Beneficial Interest in Debt and Interest Expense (Tables)

6 Months Ended

Jun. 30, 2020

Operating Partnership's beneficial interest

TRG's beneficial interest in the debt, capitalized interest, and interest expense of our consolidated subsidiaries and our UJVs is summarized in the following table. TRG's beneficial interest in the consolidated subsidiaries excludes debt and interest related to the noncontrolling interest in Cherry Creek Shopping Center (50%) and International Market Place (6.5%).



	At 100%						At Beneficial Interest
	Consolidated Subsidiaries			UJVs			Consolidated Subsidiaries			UJVs
Debt as of:
June 30, 2020	$	3,900,937		$	3,220,530		$	3,610,188		$	1,537,723
December 31, 2019	3,710,327			3,049,737			3,419,625			1,508,506

Capitalized interest:
Six Months Ended June 30, 2020	$	3,218	⁽¹⁾	$	743	⁽²⁾	$	3,154	⁽¹⁾	$	582	⁽²⁾
Six Months Ended June 30, 2019	4,354		⁽¹⁾	85			4,345		⁽¹⁾	47

Interest expense:
Six Months Ended June 30, 2020	$	68,202		$	69,174		$	62,658		$	32,360
Six Months Ended June 30, 2019	74,895			68,183			68,841			34,781


(1)	We capitalize interest costs incurred in funding our equity contributions to development projects accounted for as UJVs. The capitalized interest cost is included at our basis in our investment in UJVs. Such capitalized interest reduces interest expense on our Consolidated Statement of Operations and Comprehensive Income (Loss) and in the table above is included within Consolidated Subsidiaries.


(2)	Capitalized interest on the Asia UJV construction financing is presented at our beneficial interest in both the UJVs (at 100%) and UJVs (at Beneficial Interest Columns).