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Investments in Unconsolidated Joint Ventures: (Tables) | 9 Months Ended
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Sep. 30, 2012
Investments in Unconsolidated Joint Ventures: |
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information |
|  | September 30, 2012 |  | December 31, 2011 |
--- | --- | --- | --- | --- | ---
Assets(1): |  |  |  |  |  |  |
Properties, net |  | $ | 3,939,940 |  | $ | 4,328,953 |
Other assets |  |  | 322,281 |  |  | 469,039 |
Total assets |  | $ | 4,262,221 |  | $ | 4,797,992 |
Liabilities and partners' capital(1): |  |  |  |  |  |  |
Mortgage notes payable(2) |  | $ | 3,420,079 |  | $ | 3,896,418 |
Other liabilities |  |  | 157,536 |  |  | 161,827 |
Company's capital |  |  | 230,930 |  |  | 327,461 |
Outside partners' capital |  |  | 453,676 |  |  | 412,286 |
Total liabilities and partners' capital |  | $ | 4,262,221 |  | $ | 4,797,992 |
Investment in unconsolidated joint ventures: |  |  |  |  |  |  |
Company's capital |  | $ | 230,930 |  | $ | 327,461 |
Basis adjustment(3) |  |  | 709,128 |  |  | 700,414 |
|  | $ | 940,058 |  | $ | 1,027,875 |
Assets—Investments in unconsolidated joint ventures |  | $ | 1,026,724 |  | $ | 1,098,560 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures |  |  | (86,666 | ) |  | (70,685 | )
|  | $ | 940,058 |  | $ | 1,027,875 |
(1) These amounts include the assets and liabilities of the following joint ventures as of September 30, 2012 and December 31, 2011:
|  | Pacific Premier Retail LP |  | Tysons Corner LLC |
--- | --- | --- | --- | --- | ---
As of September 30, 2012: |  |  |  |  |  |  |
Total Assets |  | $ | 1,034,856 |  | $ | 374,223 |
Total Liabilities |  | $ | 1,003,579 |  | $ | 324,958 |
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 September 30, 2012 and December 31, 2011, a total of $370,538 and $380,354, respectively, could become recourse debt to the Company. As of September 30, 2012 and December 31, 2011, the Company has indemnity agreements from joint venture partners for $177,750 and $182,638, respectively, of the guaranteed amount. Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $655,029 and $663,543 as of September 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 $10,980 and $11,166 for the three months ended September 30, 2012 and 2011, respectively, and $32,974 and $31,263 for the nine months ended September 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 $3,136 and $2,923 for the three months ended September 30, 2012 and 2011, respectively, and $6,211 and $7,042 for the nine months ended September 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 September 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 32,718 |  | $ | 15,847 |  | $ | 75,809 |  | $ | 124,374 |
Percentage rents |  |  | 837 |  |  | 233 |  |  | 4,214 |  |  | 5,284 |
Tenant recoveries |  |  | 14,091 |  |  | 11,340 |  |  | 37,663 |  |  | 63,094 |
Other |  |  | 1,138 |  |  | 618 |  |  | 9,415 |  |  | 11,171 |
Total revenues |  |  | 48,784 |  |  | 28,038 |  |  | 127,101 |  |  | 203,923 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 15,075 |  |  | 8,760 |  |  | 46,153 |  |  | 69,988 |
Interest expense |  |  | 12,904 |  |  | 2,838 |  |  | 32,338 |  |  | 48,080 |
Depreciation and amortization |  |  | 10,905 |  |  | 5,094 |  |  | 28,784 |  |  | 44,783 |
Total operating expenses |  |  | 38,884 |  |  | 16,692 |  |  | 107,275 |  |  | 162,851 |
Loss on sale/remeasurement of assets |  |  | — |  |  | — |  |  | (28 | ) |  | (28 | )
Net income |  | $ | 9,900 |  | $ | 11,346 |  | $ | 19,798 |  | $ | 41,044 |
