Investment in Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2016

Investment in Unconsolidated Entities

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

	September 30,		December 31,
	2016		2015
Assets:
Investment properties, at cost	$	17,500,339	$	17,186,884
Less - accumulated depreciation		5,890,642		5,780,261
		11,609,697		11,406,623
Cash and cash equivalents		787,140		818,805
Tenant receivables and accrued revenue, net		339,807		354,133
Deferred costs and other assets		356,659		482,024
Total assets	$	13,093,303	$	13,061,585
Liabilities and Partners’ Deficit:
Mortgages	$	14,117,650	$	13,827,215
Accounts payable, accrued expenses, intangibles, and deferred revenue		871,497		985,159
Other liabilities		384,632		468,005
Total liabilities		15,373,779		15,280,379
Preferred units		67,450		67,450
Partners’ deficit		(2,347,926)		(2,286,244)
Total liabilities and partners’ deficit	$	13,093,303	$	13,061,585
Our Share of:
Partners’ deficit	$	(990,453)	$	(854,562)
Add: Excess Investment		1,828,949		1,788,749
Our net Investment in unconsolidated entities, at equity	$	838,496	$	934,187

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

	For The Three				For The Nine
	Months Ended				Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
REVENUE:
Minimum rent	$	454,315	$	447,790	$	1,351,429	$	1,325,056
Overage rent		45,064		43,669		141,591		136,191
Tenant reimbursements		222,788		203,832		645,994		597,461
Other income		55,558		55,060		169,044		170,600
Total revenue		777,725		750,351		2,308,058		2,229,308
OPERATING EXPENSES:
Property operating		139,224		135,467		401,718		398,528
Depreciation and amortization		153,420		145,351		434,620		435,615
Real estate taxes		60,853		57,767		181,790		172,818
Repairs and maintenance		17,795		15,919		56,029		53,365
Advertising and promotion		18,884		20,395		62,190		54,485
(Recovery of) Provision for credit losses		(133)		(212)		5,441		2,937
Other		44,972		38,861		133,652		122,214
Total operating expenses		435,015		413,548		1,275,440		1,239,962
Operating Income		342,710		336,803		1,032,618		989,346
Interest expense		(149,704)		(147,333)		(444,485)		(443,396)
Gain on sale or disposal of assets and interests in unconsolidated entities, net		40,529		—		101,051		35,779
Net Income	$	233,535	$	189,470	$	689,184	$	581,729
Third-Party Investors’ Share of Net Income	$	118,291	$	95,018	$	337,491	$	296,896
Our Share of Net Income		115,244		94,452		351,693		284,833
Amortization of Excess Investment		(21,901)		(22,884)		(70,671)		(71,426)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		(20,149)		—		(22,636)		(16,339)
Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements		—		—		(36,153)		—
Income from Unconsolidated Entities	$	73,194	$	71,568	$	222,233	$	197,068