Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2013

Investments in Unconsolidated Entities

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

	December 31, 2013			December 31, 2012
Assets:
Investment properties, at cost	$	15,824,689		$	14,607,291
Less - accumulated depreciation		5,294,578			4,926,511
		10,530,111			9,680,780
Cash and cash equivalents		792,751			619,546
Tenant receivables and accrued revenue, net		310,320			252,774
Investment in unconsolidated entities, at equity		38,352			39,589
Deferred costs and other assets		586,622			438,399
Total assets	$	12,258,156		$	11,031,088
Liabilities and Partners' Deficit:
Mortgages	$	13,024,257		$	11,584,863
Accounts payable, accrued expenses, intangibles, and deferred revenues		849,107			672,483
Other liabilities		514,822			447,132
Total liabilities		14,388,186			12,704,478
Preferred units		67,450			67,450
Partners' deficit		(2,197,480	)		(1,740,840	)
Total liabilities and partners' deficit	$	12,258,156		$	11,031,088
Our Share of:
Partners' deficit	$	(717,776	)	$	(799,911	)
Add: Excess Investment		2,059,584			2,184,133
Our net Investment in unconsolidated entities, at equity	$	1,341,808		$	1,384,222

Schedule of principal repayments on joint venture properties' mortgage indebtedness

As of December 31, 2013, scheduled principal repayments on joint venture properties' mortgage indebtedness are as follows:

2014	$	1,103,850
2015		2,090,963
2016		1,304,721
2017		866,378
2018		736,078
Thereafter		6,917,266
Total principal maturities		13,019,256
Net unamortized debt premiums and discounts		5,001
Total mortgages	$	13,024,257

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

	2013			2012			2011
Revenue:
Minimum rent	$	1,666,886		$	1,487,554		$	1,424,038
Overage rent		180,772			176,609			140,822
Tenant reimbursements		765,357			691,564			660,354
Other income		200,104			171,698			150,949
Total revenue		2,813,119			2,527,425			2,376,163
Operating Expenses:
Property operating		498,485			477,338			460,235
Depreciation and amortization		528,317			508,083			487,057
Real estate taxes		212,667			178,739			167,608
Repairs and maintenance		69,116			65,163			64,271
Advertising and promotion		62,339			55,175			50,653
Provision for credit losses		1,287			1,824			4,496
Other		156,115			170,510			148,110
Total operating expenses		1,528,326			1,456,832			1,382,430
Operating Income		1,284,793			1,070,593			993,733
Interest expense		(694,904	)		(599,400	)		(593,408	)
Income from Continuing Operations		589,889			471,193			400,325
Gain (loss) from operations of discontinued joint venture interests		46			(20,311	)		(57,961	)
Gain (loss) on disposal of discontinued operations, net		51,164			(5,354	)		347,640
Net Income	$	641,099		$	445,528		$	690,004
Third-Party Investors' Share of Net Income	$	353,708		$	239,931		$	384,384
Our Share of Net Income		287,391			205,597			305,620
Amortization of Excess Investment		(102,875	)		(83,400	)		(50,562	)
Our Share of Loss (Gain) on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		—			9,245			(173,820	)
Income from Unconsolidated Entities	$	184,516		$	131,442		$	81,238