The Company has recently made the following investments and dispositions relating to its unconsolidated joint ventures:

On February 24, 2011, the Company's joint venture in Kierland Commons, a 434,642 square foot community center in Scottsdale, Arizona, acquired the ownership interest of another partner in the joint venture for $105,550. The Company's share of the purchase price consisted of a cash payment of $34,161 and the assumption of a pro rata share of debt of $18,613. As a result of the acquisition, the Company's ownership interest in Kierland Commons increased from 24.5% to 50%. The joint venture recognized a remeasurement gain of $25,019 on the acquisition based on the difference of the fair value received and its previously held investment in Kierland Commons. The Company's pro rata share of the gain recognized was $12,510.

On February 28, 2011, the Company in a 50/50 joint venture acquired The Shops at Atlas Park, a 377,924 square foot community center in Queens, New York, for a total purchase price of $53,750. The Company's share of the purchase price was $26,875. The results of The Shops at Atlas Park are included below for the period subsequent to the acquisition.

On February 28, 2011, the Company acquired the additional 50% ownership interest in Desert Sky Mall, an 893,863 square foot regional shopping center in Phoenix, Arizona, that it did not own for $27,625. The purchase price was funded by a cash payment of $1,875 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $25,750. Concurrent with the purchase of the partnership interest, the Company paid off the $51,500 loan on the property. Prior to the acquisition, the Company had accounted for its investment in Desert Sky Mall under the equity method. Since the date of acquisition, the Company has included Desert Sky Mall in its consolidated financial statements (See Note 15—Acquisitions).

On April 1, 2011, the Company's joint venture in SDG Macerich Properties, L.P. ("SDG Macerich") conveyed Granite Run Mall to the mortgage note lender by a deed-in-lieu of foreclosure. The mortgage note was non-recourse. The Company's pro rata share of gain on the early extinguishment of debt was $7,753.

On June 3, 2011, the Company entered into a transaction with General Growth Properties, Inc., whereby the Company acquired an additional 33.3% ownership interest in Arrowhead Towne Center, an additional 33.3% ownership interest in Superstition Springs Center, and an additional 50% ownership interest in the land under Superstition Springs Center ("Superstition Springs Land") that it did not own in exchange for six anchor locations, including five former Mervyn's stores (See Note 16—Discontinued Operations) and a cash payment of $75,000. As a result of this transaction, the Company now owns a 66.7% ownership interest in Arrowhead Towne Center, a 66.7% ownership interest in Superstition Springs Center and a 100% ownership interest in Superstition Springs Land. Although the Company had a 66.7% ownership interest in Arrowhead Towne Center and Superstition Springs Center upon completion of the transaction, the Company does not have a controlling financial interest in these joint ventures due to the substantive participation rights of the outside partner and, therefore, continues to account for its investments in these joint ventures under the equity method of accounting. Accordingly, no remeasurement gain was recorded on the increase in ownership. The Company has consolidated its investment in Superstition Springs Land since the date of acquisition (See Note 15—Acquisitions) and has recorded a remeasurement gain of $1,734 as a result of the increase in ownership. This transaction is referred to herein as the "GGP Exchange".

On December 31, 2011, the Company and its joint venture partner reached agreement for the distribution and conveyance of interests in SDG Macerich that owned 11 regional shopping centers in a 50/50 partnership. Six of the eleven assets were distributed to the Company on December 31, 2011. The Company received 100% ownership of Eastland Mall in Evansville, Indiana, Lake Square Mall in Leesburg, Florida, SouthPark Mall in Moline, Illinois, Southridge Mall in Des Moines, Iowa, NorthPark Mall in Davenport, Iowa and Valley Mall in Harrisonburg, Virginia (collectively referred to herein as the "SDG Acquisition Properties"). The ownership interests in the remaining five regional malls were distributed to the outside partner. The remaining net assets of SDG Macerich were distributed during the three months ended March 31, 2012. The SDG Acquisition Properties were recorded at fair value at the date of transfer, which resulted in a gain of $188,264, which was included in equity in income of unconsolidated joint ventures, based on the fair value of the assets acquired and the liabilities assumed in excess of the book value of the Company's interest in SDG Macerich. The distribution and conveyance of the 11 regional shopping centers is referred to herein as the "SDG Transaction". Prior to the SDG Transaction, the Company accounted for its investment in the SDG Acquisition Properties under the equity method of accounting. Since the date of distribution and conveyance, the Company has included the SDG Acquisition Properties in its consolidated financial statements (See Note 15—Acquisitions).

