UNCONSOLIDATED REAL ESTATE AFFILIATES (Tables)

6 Months Ended

Jun. 30, 2012

UNCONSOLIDATED REAL ESTATE AFFILIATES

Schedule of Condensed Combined Balance Sheets and Income Statements - Unconsolidated Real Estate Affiliates

	June 30,			December 31,
	2012			2011
Condensed Combined Balance Sheets - Unconsolidated Real Estate Affiliates
Assets:
Land	$	956,517		$	953,603
Buildings and equipment	7,571,395			7,906,346
Less accumulated depreciation	(1,973,119		)	(1,950,860		)
Construction in progress	111,167			99,352
Net property and equipment	6,665,960			7,008,441
Investments in unconsolidated joint ventures	1,168,933			758,372
Net investment in real estate	7,834,893			7,766,813
Cash and cash equivalents	283,175			387,549
Accounts and notes receivable, net	152,447			162,822
Deferred expenses, net	331,730			250,865
Prepaid expenses and other assets	145,943			143,021
Total assets	$	8,748,188		$	8,711,070
Liabilities and Owners’ Equity:
Mortgages, notes and loans payable	$	6,140,261		$	5,790,509
Accounts payable, accrued expenses and other liabilities	501,212			446,462
Owners’ equity	2,106,715			2,474,099
Total liabilities and owners’ equity	$	8,748,188		$	8,711,070
Investment In and Loans To/From Unconsolidated Real Estate Affiliates, Net:
Owners’ equity	$	2,106,715		$	2,474,099
Less joint venture partners’ equity	(1,221,512		)	(1,417,682		)
Capital or basis differences	1,898,337			1,996,556
Investment in and loans to/from Unconsolidated Real Estate Affiliates, net	$	2,783,540		$	3,052,973

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Condensed Combined Statements of Income - Unconsolidated Real Estate Affiliates
Revenues:
Minimum rents	$	190,743		$	173,717		$	384,977		$	353,908
Tenant recoveries	73,364			72,699			150,292			147,034
Overage rents	4,628			3,352			10,955			7,258
Management and other fees	7,284			5,129			12,142			8,775
Other	9,568			6,083			32,387			14,450
Total revenues	285,587			260,980			590,753			531,425
Expenses:
Real estate taxes	23,645			22,628			47,931			45,843
Property maintenance costs	8,715			8,901			18,814			20,077
Marketing	3,428			3,075			6,814			6,414
Other property operating costs	31,443			40,102			78,329			78,710
Provision for doubtful accounts	81			1,425			768			3,849
Property management and other costs(1)	12,035			11,207			24,725			22,545
General and administrative(2)	9,501			10,177			20,097			14,264
Depreciation and amortization	66,650			65,511			138,787			131,254
Total expenses	155,498			163,026			336,265			322,956
Operating income	130,089			97,954			254,488			208,469
Interest income	3,490			7,912			5,714			10,333
Interest expense	(87,385		)	(92,583		)	(168,818		)	(174,911		)
Provision for income taxes	(232		)	(177		)	(451		)	(372		)
Equity in income (loss) of unconsolidated joint ventures	11,120			3,042			17,914			18,235
Income from continuing operations	57,082			16,148			108,847			61,754
Discontinued operations	(14		)	3,238			(941		)	112,184
Allocation to noncontrolling interests	(839		)	(574		)	(732		)	(2,976		)
Net income attributable to the ventures	$	56,229		$	18,812		$	107,174		$	170,962
Equity In Income (Loss) of Unconsolidated Real Estate Affiliates:
Net income attributable to the ventures	$	56,229		$	18,812		$	107,174		$	170,962
Joint venture partners’ share of income	(33,860		)	(10,050		)	(64,954		)	(91,144		)
Amortization of capital or basis differences	(10,526		)	(18,195		)	(24,425		)	(92,184		)
Equity in income (loss) of Unconsolidated Real Estate Affiliates	$	11,843		$	(9,433	)	$	17,795		$	(12,366	)

(1) Property management and other costs primarily consists of management, leasing and financing fees as described in Note 2.

(2) General and administrative primarily includes administrative expenses of our Brazil joint venture.