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Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended
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Sep. 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:
| September 30, 2024 |  | December 31, 2023
Assets(1): |  |  |
Property, net | $ | 5,108,043 |  |  | $ | 7,201,941 |
Other assets | 561,455 |  |  | 607,864 |
Total assets | $ | 5,669,498 |  |  | $ | 7,809,805 |
Liabilities and partners' capital(1): |  |  |
Mortgage and other notes payable | $ | 4,763,128 |  |  | $ | 5,445,411 |
Other liabilities | 365,962 |  |  | 436,179 |
Company's capital | 294,478 |  |  | 1,090,403 |
Outside partners' capital | 245,930 |  |  | 837,812 |
Total liabilities and partners' capital | $ | 5,669,498 |  |  | $ | 7,809,805 |
Investments in unconsolidated joint ventures: |  |  |
Company's capital | $ | 294,478 |  |  | $ | 1,090,403 |
Basis adjustment(2) | 290,183 |  |  | (412,425) |
| $ | 584,661 |  |  | $ | 677,978 |
Assets—Investments in unconsolidated joint ventures | $ | 775,362 |  |  | $ | 852,764 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (190,701) |  |  | (174,786) |
| $ | 584,661 |  |  | $ | 677,978 |
(1) These amounts include assets of $1,699,223 and $2,613,690 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2024 and December 31, 2023, respectively, and liabilities of $1,351,279 and $1,578,328 of the PPR Portfolio as of September 30, 2024 and December 31, 2023, respectively. On October 24, 2024, the Company acquired its joint venture partner's 40% interest in the PPR Portfolio (See Note 21—Subsequent Events). (2) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity and adjusts the basis adjustment for impairment and disposition transactions that may occur, into the Company's share of net (loss) income. The amortization of this difference was $178,179 and $(2,494) for the three months ended September 30, 2024 and 2023, respectively, and $360,740 and $(13,942) for the nine months ended September 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 September 30, 2024 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 40,781 |  |  | $ | 147,824 |  |  | $ | 188,605 |
Other | 165 |  |  | 5,709 |  |  | 5,874 |
Total revenues | 40,946 |  |  | 153,533 |  |  | 194,479 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 9,909 |  |  | 53,684 |  |  | 63,593 |
Leasing expenses | 298 |  |  | 1,324 |  |  | 1,622 |
Interest expense | 19,842 |  |  | 47,130 |  |  | 66,972 |
Depreciation and amortization | 18,601 |  |  | 49,922 |  |  | 68,523 |
Total expenses | 48,650 |  |  | 152,060 |  |  | 200,710 |
(Loss) gain on sale or write down of assets, net | (559,906) |  |  | 146,915 |  |  | (412,991) |
Net (loss) income | $ | (567,610) |  |  | $ | 148,388 |  |  | $ | (419,222) |
Company's equity in net loss | $ | (69,779) |  |  | $ | (5,152) |  |  | $ | (74,931) |
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) |
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
| PPR Portfolio |  | Other Joint Ventures |  | Total
Nine Months Ended September 30, 2024 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 123,068 |  |  | $ | 450,871 |  |  | $ | 573,939 |
Other | 1,373 |  |  | 12,639 |  |  | 14,012 |
Total revenues | 124,441 |  |  | 463,510 |  |  | 587,951 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 30,132 |  |  | 169,297 |  |  | 199,429 |
Leasing expenses | 1,173 |  |  | 3,788 |  |  | 4,961 |
Interest expense | 62,467 |  |  | 148,715 |  |  | 211,182 |
Depreciation and amortization | 60,276 |  |  | 159,611 |  |  | 219,887 |
Total expenses | 154,048 |  |  | 481,411 |  |  | 635,459 |
Loss on sale or write down of assets, net | (652,590) |  |  | (200,099) |  |  | (852,689) |
Net loss | $ | (682,197) |  |  | $ | (218,000) |  |  | $ | (900,197) |
Company's equity in net loss | $ | (130,713) |  |  | $ | (74,331) |  |  | $ | (205,044) |
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) |

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