Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023		December 31, 2022
Assets(1):
Property, net	$	7,925,379	$	8,156,632
Other assets	674,038		664,036
Total assets	$	8,599,417	$	8,820,668
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,755,394	$	5,491,250
Other liabilities	460,908		451,511
Company's capital	1,263,903		1,528,348
Outside partners' capital	1,119,212		1,349,559
Total liabilities and partners' capital	$	8,599,417	$	8,820,668
Investments in unconsolidated joint ventures:
Company's capital	$	1,263,903	$	1,528,348
Basis adjustment(2)	(424,820)		(425,153)
	$	839,083	$	1,103,195

Assets—Investments in unconsolidated joint ventures	$	1,034,181	$	1,224,288
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(195,098)		(121,093)
	$	839,083	$	1,103,195

(1) These amounts include assets of $2,655,745 and $2,690,651 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2023 and December 31, 2022, respectively, and liabilities of $1,601,209 and $1,611,661 of the PPR Portfolio as of June 30, 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 $1,106 and $2,295 for the three months ended June 30, 2023 and 2022, respectively, and $(11,448) and $4,870 for the six months ended June 30, 2023 and 2022, 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, 2023
Revenues:
Leasing revenue	$	42,095	$	168,389	$	210,484
Other	496		7,621		8,117
Total revenues	42,591		176,010		218,601
Expenses:
Shopping center and operating expenses	10,275		59,540		69,815
Leasing expenses	425		1,453		1,878
Interest expense	21,849		50,789		72,638
Depreciation and amortization	22,330		63,231		85,561
Total expenses	54,879		175,013		229,892
Loss on sale or write down of assets, net	—		(1,088)		(1,088)

Net loss	$	(12,288)	$	(91)	$	(12,379)
Company's equity in net loss	$	(4,457)	$	(2,503)	$	(6,960)
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

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Six Months Ended June 30, 2023
Revenues:
Leasing revenue	$	85,166	$	331,757	$	416,923
Other	1,176		8,287		9,463
Total revenues	86,342		340,044		426,386
Expenses:
Shopping center and operating expenses	21,673		119,659		141,332
Leasing expenses	994		2,926		3,920
Interest expense	43,658		93,085		136,743
Depreciation and amortization	45,207		125,736		170,943
Total expenses	111,532		341,406		452,938
Loss on sale or write down of assets, net	—		(71,651)		(71,651)

Net loss	$	(25,190)	$	(73,013)	$	(98,203)
Company's equity in net loss	$	(10,715)	$	(58,055)	$	(68,770)
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)