Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2020

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:

	June 30, 2020		December 31, 2019
Assets(1):
Property, net	$	9,391,727	$	9,424,591
Other assets	804,103		772,116
Total assets	$	10,195,830	$	10,196,707
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	6,113,603	$	6,144,685
Other liabilities	496,205		565,412
Company's capital	1,935,289		1,904,145
Outside partners' capital	1,650,733		1,582,465
Total liabilities and partners' capital	$	10,195,830	$	10,196,707
Investments in unconsolidated joint ventures:
Company's capital	$	1,935,289	$	1,904,145
Basis adjustment(2)	(474,686)		(492,350)
	$	1,460,603	$	1,411,795
Assets—Investments in unconsolidated joint ventures	$	1,568,878	$	1,519,697
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(108,275)		(107,902)
	$	1,460,603	$	1,411,795

(1)    These amounts include assets of $2,900,500 and $2,932,401 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2020 and December 31, 2019, respectively, and liabilities of $1,702,957 and $1,732,976 of the PPR Portfolio as of June 30, 2020 and December 31, 2019, 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 $3,729 and $5,271 for the three months ended June 30, 2020 and 2019, respectively, and $7,728 and $9,810 for the six months ended June 30, 2020 and 2019, 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 June 30, 2020
Revenues:
Leasing revenue	$	38,806	$	139,452	$	178,258
Other	253		(399)		(146)
Total revenues	39,059		139,053		178,112
Expenses:
Shopping center and operating expenses	8,240		53,145		61,385
Leasing expenses	290		832		1,122
Interest expense	16,363		36,790		53,153
Depreciation and amortization	24,565		66,095		90,660
Total operating expenses	49,458		156,862		206,320
Loss on sale or write down of assets, net	—		(12)		(12)
Net loss	$	(10,399)	$	(17,821)	$	(28,220)
Company's equity in net loss	$	(3,777)	$	(10,396)	$	(14,173)
Three Months Ended June 30, 2019
Revenues:
Leasing revenue	$	45,346	$	172,273	$	217,619
Other	435		13,097		13,532
Total revenues	45,781		185,370		231,151
Expenses:
Shopping center and operating expenses	8,470		59,065		67,535
Leasing expenses	373		1,655		2,028
Interest expense	17,043		37,682		54,725
Depreciation and amortization	24,732		76,866		101,598
Total operating expenses	50,618		175,268		225,886
Loss on sale or write down of assets, net	(399)		(145)		(544)
Net (loss) income	$	(5,236)	$	9,957	$	4,721
Company's equity in net (loss) income	$	(531)	$	7,788	$	7,257

	PPR Portfolio		Other Joint Ventures		Total
Six Months Ended June 30, 2020
Revenues:
Leasing revenue	$	97,184	$	311,696	$	408,880
Other	302		6,492		6,794
Total revenues	97,486		318,188		415,674
Expenses:
Shopping center and operating expenses	17,881		114,654		132,535
Leasing expenses	763		2,127		2,890
Interest expense	32,458		74,930		107,388
Depreciation and amortization	53,182		134,456		187,638
Total operating expenses	104,284		326,167		430,451
Loss on sale or write down of assets, net	—		(12)		(12)
Net loss	$	(6,798)	$	(7,991)	$	(14,789)
Company's equity in net income (loss)	$	944	$	(5,419)	$	(4,475)
Six Months Ended June 30, 2019
Revenues:
Leasing revenue	$	91,366	$	345,797	$	437,163
Other	617		25,161		25,778
Total revenues	91,983		370,958		462,941
Expenses:
Shopping center and operating expenses	18,142		118,715		136,857
Leasing expenses	840		3,362		4,202
Interest expense	33,994		74,593		108,587
Depreciation and amortization	50,246		141,333		191,579
Total operating expenses	103,222		338,003		441,225
Loss on sale or write down of assets, net	(405)		(280)		(685)
Net (loss) income	$	(11,644)	$	32,675	$	21,031
Company's equity in net (loss) income	$	(1,730)	$	21,230	$	19,500