Investments in Unconsolidated Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2019

Equity Method Investments and Joint Ventures [Abstract]

Combined and condensed balance sheets of unconsolidated joint ventures

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:

	September 30, 2019		December 31, 2018
Assets(1):
Property, net	$	9,359,938	$	9,241,003
Other assets	807,237		703,861
Total assets	$	10,167,175	$	9,944,864
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	6,261,409	$	6,050,930
Other liabilities	538,155		388,509
Company's capital	1,828,638		1,913,475
Outside partners' capital	1,538,973		1,591,950
Total liabilities and partners' capital	$	10,167,175	$	9,944,864
Investments in unconsolidated joint ventures:
Company's capital	$	1,828,638	$	1,913,475
Basis adjustment(2)	(504,176)		(535,808)
	$	1,324,462	$	1,377,667
Assets—Investments in unconsolidated joint ventures	$	1,436,788	$	1,492,655
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(112,326)		(114,988)
	$	1,324,462	$	1,377,667

(1)    These amounts include assets of $2,981,866 and $3,047,851 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2019 and December 31, 2018, respectively, and liabilities of $1,836,948 and $1,859,637 of the PPR Portfolio as of September 30, 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 $5,354 and $1,160 for the three months ended September 30, 2019 and 2018, respectively, and $15,164 and $8,787 for the nine months ended September 30, 2019 and 2018, respectively.

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, 2019
Revenues:
Leasing revenue	$	46,308	$	169,132	$	215,440
Other	668		15,648		16,316
Total revenues	46,976		184,780		231,756
Expenses:
Shopping center and operating expenses	9,289		58,658		67,947
Leasing expenses	407		1,750		2,157
Interest expense	16,926		36,021		52,947
Depreciation and amortization	25,260		63,683		88,943
Total operating expenses	51,882		160,112		211,994
Gain on sale or write down of assets, net	5		—		5
Net (loss) income	$	(4,901)	$	24,668	$	19,767
Company's equity in net (loss) income	$	(409)	$	14,991	$	14,582
Three Months Ended September 30, 2018
Revenues:
Leasing revenue	$	46,859	$	176,990	$	223,849
Other	27		11,767		11,794
Total revenues	46,886		188,757		235,643
Expenses:
Shopping center and operating expenses	9,893		61,528		71,421
Interest expense(1)	16,680		37,968		54,648
Depreciation and amortization	24,582		61,323		85,905
Total operating expenses	51,155		160,819		211,974
(Loss) gain on sale or write down of assets, net	(47)		12,622		12,575
Net (loss) income	$	(4,316)	$	40,560	$	36,244
Company's equity in net (loss) income	$	(148)	$	18,937	$	18,789

	PPR Portfolio		Other Joint Ventures		Total
Nine Months Ended September 30, 2019
Revenues:
Leasing revenue	$	137,674	$	514,929	$	652,603
Other	1,285		40,809		42,094
Total revenues	138,959		555,738		694,697
Expenses:
Shopping center and operating expenses	27,431		177,373		204,804
Leasing expenses	1,247		5,112		6,359
Interest expense	50,920		110,614		161,534
Depreciation and amortization	75,506		205,016		280,522
Total operating expenses	155,104		498,115		653,219
Loss on sale or write down of assets, net	(400)		(280)		(680)
Net (loss) income	$	(16,545)	$	57,343	$	40,798
Company's equity in net (loss) income	$	(2,139)	$	36,221	$	34,082
Nine Months Ended September 30, 2018
Revenues:
Leasing revenue	$	137,641	$	533,041	$	670,682
Other	627		31,917		32,544
Total revenues	138,268		564,958		703,226
Expenses:
Shopping center and operating expenses	29,091		183,174		212,265
Interest expense(1)	50,176		108,356		158,532
Depreciation and amortization	73,137		184,708		257,845
Total operating expenses	152,404		476,238		628,642
(Loss) gain on sale or write down of assets, net	(47)		14,151		14,104
Net (loss) income	$	(14,183)	$	102,871	$	88,688
Company's equity in net (loss) income	$	(1,021)	$	52,351	$	51,330

(1)    Interest expense includes $7,148 and $19,264 for the three and nine months ended September 30, 2018, respectively, related to mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 18—Related Party Transactions).