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Investments in Unconsolidated Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2018 was as follows:
Joint Venture
Ownership %(1)
443 Wabash MAB LLC
50.0
%
AM Tysons LLC
50.0
%
Biltmore Shopping Center Partners LLC
50.0
%
CAM-CARSON LLC—Los Angeles Premium Outlets
50.0
%
Coolidge Holding LLC
37.5
%
Corte Madera Village, LLC
50.1
%
Country Club Plaza KC Partners LLC
50.0
%
Fashion District Philadelphia—Various Entities
50.0
%
HPP-MAC WSP, LLC—One Westside
25.0
%
Jaren Associates #4
12.5
%
Kierland Commons Investment LLC
50.0
%
Macerich HHF Broadway Plaza LLC—Broadway Plaza
50.0
%
Macerich HHF Centers LLC—Various Properties
51.0
%
MS Portfolio LLC
50.0
%
New River Associates LLC—Arrowhead Towne Center
60.0
%
North Bridge Chicago LLC
50.0
%
One Scottsdale Investors LLC
50.0
%
Pacific Premier Retail LLC—Various Properties
60.0
%
Propcor II Associates, LLC—Boulevard Shops
50.0
%
Scottsdale Fashion Square Partnership
50.0
%
TM TRS Holding Company LLC
50.0
%
Tysons Corner LLC
50.0
%
Tysons Corner Hotel I LLC
50.0
%
Tysons Corner Property Holdings II LLC
50.0
%
Tysons Corner Property LLC
50.0
%
West Acres Development, LLP
19.0
%
Westcor/Surprise Auto Park LLC
33.3
%
WMAP, L.L.C.—Atlas Park, The Shops at
50.0
%
_______________________________________________________________________________
(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.
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31:
 
2018
 
2017
Assets(1):
 
 
 
Property, net
$
9,241,003

 
$
9,052,105

Other assets
703,861

 
635,838

Total assets
$
9,944,864

 
$
9,687,943

Liabilities and partners' capital(1):
 
 
 
Mortgage and other notes payable(2)
$
6,050,930

 
$
5,296,594

Other liabilities
388,509

 
405,052

Company's capital
1,913,475

 
2,188,057

Outside partners' capital
1,591,950

 
1,798,240

Total liabilities and partners' capital
$
9,944,864

 
$
9,687,943

Investment in unconsolidated joint ventures:
 
 
 
Company's capital
$
1,913,475

 
$
2,188,057

Basis adjustment(3)
(535,808
)
 
(562,021
)
 
$
1,377,667

 
$
1,626,036

 
 
 
 
Assets—Investments in unconsolidated joint ventures
$
1,492,655

 
$
1,709,522

Liabilities—Distributions in excess of investments in unconsolidated joint ventures
(114,988
)
 
(83,486
)
 
$
1,377,667

 
$
1,626,036

_______________________________________________________________________________

(1)
These amounts include the assets of $3,047,851 and $3,106,105 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2018 and 2017, respectively, and liabilities of $1,859,637 and $1,872,227 of the PPR Portfolio as of December 31, 2018 and 2017, respectively.

(2)
Included in mortgage and other notes payable at December 31, 2017 was $482,332 due to NML (See Note 18—Related Party Transactions). Interest expense incurred on these borrowings, during the period NML was a related party, amounted to $20,197, $17,898 and $16,898 for the years ended December 31, 2018, 2017 and 2016, 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 $12,793, $16,562 and $17,610 for the years ended December 31, 2018, 2017 and 2016, 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
Year Ended December 31, 2018
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
Minimum rents
 
 
$
132,258

 
$
506,537

 
$
638,795

Percentage rents
 
 
4,597

 
15,139

 
19,736

Tenant recoveries
 
 
46,067

 
191,228

 
237,295

Other
 
 
4,907

 
55,844

 
60,751

Total revenues
 
 
187,829

 
768,748

 
956,577

Expenses:
 
 
 
 
 
 
 
Shopping center and operating expenses
 
 
39,283

 
246,652

 
285,935

Interest expense
 
 
67,117

 
145,915

 
213,032

Depreciation and amortization
 
 
97,885

 
248,778

 
346,663

Total operating expenses
 
 
204,285

 
641,345

 
845,630

(Loss) gain on sale of assets
 
 
(140
)
 
14,471

 
14,331

Net (loss) income
 
 
$
(16,596
)
 
$
141,874

 
$
125,278

Company's equity in net (loss) income
 
 
$
(16
)
 
$
71,789

 
$
71,773

 
 
 
 
 
 
 
 
Year Ended December 31, 2017
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
Minimum rents
 
 
$
134,450

 
$
501,732

 
$
636,182

Percentage rents
 
 
5,050

 
13,866

 
18,916

Tenant recoveries
 
 
46,575

 
189,059

 
235,634

Other
 
 
5,959

 
51,767

 
57,726

Total revenues
 
 
192,034

 
756,424

 
948,458

Expenses:
 
 
 
 
 
 
 
Shopping center and operating expenses
 
 
41,340

 
243,271

 
284,611

Interest expense
 
 
67,053

 
131,714

 
198,767

Depreciation and amortization
 
 
101,625

 
250,921

 
352,546

Total operating expenses
 
 
210,018

 
625,906

 
835,924

(Loss) gain on sale of assets
 
 
(36
)
 
33,861

 
33,825

Net (loss) income
 
 
$
(18,020
)
 
$
164,379

 
$
146,359

Company's equity in net (loss) income
 
 
$
(453
)
 
$
85,999

 
$
85,546

 
 
 
 
 
 
 
 
 
 
 
PPR Portfolio
 
Other
Joint
Ventures
 
Total
Year Ended December 31, 2016
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
Minimum rents
 
 
$
129,145

 
$
471,139

 
$
600,284

Percentage rents
 
 
5,437

 
15,480

 
20,917

Tenant recoveries
 
 
47,856

 
187,288

 
235,144

Other
 
 
6,303

 
49,937

 
56,240

Total revenues
 
 
188,741

 
723,844

 
912,585

Expenses:
 
 
 
 
 
 
 
Shopping center and operating expenses
 
 
39,804

 
234,704

 
274,508

Interest expense
 
 
64,626

 
123,043

 
187,669

Depreciation and amortization
 
 
108,880

 
251,498

 
360,378

Total operating expenses
 
 
213,310

 
609,245

 
822,555

Loss on sale of assets
 
 
—

 
(375
)
 
(375
)
Net (loss) income
 
 
$
(24,569
)
 
$
114,224

 
$
89,655

Company's equity in net (loss) income
 
 
$
(3,088
)
 
$
60,029

 
$
56,941

 
 
 
 
 
 
 
 

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