date fair value					$ 29.9

Investment in Unconsolidated Entities (Details 6) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments
Equity investment	$ 2,353,339	$ 2,378,800
Japan \| Mitsubishi Estate Co., Ltd. \| Premium Outlets
Schedule of Equity Method Investments
Joint venture ownership percentage	40.00%
Equity investment	$ 229,800	229,800
South Korea \| Shinsegae International Co \| Premium Outlets
Schedule of Equity Method Investments
Joint venture ownership percentage	50.00%
Equity investment	$ 110,400	$ 104,500

Real Estate Acquisitions and Dispositions (Details) $ in Thousands						3 Months Ended			6 Months Ended
	Jan. 15, 2015 USD ($) property	Apr. 10, 2014	Jan. 30, 2014 USD ($) a shares	Jan. 10, 2014 item property	Jan. 10, 2014 USD ($) item	Jun. 30, 2015 USD ($) property	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)
Real Estate Properties
Discontinued operations transaction expenses							$ 38,163			$ 38,163
Strip Center Business and Small Malls \| Spinoff
Real Estate Properties
Discontinued operations transaction expenses										$ 38,200
Ashford Designer Outlets \| European Joint Venture
Real Estate Properties
Joint venture ownership percentage before transaction		22.50%
Joint venture ownership percentage after transactions		45.00%
Jersey Gardens and University Park Village
Real Estate Properties
Number of properties in which interest is acquired \| property	2
Mortgage debt including debt premiums	$ 405,000
Ownership interests acquired (as a percent)	100.00%
Cash purchase price for acquisition	$ 677,900
Transaction costs									$ 4,400
Arizona Mills
Real Estate Properties
Area of land acquired (in acre) in Oyster Bay, New York \| a			39
Consideration paid			$ 145,800
Mortgage debt including debt premiums			$ 166,900
Gain due to acquisition of controlling interest								$ 2,700
Ownership interests acquired (as a percent)			50.00%
Ownership interest after acquisition (as a percent)			100.00%
Arizona Mills \| Operating Partnership
Real Estate Properties
Number of units issued in connection with acquisition of the remaining interest in Arizona Mills \| shares			555,150
Portfolio of ten properties
Real Estate Properties
Number of properties in which interest is acquired \| item					10
Consideration paid					$ 114,400
Number of partner's interest acquired \| item				1	1
Unconsolidated properties \| Retail properties \| Disposed by Sales
Real Estate Properties
Number of properties disposed of during the period \| property						2
Gain (loss) on disposition of interest in properties						$ 16,300
Consolidated properties \| Portfolio of ten properties
Real Estate Properties
Number of properties in which interest is acquired \| property				7

Equity (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Equity (Details 3) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Increase (Decrease) in Stockholders' Equity
Balance			$ 5,951,505
Redemption of limited partner units			(162,684)
Treasury stock purchase			(343,007)
LTIP units			23,640
Purchase and dispositions of noncontrolling interests, net and other			3,278
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests			(1,054,133)
Distributions to other noncontrolling interest partners			(2,080)
Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership			762,630
Balance	$ 5,179,149		5,179,149
Preferred Stock
Increase (Decrease) in Stockholders' Equity
Balance			44,062
Purchase and dispositions of noncontrolling interests, net and other			(164)
Balance	43,898		43,898
Preferred Stock \| Operating Partnership
Increase (Decrease) in Stockholders' Equity
Comprehensive income attributable to preferred interests			958
Common Stock.
Increase (Decrease) in Stockholders' Equity
Balance			31
Balance	31		31
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity
Balance			(61,041)
Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership			(185,534)
Balance	(246,575)		(246,575)
Capital in Excess of Par Value
Increase (Decrease) in Stockholders' Equity
Balance			9,422,237
Exchange of limited partner units for common shares			7,905
Redemption of limited partner units			(147,841)
Purchase and dispositions of noncontrolling interests, net and other			(6,263)
Adjustment to limited partners' interest from change in ownership in the Operating Partnership			81,529
Balance	9,357,567		9,357,567
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity
Balance			(4,208,183)
Purchase and dispositions of noncontrolling interests, net and other			(78)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests			(902,815)
Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership			836,787
Balance	(4,274,289)		(4,274,289)
Common Stock Held in Treasury
Increase (Decrease) in Stockholders' Equity
Balance			(103,929)
Treasury stock purchase			(343,007)
Purchase and dispositions of noncontrolling interests, net and other			9,185
Balance	(437,751)		(437,751)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance	828,618	$ 989,988	858,328	$ 973,226
Exchange of limited partner units for common shares	(56)	(279)	(7,905)	(1,190)
Redemption of limited partner units			(14,843)
LTIP units			23,640
Purchase and dispositions of noncontrolling interests, net and other	415	4,599	598	10,729
Adjustment to limited partners' interest from change in ownership in the Operating Partnership	(75,905)	(121,454)	(81,529)	(188,680)
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests			(151,318)
Distributions to other noncontrolling interest partners			(2,080)
Comprehensive income, excluding $958 attributable to preferred interests in the Operating Partnership			111,377
Balance	$ 736,268	$ 882,344	$ 736,268	$ 882,344

