Investment in Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2018

Investment in Unconsolidated Entities

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

	September 30,		December 31,
	2018		2017
Assets:
Investment properties, at cost	$	18,632,287	$	18,328,747
Less - accumulated depreciation		6,672,267		6,371,363
		11,960,020		11,957,384
Cash and cash equivalents		1,013,153		956,084
Tenant receivables and accrued revenue, net		403,315		403,125
Deferred costs and other assets		395,144		355,585
Total assets	$	13,771,632	$	13,672,178
Liabilities and Partners’ Deficit:
Mortgages	$	15,231,476	$	14,784,310
Accounts payable, accrued expenses, intangibles, and deferred revenue		903,599		1,033,674
Other liabilities		351,116		365,857
Total liabilities		16,486,191		16,183,841
Preferred units		67,450		67,450
Partners’ deficit		(2,782,009)		(2,579,113)
Total liabilities and partners’ deficit	$	13,771,632	$	13,672,178
Our Share of:
Partners’ deficit	$	(1,204,237)	$	(1,144,620)
Add: Excess Investment		1,614,277		1,733,063
Our net Investment in unconsolidated entities, at equity	$	410,040	$	588,443

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

	For The Three				For The Nine
	Months Ended				Months Ended
	September 30,				September 30,
	2018		2017		2018		2017
REVENUE:
Minimum rent	$	483,685	$	466,601	$	1,443,617	$	1,383,361
Overage rent		52,417		52,560		163,144		150,376
Tenant reimbursements		222,153		215,774		666,068		644,020
Other income		73,259		74,208		232,747		210,287
Total revenue		831,514		809,143		2,505,576		2,388,044
OPERATING EXPENSES:
Property operating		151,873		145,288		437,718		410,301
Depreciation and amortization		161,964		156,682		488,098		469,884
Real estate taxes		60,654		54,668		197,497		185,228
Repairs and maintenance		20,035		18,811		63,968		59,512
Advertising and promotion		20,318		19,837		65,425		63,871
Provision for credit losses		1,300		1,063		13,378		7,629
Other		43,916		45,174		143,533		133,558
Total operating expenses		460,060		441,523		1,409,617		1,329,983
Operating Income		371,454		367,620		1,095,959		1,058,061
Interest expense		(163,855)		(149,746)		(505,540)		(438,393)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		—		25,792		—
Net Income	$	207,599	$	217,874	$	616,211	$	619,668
Third-Party Investors’ Share of Net Income	$	101,750	$	110,581	$	304,174	$	314,531
Our Share of Net Income		105,849		107,293		312,037		305,137
Amortization of Excess Investment		(21,526)		(22,608)		(64,447)		(68,045)
Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net		—		—		(9,672)		—
Income from Unconsolidated Entities	$	84,323	$	84,685	$	237,918	$	237,092