Investments in Unconsolidated Entities and International Investments (Tables)

9 Months Ended

Sep. 30, 2024

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

	September 30,		December 31,
	2024		2023
Assets:
Investment properties, at cost	$	19,550,692	$	19,315,578
Less - accumulated depreciation		9,183,068		8,874,745
		10,367,624		10,440,833
Cash and cash equivalents		1,260,075		1,372,377
Tenant receivables and accrued revenue, net		503,076		505,933
Right-of-use assets, net		117,035		126,539
Deferred costs and other assets		566,932		537,943
Total assets	$	12,814,742	$	12,983,625
Liabilities and Partners’ Deficit:
Mortgages	$	14,104,896	$	14,282,839
Accounts payable, accrued expenses, intangibles, and deferred revenue		974,080		1,032,217
Lease liabilities		107,418		116,535
Other liabilities		380,694		368,582
Total liabilities		15,567,088		15,800,173
Preferred units		67,450		67,450
Partners’ deficit		(2,819,796)		(2,883,998)
Total liabilities and partners’ deficit	$	12,814,742	$	12,983,625
Our Share of:
Partners’ deficit	$	(1,194,144)	$	(1,258,809)
Add: Excess Investment		1,109,624		1,173,852
Our net (deficit) Investment in unconsolidated entities, at equity	$	(84,520)	$	(84,957)

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

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
REVENUE:
Lease income	$	763,185	$	743,388	$	2,257,101	$	2,212,197
Other income		92,151		129,021		277,915		357,261
Total revenue		855,336		872,409		2,535,016		2,569,458
OPERATING EXPENSES:
Property operating		171,027		165,406		494,210		475,364
Depreciation and amortization		155,472		159,560		473,394		483,361
Real estate taxes		56,683		63,607		180,967		192,550
Repairs and maintenance		17,382		19,034		55,016		55,452
Advertising and promotion		20,098		19,188		63,292		58,702
Other		53,225		63,696		161,735		180,213
Total operating expenses		473,887		490,491		1,428,614		1,445,642
Operating Income Before Other Items		381,449		381,918		1,106,402		1,123,816
Interest expense		(176,583)		(172,523)		(532,692)		(508,230)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		19,395		—		20,529
Net Income	$	204,866	$	228,790	$	573,710	$	636,115
Third-Party Investors’ Share of Net Income	$	104,298	$	124,272	$	291,517	$	329,338
Our Share of Net Income		100,568		104,518		282,193		306,777
Amortization of Excess Investment		(14,404)		(14,933)		(43,564)		(44,781)
Our Share of Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		—		—		(454)
Income from Unconsolidated Entities	$	86,164	$	89,585	$	238,629	$	261,542

TRG

Schedule of financial information of other platform investments

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Total revenues	$	181,214	$	170,475	$	522,743	$	503,300
Operating income before other items		74,835		64,134		208,902		200,828
Consolidated net income (loss)		45,448		(79,515)		195,266		(8,840)
Our share of net income (loss)		37,829		(64,927)		163,408		(9,863)
Amortization of excess investment		(49,299)		28,883		(212,081)		(65,897)

Other Platform Investments

Schedule of financial information of other platform investments

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Total revenues	$	2,657,141	$	3,265,353	$	8,075,212	$	9,414,604
Operating (loss) income before other items		(74,524)		257,104		(343,127)		342,353
Consolidated net (loss) income		(109,444)		136,745		(507,154)		8,379
Share of net (loss) income, net of tax		(20,315)		11,615		(118,137)		(18,122)
Amortization of excess investment		(692)		(1,665)		(2,076)		(4,994)

Europe | Klepierre

Schedule of financial information of other platform investments

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Total revenues	$	349,975	$	321,558	$	1,040,620	$	995,534
Operating income before other items		162,437		131,041		485,937		450,466
Consolidated net income		124,455		94,035		319,002		268,335
Our share of net income		13,900		25,422		56,156		53,276
Amortization of excess investment		(3,309)		(3,300)		(11,857)		(9,855)