XML 70 R55.htm IDEA: XBRL DOCUMENT v3.3.1.900
Investments in Unconsolidated Joint Ventures: Financial Results (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Assets:      
Properties, net $ 6,334,442 $ 2,967,878  
Other assets 517,053 208,726  
Total assets 6,851,495 3,176,604  
Liabilities and partners' capital:      
Mortgage notes payable 3,614,401 2,038,379  
Other liabilities 358,156 195,766  
Company's capital 1,585,796 489,349  
Outside partners' capital 1,293,142 453,110  
Total liabilities and partners' capital 6,851,495 3,176,604  
Investment in unconsolidated joint ventures:      
Company's capital 1,585,796 489,349  
Basis adjustment (77,701) 464,826  
Investments in unconsolidated joint ventures 1,508,095 954,175  
Assets—Investments in unconsolidated joint ventures 1,532,552 984,132  
Liabilities—Distributions in excess of investments in unconsolidated joint ventures (24,457) (29,957)  
Mortgage notes payable that could become recourse debt to the Company 5,000 33,540  
Indemnity of guaranteed amount 2,500 16,770  
Amortization of difference between cost of investments and book value of underlying equity 5,619 5,109 $ 10,734
Revenues:      
Minimum rents 315,093 388,363 418,724
Percentage rents 15,757 17,161 19,589
Tenant recoveries 137,467 186,741 204,171
Other 35,113 40,705 45,627
Total revenues 503,430 632,970 688,111
Expenses:      
Shopping center and operating expenses 172,647 215,412 229,818
Interest expense 88,727 137,087 145,322
Depreciation and amortization 150,626 144,403 147,309
Total operating expenses 412,000 496,902 522,449
Gain on sale of assets 9,850 3,643 190,526
Gain on early extinguishment of debt (3)   14
Net income 101,277 139,711 356,202
Company's equity in net income 45,164 60,626 167,580
Northwestern Mutual Life (NML)      
Investment in unconsolidated joint ventures:      
Mortgage notes payable to affiliate 461,778 606,263  
Interest expense on borrowings from related party 29,372 38,113 31,549
Pacific Premier Retail LP      
Revenues:      
Minimum rents 21,172 88,831 118,164
Percentage rents 2,569 2,652 4,586
Tenant recoveries 8,408 40,118 52,470
Other 1,182 4,090 5,882
Total revenues 33,331 135,691 181,102
Expenses:      
Shopping center and operating expenses 6,852 37,113 53,039
Interest expense 10,448 34,113 43,445
Depreciation and amortization 16,919 29,688 39,616
Total operating expenses 34,219 100,914 136,100
Gain on sale of assets 0 (7,044) 182,754
Gain on early extinguishment of debt 0   0
Net income (888) 27,733 227,756
Company's equity in net income 1,409 9,743 110,798
Other Joint Ventures      
Revenues:      
Minimum rents 293,921 299,532 300,560
Percentage rents 13,188 14,509 15,003
Tenant recoveries 129,059 146,623 151,701
Other 33,931 36,615 39,745
Total revenues 470,099 497,279 507,009
Expenses:      
Shopping center and operating expenses 165,795 178,299 176,779
Interest expense 78,279 102,974 101,877
Depreciation and amortization 133,707 114,715 107,693
Total operating expenses 377,781 395,988 386,349
Gain on sale of assets 9,850 10,687 7,772
Gain on early extinguishment of debt (3)   14
Net income 102,165 111,978 128,446
Company's equity in net income 43,755 $ 50,883 $ 56,782
Pacific Premier Retail LLC—Various Properties      
Assets:      
Total assets 3,283,702    
Investment in unconsolidated joint ventures:      
Total liabilities $ 1,938,241