Significant Accounting Policies (Details 7) € in Millions, ¥ in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2015 EUR (€) DerivativeInstrument	Jun. 30, 2015 USD ($) DerivativeInstrument item	Jun. 30, 2015 JPY (¥) DerivativeInstrument item	Jun. 30, 2015 EUR (€) DerivativeInstrument item	Dec. 31, 2014 USD ($) DerivativeInstrument	Dec. 31, 2014 JPY (¥) DerivativeInstrument	Sep. 30, 2014 EUR (€)
Derivative financial instruments
Number of credit-risk-related hedging or derivative activities \| item		0	0	0
Gross accumulated other comprehensive income or loss related to derivative activities		$ 21.2			$ 45.8
Interest rate swap \| Designated as Hedging Instrument
Derivative financial instruments
Number of Instruments \| DerivativeInstrument		2	2	2	2	2
Notional Amount		$ 375.0			$ 375.0
Interest rate net, fair value		0.9			(1.2)
Interest rate swap \| Deferred costs and other assets \| Designated as Hedging Instrument
Derivative financial instruments
Interest rate derivative asset, fair value		1.6			0.9
Interest rate swap \| Other liabilities. \| Designated as Hedging Instrument
Derivative financial instruments
Interest rate derivative liabilities, fair value		0.6			2.1
USD-Yen currency forward contract \| Designated as Hedging Instrument
Derivative financial instruments
Notional Amount \| ¥			¥ 0.0			¥ 14.7
USD-Yen currency forward contract \| Deferred costs and other assets \| Designated as Hedging Instrument
Derivative financial instruments
Forward contract net, fair value					0.1
USD-Euro currency forward contract \| Designated as Hedging Instrument
Derivative financial instruments
Number of contracts settled \| DerivativeInstrument	1
Notional contract settled during period \| €	€ 50.0
Notional Amount \| €				€ 100.0			€ 150.0
USD-Euro currency forward contract \| Deferred costs and other assets \| Designated as Hedging Instrument
Derivative financial instruments
Forward contract net, fair value		$ 22.9			$ 19.1

Commitments and Contingencies (Details) - Opry Mills, Nashville, TN - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May. 31, 2010	Mar. 31, 2015
Insurance
Insurance proceeds funded by insurers	$ 50
Minimum insurance coverage	50
Additional insurance proceeds	$ 150
Positive Outcome of Litigation \| Maximum
Insurance
Summary judgment of additional insurance coverage available under excess insurance policy		$ 150

