Investment in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2016

Investment in Unconsolidated Entities

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

	December 31,		December 31,
	2016		2015
Assets:
Investment properties, at cost	$	17,549,078	$	17,186,884
Less - accumulated depreciation		5,892,960		5,780,261
		11,656,118		11,406,623
Cash and cash equivalents		778,455		818,805
Tenant receivables and accrued revenue, net		348,139		354,133
Deferred costs and other assets		351,098		482,024
Total assets	$	13,133,810	$	13,061,585
Liabilities and Partners’ Deficit:
Mortgages	$	14,237,576	$	13,827,215
Accounts payable, accrued expenses, intangibles, and deferred revenue		867,003		985,159
Other liabilities		325,078		468,005
Total liabilities		15,429,657		15,280,379
Preferred units		67,450		67,450
Partners’ deficit		(2,363,297)		(2,286,244)
Total liabilities and partners’ deficit	$	13,133,810	$	13,061,585
Our Share of:
Partners’ deficit	$	(1,018,755)	$	(854,562)
Add: Excess Investment		1,791,691		1,788,749
Our net Investment in unconsolidated entities, at equity	$	772,936	$	934,187

Schedule of principal repayments on joint venture properties' mortgage and unsecured indebtedness

As of December 31, 2016, scheduled principal repayments on joint venture properties’ mortgage indebtedness are as follows:

2017	$	552,579
2018		418,221
2019		704,496
2020		3,180,236
2021		1,832,371
Thereafter		7,607,451
Total principal maturities		14,295,354
Net unamortized debt premium		3,337
Debt issuance costs		(61,115)
Total mortgages and unsecured indebtedness	$	14,237,576

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

	For the Year Ended
	December 31,
	2016		2015		2014
REVENUE:
Minimum rent	$	1,823,674	$	1,801,023	$	1,746,549
Overage rent		200,638		191,249		183,478
Tenant reimbursements		862,155		799,420		786,351
Other income		237,782		236,726		293,419
Total revenue		3,124,249		3,028,418		3,009,797
OPERATING EXPENSES:
Property operating		538,002		530,798		574,706
Depreciation and amortization		588,666		594,973		604,199
Real estate taxes		239,917		231,154		221,745
Repairs and maintenance		76,380		73,286		71,203
Advertising and promotion		88,956		75,773		72,496
Provision for credit losses		7,603		4,153		6,527
Other		183,435		169,504		187,729
Total operating expenses		1,722,959		1,679,641		1,738,605
Operating Income		1,401,290		1,348,777		1,271,192
Interest expense		(585,958)		(593,187)		(598,900)
Income from Continuing Operations		815,332		755,590		672,292
Income from operations of discontinued joint venture interests		—		—		5,079
Gain on sale or disposal of assets and interests in unconsolidated entities, net		101,051		67,176		—
Net Income	$	916,383	$	822,766	$	677,371
Third-Party Investors’ Share of Net Income	$	452,844	$	405,456	$	348,127
Our Share of Net Income		463,539		417,310		329,244
Amortization of Excess Investment		(94,213)		(94,828)		(99,463)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		(22,636)		(43,589)		—
Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements		(36,153)		—		—
Our Share of Loss from Unconsolidated Discontinued Operations		—		—		(652)
Income from Unconsolidated Entities	$	310,537	$	278,893	$	229,129