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Investments in Unconsolidated Joint Ventures: (Tables) | 12 Months Ended
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Dec. 31, 2015
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, 2015 was as follows:
Joint Venture | Ownership %(1)
443 Wabash MAB LLC | 45.0 | %
AM Tysons LLC | 50.0 | %
Biltmore Shopping Center Partners LLC | 50.0 | %
Candlestick Center LLC—Fashion Outlets of San Francisco | 50.1 | %
Coolidge Holding LLC | 37.5 | %
Corte Madera Village, LLC | 50.1 | %
Fashion Outlets of Philadelphia—Various Entities | 50.0 | %
Jaren Associates #4 | 12.5 | %
Kierland Commons Investment LLC | 50.0 | %
Macerich Northwestern Associates—Broadway Plaza | 50.0 | %
MS Portfolio LLC | 50.0 | %
North Bridge Chicago LLC | 50.0 | %
One Scottsdale Investors LLC | 50.0 | %
Pacific Premier Retail LLC—Various Properties | 60.0 | %
Propcor II Associates, LLC—Boulevard Shops | 50.0 | %
Scottsdale Fashion Square Partnership | 50.0 | %
The Market at Estrella Falls LLC | 40.1 | %
Tysons Corner LLC | 50.0 | %
Tysons Corner Hotel I 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 | 38.0 | %
Westcor/Surprise Auto Park LLC | 33.3 | %
WMAP, L.L.C.—Atlas Park | 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.
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:
| 2015 |  | 2014
Assets(1): |  |  |
Properties, net | $ | 6,334,442 |  |  | $ | 2,967,878 |
Other assets | 517,053 |  |  | 208,726 |
Total assets | $ | 6,851,495 |  |  | $ | 3,176,604 |
Liabilities and partners' capital(1): |  |  |
Mortgage and other notes payable(2) | $ | 3,614,401 |  |  | $ | 2,038,379 |
Other liabilities | 358,156 |  |  | 195,766 |
Company's capital | 1,585,796 |  |  | 489,349 |
Outside partners' capital | 1,293,142 |  |  | 453,110 |
Total liabilities and partners' capital | $ | 6,851,495 |  |  | $ | 3,176,604 |
Investment in unconsolidated joint ventures: |  |  |
Company's capital | $ | 1,585,796 |  |  | $ | 489,349 |
Basis adjustment(3) | (77,701 | ) |  | 464,826 |
| $ | 1,508,095 |  |  | $ | 954,175 |
Assets—Investments in unconsolidated joint ventures | $ | 1,532,552 |  |  | $ | 984,132 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (24,457 | ) |  | (29,957 | )
| $ | 1,508,095 |  |  | $ | 954,175 |
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(1) | These amounts include the assets of $3,283,702 and liabilities of $1,938,241 of Pacific Premier Retail LLC as of December 31, 2015.
(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, 2015 and 2014, a total of $5,000 and $33,540, respectively, could become recourse debt to the Company. As of December 31, 2015 and 2014, the Company has an indemnity agreement from a joint venture partner for $2,500 and $16,770, respectively, of the guaranteed amount.
Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $461,778 and $606,263 as of December 31, 2015 and 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 incurred on these borrowings amounted to $29,372, $38,113 and $31,549 for the years ended December 31, 2015, 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 $5,619, $5,109 and $10,734 for the years ended December 31, 2015, 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 LLC(1) |  | Other Joint Ventures |  | Total
Year Ended December 31, 2015 |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Minimum rents |  |  | $ | 21,172 |  |  | $ | 293,921 |  |  | $ | 315,093 |
Percentage rents |  |  | 2,569 |  |  | 13,188 |  |  | 15,757 |
Tenant recoveries |  |  | 8,408 |  |  | 129,059 |  |  | 137,467 |
Other |  |  | 1,182 |  |  | 33,931 |  |  | 35,113 |
Total revenues |  |  | 33,331 |  |  | 470,099 |  |  | 503,430 |
Expenses: |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 6,852 |  |  | 165,795 |  |  | 172,647 |
Interest expense |  |  | 10,448 |  |  | 78,279 |  |  | 88,727 |
Depreciation and amortization |  |  | 16,919 |  |  | 133,707 |  |  | 150,626 |
Total operating expenses |  |  | 34,219 |  |  | 377,781 |  |  | 412,000 |
Gain on sale of assets |  |  | — |  |  | 9,850 |  |  | 9,850 |
Loss on early extinguishment of debt |  |  | — |  |  | (3 | ) |  | (3 | )
Net income |  |  | $ | (888 | ) |  | $ | 102,165 |  |  | $ | 101,277 |
Company's equity in net income |  |  | $ | 1,409 |  |  | $ | 43,755 |  |  | $ | 45,164 |
Year Ended December 31, 2014 |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Minimum rents |  |  | $ | 88,831 |  |  | $ | 299,532 |  |  | $ | 388,363 |
Percentage rents |  |  | 2,652 |  |  | 14,509 |  |  | 17,161 |
Tenant recoveries |  |  | 40,118 |  |  | 146,623 |  |  | 186,741 |
Other |  |  | 4,090 |  |  | 36,615 |  |  | 40,705 |
Total revenues |  |  | 135,691 |  |  | 497,279 |  |  | 632,970 |
Expenses: |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 37,113 |  |  | 178,299 |  |  | 215,412 |
Interest expense |  |  | 34,113 |  |  | 102,974 |  |  | 137,087 |
Depreciation and amortization |  |  | 29,688 |  |  | 114,715 |  |  | 144,403 |
Total operating expenses |  |  | 100,914 |  |  | 395,988 |  |  | 496,902 |
(Loss) gain on sale of assets |  |  | (7,044 | ) |  | 10,687 |  |  | 3,643 |
Net income |  |  | $ | 27,733 |  |  | $ | 111,978 |  |  | $ | 139,711 |
Company's equity in net income |  |  | $ | 9,743 |  |  | $ | 50,883 |  |  | $ | 60,626 |
|  |  | Pacific Premier Retail LLC(1) |  | Other Joint Ventures |  | Total
Year Ended December 31, 2013 |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |
Minimum rents |  |  | $ | 118,164 |  |  | $ | 300,560 |  |  | $ | 418,724 |
Percentage rents |  |  | 4,586 |  |  | 15,003 |  |  | 19,589 |
Tenant recoveries |  |  | 52,470 |  |  | 151,701 |  |  | 204,171 |
Other |  |  | 5,882 |  |  | 39,745 |  |  | 45,627 |
Total revenues |  |  | 181,102 |  |  | 507,009 |  |  | 688,111 |
Expenses: |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 53,039 |  |  | 176,779 |  |  | 229,818 |
Interest expense |  |  | 43,445 |  |  | 101,877 |  |  | 145,322 |
Depreciation and amortization |  |  | 39,616 |  |  | 107,693 |  |  | 147,309 |
Total operating expenses |  |  | 136,100 |  |  | 386,349 |  |  | 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 |  |  | $ | 128,446 |  |  | $ | 356,202 |
Company's equity in net income |  |  | $ | 110,798 |  |  | $ | 56,782 |  |  | $ | 167,580 |
_______________________________________________________________________________
(1) | These amounts exclude the results of operations from November 14, 2014 to October 29, 2015, as Pacific Premier Retail LLC became wholly-owned as a result of the PPR Queens Portfolio acquisition. Pacific Premier Retail LLC was converted from wholly-owned to an unconsolidated joint venture effective October 30, 2015, as a result of the PPR Portfolio transaction, as discussed above.

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