Investment in Unconsolidated Entities and International Investments (Tables)

6 Months Ended

Jun. 30, 2020

Investments in Unconsolidated Entities and International Investments

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

	June 30,		December 31,
	2020		2019
Assets:
Investment properties, at cost	$	19,670,435	$	19,525,665
Less - accumulated depreciation		7,641,911		7,407,627
		12,028,524		12,118,038
Cash and cash equivalents		733,224		1,015,864
Tenant receivables and accrued revenue, net		756,871		510,157
Right-of-use assets, net		180,952		185,302
Deferred costs and other assets		368,254		384,663
Total assets	$	14,067,825	$	14,214,024
Liabilities and Partners’ Deficit:
Mortgages	$	15,436,464	$	15,391,781
Accounts payable, accrued expenses, intangibles, and deferred revenue		808,425		977,112
Lease liabilities		183,406		186,594
Other liabilities		395,429		338,412
Total liabilities		16,823,724		16,893,899
Preferred units		67,450		67,450
Partners’ deficit		(2,823,349)		(2,747,325)
Total liabilities and partners’ deficit	$	14,067,825	$	14,214,024
Our Share of:
Partners’ deficit	$	(1,233,667)	$	(1,196,926)
Add: Excess Investment		1,488,444		1,525,903
Our net Investment in unconsolidated entities, at equity	$	254,777	$	328,977

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

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
REVENUE:
Lease income	$	574,246	$	760,131	$	1,318,096	$	1,519,110
Other income		46,205		79,389		120,718		155,311
Total revenue		620,451		839,520		1,438,814		1,674,421
OPERATING EXPENSES:
Property operating		107,309		140,262		254,339		284,983
Depreciation and amortization		165,511		170,407		336,989		340,664
Real estate taxes		60,634		67,809		129,023		136,526
Repairs and maintenance		13,589		18,832		33,204		41,209
Advertising and promotion		10,016		19,695		32,768		44,021
Other		15,734		47,743		65,964		97,058
Total operating expenses		372,793		464,748		852,287		944,461
Operating Income Before Other Items		247,658		374,772		586,527		729,960
Interest expense		(152,409)		(157,927)		(309,050)		(313,944)
Gain on sale or disposal of assets and interests in unconsolidated entities, net		—		—		—		21,587
Net Income	$	95,249	$	216,845	$	277,477	$	437,603
Third-Party Investors’ Share of Net Income	$	53,989	$	110,620	$	146,848	$	223,287
Our Share of Net Income		41,260		106,225		130,629		214,316
Amortization of Excess Investment		(20,761)		(20,774)		(41,601)		(41,567)
Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements		—		—		—		(9,155)
Income from Unconsolidated Entities	$	20,499	$	85,451	$	89,028	$	163,594