Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2020

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:


	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

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