Investments in Unconsolidated Entities and International Investments (Tables)

6 Months Ended

Jun. 30, 2022

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

	June 30,		December 31,
	2022		2021
Assets:
Investment properties, at cost	$	19,334,244	$	19,724,242
Less - accumulated depreciation		8,411,236		8,330,891
		10,923,008		11,393,351
Cash and cash equivalents		1,345,099		1,481,287
Tenant receivables and accrued revenue, net		501,324		591,369
Right-of-use assets, net		145,506		154,561
Deferred costs and other assets		387,420		394,691
Total assets	$	13,302,357	$	14,015,259
Liabilities and Partners’ Deficit:
Mortgages	$	14,667,435	$	15,223,710
Accounts payable, accrued expenses, intangibles, and deferred revenue		810,849		995,392
Lease liabilities		133,720		158,372
Other liabilities		386,035		383,018
Total liabilities		15,998,039		16,760,492
Preferred units		67,450		67,450
Partners’ deficit		(2,763,132)		(2,812,683)
Total liabilities and partners’ deficit	$	13,302,357	$	14,015,259
Our Share of:
Partners’ deficit	$	(1,233,943)	$	(1,207,396)
Add: Excess Investment		1,247,214		1,283,645
Our net Investment in unconsolidated entities, at equity	$	13,271	$	76,249

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,
	2022		2021		2022		2021
REVENUE:
Lease income	$	714,215	$	681,349	$	1,431,985	$	1,334,103
Other income		73,506		64,694		186,090		137,293
Total revenue		787,721		746,043		1,618,075		1,471,396
OPERATING EXPENSES:
Property operating		142,697		136,129		292,212		269,166
Depreciation and amortization		164,913		170,443		335,474		341,597
Real estate taxes		63,365		68,123		128,689		137,021
Repairs and maintenance		19,209		16,304		40,690		35,350
Advertising and promotion		16,247		14,797		35,565		34,241
Other		47,867		37,657		96,710		69,643
Total operating expenses		454,298		443,453		929,340		887,018
Operating Income Before Other Items		333,423		302,590		688,735		584,378
Interest expense		(147,587)		(152,447)		(292,038)		(298,644)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		33,371		—		33,371
Net Income	$	185,836	$	183,514	$	396,697	$	319,105
Third-Party Investors’ Share of Net Income	$	93,041	$	92,745	$	197,697	$	160,886
Our Share of Net Income		92,795		90,769		199,000		158,219
Amortization of Excess Investment		(15,086)		(15,268)		(30,225)		(34,595)
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	$	77,709	$	60,560	$	168,775	$	108,683

TRG

Summary of financial information of other platform investments

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Total revenues	$	179,922	$	148,924	$	342,531	$	284,366
Operating income before other items		73,206		48,648		135,059		85,475
Consolidated net income		49,135		21,386		87,804		30,140
Our share of net income, net of amortization of our excess investment		(10,139)		(13,666)		(28,621)		(38,466)

Other Platform Investments

Summary of financial information of other platform investments

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Total revenues	$	3,562,899	$	3,519,094	$	6,703,758	$	6,114,062
Operating income before other items		374,336		590,614		259,115		529,616
Consolidated net income		333,019		558,126		173,607		459,508
Our share of net income, net of amortization of our excess investment		77,134		149,047		85,358		147,520

Europe | Klepierre

Summary of financial information of other platform investments

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Total revenues	$	381,711	$	263,766	$	675,060	$	541,606
Operating income before other items		232,982		61,923		308,878		112,970
Consolidated net income		180,469		543,674		226,885		528,439
Our share of net income, net of amortization of our excess investment		19,045		114,757		27,756		106,927