Investment in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2013

Investment in Unconsolidated Entities

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

	June 30, 2013		December 31, 2012
BALANCE SHEETS
Assets:
Investment properties, at cost	$	14,621,714	$	14,607,291
Less — accumulated depreciation		5,027,179		4,926,511
		9,594,535		9,680,780
Cash and cash equivalents		551,059		619,546
Tenant receivables and accrued revenue, net		225,178		252,774
Investment in unconsolidated entities, at equity		38,958		39,589
Deferred costs and other assets		707,343		438,399
Total assets	$	11,117,073	$	11,031,088
Liabilities and Partners' Deficit:
Mortgages	$	11,964,864	$	11,584,863
Accounts payable, accrued expenses, intangibles, and deferred revenue		596,283		672,483
Other liabilities		657,205		447,132
Total liabilities		13,218,352		12,704,478
Preferred units		67,450		67,450
Partners' deficit		(2,168,729)		(1,740,840)
Total liabilities and partners' deficit	$	11,117,073	$	11,031,088
Our Share of:
Partners' deficit	$	(992,395)	$	(799,911)
Add: Excess Investment		2,114,633		2,184,133
Our net Investment in unconsolidated entities, at equity	$	1,122,238	$	1,384,222

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2013		2012		2013		2012
STATEMENT OF OPERATIONS
Revenue:
Minimum rent	$	399,391	$	363,541	$	793,544	$	721,517
Overage rent		40,014		36,064		87,781		84,620
Tenant reimbursements		187,151		165,623		371,550		332,153
Other income		39,528		36,597		81,602		86,934
Total revenue		666,084		601,825		1,334,477		1,225,224
Operating Expenses:
Property operating		123,296		111,967		239,165		226,801
Depreciation and amortization		126,701		122,475		254,386		249,453
Real estate taxes		50,072		42,450		104,778		87,550
Repairs and maintenance		16,339		15,427		32,503		29,851
Advertising and promotion		14,103		12,688		30,023		27,895
Provision for (Recovery of) credit losses		336		(793)		1,580		399
Other		36,496		38,549		72,181		92,043
Total operating expenses		367,343		342,763		734,616		713,992
Operating Income		298,741		259,062		599,861		511,232
Interest expense		(154,508)		(148,980)		(301,994)		(302,690)
Income from Continuing Operations		144,233		110,082		297,867		208,542
Loss from operations of discontinued joint venture interests		(26)		(5,280)		(346)		(18,791)
Gain on disposal of discontinued operations, net		18,356		—		18,356		—
Net Income	$	162,563	$	104,802	$	315,877	$	189,751
Third-Party Investors' Share of Net Income	$	94,949	$	56,787	$	178,715	$	96,800
Our Share of Net Income		67,614		48,015		137,162		92,951
Amortization of Excess Investment		(24,853)		(18,749)		(49,682)		(33,333)
Income from Unconsolidated Entities	$	42,761	$	29,266	$	87,480	$	59,618