Investments in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2015

Investment in Unconsolidated Entities

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

BALANCE SHEETS

	June 30, 2015			December 31, 2014
Assets:
Investment properties, at cost	$	16,790,264		$	16,087,282
Less — accumulated depreciation		5,611,016			5,457,899
		11,179,248			10,629,383
Cash and cash equivalents		885,430			993,178
Tenant receivables and accrued revenue, net		333,033			362,201
Investment in unconsolidated entities, at equity		—			11,386
Deferred costs and other assets		533,447			536,600
Total assets	$	12,931,158		$	12,532,748
Liabilities and Partners' Deficit:
Mortgages	$	13,801,561		$	13,272,557
Accounts payable, accrued expenses, intangibles, and deferred revenue		940,309			1,015,334
Other liabilities		386,277			493,718
Total liabilities		15,128,147			14,781,609
Preferred units		67,450			67,450
Partners' deficit		(2,264,439	)		(2,316,311	)
Total liabilities and partners' deficit	$	12,931,158		$	12,532,748
Our Share of:
Partners' deficit	$	(820,782	)	$	(663,700	)
Add: Excess Investment		1,830,093			1,875,337
Our net Investment in unconsolidated entities, at equity	$	1,009,311		$	1,211,637

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

STATEMENT OF OPERATIONS

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2014			2015			2014
Revenue:
Minimum rent	$	443,485		$	427,899		$	877,266		$	852,684
Overage rent		41,342			41,589			92,522			90,386
Tenant reimbursements		199,142			193,006			393,629			385,799
Other income		61,545			61,929			115,539			174,635
Total revenue		745,514			724,423			1,478,956			1,503,504
Operating Expenses:
Property operating		132,257			131,643			263,061			293,064
Depreciation and amortization		148,607			142,047			290,265			294,195
Real estate taxes		56,477			52,797			115,051			107,588
Repairs and maintenance		17,086			15,944			37,447			35,585
Advertising and promotion		17,388			17,113			34,090			35,923
Provision for credit losses		1,296			970			3,149			4,078
Other		38,924			44,554			83,351			97,483
Total operating expenses		412,035			405,068			826,414			867,916
Operating Income		333,479			319,355			652,542			635,588
Interest expense		(149,041	)		(150,059	)		(296,062	)		(301,696	)
Income from Continuing Operations		184,438			169,296			356,480			333,892
Income from operations of discontinued joint venture interests		—			2,094			—			5,079
Gain on sale or disposal of assets and interests in unconsolidated entities		35,779			—			35,779			—
Net Income	$	220,217		$	171,390		$	392,259		$	338,971
Third-Party Investors' Share of Net Income	$	112,763		$	88,217		$	201,877		$	177,530
Our Share of Net Income		107,454			83,173			190,382			161,441
Amortization of Excess Investment		(24,387	)		(24,383	)		(48,541	)		(49,981	)
Our Share of Loss from Unconsolidated Discontinued Operations		—			(307	)		—			(652	)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		(16,339	)		—			(16,339	)		—
Income from Unconsolidated Entities	$	66,728		$	58,483		$	125,502		$	110,808