XML 68 R59.htm IDEA: XBRL DOCUMENT v2.4.0.6
Investments in Unconsolidated Joint Ventures: (Details 3) (USD $)
 1 Months Ended 12 Months Ended
Dec. 31, 2011
shoppingcenter
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Assets of unconsolidated joint ventures:        
Properties, net $ 4,328,953,000 $ 4,328,953,000 $ 5,047,022,000  
Other assets 469,039,000 469,039,000 470,922,000  
Total assets 4,797,992,000 4,797,992,000 5,517,944,000  
Liabilities and partners' capital of unconsolidated joint ventures:        
Mortgage notes payable 3,896,418,000 3,896,418,000 4,617,127,000  
Other liabilities 161,827,000 161,827,000 211,942,000  
Company's capital 327,461,000 327,461,000 349,175,000  
Outside partners' capital 412,286,000 412,286,000 339,700,000  
Total liabilities and partners' capital 4,797,992,000 4,797,992,000 5,517,944,000  
Investments in unconsolidated joint ventures:        
Company's capital 327,461,000 327,461,000 349,175,000  
Basis adjustment 700,414,000 700,414,000 591,903,000  
Investments in unconsolidated joint ventures 1,027,875,000 1,027,875,000 941,078,000  
Investments in unconsolidated joint ventures 1,098,560,000 1,098,560,000 1,006,123,000  
Liabilities - Distributions in excess of investments in unconsolidated joint ventures (70,685,000) (70,685,000) (65,045,000)  
Investments in unconsolidated joint ventures, net of distributions in excess of investments 1,027,875,000 1,027,875,000 941,078,000  
Mortgage notes payable that could become recourse debt to the Company 380,354,000 380,354,000 348,658,000  
Indemnity of guaranteed amount 182,638,000 182,638,000 162,451,000  
Amortization of difference between cost of investments and book value of underlying equity   9,257,000 7,327,000 9,214,000
Revenues of unconsolidated joint ventures:        
Minimum rents   633,646,000 635,347,000 596,857,000
Percentage rents   31,425,000 28,885,000 26,956,000
Tenant recoveries   309,735,000 316,788,000 288,947,000
Other   49,720,000 44,744,000 35,157,000
Total revenues   1,024,526,000 1,025,764,000 947,917,000
Expenses of unconsolidated joint ventures:        
Shopping center and operating expenses   364,260,000 366,668,000 331,809,000
Interest expense   260,093,000 270,305,000 242,668,000
Depreciation and amortization   215,667,000 210,664,000 198,942,000
Total operating expenses   840,020,000 847,637,000 773,419,000
Gain on sale or distribution of assets   389,707,000 576,000 (3,016,000)
Gain (loss) on early extinguishment of debt   15,704,000 (1,352,000)  
Net income   589,917,000 177,351,000 171,482,000
Company's equity in net income   294,677,000 79,529,000 68,160,000
Northwestern Mutual Life ("NML")
        
Investments in unconsolidated joint ventures:        
Mortgage notes payable to affiliate 663,543,000 663,543,000 573,239,000  
Interest expense on borrowings from related party   42,451,000 40,876,000 33,947,000
SDG Macerich
        
