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Investments in Unconsolidated Joint Ventures: | 3 Months Ended
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Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Joint Ventures: | Investments in Unconsolidated Joint Ventures: The Company has made the following recent investments and dispositions in its unconsolidated joint ventures: On June 4, 2014, the Company acquired the remaining 49% ownership interest in Cascade Mall, a 589,000 square foot regional shopping center in Burlington, Washington, that it did not previously own for a cash payment of $15,233. The Company purchased Cascade Mall from its joint venture partner in Pacific Premier Retail LP. The cash payment was funded by borrowings under the Company's line of credit. Prior to the acquisition, the Company had accounted for its investment in Cascade Mall under the equity method of accounting. Since the date of acquisition, the Company has included Cascade Mall in its consolidated financial statements (See Note 13—Acquisitions). On July 30, 2014, the Company formed a joint venture to redevelop Fashion Outlets of Philadelphia at Market East, a 1,376,000 square foot regional shopping center in Philadelphia, Pennsylvania. The Company invested $106,800 for a 50% interest in the joint venture, which was funded by borrowings under its line of credit. On August 28, 2014, the Company sold its 30% ownership interest in Wilshire Boulevard, a 40,000 square foot freestanding store in Santa Monica, California, for a total sales price of $17,100, resulting in a gain on the sale of assets of $9,033, which was included in gain (loss) on sale or write down of assets, net. The sales price was funded by a cash payment of $15,386 and the assumption of the Company's share of the mortgage note payable on the property of $1,714. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On November 13, 2014, the Company formed a joint venture to develop a 500,000 square foot outlet center at Candlestick Point in San Francisco, California. In connection with the formation of the joint venture, the Company issued a note receivable for $65,130 to its joint venture partner that bears interest at LIBOR plus 2.0% and matures upon the completion of certain milestones in connection with the development of Candlestick Point (See Note 16—Related Party Transactions). On November 14, 2014, the Company acquired the remaining 49% ownership interest that it did not previously own in two separate joint ventures, Pacific Premier Retail LP and Queens JV LP, which together owned five Centers: Lakewood Center, a 2,066,000 square foot regional shopping center in Lakewood, California; Los Cerritos Center, a 1,284,000 square foot regional shopping center in Cerritos, California; Queens Center, a 962,000 square foot regional shopping center in Queens, New York; Stonewood Center, a 932,000 square foot regional shopping center in Downey, California; and Washington Square, a 1,444,000 square foot regional shopping center in Portland, Oregon (collectively referred to herein as the "PPRLP Queens Portfolio"). The total consideration of $1,838,886 was funded by the direct issuance of $1,166,777 of common stock of the Company (See Note 12—Stockholders' Equity) and the assumption of the third party's pro rata share of the mortgage notes payable on the properties of $672,109. Prior to the acquisition, the Company had accounted for its investment in these joint ventures under the equity method of accounting. Since the date of acquisition, the Company has included the PPRLP Queens Portfolio in its consolidated financial statements (See Note 13—Acquisitions). On November 20, 2014, the Company purchased a 45% interest in 443 North Wabash Avenue, a 65,000 square foot undeveloped site adjacent to the Company's joint venture in The Shops at North Bridge in Chicago, Illinois, for a cash payment of $18,900. The cash payment was funded by borrowings under the Company's line of credit. On February 17, 2015, the Company acquired the remaining 50% ownership interest in Inland Center, a 933,000 square foot regional shopping center in San Bernardino, California, that it did not previously own for $51,250. The purchase price was funded by a cash payment of $26,250 and the assumption of the third party's share of the mortgage note payable on the property of $25,000. Concurrent with the purchase of the joint venture interest, the Company paid off the $50,000 mortgage note payable on the property. The cash payment was funded by borrowings under the Company's line of credit. Prior to the acquisition, the Company had accounted for its investment in Inland Center under the equity method of accounting. Since the date of acquisition, the Company has included Inland Center in its consolidated financial statements (See Note 13—Acquisitions). 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:
| March 31, 2015 |  | December 31, 2014
Assets(1): |  |  |
Properties, net | $ | 2,939,033 |  |  | $ | 2,967,878 |
Other assets | 210,689 |  |  | 208,726 |
Total assets | $ | 3,149,722 |  |  | $ | 3,176,604 |
Liabilities and partners' capital(1): |  |  |
Mortgage notes payable(2) | $ | 1,972,066 |  |  | $ | 2,038,379 |
Other liabilities | 188,704 |  |  | 195,766 |
Company's capital | 513,153 |  |  | 489,349 |
Outside partners' capital | 475,799 |  |  | 453,110 |
Total liabilities and partners' capital | $ | 3,149,722 |  |  | $ | 3,176,604 |
Investments in unconsolidated joint ventures: |  |  |
Company's capital | $ | 513,153 |  |  | $ | 489,349 |
Basis adjustment(3) | 464,776 |  |  | 464,826 |
| $ | 977,929 |  |  | $ | 954,175 |
Assets—Investments in unconsolidated joint ventures | $ | 1,006,652 |  |  | $ | 984,132 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (28,723 | ) |  | (29,957 | )
| $ | 977,929 |  |  | $ | 954,175 |
(1) | These amounts include the assets of Tysons Corner Center of $338,546 and $341,931 as of March 31, 2015 and December 31, 2014, respectively, and liabilities of Tysons Corner Center of $866,832 and $871,933 as of March 31, 2015 and December 31, 2014, respectively.
