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Investments in Unconsolidated Joint Ventures: (Tables) | 9 Months Ended
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Sep. 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:
| September 30, 2014 |  | December 31, 2013
Assets(1): |  |  |
Properties, net | $ | 3,798,082 |  |  | $ | 3,435,737 |
Other assets | 305,649 |  |  | 295,719 |
Total assets | $ | 4,103,731 |  |  | $ | 3,731,456 |
Liabilities and partners' capital(1): |  |  |
Mortgage notes payable(2) | $ | 3,420,951 |  |  | $ | 3,518,215 |
Other liabilities | 242,861 |  |  | 202,444 |
Company's capital (deficit) | 200,943 |  |  | (25,367 | )
Outside partners' capital | 238,976 |  |  | 36,164 |
Total liabilities and partners' capital | $ | 4,103,731 |  |  | $ | 3,731,456 |
Investments in unconsolidated joint ventures: |  |  |
Company's capital (deficit) | $ | 200,943 |  |  | $ | (25,367 | )
Basis adjustment(3) | 472,808 |  |  | 474,658 |
| $ | 673,751 |  |  | $ | 449,291 |
Assets—Investments in unconsolidated joint ventures | $ | 927,424 |  |  | $ | 701,483 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (253,673 | ) |  | (252,192 | )
| $ | 673,751 |  |  | $ | 449,291 |
(1) | These amounts include the assets and liabilities of the following joint ventures as of September 30, 2014 and December 31, 2013:
| Pacific Premier Retail LP |  | Tysons Corner LLC
As of September 30, 2014: |  |  |
Total Assets | $ | 736,872 |  |  | $ | 340,973 |
Total Liabilities | $ | 813,400 |  |  | $ | 873,896 |
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 September 30, 2014 and December 31, 2013, a total of $33,540 could become recourse debt to the Company. As of September 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 $703,589 and $712,455 as of September 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 $9,645 and $7,920 for the three months ended September 30, 2014 and 2013, respectively, and $28,992 and $21,717 for the nine months ended September 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 $948 and $3,860 for the three months ended September 30, 2014 and 2013, respectively, and $3,227 and $9,753 for the nine months ended September 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 September 30, 2014 |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Minimum rents | $ | 25,095 |  |  | $ | 15,542 |  |  | $ | 61,522 |  |  | $ | 102,159 |
Percentage rents | 653 |  |  | 115 |  |  | 3,683 |  |  | 4,451 |
Tenant recoveries | 11,495 |  |  | 11,757 |  |  | 26,235 |  |  | 49,487 |
Other | 962 |  |  | 678 |  |  | 9,523 |  |  | 11,163 |
Total revenues | 38,205 |  |  | 28,092 |  |  | 100,963 |  |  | 167,260 |
Expenses: |  |  |  |  |  |  |
Shopping center and operating expenses | 9,959 |  |  | 9,694 |  |  | 37,384 |  |  | 57,037 |
Interest expense | 9,643 |  |  | 8,107 |  |  | 17,651 |  |  | 35,401 |
Depreciation and amortization | 8,199 |  |  | 5,162 |  |  | 24,006 |  |  | 37,367 |
Total operating expenses | 27,801 |  |  | 22,963 |  |  | 79,041 |  |  | 129,805 |
Loss on remeasurement, sale or write down of assets, net | (732 | ) |  | — |  |  | (6 | ) |  | (738 | )
Net income | $ | 9,672 |  |  | $ | 5,129 |  |  | $ | 21,916 |  |  | $ | 36,717 |
Company's equity in net income | $ | 4,379 |  |  | $ | 988 |  |  | $ | 11,568 |  |  | $ | 16,935 |
Three Months Ended September 30, 2013 |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Minimum rents | $ | 27,426 |  |  | $ | 15,344 |  |  | $ | 59,940 |  |  | $ | 102,710 |
