Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2019

Equity Method Investments And Joint Ventures [Abstract]

Summary of Company's Investments in Unconsolidated Joint Ventures

As of June 30, 2019, the Company had investments in eight 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")	Brookfield Properties Retail    (formerly GGP Inc.)		50.0	%		4		598,200
GS Portfolio Holdings (2017) LLC    ("GGP II JV")	Brookfield Properties Retail    (formerly GGP Inc.)		50.0	%		5		1,168,000
MS Portfolio LLC    ("Macerich JV")	The Macerich Company		50.0	%		9		1,572,000
SPS Portfolio Holdings II LLC    ("Simon JV")	Simon Property Group, Inc.		50.0	%		5		872,200
Mark 302 JV LLC    ("Mark 302 JV")	An investment fund managed    by Invesco Real Estate		50.1	%		1		96,400
SI UTC LLC    ("UTC JV")	A separate account advised by    Invesco Real Estate		50.0	%		1		226,200
SF WH Joint Venture LLC    ("West Hartford JV")	An affiliate of First Washington    Realty		50.0	%		1		163,600
GGCAL SRG HV LLC    ("Cockeysville JV")	An affiliate of    Greenberg Gibbons		50.0	%		1		159,000
						27		4,855,600

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, 2019			December 31, 2018
ASSETS
Investment in real estate
Land	$	329,349		$	321,853
Buildings and improvements		521,784			508,302
Accumulated depreciation		(77,514	)		(72,239	)
		773,619			757,916
Construction in progress		98,135			78,227
Net investment in real estate		871,754			836,143
Cash and cash equivalents		21,126			14,741
Tenant and other receivables, net		6,679			5,220
Other assets, net		21,633			38,285
Total assets	$	921,192		$	894,389
LIABILITIES AND MEMBERS' INTERESTS
Liabilities
Mortgage loans payable, net	$	13,989		$	10,406
Accounts payable, accrued expenses and other    liabilities		59,557			71,791
Total liabilities		73,546			82,197
Additional paid in capital		865,160			833,168
Retained earnings		(17,514	)		(20,976	)
Total members interest		847,646			812,192
Total liabilities and members interest	$	921,192		$	894,389

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Total revenue	$	8,968		$	12,116		$	20,186		$	23,343
Property operating expenses		(2,898	)		(2,103	)		(5,496	)		(3,815	)
Depreciation and amortization		(25,510	)		(7,030	)		(30,763	)		(14,616	)
Operating income		(19,440	)		2,983			(16,073	)		4,912
Other expenses		(448	)		(7,298	)		(1,370	)		(14,392	)
Net (loss) income	$	(19,888	)	$	(4,315	)	$	(17,443	)	$	(9,480	)
Equity in (loss) income of unconsolidated    joint ventures	$	(9,944	)	$	(2,158	)	$	(8,722	)	$	(4,740	)