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Investments in Unconsolidated Joint Ventures: (Tables) | 6 Months Ended
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Jun. 30, 2012
Investments in Unconsolidated Joint Ventures: |
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information |
|  | June 30, 2012 |  | December 31, 2011 |
--- | --- | --- | --- | --- | ---
Assets(1): |  |  |  |  |  |  |
Properties, net |  | $ | 4,220,133 |  | $ | 4,328,953 |
Other assets |  |  | 450,504 |  |  | 469,039 |
Total assets |  | $ | 4,670,637 |  | $ | 4,797,992 |
Liabilities and partners' capital(1): |  |  |  |  |  |  |
Mortgage notes payable(2) |  | $ | 3,756,725 |  | $ | 3,896,418 |
Other liabilities |  |  | 149,947 |  |  | 161,827 |
Company's capital |  |  | 356,121 |  |  | 327,461 |
Outside partners' capital |  |  | 407,844 |  |  | 412,286 |
Total liabilities and partners' capital |  | $ | 4,670,637 |  | $ | 4,797,992 |
Investment in unconsolidated joint ventures: |  |  |  |  |  |  |
Company's capital |  | $ | 356,121 |  | $ | 327,461 |
Basis adjustment(3) |  |  | 685,498 |  |  | 700,414 |
|  | $ | 1,041,619 |  | $ | 1,027,875 |
Assets—Investments in unconsolidated joint ventures |  | $ | 1,120,832 |  | $ | 1,098,560 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures |  |  | (79,213 | ) |  | (70,685 | )
|  | $ | 1,041,619 |  | $ | 1,027,875 |
(1) These amounts include the assets and liabilities of the following joint ventures as of June 30, 2012 and December 31, 2011:
|  | Pacific Premier Retail LP |  | Tysons Corner LLC |
--- | --- | --- | --- | --- | ---
As of June 30, 2012: |  |  |  |  |  |  |
Total Assets |  | $ | 1,051,404 |  | $ | 360,989 |
Total Liabilities |  | $ | 1,000,565 |  | $ | 327,057 |
As of December 31, 2011: |  |  |  |  |  |  |
Total Assets |  | $ | 1,078,226 |  | $ | 339,324 |
Total Liabilities |  | $ | 1,005,479 |  | $ | 319,247 |
(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 June 30, 2012 and December 31, 2011, a total of $372,371 and $380,354, respectively, could become recourse debt to the Company. As of June 30, 2012 and December 31, 2011, the Company has indemnity agreements from joint venture partners for $178,639 and $182,638, respectively, of the guaranteed amount. Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $657,889 and $663,543 as of June 30, 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 $10,939 and $10,004 for the three months ended June 30, 2012 and 2011, respectively, and $21,994 and $20,097 for the six months ended June 30, 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 $3,132 and $2,612 for the three months ended June 30, 2012 and 2011, respectively, and $3,075 and $4,119 for the six months ended June 30, 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 June 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 32,459 |  | $ | 15,962 |  | $ | 85,685 |  | $ | 134,106 |
Percentage rents |  |  | 771 |  |  | 233 |  |  | 3,027 |  |  | 4,031 |
Tenant recoveries |  |  | 14,402 |  |  | 10,814 |  |  | 41,750 |  |  | 66,966 |
Other |  |  | 1,261 |  |  | 669 |  |  | 9,780 |  |  | 11,710 |
Total revenues |  |  | 48,893 |  |  | 27,678 |  |  | 140,242 |  |  | 216,813 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 14,148 |  |  | 8,560 |  |  | 52,938 |  |  | 75,646 |
Interest expense |  |  | 13,213 |  |  | 3,043 |  |  | 37,323 |  |  | 53,579 |
Depreciation and amortization |  |  | 10,559 |  |  | 5,109 |  |  | 31,377 |  |  | 47,045 |
Total operating expenses |  |  | 37,920 |  |  | 16,712 |  |  | 121,638 |  |  | 176,270 |
Loss on sale or remeasurement of assets |  |  | (10 | ) |  | — |  |  | (14 | ) |  | (24 | )
Net income |  | $ | 10,963 |  | $ | 10,966 |  | $ | 18,590 |  | $ | 40,519 |
