Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:


	September 30, 2021		December 31, 2020
Assets(1):
Property, net	$	8,782,003	$	8,721,551
Other assets	806,699		774,583
Total assets	$	9,588,702	$	9,496,134
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	6,056,358	$	5,942,478
Other liabilities	399,011		397,483
Company's capital	1,693,844		1,711,944
Outside partners' capital	1,439,489		1,444,229
Total liabilities and partners' capital	$	9,588,702	$	9,496,134
Investments in unconsolidated joint ventures:
Company's capital	$	1,693,844	$	1,711,944
Basis adjustment(2)	(457,992)		(479,678)
	$	1,235,852	$	1,232,266

Assets—Investments in unconsolidated joint ventures	$	1,365,369	$	1,340,647
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(129,517)		(108,381)
	$	1,235,852	$	1,232,266

(1) These amounts include assets of $2,804,711 and $2,857,757 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2021 and December 31, 2020, respectively, and liabilities of $1,671,469 and $1,687,042 of the PPR Portfolio as of September 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 $2,768 and $3,361 for the three months ended September 30, 2021 and 2020, respectively, and $7,431 and $11,089 for the nine months ended September 30, 2021 and 2020, respectively.

Schedule of 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, 2021
Revenues:
Leasing revenue	$	44,304	$	160,044	$	204,348
Other	14		6,658		6,672
Total revenues	44,318		166,702		211,020
Expenses:
Shopping center and operating expenses	10,078		67,627		77,705
Leasing expenses	332		963		1,295
Interest expense	15,801		36,483		52,284
Depreciation and amortization	24,154		61,734		85,888
Total expenses	50,365		166,807		217,172
Gain on sale or write down of assets, net	—		762		762

Net (loss) income	$	(6,047)	$	657	$	(5,390)
Company's equity in net loss	$	(1,390)	$	(343)	$	(1,733)
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 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)


	PPR Portfolio		Other Joint Ventures		Total
Nine Months Ended September 30, 2021
Revenues:
Leasing revenue	$	122,311	$	459,826	$	582,137
Other	144		56,508		56,652
Total revenues	122,455		516,334		638,789
Expenses:
Shopping center and operating expenses	29,339		183,013		212,352
Leasing expenses	1,106		3,423		4,529
Interest expense	47,438		110,586		158,024
Depreciation and amortization	73,042		192,149		265,191
Total expenses	150,925		489,171		640,096
Gain on sale or write down of assets, net	—		581		581

Net (loss) income	$	(28,470)	$	27,744	$	(726)
Company's equity in net (loss) income	$	(10,269)	$	30,481	$	20,212
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 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)