Investment in Unconsolidated Entities and International Investments (Tables)

3 Months Ended

Mar. 31, 2019

Investment in Unconsolidated Entities

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

	March 31,		December 31,
	2019		2018
Assets:
Investment properties, at cost	$	18,887,972	$	18,807,449
Less - accumulated depreciation		6,971,412		6,834,633
		11,916,560		11,972,816
Cash and cash equivalents		1,012,497		1,076,398
Tenant receivables and accrued revenue, net		407,040		445,148
Deferred costs and other assets		617,399		390,818
Total assets	$	13,953,496	$	13,885,180
Liabilities and Partners’ Deficit:
Mortgages	$	15,202,622	$	15,235,415
Accounts payable, accrued expenses, intangibles, and deferred revenue		876,348		976,311
Other liabilities		560,101		344,205
Total liabilities		16,639,071		16,555,931
Preferred units		67,450		67,450
Partners’ deficit		(2,753,025)		(2,738,201)
Total liabilities and partners’ deficit	$	13,953,496	$	13,885,180
Our Share of:
Partners’ deficit	$	(1,184,895)	$	(1,168,216)
Add: Excess Investment		1,581,225		1,594,198
Our net Investment in unconsolidated entities, at equity	$	396,330	$	425,982

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

	For The Three
	Months Ended
	March 31,
	2019		2018
REVENUE:
Lease income	$	758,979	$	752,606
Other income		75,922		81,108
Total revenue		834,901		833,714
OPERATING EXPENSES:
Property operating		144,721		146,293
Depreciation and amortization		170,258		159,836
Real estate taxes		68,717		68,267
Repairs and maintenance		22,376		23,196
Advertising and promotion		24,326		24,224
Other		49,316		49,732
Total operating expenses		479,714		471,548
Operating Income Before Other Items		355,187		362,166
Interest expense		(156,016)		(150,932)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities,    net		21,587		—
Net Income	$	220,758	$	211,234
Third-Party Investors’ Share of Net Income	$	112,668	$	106,183
Our Share of Net Income		108,090		105,051
Amortization of Excess Investment		(20,792)		(21,527)
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements		(9,155)		—
Income from Unconsolidated Entities	$	78,143	$	83,524