Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 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:


	June 30, 2024		December 31, 2023
Assets(1):
Property, net	$	5,658,163	$	7,201,941
Other assets	592,620		607,864
Total assets	$	6,250,783	$	7,809,805
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	4,777,115	$	5,445,411
Other liabilities	367,478		436,179
Company's capital	617,092		1,090,403
Outside partners' capital	489,098		837,812
Total liabilities and partners' capital	$	6,250,783	$	7,809,805
Investments in unconsolidated joint ventures:
Company's capital	$	617,092	$	1,090,403
Basis adjustment(2)	113,288		(412,425)
	$	730,380	$	677,978

Assets—Investments in unconsolidated joint ventures	$	915,817	$	852,764
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(185,437)		(174,786)
	$	730,380	$	677,978

(1) These amounts include assets of $2,269,612 and $2,613,690 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2024 and December 31, 2023, respectively, and liabilities of $1,353,917 and $1,578,328 of the PPR Portfolio as of June 30, 2024 and December 31, 2023, 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 the Company's share of net income (loss). The amortization of this difference was $107,378 and $1,106 for the three months ended June 30, 2024 and 2023, respectively, and $182,561 and $(11,448) for the six months ended June 30, 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 June 30, 2024
Revenues:
Leasing revenue	$	39,277	$	152,984	$	192,261
Other	891		6,265		7,156
Total revenues	40,168		159,249		199,417
Expenses:
Shopping center and operating expenses	9,660		57,668		67,328
Leasing expenses	294		1,081		1,375
Interest expense	20,499		50,048		70,547
Depreciation and amortization	19,718		53,492		73,210
Total expenses	50,171		162,289		212,460
Gain (loss) on sale or write down of assets, net	7,588		(225,830)		(218,242)

Net loss	$	(2,415)	$	(228,870)	$	(231,285)
Company's equity in net loss	$	(50,949)	$	(5,888)	$	(56,837)
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)

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Six Months Ended June 30, 2024
Revenues:
Leasing revenue	$	82,288	$	303,046	$	385,334
Other	1,208		6,930		8,138
Total revenues	83,496		309,976		393,472
Expenses:
Shopping center and operating expenses	20,223		115,612		135,835
Leasing expenses	873		2,466		3,339
Interest expense	42,626		101,584		144,210
Depreciation and amortization	41,675		109,689		151,364
Total expenses	105,397		329,351		434,748
Loss on sale or write down of assets, net	(92,684)		(347,024)		(439,708)

Net loss	$	(114,585)	$	(366,399)	$	(480,984)
Company's equity in net loss	$	(60,270)	$	(69,843)	$	(130,113)
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)