Investments in Unconsolidated Joint Ventures: (Tables)

3 Months Ended

Mar. 31, 2012

	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

(1): These amounts include the assets and liabilities of the following joint ventures as of March 31, 2012 and December 31, 2011:

(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.

	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