Investments in Unconsolidated Entities and International Investments (Tables)

3 Months Ended

Mar. 31, 2026

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


		March 31,			December 31,
		2026			2025
Assets:
Investment properties, at cost		$	21,425,679		$	22,077,749
Less - accumulated depreciation			9,907,158			9,020,481
			11,518,521			13,057,268
Cash and cash equivalents			1,498,298			1,264,619
Tenant receivables and accrued revenue, net			594,048			605,756
Right-of-use assets, net			115,191			108,349
Deferred costs and other assets			639,371			572,826
Total assets		$	14,365,429		$	15,608,818
Liabilities and Partners’ Deficit:
Mortgages		$	16,419,497		$	16,374,773
Accounts payable, accrued expenses, intangibles, and deferred revenue			1,119,227			1,117,855
Lease liabilities			116,950			99,837
Other liabilities			389,828			334,246
Total liabilities			18,045,502			17,926,711
Preferred units			67,450			67,450
Partners’ deficit			(3,747,524)			(2,385,343)
Total liabilities and partners’ deficit		$	14,365,429		$	15,608,818
Our Share of:
Partners’ deficit		$	(1,635,892)		$	(1,247,554)
Add: Excess Investment			3,071,349			2,773,173
Our net Investment in unconsolidated entities, at equity		$	1,435,457		$	1,525,619

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


		For the Three Months Ended
		March 31,
		2026			2025
REVENUE:
Lease income		$	921,792		$	749,807
Other income			105,180			94,066
Total revenue			1,026,972			843,873
OPERATING EXPENSES:
Property operating			214,941			166,647
Depreciation and amortization			185,164			159,012
Real estate taxes			66,398			58,793
Repairs and maintenance			26,281			20,763
Advertising and promotion			24,932			22,150
Other			72,285			56,847
Total operating expenses			590,001			484,212
Operating Income Before Other Items			436,971			359,661
Interest expense			(205,038)			(170,368)
Net Income		$	231,933		$	189,293
Third-Party Investors’ Share of Net Income		$	116,464		$	96,594
Our Share of Net Income			115,469			92,699
Amortization of Excess Investment			(47,657)			(14,465)
Income from Unconsolidated Entities		$	67,812		$	78,234

TRG

Schedule of financial information of other platform investments


		For the Three Months Ended
		March 31,
				2025
Total revenues			$	176,313
Operating income before other items				74,157
Consolidated net income				49,784
Our share of net income				44,120
Amortization of excess investment				(50,487)

Other Platform Investments

Schedule of financial information of other platform investments


		For the Three Months Ended
		March 31,
		2026			2025
Total revenues		$	2,253,797		$	2,391,468
Operating income (loss) before other items			(343,080)			(256,146)
Consolidated net income (loss)			(385,681)			(297,436)
Share of net income (loss), net of tax			(82,043)			(61,130)
Amortization of excess investment			(692)			(692)

Europe | Klepierre

Schedule of financial information of other platform investments


			For the Three Months Ended
			March 31,
			2026			2025
Total revenues			$	389,201		$	345,734
Operating income before other items				176,167			144,514
Consolidated net income				129,171			108,335
Our share of net income				23,768			22,434
Amortization of excess investment				(3,542)			(3,167)