Investment in Unconsolidated Entities and International Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments in Unconsolidated Entities and International Investments

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

	December 31,		December 31,
	2019		2018
Assets:
Investment properties, at cost	$	19,525,665	$	18,807,449
Less - accumulated depreciation		7,407,627		6,834,633
		12,118,038		11,972,816
Cash and cash equivalents		1,015,864		1,076,398
Tenant receivables and accrued revenue, net		510,157		445,148
Right-of-use assets, net		185,302		—
Deferred costs and other assets		384,663		390,818
Total assets	$	14,214,024	$	13,885,180
Liabilities and Partners’ Deficit:
Mortgages	$	15,391,781	$	15,235,415
Accounts payable, accrued expenses, intangibles, and deferred revenue		977,112		976,311
Lease liabilities		186,594		—
Other liabilities		338,412		344,205
Total liabilities		16,893,899		16,555,931
Preferred units		67,450		67,450
Partners’ deficit		(2,747,325)		(2,738,201)
Total liabilities and partners’ deficit	$	14,214,024	$	13,885,180
Our Share of:
Partners’ deficit	$	(1,196,926)	$	(1,168,216)
Add: Excess Investment		1,525,903		1,594,198
Our net Investment in unconsolidated entities, at equity	$	328,977	$	425,982

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

As of December 31, 2019, scheduled principal repayments on these joint venture properties’ mortgage indebtedness are as follows:

2020	$	946,309
2021		2,476,864
2022		1,927,938
2023		1,267,179
2024		2,297,118
Thereafter		6,512,206
Total principal maturities		15,427,614
Debt issuance costs		(35,833)
Total mortgages	$	15,391,781

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

	December 31,
	2019		2018		2017
REVENUE:
Lease income	$	3,088,594	$	3,045,668	$	2,933,655
Other income		322,398		326,575		290,515
Total revenue		3,410,992		3,372,243		3,224,170
OPERATING EXPENSES:
Property operating		587,062		590,921		551,885
Depreciation and amortization		681,764		652,968		640,286
Real estate taxes		266,013		259,567		245,646
Repairs and maintenance		85,430		87,408		81,309
Advertising and promotion		89,660		87,349		86,480
Other		196,178		187,292		184,037
Total operating expenses		1,906,107		1,865,505		1,789,643
Operating Income Before Other Items		1,504,885		1,506,738		1,434,527
Interest expense		(636,988)		(663,693)		(593,062)
Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		24,609		33,367		(2,239)
Net Income	$	892,506	$	876,412	$	839,226
Third-Party Investors’ Share of Net Income	$	460,696	$	436,767	$	424,533
Our Share of Net Income	$	431,810	$	439,645	$	414,693
Amortization of Excess Investment		(83,556)		(85,252)		(89,804)
Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements		(9,156)		—		—
Our Share of (Gain) Loss on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net		(1,133)		(12,513)		1,342
Income from Unconsolidated Entities	$	337,965	$	341,880	$	326,231