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Investments in Unconsolidated Joint Ventures
 6 Months Ended
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Joint Ventures Investments in Unconsolidated Joint Ventures:
The Company has made the following recent financings or other events within its unconsolidated joint ventures:
On February 2, 2022, the Company’s joint venture in FlatIron Crossing replaced the existing $197,011 loan on the property with a new $175,000 loan that bears interest at the Secured Overnight Financing Rate ("SOFR") plus 3.70% and matures on February 9, 2025, including extension options. The loan is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through February 15, 2024.
On August 2, 2022, the Company acquired the remaining 50% ownership interest in two former Sears parcels (Deptford Mall and Vintage Faire Mall) in MS Portfolio LLC, the Company's joint venture with Seritage Growth Properties ("Seritage"), for a total purchase price of approximately $24,544. As a result of this transaction and the shortening of holding periods on certain other assets in the joint venture, an impairment loss was recorded for the twelve months ending December 31, 2022. The Company's share of the impairment loss was $27,054. Effective as of August 2, 2022, the Company now owns and has consolidated its 100% interest in these two former Sears parcels in its consolidated financial statements (See Note 15—Acquisitions).
On November 14, 2022, the Company's joint venture in Washington Square closed on a four-year maturity date extension for the existing loan to November 1, 2026, including extension options. The Company's joint venture repaid $15,000 ($9,000 at the Company's pro rata share) of the outstanding loan balance. The loan bears interest at SOFR plus 4.0% and is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0%.
On March 3, 2023, the Company’s joint venture in Scottsdale Fashion Square replaced the existing $403,931 mortgage loan on the property with a $700,000 loan that bears interest at a fixed rate of 6.21%, is interest only during the entire loan term and matures on March 6, 2028.
On April 25, 2023, the Company's joint venture in Deptford Mall closed on a three-year maturity date extension for the existing loan to April 3, 2026, including extension options. The Company's joint venture repaid $10,000 ($5,100 at the Company's pro rata share) of the outstanding loan balance at closing. The interest rate on the loan remains unchanged at 3.73%.
Effective May 9, 2023, the Company’s joint venture in Country Club Plaza defaulted on the $295,210 ($147,605 at the Company’s pro rata share) non-recourse loan on the property. The Company’s joint venture is in negotiations with the lender on the terms of the loan.
On May 18, 2023, the Company acquired Seritage’s remaining 50% ownership interest in the MS Portfolio LLC joint venture that owns five former Sears parcels, for a total purchase price of $46,687. These parcels are located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square. The Company previously recorded an impairment loss of $50,197, at the Company’s share, during the three months ending March 31, 2023 as a result of shortening the holding periods on these parcels. Upon the closing of this transaction, the Company recorded an additional loss of $1,166, at the Company’s share, during the three months ending June 30, 2023. Effective as of May 18, 2023, the Company now owns and has consolidated its 100% interest in these five former Sears parcels in its consolidated financial statements (See Note 15—Acquisitions).
4. Investments in Unconsolidated Joint Ventures: (Continued)

Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures.
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:
June 30,
2023		December 31,
2022
Assets(1):  
Property, net$7,925,379 $8,156,632 
Other assets674,038 664,036 
Total assets$8,599,417 $8,820,668 
Liabilities and partners' capital(1):  
Mortgage and other notes payable$5,755,394 $5,491,250 
Other liabilities460,908 451,511 
Company's capital1,263,903 1,528,348 
Outside partners' capital1,119,212 1,349,559 
Total liabilities and partners' capital$8,599,417 $8,820,668 
Investments in unconsolidated joint ventures:  
Company's capital$1,263,903 $1,528,348 
Basis adjustment(2)(424,820)(425,153)
$839,083 $1,103,195 
Assets—Investments in unconsolidated joint ventures$1,034,181 $1,224,288 
Liabilities—Distributions in excess of investments in unconsolidated joint ventures(195,098)(121,093)
$839,083 $1,103,195 
(1)     These amounts include assets of $2,655,745 and $2,690,651 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2023 and December 31, 2022, respectively, and liabilities of $1,601,209 and $1,611,661 of the PPR Portfolio as of June 30, 2023 and December 31, 2022, 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 (loss) income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $1,106 and $2,295 for the three months ended June 30, 2023 and 2022, respectively, and $(11,448) and $4,870 for the six months ended June 30, 2023 and 2022, respectively.
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

PPR PortfolioOther
Joint
Ventures		Total
Three Months Ended June 30, 2023   
Revenues:   
Leasing revenue$42,095 $168,389 $210,484 
Other496 7,621 8,117 
Total revenues42,591 176,010 218,601 
Expenses:   
Shopping center and operating expenses10,275 59,540 69,815 
Leasing expenses425 1,453 1,878 
Interest expense21,849 50,789 72,638 
Depreciation and amortization22,330 63,231 85,561 
Total expenses54,879 175,013 229,892 
Loss on sale or write down of assets, net— (1,088)(1,088)
Net loss$(12,288)$(91)$(12,379)
Company's equity in net loss$(4,457)$(2,503)$(6,960)
Three Months Ended June 30, 2022   
Revenues:   
Leasing revenue$48,339 $168,827 $217,166 
Other55 2,766 2,821 
Total revenues48,394 171,593 219,987 
Expenses:   
Shopping center and operating expenses10,139 55,365 65,504 
Leasing expenses365 1,200 1,565 
Interest expense15,378 36,582 51,960 
Depreciation and amortization24,218 66,226 90,444 
Total expenses50,100 159,373 209,473 
Gain on sale or write down of assets, net— 2,032 2,032 
Net (loss) income$(1,706)$14,252 $12,546 
Company's equity in net income$1,289 $5,064 $6,353 

Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

PPR PortfolioOther
Joint
Ventures		Total
Six Months Ended June 30, 2023   
Revenues:   
Leasing revenue$85,166 $331,757 $416,923 
Other1,176 8,287 9,463 
Total revenues86,342 340,044 426,386 
Expenses:   
Shopping center and operating expenses21,673 119,659 141,332 
Leasing expenses994 2,926 3,920 
Interest expense43,658 93,085 136,743 
Depreciation and amortization45,207 125,736 170,943 
Total expenses111,532 341,406 452,938 
Loss on sale or write down of assets, net— (71,651)(71,651)
Net loss$(25,190)$(73,013)$(98,203)
Company's equity in net loss$(10,715)$(58,055)$(68,770)
Six Months Ended June 30, 2022   
Revenues:   
Leasing revenue$92,189 $323,993 $416,182 
Other119 10,105 10,224 
Total revenues92,308 334,098 426,406 
Expenses:   
Shopping center and operating expenses20,857 113,232 134,089 
Leasing expenses834 2,521 3,355 
Interest expense30,751 72,327 103,078 
Depreciation and amortization48,491 131,406 179,897 
Total expenses100,933 319,486 420,419 
Loss on sale or write down of assets, net— (56,659)(56,659)
Net loss$(8,625)$(42,047)$(50,672)
Company's equity in net loss$(503)$(22,241)$(22,744)