Investment in Unconsolidated Entities and International Investments (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Schedule of equity method investments and share of income from such investments, balance sheet |
| | | | | | | | | September 30, | | December 31, | | | 2026 | | 2025 | Assets: | | | | | | | Investment properties, at cost | | $ | 21,951,852 | | $ | 22,077,749 | Less - accumulated depreciation | | | 10,289,708 | | | 9,020,481 | | | | 11,662,144 | | | 13,057,268 | Cash and cash equivalents | | | 1,572,520 | | | 1,264,619 | Tenant receivables and accrued revenue, net | | | 617,183 | | | 605,756 | Right-of-use assets, net | | | 116,537 | | | 108,349 | Deferred costs and other assets | | | 690,541 | | | 572,826 | Total assets | | $ | 14,658,925 | | $ | 15,608,818 | Liabilities and Partners’ Deficit: | | | | | | | Mortgages | | $ | 16,429,166 | | $ | 16,374,773 | Accounts payable, accrued expenses, intangibles, and deferred revenue | | | 1,208,444 | | | 1,117,855 | Lease liabilities | | | 120,242 | | | 99,837 | Other liabilities | | | 393,534 | | | 334,246 | Total liabilities | | | 18,151,386 | | | 17,926,711 | Preferred units | | | 67,450 | | | 67,450 | Partners’ deficit | | | (3,559,911) | | | (2,385,343) | Total liabilities and partners’ deficit | | $ | 14,658,925 | | $ | 15,608,818 | Our Share of: | | | | | | | Partners’ deficit | | $ | (1,553,567) | | $ | (1,247,554) | Add: Excess Investment | | | 2,928,745 | | | 2,773,173 | Our net Investment in unconsolidated entities, at equity | | $ | 1,375,178 | | $ | 1,525,619 |
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| Schedule 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, | | | 2026 | | 2025 | | 2026 | | 2025 | REVENUE: | | | | | | | | | | | | | Lease income | | $ | 954,138 | | $ | 758,148 | | $ | 2,813,583 | | $ | 2,265,844 | Other income | | | 102,772 | | | 110,101 | | | 311,661 | | | 317,108 | Total revenue | | | 1,056,910 | | | 868,249 | | | 3,125,244 | | | 2,582,952 | OPERATING EXPENSES: | | | | | | | | | | | | | Property operating | | | 207,754 | | | 166,804 | | | 624,152 | | | 499,411 | Depreciation and amortization | | | 176,169 | | | 152,713 | | | 538,544 | | | 471,399 | Real estate taxes | | | 70,178 | | | 50,187 | | | 203,887 | | | 167,586 | Repairs and maintenance | | | 29,408 | | | 23,564 | | | 78,849 | | | 62,531 | Advertising and promotion | | | 24,665 | | | 20,963 | | | 74,683 | | | 65,586 | Other | | | 63,892 | | | 62,078 | | | 203,360 | | | 180,233 | Total operating expenses | | | 572,066 | | | 476,309 | | | 1,723,475 | | | 1,446,746 | Operating Income Before Other Items | | | 484,844 | | | 391,940 | | | 1,401,769 | | | 1,136,206 | Interest expense | | | (209,537) | | | (175,580) | | | (620,114) | | | (520,944) | Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net | | | 229,636 | | | 1,217 | | | 229,636 | | | 1,217 | Net Income | | $ | 504,943 | | $ | 217,577 | | $ | 1,011,291 | | $ | 616,479 | Third-Party Investors’ Share of Net Income | | $ | 257,552 | | $ | 110,051 | | $ | 516,134 | | $ | 314,298 | Our Share of Net Income | | | 247,391 | | | 107,526 | | | 495,157 | | | 302,181 | Amortization of Excess Investment | | | (13,708) | | | (13,822) | | | (110,049) | | | (42,158) | Our Share of (Gain) loss on Acquisition of Controlling Interest, Sale or Disposal of, or Recovery on, Assets and Interests in Unconsolidated Entities and Impairment, net | | | (114,588) | | | (722) | | | (114,588) | | | (722) | Income from Unconsolidated Entities | | $ | 119,095 | | $ | 92,982 | | $ | 270,520 | | $ | 259,301 |
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| TRG |
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| Schedule of financial information of other platform investments |
| | | | | | | | | | | | | For the Three Months Ended | | For the Nine Months Ended | | | September 30, | | September 30, | | | 2025 | | 2025 | Total revenues | | | $ | 177,977 | | | | $ | 533,161 | | Operating income before other items | | | | 73,312 | | | | | 221,596 | | Consolidated net income | | | | 48,554 | | | | | 146,748 | | Our share of net income | | | | 42,599 | | | | | 128,911 | | Amortization of excess investment | | | | (48,227) | | | | | (148,341) | |
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| Other Platform Investments |
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| Schedule of financial information of other platform investments |
| | | | | | | | | | | | | | | For the Three Months Ended | | For the Nine Months Ended | | | September 30, | | September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Total revenues | | $ | 2,466,109 | | $ | 2,888,381 | | $ | 7,313,322 | | $ | 8,493,456 | Operating income (loss) before other items | | | (335,564) | | | 93,624 | | | (657,075) | | | 253,361 | Consolidated net income (loss) | | | (383,170) | | | 44,879 | | | (792,758) | | | 110,932 | Share of net income (loss), net of tax (1) | | | (86,766) | | | 19,309 | | | (165,808) | | | 53,733 | Amortization of excess investment | | | (692) | | | (692) | | | (2,076) | | | (2,076) |
| (1) | Includes a Level 1 mark-to-market adjustment related to shares held within an unconsolidated investment, our share of which was $120.0 million pre-tax and $90.0 million net of tax for the three and nine months ended September 30, 2026, which is included within the unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net. |
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| Europe | Klepierre |
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| Schedule of financial information of other platform investments |
| | | | | | | | | | | | | | | For the Three Months Ended | | For the Nine Months Ended | | | September 30, | | September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Total revenues | | $ | 401,741 | | $ | 393,175 | | $ | 1,209,293 | | $ | 1,135,742 | Operating income before other items | | | 212,994 | | | 204,594 | | | 631,729 | | | 569,968 | Consolidated net income | | | 165,458 | | | 140,915 | | | 476,319 | | | 369,135 | Our share of net income | | | 30,469 | | | 30,877 | | | 83,994 | | | 71,789 | Amortization of excess investment | | | (3,484) | | | 1,883 | | | (10,545) | | | (8,125) |
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