Asian Joint Ventures.  We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi  Estate Co., Ltd. We have a 40.0% ownership interest in this joint venture. The carrying amount of our investment in this joint venture  was $349.5 million and $340.8 million as of December 31, 2011 and 2010, 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 50.0% ownership interest in this joint venture. The carrying amount  of our investment in this joint venture was $43.8 million and $35.7 million as of December 31, 2011 and 2010, respectively,  including all related components of accumulated other comprehensive income (loss). In December 2009, we recognized a loss on our 32.5% interest in shopping centers operating or under development in China.  The interests were sold to affiliates of our Chinese partner for approximately $29 million, resulting in a loss of approximately $20  million which is included in gain (loss) upon acquisition of controlling interests, and on sale or disposal of assets and interests in  unconsolidated entities, net in the 2009 consolidated statement of operations and comprehensive income. A summary of our investments in joint ventures and share of income from such joint ventures follows. The statement of  operations for the year ended December 31, 2010 includes amounts related to our investment in Simon Ivanhoe which was sold  on July 15, 2010 and GCI which was sold on January 9, 2012. We acquired additional controlling interests in King of Prussia on  August 25, 2011, and as a result, this previously unconsolidated property is now a consolidated property as of the acquisition date.  Balance sheet information for the joint ventures is as follows: Summary Financial Information “Excess Investment” represents the unamortized difference of our investment over our share of the equity in the underlying  net assets of the joint ventures acquired. We amortize excess investment over the life of the related properties, typically no greater  than 40 years, and the amortization is included in the reported amount of income from unconsolidated entities. 2011 Annual Report 51 December 31,  December 31, 2011 2010 BALANCE SHEETS Assets: Investment properties, at cost  $20,481,657 $21,236,594 Less — accumulated depreciation  5,264,565 5,126,116  15,217,092 16,110,478 Cash and cash equivalents  806,895 802,025 Tenant receivables and accrued revenue, net  359,208 353,719 Investment in unconsolidated entities, at equity  133,576 158,116 Deferred costs and other assets  526,101 525,024 Total assets  $ 17,042,872 $ 17,949,362 Liabilities and Partners’ (Deficit) Equity: Mortgages and other indebtedness  $15,582,321 $15,937,404 Accounts payable, accrued expenses, intangibles, and deferred revenue  775,733 748,245 Other liabilities  981,711 961,284 Total liabilities   17,339,765 17,646,933 Preferred units  67,450 67,450 Partners’ (deficit) equity  (364,343) 234,979 Total liabilities and partners’ (deficit) equity  $ 17,042,872 $ 17,949,362 Our Share of: Partners’ (deficit) equity  $ (32,000) $ 146,578 Add: Excess Investment  714,515 757,672 Our net Investment in Joint Ventures  $ 682,515 $ 904,250