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Investments in Unconsolidated Joint Ventures: (Tables) | 12 Months Ended
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Dec. 31, 2011
Investments in Unconsolidated Joint Ventures: |
Schedule of entity's interest in joint ventures |
The following are the Company's investments in various joint ventures or properties jointly owned with third parties. The Company's interest in each joint venture as of December 31, 2011 is as follows:
Joint Venture |  | Ownership %(1) |
--- | --- | --- | ---
Biltmore Shopping Center Partners LLC |  |  | 50.0 | %
Camelback Colonnade Associates LP |  |  | 75.0 | %
Chandler Gateway Partners, LLC |  |  | 50.0 | %
Chandler Village Center, LLC |  |  | 50.0 | %
Coolidge Holding LLC |  |  | 37.5 | %
Corte Madera Village, LLC |  |  | 50.1 | %
East Mesa Mall, L.L.C.—Superstition Springs Center |  |  | 66.7 | %
FlatIron Property Holding, L.L.C.—FlatIron Crossing |  |  | 25.0 | %
Jaren Associates #4 |  |  | 12.5 | %
Kierland Commons Investment LLC |  |  | 50.0 | %
Kierland Tower Lofts, LLC |  |  | 15.0 | %
La Sandia Santa Monica LLC |  |  | 50.0 | %
Macerich Northwestern Associates—Broadway Plaza |  |  | 50.0 | %
MetroRising AMS Holding LLC |  |  | 15.0 | %
New River Associates—Arrowhead Towne Center |  |  | 66.7 | %
Norcino Santa Monica LLC |  |  | 50.0 | %
North Bridge Chicago LLC |  |  | 50.0 | %
NorthPark Land Partners, LP |  |  | 50.0 | %
NorthPark Partners, LP |  |  | 50.0 | %
One Scottsdale Investors LLC |  |  | 50.0 | %
Pacific Premier Retail LP |  |  | 51.0 | %
Propcor Associates |  |  | 25.0 | %
Propcor II Associates, LLC—Boulevard Shops |  |  | 50.0 | %
Primi Santa Monica LLC |  |  | 50.0 | %
SanTan Festival, LLC—Chandler Festival |  |  | 50.0 | %
SanTan Village Phase 2 LLC |  |  | 34.9 | %
SDG Macerich Properties, L.P. |  |  | 50.0 | %
Queens Mall Limited Partnership |  |  | 51.0 | %
Queens Mall Expansion Limited Partnership |  |  | 51.0 | %
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 | %
WM Inland LP |  |  | 50.0 | %
West Acres Development, LLP |  |  | 19.0 | %
Westcor/Gilbert, L.L.C. |  |  | 50.0 | %
Westcor/Queen Creek LLC |  |  | 37.8 | %
Westcor/Surprise Auto Park LLC |  |  | 33.3 | %
Wilshire Building—Tenants in Common |  |  | 30.0 | %
WMAP, L.L.C.—Atlas Park |  |  | 50.0 | %
WM Ridgmar, L.P. |  |  | 50.0 | %
Zengo Restaurant Santa Monica LLC |  |  | 50.0 | %
(1) The Operating Partnership's ownership interest in this table reflects its legal ownership interest but may not reflect its economic interest since each joint venture has specific terms regarding cash flow, profits and losses, allocations, capital requirements and other matters.
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures |
|  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | ---
Assets(1): |  |  |  |  |  |  |
Properties, net |  | $ | 4,328,953 |  | $ | 5,047,022 |
Other assets |  |  | 469,039 |  |  | 470,922 |
Total assets |  | $ | 4,797,992 |  | $ | 5,517,944 |
Liabilities and partners' capital(1): |  |  |  |  |  |  |
Mortgage notes payable(2) |  | $ | 3,896,418 |  | $ | 4,617,127 |
Other liabilities |  |  | 161,827 |  |  | 211,942 |
Company's capital |  |  | 327,461 |  |  | 349,175 |
Outside partners' capital |  |  | 412,286 |  |  | 339,700 |
Total liabilities and partners' capital |  | $ | 4,797,992 |  | $ | 5,517,944 |
Investment in unconsolidated joint ventures: |  |  |  |  |  |  |
Company's capital |  | $ | 327,461 |  | $ | 349,175 |
Basis adjustment(3) |  |  | 700,414 |  |  | 591,903 |
|  | $ | 1,027,875 |  | $ | 941,078 |
Assets—Investments in unconsolidated joint ventures |  | $ | 1,098,560 |  | $ | 1,006,123 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures |  |  | (70,685 | ) |  | (65,045 | )
|  | $ | 1,027,875 |  | $ | 941,078 |
(1) These amounts include the assets and liabilities of the following joint ventures as of December 31, 2011 and 2010:
Assets and liabilities of significant subsidiaries |
|  | SDG Macerich |  | Pacific Premier Retail LP |  | Tysons Corner LLC |
--- | --- | --- | --- | --- | --- | --- | ---
As of December 31, 2011: |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 12,772 |  | $ | 1,078,226 |  | $ | 339,324 |
Total Liabilities |  | $ | 226 |  | $ | 1,005,479 |  | $ | 319,247 |
As of December 31, 2010: |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 817,995 |  | $ | 1,101,186 |  | $ | 330,117 |
Total Liabilities |  | $ | 815,884 |  | $ | 1,019,513 |  | $ | 324,527 |
(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, 2011 and 2010, a total of $380,354 and $348,658, respectively, could become recourse debt to the Company. As of December 31, 2011 and 2010, the Company has indemnity agreements from joint venture partners for $182,638 and $162,451, respectively, of the guaranteed amount. Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $663,543 and $573,239 as of December 31, 2011 and 2010, 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 $42,451, $40,876 and $33,947 for the years ended December 31, 2011, 2010 and 2009, 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 $9,257, $7,327 and $9,214 for the years ended December 31, 2011, 2010 and 2009, respectively.
