Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2017

Equity Method Investments And Joint Ventures [Abstract]

Summary of Company's Investments in Unconsolidated Joint Ventures

The Company’s investments in unconsolidated joint ventures at December 31, 2017, consisted of (in thousands, except number of properties):

	Seritage %			# of		Total		Contribution
Joint Venture	Ownership			Properties		GLA		Value (1)
GGP I JV		50	%		4		598	$	37,570
GGP II JV		50	%		5		1,187		57,500
Macerich JV		50	%		9		1,576		150,000
Simon JV		50	%		5		872		52,590
Total					23		4,233	$	297,660

Summary of Combined Condensed Financial Data of Unconsolidated Joint Ventures

The following tables presents combined condensed financial data for all of the Company’s unconsolidated joint ventures as of December 31, 2017 and December 31, 2016, and for the years ended December 31, 2017 and December 31, 2016, and the period from July 7, 2015 (Date Operations Commenced) to December 31, 2015:

	December 31, 2017			December 31, 2016
ASSETS
Investment in real estate
Land	$	191,853		$	214,109
Buildings and improvements		388,363			598,978
Accumulated depreciation		(48,306	)		(56,324	)
		531,910			756,763
Construction in progress		21,000			48,885
Net investment in real estate		552,910			805,648
Cash and cash equivalents		4,549			3,434
Tenant and other receivables, net		3,843			6,133
Other assets, net		45,605			38,646
Total assets	$	606,907		$	853,861
LIABILITIES AND MEMBERS INTERESTS
Liabilities
Mortgage loans payable, net	$	122,875		$	—
Accounts payable, accrued expenses and other    liabilities		28,201			14,177
Total liabilities		151,076			14,177
Members Interest
Additional paid in capital		473,098			830,389
Retained earnings		(17,267	)		9,295
Total members interest		455,831			839,684
Total liabilities and members interest	$	606,907		$	853,861

							July 7, 2015
	Year Ended December 31,						(date operations commenced) to
	2017			2016			December 31, 2015
EQUITY IN INCOME OF UNCONSOLIDATED    JOINT VENTURES
Total revenue	$	58,264		$	66,417		$	35,150
Property operating expenses		(11,358	)		(12,787	)		(7,339	)
Depreciation and amortization		(47,948	)		(42,233	)		(17,975	)
Operating income		(1,042	)		11,397			9,836
Other expenses		(14,533	)		(2,105	)		(292	)
Net (loss) income	$	(15,575	)	$	9,292		$	9,544
Equity in (loss) income of unconsolidated    joint ventures	$	(7,788	)	$	4,646		$	4,772