Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Combined and condensed balance sheets of unconsolidated joint ventures

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:



	June 30, 2019			December 31, 2018
Assets(1):
Property, net	$	9,291,345		$	9,241,003
Other assets	762,972			703,861
Total assets	$	10,054,317		$	9,944,864
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	6,037,929		$	6,050,930
Other liabilities	481,598			388,509
Company's capital	1,920,631			1,913,475
Outside partners' capital	1,614,159			1,591,950
Total liabilities and partners' capital	$	10,054,317		$	9,944,864
Investments in unconsolidated joint ventures:
Company's capital	$	1,920,631		$	1,913,475
Basis adjustment(2)	(518,286		)	(535,808		)
	$	1,402,345		$	1,377,667

Assets—Investments in unconsolidated joint ventures	$	1,517,771		$	1,492,655
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(115,426		)	(114,988		)
	$	1,402,345		$	1,377,667


(1)	These amounts include the assets of $2,991,383 and $3,047,851 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2019 and December 31, 2018, respectively, and liabilities of $1,841,559 and $1,859,637 of the PPR Portfolio as of June 30, 2019 and December 31, 2018, respectively.

(2)

The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $5,271 and $3,524 for the three months ended June 30, 2019 and 2018, respectively, and $9,810 and $7,627 for the six months ended June 30, 2019 and 2018, respectively.

Combined and condensed statements of operations of unconsolidated joint ventures

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



	PPR Portfolio			Other Joint Ventures			Total
Three Months Ended June 30, 2019
Revenues:
Leasing revenue	$	45,346		$	172,273		$	217,619
Other	435			13,097			13,532
Total revenues	45,781			185,370			231,151
Expenses:
Shopping center and operating expenses	8,470			59,065			67,535
Leasing expenses	373			1,655			2,028
Interest expense	17,043			37,682			54,725
Depreciation and amortization	24,732			76,866			101,598
Total operating expenses	50,618			175,268			225,886
Loss on sale or write down of assets, net	(399		)	(145		)	(544		)
Net (loss) income	$	(5,236	)	$	9,957		$	4,721
Company's equity in net (loss) income	$	(531	)	$	7,788		$	7,257
Three Months Ended June 30, 2018
Revenues:
Leasing revenue	$	45,362		$	175,608		$	220,970
Other	432			11,879			12,311
Total revenues	45,794			187,487			233,281
Expenses:
Shopping center and operating expenses	9,517			60,325			69,842
Interest expense(1)	16,770			37,356			54,126
Depreciation and amortization	24,071			60,973			85,044
Total operating expenses	50,358			158,654			209,012
Gain on sale or write down of assets, net	—			559			559
Net (loss) income	$	(4,564	)	$	29,392		$	24,828
Company's equity in net (loss) income	$	(257	)	$	15,926		$	15,669



	PPR Portfolio			Other Joint Ventures			Total
Six Months Ended June 30, 2019
Revenues:
Leasing revenue	$	91,366		$	345,797		$	437,163
Other	617			25,161			25,778
Total revenues	91,983			370,958			462,941
Expenses:
Shopping center and operating expenses	18,142			118,715			136,857
Leasing expenses	840			3,362			4,202
Interest expense	33,994			74,593			108,587
Depreciation and amortization	50,246			141,333			191,579
Total operating expenses	103,222			338,003			441,225
Loss on sale or write down of assets, net	(405		)	(280		)	(685		)
Net (loss) income	$	(11,644	)	$	32,675		$	21,031
Company's equity in net (loss) income	$	(1,730	)	$	21,230		$	19,500
Six Months Ended June 30, 2018
Revenues:
Leasing revenue	$	90,782		$	356,051		$	446,833
Other	600			20,150			20,750
Total revenues	91,382			376,201			467,583
Expenses:
Shopping center and operating expenses	19,198			121,646			140,844
Interest expense(1)	33,496			70,388			103,884
Depreciation and amortization	48,555			123,385			171,940
Total operating expenses	101,249			315,419			416,668
Gain on sale or write down of assets, net	—			1,529			1,529
Net (loss) income	$	(9,867	)	$	62,311		$	52,444
Company's equity in net (loss) income	$	(873	)	$	33,414		$	32,541

(1)

Interest expense includes $7,158 and $12,116 for the three and six months ended June 30, 2018, respectively, related to mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 18—Related Party Transactions).