Investment in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2014

Investment in Unconsolidated Entities

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

	March 31, 2014			December 31, 2013
Assets:
Investment properties, at cost	$	16,019,083		$	15,824,689
Less — accumulated depreciation		5,339,813			5,294,578
		10,679,270			10,530,111
Cash and cash equivalents		747,103			792,751
Tenant receivables and accrued revenue, net		287,777			310,320
Investment in unconsolidated entities, at equity		28,832			38,352
Deferred costs and other assets		520,058			586,622
Total assets	$	12,263,040		$	12,258,156
Liabilities and Partners' Deficit:
Mortgages	$	13,013,998		$	13,024,257
Accounts payable, accrued expenses, intangibles, and deferred revenue		977,038			849,107
Other liabilities		542,950			514,822
Total liabilities		14,533,986			14,388,186
Preferred units		67,450			67,450
Partners' deficit		(2,338,396	)		(2,197,480	)
Total liabilities and partners' deficit	$	12,263,040		$	12,258,156
Our Share of:
Partners' deficit	$	(763,064	)	$	(717,776	)
Add: Excess Investment		1,971,553			2,059,584
Our net Investment in unconsolidated entities, at equity	$	1,208,489		$	1,341,808

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

	For the Three Months Ended March 31,
	2014			2013
Minimum rent	$	436,519		$	394,153
Overage rent		48,932			47,767
Tenant reimbursements		197,452			184,399
Other income		112,908			42,074
Total revenue		795,811			668,393
Property operating		164,150			115,869
Depreciation and amortization		156,077			127,686
Real estate taxes		56,812			54,706
Repairs and maintenance		20,614			16,164
Advertising and promotion		19,088			15,921
Provision for credit losses		3,230			1,245
Other		53,060			35,682
Total operating expenses		473,031			367,273
Operating Income		322,780			301,120
Interest expense		(155,199	)		(147,486	)
Income from Continuing Operations		167,581			153,634
Loss from operations of discontinued joint venture interests		—			(320	)
Net Income	$	167,581		$	153,314
Third-Party Investors' Share of Net Income	$	89,313		$	83,766
Our Share of Net Income		78,268			69,548
Amortization of Excess Investment		(25,598	)		(24,829	)
Income from Unconsolidated Entities	$	52,670		$	44,719