XML 44 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6

Investments in Unconsolidated Joint Ventures: (Tables)

12 Months Ended

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

X

- Definition

Disclosure of summarized balance sheet financial information for significant subsidiaries included in investments accounted for using the equity method of accounting.

+ References

No definition available.

+ Details

Name:	mac_EquityMethodInvestmentsSummarizedFinancialInformationBalanceSheetSignificantSubsidiariesTableTextBlock
Namespace Prefix:	mac_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of summarized balance sheet financial information for investments accounted for using the equity method of accounting.

+ References

No definition available.

+ Details

Name:	mac_EquityMethodInvestmentsSummarizedFinancialInformationBalanceSheetTableTextBlock
Namespace Prefix:	mac_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of summarized statement of operations information for investments accounted for using the equity method of accounting.

+ References

No definition available.

+ Details

Name:	mac_EquityMethodInvestmentsSummarizedFinancialInformationStatementOfOperationsTableTextBlock
Namespace Prefix:	mac_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 20

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

+ Details

Name:	us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration