	March 31,			December 31,
	2013			2012
	(Dollars in thousands)
Condensed Combined Balance Sheets - Unconsolidated Real Estate Affiliates
Assets:
Land	$	1,012,137		$	960,335
Buildings and equipment	8,297,631			7,658,965
Less accumulated depreciation	(2,149,603		)	(2,080,361		)
Construction in progress	193,139			173,419
Net property and equipment	7,353,304			6,712,358
Investments in unconsolidated joint ventures	711,200			1,201,044
Net investment in real estate	8,064,504			7,913,402
Cash and cash equivalents	363,581			485,387
Accounts and notes receivable, net	153,056			167,548
Deferred expenses, net	239,742			298,050
Prepaid expenses and other assets	149,610			140,229
Total assets	$	8,970,493		$	9,004,616

Liabilities and Owners’ Equity:
Mortgages, notes and loans payable	$	6,557,943		$	6,463,377
Accounts payable, accrued expenses and other liabilities	411,219			509,064
Cumulative effect of foreign currency translation (“CFCT”)	(122,779		)	(158,195		)
Owners’ equity, excluding CFCT	2,124,110			2,190,370
Total liabilities and owners’ equity	$	8,970,493		$	9,004,616

Investment In and Loans To/From Unconsolidated Real Estate Affiliates, Net:
Owners’ equity	$	2,001,331		$	2,032,175
Less: joint venture partners’ equity	(1,130,393		)	(1,105,457		)
Plus: excess investment/basis differences*	1,984,100			1,939,153
Investment in and loans to/from Unconsolidated Real Estate Affiliates, net	$	2,855,038		$	2,865,871

Reconciliation - Investment In and Loans To/From Unconsolidated Real Estate Affiliates:
Asset - Investment in and loans to/from Unconsolidated Real Estate Affiliates	$	2,870,477		$	2,865,871
Liability - Investment in and loans to/from Unconsolidated Real Estate Affiliates	(15,439		)	—
Investment in and loans to/from Unconsolidated Real Estate Affiliates, net	$	2,855,038		$	2,865,871

*Includes gain on investment in Aliansce of $3.4 million.

	Three Months Ended March 31,
	2013			2012
	(Dollars in thousands)
Condensed Combined Statements of Income - Unconsolidated Real Estate Affiliates
Revenues:
Minimum rents	$	199,518		$	194,234
Tenant recoveries	76,129			76,928
Overage rents	7,842			6,327
Management and other fees(1)	4,916			4,858
Other	21,282			22,819
Total revenues	309,687			305,166

Expenses:
Real estate taxes	25,515			24,285
Property maintenance costs	8,623			10,099
Marketing	3,141			3,386
Other property operating costs	43,438			46,886
Provision for doubtful accounts	1,533			687
Property management and other costs(2)	12,438			12,690
General and administrative(1)	10,267			10,596
Depreciation and amortization	73,185			72,137
Total expenses	178,140			180,766
Operating income	131,547			124,400

Interest income	3,763			2,224
Interest expense	(88,865		)	(81,432		)
Provision for income taxes	(156		)	(219		)
Equity in income of unconsolidated joint ventures	14,356			6,794
Income from continuing operations	60,645			51,767
Discontinued operations	—			(927		)
Allocation to noncontrolling interests	1,265			108
Net income attributable to the ventures	$	61,910		$	50,948

Equity In Income of Unconsolidated Real Estate Affiliates:
Net income attributable to the ventures	$	61,910		$	50,948
Joint venture partners’ share of income	(34,659		)	(31,157		)
Amortization of capital or basis differences	(14,057		)	(13,839		)
Equity in income of Unconsolidated Real Estate Affiliates	$	13,194		$	5,952

(1) Primarily includes activity from Aliansce (defined below).

(2) Includes management fees charged to the unconsolidated joint ventures by GGMI and GGSI.