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Investments in Unconsolidated Joint Ventures | 6 Months Ended
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Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures: The Company has made the following recent financings of its unconsolidated joint ventures: On November 17, 2020, the Company’s joint venture in Tysons VITA, the residential tower at Tysons Corner Center, placed a new $95,000 loan on the property that bears interest at an effective rate of 3.43% and matures on December 1, 2030. Initial loan funding for the Company’s joint venture was $90,000 with future advance potential of up to $5,000. The Company used its share of the initial proceeds of $45,000 for general corporate purposes. On December 10, 2020, the Company made a loan (the “Partnership Loan”) to the Company’s joint venture in Fashion District Philadelphia to fund the entirety of a $100,000 repayment to reduce the mortgage loan on Fashion District Philadelphia from $301,000 to $201,000. This mortgage loan now matures on January 22, 2024, including a one-year extension option, and bears interest at LIBOR plus 3.5%, with a LIBOR floor of 0.50%. The partnership agreement for the joint venture was amended in connection with the Partnership Loan, and pursuant to the amended agreement, the Partnership Loan plus 15% accrued interest must be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner. As a result of the substantive participation rights of the Company’s joint venture partner being terminated in the amended agreement, the Company determined that the joint venture is a VIE and the Company is the primary beneficiary. Effective December 10, 2020, the Company has consolidated the results of the joint venture into the consolidated financial statements of the Company. On December 29, 2020, the Company’s joint venture in FlatIron Crossing closed on a one-year maturity date extension for the existing loan to January 5, 2022. The interest rate increased from 3.85% to 4.10%, and the Company’s joint venture repaid $15,000, $7,650 at the Company's pro rata share, of the outstanding loan balance at closing. On December 31, 2020, the Company and its joint venture partner in MS Portfolio LLC entered into a distribution agreement. The joint venture owned nine properties, including the former Sears parcels at the South Plains Mall and the Arrowhead Towne Center. The joint venture distributed the former Sears parcel at South Plains Mall to the Company and the former Sears parcel at Arrowhead Towne Center to the joint venture partner. The joint venture partners agreed that the distributed properties were of equal value. The Company now owns 100% of the former Sears parcel at South Plains Mall. Effective December 31, 2020, the Company consolidated its 100% interest in the Sears parcel at South Plains Mall in its consolidated financial statements. On March 29, 2021, concurrent with the sale of Paradise Valley Mall (see Note 15 – Dispositions), the Company elected to reinvest into the newly formed joint venture at a 5% ownership interest for $3,819 in cash that is accounted for under the equity method of accounting. 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:
| June 30, 2021 |  | December 31, 2020
Assets(1): |  |  |
Property, net | $ | 8,796,400 |  |  | $ | 8,721,551 |
Other assets | 815,642 |  |  | 774,583 |
Total assets | $ | 9,612,042 |  |  | $ | 9,496,134 |
Liabilities and partners' capital(1): |  |  |
Mortgage and other notes payable | $ | 6,044,153 |  |  | $ | 5,942,478 |
Other liabilities | 391,762 |  |  | 397,483 |
Company's capital | 1,710,793 |  |  | 1,711,944 |
Outside partners' capital | 1,465,334 |  |  | 1,444,229 |
Total liabilities and partners' capital | $ | 9,612,042 |  |  | $ | 9,496,134 |
Investments in unconsolidated joint ventures: |  |  |
Company's capital | $ | 1,710,793 |  |  | $ | 1,711,944 |
Basis adjustment(2) | (465,273) |  |  | (479,678) |
| $ | 1,245,520 |  |  | $ | 1,232,266 |
Assets—Investments in unconsolidated joint ventures | $ | 1,370,299 |  |  | $ | 1,340,647 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (124,779) |  |  | (108,381) |