Significant Accounting Policies (Details 8) $ in Thousands		3 Months Ended		6 Months Ended
Significant Accounting Policies (Details 8) $ in Thousands	May. 28, 2014 USD ($) property	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)
Discontinued Operations
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off					$ 1,003,135
Transaction Expenses
Discontinued operations transaction expenses			$ 38,163		38,163
Spinoff \| Strip Center Business and Small Malls
Discontinued Operations
Number of properties merged under spin off into Washington Prime, an independent publicly traded REIT \| property	98
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off	$ 1,000,000
Transaction Expenses
Discontinued operations transaction expenses					38,200
Summarized financial information for discontinued operations
TOTAL REVENUE			104,683		262,652
Property operating			17,035		43,175
Depreciation and amortization			31,024		76,992
Real estate taxes			12,526		32,474
Repairs and maintenance			3,181		10,331
Advertising and promotion			1,388		3,340
Provision for credit losses			708		1,494
Other			910		2,028
Total operating expenses			66,772		169,834
OPERATING INCOME			37,911		92,818
Interest expense			(12,159)		(26,076)
Income and other taxes			(37)		(112)
Income from unconsolidated entities			307		652
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net					242
CONSOLIDATED NET INCOME			26,022		67,524
Net income attributable to noncontrolling interests			3,792		9,781
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS			22,230		57,743
Additional disclosures
Capital expenditures on a cash basis			$ 7,100		$ 31,900
Washington Prime Group Inc \| Transitional Services
Additional disclosures
Transition services fees earned		$ 1,600		$ 2,900
Washington Prime Group Inc \| Spinoff \| Strip Center Business and Small Malls
Additional disclosures
Term of property management agreement	2 years
Renewal term of property management agreement	1 year
Termination period of property management agreement	2 years
Period of prior written notice for termination of property management agreement	180 days
Termination period of transition services agreement	2 years
Minimum notice period for transition services agreement	180 days
Minimum notice period as percentage of original service period	50.00%
Exchange ratio of common shares for entity's stockholders to receive under spin off	0.50
Washington Prime Group Inc \| Minimum
Additional disclosures
Annual fixed rate property management fees (as a percent)				2.50%
Washington Prime Group Inc \| Maximum
Additional disclosures
Annual fixed rate property management fees (as a percent)				4.00%
Washington Prime Group LP \| Spinoff \| Strip Center Business and Small Malls
Additional disclosures
Exchange ratio of common units for entity's stockholders to receive under spin off	0.50

Per Share Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Per Share Data (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Per Share Data
Net Income attributable to Common Stockholders - Basic	$ 472,944	$ 406,587	$ 835,118	$ 748,235
Net Income attributable to Common Stockholders - Diluted	$ 472,944	$ 406,857	$ 835,118	$ 748,235
Weighted Average Number of Shares Outstanding - Basic and Diluted	310,498,911	310,743,242	310,798,814	310,683,240
Effect of dilutive securities:
Securities with dilutive effect	$ 0	$ 0	$ 0	$ 0

Investment in Unconsolidated Entities (Details) $ in Millions	Jun. 30, 2015 USD ($) property	Dec. 31, 2014 USD ($)
Schedule of Equity Method Investments
Total number of joint venture properties \| property	80
Construction and other related party loans
Schedule of Equity Method Investments
Loans to related party	$ 14.6	$ 14.9

