Investment in Unconsolidated Entities and International Investments (Tables)

9 Months Ended

Sep. 30, 2020

Investments in Unconsolidated Entities and International Investments

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

	September 30,		December 31,
	2020		2019
Assets:
Investment properties, at cost	$	19,841,675	$	19,525,665
Less - accumulated depreciation		7,802,948		7,407,627
		12,038,727		12,118,038
Cash and cash equivalents		973,669		1,015,864
Tenant receivables and accrued revenue, net		808,702		510,157
Right-of-use assets, net		181,713		185,302
Deferred costs and other assets		391,025		384,663
Total assets	$	14,393,836	$	14,214,024
Liabilities and Partners’ Deficit:
Mortgages	$	15,505,554	$	15,391,781
Accounts payable, accrued expenses, intangibles, and deferred revenue		909,616		977,112
Lease liabilities		184,473		186,594
Other liabilities		407,147		338,412
Total liabilities		17,006,790		16,893,899
Preferred units		67,450		67,450
Partners’ deficit		(2,680,404)		(2,747,325)
Total liabilities and partners’ deficit	$	14,393,836	$	14,214,024
Our Share of:
Partners’ deficit	$	(1,154,758)	$	(1,196,926)
Add: Excess Investment		1,414,067		1,525,903
Our net Investment in unconsolidated entities, at equity	$	259,309	$	328,977

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,
	2020		2019		2020		2019
REVENUE:
Lease income	$	601,522	$	766,740	$	1,919,618	$	2,285,848
Other income		94,630		79,025		215,349		234,337
Total revenue		696,152		845,765		2,134,967		2,520,185
OPERATING EXPENSES:
Property operating		129,024		149,759		383,363		434,742
Depreciation and amortization		175,716		171,407		512,705		512,070
Real estate taxes		68,464		64,172		197,487		200,698
Repairs and maintenance		16,457		20,729		49,661		61,938
Advertising and promotion		9,901		19,831		42,669		63,852
Other		41,857		45,747		107,822		142,806
Total operating expenses		441,419		471,645		1,293,707		1,416,106
Operating Income Before Other Items		254,733		374,120		841,260		1,104,079
Interest expense		(154,579)		(159,971)		(463,629)		(473,914)
Gain on sale or disposal of assets and interests in unconsolidated entities, net		—		—		—		21,587
Net Income	$	100,154	$	214,149	$	377,631	$	651,752
Third-Party Investors’ Share of Net Income	$	46,785	$	108,792	$	193,633	$	332,078
Our Share of Net Income		53,369		105,357		183,998		319,674
Amortization of Excess Investment		(20,543)		(20,846)		(62,144)		(62,413)
Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements		—		—		—		(9,156)
Income from Unconsolidated Entities	$	32,826	$	84,511	$	121,854	$	248,105