Percentage rents | 572 |  |  | (12 | ) |  | 2,938 |  |  | 3,498 |
Tenant recoveries | 12,115 |  |  | 11,304 |  |  | 28,361 |  |  | 51,780 |
Other | 1,086 |  |  | 510 |  |  | 8,143 |  |  | 9,739 |
Total revenues | 41,199 |  |  | 27,146 |  |  | 99,382 |  |  | 167,727 |
Expenses: |  |  |  |  |  |  |
Shopping center and operating expenses | 12,231 |  |  | 9,818 |  |  | 35,926 |  |  | 57,975 |
Interest expense | 10,251 |  |  | 3,801 |  |  | 21,062 |  |  | 35,114 |
Depreciation and amortization | 9,067 |  |  | 4,568 |  |  | 22,688 |  |  | 36,323 |
Total operating expenses | 31,549 |  |  | 18,187 |  |  | 79,676 |  |  | 129,412 |
Gain (loss) on remeasurement, sale or write down of assets, net | 38,432 |  |  | — |  |  | (328 | ) |  | 38,104 |
Gain on extinguishment of debt | — |  |  | 14 |  |  | — |  |  | 14 |
Net income | $ | 48,082 |  |  | $ | 8,973 |  |  | $ | 19,378 |  |  | $ | 76,433 |
Company's equity in net income | $ | 21,567 |  |  | $ | 2,919 |  |  | $ | 10,675 |  |  | $ | 35,161 |
| Pacific Premier Retail LP |  | Tysons Corner LLC |  | Other Joint Ventures |  | Total
Nine Months Ended September 30, 2014 |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Minimum rents | $ | 76,829 |  |  | $ | 47,516 |  |  | $ | 173,710 |  |  | $ | 298,055 |
Percentage rents | 1,862 |  |  | 719 |  |  | 7,915 |  |  | 10,496 |
Tenant recoveries | 34,614 |  |  | 35,140 |  |  | 75,606 |  |  | 145,360 |
Other | 3,652 |  |  | 2,294 |  |  | 25,821 |  |  | 31,767 |
Total revenues | 116,957 |  |  | 85,669 |  |  | 283,052 |  |  | 485,678 |
Expenses: |  |  |  |  |  |  |
Shopping center and operating expenses | 31,772 |  |  | 29,374 |  |  | 101,522 |  |  | 162,668 |
Interest expense | 29,572 |  |  | 23,590 |  |  | 56,717 |  |  | 109,879 |
Depreciation and amortization | 25,747 |  |  | 14,520 |  |  | 66,768 |  |  | 107,035 |
Total operating expenses | 87,091 |  |  | 67,484 |  |  | 225,007 |  |  | 379,582 |
Loss on remeasurement, sale or write down of assets, net | (7,044 | ) |  | — |  |  | (66 | ) |  | (7,110 | )
Net income | $ | 22,822 |  |  | $ | 18,185 |  |  | $ | 57,979 |  |  | $ | 98,986 |
Company's equity in net income | $ | 9,865 |  |  | $ | 4,357 |  |  | $ | 30,385 |  |  | $ | 44,607 |
Nine Months Ended September 30, 2013 |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Minimum rents | $ | 91,779 |  |  | $ | 46,526 |  |  | $ | 180,870 |  |  | $ | 319,175 |
Percentage rents | 2,155 |  |  | 734 |  |  | 7,176 |  |  | 10,065 |
Tenant recoveries | 40,555 |  |  | 34,025 |  |  | 82,261 |  |  | 156,841 |
Other | 3,980 |  |  | 2,080 |  |  | 26,923 |  |  | 32,983 |
Total revenues | 138,469 |  |  | 83,365 |  |  | 297,230 |  |  | 519,064 |
Expenses: |  |  |  |  |  |  |
Shopping center and operating expenses | 40,948 |  |  | 26,819 |  |  | 106,887 |  |  | 174,654 |
Interest expense | 33,118 |  |  | 7,825 |  |  | 66,108 |  |  | 107,051 |
Depreciation and amortization | 30,697 |  |  | 13,499 |  |  | 67,808 |  |  | 112,004 |
Total operating expenses | 104,763 |  |  | 48,143 |  |  | 240,803 |  |  | 393,709 |
Gain on remeasurement, sale or write down of assets, net | 182,781 |  |  | — |  |  | 373 |  |  | 183,154 |
Gain on extinguishment of debt | — |  |  | 14 |  |  | — |  |  | 14 |
Net income | $ | 216,487 |  |  | $ | 35,236 |  |  | $ | 56,800 |  |  | $ | 308,523 |
Company's equity in net income | $ | 105,684 |  |  | $ | 12,957 |  |  | $ | 26,836 |  |  | $ | 145,477 |

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