Company's equity in net income |  | $ | 5,035 |  | $ | 4,372 |  | $ | 9,908 |  | $ | 19,315 |
Three Months Ended September 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 31,841 |  | $ | 15,618 |  | $ | 111,091 |  | $ | 158,550 |
Percentage rents |  |  | 1,190 |  |  | 318 |  |  | 5,961 |  |  | 7,469 |
Tenant recoveries |  |  | 13,867 |  |  | 10,270 |  |  | 52,337 |  |  | 76,474 |
Other |  |  | 1,267 |  |  | 595 |  |  | 10,931 |  |  | 12,793 |
Total revenues |  |  | 48,165 |  |  | 26,801 |  |  | 180,320 |  |  | 255,286 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 14,477 |  |  | 8,290 |  |  | 67,927 |  |  | 90,694 |
Interest expense |  |  | 13,402 |  |  | 3,073 |  |  | 48,352 |  |  | 64,827 |
Depreciation and amortization |  |  | 10,403 |  |  | 5,068 |  |  | 40,840 |  |  | 56,311 |
Total operating expenses |  |  | 38,282 |  |  | 16,431 |  |  | 157,119 |  |  | 211,832 |
Loss on sale/remeasurement of assets |  |  | — |  |  | — |  |  | (94 | ) |  | (94 | )
Gain on extinguishment of debt |  |  | — |  |  | — |  |  | 77 |  |  | 77 |
Net income |  | $ | 9,883 |  | $ | 10,370 |  | $ | 23,184 |  | $ | 43,437 |
Company's equity in net income |  | $ | 5,025 |  | $ | 4,011 |  | $ | 11,003 |  | $ | 20,039 |
Nine Months Ended September 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 98,812 |  | $ | 47,149 |  | $ | 251,599 |  | $ | 397,560 |
Percentage rents |  |  | 2,571 |  |  | 866 |  |  | 10,531 |  |  | 13,968 |
Tenant recoveries |  |  | 41,967 |  |  | 32,969 |  |  | 121,825 |  |  | 196,761 |
Other |  |  | 3,665 |  |  | 1,964 |  |  | 27,775 |  |  | 33,404 |
Total revenues |  |  | 147,015 |  |  | 82,948 |  |  | 411,730 |  |  | 641,693 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 43,385 |  |  | 25,834 |  |  | 155,014 |  |  | 224,233 |
Interest expense |  |  | 39,405 |  |  | 8,902 |  |  | 108,784 |  |  | 157,091 |
Depreciation and amortization |  |  | 31,926 |  |  | 15,279 |  |  | 91,214 |  |  | 138,419 |
Total operating expenses |  |  | 114,716 |  |  | 50,015 |  |  | 355,012 |  |  | 519,743 |
(Loss) gain on sale/remeasurement of assets |  |  | (10 | ) |  | — |  |  | 22,948 |  |  | 22,938 |
Net income |  | $ | 32,289 |  | $ | 32,933 |  | $ | 79,666 |  | $ | 144,888 |
Company's equity in net income |  | $ | 16,422 |  | $ | 12,721 |  | $ | 39,481 |  | $ | 68,624 |
Nine Months Ended September 30, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 97,185 |  | $ | 45,947 |  | $ | 326,156 |  | $ | 469,288 |
Percentage rents |  |  | 3,292 |  |  | 1,186 |  |  | 11,940 |  |  | 16,418 |
Tenant recoveries |  |  | 41,134 |  |  | 30,748 |  |  | 157,309 |  |  | 229,191 |
Other |  |  | 3,323 |  |  | 2,025 |  |  | 29,787 |  |  | 35,135 |
Total revenues |  |  | 144,934 |  |  | 79,906 |  |  | 525,192 |  |  | 750,032 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 43,683 |  |  | 24,972 |  |  | 199,898 |  |  | 268,553 |
Interest expense |  |  | 36,826 |  |  | 10,891 |  |  | 146,130 |  |  | 193,847 |
Depreciation and amortization |  |  | 30,884 |  |  | 14,974 |  |  | 116,533 |  |  | 162,391 |
Total operating expenses |  |  | 111,393 |  |  | 50,837 |  |  | 462,561 |  |  | 624,791 |
Gain on sale/remeasurement of assets |  |  | — |  |  | — |  |  | 24,451 |  |  | 24,451 |
Gain on extinguishment of debt |  |  | — |  |  | — |  |  | 15,583 |  |  | 15,583 |
Net income |  | $ | 33,541 |  | $ | 29,069 |  | $ | 102,665 |  | $ | 165,275 |
Company's equity in net income |  | $ | 17,058 |  | $ | 11,209 |  | $ | 47,254 |  | $ | 75,521 |

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