Investment in Unconsolidated Entities and International Investments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Schedule of equity method investments and share of income from such investments, balance sheet |
| | | | | | | | | June 30, | | December 31, | | | 2026 | | 2025 | Assets: | | | | | | | Investment properties, at cost | | $ | 21,519,924 | | $ | 22,077,749 | Less - accumulated depreciation | | | 10,083,799 | | | 9,020,481 | | | | 11,436,125 | | | 13,057,268 | Cash and cash equivalents | | | 1,511,847 | | | 1,264,619 | Tenant receivables and accrued revenue, net | | | 599,064 | | | 605,756 | Right-of-use assets, net | | | 111,163 | | | 108,349 | Deferred costs and other assets | | | 645,256 | | | 572,826 | Total assets | | $ | 14,303,455 | | $ | 15,608,818 | Liabilities and Partners’ Deficit: | | | | | | | Mortgages | | $ | 16,605,493 | | $ | 16,374,773 | Accounts payable, accrued expenses, intangibles, and deferred revenue | | | 1,149,481 | | | 1,117,855 | Lease liabilities | | | 112,971 | | | 99,837 | Other liabilities | | | 377,817 | | | 334,246 | Total liabilities | | | 18,245,762 | | | 17,926,711 | Preferred units | | | 67,450 | | | 67,450 | Partners’ deficit | | | (4,009,757) | | | (2,385,343) | Total liabilities and partners’ deficit | | $ | 14,303,455 | | $ | 15,608,818 | Our Share of: | | | | | | | Partners’ deficit | | $ | (1,805,176) | | $ | (1,247,554) | Add: Excess Investment | | | 3,055,376 | | | 2,773,173 | Our net Investment in unconsolidated entities, at equity | | $ | 1,250,200 | | $ | 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 Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | REVENUE: | | | | | | | | | | | | | Lease income | | $ | 937,653 | | $ | 757,888 | | $ | 1,859,445 | | $ | 1,507,695 | Other income | | | 103,708 | | | 112,941 | | | 208,889 | | | 207,008 | Total revenue | | | 1,041,361 | | | 870,829 | | | 2,068,334 | | | 1,714,703 | OPERATING EXPENSES: | | | | | | | | | | | | | Property operating | | | 201,456 | | | 165,960 | | | 416,398 | | | 332,607 | Depreciation and amortization | | | 177,211 | | | 159,675 | | | 362,376 | | | 318,687 | Real estate taxes | | | 67,310 | | | 58,606 | | | 133,709 | | | 117,398 | Repairs and maintenance | | | 23,159 | | | 18,204 | | | 49,440 | | | 38,967 | Advertising and promotion | | | 25,085 | | | 22,474 | | | 50,018 | | | 44,623 | Other | | | 67,184 | | | 61,308 | | | 139,469 | | | 118,155 | Total operating expenses | | | 561,405 | | | 486,227 | | | 1,151,410 | | | 970,437 | Operating Income Before Other Items | | | 479,956 | | | 384,602 | | | 916,924 | | | 744,266 | Interest expense | | | (205,540) | | | (174,995) | | | (410,577) | | | (345,363) | Net Income | | $ | 274,416 | | $ | 209,607 | | $ | 506,347 | | $ | 398,903 | Third-Party Investors’ Share of Net Income | | $ | 142,119 | | $ | 107,651 | | $ | 258,581 | | $ | 204,248 | Our Share of Net Income | | | 132,297 | | | 101,956 | | | 247,766 | | | 194,655 | Amortization of Excess Investment | | | (48,684) | | | (13,871) | | | (96,341) | | | (28,336) | Income from Unconsolidated Entities | | $ | 83,613 | | $ | 88,085 | | $ | 151,425 | | $ | 166,319 |
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| TRG |
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| Schedule of financial information of other platform investments |
| | | | | | | | | | | | | For the Three Months Ended | | For the Six Months Ended | | | June 30, | | June 30, | | | 2025 | | 2025 | Total revenues | | | $ | 178,871 | | | | $ | 355,184 | | Operating income before other items | | | | 74,127 | | | | | 148,284 | | Consolidated net income | | | | 48,410 | | | | | 98,194 | | Our share of net income | | | | 42,192 | | | | | 86,312 | | Amortization of excess investment | | | | (49,627) | | | | | (100,114) | |
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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 Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Total revenues | | $ | 2,593,451 | | $ | 3,213,608 | | $ | 4,847,248 | | $ | 5,605,075 | Operating income (loss) before other items | | | 21,598 | | | 415,882 | | | (321,481) | | | 159,736 | Consolidated net income (loss) | | | (23,877) | | | 363,489 | | | (409,558) | | | 66,053 | Share of net income (loss), net of tax | | | 3,009 | | | 95,553 | | | (79,034) | | | 34,423 | Amortization of excess investment | | | (692) | | | (692) | | | (1,384) | | | (1,384) |
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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 Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Total revenues | | $ | 418,351 | | $ | 396,833 | | $ | 807,552 | | $ | 742,567 | Operating income before other items | | | 242,568 | | | 220,860 | | | 418,735 | | | 365,374 | Consolidated net income | | | 181,690 | | | 119,885 | | | 310,861 | | | 228,220 | Our share of net income | | | 29,757 | | | 18,477 | | | 53,525 | | | 40,911 | Amortization of excess investment | | | (3,519) | | | (6,790) | | | (7,061) | | | (9,958) |
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