Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 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:


	September 30, 2022		December 31, 2021
Assets(1):
Property, net	$	8,149,910	$	8,289,412
Other assets	654,721		750,629
Total assets	$	8,804,631	$	9,040,041
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,488,671	$	5,686,500
Other liabilities	475,780		325,115
Company's capital	1,509,376		1,638,112
Outside partners' capital	1,330,804		1,390,314
Total liabilities and partners' capital	$	8,804,631	$	9,040,041
Investments in unconsolidated joint ventures:
Company's capital	$	1,509,376	$	1,638,112
Basis adjustment(2)	(432,018)		(448,149)
	$	1,077,358	$	1,189,963

Assets—Investments in unconsolidated joint ventures	$	1,204,153	$	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(126,795)		(127,608)
	$	1,077,358	$	1,189,963

(1) These amounts include assets of $2,704,552 and $2,789,568 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2022 and December 31, 2021, respectively, and liabilities of $1,640,093 and $1,661,110 of the PPR Portfolio as of September 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 $2,164 and $2,768 for the three months ended September 30, 2022 and 2021, respectively, and $7,034 and $7,431 for the nine months ended September 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 September 30, 2022
Revenues:
Leasing revenue	$	44,157	$	164,518	$	208,675
Other	151		1,934		2,085
Total revenues	44,308		166,452		210,760
Expenses:
Shopping center and operating expenses	10,949		59,450		70,399
Leasing expenses	424		1,203		1,627
Interest expense	15,546		37,556		53,102
Depreciation and amortization	24,269		64,002		88,271
Total expenses	51,188		162,211		213,399
Gain on sale or write down of assets, net	—		25,788		25,788

Net (loss) income	$	(6,880)	$	30,029	$	23,149
Company's equity in net income	$	1,851	$	4,471	$	6,322
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)

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Nine Months Ended September 30, 2022
Revenues:
Leasing revenue	$	136,344	$	488,513	$	624,857
Other	269		12,040		12,309
Total revenues	136,613		500,553		637,166
Expenses:
Shopping center and operating expenses	31,807		172,681		204,488
Leasing expenses	1,258		3,724		4,982
Interest expense	46,299		109,881		156,180
Depreciation and amortization	72,760		195,408		268,168
Total expenses	152,124		481,694		633,818
Loss on sale or write down of assets, net	—		(30,870)		(30,870)

Net loss	$	(15,511)	$	(12,011)	$	(27,522)
Company's equity in net loss	$	(2,354)	$	(14,068)	$	(16,422)
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