Investments in Unconsolidated Entities and International Investments (Tables)

9 Months Ended

Sep. 30, 2022

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

	September 30,		December 31,
	2022		2021
Assets:
Investment properties, at cost	$	18,889,882	$	19,724,242
Less - accumulated depreciation		8,315,951		8,330,891
		10,573,931		11,393,351
Cash and cash equivalents		1,375,947		1,481,287
Tenant receivables and accrued revenue, net		493,643		591,369
Right-of-use assets, net		132,665		154,561
Deferred costs and other assets		451,414		394,691
Total assets	$	13,027,600	$	14,015,259
Liabilities and Partners’ Deficit:
Mortgages	$	14,455,676	$	15,223,710
Accounts payable, accrued expenses, intangibles, and deferred revenue		870,351		995,392
Lease liabilities		121,668		158,372
Other liabilities		363,615		383,018
Total liabilities		15,811,310		16,760,492
Preferred units		67,450		67,450
Partners’ deficit		(2,851,160)		(2,812,683)
Total liabilities and partners’ deficit	$	13,027,600	$	14,015,259
Our Share of:
Partners’ deficit	$	(1,238,149)	$	(1,207,396)
Add: Excess Investment		1,228,164		1,283,645
Our net (deficit) Investment in unconsolidated entities, at equity	$	(9,985)	$	76,249

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,
	2022		2021		2022		2021
REVENUE:
Lease income	$	710,084	$	719,723	$	2,142,068	$	2,053,826
Other income		72,355		67,630		258,446		204,923
Total revenue		782,439		787,353		2,400,514		2,258,749
OPERATING EXPENSES:
Property operating		153,002		151,008		445,214		420,174
Depreciation and amortization		169,453		170,568		504,926		512,165
Real estate taxes		59,008		66,221		187,697		203,242
Repairs and maintenance		17,632		18,274		58,322		53,625
Advertising and promotion		17,153		18,238		52,718		52,479
Other		48,866		43,400		146,595		113,042
Total operating expenses		465,114		467,709		1,395,472		1,354,727
Operating Income Before Other Items		317,325		319,644		1,005,042		904,022
Interest expense		(147,539)		(154,501)		(438,559)		(453,145)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		4,522		—		4,522		33,371
Net Income	$	174,308	$	165,143	$	571,005	$	484,248
Third-Party Investors’ Share of Net Income	$	83,222	$	82,639	$	280,919	$	243,525
Our Share of Net Income		91,086		82,504		290,086		240,723
Amortization of Excess Investment		(14,928)		(15,199)		(45,153)		(49,794)
Our Share of Gain on Sale or Disposal of Assets and Interests in Other Income in the Consolidated Financial Statements		—		—		—		(14,941)
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net		(2,532)		—		(2,532)		—
Income from Unconsolidated Entities	$	73,626	$	67,305	$	242,401	$	175,988

TRG

Summary of financial information of other platform investments

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Total revenues	$	161,503	$	152,043	$	504,034	$	436,409
Operating income before other items		57,355		51,893		192,414		137,368
Consolidated net income		35,500		25,224		123,304		55,364
Our share of net income, net of amortization of our excess investment		(15,953)		(11,477)		(44,574)		(49,943)

Other Platform Investments

Summary of financial information of other platform investments

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Total revenues	$	3,543,438	$	3,560,993	$	10,247,196	$	9,675,055
Operating income before other items		337,119		445,670		596,234		975,286
Consolidated net income		280,999		410,258		454,606		869,766
Our share of net income, net of amortization of our excess investment		61,462		106,306		146,820		253,826

Europe | Klepierre

Summary of financial information of other platform investments

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Total revenues	$	265,348	$	298,790	$	940,408	$	840,396
Operating income before other items		103,087		102,325		411,965		215,295
Consolidated net income		84,723		91,503		311,608		619,942
Our share of net income, net of amortization of our excess investment		24,224		8,947		51,981		115,874