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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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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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