Assets of unconsolidated joint ventures:        
Total assets 12,772,000 12,772,000 817,995,000  
Investments in unconsolidated joint ventures:        
Total liabilities 226,000 226,000 815,884,000  
Revenues of unconsolidated joint ventures:        
Minimum rents   84,523,000 90,187,000 92,253,000
Percentage rents   4,742,000 4,411,000 4,615,000
Tenant recoveries   43,845,000 44,651,000 48,626,000
Other   3,668,000 3,653,000 3,774,000
Total revenues   136,778,000 142,902,000 149,268,000
Expenses of unconsolidated joint ventures:        
Shopping center and operating expenses   51,037,000 51,004,000 56,189,000
Interest expense   41,300,000 46,530,000 46,686,000
Depreciation and amortization   27,837,000 30,796,000 30,898,000
Total operating expenses   120,174,000 128,330,000 133,773,000
Number of regional shopping centers owned in 50/50 partnership 11      
Ownership percentage in regional shopping centers before distribution and conveyance of interest in joint venture 50.00% 50.00%    
Ownership percentage in regional shopping centers 100.00% 100.00%    
Gain on sale or distribution of assets 188,264 366,312,000 6,000 (931,000)
Gain (loss) on early extinguishment of debt   15,704,000    
Net income   398,620,000 14,578,000 14,564,000
Company's equity in net income   204,439,000 7,290,000 7,282,000
Pacific Premier Retail LP
        
Assets of unconsolidated joint ventures:        
Total assets 1,078,226,000 1,078,226,000 1,101,186,000  
Investments in unconsolidated joint ventures:        
Total liabilities 1,005,479,000 1,005,479,000 1,019,513,000  
Revenues of unconsolidated joint ventures:        
Minimum rents   133,191,000 131,204,000 131,785,000
Percentage rents   6,124,000 5,487,000 5,039,000
Tenant recoveries   55,088,000 50,626,000 50,074,000
Other   5,248,000 6,688,000 4,583,000
Total revenues   199,651,000 194,005,000 191,481,000
Expenses of unconsolidated joint ventures:        
Shopping center and operating expenses   59,723,000 55,680,000 54,722,000
Interest expense   50,174,000 51,796,000 51,466,000
Depreciation and amortization   41,448,000 38,928,000 36,345,000
Total operating expenses   151,345,000 146,404,000 142,533,000
Gain on sale or distribution of assets     468,000  
Gain (loss) on early extinguishment of debt     (1,352,000)  
Net income   48,306,000 46,717,000 48,948,000
Company's equity in net income   24,568,000 23,972,000 24,894,000
Tysons Corner LLC
        
Assets of unconsolidated joint ventures:        
Total assets 339,324,000 339,324,000 330,117,000  
Investments in unconsolidated joint ventures:        
Total liabilities 319,247,000 319,247,000 324,527,000  
Revenues of unconsolidated joint ventures:        
Minimum rents   63,950,000 59,587,000 62,293,000
Percentage rents   2,068,000 1,585,000 1,353,000
Tenant recoveries   41,286,000 38,162,000 37,475,000
Other   3,061,000 2,975,000 2,617,000
Total revenues   110,365,000 102,309,000 103,738,000
Expenses of unconsolidated joint ventures:        
Shopping center and operating expenses   34,519,000 32,025,000 31,675,000
Interest expense   14,237,000 16,204,000 15,761,000
Depreciation and amortization   20,115,000 18,745,000 17,953,000
Total operating expenses   68,871,000 66,974,000 65,389,000
Net income   41,494,000 35,335,000 38,349,000
Company's equity in net income   16,209,000 13,917,000 19,175,000
Other Joint Ventures
        
Revenues of unconsolidated joint ventures:        
Minimum rents   351,982,000 354,369,000 310,526,000
Percentage rents   18,491,000 17,402,000 15,949,000
Tenant recoveries   169,516,000 183,349,000 152,772,000
Other   37,743,000 31,428,000 24,183,000
Total revenues   577,732,000 586,548,000 503,430,000
Expenses of unconsolidated joint ventures:        
Shopping center and operating expenses   218,981,000 227,959,000 189,223,000
Interest expense   154,382,000 155,775,000 128,755,000
Depreciation and amortization   126,267,000 122,195,000 113,746,000
Total operating expenses   499,630,000 505,929,000 431,724,000
Gain on sale or distribution of assets   23,395,000 102,000 (2,085,000)
Net income   101,497,000 80,721,000 69,621,000
Company's equity in net income   $ 49,461,000 $ 34,350,000 $ 16,809,000