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 Investment LLC ("KCI") acquired an additional ownership interest in PHXAZ/Kierland Commons, L.L.C. ("Kierland Commons"), a 433,000 square foot regional shopping center in Scottsdale, Arizona, for $105,550. The Company's share of the purchase price consisted of a cash payment of $34,162 and the assumption of a pro rata share of debt of $18,613. As a result of this transaction, KCI increased its ownership interest in Kierland Commons from 49% to 100%. KCI accounted for the acquisition as a business combination achieved in stages and recognized a remeasurement gain of $25,019 based on the acquisition date fair value and its previously held investment in Kierland Commons. As a result of this transaction, the Company's ownership interest in KCI increased from 24.5% to 50%. The Company's pro rata share of the gain recognized by KCI was $12,510 and was included in equity in income from unconsolidated joint ventures.

On February 28, 2011, the Company in a 50/50 joint venture acquired The Shops at Atlas Park, a 376,000 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 893,000 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 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 October 26, 2012, the Company in a separate transaction, purchased the remaining 33.3% outside ownership interest in Arrowhead Towne Center (See Note 21—Subsequent Events).

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 nine months ended September 30, 2012. The SDG Acquisition Properties were recorded at fair value at the date of transfer, which resulted in a gain to the Company 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 $8,185 that was included in gain on remeasurement, sale or write down of assets, net during the nine months ended September 30, 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 $12,347 that was included in gain on remeasurement, sale or write down of assets, net during the nine months ended September 30, 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 $23,307. 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 $11,504, which was included in equity in income of unconsolidated joint ventures, offset in part by $3,566 that was included in net income attributable to noncontrolling interests.

On May 31, 2012, the Company sold its 50% ownership interest in Chandler Gateway, a 259,535 square foot community center in Chandler, Arizona, for a total sales price of $14,315, resulting in a gain of $3,365 that was included in gain on remeasurement, sale or write down of assets, net during the nine months ended September 30, 2012. The sales price was funded by a cash payment of $4,921 and the assumption of the Company's share of the mortgage note payable on the property of $9,394. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes.

On August 10, 2012, the Company was bought out of its ownership interest in NorthPark Center, a 1,946,178 square foot regional shopping center in Dallas, Texas, for $118,810, resulting in a gain of $24,590 that was included in gain on remeasurement, sale or write down of assets, net during the three and nine months ended September 30, 2012. The Company used the cash proceeds to pay down its line of credit.

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

Combined 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

(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 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

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