Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 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:


	September 30, 2023		December 31, 2022
Assets(1):
Property, net	$	7,715,987	$	8,156,632
Other assets	662,274		664,036
Total assets	$	8,378,261	$	8,820,668
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,760,372	$	5,491,250
Other liabilities	466,345		451,511
Company's capital	1,145,464		1,528,348
Outside partners' capital	1,006,080		1,349,559
Total liabilities and partners' capital	$	8,378,261	$	8,820,668
Investments in unconsolidated joint ventures:
Company's capital	$	1,145,464	$	1,528,348
Basis adjustment(2)	(422,103)		(425,153)
	$	723,361	$	1,103,195

Assets—Investments in unconsolidated joint ventures	$	918,540	$	1,224,288
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(195,179)		(121,093)
	$	723,361	$	1,103,195

(1) These amounts include assets of $2,642,242 and $2,690,651 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2023 and December 31, 2022, respectively, and liabilities of $1,599,413 and $1,611,661 of the PPR Portfolio as of September 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 $(2,494) and $2,164 for the three months ended September 30, 2023 and 2022, respectively, and $(13,942) and $7,034 for the nine months ended September 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 September 30, 2023
Revenues:
Leasing revenue	$	44,446	$	173,735	$	218,181
Other	595		5,724		6,319
Total revenues	45,041		179,459		224,500
Expenses:
Shopping center and operating expenses	11,794		64,556		76,350
Leasing expenses	355		1,043		1,398
Interest expense	21,916		51,302		73,218
Depreciation and amortization	22,240		62,388		84,628
Total expenses	56,305		179,289		235,594
Loss on sale or write down of assets, net	—		(194,601)		(194,601)

Net loss	$	(11,264)	$	(194,431)	$	(205,695)
Company's equity in net loss	$	(4,614)	$	(102,851)	$	(107,465)
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

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Nine Months Ended September 30, 2023
Revenues:
Leasing revenue	$	129,613	$	505,490	$	635,103
Other	1,770		14,011		15,781
Total revenues	131,383		519,501		650,884
Expenses:
Shopping center and operating expenses	33,469		184,213		217,682
Leasing expenses	1,349		3,968		5,317
Interest expense	65,575		144,386		209,961
Depreciation and amortization	67,446		188,125		255,571
Total expenses	167,839		520,692		688,531
Loss on sale or write down of assets, net	—		(266,252)		(266,252)

Net loss	$	(36,456)	$	(267,443)	$	(303,899)
Company's equity in net loss	$	(15,329)	$	(160,906)	$	(176,235)
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)