On March 30, 2012, the Company sold its 50% ownership interest in Chandler Village Center, a 273,439 square foot community center in Chandler, Arizona, for a total sales price of $14,795, resulting in a gain of $8,214 that is included in gain on remeasurement, sale or write down of assets, net during the three months ended March 31, 2012. The sales price was funded by a cash payment of $6,045 and the assumption of the Company's share of the mortgage note payable on the property of $8,750. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes.

On March 30, 2012, the Company sold its 50% ownership interest in Chandler Festival, a 500,426 square foot community center in Chandler, Arizona, for a total sales price of $30,975, resulting in a gain of $12,337 that is included in gain on remeasurement, sale or write down of assets, net during the three months ended March 31, 2012. The sales price was funded by a cash payment of $16,183 and the assumption of the Company's share of the mortgage note payable on the property of $14,792. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes.

On March 30, 2012, the Company's joint venture in SanTan Village Power Center, a 491,037 square foot community center in Gilbert, Arizona, sold the property for $54,780, resulting in a gain to the joint venture of $23,330. The cash proceeds from the sale were used to pay off the $45,000 mortgage loan on the property and the remaining $9,780 was distributed to the partners. The Company's share of the gain recognized was $11,520 that is included in equity in income of unconsolidated joint ventures offset in part by $3,571 that was included in net income attributable to noncontrolling interests.

Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures.

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information:

	March 31, 2012			December 31, 2011

Assets(1):
Properties, net	$	4,216,255		$	4,328,953
Other assets		481,189			469,039

Total assets	$	4,697,444		$	4,797,992

Liabilities and partners' capital(1):
Mortgage notes payable(2)	$	3,791,894		$	3,896,418
Other liabilities		148,348			161,827
Company's capital		342,015			327,461
Outside partners' capital		415,187			412,286

Total liabilities and partners' capital	$	4,697,444		$	4,797,992

Investment in unconsolidated joint ventures:
Company's capital	$	342,015		$	327,461
Basis adjustment(3)		693,654			700,414

	$	1,035,669		$	1,027,875

Assets—Investments in unconsolidated joint ventures	$	1,098,859		$	1,098,560
Liabilities—Distribuitons in excess of investments in unconsolidated joint ventures		(63,190	)		(70,685	)

	$	1,035,669		$	1,027,875

(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 March 31, 2012 and December 31, 2011, a total of $374,172 and $380,354, respectively, could become recourse debt to the Company. As of March 31, 2012 and December 31, 2011, the Company has indemnity agreements from joint venture partners for $179,512 and $182,638, respectively, of the guaranteed amount.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $660,739 and $663,543 as of March 31, 2012 and December 31, 2011, 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 $11,055 and $10,093 for the three months ended March 31, 2012 and 2011, 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 ($57) and $1,435 for the three months ended March 31, 2012 and 2011, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

	Pacific Premier Retail LP		Tysons Corner LLC		Other Joint Ventures		Total

Three Months Ended March 31, 2012
Revenues:
Minimum rents	$	33,635	$	15,340	$	90,105	$	139,080
Percentage rents		963		400		3,290		4,653
Tenant recoveries		13,474		10,815		42,412		66,701
Other		1,266		677		8,580		10,523

Total revenues		49,338		27,232		144,387		220,957

Expenses:
Shopping center and operating expenses		14,162		8,514		55,923		78,599
Interest expense		13,288		3,021		39,123		55,432
Depreciation and amortization		10,462		5,076		31,053		46,591

Total operating expenses		37,912		16,611		126,099		180,622

Gain on sale of assets		—		—		22,990		22,990

Net income	$	11,426	$	10,621	$	41,278	$	63,325

Company's equity in net income	$	5,810	$	4,047	$	20,761	$	30,618

Three Months Ended March 31, 2011
Revenues:
Minimum rents	$	32,799	$	15,543	$	108,655	$	156,997
Percentage rents		1,166		423		3,066		4,655
Tenant recoveries		13,646		10,263		52,708		76,617
Other		1,019		727		9,061		10,807

Total revenues		48,630		26,956		173,490		249,076

Expenses:
Shopping center and operating expenses		14,594		8,601		66,172		89,367
Interest expense		11,723		3,973		49,933		65,629
Depreciation and amortization		10,156		4,863		37,880		52,899

Total operating expenses		36,473		17,437		153,985		207,895

Gain on sale or remeasurement of assets		—		—		24,874		24,874

Net income	$	12,157	$	9,519	$	44,379	$	66,055

Company's equity in net income	$	6,183	$	3,708	$	20,384	$	30,275

Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.