Investment in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2012

Investment in Unconsolidated Entities

Summary of investments in joint ventures and share of income from such joint ventures, balance sheet

	June 30, 2012		December 31, 2011
BALANCE SHEETS
Assets:
Investment properties, at cost	$	14,491,236	$	20,481,657
Less — accumulated depreciation		4,725,920		5,264,565
		9,765,316		15,217,092
Cash and cash equivalents		483,433		806,895
Tenant receivables and accrued revenue, net		198,773		359,208
Investment in unconsolidated entities, at equity		39,855		133,576
Deferred costs and other assets		366,900		526,101
Total assets	$	10,854,277	$	17,042,872
Liabilities and Partners' Deficit:
Mortgages and other indebtedness	$	11,499,568	$	15,582,321
Accounts payable, accrued expenses, intangibles, and deferred revenue		527,701		775,733
Other liabilities		308,912		981,711
Total liabilities		12,336,181		17,339,765
Preferred units		67,450		67,450
Partners' deficit		(1,549,354)		(364,343)
Total liabilities and partners' deficit	$	10,854,277	$	17,042,872
Our Share of:
Partners' deficit	$	(708,641)	$	(32,000)
Add: Excess Investment		1,978,514		714,515
Our net Investment in Unconsolidated Entities, at equity	$	1,269,873	$	682,515

Summary of investments in joint ventures and share of income from such joint ventures, statements of operations

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2012		2011		2012		2011
STATEMENTS OF OPERATIONS
Revenue:
Minimum rent	$	371,664	$	360,466	$	738,019	$	710,027
Overage rent		36,143		27,126		84,837		57,354
Tenant reimbursements		170,478		166,726		342,571		332,346
Other income		37,488		40,546		88,435		71,898
Total revenue		615,773		594,864		1,253,862		1,171,625
Operating Expenses:
Property operating		115,615		112,918		233,520		224,266
Depreciation and amortization		126,783		123,032		258,174		245,092
Real estate taxes		45,164		47,103		93,216		92,690
Repairs and maintenance		15,919		15,595		30,807		32,311
Advertising and promotion		12,917		11,559		28,344		25,000
(Recovery of)/Provision for credit losses		(1,102)		1,113		(114)		1,917
Other		38,793		44,158		92,356		73,289
Total operating expenses		354,089		355,478		736,303		694,565
Operating Income		261,684		239,386		517,559		477,060
Interest expense		(155,393)		(153,970)		(315,554)		(305,002)
Loss from unconsolidated entities		(316)		(631)		(631)		(459)
Net Income from Continuing Operations		105,975		84,785		201,374		171,599
Loss from operations of discontinued joint venture interests		(1,173)		(9,559)		(11,623)		(15,661)
Gain on disposal of discontinued operations, net		—		15,506		—		15,506
Net Income	$	104,802	$	90,732	$	189,751	$	171,444
Third-Party Investors' Share of Net Income	$	56,787	$	56,455	$	96,800	$	106,470
Our Share of Net Income		48,015		34,277		92,951		64,974
Amortization of Excess Investment		(18,749)		(12,703)		(33,333)		(24,780)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		—		(7,753)		—		(7,753)
Income from Unconsolidated Entities	$	29,266	$	13,821	$	59,618	$	32,441