Investments in Unconsolidated Entities and International Investments (Tables)

6 Months Ended

Jun. 30, 2024

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

	June 30,		December 31,
	2024		2023
Assets:
Investment properties, at cost	$	19,140,474	$	19,315,578
Less - accumulated depreciation		8,955,109		8,874,745
		10,185,365		10,440,833
Cash and cash equivalents		1,196,158		1,372,377
Tenant receivables and accrued revenue, net		450,435		505,933
Right-of-use assets, net		110,547		126,539
Deferred costs and other assets		570,976		537,943
Total assets	$	12,513,481	$	12,983,625
Liabilities and Partners’ Deficit:
Mortgages	$	14,006,373	$	14,282,839
Accounts payable, accrued expenses, intangibles, and deferred revenue		867,192		1,032,217
Lease liabilities		101,039		116,535
Other liabilities		369,833		368,582
Total liabilities		15,344,437		15,800,173
Preferred units		67,450		67,450
Partners’ deficit		(2,898,406)		(2,883,998)
Total liabilities and partners’ deficit	$	12,513,481	$	12,983,625
Our Share of:
Partners’ deficit	$	(1,218,503)	$	(1,258,809)
Add: Excess Investment		1,118,300		1,173,852
Our net (deficit) Investment in unconsolidated entities, at equity	$	(100,203)	$	(84,957)

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

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
REVENUE:
Lease income	$	741,887	$	733,761	$	1,493,917	$	1,468,809
Other income		94,773		138,193		185,764		228,239
Total revenue		836,660		871,954		1,679,681		1,697,048
OPERATING EXPENSES:
Property operating		162,138		155,036		323,183		309,958
Depreciation and amortization		158,107		159,329		317,921		323,802
Real estate taxes		61,104		64,939		124,284		128,943
Repairs and maintenance		18,142		17,643		37,634		36,418
Advertising and promotion		21,532		18,804		43,195		39,514
Other		53,630		63,208		108,510		116,516
Total operating expenses		474,653		478,959		954,727		955,151
Operating Income Before Other Items		362,007		392,995		724,954		741,897
Interest expense		(179,359)		(167,498)		(356,110)		(335,706)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		1,134		—		1,134
Net Income	$	182,648	$	226,631	$	368,844	$	407,325
Third-Party Investors’ Share of Net Income	$	92,849	$	114,808	$	187,219	$	205,067
Our Share of Net Income		89,799		111,823		181,625		202,258
Amortization of Excess Investment		(14,463)		(14,928)		(29,160)		(29,848)
Our Share of Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		(454)		—		(454)
Income from Unconsolidated Entities	$	75,336	$	96,441	$	152,465	$	171,956

TRG

Summary of financial information of other platform investments

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Total revenues	$	164,104	$	163,097	$	341,529	$	332,825
Operating income before other items		60,115		61,916		134,067		136,694
Consolidated net income		24,892		25,722		149,818		70,675
Our share of net income		20,789		20,216		125,579		55,064
Amortization of excess investment		(57,206)		(47,390)		(162,782)		(94,780)

Other Platform Investments

Summary of financial information of other platform investments

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Total revenues	$	2,660,987	$	3,192,530	$	5,418,071	$	6,149,251
Operating (loss) income before other items		(31,530)		103,118		(277,327)		85,250
Consolidated net loss		(77,036)		(9,401)		(397,710)		(128,366)
Share of net income, net of tax		(10,776)		8,053		(97,821)		(29,736)
Amortization of our excess investment		(692)		(1,665)		(1,384)		(3,329)

Europe | Klepierre

Summary of financial information of other platform investments

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Total revenues	$	360,039	$	351,419	$	690,645	$	673,976
Operating income before other items		194,904		214,117		323,501		319,425
Consolidated net income		90,986		91,580		194,547		174,300
Our share of net income		23,343		9,996		42,256		27,854
Amortization of excess investment		(5,272)		(3,301)		(8,548)		(6,554)