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Investments in Unconsolidated Joint Ventures: (Tables) | 6 Months Ended
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Jun. 30, 2014
Equity Method Investments and Joint Ventures [Abstract] |
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information | Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:
| June 30, 2014 |  | December 31, 2013
Assets(1): |  |  |
Properties, net | $ | 3,546,003 |  |  | $ | 3,435,737 |
Other assets | 351,692 |  |  | 295,719 |
Total assets | $ | 3,897,695 |  |  | $ | 3,731,456 |
Liabilities and partners' capital(1): |  |  |
Mortgage notes payable(2) | $ | 3,495,673 |  |  | $ | 3,518,215 |
Other liabilities | 213,190 |  |  | 202,444 |
Company's capital (deficit) | 62,527 |  |  | (25,367 | )
Outside partners' capital | 126,305 |  |  | 36,164 |
Total liabilities and partners' capital | $ | 3,897,695 |  |  | $ | 3,731,456 |
Investments in unconsolidated joint ventures: |  |  |
Company's capital (deficit) | $ | 62,527 |  |  | $ | (25,367 | )
Basis adjustment(3) | 473,410 |  |  | 474,658 |
| $ | 535,937 |  |  | $ | 449,291 |
Assets—Investments in unconsolidated joint ventures | $ | 797,010 |  |  | $ | 701,483 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (261,073 | ) |  | (252,192 | )
| $ | 535,937 |  |  | $ | 449,291 |
(1) | These amounts include the assets and liabilities of the following joint ventures as of June 30, 2014 and December 31, 2013:
| Pacific Premier Retail LP |  | Tysons Corner LLC
As of June 30, 2014: |  |  |
Total Assets | $ | 728,501 |  |  | $ | 382,035 |
Total Liabilities | $ | 804,884 |  |  | $ | 878,571 |
As of December 31, 2013: |  |  |
Total Assets | $ | 775,012 |  |  | $ | 356,871 |
Total Liabilities | $ | 812,725 |  |  | $ | 887,413 |
(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, 2014 and December 31, 2013, a total of $33,540 could become recourse debt to the Company. As of June 30, 2014 and December 31, 2013, the Company had an indemnity agreement from a joint venture partner for $16,770 of the guaranteed amount.
Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $706,584 and $712,455 as of June 30, 2014 and December 31, 2013, 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 on these borrowings was $9,623 and $6,854 for the three months ended June 30, 2014 and 2013, respectively, and $19,347 and $13,797 for the six months ended June 30, 2014 and 2013, 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 $855 and $2,334 for the three months ended June 30, 2014 and 2013, respectively, and $2,279 and $3,259 for the six months ended June 30, 2014 and 2013, respectively.
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
Three Months Ended June 30, 2014 |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Minimum rents | $ | 25,654 |  |  | $ | 15,696 |  |  | $ | 56,289 |  |  | $ | 97,639 |
Percentage rents | 550 |  |  | 180 |  |  | 3,264 |  |  | 3,994 |
Tenant recoveries | 11,379 |  |  | 11,489 |  |  | 24,260 |  |  | 47,128 |
Other | 1,613 |  |  | 929 |  |  | 8,443 |  |  | 10,985 |
Total revenues | 39,196 |  |  | 28,294 |  |  | 92,256 |  |  | 159,746 |
Expenses: |  |  |  |  |  |  |
Shopping center and operating expenses | 10,682 |  |  | 9,521 |  |  | 30,258 |  |  | 50,461 |
Interest expense | 9,831 |  |  | 7,653 |  |  | 19,495 |  |  | 36,979 |
Depreciation and amortization | 8,750 |  |  | 4,756 |  |  | 21,239 |  |  | 34,745 |
Total operating expenses | 29,263 |  |  | 21,930 |  |  | 70,992 |  |  | 122,185 |
Loss on remeasurement, sale or write down of assets, net | (6,226 | ) |  | — |  |  | (42 | ) |  | (6,268 | )
Net income | $ | 3,707 |  |  | $ | 6,364 |  |  | $ | 21,222 |  |  | $ | 31,293 |
Company's equity in net income | $ | 1,218 |  |  | $ | 1,611 |  |  | $ | 11,074 |  |  | $ | 13,903 |
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 |
| Pacific Premier Retail LP |  | Tysons Corner LLC |  | Other Joint Ventures |  | Total
Six Months Ended June 30, 2014 |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Minimum rents | $ | 51,734 |  |  | $ | 31,974 |  |  | $ | 112,188 |  |  | $ | 195,896 |
Percentage rents | 1,209 |  |  | 604 |  |  | 4,232 |  |  | 6,045 |
Tenant recoveries | 23,119 |  |  | 23,383 |  |  | 49,371 |  |  | 95,873 |
Other | 2,690 |  |  | 1,616 |  |  | 16,298 |  |  | 20,604 |
Total revenues | 78,752 |  |  | 57,577 |  |  | 182,089 |  |  | 318,418 |
Expenses: |  |  |  |  |  |  |
Shopping center and operating expenses | 21,813 |  |  | 19,680 |  |  | 64,138 |  |  | 105,631 |
Interest expense | 19,929 |  |  | 15,483 |  |  | 39,066 |  |  | 74,478 |
Depreciation and amortization | 17,548 |  |  | 9,358 |  |  | 42,762 |  |  | 69,668 |
Total operating expenses | 59,290 |  |  | 44,521 |  |  | 145,966 |  |  | 249,777 |
Loss on remeasurement, sale or write down of assets, net | (6,312 | ) |  | — |  |  | (60 | ) |  | (6,372 | )
Net income | $ | 13,150 |  |  | $ | 13,056 |  |  | $ | 36,063 |  |  | $ | 62,269 |
Company's equity in net income | $ | 5,486 |  |  | $ | 3,369 |  |  | $ | 18,817 |  |  | $ | 27,672 |
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 |

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