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Beneficial Interest in Debt and Interest Expense (Tables)
 9 Months Ended
Sep. 30, 2014
Notes to Financial Statements [Abstract]  
Operating Partnership's beneficial interest

The Operating Partnership's beneficial interest in the debt, capitalized interest, and interest expense of its consolidated subsidiaries and its Unconsolidated Joint Ventures is summarized in the following table. The Operating Partnership's beneficial interest in the consolidated subsidiaries excludes debt and interest related to the noncontrolling interests in Cherry Creek Shopping Center (50%), The Mall at Wellington Green (10%), and MacArthur Center (5%). In October 2014, the Company disposed of The Mall at Wellington Green and MacArthur Center as part of the sale to Starwood (Note 2).

 
At 100%
 
At Beneficial Interest
 
Consolidated Subsidiaries
 
Unconsolidated Joint Ventures
 
Consolidated Subsidiaries
 
Unconsolidated Joint Ventures
Debt as of:
 
 
 
 
 
 
 
September 30, 2014
$
2,637,941

(1
)
$
1,785,602

 
$
2,448,342

(1
)
$
984,512

December 31, 2013
3,058,053

 
1,551,161

 
2,891,592

 
868,942

 
 
 
 
 
 
 
 
Capitalized interest:
 

 
 

 
 

 
 

Nine Months Ended September 30, 2014
$
18,844

(2
)
$
2,836

 
$
18,136

 
$
1,430

Nine Months Ended September 30, 2013
11,511

(2
)
73

 
11,169

 
46

 
 
 
 
 
 
 
 
Interest expense:
 

 
 

 
 

 
 

Nine Months Ended September 30, 2014
$
74,946

 
$
55,065

 
$
68,687

 
$
29,805

Nine Months Ended September 30, 2013
99,589

 
51,578

 
93,049

 
28,192



(1)
The debt balance presented includes the debt of centers classified as held for sale as of September 30, 2014 (Note 2). The debt of centers held for sale was $622 million at 100% and $596 million at the Operating Partnership's beneficial interest at September 30, 2014. In October 2014, the Company disposed of the centers that were previously held for sale (Note 2).
(2)
The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as Unconsolidated Joint Ventures. The capitalized interest cost is included in the Company's basis in its investment in Unconsolidated Joint Ventures. Such capitalized interest reduces interest expense in the Company's Consolidated Statement of Operations and Comprehensive Income and in the table above is included within Consolidated Subsidiaries.