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Investments in Unconsolidated Entities and International Investments (Tables)
6 Months Ended
Jun. 30, 2023
Summary of equity method investments and share of income from such investments, balance sheet

    

June 30, 

    

December 31, 

2023

2022

Assets:

Investment properties, at cost

$

19,293,420

$

19,256,108

Less - accumulated depreciation

 

8,693,057

 

8,490,990

 

10,600,363

 

10,765,118

Cash and cash equivalents

 

1,294,306

 

1,445,353

Tenant receivables and accrued revenue, net

 

485,163

 

546,025

Right-of-use assets, net

129,451

143,526

Deferred costs and other assets

 

586,802

 

482,375

Total assets

$

13,096,085

$

13,382,397

Liabilities and Partners’ Deficit:

Mortgages

$

14,527,052

$

14,569,921

Accounts payable, accrued expenses, intangibles, and deferred revenue

 

922,028

 

961,984

Lease liabilities

118,914

133,096

Other liabilities

 

397,007

 

446,064

Total liabilities

 

15,965,001

 

16,111,065

Preferred units

 

67,450

 

67,450

Partners’ deficit

 

(2,936,366)

 

(2,796,118)

Total liabilities and partners’ deficit

$

13,096,085

$

13,382,397

Our Share of:

Partners’ deficit

$

(1,283,776)

$

(1,232,086)

Add: Excess Investment

 

1,198,669

 

1,219,117

Our net (deficit) Investment in unconsolidated entities, at equity

$

(85,107)

$

(12,969)

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, 

    

2023

    

2022

    

2023

    

2022

 

REVENUE:

Lease income

$

733,761

$

714,215

$

1,468,809

$

1,431,985

Other income

 

138,193

 

73,506

 

228,239

 

186,090

Total revenue

 

871,954

 

787,721

 

1,697,048

 

1,618,075

OPERATING EXPENSES:

Property operating

 

155,036

 

142,697

 

309,958

 

292,212

Depreciation and amortization

 

159,329

 

164,913

 

323,802

 

335,474

Real estate taxes

 

64,939

 

63,365

 

128,943

 

128,689

Repairs and maintenance

 

17,643

 

19,209

 

36,418

 

40,690

Advertising and promotion

 

18,804

 

16,247

 

39,514

 

35,565

Other

 

63,208

 

47,867

 

116,516

 

96,710

Total operating expenses

 

478,959

 

454,298

 

955,151

 

929,340

Operating Income Before Other Items

 

392,995

 

333,423

 

741,897

 

688,735

Interest expense

 

(167,498)

 

(147,587)

 

(335,706)

 

(292,038)

Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net

1,134

1,134

Net Income

$

226,631

$

185,836

$

407,325

$

396,697

Third-Party Investors’ Share of Net Income

$

114,808

$

93,041

$

205,067

$

197,697

Our Share of Net Income

 

111,823

 

92,795

 

202,258

 

199,000

Amortization of Excess Investment

 

(14,928)

 

(15,086)

 

(29,848)

 

(30,225)

Our Share of Gain on Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities, net

 

(454)

 

 

(454)

 

Income from Unconsolidated Entities

$

96,441

$

77,709

$

171,956

$

168,775

TRG  
Summary of financial information of other platform investments

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2023

    

2022

    

2023

    

2022

Total revenues

$

163,097

$

179,922

$

332,825

$

342,531

Operating income before other items

61,916

73,206

136,694

135,059

Consolidated net income

 

25,722

49,135

70,675

87,804

Our share of net income

20,216

38,886

55,064

69,429

Amortization of excess investment

(47,390)

(49,025)

(94,780)

(98,050)

Other Platform Investments  
Summary of financial information of other platform investments

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2023

    

2022

    

2023

    

2022

Total revenues

$

3,192,530

$

3,562,900

$

6,149,251

$

6,703,758

Operating income before other items

103,118

374,336

85,250

259,115

Consolidated net income

 

(9,401)

333,019

(128,366)

173,607

Our share of net income (loss)

8,053

78,798

(29,736)

88,687

Amortization of excess investment

(1,665)

(1,665)

(3,329)

(3,329)

Europe | Klepierre  
Summary of financial information of other platform investments

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2023

    

2022

    

2023

    

2022

Total revenues

$

351,419

$

381,711

$

673,976

$

675,060

Operating income before other items

214,117

232,982

319,425

308,878

Consolidated net income

 

91,580

180,469

174,300

226,885

Our share of net income

9,996

22,282

27,854

33,788

Amortization of excess investment

(3,301)

(3,237)

(6,554)

(6,032)