Investments in Unconsolidated Joint Ventures: (Tables)

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Schedule of ownership interest in joint ventures

The following are the Company's direct or indirect investments in various joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2014 was as follows:

Joint Venture	Ownership %(1)
443 Wabash MAB LLC	45.0	%
Biltmore Shopping Center Partners LLC	50.0	%
Candlestick Center LLC	50.1	%
Coolidge Holding LLC	37.5	%
Corte Madera Village, LLC	50.1	%
Gallery, The—Various Entities	50.0	%
Jaren Associates #4	12.5	%
Kierland Commons Investment LLC	50.0	%
Macerich Northwestern Associates—Broadway Plaza	50.0	%
North Bridge Chicago LLC	50.0	%
One Scottsdale Investors LLC	50.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
Scottsdale Fashion Square Partnership	50.0	%
The Market at Estrella Falls LLC	39.7	%
Tysons Corner LLC	50.0	%
Tysons Corner Property Holdings II LLC	50.0	%
Tysons Corner Property LLC	50.0	%
West Acres Development, LLP	19.0	%
Westcor/Gilbert, L.L.C.	50.0	%
Westcor/Queen Creek LLC	37.9	%
Westcor/Surprise Auto Park LLC	33.3	%
WMAP, L.L.C.—Atlas Park	50.0	%
WM Inland LP(2)	50.0	%

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(1) The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.

(2) On February 17, 2015, the Company acquired the remaining 50% ownership interest that it did not previously own (See Note 22—Subsequent Events).

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information

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 as of December 31:

	2014			2013
Assets(1):
Properties, net	$	2,967,878		$	3,435,737
Other assets	208,726			295,719
Total assets	$	3,176,604		$	3,731,456
Liabilities and partners' capital(1):
Mortgage notes payable(2)	$	2,038,379		$	3,518,215
Other liabilities	195,766			202,444
Company's capital	489,349			(25,367		)
Outside partners' capital	453,110			36,164
Total liabilities and partners' capital	$	3,176,604		$	3,731,456
Investment in unconsolidated joint ventures:
Company's capital	$	489,349		$	(25,367	)
Basis adjustment(3)	464,826			474,658
	$	954,175		$	449,291
Assets—Investments in unconsolidated joint ventures	$	984,132		$	701,483
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(29,957		)	(252,192		)
	$	954,175		$	449,291

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(1) These amounts include the assets and liabilities of the following joint ventures as of December 31, 2014 and 2013:

	Pacific Premier Retail LP		Tysons Corner LLC
As of December 31, 2014
Total Assets	$	—	$	341,931
Total Liabilities	$	—	$	871,933
As of December 31, 2013
Total Assets	$	775,012	$	356,871
Total Liabilities	$	812,725	$	887,413

(2) Certain mortgage notes payable could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of December 31, 2014 and 2013, a total of $33,540 could become recourse debt to the Company. As of December 31, 2014 and 2013, the Company has an indemnity agreement from a joint venture partner for $16,770 of the guaranteed amount.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $606,263 and $712,455 as of December 31, 2014 and 2013, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense incurred on these borrowings amounted to $38,113, $31,549 and $43,732 for the years ended December 31, 2014, 2013 and 2012, respectively.

(3) 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 $5,109, $10,734 and $15,480 for the years ended December 31, 2014, 2013 and 2012, respectively.

Assets and liabilities of significant subsidiaries

These amounts include the assets and liabilities of the following joint ventures as of December 31, 2014 and 2013:

	Pacific Premier Retail LP		Tysons Corner LLC
As of December 31, 2014
Total Assets	$	—	$	341,931
Total Liabilities	$	—	$	871,933
As of December 31, 2013
Total Assets	$	775,012	$	356,871
Total Liabilities	$	812,725	$	887,413

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

	Pacific Premier Retail LP			Tysons Corner LLC		Other Joint Ventures		Total
Year Ended December 31, 2014
Revenues:
Minimum rents	$	88,831		$	64,521	$	235,011	$	388,363
Percentage rents	2,652			2,091		12,418		17,161
Tenant recoveries	40,118			47,084		99,539		186,741
Other	4,090			3,472		33,143		40,705
Total revenues	135,691			117,168		380,111		632,970
Expenses:
Shopping center and operating expenses	37,113			38,786		139,513		215,412
Interest expense	34,113			31,677		71,297		137,087
Depreciation and amortization	29,688			19,880		94,835		144,403
Total operating expenses	100,914			90,343		305,645		496,902
(Loss) gain on sale of assets	(7,044		)	—		10,687		3,643
Net income	$	27,733		$	26,825	$	85,153	$	139,711
Company's equity in net income	$	9,743		$	7,080	$	43,803	$	60,626
Year Ended December 31, 2013
Revenues:
Minimum rents	$	118,164		$	62,072	$	238,488	$	418,724
Percentage rents	4,586			2,057		12,946		19,589
Tenant recoveries	52,470			45,452		106,249		204,171
Other	5,882			3,110		36,635		45,627
Total revenues	181,102			112,691		394,318		688,111
Expenses:
Shopping center and operating expenses	53,039			36,798		139,981		229,818
Interest expense	43,445			15,751		86,126		145,322
Depreciation and amortization	39,616			18,139		89,554		147,309
Total operating expenses	136,100			70,688		315,661		522,449
Gain on sale of assets	182,754			—		7,772		190,526
Gain on early extinguishment of debt	—			14		—		14
Net income	$	227,756		$	42,017	$	86,429	$	356,202
Company's equity in net income	$	110,798		$	15,126	$	41,656	$	167,580

	Pacific Premier Retail LP		Tysons Corner LLC		Other Joint Ventures		Total
Year Ended December 31, 2012
Revenues:
Minimum rents	$	132,247	$	63,569	$	316,186	$	512,002
Percentage rents	5,390		1,929		15,768		23,087
Tenant recoveries	56,397		44,225		149,546		250,168
Other	5,650		3,341		37,248		46,239
Total revenues	199,684		113,064		518,748		831,496
Expenses:
Shopping center and operating expenses	59,329		35,244		192,661		287,234
Interest expense	52,139		11,481		136,296		199,916
Depreciation and amortization	43,031		19,798		115,168		177,997
Total operating expenses	154,499		66,523		444,125		665,147
Gain on sale of assets	90		—		29,211		29,301
Net income	$	45,275	$	46,541	$	103,834	$	195,650
Company's equity in net income	$	23,026	$	17,969	$	38,286	$	79,281