Investments in Unconsolidated Entities and International Investments (Tables)

3 Months Ended

Mar. 31, 2024

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

	March 31,		December 31,
	2024		2023
Assets:
Investment properties, at cost	$	19,151,115	$	19,315,578
Less - accumulated depreciation		8,859,314		8,874,745
		10,291,801		10,440,833
Cash and cash equivalents		1,331,870		1,372,377
Tenant receivables and accrued revenue, net		458,425		505,933
Right-of-use assets, net		117,569		126,539
Deferred costs and other assets		568,838		537,943
Total assets	$	12,768,503	$	12,983,625
Liabilities and Partners’ Deficit:
Mortgages	$	14,056,723	$	14,282,839
Accounts payable, accrued expenses, intangibles, and deferred revenue		956,184		1,032,217
Lease liabilities		107,873		116,535
Other liabilities		363,647		368,582
Total liabilities		15,484,427		15,800,173
Preferred units		67,450		67,450
Partners’ deficit		(2,783,374)		(2,883,998)
Total liabilities and partners’ deficit	$	12,768,503	$	12,983,625
Our Share of:
Partners’ deficit	$	(1,195,321)	$	(1,258,809)
Add: Excess Investment		1,140,083		1,173,852
Our net (deficit) Investment in unconsolidated entities, at equity	$	(55,238)	$	(84,957)

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

	For the Three Months Ended
	March 31,
	2024		2023
REVENUE:
Lease income	$	752,030	$	735,048
Other income		90,992		90,046
Total revenue		843,022		825,094
OPERATING EXPENSES:
Property operating		161,044		154,922
Depreciation and amortization		159,815		164,473
Real estate taxes		63,180		64,004
Repairs and maintenance		19,492		18,774
Advertising and promotion		21,663		20,710
Other		54,881		53,310
Total operating expenses		480,075		476,193
Operating Income Before Other Items		362,947		348,901
Interest expense		(176,751)		(168,206)
Net Income	$	186,196	$	180,695
Third-Party Investors’ Share of Net Income	$	94,370	$	90,259
Our Share of Net Income		91,826		90,436
Amortization of Excess Investment		(14,697)		(14,921)
Income from Unconsolidated Entities	$	77,129	$	75,515

TRG

Summary of financial information of other platform investments

	For the Three Months Ended
	March 31,
	2024		2023
Total revenues	$	177,425	$	169,728
Operating income before other items		73,952		74,778
Consolidated net income		124,926		44,953
Our share of net income		104,790		34,848
Amortization of excess investment		(105,576)		(47,390)

Other Platform Investments

Summary of financial information of other platform investments

	For the Three Months Ended
	March 31,
	2024		2023
Total revenues	$	2,757,083	$	2,956,722
Operating loss before other items		(237,072)		(17,869)
Consolidated net loss		(320,674)		(118,966)
Our share of net loss		(87,046)		(37,789)
Amortization of excess investment		(692)		(1,665)

Europe | Klepierre

Summary of financial information of other platform investments

	For the Three Months Ended
	March 31,
	2024		2023
Total revenues	$	330,606	$	322,557
Operating income before other items		128,597		105,308
Consolidated net income		103,561		82,719
Our share of net income		18,913		17,858
Amortization of excess investment		(3,276)		(3,253)