(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 March 31, 2015 and December 31, 2014, a total of $6,500 and $33,540, respectively, could become recourse debt to the Company. As of March 31, 2015 and December 31, 2014, the Company had an indemnity agreement from a joint venture partner for $3,250 and $16,770, respectively, of the guaranteed amount.
Included in mortgage notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $603,651 and $606,263 as of March 31, 2015 and December 31, 2014, 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 $8,508 and $9,724 for the three months ended March 31, 2015 and 2014, 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 $420 and $1,424 for the three months ended March 31, 2015 and 2014, respectively.
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
| Pacific Premier Retail LP |  | Tysons Corner LLC |  | Other Joint Ventures |  | Total
Three Months Ended March 31, 2015 |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Minimum rents | $ | — |  |  | $ | 17,028 |  |  | $ | 50,494 |  |  | $ | 67,522 |
Percentage rents | — |  |  | 329 |  |  | 1,294 |  |  | 1,623 |
Tenant recoveries | — |  |  | 12,262 |  |  | 20,101 |  |  | 32,363 |
Other | — |  |  | 593 |  |  | 6,997 |  |  | 7,590 |
Total revenues | — |  |  | 30,212 |  |  | 78,886 |  |  | 109,098 |
Expenses: |  |  |  |  |  |  |
Shopping center and operating expenses | — |  |  | 9,948 |  |  | 32,230 |  |  | 42,178 |
Interest expense | — |  |  | 8,129 |  |  | 12,254 |  |  | 20,383 |
Depreciation and amortization | — |  |  | 5,450 |  |  | 24,220 |  |  | 29,670 |
Total operating expenses | — |  |  | 23,527 |  |  | 68,704 |  |  | 92,231 |
Net income | $ | — |  |  | $ | 6,685 |  |  | $ | 10,182 |  |  | $ | 16,867 |
Company's equity in net income | $ | — |  |  | $ | 3,006 |  |  | $ | 5,268 |  |  | $ | 8,274 |
Three Months Ended March 31, 2014 |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Minimum rents | $ | 26,080 |  |  | $ | 16,278 |  |  | $ | 55,899 |  |  | $ | 98,257 |
Percentage rents | 659 |  |  | 424 |  |  | 968 |  |  | 2,051 |
Tenant recoveries | 11,740 |  |  | 11,894 |  |  | 25,111 |  |  | 48,745 |
Other | 1,077 |  |  | 687 |  |  | 7,855 |  |  | 9,619 |
Total revenues | 39,556 |  |  | 29,283 |  |  | 89,833 |  |  | 158,672 |
Expenses: |  |  |  |  |  |  |
Shopping center and operating expenses | 11,131 |  |  | 10,159 |  |  | 33,880 |  |  | 55,170 |
Interest expense | 10,098 |  |  | 7,830 |  |  | 19,571 |  |  | 37,499 |
Depreciation and amortization | 8,798 |  |  | 4,602 |  |  | 21,523 |  |  | 34,923 |
Total operating expenses | 30,027 |  |  | 22,591 |  |  | 74,974 |  |  | 127,592 |
Loss on sale or write down of assets, net | (86 | ) |  | — |  |  | (18 | ) |  | (104 | )
Net income | $ | 9,443 |  |  | $ | 6,692 |  |  | $ | 14,841 |  |  | $ | 30,976 |
Company's equity in net income | $ | 4,268 |  |  | $ | 1,758 |  |  | $ | 7,743 |  |  | $ | 13,769 |
Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32787-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32847-111569 + Details
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