Debt (Details) $ in Thousands			6 Months Ended	12 Months Ended
Debt (Details) $ in Thousands	Mar. 02, 2015 USD ($)	Jan. 15, 2015 USD ($) property	Jun. 30, 2015 USD ($) item property	Dec. 31, 2014 USD ($)
Debt
Total Mortgages and Other Indebtedness			$ 22,070,777	$ 20,852,993
Fair value of debt
Carrying value of fixed-rate mortgages and unsecured indebtedness			19,000,000	19,000,000
Fair value of fixed-rate mortgages and unsecured indebtedness			$ 20,135,000	$ 20,558,000
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages (as a percent)			2.77%	3.02%
Jersey Gardens and University Park Village
Debt
Number of properties in which interest is acquired \| property		2
Mortgage Maturing November 1, 2020 \| Jersey Gardens (The Mills at Jersey Gardens)
Debt
Total Mortgages and Other Indebtedness		$ 350,000
Interest rate on debt (as a percent)		3.83%
Mortgage Maturing May 1, 2028 \| University Park Village
Debt
Total Mortgages and Other Indebtedness		$ 55,000
Interest rate on debt (as a percent)		3.85%
Unsecured Debt \| Senior unsecured notes \| Operating Partnership
Debt
Total Mortgages and Other Indebtedness			$ 13,000,000
Interest rate on debt (as a percent)			5.10%
Debt repaid			$ 326,800
Unsecured Debt \| Credit Facility and the Supplemental Facility \| Operating Partnership
Debt
Available borrowing capacity			4,500,000
Maximum amount outstanding during period			1,800,000
Credit facility, weighted average amount outstanding			1,200,000
Letters of credit outstanding			$ 37,200
Number of credit facilities \| item			2
Unsecured Debt \| Credit Facility \| Operating Partnership
Debt
Credit facility, amount outstanding			$ 1,400,000
Maximum borrowing capacity			4,000,000
Optional expanded maximum borrowing capacity			$ 5,000,000
Additional facility fee (as a percent)			0.10%
Unsecured Debt \| Credit Facility \| Operating Partnership \| Euro
Debt
Credit facility, amount outstanding			$ 1,000,000
Unsecured Debt \| Credit Facility \| Operating Partnership \| Yen
Debt
Credit facility, amount outstanding			$ 181,500
Unsecured Debt \| Credit Facility \| Maximum \| Operating Partnership
Debt
Percentage of borrowings in currencies other than the U.S. Dollar			75.00%
Unsecured Debt \| Credit Facility \| LIBOR \| Operating Partnership
Debt
Interest added to reference rate (as a percent)			0.80%
Unsecured Debt \| Supplemental Facility \| Operating Partnership
Debt
Maximum borrowing capacity	$ 2,000,000
Unsecured Debt \| Amended Supplemental Facility \| Operating Partnership
Debt
Maximum borrowing capacity	2,750,000
Optional expanded maximum borrowing capacity	$ 3,500,000
Additional facility fee (as a percent)	0.10%
Unsecured Debt \| Amended Supplemental Facility \| LIBOR \| Operating Partnership
Debt
Interest added to reference rate (as a percent)	0.80%
Unsecured Debt \| Term loan
Debt
Total Mortgages and Other Indebtedness			$ 240,000
Unsecured Debt \| Commercial Paper \| Operating Partnership
Debt
Credit facility, amount outstanding			803,000
Maximum borrowing capacity	$ 500,000
Expanded maximum borrowing capacity	$ 1,000,000
Unsecured Debt \| Commercial Paper \| Operating Partnership \| USD
Debt
Credit facility, amount outstanding			$ 610,000
Weighted average interest rate (as a percent)			0.22%
Unsecured Debt \| Commercial Paper \| Operating Partnership \| Euro
Debt
Credit facility, amount outstanding			$ 193,000
Weighted average interest rate (as a percent)			0.05%
Secured Debt \| Mortgages
Debt
Total Mortgages and Other Indebtedness			$ 6,600,000	$ 6,200,000
Debt covenants
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers \| item			40
Number of properties secured by non-recourse mortgage notes \| property			54
Number of cross-defaulted and cross-collateralized mortgage pools \| item			5
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages \| property			21

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS:
Investment properties at cost	$ 32,898,773	$ 31,318,532
Less - accumulated depreciation	9,409,100	8,950,747
Investment properties, net	23,489,673	22,367,785
Cash and cash equivalents	565,657	612,282
Tenant receivables and accrued revenue, net	537,172	580,197
Investment in unconsolidated entities, at equity	2,353,339	2,378,800
Investment in Klepierre, at equity	1,803,746	1,786,477
Deferred costs and other assets	1,333,944	1,806,789
Total assets	30,083,531	29,532,330
LIABILITIES:
Mortgages and unsecured indebtedness	22,070,777	20,852,993
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,215,444	1,259,681
Cash distributions and losses in partnerships and joint ventures, at equity	1,344,028	1,167,163
Other liabilities	248,596	275,451
Total liabilities	$ 24,878,845	$ 23,555,288
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership	$ 25,537	$ 25,537
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $ 39,847	43,898	44,062
Capital in excess of par value	9,357,567	9,422,237
Accumulated deficit	(4,274,289)	(4,208,183)
Accumulated other comprehensive loss	(246,575)	(61,041)
Common stock held in treasury at cost, 5,397,729 and 3,540,754 shares, respectively	(437,751)	(103,929)
Total stockholders' equity	4,442,881	5,093,177
Noncontrolling interests	736,268	858,328
Total equity	5,179,149	5,951,505
Total liabilities and equity	30,083,531	29,532,330
Common stock
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Common stock	$ 31	$ 31
Class B common stock
Capital stock (850,000,000 total shares authorized, $ 0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Common stock

