Investments in Unconsolidated Joint Ventures: (Tables)

6 Months Ended

Jun. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

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

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:



	June 30, 2015			December 31, 2014
Assets(1):
Properties, net	$	3,260,720		$	2,967,878
Other assets	268,769			208,726
Total assets	$	3,529,489		$	3,176,604
Liabilities and partners' capital(1):
Mortgage notes payable(2)	$	1,827,606		$	2,038,379
Other liabilities	197,905			195,766
Company's capital	769,715			489,349
Outside partners' capital	734,263			453,110
Total liabilities and partners' capital	$	3,529,489		$	3,176,604
Investments in unconsolidated joint ventures:
Company's capital	$	769,715		$	489,349
Basis adjustment(3)	466,784			464,826
	$	1,236,499		$	954,175

Assets—Investments in unconsolidated joint ventures	$	1,263,356		$	984,132
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(26,857		)	(29,957		)
	$	1,236,499		$	954,175


(1)	These amounts include the assets of Tysons Corner Center of $292,501 and $341,931 as of June 30, 2015 and December 31, 2014, respectively, and liabilities of Tysons Corner Center of $860,982 and $871,933 as of June 30, 2015 and December 31, 2014, respectively.

(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 June 30, 2015 and December 31, 2014, a total of $6,500 and $33,540, respectively, could become recourse debt to the Company. As of June 30, 2015 and December 31, 2014, the Company had an indemnity agreement from a joint venture partner for $3,250 and $16,770, respectively, of the guaranteed amount.

Included in mortgage notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $465,837 and $606,263 as of June 30, 2015 and December 31, 2014, 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 on these borrowings was $8,083 and $9,623 for the three months ended June 30, 2015 and 2014, respectively, and $16,591 and $19,347 for the six months ended June 30, 2015 and 2014, 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 $260 and $855 for the three months ended June 30, 2015 and 2014, respectively, and $160 and $2,279 for the six months ended June 30, 2015 and 2014, respectively.

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
Three Months Ended June 30, 2015
Revenues:
Minimum rents	$	—		$	17,129	$	54,174		$	71,303
Percentage rents	—			90		2,717			2,807
Tenant recoveries	—			12,209		19,131			31,340
Other	—			798		6,045			6,843
Total revenues	—			30,226		82,067			112,293
Expenses:
Shopping center and operating expenses	—			9,569		27,912			37,481
Interest expense	—			8,373		11,024			19,397
Depreciation and amortization	—			5,576		27,523			33,099
Total operating expenses	—			23,518		66,459			89,977
Gain on sale or write down of assets, net	—			—		423			423
Net income	$	—		$	6,708	$	16,031		$	22,739
Company's equity in net income	$	—		$	1,828	$	7,266		$	9,094
Three Months Ended June 30, 2014
Revenues:
Minimum rents	$	25,654		$	15,696	$	56,289		$	97,639
Percentage rents	550			180		3,264			3,994
Tenant recoveries	11,379			11,489		24,260			47,128
Other	1,613			929		8,443			10,985
Total revenues	39,196			28,294		92,256			159,746
Expenses:
Shopping center and operating expenses	10,682			9,521		30,258			50,461
Interest expense	9,831			7,653		19,495			36,979
Depreciation and amortization	8,750			4,756		21,239			34,745
Total operating expenses	29,263			21,930		70,992			122,185
Loss on sale or write down of assets, net	(6,226		)	—		(42		)	(6,268		)
Net income	$	3,707		$	6,364	$	21,222		$	31,293
Company's equity in net income	$	1,218		$	1,611	$	11,074		$	13,903



	Pacific Premier Retail LP			Tysons Corner LLC		Other Joint Ventures			Total
Six Months Ended June 30, 2015
Revenues:
Minimum rents	$	—		$	34,157	$	104,668		$	138,825
Percentage rents	—			419		4,011			4,430
Tenant recoveries	—			24,471		39,232			63,703
Other	—			1,391		13,042			14,433
Total revenues	—			60,438		160,953			221,391
Expenses:
Shopping center and operating expenses	—			19,517		60,142			79,659
Interest expense	—			16,502		23,278			39,780
Depreciation and amortization	—			11,026		51,743			62,769
Total operating expenses	—			47,045		135,163			182,208
Gain on sale or write down of assets, net	—			—		423			423
Net income	$	—		$	13,393	$	26,213		$	39,606
Company's equity in net income	$	—		$	4,834	$	12,534		$	17,368
Six Months Ended June 30, 2014
Revenues:
Minimum rents	$	51,734		$	31,974	$	112,188		$	195,896
Percentage rents	1,209			604		4,232			6,045
Tenant recoveries	23,119			23,383		49,371			95,873
Other	2,690			1,616		16,298			20,604
Total revenues	78,752			57,577		182,089			318,418
Expenses:
Shopping center and operating expenses	21,813			19,680		64,138			105,631
Interest expense	19,929			15,483		39,066			74,478
Depreciation and amortization	17,548			9,358		42,762			69,668
Total operating expenses	59,290			44,521		145,966			249,777
Loss on sale or write down of assets, net	(6,312		)	—		(60		)	(6,372		)
Net income	$	13,150		$	13,056	$	36,063		$	62,269
Company's equity in net income	$	5,486		$	3,369	$	18,817		$	27,672