| $ | 1,245,520 |  |  | $ | 1,232,266 |
(1) These amounts include assets of $2,821,851 and $2,857,757 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2021 and December 31, 2020, respectively, and liabilities of $1,673,662 and $1,687,042 of the PPR Portfolio as of June 30, 2021 and December 31, 2020, 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 $2,420 and $3,729 for the three months ended June 30, 2021 and 2020, respectively, and $4,663 and $7,728 for the six months ended June 30, 2021 and 2020, respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
| PPR Portfolio |  | Other Joint Ventures |  | Total
Three Months Ended June 30, 2021 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 41,234 |  |  | $ | 150,465 |  |  | $ | 191,699 |
Other | 37 |  |  | 32,884 |  |  | 32,921 |
Total revenues | 41,271 |  |  | 183,349 |  |  | 224,620 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 9,896 |  |  | 56,546 |  |  | 66,442 |
Leasing expenses | 372 |  |  | 1,106 |  |  | 1,478 |
Interest expense | 15,835 |  |  | 36,889 |  |  | 52,724 |
Depreciation and amortization | 24,582 |  |  | 63,874 |  |  | 88,456 |
Total expenses | 50,685 |  |  | 158,415 |  |  | 209,100 |
Loss on sale or write down of assets, net | — |  |  | (235) |  |  | (235) |
Net (loss) income | $ | (9,414) |  |  | $ | 24,699 |  |  | $ | 15,285 |
Company's equity in net (loss) income | $ | (3,372) |  |  | $ | 23,407 |  |  | $ | 20,035 |
Three Months Ended June 30, 2020 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 38,806 |  |  | $ | 139,452 |  |  | $ | 178,258 |
Other | 253 |  |  | (399) |  |  | (146) |
Total revenues | 39,059 |  |  | 139,053 |  |  | 178,112 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 8,240 |  |  | 53,145 |  |  | 61,385 |
Leasing expenses | 290 |  |  | 832 |  |  | 1,122 |
Interest expense | 16,363 |  |  | 36,790 |  |  | 53,153 |
Depreciation and amortization | 24,565 |  |  | 66,095 |  |  | 90,660 |
Total expenses | 49,458 |  |  | 156,862 |  |  | 206,320 |
Loss on sale or write down of assets, net | — |  |  | (12) |  |  | (12) |
Net loss | $ | (10,399) |  |  | $ | (17,821) |  |  | $ | (28,220) |
Company's equity in net loss | $ | (3,777) |  |  | $ | (10,396) |  |  | $ | (14,173) |
| PPR Portfolio |  | Other Joint Ventures |  | Total
Six Months Ended June 30, 2021 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 78,008 |  |  | $ | 299,781 |  |  | $ | 377,789 |
Other | 129 |  |  | 49,851 |  |  | 49,980 |
Total revenues | 78,137 |  |  | 349,632 |  |  | 427,769 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 19,263 |  |  | 115,385 |  |  | 134,648 |
Leasing expenses | 775 |  |  | 2,459 |  |  | 3,234 |
Interest expense | 31,637 |  |  | 74,103 |  |  | 105,740 |
Depreciation and amortization | 48,887 |  |  | 130,416 |  |  | 179,303 |
Total expenses | 100,562 |  |  | 322,363 |  |  | 422,925 |
Loss on sale or write down of assets, net | — |  |  | (181) |  |  | (181) |
Net (loss) income | $ | (22,425) |  |  | $ | 27,088 |  |  | $ | 4,663 |
Company's equity in net (loss) income | $ | (8,879) |  |  | $ | 30,824 |  |  | $ | 21,945 |
Six Months Ended June 30, 2020 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 97,184 |  |  | $ | 311,696 |  |  | $ | 408,880 |
Other | 302 |  |  | 6,492 |  |  | 6,794 |
Total revenues | 97,486 |  |  | 318,188 |  |  | 415,674 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 17,881 |  |  | 114,654 |  |  | 132,535 |
Leasing expenses | 763 |  |  | 2,127 |  |  | 2,890 |
Interest expense | 32,458 |  |  | 74,930 |  |  | 107,388 |
Depreciation and amortization | 53,182 |  |  | 134,456 |  |  | 187,638 |
Total expenses | 104,284 |  |  | 326,167 |  |  | 430,451 |
Loss on sale or write down of assets, net | — |  |  | (12) |  |  | (12) |
Net loss | $ | (6,798) |  |  | $ | (7,991) |  |  | $ | (14,789) |
Company's equity in net income (loss) | $ | 944 |  |  | $ | (5,419) |  |  | $ | (4,475) |
Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.

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- References No definition available. + Details
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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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