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Investments in Unconsolidated Joint Ventures | 3 Months Ended
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Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Joint Ventures | 4. Investments in Unconsolidated Joint Ventures: The Company has made the following recent financings or other events within its unconsolidated joint ventures: On February 2, 2022, the Company’s joint venture in FlatIron Crossing replaced the existing $197,011 loan on the property with a new $175,000 loan that bears interest at the Secured Overnight Financing Rate ("SOFR") plus 3.70% and matures on February 9, 2025, including extension options. The loan is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through February 15, 2024. On August 2, 2022, the Company acquired the remaining 50% ownership interest in two former Sears parcels (Deptford Mall and Vintage Faire Mall) in MS Portfolio LLC, the Company's joint venture with Seritage Growth Properties, for a total purchase price of approximately $24,544. As a result of this transaction and the shortening of holding periods on certain other assets in the joint venture, an impairment loss was recorded for the twelve months ending December 31, 2022. The Company's share of the impairment loss was $27,054. Effective as of August 2, 2022, the Company now owns and has consolidated its 100% interest in these two former Sears parcels in its consolidated financial statements (See Note 15—Acquisitions). On November 14, 2022, the Company's joint venture in Washington Square closed on a four-year maturity date extension for the existing loan to November 1, 2026, including extension options. The Company's joint venture repaid $15,000 ($9,000 at the Company's pro rata share) of the outstanding loan balance. The loan bears interest at SOFR plus 4.0% and is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0%. On March 3, 2023, the Company’s joint venture in Scottsdale Fashion Square replaced the existing $403,931 mortgage loan on the property with a $700,000 loan that bears interest at a fixed rate of 6.21%, is interest only during the entire loan term and matures on March 6, 2028. On April 25, 2023, the Company's joint venture in Deptford Mall closed on a three-year maturity date extension for the existing loan to April 3, 2026, including extension options. The Company's joint venture repaid $10,000 ($5,100 at the Company's pro rata share) of the outstanding loan balance at closing. The interest rate on the loan remains unchanged at 3.73%. For the three months ended March 31, 2023, the Company recorded an impairment loss as a result of shortening the holding period on certain assets in a joint venture. The Company's share of the impairment loss was $50,197. 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:
| March 31, 2023 |  | December 31, 2022
Assets(1): |  |  |
Property, net | $ | 8,020,407 |  |  | $ | 8,156,632 |
Other assets | 677,850 |  |  | 664,036 |
Total assets | $ | 8,698,257 |  |  | $ | 8,820,668 |
Liabilities and partners' capital(1): |  |  |
Mortgage and other notes payable | $ | 5,776,143 |  |  | $ | 5,491,250 |
Other liabilities | 435,611 |  |  | 451,511 |
Company's capital | 1,324,101 |  |  | 1,528,348 |
Outside partners' capital | 1,162,402 |  |  | 1,349,559 |
Total liabilities and partners' capital | $ | 8,698,257 |  |  | $ | 8,820,668 |
Investments in unconsolidated joint ventures: |  |  |
Company's capital | $ | 1,324,101 |  |  | $ | 1,528,348 |
Basis adjustment(2) | (432,104) |  |  | (425,153) |
| $ | 891,997 |  |  | $ | 1,103,195 |
Assets—Investments in unconsolidated joint ventures | $ | 1,088,906 |  |  | $ | 1,224,288 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (196,909) |  |  | (121,093) |
| $ | 891,997 |  |  | $ | 1,103,195 |
(1) These amounts include assets of $2,675,841 and $2,690,651 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2023 and December 31, 2022, respectively, and liabilities of $1,609,503 and $1,611,661 of the PPR Portfolio as of March 31, 2023 and December 31, 2022, 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 (loss) income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $(12,554) and $2,575 for the three months ended March 31, 2023 and 2022, respectively. 4. Investments in Unconsolidated Joint Ventures: (Continued) Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
| PPR Portfolio |  | Other Joint Ventures |  | Total
Three Months Ended March 31, 2023 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 43,070 |  |  | $ | 163,368 |  |  | $ | 206,438 |
Other | 680 |  |  | 666 |  |  | 1,346 |
Total revenues | 43,750 |  |  | 164,034 |  |  | 207,784 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 11,406 |  |  | 60,111 |  |  | 71,517 |
Leasing expenses | 570 |  |  | 1,471 |  |  | 2,041 |
Interest expense | 21,810 |  |  | 42,295 |  |  | 64,105 |
Depreciation and amortization | 22,878 |  |  | 62,504 |  |  | 85,382 |
Total expenses | 56,664 |  |  | 166,381 |  |  | 223,045 |
Loss on sale or write down of assets, net | — |  |  | (70,563) |  |  | (70,563) |
Net loss | $ | (12,914) |  |  | $ | (72,910) |  |  | $ | (85,824) |
Company's equity in net loss | $ | (5,516) |  |  | $ | (56,294) |  |  | $ | (61,810) |
Three Months Ended March 31, 2022 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 43,850 |  |  | $ | 155,166 |  |  | $ | 199,016 |
Other | 63 |  |  | 7,340 |  |  | 7,403 |
Total revenues | 43,913 |  |  | 162,506 |  |  | 206,419 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 10,719 |  |  | 57,865 |  |  | 68,584 |
Leasing expenses | 469 |  |  | 1,321 |  |  | 1,790 |
Interest expense | 15,372 |  |  | 35,746 |  |  | 51,118 |
Depreciation and amortization | 24,276 |  |  | 65,177 |  |  | 89,453 |
Total expenses | 50,836 |  |  | 160,109 |  |  | 210,945 |
Loss on sale or write down of assets, net | — |  |  | (58,691) |  |  | (58,691) |
Net loss | $ | (6,923) |  |  | $ | (56,294) |  |  | $ | (63,217) |
Company's equity in net loss | $ | (1,792) |  |  | $ | (27,305) |  |  | $ | (29,097) |
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 https://asc.fasb.org/topic&trid=2196965 + Details
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