Commitments and Contingencies (Details 2) - Joint Venture Mortgage and Indebtedness - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Guarantees of Joint Venture Indebtedness:
Loan guarantee	$ 319.9	$ 223.5
Loan guarantees recoverable	$ 96.7	$ 78.7

Organization	6 Months Ended
Organization	Jun. 30, 2015
Organization
Organization	1. Organization Simon Property Group, Inc., or Simon, is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. REITs will generally not be liable for federal corporate income taxes as long as they continue to distribute not less than 100% of their taxable income. Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In these condensed notes to the unaudited consolidated financial statements, the terms "we", "us" and "our" refer to Simon, the Operating Partnership, and its subsidiaries. We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets®, and The Mills®. As of June 30, 2015, we owned or held an interest in 207 income-producing properties in the United States, which consisted of 110 malls, 68 Premium Outlets, 14 Mills, three community centers, and 12 other retail properties in 37 states and Puerto Rico. Internationally, as of June 30, 2015, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. As of June 30, 2015, we had a noncontrolling ownership interest in a joint venture that holds five outlet properties in Europe. Of the five properties, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. Additionally, as of June 30, 2015, as further discussed in Note 5, we owned a 20.3% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 16 countries in Europe.

Investment in Unconsolidated Entities (Details 4) $ in Millions	Jun. 30, 2015 USD ($) property	Dec. 31, 2014 USD ($)
Cost method investments
Cost method investments included in deferred costs and other assets \| $	$ 177.3	$ 167.1
Europe \| Value Retail PLC
Cost method investments
Number of luxury outlets owned and operated	9
Number of outlets in which the entity has a minority direct ownership	3
Cost method investments included in deferred costs and other assets \| $	$ 115.4	$ 115.4

Basis of Presentation (Details) - property	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Real Estate Properties
Total number of joint venture properties	80
Number of joint venture properties managed by the entity	58
Number of International joint venture properties	19
Number of joint venture properties managed by others	22
Ownership interest:
Ownership percentage in the Operating Partnership	85.70%	85.50%
European Joint Venture \| Premium Outlets
Real Estate Properties
Number of properties	5
Weighted average
Ownership interest:
Ownership percentage in the Operating Partnership	85.60%		85.50%
Wholly owned properties
Real Estate Properties
Number of properties	135
Partially owned properties
Real Estate Properties
Number of properties	13

Investment in Unconsolidated Entities (Details 5) - Pre-Development Europe Projects Joint Venture - Disposed by Sales $ in Millions	Mar. 19, 2015 USD ($)
Schedule of Equity Method Investments
Aggregate proceeds received	$ 19.0
Gain on disposal of equity method investment	8.3
Amounts reclassified from accumulated other comprehensive income (loss)	$ 0.8

Significant Accounting Policies (Details 2) - Recurring - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Level 2
Fair Value Measurements
Interest rate swap agreements and foreign currency forward contracts, gross liability balance	$ 0.7	$ 2.1
Interest rate swap agreements and foreign currency forward contracts, gross asset balance	24.5	$ 20.1
Level 3
Fair Value Measurements
Investments	$ 0.0

