Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

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)