Investments in Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2015

Investment in Unconsolidated Entities

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

	September 30, 2015			December 31, 2014
Assets:
Investment properties, at cost	$	16,998,613		$	16,087,282
Less — accumulated depreciation		5,745,006			5,457,899
		11,253,607			10,629,383
Cash and cash equivalents		854,397			993,178
Tenant receivables and accrued revenue, net		335,259			362,201
Investment in unconsolidated entities, at equity		—			11,386
Deferred costs and other assets		554,938			536,600
Total assets	$	12,998,201		$	12,532,748
Liabilities and Partners' Deficit:
Mortgages	$	13,932,542		$	13,272,557
Accounts payable, accrued expenses, intangibles, and deferred revenue		951,901			1,015,334
Other liabilities		385,277			493,718
Total liabilities		15,269,720			14,781,609
Preferred units		67,450			67,450
Partners' deficit		(2,338,969	)		(2,316,311	)
Total liabilities and partners' deficit	$	12,998,201		$	12,532,748
Our Share of:
Partners' deficit	$	(875,336	)	$	(663,700	)
Add: Excess Investment		1,809,694			1,875,337
Our net Investment in unconsolidated entities, at equity	$	934,358		$	1,211,637

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

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2015			2014			2015			2014
Revenue:
Minimum rent	$	447,790		$	436,580		$	1,325,056		$	1,289,263
Overage rent		43,669			42,760			136,191			133,146
Tenant reimbursements		203,832			202,973			597,461			588,772
Other income		55,060			54,157			170,600			228,793
Total revenue		750,351			736,470			2,229,308			2,239,974
Operating Expenses:
Property operating		135,467			141,083			398,528			434,147
Depreciation and amortization		145,351			147,946			435,615			442,141
Real estate taxes		57,767			59,934			172,818			167,523
Repairs and maintenance		15,919			16,289			53,365			51,874
Advertising and promotion		20,395			18,535			54,485			54,458
(Recovery of) provision for credit losses		(212	)		210			2,937			4,288
Other		38,861			43,760			122,214			141,243
Total operating expenses		413,548			427,757			1,239,962			1,295,674
Operating Income		336,803			308,713			989,346			944,300
Interest expense		(147,333	)		(147,817	)		(443,396	)		(449,512	)
Income from Continuing Operations		189,470			160,896			545,950			494,788
Income from operations of discontinued joint venture interests		—			—			—			5,079
Gain on sale or disposal of assets and interests in unconsolidated entities		—			—			35,779			—
Net Income	$	189,470		$	160,896		$	581,729		$	499,867
Third-Party Investors' Share of Net Income	$	95,018		$	81,810		$	296,896		$	259,340
Our Share of Net Income		94,452			79,086			284,833			240,527
Amortization of Excess Investment		(22,884	)		(26,187	)		(71,426	)		(76,168	)
Our Share of Loss from Unconsolidated Discontinued Operations		—			—			—			(652	)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		—			—			(16,339	)		—
Income from Unconsolidated Entities	$	71,568		$	52,899		$	197,068		$	163,707