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2015
Basis of Presentation
Basis of Presentation	2. Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim period ended June 30, 2015, are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in our 2014 Annual Report on Form 10-K. As of June 30, 2015, we consolidated 135 wholly-owned properties and 13 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 80 properties, or the joint venture properties, as well as our investment in Klépierre, using the equity method of accounting, as we have determined we have significant influence over their operations. We manage the day-to-day operations of 58 of the 80 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, and the five European outlet properties comprise 19 of the remaining 22 properties. These international properties are managed locally by joint ventures in which we share control. Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests held by limited partners, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to us based on the partners' respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. Our weighted average ownership interest in the Operating Partnership was 85.6% and 85.5% for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015 and December 31, 2014, our ownership interest in the Operating Partnership was 85.7% and 85.5%, respectively. We adjust the noncontrolling limited partners' interests at the end of each period to reflect their interest in the net assets of the Operating Partnership.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Capital stock, total shares authorized	850,000,000	850,000,000
Capital stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Capital stock, shares of excess common stock	238,000,000	238,000,000
Capital stock, authorized shares of preferred stock	100,000,000	100,000,000
Preferred stock stated dividend rate percentage	8.375%	8.375%
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized	1,000,000	1,000,000
Series J 8 3/8% cumulative redeemable preferred stock, shares issued	796,948	796,948
Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding	796,948	796,948
Series J 8 3/8% cumulative redeemable preferred stock, liquidation value (in dollars)	$ 39,847	$ 39,847
Common stock held in treasury, shares	5,397,729	3,540,754
Common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	511,990,000	511,990,000
Common stock, shares issued	314,807,366	314,320,664
Common stock, shares outstanding	314,807,366	314,320,664
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000	10,000
Common stock, shares issued	8,000	8,000
Common stock, shares outstanding	8,000	8,000

Document and Entity Information - Jun. 30, 2015 - $ / shares	Total
Entity Registrant Name	SIMON PROPERTY GROUP INC /DE/
Entity Central Index Key	0001063761
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Common stock
Entity Common Stock, Shares Outstanding	309,409,637
Entity Listing, Par Value Per Share	$ 0.0001
Class B common stock
Entity Common Stock, Shares Outstanding	8,000
Entity Listing, Par Value Per Share	$ 0.0001

Significant Accounting Policies (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended	6 Months Ended
	Jun. 24, 2015	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Marketable and Non-Marketable Securities
Marketable Securities		$ 184,200	$ 184,200
Net unrealized gains (losses) recorded in other comprehensive income (loss)		1,700	1,700	$ 103,900
Carrying value of investments under the cost method		177,300	177,300	$ 167,100
Gain on sale of investment			80,187
Other-than-temporary non-cash charges			$ 0
Available for sale securities
Marketable and Non-Marketable Securities
Number of shares owned	5,710
Proceeds received from the sale of investments	$ 454,000
Available for sale securities \| Securities in captive insurance subsidiary portfolio \| Minimum
Marketable and Non-Marketable Securities
Investment maturity period			1 year
Available for sale securities \| Securities in captive insurance subsidiary portfolio \| Maximum
Marketable and Non-Marketable Securities
Investment maturity period			10 years
Available for sale securities \| Other Income.
Marketable and Non-Marketable Securities
Gain on sale of investment		$ 80,200	$ 80,200

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2015
Commitments and Contingencies.
Commitments and Contingencies	8. Commitments and Contingencies Litigation We are involved from time-to-time in various legal proceedings that arise in the ordinary course of our business, including, but not limited to commercial disputes, environmental matters, and litigation in connection with transactions including acquisitions and divestitures. We believe that such litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. In May 2010, Opry Mills sustained significant flood damage. Insurance proceeds of $50 million have been funded by the insurers and remediation work has been completed. The property was re-opened March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) denied the claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. In the first quarter of 2015, summary judgment was granted in our favor, concluding that up to $150 million of additional coverage is available under our excess insurance policy for this claim. In July 2015, trial on the damages portion of our claim began. We and our lenders are continuing our efforts through pending litigation to recover our losses, including consequential damages, under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurances can be made that our efforts to recover these funds will be successful. Guarantees of Indebtedness Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of June 30, 2015 and December 31, 2014, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $319.9 million and $223.5 million, respectively (of which we have a right of recovery from our joint venture partners of $96.7 million and $78.7 million, respectively). Mortgages guaranteed by us are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. Concentration of Credit Risk Our U.S. Malls, Premium Outlets, and The Mills rely heavily upon anchor tenants to attract customers; however anchor retailers do not contribute materially to our financial results as many anchor retailers own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues.