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures |
|  | SDG Macerich |  | Pacific Premier Retail LP |  | Tysons Corner LLC |  | Other Joint Ventures |  | Total |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Year Ended December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 84,523 |  | $ | 133,191 |  | $ | 63,950 |  | $ | 351,982 |  | $ | 633,646 |
Percentage rents |  |  | 4,742 |  |  | 6,124 |  |  | 2,068 |  |  | 18,491 |  |  | 31,425 |
Tenant recoveries |  |  | 43,845 |  |  | 55,088 |  |  | 41,286 |  |  | 169,516 |  |  | 309,735 |
Other |  |  | 3,668 |  |  | 5,248 |  |  | 3,061 |  |  | 37,743 |  |  | 49,720 |
Total revenues |  |  | 136,778 |  |  | 199,651 |  |  | 110,365 |  |  | 577,732 |  |  | 1,024,526 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 51,037 |  |  | 59,723 |  |  | 34,519 |  |  | 218,981 |  |  | 364,260 |
Interest expense |  |  | 41,300 |  |  | 50,174 |  |  | 14,237 |  |  | 154,382 |  |  | 260,093 |
Depreciation and amortization |  |  | 27,837 |  |  | 41,448 |  |  | 20,115 |  |  | 126,267 |  |  | 215,667 |
Total operating expenses |  |  | 120,174 |  |  | 151,345 |  |  | 68,871 |  |  | 499,630 |  |  | 840,020 |
Gain on sale or distribution of assets |  |  | 366,312 |  |  | — |  |  | — |  |  | 23,395 |  |  | 389,707 |
Gain on early extinguishment of debt |  |  | 15,704 |  |  | — |  |  | — |  |  | — |  |  | 15,704 |
Net income |  | $ | 398,620 |  | $ | 48,306 |  | $ | 41,494 |  | $ | 101,497 |  | $ | 589,917 |
Company's equity in net income |  | $ | 204,439 |  | $ | 24,568 |  | $ | 16,209 |  | $ | 49,461 |  | $ | 294,677 |
Year Ended December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 90,187 |  | $ | 131,204 |  | $ | 59,587 |  | $ | 354,369 |  | $ | 635,347 |
Percentage rents |  |  | 4,411 |  |  | 5,487 |  |  | 1,585 |  |  | 17,402 |  |  | 28,885 |
Tenant recoveries |  |  | 44,651 |  |  | 50,626 |  |  | 38,162 |  |  | 183,349 |  |  | 316,788 |
Other |  |  | 3,653 |  |  | 6,688 |  |  | 2,975 |  |  | 31,428 |  |  | 44,744 |
Total revenues |  |  | 142,902 |  |  | 194,005 |  |  | 102,309 |  |  | 586,548 |  |  | 1,025,764 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 51,004 |  |  | 55,680 |  |  | 32,025 |  |  | 227,959 |  |  | 366,668 |
Interest expense |  |  | 46,530 |  |  | 51,796 |  |  | 16,204 |  |  | 155,775 |  |  | 270,305 |
Depreciation and amortization |  |  | 30,796 |  |  | 38,928 |  |  | 18,745 |  |  | 122,195 |  |  | 210,664 |
Total operating expenses |  |  | 128,330 |  |  | 146,404 |  |  | 66,974 |  |  | 505,929 |  |  | 847,637 |
Gain on sale of assets |  |  | 6 |  |  | 468 |  |  | — |  |  | 102 |  |  | 576 |
Loss on early extinguishment of debt |  |  | — |  |  | (1,352 | ) |  | — |  |  | — |  |  | (1,352 | )
Net income |  | $ | 14,578 |  | $ | 46,717 |  | $ | 35,335 |  | $ | 80,721 |  | $ | 177,351 |
Company's equity in net income |  | $ | 7,290 |  | $ | 23,972 |  | $ | 13,917 |  | $ | 34,350 |  | $ | 79,529 |
Year Ended December 31, 2009 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 92,253 |  | $ | 131,785 |  | $ | 62,293 |  | $ | 310,526 |  | $ | 596,857 |
Percentage rents |  |  | 4,615 |  |  | 5,039 |  |  | 1,353 |  |  | 15,949 |  |  | 26,956 |
Tenant recoveries |  |  | 48,626 |  |  | 50,074 |  |  | 37,475 |  |  | 152,772 |  |  | 288,947 |
Other |  |  | 3,774 |  |  | 4,583 |  |  | 2,617 |  |  | 24,183 |  |  | 35,157 |
Total revenues |  |  | 149,268 |  |  | 191,481 |  |  | 103,738 |  |  | 503,430 |  |  | 947,917 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 56,189 |  |  | 54,722 |  |  | 31,675 |  |  | 189,223 |  |  | 331,809 |
Interest expense |  |  | 46,686 |  |  | 51,466 |  |  | 15,761 |  |  | 128,755 |  |  | 242,668 |
Depreciation and amortization |  |  | 30,898 |  |  | 36,345 |  |  | 17,953 |  |  | 113,746 |  |  | 198,942 |
Total operating expenses |  |  | 133,773 |  |  | 142,533 |  |  | 65,389 |  |  | 431,724 |  |  | 773,419 |
Loss on sale of assets |  |  | (931 | ) |  | — |  |  | — |  |  | (2,085 | ) |  | (3,016 | )
Net income |  | $ | 14,564 |  | $ | 48,948 |  | $ | 38,349 |  | $ | 69,621 |  | $ | 171,482 |
Company's equity in net income |  | $ | 7,282 |  | $ | 24,894 |  | $ | 19,175 |  | $ | 16,809 |  | $ | 68,160 |

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