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Investments in Unconsolidated Joint Ventures | 9 Months Ended
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Sep. 30, 2020
Joint Venture |
Schedule of Equity Method Investments [Line Items] |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures: The Company has made the following recent financings of its unconsolidated joint ventures: On February 22, 2019, the Company’s joint venture in The Shops at Atlas Park entered into an agreement to increase the total borrowing capacity of the existing loan on the property from $57,751 to $80,000, and to extend the maturity date to October 28, 2021, including extension options. Concurrent with the loan modification, the joint venture borrowed an additional $18,379. The Company used its $9,189 share of the additional proceeds to pay down its line of credit and for general corporate purposes. On July 25, 2019, the Company's joint venture in Fashion District Philadelphia amended the existing term loan on the joint venture to allow for additional borrowings up to $100,000 at LIBOR plus 2%. Concurrent with the amendment, the joint venture borrowed an additional $26,000. On August 16, 2019, the joint venture borrowed an additional $25,000. The Company used its share of the additional proceeds to pay down its line of credit and for general corporate purposes. On September 12, 2019, the Company’s joint venture in Tysons Tower placed a new $190,000 loan on the property that bears interest at an effective rate of 3.38% and matures on November 11, 2029. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On October 17, 2019, the Company’s joint venture in West Acres placed a construction loan on the property that allows for borrowing of up to $6,500, bears interest at an effective rate of 3.72% and matures on October 10, 2029. The joint venture intends to use the proceeds from the loan to fund the expansion of the property. On December 18, 2019, the Company’s joint venture in One Westside placed a $414,600 construction loan on the redevelopment project. The loan bears interest at LIBOR plus 1.70%, which can be reduced to LIBOR plus 1.50% upon the completion of certain conditions, and matures on December 18, 2024. This loan is expected to fund the joint venture's remaining cost to complete the project. Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:
| September 30, 2020 |  | December 31, 2019
Assets(1): |  |  |
Property, net | $ | 9,403,481 |  |  | $ | 9,424,591 |
Other assets | 845,320 |  |  | 772,116 |
Total assets | $ | 10,248,801 |  |  | $ | 10,196,707 |
Liabilities and partners' capital(1): |  |  |
Mortgage and other notes payable | $ | 6,170,353 |  |  | $ | 6,144,685 |
Other liabilities | 501,544 |  |  | 565,412 |
Company's capital | 1,923,794 |  |  | 1,904,145 |
Outside partners' capital | 1,653,110 |  |  | 1,582,465 |
Total liabilities and partners' capital | $ | 10,248,801 |  |  | $ | 10,196,707 |
Investments in unconsolidated joint ventures: |  |  |
Company's capital | $ | 1,923,794 |  |  | $ | 1,904,145 |
Basis adjustment(2) | (460,899) |  |  | (492,350) |
| $ | 1,462,895 |  |  | $ | 1,411,795 |
Assets—Investments in unconsolidated joint ventures | $ | 1,569,887 |  |  | $ | 1,519,697 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (106,992) |  |  | (107,902) |
| $ | 1,462,895 |  |  | $ | 1,411,795 |
(1) These amounts include assets of $2,891,122 and $2,932,401 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2020 and December 31, 2019, respectively, and liabilities of $1,708,455 and $1,732,976 of the PPR Portfolio as of September 30, 2020 and December 31, 2019, 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 $3,361 and $5,354 for the three months ended September 30, 2020 and 2019, respectively, and $11,089 and $15,164 for the nine months ended September 30, 2020 and 2019, respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
| PPR Portfolio |  | Other Joint Ventures |  | Total
Three Months Ended September 30, 2020 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 36,043 |  |  | $ | 155,133 |  |  | $ | 191,176 |
Other | 257 |  |  | 5,671 |  |  | 5,928 |
Total revenues | 36,300 |  |  | 160,804 |  |  | 197,104 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 9,678 |  |  | 61,457 |  |  | 71,135 |
Leasing expenses | 266 |  |  | 877 |  |  | 1,143 |
Interest expense | 16,267 |  |  | 37,805 |  |  | 54,072 |
Depreciation and amortization | 24,819 |  |  | 73,884 |  |  | 98,703 |
Total operating expenses | 51,030 |  |  | 174,023 |  |  | 225,053 |
(Loss) gain on sale or write down of assets, net | (120) |  |  | 4 |  |  | (116) |
Net loss | $ | (14,850) |  |  | $ | (13,215) |  |  | $ | (28,065) |
Company's equity in net loss | $ | (6,511) |  |  | $ | (6,002) |  |  | $ | (12,513) |
Three Months Ended September 30, 2019 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 46,308 |  |  | $ | 169,132 |  |  | $ | 215,440 |
Other | 668 |  |  | 15,648 |  |  | 16,316 |
Total revenues | 46,976 |  |  | 184,780 |  |  | 231,756 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 9,289 |  |  | 58,658 |  |  | 67,947 |
Leasing expenses | 407 |  |  | 1,750 |  |  | 2,157 |
Interest expense | 16,926 |  |  | 36,021 |  |  | 52,947 |
Depreciation and amortization | 25,260 |  |  | 63,683 |  |  | 88,943 |
Total operating expenses | 51,882 |  |  | 160,112 |  |  | 211,994 |
Gain on sale or write down of assets, net | 5 |  |  | — |  |  | 5 |
Net (loss) income | $ | (4,901) |  |  | $ | 24,668 |  |  | $ | 19,767 |
Company's equity in net (loss) income | $ | (409) |  |  | $ | 14,991 |  |  | $ | 14,582 |
| PPR Portfolio |  | Other Joint Ventures |  | Total
Nine Months Ended September 30, 2020 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 133,226 |  |  | $ | 466,830 |  |  | $ | 600,056 |
Other | 559 |  |  | 12,162 |  |  | 12,721 |
Total revenues | 133,785 |  |  | 478,992 |  |  | 612,777 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 27,562 |  |  | 176,119 |  |  | 203,681 |
Leasing expenses | 1,031 |  |  | 3,002 |  |  | 4,033 |
Interest expense | 48,724 |  |  | 112,736 |  |  | 161,460 |
Depreciation and amortization | 78,000 |  |  | 208,341 |  |  | 286,341 |
Total operating expenses | 155,317 |  |  | 500,198 |  |  | 655,515 |
Loss on sale or write down of assets, net | (120) |  |  | (9) |  |  | (129) |
Net loss | $ | (21,652) |  |  | $ | (21,215) |  |  | $ | (42,867) |
Company's equity in net loss | $ | (5,510) |  |  | $ | (11,478) |  |  | $ | (16,988) |
Nine Months Ended September 30, 2019 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 137,674 |  |  | $ | 514,929 |  |  | $ | 652,603 |
Other | 1,285 |  |  | 40,809 |  |  | 42,094 |
Total revenues | 138,959 |  |  | 555,738 |  |  | 694,697 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 27,431 |  |  | 177,373 |  |  | 204,804 |
Leasing expenses | 1,247 |  |  | 5,112 |  |  | 6,359 |
Interest expense | 50,920 |  |  | 110,614 |  |  | 161,534 |
Depreciation and amortization | 75,506 |  |  | 205,016 |  |  | 280,522 |
Total operating expenses | 155,104 |  |  | 498,115 |  |  | 653,219 |
Loss on sale or write down of assets, net | (400) |  |  | (280) |  |  | (680) |
Net (loss) income | $ | (16,545) |  |  | $ | 57,343 |  |  | $ | 40,798 |
Company's equity in net (loss) income | $ | (2,139) |  |  | $ | 36,221 |  |  | $ | 34,082 |
Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
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