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Investments in Unconsolidated Joint Ventures: (Tables) | 12 Months Ended
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Dec. 31, 2014
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of ownership interest in joint ventures | The following are the Company's direct or indirect investments in various joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2014 was as follows:
Joint Venture | Ownership %(1)
443 Wabash MAB LLC | 45.0 | %
Biltmore Shopping Center Partners LLC | 50.0 | %
Candlestick Center LLC | 50.1 | %
Coolidge Holding LLC | 37.5 | %
Corte Madera Village, LLC | 50.1 | %
Gallery, The—Various Entities | 50.0 | %
Jaren Associates #4 | 12.5 | %
Kierland Commons Investment LLC | 50.0 | %
Macerich Northwestern Associates—Broadway Plaza | 50.0 | %
North Bridge Chicago LLC | 50.0 | %
One Scottsdale Investors LLC | 50.0 | %
Propcor II Associates, LLC—Boulevard Shops | 50.0 | %
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 | %
WMAP, L.L.C.—Atlas Park | 50.0 | %
WM Inland LP(2) | 50.0 | %
_______________________________________________________________________________
(1) | The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities 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.
(2) | On February 17, 2015, the Company acquired the remaining 50% ownership interest that it did not previously own (See Note 22—Subsequent Events).
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information | Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31:
| 2014 |  | 2013
Assets(1): |  |  |
Properties, net | $ | 2,967,878 |  |  | $ | 3,435,737 |
Other assets | 208,726 |  |  | 295,719 |
Total assets | $ | 3,176,604 |  |  | $ | 3,731,456 |
Liabilities and partners' capital(1): |  |  |
Mortgage notes payable(2) | $ | 2,038,379 |  |  | $ | 3,518,215 |
Other liabilities | 195,766 |  |  | 202,444 |
Company's capital | 489,349 |  |  | (25,367 | )
Outside partners' capital | 453,110 |  |  | 36,164 |
Total liabilities and partners' capital | $ | 3,176,604 |  |  | $ | 3,731,456 |
Investment in unconsolidated joint ventures: |  |  |
Company's capital | $ | 489,349 |  |  | $ | (25,367 | )
Basis adjustment(3) | 464,826 |  |  | 474,658 |
| $ | 954,175 |  |  | $ | 449,291 |
Assets—Investments in unconsolidated joint ventures | $ | 984,132 |  |  | $ | 701,483 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (29,957 | ) |  | (252,192 | )
| $ | 954,175 |  |  | $ | 449,291 |
_______________________________________________________________________________
(1) | These amounts include the assets and liabilities of the following joint ventures as of December 31, 2014 and 2013:
| Pacific Premier Retail LP |  | Tysons Corner LLC
As of December 31, 2014 |  |  |
Total Assets | $ | — |  |  | $ | 341,931 |
Total Liabilities | $ | — |  |  | $ | 871,933 |
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 December 31, 2014 and 2013, a total of $33,540 could become recourse debt to the Company. As of December 31, 2014 and 2013, the Company has 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 $606,263 and $712,455 as of December 31, 2014 and 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 incurred on these borrowings amounted to $38,113, $31,549 and $43,732 for the years ended December 31, 2014, 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 $5,109, $10,734 and $15,480 for the years ended December 31, 2014, 2013 and 2012, respectively.
Assets and liabilities of significant subsidiaries | These amounts include the assets and liabilities of the following joint ventures as of December 31, 2014 and 2013:
| Pacific Premier Retail LP |  | Tysons Corner LLC
As of December 31, 2014 |  |  |
Total Assets | $ | — |  |  | $ | 341,931 |
Total Liabilities | $ | — |  |  | $ | 871,933 |
As of December 31, 2013 |  |  |
Total Assets | $ | 775,012 |  |  | $ | 356,871 |
Total Liabilities | $ | 812,725 |  |  | $ | 887,413 |
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, 2014 |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |
Minimum rents |  |  | $ | 88,831 |  |  | $ | 64,521 |  |  | $ | 235,011 |  |  | $ | 388,363 |
Percentage rents |  |  | 2,652 |  |  | 2,091 |  |  | 12,418 |  |  | 17,161 |
Tenant recoveries |  |  | 40,118 |  |  | 47,084 |  |  | 99,539 |  |  | 186,741 |
Other |  |  | 4,090 |  |  | 3,472 |  |  | 33,143 |  |  | 40,705 |
Total revenues |  |  | 135,691 |  |  | 117,168 |  |  | 380,111 |  |  | 632,970 |
Expenses: |  |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 37,113 |  |  | 38,786 |  |  | 139,513 |  |  | 215,412 |
Interest expense |  |  | 34,113 |  |  | 31,677 |  |  | 71,297 |  |  | 137,087 |
Depreciation and amortization |  |  | 29,688 |  |  | 19,880 |  |  | 94,835 |  |  | 144,403 |
Total operating expenses |  |  | 100,914 |  |  | 90,343 |  |  | 305,645 |  |  | 496,902 |
(Loss) gain on sale of assets |  |  | (7,044 | ) |  | — |  |  | 10,687 |  |  | 3,643 |
Net income |  |  | $ | 27,733 |  |  | $ | 26,825 |  |  | $ | 85,153 |  |  | $ | 139,711 |
Company's equity in net income |  |  | $ | 9,743 |  |  | $ | 7,080 |  |  | $ | 43,803 |  |  | $ | 60,626 |
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 early 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 |
|  | Pacific Premier Retail LP |  | Tysons Corner LLC |  | Other Joint Ventures |  | Total
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 |

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