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Investments in Unconsolidated Joint Ventures: | 3 Months Ended
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Mar. 31, 2016
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 February 17, 2015, the Company acquired the remaining 50% ownership interest in Inland Center, an 867,000 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). On April 30, 2015, the Company entered into a 50/50 joint venture with Sears to own nine freestanding stores located at Arrowhead Towne Center, Chandler Fashion Center, Danbury Fair Mall, Deptford Mall, Freehold Raceway Mall, Los Cerritos Center, South Plains Mall, Vintage Faire Mall and Washington Square. The Company invested $150,000 for a 50% ownerhsip interest in the joint venture, which was funded by borrowings under the Company's line of credit. On October 30, 2015, the Company sold a 40% ownership interest in Pacific Premier Retail LLC (the "PPR Portfolio"), which owns Lakewood Center, a 2,075,000 square foot regional shopping center in Lakewood, California; Los Cerritos Center, a 1,296,000 square foot regional shopping center in Cerritos, California; South Plains Mall, a 1,127,000 square foot regional shopping center in Lubbock, Texas; and Washington Square, a 1,442,000 square foot regional shopping center in Portland, Oregon, for a total sales price of $1,258,643, resulting in a gain on the sale of assets of $311,194. The sales price was funded by a cash payment of $545,643 and the assumption of a pro rata share of the mortgage notes payable on the properties of $713,000. The Company used the cash proceeds from the sales to pay down its line of credit and for general corporate purposes, which included funding the ASR and Special Dividend (See Note 12—Stockholders' Equity). On January 6, 2016, the Company sold a 40% ownership interest in Arrowhead Towne Center, a 1,197,000 square foot regional shopping center in Glendale, Arizona, for $289,496, resulting in a gain on the sale of assets of $104,293. The sales price was funded by a cash payment of $129,496 and the assumption of a pro rata share of the mortgage note payable on the property of $160,000. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See Note 12—Stockholders' Equity). On January 14, 2016, the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall, a 1,040,000 square foot regional shopping center in Deptford, New Jersey; FlatIron Crossing, a 1,432,000 square foot regional shopping center in Broomfield, Colorado; and Twenty Ninth Street, an 852,000 square foot regional shopping center in Boulder, Colorado (the "MAC Heitman Portfolio"), for $771,478, resulting in a gain on the sale of assets of $340,741. The sales price was funded by a cash payment of $478,608 and the assumption of a pro rata share of the mortgage note payable on the properties of $292,870. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On March 1, 2016, the Company, through a 50/50 joint venture, acquired Country Club Plaza, a 1,300,000 square foot regional shopping center in Kansas City, Missouri for a total purchase price of $660,000. The Company funded its pro rata share of the purchase price of $330,000 with borrowings under its line of credit. On March 28, 2016, the joint venture placed a $320,000 loan on the property that bears interest at an effective rate of 3.88% and matures on April 1, 2026. The Company used its pro rata share of the proceeds to pay down its line of credit. 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, 2016 |  | December 31, 2015
Assets(1): |  |  |
Properties, net | $ | 9,246,945 |  |  | $ | 6,334,442 |
Other assets | 621,668 |  |  | 507,718 |
Total assets | $ | 9,868,613 |  |  | $ | 6,842,160 |
Liabilities and partners' capital(1): |  |  |
Mortgage and other notes payable(2) | $ | 4,926,654 |  |  | $ | 3,607,588 |
Other liabilities | 442,846 |  |  | 355,634 |
Company's capital | 2,435,483 |  |  | 1,585,796 |
Outside partners' capital | 2,063,630 |  |  | 1,293,142 |
Total liabilities and partners' capital | $ | 9,868,613 |  |  | $ | 6,842,160 |
Investments in unconsolidated joint ventures: |  |  |
Company's capital | $ | 2,435,483 |  |  | $ | 1,585,796 |
Basis adjustment(3) | (611,962 | ) |  | (77,701 | )
| $ | 1,823,521 |  |  | $ | 1,508,095 |
Assets—Investments in unconsolidated joint ventures | $ | 1,844,516 |  |  | $ | 1,532,552 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (20,995 | ) |  | (24,457 | )
| $ | 1,823,521 |  |  | $ | 1,508,095 |
(1) | These amounts include the assets of $3,258,293 and $3,283,702 of Pacific Premier Retail LLC as of March 31, 2016 and December 31, 2015, respectively, and liabilities of $1,919,760 and $1,938,241 of Pacific Premier Retail LLC as of March 31, 2016 and December 31, 2015, 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, 2016 and December 31, 2015, a total of $5,000 could become recourse debt to the Company. As of March 31, 2016 and December 31, 2015, the Company had an indemnity agreement from a joint venture partner for $2,500 of the guaranteed amount.
Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $458,843 and $460,872 as of March 31, 2016 and December 31, 2015, 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 $6,366 and $8,508 for the three months ended March 31, 2016 and 2015, 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 $4,457 and $420 for the three months ended March 31, 2016 and 2015, respectively.
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
| Pacific Premier Retail LLC (1) |  |  | Other Joint Ventures |  | Total
Three Months Ended March 31, 2016 |  |  |  |  |  |
Revenues: |  |  |  |  |  |
Minimum rents | $ | 30,583 |  |  |  | $ | 106,373 |  |  | $ | 136,956 |
Percentage rents | 759 |  |  |  | 1,753 |  |  | 2,512 |
Tenant recoveries | 11,976 |  |  |  | 43,443 |  |  | 55,419 |
Other | 2,838 |  |  |  | 10,352 |  |  | 13,190 |
Total revenues | 46,156 |  |  |  | 161,921 |  |  | 208,077 |
Expenses: |  |  |  |  |  |
Shopping center and operating expenses | 9,786 |  |  |  | 53,298 |  |  | 63,084 |
Interest expense | 15,214 |  |  |  | 27,738 |  |  | 42,952 |
Depreciation and amortization | 28,084 |  |  |  | 56,533 |  |  | 84,617 |
Total operating expenses | 53,084 |  |  |  | 137,569 |  |  | 190,653 |
Loss on sale or write down of assets, net | — |  |  |  | (5 | ) |  | (5 | )
Net (loss) income | $ | (6,928 | ) |  |  | $ | 24,347 |  |  | $ | 17,419 |
Company's equity in net (loss) income | $ | (1,244 | ) |  |  | $ | 12,904 |  |  | $ | 11,660 |
Three Months Ended March 31, 2015 |  |  |  |  |  |
Revenues: |  |  |  |  |  |
Minimum rents | $ | — |  |  |  | $ | 67,522 |  |  | $ | 67,522 |
Percentage rents | — |  |  |  | 1,623 |  |  | 1,623 |
Tenant recoveries | — |  |  |  | 32,363 |  |  | 32,363 |
Other | — |  |  |  | 7,590 |  |  | 7,590 |
Total revenues | — |  |  |  | 109,098 |  |  | 109,098 |
Expenses: |  |  |  |  |  |
Shopping center and operating expenses | — |  |  |  | 42,178 |  |  | 42,178 |
Interest expense | — |  |  |  | 20,383 |  |  | 20,383 |
Depreciation and amortization | — |  |  |  | 29,670 |  |  | 29,670 |
Total operating expenses | — |  |  |  | 92,231 |  |  | 92,231 |
Net income | $ | — |  |  |  | $ | 16,867 |  |  | $ | 16,867 |
Company's equity in net income | $ | — |  |  |  | $ | 8,274 |  |  | $ | 8,274 |
_______________________________________________________________________________
(1) | These amounts exclude the results of operations from January 1, 2015 to March 31, 2015, as Pacific Premier Retail LLC was wholly-owned during that period. On October 30, 2015, as a result of the PPR Portfolio transaction discussed above, Pacific Premier Retail LLC was converted from wholly-owned to an unconsolidated joint venture.
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 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: 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=49116238&loc=d3e32847-111569 Reference 3: 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 4: 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=49116238&loc=d3e32787-111569 + Details
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