Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2024

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:


	March 31, 2024		December 31, 2023
Assets(1):
Property, net	$	6,956,051	$	7,201,941
Other assets	576,535		607,864
Total assets	$	7,532,586	$	7,809,805
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,455,824	$	5,445,411
Other liabilities	431,519		436,179
Company's capital	927,070		1,090,403
Outside partners' capital	718,173		837,812
Total liabilities and partners' capital	$	7,532,586	$	7,809,805
Investments in unconsolidated joint ventures:
Company's capital	$	927,070	$	1,090,403
Basis adjustment(2)	(325,352)		(412,425)
	$	601,718	$	677,978

Assets—Investments in unconsolidated joint ventures	$	785,588	$	852,764
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(183,870)		(174,786)
	$	601,718	$	677,978

(1) These amounts include assets of $2,495,812 and $2,613,690 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2024 and December 31, 2023, respectively, and liabilities of $1,571,675 and $1,578,328 of the PPR Portfolio as of March 31, 2024 and December 31, 2023, respectively.

4. Investments in Unconsolidated Joint Ventures: (Continued)

(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 the Company's share of net loss. The amortization of this difference was $75,183 and $12,554 for the three months ended March 31, 2024 and 2023, 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 March 31, 2024
Revenues:
Leasing revenue	$	43,011	$	150,061	$	193,072
Other	315		667		982
Total revenues	43,326		150,728		194,054
Expenses:
Shopping center and operating expenses	10,564		57,944		68,508
Leasing expenses	580		1,384		1,964
Interest expense	22,127		51,536		73,663
Depreciation and amortization	21,959		56,195		78,154
Total expenses	55,230		167,059		222,289
Loss on sale or write down of assets, net	(100,273)		(121,193)		(221,466)

Net loss	$	(112,177)	$	(137,524)	$	(249,701)
Company's equity in net loss	$	(5,986)	$	(67,290)	$	(73,276)
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)