XML 32 R43.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investments in Unconsolidated Joint Ventures: (Details 2) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Assets:          
Properties, net $ 3,454,127 [1]   $ 3,454,127 [1]   $ 3,653,631 [1]
Other assets 316,985 [1]   316,985 [1]   411,862 [1]
Total assets 3,771,112 [1]   3,771,112 [1]   4,065,493 [1]
Liabilities and partners' capital:          
Mortgage notes payable 3,648,498 [2]   3,648,498 [2]   3,240,723 [2]
Other liabilities 196,927   196,927   148,711
Company's (deficit) capital (72,153)   (72,153)   304,477
Outside partners' (deficit) capital (2,160)   (2,160)   371,582
Total liabilities and partners' capital 3,771,112   3,771,112   4,065,493
Investments in unconsolidated joint ventures:          
Company's (deficit) capital (72,153)   (72,153)   304,477
Basis adjustment 521,151 [3]   521,151 [3]   516,833 [3]
Assets—Investments in unconsolidated joint ventures 706,450   706,450   974,258
Liabilities—Distributions in excess of investments in unconsolidated joint ventures (257,452)   (257,452)   (152,948)
Investments in unconsolidated joint ventures 448,998   448,998   821,310
Mortgage notes payable that could become recourse debt to the Company 47,040   47,040   51,171
Indemnity of guaranteed amount 21,270   21,270   21,270
Amortization of difference between cost of investments and book value of underlying equity 3,860 3,136 9,753 6,211  
Revenues:          
Minimum rents 102,710 124,374 319,175 397,560  
Percentage rents 3,498 5,284 10,065 13,968  
Tenant recoveries 51,780 63,094 156,841 196,761  
Other 9,739 11,171 32,983 33,404  
Total revenues 167,727 203,923 519,064 641,693  
Expenses:          
Shopping center and operating expenses 57,975 69,988 174,654 224,233  
Interest expense 35,114 48,080 107,051 157,091  
Depreciation and amortization 36,323 44,783 112,004 138,419  
Total operating expenses 129,412 162,851 393,709 519,743  
Gain (loss) on remeasurement, sale or write down of assets, net 38,104 (28) 183,154 22,938  
Gain on early extinguishment of debt 14   14    
Net income 76,433 41,044 308,523 144,888  
Company's equity in net income 35,161 19,315 145,477 68,624  
Northwestern Mutual Life (NML)
          
Investments in unconsolidated joint ventures:          
Mortgage notes payable to affiliate 715,332   715,332   436,857
Interest expense on borrowings from related party 7,920 10,980 21,717 32,974  
Pacific Premier Retail LP
          
Assets:          
Total assets 776,186   776,186   1,039,742
Investments in unconsolidated joint ventures:          
Total liabilities 818,222   818,222   942,370
Revenues:          
Minimum rents 27,426 32,718 91,779 98,812  
Percentage rents 572 837 2,155 2,571  
Tenant recoveries 12,115 14,091 40,555 41,967  
Other 1,086 1,138 3,980 3,665  
Total revenues 41,199 48,784 138,469 147,015  
Expenses:          
Shopping center and operating expenses 12,231 15,075 40,948 43,385  
Interest expense 10,251 12,904 33,118 39,405  
Depreciation and amortization 9,067 10,905 30,697 31,926  
Total operating expenses 31,549 38,884 104,763 114,716  
Gain (loss) on remeasurement, sale or write down of assets, net 38,432 0 182,781 (10)  
Gain on early extinguishment of debt 0   0    
Net income 48,082 9,900 216,487 32,289  
Company's equity in net income 21,567 5,035 105,684 16,422  
Tysons Corner LLC
          
Assets:          
Total assets 467,632   467,632   409,622
Investments in unconsolidated joint ventures:          
Total liabilities 337,804   337,804   329,145
Revenues:          
Minimum rents 15,344 15,847 46,526 47,149  
Percentage rents (12) 233 734 866  
Tenant recoveries 11,304 11,340 34,025 32,969  
Other 510 618 2,080 1,964  
Total revenues 27,146 28,038 83,365 82,948  
Expenses:          
Shopping center and operating expenses 9,818 8,760 26,819 25,834  
Interest expense 3,801 2,838 7,825 8,902  
Depreciation and amortization 4,568 5,094 13,499 15,279  
Total operating expenses 18,187 16,692 48,143 50,015  
Gain (loss) on remeasurement, sale or write down of assets, net 0 0 0 0  
Gain on early extinguishment of debt 14   14    
Net income 8,973 11,346 35,236 32,933  
Company's equity in net income 2,919 4,372 12,957 12,721  
Other Joint Ventures
          
Revenues:          
Minimum rents 59,940 75,809 180,870 251,599  
Percentage rents 2,938 4,214 7,176 10,531  
Tenant recoveries 28,361 37,663 82,261 121,825  
Other 8,143 9,415 26,923 27,775  
Total revenues 99,382 127,101 297,230 411,730  
Expenses:          
Shopping center and operating expenses 35,926 46,153 106,887 155,014  
Interest expense 21,062 32,338 66,108 108,784  
Depreciation and amortization 22,688 28,784 67,808 91,214  
Total operating expenses 79,676 107,275 240,803 355,012  
Gain (loss) on remeasurement, sale or write down of assets, net (328) (28) 373 22,948  
Gain on early extinguishment of debt 0   0    
Net income 19,378 19,798 56,800 79,666  
Company's equity in net income $ 10,675 $ 9,908 $ 26,836 $ 39,481  
[1] These amounts include the assets and liabilities of the following joint ventures as of September 30, 2013 and December 31, 2012: PacificPremierRetail LP TysonsCorner LLCAs of September 30, 2013: Total Assets$776,186 $467,632Total Liabilities$818,222 $337,804As of December 31, 2012: Total Assets$1,039,742 $409,622Total 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 September 30, 2013 and December 31, 2012, a total of $47,040 and $51,171, respectively, could become recourse debt to the Company. As of September 30, 2013 and December 31, 2012, the Company had 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 $715,332 and $436,857 as of September 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 $7,920 and $10,980 for the three months ended September 30, 2013 and 2012, respectively, and $21,717 and $32,974 for the nine months ended September 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 $3,860 and $3,136 for the three months ended September 30, 2013 and 2012, respectively, and $9,753 and $6,211 for the nine months ended September 30, 2013 and 2012, respectively.