Investment in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2017

Investment in Unconsolidated Entities

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

	March 31,		December 31,
	2017		2016
Assets:
Investment properties, at cost	$	17,851,775	$	17,549,078
Less - accumulated depreciation		6,034,375		5,892,960
		11,817,400		11,656,118
Cash and cash equivalents		758,716		778,455
Tenant receivables and accrued revenue, net		337,507		348,139
Deferred costs and other assets		368,558		351,098
Total assets	$	13,282,181	$	13,133,810
Liabilities and Partners’ Deficit:
Mortgages	$	14,290,665	$	14,237,576
Accounts payable, accrued expenses, intangibles, and deferred revenue		834,650		867,003
Other liabilities		352,123		325,078
Total liabilities		15,477,438		15,429,657
Preferred units		67,450		67,450
Partners’ deficit		(2,262,707)		(2,363,297)
Total liabilities and partners’ deficit	$	13,282,181	$	13,133,810
Our Share of:
Partners’ deficit	$	(990,000)	$	(1,018,755)
Add: Excess Investment		1,777,705		1,791,691
Our net Investment in unconsolidated entities, at equity	$	787,705	$	772,936

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

	For The Three
	Months Ended
	March 31,
	2017		2016
REVENUE:
Minimum rent	$	451,055	$	438,847
Overage rent		51,369		49,624
Tenant reimbursements		215,780		210,941
Other income		64,327		58,680
Total revenue		782,531		758,092
OPERATING EXPENSES:
Property operating		132,985		131,081
Depreciation and amortization		153,455		131,480
Real estate taxes		66,583		61,509
Repairs and maintenance		20,230		19,754
Advertising and promotion		22,198		22,529
Provision for credit losses		3,777		2,690
Other		43,355		45,053
Total operating expenses		442,583		414,096
Operating Income		339,948		343,996
Interest expense		(142,204)		(143,758)
Gain on sale or disposal of assets and interests in unconsolidated entities, net		—		54,473
Net Income	$	197,744	$	254,711
Third-Party Investors’ Share of Net Income	$	99,686	$	118,809
Our Share of Net Income		98,058		135,902
Amortization of Excess Investment		(22,457)		(23,213)
Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements		—		(36,153)
Income from Unconsolidated Entities	$	75,601	$	76,536