Investment in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2013

Investment in Unconsolidated Entities

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

	March 31, 2013		December 31, 2012
BALANCE SHEETS
Assets:
Investment properties, at cost	$	14,534,275	$	14,607,291
Less — accumulated depreciation		4,950,896		4,926,511
		9,583,379		9,680,780
Cash and cash equivalents		492,445		619,546
Tenant receivables and accrued revenue, net		208,080		252,774
Investment in unconsolidated entities, at equity		39,274		39,589
Deferred costs and other assets		359,548		438,399
Total assets	$	10,682,726	$	11,031,088
Liabilities and Partners' Deficit:
Mortgages and other indebtedness	$	11,868,575	$	11,584,863
Accounts payable, accrued expenses, intangibles, and deferred revenue		538,672		672,483
Other liabilities		350,738		447,132
Total liabilities		12,757,985		12,704,478
Preferred units		67,450		67,450
Partners' deficit		(2,142,709)		(1,740,840)
Total liabilities and partners' deficit	$	10,682,726	$	11,031,088
Our Share of:
Partners' deficit	$	(969,136)	$	(799,911)
Add: Excess Investment		2,145,422		2,184,133
Our net Investment in unconsolidated entities, at equity	$	1,176,286	$	1,384,222

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

	For the Three Months Ended March 31,
	2013		2012
STATEMENTS OF OPERATIONS
Revenue:
Minimum rent	$	394,153	$	357,977
Overage rent		47,767		48,556
Tenant reimbursements		184,399		166,530
Other income		42,074		50,336
Total revenue		668,393		623,399
Operating Expenses:
Property operating		115,869		114,833
Depreciation and amortization		127,686		126,977
Real estate taxes		54,706		45,100
Repairs and maintenance		16,164		14,424
Advertising and promotion		15,921		15,206
Provision for credit losses		1,245		1,192
Other		35,682		53,496
Total operating expenses		367,273		371,228
Operating Income		301,120		252,171
Interest expense		(147,486)		(153,711)
Income from Continuing Operations		153,634		98,460
Loss from operations of discontinued joint venture interests		(320)		(13,511)
Net Income	$	153,314	$	84,949
Third-Party Investors' Share of Net Income	$	83,766	$	40,012
Our Share of Net Income		69,548		44,937
Amortization of Excess Investment		(24,829)		(14,584)
Income from Unconsolidated Entities	$	44,719	$	30,353