Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2018

Equity Method Investments And Joint Ventures [Abstract]

Summary of Company's Investments in Unconsolidated Joint Ventures

As of June 30, 2018, the Company had investments in seven unconsolidated joint ventures as follows:

		Seritage %			# of		Total
Unconsolidated Joint Venture	Joint Venture Partner	Ownership			Properties		GLA
GS Portfolio Holdings II LLC    ("GGP I JV")	GGP Inc.		50.0	%		4		550,600
GS Portfolio Holdings (2017) LLC    ("GGP II JV")	GGP Inc.		50.0	%		5		1,175,600
MS Portfolio LLC    ("Macerich JV")	The Macerich Company		50.0	%		9		1,575,600
SPS Portfolio Holdings II LLC    ("Simon JV")	Simon Property Group, Inc.		50.0	%		5		872,200
Mark 302 JV LLC    ("Mark 302 JV")	Invesco Real Estate		50.1	%		1		96,400
SI UTC JV LLC    ("UTC JV")	Invesco Real Estate		50.0	%		1		226,200
SF WH Joint Venture LLC    ("West Hartford JV")	First Washington Realty		50.0	%		1		163,700
						26		4,660,300

Summary of Combined Condensed Financial Data of Unconsolidated Joint Ventures

The following tables present combined condensed financial data for the Company’s unconsolidated joint ventures (in thousands):

	June 30, 2018			December 31, 2017
ASSETS
Investment in real estate
Land	$	348,902		$	191,853
Buildings and improvements		472,256			388,363
Accumulated depreciation		(59,916	)		(48,306	)
		761,242			531,910
Construction in progress		48,012			21,000
Net investment in real estate		809,254			552,910
Cash and cash equivalents		11,050			4,549
Tenant and other receivables, net		4,516			3,843
Other assets, net		37,034			45,605
Total assets	$	861,854		$	606,907
LIABILITIES AND MEMBERS INTERESTS
Liabilities
Mortgage loans payable, net	$	134,754		$	122,875
Accounts payable, accrued expenses and other    liabilities		44,617			28,201
Total liabilities		179,371			151,076
Members Interest
Additional paid in capital		691,964			473,098
Retained earnings		(9,481	)		(17,267	)
Total members interest		682,483			455,831
Total liabilities and members interest	$	861,854		$	606,907

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
EQUITY IN INCOME OF UNCONSOLIDATED    JOINT VENTURES
Total revenue	$	12,116		$	17,168		$	23,343		$	33,512
Property operating expenses		(2,103	)		(3,195	)		(3,815	)		(6,517	)
Depreciation and amortization		(7,030	)		(16,725	)		(14,616	)		(27,697	)
Operating income		2,983			(2,752	)		4,912			(702	)
Other expenses		(7,298	)		(331	)		(14,392	)		(377	)
Net (loss) income	$	(4,315	)	$	(3,083	)	$	(9,480	)	$	(1,079	)
Equity in (loss) income of unconsolidated    joint ventures	$	(2,158	)	$	(1,542	)	$	(4,740	)	$	(540	)