Investments in Unconsolidated Entities and International Investments (Tables)

12 Months Ended

Dec. 31, 2023

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

	December 31,		December 31,
	2023		2022
Assets:
Investment properties, at cost	$	19,315,578	$	19,256,108
Less - accumulated depreciation		8,874,745		8,490,990
		10,440,833		10,765,118
Cash and cash equivalents		1,372,377		1,445,353
Tenant receivables and accrued revenue, net		505,933		546,025
Right-of-use assets, net		126,539		143,526
Deferred costs and other assets		537,943		482,375
Total assets	$	12,983,625	$	13,382,397
Liabilities and Partners’ Deficit:
Mortgages	$	14,282,839	$	14,569,921
Accounts payable, accrued expenses, intangibles, and deferred revenue		1,032,217		961,984
Lease liabilities		116,535		133,096
Other liabilities		368,582		446,064
Total liabilities		15,800,173		16,111,065
Preferred units		67,450		67,450
Partners’ deficit		(2,883,998)		(2,796,118)
Total liabilities and partners’ deficit	$	12,983,625	$	13,382,397
Our Share of:
Partners’ deficit	$	(1,258,809)	$	(1,232,086)
Add: Excess Investment		1,173,852		1,219,117
Our net (deficit) Investment in unconsolidated entities, at equity	$	(84,957)	$	(12,969)

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

2024	$	2,069,780
2025		2,437,450
2026		2,832,212
2027		2,288,445
2028		2,170,056
Thereafter		2,516,281
Total principal maturities		14,314,224
Debt issuance costs		(31,385)
Total mortgages	$	14,282,839

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

	December 31,
	2023		2022		2021
REVENUE:
Lease income	$	2,984,455	$	2,894,611	$	2,797,221
Other income		464,058		341,923		319,956
Total revenue		3,448,513		3,236,534		3,117,177
OPERATING EXPENSES:
Property operating		638,638		605,018		575,584
Depreciation and amortization		656,089		666,762		686,790
Real estate taxes		237,809		246,707		263,325
Repairs and maintenance		77,093		81,522		79,300
Advertising and promotion		83,279		74,776		72,441
Other		236,955		205,405		200,899
Total operating expenses		1,929,863		1,880,190		1,878,339
Operating Income Before Other Items		1,518,650		1,356,344		1,238,838
Interest expense		(685,193)		(599,245)		(605,591)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net		20,529		50,336		34,814
Net Income	$	853,986	$	807,435	$	668,061
Third-Party Investors’ Share of Net Income	$	436,408	$	423,816	$	333,304
Our Share of Net Income	$	417,578	$	383,619	$	334,757
Amortization of Excess Investment		(59,707)		(60,109)		(64,974)
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, or Recovery on, Assets and Interests in Unconsolidated Entities, net		(454)		(2,532)		(541)
Income from Unconsolidated Entities	$	357,417	$	320,978	$	254,301

TRG

Summary of financial information of other platform investments

	December 31,		December 31,
	2023		2022
Total assets	$	3,416,630	$	3,555,686
Total liabilities		4,386,131		4,356,406
Noncontrolling interests		164,720		163,293

	For the Year Ended
	December 31,
	2023		2022		2021
Total revenues	$	695,222	$	693,835	$	600,426
Operating income before other items		281,349		254,395		197,074
Consolidated net income		42,910		164,072		97,361
Our share of net income		32,728		129,065		78,370
Amortization of excess investment		(113,333)		(189,629)		(196,072)

Other Platform Investments

Summary of financial information of other platform investments

	December 31,		December 31,
	2023		2022
Total assets	$	14,921,120	$	12,897,980
Total liabilities		11,406,440		10,521,772
Noncontrolling interests		501,224		362,652

	For the Year Ended
	December 31,
	2023		2022		2021
Total revenues	$	13,865,845	$	14,895,379	$	14,454,661
Operating income before other items		683,723		972,360		1,550,358
Consolidated net income		239,491		738,255		1,400,632
Our share of net income (loss)		40,002		238,412		402,658
Amortization of excess investment		(6,740)		(6,659)		(7,546)

Europe | Klepierre

Summary of financial information of other platform investments

	December 31,		December 31,
	2023		2022
Total assets	$	16,114,513	$	16,016,137
Total liabilities		10,282,111		10,074,502
Noncontrolling interests		1,255,479		1,226,734

	For the Year Ended
	December 31,
	2023		2022		2021
Total revenues	$	1,359,246	$	1,308,409	$	1,240,277
Operating income before other items		618,260		590,829		380,470
Consolidated net income		347,311		581,075		848,104
Our share of net income		64,805		116,084		164,575
Amortization of excess investment		(17,658)		(13,937)		(19,444)