Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2021

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:

	March 31, 2021		December 31, 2020
Assets(1):
Property, net	$	8,819,934	$	8,721,551
Other assets	789,122		774,583
Total assets	$	9,609,056	$	9,496,134
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	6,030,109	$	5,942,478
Other liabilities	385,794		397,483
Company's capital	1,709,598		1,711,944
Outside partners' capital	1,483,555		1,444,229
Total liabilities and partners' capital	$	9,609,056	$	9,496,134
Investments in unconsolidated joint ventures:
Company's capital	$	1,709,598	$	1,711,944
Basis adjustment(2)	(472,290)		(479,678)
	$	1,237,308	$	1,232,266
Assets—Investments in unconsolidated joint ventures	$	1,356,426	$	1,340,647
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(119,118)		(108,381)
	$	1,237,308	$	1,232,266

(1)     These amounts include assets of $2,840,770 and $2,857,757 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2021 and December 31, 2020, respectively, and liabilities of $1,683,155 and $1,687,042 of the PPR Portfolio as of March 31, 2021 and December 31, 2020, 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 $2,243 and $3,999 for the three months ended March 31, 2021 and 2020, 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 March 31, 2021
Revenues:
Leasing revenue	$	36,771	$	149,319	$	186,090
Other	94		16,965		17,059
Total revenues	36,865		166,284		203,149
Expenses:
Shopping center and operating expenses	9,365		58,842		68,207
Leasing expenses	403		1,353		1,756
Interest expense	15,803		37,213		53,016
Depreciation and amortization	24,307		66,540		90,847
Total expenses	49,878		163,948		213,826
Gain on sale or write down of assets, net	—		54		54
Net (loss) income	$	(13,013)	$	2,390	$	(10,623)
Company's equity in net (loss) income	$	(5,507)	$	7,417	$	1,910
Three Months Ended March 31, 2020
Revenues:
Leasing revenue	$	58,378	$	172,245	$	230,623
Other	51		6,888		6,939
Total revenues	58,429		179,133		237,562
Expenses:
Shopping center and operating expenses	9,642		61,509		71,151
Leasing expenses	473		1,295		1,768
Interest expense	16,094		38,141		54,235
Depreciation and amortization	28,618		68,360		96,978
Total expenses	54,827		169,305		224,132
Net income	$	3,602	$	9,828	$	13,430
Company's equity in net income	$	4,721	$	4,977	$	9,698