Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions)
Asian Joint Ventures We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $206.3 million and $206.1 million as of December 31, 2022 and 2021, respectively, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% noncontrolling ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $199.5 million and $194.9 million as of December 31, 2022 and 2021, respectively, including all related components of accumulated other comprehensive income (loss). Summary Financial Information The following tables present a summary of the combined balance sheets and statements of operations of our equity method investments and share of income from such investments, excluding our investments in Jamestown, Klépierre and TRG, as well as our other platform investments.
COMBINED BALANCE SHEETS
December 31, December 31, 2022 2021
Assets: Investmentproperties,atcost........................................... $ 19,256,108 $ 19,724,242 Less - accumulated depreciation ........................................ 8,490,990 8,330,891 10,765,118 11,393,351 Cashandcashequivalents............................................. 1,445,353 1,481,287 Tenantreceivablesandaccruedrevenue,net.............................. 546,025 591,369 Right-of-use assets, net................................................ 143,526 154,561 Deferredcostsandotherassets......................................... 482,375 394,691 Total assets ..................................................... $ 13,382,397 $ 14,015,259 Liabilities and Partners’ Deficit: Mortgages .......................................................... $ 14,569,921 $ 15,223,710 Accounts payable, accrued expenses, intangibles, and deferred revenue ....... 961,984 995,392 Leaseliabilities....................................................... 133,096 158,372 Other liabilities ....................................................... 446,064 383,018 Total liabilities ................................................... 16,111,065 16,760,492 Preferred units ....................................................... 67,450 67,450 Partners’ deficit ...................................................... (2,796,118) (2,812,683) Total liabilities and partners’ deficit ................................ $ 13,382,397 $ 14,015,259 Our Share of: Partners’ deficit ...................................................... $ (1,232,086) $ (1,207,396) Add: Excess Investment ............................................... 1,219,117 1,283,645 Our net (deficit) Investment in unconsolidated entities, at equity . . . . . . . . . . . . . . . $ (12,969) $ 76,249 “Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and has been determined to relate to the fair value of the investment properties, intangible assets, including goodwill, and debt premiums and discounts. We amortize excess
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