Investment in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2018

Investment in Unconsolidated Entities

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

	March 31,		December 31,
	2018		2017
Assets:
Investment properties, at cost	$	18,514,552	$	18,328,747
Less - accumulated depreciation		6,508,984		6,371,363
		12,005,568		11,957,384
Cash and cash equivalents		963,029		956,084
Tenant receivables and accrued revenue, net		382,153		403,125
Deferred costs and other assets		361,497		355,585
Total assets	$	13,712,247	$	13,672,178
Liabilities and Partners’ Deficit:
Mortgages	$	14,886,840	$	14,784,310
Accounts payable, accrued expenses, intangibles, and deferred revenue		930,075		1,033,674
Other liabilities		392,747		365,857
Total liabilities		16,209,662		16,183,841
Preferred units		67,450		67,450
Partners’ deficit		(2,564,865)		(2,579,113)
Total liabilities and partners’ deficit	$	13,712,247	$	13,672,178
Our Share of:
Partners’ deficit	$	(1,136,015)	$	(1,144,620)
Add: Excess Investment		1,721,330		1,733,063
Our net Investment in unconsolidated entities, at equity	$	585,315	$	588,443

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

	For The Three
	Months Ended
	March 31,
	2018		2017
REVENUE:
Minimum rent	$	475,956	$	451,055
Overage rent		59,661		51,369
Tenant reimbursements		223,490		215,780
Other income		81,108		64,327
Total revenue		840,215		782,531
OPERATING EXPENSES:
Property operating		146,293		132,985
Depreciation and amortization		159,836		153,455
Real estate taxes		68,267		66,583
Repairs and maintenance		23,196		20,230
Advertising and promotion		24,224		22,198
Provision for credit losses		6,501		3,777
Other		49,732		43,355
Total operating expenses		478,049		442,583
Operating Income		362,166		339,948
Interest expense		(150,932)		(142,204)
Net Income	$	211,234	$	197,744
Third-Party Investors’ Share of Net Income	$	106,183	$	99,686
Our Share of Net Income		105,051		98,058
Amortization of Excess Investment		(21,527)		(22,457)
Income from Unconsolidated Entities	$	83,524	$	75,601