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Investments in Unconsolidated Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2020
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 unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2020 was as follows:
Joint VentureOwnership %(1)
443 Wabash MAB LLC50.0 %
AM Tysons LLC50.0 %
Biltmore Shopping Center Partners LLC50.0 %
CAM-CARSON LLC—Los Angeles Premium Outlets50.0 %
Coolidge Holding LLC37.5 %
Corte Madera Village, LLC50.1 %
Country Club Plaza KC Partners LLC50.0 %
Goodyear Peripheral LLC41.7 %
HPP-MAC WSP, LLC—One Westside25.0 %
Jaren Associates #412.5 %
Kierland Commons Investment LLC50.0 %
Macerich HHF Broadway Plaza LLC—Broadway Plaza50.0 %
Macerich HHF Centers LLC—Various Properties51.0 %
MS Portfolio LLC50.0 %
New River Associates LLC—Arrowhead Towne Center60.0 %
North Bridge Chicago LLC50.0 %
One Scottsdale Investors LLC50.0 %
Pacific Premier Retail LLC—Various Properties60.0 %
Propcor II Associates, LLC—Boulevard Shops50.0 %
Scottsdale Fashion Square Partnership50.0 %
TM TRS Holding Company LLC50.0 %
Tysons Corner LLC50.0 %
Tysons Corner Hotel I LLC50.0 %
Tysons Corner Property Holdings II LLC50.0 %
Tysons Corner Property LLC50.0 %
West Acres Development, LLP19.0 %
Westcor/Surprise Auto Park LLC33.3 %
WMAP, L.L.C.—Atlas Park, The Shops at50.0 %
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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.
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:
20202019
Assets(1):  
Property, net$8,721,551 $9,424,591 
Other assets774,583 772,116 
Total assets$9,496,134 $10,196,707 
Liabilities and partners' capital(1):  
Mortgage and other notes payable$5,942,478 $6,144,685 
Other liabilities397,483 565,412 
Company's capital1,711,944 1,904,145 
Outside partners' capital1,444,229 1,582,465 
Total liabilities and partners' capital$9,496,134 $10,196,707 
Investment in unconsolidated joint ventures:  
Company's capital$1,711,944 $1,904,145 
Basis adjustment(2)(479,678)(492,350)
$1,232,266 $1,411,795 
Assets—Investments in unconsolidated joint ventures1,340,647 $1,519,697 
Liabilities—Distributions in excess of investments in unconsolidated joint ventures(108,381)(107,902)
$1,232,266 $1,411,795 

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(1)These amounts include the assets of $2,857,757 and $2,932,401 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2020 and 2019, respectively, and liabilities of $1,687,042 and $1,732,976 of the PPR Portfolio as of December 31, 2020 and 2019, 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 income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $13,168, $18,834 and $12,793 for the years ended December 31, 2020, 2019 and 2018, respectively.
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
PPR PortfolioOther
Joint
Ventures		Total
Year Ended December 31, 2020   
Revenues:   
Leasing revenue$171,505 $633,357 $804,862 
Other614 18,439 19,053 
Total revenues172,119 651,796 823,915 
Expenses:   
Shopping center and operating expenses37,018 240,139 277,157 
Leasing expenses1,325 4,173 5,498 
Interest expense64,460 151,857 216,317 
Depreciation and amortization102,788 285,948 388,736 
Total operating expenses205,591 682,117 887,708 
(Loss) gain on sale of assets(120)157 37 
Net loss$(33,592)$(30,164)$(63,756)
Company's equity in net loss$(10,371)$(16,667)$(27,038)
Year Ended December 31, 2019   
Revenues:   
Leasing revenue187,789 712,860 900,649 
Other1,598 49,184 50,782 
Total revenues189,387 762,044 951,431 
Expenses:   
Shopping center and operating expenses37,528 250,598 288,126 
Leasing expenses1,598 6,695 8,293 
Interest expense67,354 150,111 217,465 
Depreciation and amortization100,490 273,565 374,055 
Total operating expenses206,970 680,969 887,939 
Loss on sale of assets(452)(380)(832)
Net (loss) income$(18,035)$80,695 $62,660 
Company's equity in net (loss) income$(590)$49,098 $48,508 
PPR PortfolioOther
Joint
Ventures		Total
Year Ended December 31, 2018   
Revenues:   
Leasing revenue$186,924 $727,328 $914,252 
Other905 41,420 42,325 
Total revenues187,829 768,748 956,577 
Expenses:
Shopping center and operating expenses39,283 246,652 285,935 
Interest expense(1)67,117 145,915 213,032 
Depreciation and amortization97,885 248,778 346,663 
Total operating expenses204,285 641,345 845,630 
(Loss) gain on sale of assets(140)14,471 14,331 
Net (loss) income$(16,596)$141,874 $125,278 
Company's equity in net (loss) income$(16)$71,789 $71,773 
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(1)Interest expense includes $20,197 for the year ended December 31, 2018, related to mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 19—Related Party Transactions).