Investment in Unconsolidated Entities and International Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments in Unconsolidated Entities and International Investments

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

	June 30,		December 31,
	2021		2020
Assets:
Investment properties, at cost	$	19,885,109	$	20,079,476
Less - accumulated depreciation		8,157,942		8,003,863
		11,727,167		12,075,613
Cash and cash equivalents		1,356,266		1,169,422
Tenant receivables and accrued revenue, net		571,652		749,231
Right-of-use assets, net		168,752		185,598
Deferred costs and other assets		387,285		380,087
Total assets	$	14,211,122	$	14,559,951
Liabilities and Partners’ Deficit:
Mortgages	$	15,430,065	$	15,569,485
Accounts payable, accrued expenses, intangibles, and deferred revenue		840,432		969,242
Lease liabilities		172,281		188,863
Other liabilities		395,463		426,321
Total liabilities		16,838,241		17,153,911
Preferred units		67,450		67,450
Partners’ deficit		(2,694,569)		(2,661,410)
Total liabilities and partners’ deficit	$	14,211,122	$	14,559,951
Our Share of:
Partners’ deficit	$	(1,150,296)	$	(1,130,713)
Add: Excess Investment		1,317,383		1,399,757
Our net Investment in unconsolidated entities, at equity	$	167,087	$	269,044

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

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
REVENUE:
Lease income	$	681,349	$	574,246	$	1,334,103	$	1,318,096
Other income		64,694		46,205		137,293		120,718
Total revenue		746,043		620,451		1,471,396		1,438,814
OPERATING EXPENSES:
Property operating		136,129		107,309		269,166		254,339
Depreciation and amortization		170,443		165,511		341,597		336,989
Real estate taxes		68,123		60,634		137,021		129,023
Repairs and maintenance		16,304		13,589		35,350		33,204
Advertising and promotion		14,797		10,016		34,241		32,768
Other		37,657		15,734		69,643		65,964
Total operating expenses		443,453		372,793		887,018		852,287
Operating Income Before Other Items		302,590		247,658		584,378		586,527
Interest expense		(152,447)		(152,409)		(298,644)		(309,050)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		33,371		—		33,371		—
Net Income	$	183,514	$	95,249	$	319,105	$	277,477
Third-Party Investors’ Share of Net Income	$	92,745	$	53,989	$	160,886	$	146,848
Our Share of Net Income		90,769		41,260		158,219		130,629
Amortization of Excess Investment		(15,268)		(20,761)		(34,595)		(41,601)
Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements		(14,941)		—		(14,941)		—
Income from Unconsolidated Entities	$	60,560	$	20,499	$	108,683	$	89,028