Real Estate Acquisitions and Dispositions	6 Months Ended
Real Estate Acquisitions and Dispositions	Jun. 30, 2015
Real Estate Acquisitions and Dispositions
Real Estate Acquisitions and Dispositions	9. Real Estate Acquisitions and Dispositions During the second quarter of 2015, we disposed of our interests in two unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $16.3 million. On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher Realty Trust for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million. We recorded the assets and liabilities of these properties at estimated fair value at the acquisition date, the majority of which was allocated to the investment property. The purchase price allocation is preliminary and subject to revision within the measurement period, not to exceed one year from the date of acquisition. On April 10, 2014, through a European joint venture, we acquired an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our percentage ownership to 45%. On January 30, 2014, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner, as well as approximately 39 acres of land in Oyster Bay, New York, for approximately $145.8 million, consisting of cash consideration and 555,150 units of the Operating Partnership. Arizona Mills is subject to a mortgage which was $166.9 million at the time of the acquisition. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. We now own 100% of this property. On January 10, 2014, we acquired one of our partner's interests in a portfolio of ten properties for approximately $114.4 million, seven of which were previously consolidated. Unless otherwise noted, gains and losses on the above transactions are included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We expense acquisition, potential acquisition and disposition related costs as they are incurred. We incurred $4.4 million in transaction costs during the first six months of 2015 in connection with the acquisitions of Jersey Gardens and University Park Village, which are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. We also incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime. Other than these transaction costs, we incurred a minimal amount of transaction expenses during the six months ended June 30, 2015 and 2014.

Investment in Unconsolidated Entities (Details 3) $ / shares in Units, $ in Thousands, € in Millions										1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 22, 2015 USD ($) property	Jul. 07, 2015 USD ($) shares	May. 11, 2015 USD ($) shares	Apr. 23, 2015 USD ($) ft²	Apr. 13, 2015 USD ($) property	Feb. 24, 2015 USD ($)	Jan. 15, 2015	Apr. 16, 2014 USD ($) property	Apr. 16, 2014 EUR (€) property	Dec. 31, 2014 USD ($)	Jun. 30, 2015 USD ($) property $ / shares shares	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) property $ / shares shares	Jun. 30, 2014 USD ($)	Dec. 31, 2015 property	Mar. 31, 2015
Schedule of Equity Method Investments
Share of net income, net of amortization of our excess investment											$ 70,196	$ 55,764	$ 135,068	$ 112,842
Equity investment										$ 2,378,800	2,353,339		2,353,339
Development project \| Brickell City Centre
Schedule of Equity Method Investments
Area of property (in square feet) \| ft²				500,000
Property ownership interest (as a percent)				25.00%
Estimated cost of project, including development fees				$ 100,000
Houston Galleria
Schedule of Equity Method Investments
Joint venture ownership percentage						50.40%
Houston Galleria \| Mortgages
Schedule of Equity Method Investments
Debt refinanced						$ 821,000
Interest rate on debt (as a percent)						5.44%
Houston Galleria \| Mortgage Maturing March 2025
Schedule of Equity Method Investments
Debt issued to refinance previous mortgage						$ 1,200,000
Interest rate on debt (as a percent)						3.55%
Hudson's Bay Company (HBC) Joint Venture
Schedule of Equity Method Investments
Committed amount to contribute	$ 100,000
Contributions for improvements to properties	1,000
Hudson's Bay Company (HBC) Joint Venture \| Maximum
Schedule of Equity Method Investments
Contribution to form joint venture	$ 178,500
Hudson's Bay Company (HBC) Joint Venture \| Hudson Bay Company
Schedule of Equity Method Investments
Number of properties contributed to form joint venture \| property	42
Hudson's Bay Company (HBC) Joint Venture \| Hudson Bay Company \| Forecast
Schedule of Equity Method Investments
Number of Kaufhof properties to be purchased by the joint venture \| property															40
Sears Joint Venture
Schedule of Equity Method Investments
Contribution to form joint venture					$ 114,000
Joint venture ownership percentage					50.00%
Sears Joint Venture \| Minimum
Schedule of Equity Method Investments
Percentage of property space subject to recapture					50.00%
Sears Joint Venture \| Sears
Schedule of Equity Method Investments
Number of properties contributed to form joint venture \| property					10
Number of property being leased back \| property					10
Joint venture ownership percentage					50.00%
Klepierre \| Corio
Schedule of Equity Method Investments
Ordinary share conversion ratio							1.14
European Joint Venture
Schedule of Equity Method Investments
Equity investment										$ 677,100	$ 605,800		$ 605,800
European Joint Venture \| Minimum
Schedule of Equity Method Investments
Joint venture ownership percentage											45.00%		45.00%
European Joint Venture \| Maximum
Schedule of Equity Method Investments
Joint venture ownership percentage											90.00%		90.00%
European Joint Venture \| Roermond Designer Outlet
Schedule of Equity Method Investments
Joint venture ownership percentage										90.00%
European Joint Venture \| Roermond Designer Outlet \| Mortgage Maturing 2017
Schedule of Equity Method Investments
Debt refinanced										$ 85,100
Interest rate on debt (as a percent)										5.12%
European Joint Venture \| Roermond Designer Outlet \| Mortgage Maturing 2021
Schedule of Equity Method Investments
Debt issued to refinance previous mortgage										$ 218,900
Interest rate on debt (as a percent)										1.86%
European Joint Venture \| Premium Outlets
Schedule of Equity Method Investments
Number of properties \| property											5		5
European Joint Venture \| Development project
Schedule of Equity Method Investments
Number of properties \| property											1		1
Seritage Growth Properties
Schedule of Equity Method Investments
Additional shares acquired (in shares) \| shares		1,125,760
Payments to acquire equity method investment		$ 33,000
Europe \| Klepierre
Schedule of Equity Method Investments
Shares owned \| shares											63,924,148		63,924,148
Joint venture ownership percentage			20.30%							28.90%	20.30%		20.30%			18.30%
Quoted market price per share (in dollars per share) \| $ / shares											$ 44.29		$ 44.29
Additional shares acquired (in shares) \| shares			6,290,000
Payments to acquire equity method investment			$ 279,400
Share of net income, net of amortization of our excess investment													$ 9,600	135,900
Total revenues													740,300	654,800
Total operating income													277,600	281,100
Consolidated net income													$ 96,900	$ 1,200,000
Europe \| Klepierre \| Disposed by Sales
Schedule of Equity Method Investments
Number of properties disposed of during the period \| property								126	126
Total gross consideration \| €									€ 1,980
Group's share of total consideration \| €									€ 1,650
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net								$ 133,900

