Investments in Unconsolidated Joint Ventures: (Tables)

6 Months Ended

Jun. 30, 2013

Investments in Unconsolidated Joint Ventures:

Combined Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information

	June 30, 2013			December 31, 2012
Assets(1):
Properties, net	$	3,534,985		$	3,653,631
Other assets		338,541			411,862

Total assets	$	3,873,526		$	4,065,493

Liabilities and partners' capital(1):
Mortgage notes payable(2)	$	3,151,636		$	3,240,723
Other liabilities		181,254			148,711
Company's capital		236,045			304,477
Outside partners' capital		304,591			371,582

Total liabilities and partners' capital	$	3,873,526		$	4,065,493

Investments in unconsolidated joint ventures:
Company's capital	$	236,045		$	304,477
Basis adjustment(3)		511,147			516,833

	$	747,192		$	821,310

Assets—Investments in unconsolidated joint ventures	$	949,726		$	974,258
Liabilities—Distributions in excess of investments in unconsolidated joint ventures		(202,534	)		(152,948	)

	$	747,192		$	821,310

(1): These amounts include the assets and liabilities of the following joint ventures as of June 30, 2013 and December 31, 2012:

	Pacific Premier Retail LP		Tysons Corner LLC

As of June 30, 2013:
Total Assets	$	882,490	$	467,632
Total Liabilities	$	815,322	$	337,804
As of December 31, 2012:
Total Assets	$	1,039,742	$	409,622
Total Liabilities	$	942,370	$	329,145

(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, 2013 and December 31, 2012, a total of $51,130 and $51,171, respectively, could become recourse debt to the Company. As of June 30, 2013 and December 31, 2012, the Company has indemnity agreements from joint venture partners for $21,270 of the guaranteed amount.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $433,641 and $436,857 as of June 30, 2013 and December 31, 2012, 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 $6,854 and $10,939 for the three months ended June 30, 2013 and 2012, respectively, and $13,797 and $21,994 for the six months ended June 30, 2013 and 2012, 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 $3,331 and $3,132 for the three months ended June 30, 2013 and 2012, respectively, and $5,893 and $3,075 for the six months ended June 30, 2013 and 2012, respectively.

Assets and liabilities of significant subsidiaries

	Pacific Premier Retail LP		Tysons Corner LLC
As of June 30, 2013:
Total Assets	$	882,490	$	467,632
Total Liabilities	$	815,322	$	337,804
As of December 31, 2012:
Total Assets	$	1,039,742	$	409,622
Total Liabilities	$	942,370	$	329,145

Combined Condensed Statements of Operations of Unconsolidated Joint Ventures

	Pacific Premier Retail LP			Tysons Corner LLC		Other Joint Ventures			Total
Three Months Ended June 30, 2013
Revenues:
Minimum rents	$	31,221		$	15,685	$	59,969		$	106,875
Percentage rents		594			180		2,936			3,710
Tenant recoveries		14,486			11,697		26,688			52,871
Other		1,643			652		11,367			13,662

Total revenues		47,944			28,214		100,960			177,118

Expenses:
Shopping center and operating expenses		14,269			8,519		34,790			57,578
Interest expense		11,293			1,784		20,929			34,006
Depreciation and amortization		10,720			4,501		23,299			38,520

Total operating expenses		36,282			14,804		79,018			130,104

Gain on remeasurement, sale or write down of assets, net		144,349			—		891			145,240

Net income	$	156,011		$	13,410	$	22,833		$	192,254

Company's equity in net income	$	78,426		$	5,161	$	8,614		$	92,201

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 remeasurement, sale or write down of assets, net		(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

Six Months Ended June 30, 2013
Revenues:
Minimum rents	$	64,353		$	31,182	$	120,930		$	216,465
Percentage rents		1,583			746		4,238			6,567
Tenant recoveries		28,440			22,721		53,900			105,061
Other		2,894			1,570		18,780			23,244

Total revenues		97,270			56,219		197,848			351,337

Expenses:
Shopping center and operating expenses		28,717			17,001		70,961			116,679
Interest expense		22,867			4,024		45,046			71,937
Depreciation and amortization		21,630			8,931		45,120			75,681

Total operating expenses		73,214			29,956		161,127			264,297

Gain on remeasurement, sale or write down of assets, net		144,349			—		701			145,050

Net income	$	168,405		$	26,263	$	37,422		$	232,090

Company's equity in net income	$	84,117		$	10,038	$	16,161		$	110,316

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 remeasurement, sale or write down of assets, net		(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