Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2019

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:



	March 31, 2019			December 31, 2018
Assets(1):
Property, net	$	9,267,357		$	9,241,003
Other assets	777,348			703,861
Total assets	$	10,044,705		$	9,944,864
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	6,053,545		$	6,050,930
Other liabilities	424,462			388,509
Company's capital	1,938,931			1,913,475
Outside partners' capital	1,627,767			1,591,950
Total liabilities and partners' capital	$	10,044,705		$	9,944,864
Investments in unconsolidated joint ventures:
Company's capital	$	1,938,931		$	1,913,475
Basis adjustment(2)	(527,485		)	(535,808		)
	$	1,411,446		$	1,377,667

Assets—Investments in unconsolidated joint ventures	$	1,528,080		$	1,492,655
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(116,634		)	(114,988		)
	$	1,411,446		$	1,377,667


(1)	These amounts include the assets of $3,023,148 and $3,047,851 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2019 and December 31, 2018, respectively, and liabilities of $1,852,923 and $1,859,637 of the PPR Portfolio as of March 31, 2019 and December 31, 2018, respectively.


(2)	The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $4,539 and $4,103 for the three months ended March 31, 2019 and 2018, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



	PPR Portfolio			Other Joint Ventures			Total
Three Months Ended March 31, 2019
Revenues:
Leasing revenue	$	46,020		$	173,524		$	219,544
Other	182			12,064			12,246
Total revenues	46,202			185,588			231,790
Expenses:
Shopping center and operating expenses	9,672			59,650			69,322
Leasing expenses	467			1,707			2,174
Interest expense	16,951			36,911			53,862
Depreciation and amortization	25,514			64,467			89,981
Total operating expenses	52,604			162,735			215,339
Loss on sale or write down of assets, net	(6		)	(135		)	(141		)
Net (loss) income	$	(6,408	)	$	22,718		$	16,310
Company's equity in net (loss) income	$	(1,199	)	$	13,442		$	12,243
Three Months Ended March 31, 2018
Revenues:
Leasing revenue	$	45,420		$	180,443		$	225,863
Other	168			8,271			8,439
Total revenues	45,588			188,714			234,302
Expenses:
Shopping center and operating expenses	9,681			61,321			71,002
Interest expense(1)	16,726			33,032			49,758
Depreciation and amortization	24,484			62,412			86,896
Total operating expenses	50,891			156,765			207,656
Gain on sale or write down of assets, net	—			970			970
Net (loss) income	$	(5,303	)	$	32,919		$	27,616
Company's equity in net (loss) income	$	(616	)	$	17,488		$	16,872


(1)	Interest expense includes $4,958 related to a mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 18—Related Party Transactions).