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Investments in Unconsolidated Joint Ventures: (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
Investments in Unconsolidated Joint Ventures: |
Schedule of ownership interest in joint ventures |
Joint Venture |  | Ownership %(1) |
--- | --- | --- | ---
Biltmore Shopping Center Partners LLC |  |  | 50.0 | %
Camelback Colonnade Associates LP |  |  | 73.2 | %
Coolidge Holding LLC |  |  | 37.5 | %
Corte Madera Village, LLC |  |  | 50.1 | %
East Mesa Mall, L.L.C.—Superstition Springs Center |  |  | 66.7 | %
Jaren Associates #4 |  |  | 12.5 | %
Kierland Commons Investment LLC |  |  | 50.0 | %
Kierland Tower Lofts, LLC |  |  | 15.0 | %
La Sandia Santa Monica LLC |  |  | 50.0 | %
Macerich Northwestern Associates—Broadway Plaza |  |  | 50.0 | %
MetroRising AMS Holding LLC |  |  | 15.0 | %
North Bridge Chicago LLC |  |  | 50.0 | %
One Scottsdale Investors LLC |  |  | 50.0 | %
Pacific Premier Retail LP |  |  | 51.0 | %
Propcor Associates |  |  | 25.0 | %
Propcor II Associates, LLC—Boulevard Shops |  |  | 50.0 | %
Queens JV LP |  |  | 51.0 | %
Scottsdale Fashion Square Partnership |  |  | 50.0 | %
The Market at Estrella Falls LLC |  |  | 39.7 | %
Tysons Corner LLC |  |  | 50.0 | %
Tysons Corner Property Holdings II LLC |  |  | 50.0 | %
Tysons Corner Property LLC |  |  | 50.0 | %
West Acres Development, LLP |  |  | 19.0 | %
Westcor/Gilbert, L.L.C. |  |  | 50.0 | %
Westcor/Queen Creek LLC |  |  | 37.9 | %
Westcor/Surprise Auto Park LLC |  |  | 33.3 | %
Wilshire Boulevard—Tenants in Common |  |  | 30.0 | %
WMAP, L.L.C.—Atlas Park |  |  | 50.0 | %
WM Inland LP |  |  | 50.0 | %
WM Ridgmar, L.P. |  |  | 50.0 | %
Zengo Restaurant Santa Monica LLC |  |  | 50.0 | %
(1) The Company's ownership interest in this table reflects its legal ownership interest. Legal ownership may, at times, not equal the Company's economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company's actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company's joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information |
|  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
Assets(1): |  |  |  |  |  |  |
Properties, net |  | $ | 3,653,631 |  | $ | 4,328,953 |
Other assets |  |  | 411,862 |  |  | 469,039 |
Total assets |  | $ | 4,065,493 |  | $ | 4,797,992 |
Liabilities and partners' capital(1): |  |  |  |  |  |  |
Mortgage notes payable(2) |  | $ | 3,240,723 |  | $ | 3,896,418 |
Other liabilities |  |  | 148,711 |  |  | 161,827 |
Company's capital |  |  | 304,477 |  |  | 327,461 |
Outside partners' capital |  |  | 371,582 |  |  | 412,286 |
Total liabilities and partners' capital |  | $ | 4,065,493 |  | $ | 4,797,992 |
Investment in unconsolidated joint ventures: |  |  |  |  |  |  |
Company's capital |  | $ | 304,477 |  | $ | 327,461 |
Basis adjustment(3) |  |  | 516,833 |  |  | 700,414 |
|  | $ | 821,310 |  | $ | 1,027,875 |
Assets—Investments in unconsolidated joint ventures |  | $ | 974,258 |  | $ | 1,098,560 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures |  |  | (152,948 | ) |  | (70,685 | )
|  | $ | 821,310 |  | $ | 1,027,875 |
(1) These amounts include the assets and liabilities of the following joint ventures as of December 31, 2012 and 2011:
|  | Pacific Premier Retail LP |  | Tysons Corner LLC |
--- | --- | --- | --- | --- | ---
As of December 31, 2012 |  |  |  |  |  |  |
Total Assets |  | $ | 1,039,742 |  | $ | 409,622 |
Total Liabilities |  | $ | 942,370 |  | $ | 329,145 |
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 December 31, 2012 and 2011, a total of $51,171 and $380,354, respectively, could become recourse debt to the Company. As of December 31, 2012 and 2011, the Company has indemnity agreements from joint venture partners for $21,270 and $182,638, respectively, of the guaranteed amount. Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $436,857 and $663,543 as of December 31, 2012 and 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 $43,732, $42,451 and $40,876 for the years ended December 31, 2012, 2011 and 2010, 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 $15,480, $9,257 and $7,327 for the years ended December 31, 2012, 2011 and 2010, respectively.