Organization (Details)	Jun. 30, 2015 state country property	May. 11, 2015	Mar. 31, 2015	Dec. 31, 2014
Premium Outlets \| European Joint Venture
Real Estate Properties
Number of properties	5
U.S. and Puerto Rico
Real Estate Properties
Number of properties	207
Number of U.S. states containing property locations \| state	37
U.S. and Puerto Rico \| Malls
Real Estate Properties
Number of properties	110
U.S. and Puerto Rico \| Premium Outlets
Real Estate Properties
Number of properties	68
U.S. and Puerto Rico \| The Mills
Real Estate Properties
Number of properties	14
U.S. and Puerto Rico \| Community Centers
Real Estate Properties
Number of properties	3
U.S. and Puerto Rico \| Other
Real Estate Properties
Number of properties	12
Japan \| Premium Outlets
Real Estate Properties
Number of properties	9
South Korea \| Premium Outlets
Real Estate Properties
Number of properties	3
Canada \| Premium Outlets
Real Estate Properties
Number of properties	2
Mexico \| Premium Outlets
Real Estate Properties
Number of properties	1
Malaysia \| Premium Outlets
Real Estate Properties
Number of properties	1
Europe \| Klepierre
Real Estate Properties
Joint venture ownership percentage	20.30%	20.30%	18.30%	28.90%
Number of countries \| country	16
Italy \| Premium Outlets
Real Estate Properties
Number of properties	2
Austria \| Premium Outlets
Real Estate Properties
Number of properties	1
Netherlands \| Premium Outlets
Real Estate Properties
Number of properties	1
United Kingdom \| Premium Outlets
Real Estate Properties
Number of properties	1