Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures

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, 2022		December 31, 2021
Assets(1):
Property, net	$	8,215,389	$	8,289,412
Other assets	771,455		750,629
Total assets	$	8,986,844	$	9,040,041
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,634,189	$	5,686,500
Other liabilities	434,599		325,115
Company's capital	1,558,737		1,638,112
Outside partners' capital	1,359,319		1,390,314
Total liabilities and partners' capital	$	8,986,844	$	9,040,041
Investments in unconsolidated joint ventures:
Company's capital	$	1,558,737	$	1,638,112
Basis adjustment(2)	(438,366)		(448,149)
	$	1,120,371	$	1,189,963

Assets—Investments in unconsolidated joint ventures	$	1,246,730	$	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(126,359)		(127,608)
	$	1,120,371	$	1,189,963

(1) These amounts include assets of $2,722,667 and $2,789,568 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2022 and December 31, 2021, respectively, and liabilities of $1,642,822 and $1,661,110 of the PPR Portfolio as of June 30, 2022 and December 31, 2021, 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 $2,295 and $2,420 for the three months ended June 30, 2022 and 2021, respectively, and $4,870 and $4,663 for the six months ended June 30, 2022 and 2021, 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 June 30, 2022
Revenues:
Leasing revenue	$	48,339	$	168,827	$	217,166
Other	55		2,766		2,821
Total revenues	48,394		171,593		219,987
Expenses:
Shopping center and operating expenses	10,139		55,365		65,504
Leasing expenses	365		1,200		1,565
Interest expense	15,378		36,582		51,960
Depreciation and amortization	24,218		66,226		90,444
Total expenses	50,100		159,373		209,473
Gain on sale or write down of assets, net	—		2,032		2,032

Net (loss) income	$	(1,706)	$	14,252	$	12,546
Company's equity in net income	$	1,289	$	5,064	$	6,353
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

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Six Months Ended June 30, 2022
Revenues:
Leasing revenue	$	92,189	$	323,993	$	416,182
Other	119		10,105		10,224
Total revenues	92,308		334,098		426,406
Expenses:
Shopping center and operating expenses	20,857		113,232		134,089
Leasing expenses	834		2,521		3,355
Interest expense	30,751		72,327		103,078
Depreciation and amortization	48,491		131,406		179,897
Total expenses	100,933		319,486		420,419
Loss on sale or write down of assets, net	—		(56,659)		(56,659)

Net loss	$	(8,625)	$	(42,047)	$	(50,672)
Company's equity in net loss	$	(503)	$	(22,241)	$	(22,744)
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