Investments in Unconsolidated Joint Ventures: (Tables)

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Schedule of ownership interest in joint ventures

The following are the Company's investments in various joint ventures with third parties. The Company's ownership interest in each joint venture as of December 31, 2013 was as follows:



Joint Venture	Ownership %(1)
Biltmore Shopping Center Partners LLC	50.0	%
Coolidge Holding LLC	37.5	%
Corte Madera Village, LLC	50.1	%
Jaren Associates #4	12.5	%
Kierland Commons Investment LLC	50.0	%
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	%
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

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31:



	2013			2012
Assets(1):
Properties, net	$	3,435,737		$	3,653,631
Other assets	295,719			411,862
Total assets	$	3,731,456		$	4,065,493
Liabilities and partners' capital(1):
Mortgage notes payable(2)	$	3,518,215		$	3,240,723
Other liabilities	202,444			148,711
Company's capital	(25,367		)	304,477
Outside partners' capital	36,164			371,582
Total liabilities and partners' capital	$	3,731,456		$	4,065,493
Investment in unconsolidated joint ventures:
Company's capital	$	(25,367	)	$	304,477
Basis adjustment(3)	474,658			516,833
	$	449,291		$	821,310
Assets—Investments in unconsolidated joint ventures	$	701,483		$	974,258
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(252,192		)	(152,948		)
	$	449,291		$	821,310

_______________________________________________________________________________


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



	Pacific Premier Retail LP		Tysons Corner LLC
As of December 31, 2013
Total Assets	$	775,012	$	356,871
Total Liabilities	$	812,725	$	887,413
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 December 31, 2013 and 2012, a total of $33,540 and $51,171, respectively, could become recourse debt to the Company. As of December 31, 2013 and 2012, the Company has indemnity agreements from joint venture partners for $16,770 and $21,270, respectively, of the guaranteed amount.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $712,455 and $436,857 as of December 31, 2013 and 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 $31,549, $43,732 and $42,451 for the years ended December 31, 2013, 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 $10,734, $15,480 and $9,257 for the years ended December 31, 2013, 2012 and 2011, respectively.

Assets and liabilities of significant subsidiaries

These amounts include the assets and liabilities of the following joint ventures as of December 31, 2013 and 2012:



	Pacific Premier Retail LP		Tysons Corner LLC
As of December 31, 2013
Total Assets	$	775,012	$	356,871
Total Liabilities	$	812,725	$	887,413
As of December 31, 2012
Total Assets	$	1,039,742	$	409,622
Total Liabilities	$	942,370	$	329,145

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



	Pacific Premier Retail LP		Tysons Corner LLC		Other Joint Ventures		Total
Year Ended December 31, 2013
Revenues:
Minimum rents	$	118,164	$	62,072	$	238,488	$	418,724
Percentage rents	4,586		2,057		12,946		19,589
Tenant recoveries	52,470		45,452		106,249		204,171
Other	5,882		3,110		36,635		45,627
Total revenues	181,102		112,691		394,318		688,111
Expenses:
Shopping center and operating expenses	53,039		36,798		139,981		229,818
Interest expense	43,445		15,751		86,126		145,322
Depreciation and amortization	39,616		18,139		89,554		147,309
Total operating expenses	136,100		70,688		315,661		522,449
Gain on sale of assets	182,754		—		7,772		190,526
Gain on extinguishment of debt	—		14		—		14
Net income	$	227,756	$	42,017	$	86,429	$	356,202
Company's equity in net income	$	110,798	$	15,126	$	41,656	$	167,580

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 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



	SDG Macerich		Pacific Premier Retail LP		Tysons Corner LLC		Other Joint Ventures		Total
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 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