Investments in Unconsolidated Joint Ventures: (Tables)

6 Months Ended

Jun. 30, 2012

	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:

(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.

	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