Investment in Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2013

Investment in Unconsolidated Entities

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

	September 30, 2013		December 31, 2012
BALANCE SHEETS
Assets:
Investment properties, at cost	$	14,828,264	$	14,607,291
Less — accumulated depreciation		5,144,189		4,926,511
		9,684,075		9,680,780
Cash and cash equivalents		653,185		619,546
Tenant receivables and accrued revenue, net		270,770		252,774
Investment in unconsolidated entities, at equity		38,669		39,589
Deferred costs and other assets		442,831		438,399
Total assets	$	11,089,530	$	11,031,088
Liabilities and Partners' Deficit:
Mortgages	$	11,979,021	$	11,584,863
Accounts payable, accrued expenses, intangibles, and deferred revenue		723,143		672,483
Other liabilities		394,461		447,132
Total liabilities		13,096,625		12,704,478
Preferred units		67,450		67,450
Partners' deficit		(2,074,545)		(1,740,840)
Total liabilities and partners' deficit	$	11,089,530	$	11,031,088
Our Share of:
Partners' deficit	$	(943,037)	$	(799,911)
Add: Excess Investment		2,092,875		2,184,133
Our net Investment in unconsolidated entities, at equity	$	1,149,838	$	1,384,222

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2013		2012		2013		2012
STATEMENT OF OPERATIONS
Revenue:
Minimum rent	$	408,204	$	370,183	$	1,201,748	$	1,091,701
Overage rent		40,784		44,002		128,565		128,622
Tenant reimbursements		197,494		176,544		569,044		508,698
Other income		40,903		34,754		122,505		121,686
Total revenue		687,385		625,483		2,021,862		1,850,707
Operating Expenses:
Property operating		125,329		125,162		364,494		351,963
Depreciation and amortization		135,457		125,828		389,843		375,280
Real estate taxes		55,374		45,068		160,152		132,618
Repairs and maintenance		15,653		15,418		48,156		45,269
Advertising and promotion		14,141		11,706		44,164		39,600
Provision for (recovery of) credit losses		192		(646)		1,772		(247)
Other		37,948		36,089		110,129		128,134
Total operating expenses		384,094		358,625		1,118,710		1,072,617
Operating Income		303,291		266,858		903,152		778,090
Interest expense		(151,579)		(148,891)		(453,573)		(451,581)
Income from Continuing Operations		151,712		117,967		449,579		326,509
Gain (loss) from operations of discontinued joint venture interests		7		(1,978)		(339)		(20,769)
Gain (loss) on disposal of discontinued operations, net		6,580		(4,904)		24,936		(4,904)
Net Income	$	158,299	$	111,085	$	474,176	$	300,836
Third-party investors' share of net income	$	85,211	$	66,308	$	263,926	$	163,108
Our share of net income		73,088		44,777		210,250		137,728
Amortization of excess investment		(25,733)		(21,726)		(75,415)		(55,059)
Our share of loss on sale or disposal of assets and interests in unconsolidated entities, net		—		9,245		—		9,245
Income from unconsolidated entities	$	47,355	$	32,296	$	134,835	$	91,914