Investments in Unconsolidated Joint Ventures: (Tables)

9 Months Ended

Sep. 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:



	September 30, 2015			December 31, 2014
Assets(1):
Properties, net	$	3,288,060		$	2,967,878
Other assets	253,070			208,726
Total assets	$	3,541,130		$	3,176,604
Liabilities and partners' capital(1):
Mortgage notes payable(2)	$	1,818,390		$	2,038,379
Other liabilities	180,809			195,766
Company's capital	786,825			489,349
Outside partners' capital	755,106			453,110
Total liabilities and partners' capital	$	3,541,130		$	3,176,604
Investments in unconsolidated joint ventures:
Company's capital	$	786,825		$	489,349
Basis adjustment(3)	466,535			464,826
	$	1,253,360		$	954,175

Assets—Investments in unconsolidated joint ventures	$	1,278,216		$	984,132
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(24,856		)	(29,957		)
	$	1,253,360		$	954,175


(1)	These amounts include the assets of Tysons Corner LLC of $278,100 and $341,931 as of September 30, 2015 and December 31, 2014, respectively, and liabilities of Tysons Corner LLC of $836,659 and $871,933 as of September 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 September 30, 2015 and December 31, 2014, a total of $5,000 and $33,540, respectively, could become recourse debt to the Company. As of September 30, 2015 and December 31, 2014, the Company had an indemnity agreement from a joint venture partner for $2,500 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 $463,821 and $606,263 as of September 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 $6,385 and $9,645 for the three months ended September 30, 2015 and 2014, respectively, and $22,976 and $28,992 for the nine months ended September 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 $3,348 and $948 for the three months ended September 30, 2015 and 2014, respectively, and $3,188 and $3,227 for the nine months ended September 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 LLC			Tysons Corner LLC		Other Joint Ventures			Total
Three Months Ended September 30, 2015
Revenues:
Minimum rents	$	—		$	17,667	$	58,186		$	75,853
Percentage rents	—			7		3,554			3,561
Tenant recoveries	—			12,305		19,955			32,260
Other	—			869		7,819			8,688
Total revenues	—			30,848		89,514			120,362
Expenses:
Shopping center and operating expenses	—			10,010		33,340			43,350
Interest expense	—			8,466		10,559			19,025
Depreciation and amortization	—			5,600		29,053			34,653
Total operating expenses	—			24,076		72,952			97,028
Gain on sale or write down of assets, net	—			—		3,573			3,573
Loss on early extinguishment of debt	—			—		(3		)	(3		)
Net income	$	—		$	6,772	$	20,132		$	26,904
Company's equity in net income	$	—		$	452	$	10,365		$	10,817
Three Months Ended September 30, 2014
Revenues:
Minimum rents	$	25,095		$	15,542	$	61,522		$	102,159
Percentage rents	653			115		3,683			4,451
Tenant recoveries	11,495			11,757		26,235			49,487
Other	962			678		9,523			11,163
Total revenues	38,205			28,092		100,963			167,260
Expenses:
Shopping center and operating expenses	9,959			9,694		37,384			57,037
Interest expense	9,643			8,107		17,651			35,401
Depreciation and amortization	8,199			5,162		24,006			37,367
Total operating expenses	27,801			22,963		79,041			129,805
Loss on sale or write down of assets, net	(732		)	—		(6		)	(738		)
Net income	$	9,672		$	5,129	$	21,916		$	36,717
Company's equity in net income	$	4,379		$	988	$	11,568		$	16,935



	Pacific Premier Retail LLC			Tysons Corner LLC		Other Joint Ventures			Total
Nine Months Ended September 30, 2015
Revenues:
Minimum rents	$	—		$	51,824	$	162,854		$	214,678
Percentage rents	—			426		7,565			7,991
Tenant recoveries	—			36,776		59,187			95,963
Other	—			2,260		20,861			23,121
Total revenues	—			91,286		250,467			341,753
Expenses:
Shopping center and operating expenses	—			29,527		93,482			123,009
Interest expense	—			24,968		33,837			58,805
Depreciation and amortization	—			16,626		80,796			97,422
Total operating expenses	—			71,121		208,115			279,236
Gain on sale or write down of assets, net	—			—		3,996			3,996
Loss on early extinguishment of debt	—			—		(3		)	(3		)
Net income	$	—		$	20,165	$	46,345		$	66,510
Company's equity in net income	$	—		$	5,286	$	22,899		$	28,185
Nine Months Ended September 30, 2014
Revenues:
Minimum rents	$	76,829		$	47,516	$	173,710		$	298,055
Percentage rents	1,862			719		7,915			10,496
Tenant recoveries	34,614			35,140		75,606			145,360
Other	3,652			2,294		25,821			31,767
Total revenues	116,957			85,669		283,052			485,678
Expenses:
Shopping center and operating expenses	31,772			29,374		101,522			162,668
Interest expense	29,572			23,590		56,717			109,879
Depreciation and amortization	25,747			14,520		66,768			107,035
Total operating expenses	87,091			67,484		225,007			379,582
Loss on sale or write down of assets, net	(7,044		)	—		(66		)	(7,110		)
Net income	$	22,822		$	18,185	$	57,979		$	98,986
Company's equity in net income	$	9,865		$	4,357	$	30,385		$	44,607