Investments in Unconsolidated Joint Ventures: (Tables)

3 Months Ended

Mar. 31, 2015

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:



	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

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

Equity Method Investments, Summarized Financial Information Balance Sheet Significant Subsidiaries

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.