Company's equity in net income |  | $ | 5,577 |  | $ | 4,302 |  | $ | 8,812 |  | $ | 18,691 |
Three Months Ended June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 32,545 |  | $ | 14,786 |  | $ | 106,410 |  | $ | 153,741 |
Percentage rents |  |  | 936 |  |  | 445 |  |  | 2,913 |  |  | 4,294 |
Tenant recoveries |  |  | 13,621 |  |  | 10,215 |  |  | 52,264 |  |  | 76,100 |
Other |  |  | 1,037 |  |  | 703 |  |  | 9,795 |  |  | 11,535 |
Total revenues |  |  | 48,139 |  |  | 26,149 |  |  | 171,382 |  |  | 245,670 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 14,612 |  |  | 8,081 |  |  | 65,799 |  |  | 88,492 |
Interest expense |  |  | 11,701 |  |  | 3,845 |  |  | 47,845 |  |  | 63,391 |
Depreciation and amortization |  |  | 10,325 |  |  | 5,043 |  |  | 37,813 |  |  | 53,181 |
Total operating expenses |  |  | 36,638 |  |  | 16,969 |  |  | 151,457 |  |  | 205,064 |
Loss on sale or remeasurement of assets |  |  | — |  |  | — |  |  | (329 | ) |  | (329 | )
Gain on extinguishment of debt |  |  | — |  |  | — |  |  | 15,506 |  |  | 15,506 |
Net income |  | $ | 11,501 |  | $ | 9,180 |  | $ | 35,102 |  | $ | 55,783 |
Company's equity in net income |  | $ | 5,850 |  | $ | 3,490 |  | $ | 15,867 |  | $ | 25,207 |
|  | Pacific Premier Retail LP |  | Tysons Corner LLC |  | Other Joint Ventures |  | Total |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Six Months Ended June 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 66,094 |  | $ | 31,302 |  | $ | 175,790 |  | $ | 273,186 |
Percentage rents |  |  | 1,734 |  |  | 633 |  |  | 6,317 |  |  | 8,684 |
Tenant recoveries |  |  | 27,876 |  |  | 21,629 |  |  | 84,162 |  |  | 133,667 |
Other |  |  | 2,527 |  |  | 1,346 |  |  | 18,360 |  |  | 22,233 |
Total revenues |  |  | 98,231 |  |  | 54,910 |  |  | 284,629 |  |  | 437,770 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 28,310 |  |  | 17,074 |  |  | 108,861 |  |  | 154,245 |
Interest expense |  |  | 26,501 |  |  | 6,064 |  |  | 76,446 |  |  | 109,011 |
Depreciation and amortization |  |  | 21,021 |  |  | 10,185 |  |  | 62,430 |  |  | 93,636 |
Total operating expenses |  |  | 75,832 |  |  | 33,323 |  |  | 247,737 |  |  | 356,892 |
(Loss) gain on sale or remeasurement of assets |  |  | (10 | ) |  | — |  |  | 22,976 |  |  | 22,966 |
Net income |  | $ | 22,389 |  | $ | 21,587 |  | $ | 59,868 |  | $ | 103,844 |
Company's equity in net income |  | $ | 11,387 |  | $ | 8,349 |  | $ | 29,573 |  | $ | 49,309 |
Six Months Ended June 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 65,344 |  | $ | 30,329 |  | $ | 215,065 |  | $ | 310,738 |
Percentage rents |  |  | 2,102 |  |  | 868 |  |  | 5,979 |  |  | 8,949 |
Tenant recoveries |  |  | 27,267 |  |  | 20,478 |  |  | 104,972 |  |  | 152,717 |
Other |  |  | 2,056 |  |  | 1,430 |  |  | 18,856 |  |  | 22,342 |
Total revenues |  |  | 96,769 |  |  | 53,105 |  |  | 344,872 |  |  | 494,746 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 29,206 |  |  | 16,682 |  |  | 131,971 |  |  | 177,859 |
Interest expense |  |  | 23,424 |  |  | 7,818 |  |  | 97,778 |  |  | 129,020 |
Depreciation and amortization |  |  | 20,481 |  |  | 9,906 |  |  | 75,693 |  |  | 106,080 |
Total operating expenses |  |  | 73,111 |  |  | 34,406 |  |  | 305,442 |  |  | 412,959 |
Gain on sale or remeasurement of assets |  |  | — |  |  | — |  |  | 24,545 |  |  | 24,545 |
Gain on extinguishment of debt |  |  | — |  |  | — |  |  | 15,506 |  |  | 15,506 |
Net income |  | $ | 23,658 |  | $ | 18,699 |  | $ | 79,481 |  | $ | 121,838 |
Company's equity in net income |  | $ | 12,033 |  | $ | 7,198 |  | $ | 36,251 |  | $ | 55,482 |

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