XML 99 R79.htm IDEA: XBRL DOCUMENT v3.20.4
Investments in Unconsolidated Joint Ventures - Schedules of Combined Financial Statements for the Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Assets        
Commercial real estate property, net $ 5,399,002 $ 6,724,007    
Cash and restricted cash 266,059 166,070 $ 129,475  
Tenant and other receivables, related party receivables, and deferred rents receivable 44,507 43,968    
Debt and preferred equity investments 1,076,542 1,580,306    
Other assets 448,213 332,801    
Total assets [1] 11,707,567 12,766,320    
Liabilities and equity        
Mortgages and other loans payable, net 1,979,972 2,183,253    
Lease liabilities 339,458 381,671    
Other liabilities 302,798 177,080    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 4,935,795 5,517,198 5,947,855 $ 6,589,454
Total liabilities and equity/capital 11,707,567 12,766,320    
Company's investments in unconsolidated joint ventures 3,823,322 2,912,842    
Investments difference between carrying amount and underlying equity 170,600      
Combined statements of income for the unconsolidated joint ventures        
Total revenues 1,052,744 1,238,995 1,227,392  
Real estate taxes 176,315 190,764 186,351  
Interest expense before capitalized interest 185,934 246,848 236,719  
Amortization of deferred financing costs 11,794 11,653 12,408  
Transaction related costs 503 729 1,099  
Depreciation and amortization 313,668 272,358 279,507  
Total expenses 958,326 1,034,764 1,049,816  
Net income 414,758 291,487 270,856  
Company's equity in net (loss) income from unconsolidated joint ventures (25,195) (34,518) 7,311  
Joint venture        
Assets        
Commercial real estate property, net 16,143,880 14,349,628    
Cash and restricted cash 357,076 336,189    
Tenant and other receivables, related party receivables, and deferred rents receivable 403,883 371,065    
Other assets 2,001,612 2,039,429    
Total assets 18,906,451 17,096,311    
Liabilities and equity        
Mortgages and other loans payable, net 9,749,204 8,951,869    
Deferred revenue 1,341,571 1,501,616    
Lease liabilities 1,002,563 897,380    
Other liabilities 464,107 308,304    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 6,349,006 5,437,142    
Total liabilities and equity/capital 18,906,451 17,096,311    
Company's investments in unconsolidated joint ventures 3,823,322      
Combined statements of income for the unconsolidated joint ventures        
Total revenues 1,133,217 1,163,534 1,244,804  
Operating expenses 180,201 202,881 219,440  
Real estate taxes 220,633 212,355 226,961  
Operating lease, rent 24,134 24,816 18,697  
Interest expense before capitalized interest 325,500 372,408 363,055  
Amortization of deferred financing costs 20,427 19,336 21,634  
Transaction related costs 0 0 0  
Depreciation and amortization 407,834 407,697 421,458  
Total expenses 1,178,729 1,239,493 1,271,245  
Loss on early extinguishment of debt (194) (1,031) 0  
Net income (45,706) (76,990) (26,441)  
Company's equity in net (loss) income from unconsolidated joint ventures (25,195) (34,518) 7,311  
Management Service, Base | Joint venture        
Investment in Unconsolidated Joint Ventures        
Management fees, base revenue $ 15,800 $ 13,000 $ 14,200  
[1] (1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $41.2 million and $205.2 million of land, $57.9 million and $481.9 million of building and improvements, $2.0 million and $2.0 million of building and leasehold improvements, $37.8 million and $61.7 million of right of use assets, $10.3 million and $17.6 million of accumulated depreciation, $289.5 million and $169.5 million of other assets included in other line items, $94.0 million and $457.1 million of real estate debt, net, $0.7 million and $1.2 million of accrued interest payable, $29.9 million and $57.7 million of lease liabilities, and $56.6 million and $43.7 million of other liabilities included in other line items as of December 31, 2020 and December 31, 2019, respectively.