Assets and liabilities of significant subsidiaries |
|  | Pacific Premier Retail LP |  | Tysons Corner LLC |
--- | --- | --- | --- | --- | ---
As of December 31, 2012 |  |  |  |  |  |  |
Total Assets |  | $ | 1,039,742 |  | $ | 409,622 |
Total Liabilities |  | $ | 942,370 |  | $ | 329,145 |
As of December 31, 2011 |  |  |  |  |  |  |
Total Assets |  | $ | 1,078,226 |  | $ | 339,324 |
Total Liabilities |  | $ | 1,005,479 |  | $ | 319,247 |
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures |
|  | SDG Macerich |  | Pacific Premier Retail LP |  | Tysons Corner LLC |  | Other Joint Ventures |  | Total |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Year Ended December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | — |  | $ | 132,247 |  | $ | 63,569 |  | $ | 316,186 |  | $ | 512,002 |
Percentage rents |  |  | — |  |  | 5,390 |  |  | 1,929 |  |  | 15,768 |  |  | 23,087 |
Tenant recoveries |  |  | — |  |  | 56,397 |  |  | 44,225 |  |  | 149,546 |  |  | 250,168 |
Other |  |  | — |  |  | 5,650 |  |  | 3,341 |  |  | 37,248 |  |  | 46,239 |
Total revenues |  |  | — |  |  | 199,684 |  |  | 113,064 |  |  | 518,748 |  |  | 831,496 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | — |  |  | 59,329 |  |  | 35,244 |  |  | 192,661 |  |  | 287,234 |
Interest expense |  |  | — |  |  | 52,139 |  |  | 11,481 |  |  | 136,296 |  |  | 199,916 |
Depreciation and amortization |  |  | — |  |  | 43,031 |  |  | 19,798 |  |  | 115,168 |  |  | 177,997 |
Total operating expenses |  |  | — |  |  | 154,499 |  |  | 66,523 |  |  | 444,125 |  |  | 665,147 |
Gain on sale or distribution of assets |  |  | — |  |  | 90 |  |  | — |  |  | 29,211 |  |  | 29,301 |
Net income |  | $ | — |  | $ | 45,275 |  | $ | 46,541 |  | $ | 103,834 |  | $ | 195,650 |
Company's equity in net income |  | $ | — |  | $ | 23,026 |  | $ | 17,969 |  | $ | 38,286 |  | $ | 79,281 |
Year Ended December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 84,523 |  | $ | 133,191 |  | $ | 63,950 |  | $ | 351,982 |  | $ | 633,646 |
Percentage rents |  |  | 4,742 |  |  | 6,124 |  |  | 2,068 |  |  | 18,491 |  |  | 31,425 |
Tenant recoveries |  |  | 43,845 |  |  | 55,088 |  |  | 41,286 |  |  | 169,516 |  |  | 309,735 |
Other |  |  | 3,668 |  |  | 5,248 |  |  | 3,061 |  |  | 37,743 |  |  | 49,720 |
Total revenues |  |  | 136,778 |  |  | 199,651 |  |  | 110,365 |  |  | 577,732 |  |  | 1,024,526 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 51,037 |  |  | 59,723 |  |  | 34,519 |  |  | 218,981 |  |  | 364,260 |
Interest expense |  |  | 41,300 |  |  | 50,174 |  |  | 14,237 |  |  | 154,382 |  |  | 260,093 |
Depreciation and amortization |  |  | 27,837 |  |  | 41,448 |  |  | 20,115 |  |  | 126,267 |  |  | 215,667 |
Total operating expenses |  |  | 120,174 |  |  | 151,345 |  |  | 68,871 |  |  | 499,630 |  |  | 840,020 |
Gain on sale or distribution of assets |  |  | 366,312 |  |  | — |  |  | — |  |  | 23,395 |  |  | 389,707 |
Gain on early extinguishment of debt |  |  | 15,704 |  |  | — |  |  | — |  |  | — |  |  | 15,704 |
Net income |  | $ | 398,620 |  | $ | 48,306 |  | $ | 41,494 |  | $ | 101,497 |  | $ | 589,917 |
Company's equity in net income |  | $ | 204,439 |  | $ | 24,568 |  | $ | 16,209 |  | $ | 49,461 |  | $ | 294,677 |
|  | SDG Macerich |  | Pacific Premier Retail LP |  | Tysons Corner LLC |  | Other Joint Ventures |  | Total |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Year Ended December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 90,187 |  | $ | 131,204 |  | $ | 59,587 |  | $ | 354,369 |  | $ | 635,347 |
Percentage rents |  |  | 4,411 |  |  | 5,487 |  |  | 1,585 |  |  | 17,402 |  |  | 28,885 |
Tenant recoveries |  |  | 44,651 |  |  | 50,626 |  |  | 38,162 |  |  | 183,349 |  |  | 316,788 |
Other |  |  | 3,653 |  |  | 6,688 |  |  | 2,975 |  |  | 31,428 |  |  | 44,744 |
Total revenues |  |  | 142,902 |  |  | 194,005 |  |  | 102,309 |  |  | 586,548 |  |  | 1,025,764 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 51,004 |  |  | 55,680 |  |  | 32,025 |  |  | 227,959 |  |  | 366,668 |
Interest expense |  |  | 46,530 |  |  | 51,796 |  |  | 16,204 |  |  | 155,775 |  |  | 270,305 |
Depreciation and amortization |  |  | 30,796 |  |  | 38,928 |  |  | 18,745 |  |  | 122,195 |  |  | 210,664 |
Total operating expenses |  |  | 128,330 |  |  | 146,404 |  |  | 66,974 |  |  | 505,929 |  |  | 847,637 |
Gain on sale of assets |  |  | 6 |  |  | 468 |  |  | — |  |  | 102 |  |  | 576 |
Loss on early extinguishment of debt |  |  | — |  |  | (1,352 | ) |  | — |  |  | — |  |  | (1,352 | )
Net income |  | $ | 14,578 |  | $ | 46,717 |  | $ | 35,335 |  | $ | 80,721 |  | $ | 177,351 |
Company's equity in net income |  | $ | 7,290 |  | $ | 23,972 |  | $ | 13,917 |  | $ | 34,350 |  | $ | 79,529 |

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