Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2012

Investments in Unconsolidated Entities

Schedule of amounts of assets acquired and liabilities assumed

	Preliminary Allocations
	(in millions)
Investment properties	$	4,228
Cash and cash equivalents		91
Tenant Receivables and accrued revenue, net		1
Deferred costs and other assets (including intangibles)		264
Total Assets	$	4,584
Mortgages and other indebtedness, including premiums	$	2,672
Accounts payable, accrued expenses, intangibles and other		164
Other Liabilities		6
Total Liabilities	$	2,842

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

	December 31, 2012			December 31, 2011
BALANCE SHEETS
Assets:
Investment properties, at cost	$	14,607,291		$	20,481,657
Less — accumulated depreciation		4,926,511			5,264,565
		9,680,780			15,217,092
Cash and cash equivalents		619,546			806,895
Tenant receivables and accrued revenue, net		252,774			359,208
Investment in unconsolidated entities, at equity		39,589			133,576
Deferred costs and other assets		438,399			526,101
Total assets	$	11,031,088		$	17,042,872
Liabilities and Partners' Deficit:
Mortgages and other indebtedness	$	11,584,863		$	15,582,321
Accounts payable, accrued expenses, intangibles, and deferred revenue		672,483			775,733
Other liabilities		447,132			981,711
Total liabilities		12,704,478			17,339,765
Preferred units		67,450			67,450
Partners' deficit		(1,740,840	)		(364,343	)
Total liabilities and partners' deficit	$	11,031,088		$	17,042,872
Our Share of:
Partners' deficit	$	(799,911	)	$	(32,000	)
Add: Excess Investment		2,184,133			714,515
Our net Investment in unconsolidated entities, at equity	$	1,384,222		$	682,515

Scheduled principal payment repayments on joint venture properties' mortgages and other indebtedness

  As of December 31, 2012, scheduled principal repayments on joint venture properties' mortgages and other indebtedness are as follows:

2013	$	1,286,591
2014		1,095,731
2015		2,029,553
2016		1,106,436
2017		1,367,851
Thereafter		4,693,145
Total principal maturities		11,579,307
Net unamortized debt premiums and discounts		5,556
Total mortgages and other indebtedness	$	11,584,863

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

	For the Year Ended December 31,
	2012			2011			2010
STATEMENTS OF OPERATIONS
Revenue:
Minimum rent	$	1,487,554		$	1,424,038		$	1,365,466
Overage rent		176,609			140,822			125,239
Tenant reimbursements		691,564			660,354			655,144
Other income		171,698			150,949			181,210
Total revenue		2,527,425			2,376,163			2,327,059
Operating Expenses:
Property operating		477,338			460,235			446,358
Depreciation and amortization		506,820			485,794			482,836
Real estate taxes		178,739			167,608			174,617
Repairs and maintenance		65,163			64,271			63,185
Advertising and promotion		55,175			50,653			48,205
Provision for (recovery of) credit losses		1,824			4,496			(85	)
Other		170,510			148,110			130,195
Total operating expenses		1,455,569			1,381,167			1,345,311
Operating Income		1,071,856			994,996			981,748
Interest expense		(599,400	)		(593,408	)		(589,769	)
Loss from unconsolidated entities		(1,263	)		(1,263	)		—
Income from Continuing Operations		471,193			400,325			391,979
Loss from operations of discontinued joint venture interests		(20,311	)		(57,961	)		(60,470	)
(Loss) Gain on disposal of discontinued operations, net		(5,354	)		347,640			39,676
Net Income	$	445,528		$	690,004		$	371,185
Third-Party Investors' Share of Net Income	$	239,931		$	384,384		$	234,799
Our Share of Net Income		205,597			305,620			136,386
Amortization of Excess Investment		(83,400	)		(50,562	)		(48,329	)
Our Share of Loss (Gain) on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		9,245			(173,820	)		(20,305	)
Our Share of Impairment Charge from Investments in Unconsolidated Entities, net		—			—			8,169
Income from Unconsolidated Entities	$	131,442		$	81,238		$	75,921