Investment in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2015

Investment in Unconsolidated Entities

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

	March 31, 2015			December 31, 2014
Assets:
Investment properties, at cost	$	16,010,766		$	16,087,282
Less — accumulated depreciation		5,525,606			5,457,899
		10,485,160			10,629,383
Cash and cash equivalents		763,917			993,178
Tenant receivables and accrued revenue, net		308,358			362,201
Investment in unconsolidated entities, at equity		—			11,386
Deferred costs and other assets		507,735			536,600
Total assets	$	12,065,170		$	12,532,748
Liabilities and Partners' Deficit:
Mortgages	$	13,629,050		$	13,272,557
Accounts payable, accrued expenses, intangibles, and deferred revenue		861,041			1,015,334
Other liabilities		440,651			493,718
Total liabilities		14,930,742			14,781,609
Preferred units		67,450			67,450
Partners' deficit		(2,933,022	)		(2,316,311	)
Total liabilities and partners' deficit	$	12,065,170		$	12,532,748
Our Share of:
Partners' deficit	$	(1,064,025	)	$	(663,700	)
Add: Excess investment		1,849,655			1,875,337
Our net investment in unconsolidated entities, at equity	$	785,630		$	1,211,637

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

	For the Three Months Ended March 31,
	2015			2014
Revenue:
Minimum rent	$	433,781		$	424,785
Overage rent		51,180			48,797
Tenant reimbursements		194,487			192,793
Other income		53,995			112,706
Total revenue		733,443			779,081
Operating Expenses:
Property operating		130,804			161,421
Depreciation and amortization		141,659			152,148
Real estate taxes		58,574			54,791
Repairs and maintenance		20,361			19,641
Advertising and promotion		16,702			18,810
Provision for credit losses		1,853			3,108
Other		44,428			52,929
Total operating expenses		414,381			462,848
Operating Income		319,062			316,233
Interest expense		(147,020	)		(151,637	)
Income from Continuing Operations		172,042			164,596
Income from operations of discontinued joint venture interests		—			2,985
Net Income	$	172,042		$	167,581
Third-Party Investors' Share of Net Income	$	89,114		$	89,313
Our Share of Net Income		82,928			78,268
Amortization of Excess Investment		(24,154	)		(25,598	)
Our Share of Loss from Unconsolidated Discontinued Operations		—			(345	)
Income from Unconsolidated Entities	$	58,774		$	52,325