Investment in Unconsolidated Entities and International Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investment in Unconsolidated Entities

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

	September 30,		December 31,
	2019		2018
Assets:
Investment properties, at cost	$	19,259,601	$	18,807,449
Less - accumulated depreciation		7,263,363		6,834,633
		11,996,238		11,972,816
Cash and cash equivalents		880,648		1,076,398
Tenant receivables and accrued revenue, net		475,710		445,148
Deferred costs and other assets		581,435		390,818
Total assets	$	13,934,031	$	13,885,180
Liabilities and Partners’ Deficit:
Mortgages	$	15,217,266	$	15,235,415
Accounts payable, accrued expenses, intangibles, and deferred revenue		942,250		976,311
Other liabilities		521,518		344,205
Total liabilities		16,681,034		16,555,931
Preferred units		67,450		67,450
Partners’ deficit		(2,814,453)		(2,738,201)
Total liabilities and partners’ deficit	$	13,934,031	$	13,885,180
Our Share of:
Partners’ deficit	$	(1,227,239)	$	(1,168,216)
Add: Excess Investment		1,540,770		1,594,198
Our net Investment in unconsolidated entities, at equity	$	313,531	$	425,982

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

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
REVENUE:
Lease income	$	766,740	$	756,955	$	2,285,848	$	2,259,451
Other income		79,025		73,259		234,337		232,747
Total revenue		845,765		830,214		2,520,185		2,492,198
OPERATING EXPENSES:
Property operating		149,759		151,873		434,742		437,718
Depreciation and amortization		171,407		161,964		512,070		488,098
Real estate taxes		64,172		60,654		200,698		197,497
Repairs and maintenance		20,729		20,035		61,938		63,968
Advertising and promotion		19,831		20,318		63,852		65,425
Other		45,747		43,916		142,806		143,533
Total operating expenses		471,645		458,760		1,416,106		1,396,239
Operating Income Before Other Items		374,120		371,454		1,104,079		1,095,959
Interest expense		(159,971)		(163,855)		(473,914)		(505,540)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		—		—		21,587		25,792
Net Income	$	214,149	$	207,599	$	651,752	$	616,211
Third-Party Investors’ Share of Net Income	$	108,792	$	101,750	$	332,078	$	304,174
Our Share of Net Income		105,357		105,849		319,674		312,037
Amortization of Excess Investment		(20,846)		(21,526)		(62,413)		(64,447)
Our Share of Gain on Sale or Disposal of Assets and Interest in Other Income in the Consolidated Financial Statements		—		—		(9,156)		—
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	$	84,511	$	84,323	$	248,105	$	237,918