XML 40 R30.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract] |
Combined and condensed balance sheets of unconsolidated joint ventures | Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:
| September 30, 2016 |  | December 31, 2015
Assets(1): |  |  |
Properties, net | $ | 9,176,646 |  |  | $ | 6,334,442 |
Other assets | 646,943 |  |  | 507,718 |
Total assets | $ | 9,823,589 |  |  | $ | 6,842,160 |
Liabilities and partners' capital(1): |  |  |
Mortgage and other notes payable(2) | $ | 5,237,130 |  |  | $ | 3,607,588 |
Other liabilities | 431,838 |  |  | 355,634 |
Company's capital | 2,274,914 |  |  | 1,585,796 |
Outside partners' capital | 1,879,707 |  |  | 1,293,142 |
Total liabilities and partners' capital | $ | 9,823,589 |  |  | $ | 6,842,160 |
Investments in unconsolidated joint ventures: |  |  |
Company's capital | $ | 2,274,914 |  |  | $ | 1,585,796 |
Basis adjustment(3) | (599,268 | ) |  | (77,701 | )
| $ | 1,675,646 |  |  | $ | 1,508,095 |
Assets—Investments in unconsolidated joint ventures | $ | 1,753,524 |  |  | $ | 1,532,552 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (77,878 | ) |  | (24,457 | )
| $ | 1,675,646 |  |  | $ | 1,508,095 |
(1) | These amounts include the assets of $3,211,370 and $3,283,702 of Pacific Premier Retail LLC as of September 30, 2016 and December 31, 2015, respectively, and liabilities of $1,908,533 and $1,938,241 of Pacific Premier Retail LLC as of September 30, 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 September 30, 2016 and December 31, 2015, a total of $5,000 could become recourse debt to the Company. As of September 30, 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 $267,200 and $460,872 as of September 30, 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 $2,775 and $6,385 for the three months ended September 30, 2016 and 2015, respectively, and $14,133 and $22,976 for the nine months ended September 30, 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 $4,988 and $3,348 for the three months ended September 30, 2016 and 2015, respectively, and $14,114 and $3,188 for the nine months ended September 30, 2016 and 2015, 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
Three Months Ended September 30, 2016 |  |  |  |  |
Revenues: |  |  |  |  |
Minimum rents | $ | 33,332 |  |  | $ | 121,109 |  |  | $ | 154,441 |
Percentage rents | 1,117 |  |  | 4,228 |  |  | 5,345 |
Tenant recoveries | 11,933 |  |  | 48,540 |  |  | 60,473 |
Other | 987 |  |  | 11,697 |  |  | 12,684 |
Total revenues | 47,369 |  |  | 185,574 |  |  | 232,943 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 9,897 |  |  | 61,335 |  |  | 71,232 |
Interest expense | 16,688 |  |  | 32,126 |  |  | 48,814 |
Depreciation and amortization | 27,091 |  |  | 70,030 |  |  | 97,121 |
Total operating expenses | 53,676 |  |  | 163,491 |  |  | 217,167 |
Loss on sale or write down of assets, net | — |  |  | (343 | ) |  | (343 | )
Net (loss) income | $ | (6,307 | ) |  | $ | 21,740 |  |  | $ | 15,433 |
Company's equity in net (loss) income | $ | (871 | ) |  | $ | 12,132 |  |  | $ | 11,261 |
Three Months Ended September 30, 2015 |  |  |  |  |
Revenues: |  |  |  |  |
Minimum rents | $ | — |  |  | $ | 75,853 |  |  | $ | 75,853 |
Percentage rents | — |  |  | 3,561 |  |  | 3,561 |
Tenant recoveries | — |  |  | 32,260 |  |  | 32,260 |
Other | — |  |  | 8,688 |  |  | 8,688 |
Total revenues | — |  |  | 120,362 |  |  | 120,362 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | — |  |  | 43,350 |  |  | 43,350 |
Interest expense | — |  |  | 19,025 |  |  | 19,025 |
Depreciation and amortization | — |  |  | 34,653 |  |  | 34,653 |
Total operating expenses | — |  |  | 97,028 |  |  | 97,028 |
Gain on sale or write down of assets, net | — |  |  | 3,573 |  |  | 3,573 |
Loss on extinguishment of debt | — |  |  | (3 | ) |  | (3 | )
Net income | $ | — |  |  | $ | 26,904 |  |  | $ | 26,904 |
Company's equity in net income | $ | — |  |  | $ | 10,817 |  |  | $ | 10,817 |
| Pacific Premier Retail LLC (1) |  |  | Other Joint Ventures |  | Total
Nine Months Ended September 30, 2016 |  |  |  |  |  |
Revenues: |  |  |  |  |  |
Minimum rents | $ | 95,389 |  |  |  | $ | 347,146 |  |  | $ | 442,535 |
Percentage rents | 2,219 |  |  |  | 8,605 |  |  | 10,824 |
Tenant recoveries | 35,828 |  |  |  | 138,635 |  |  | 174,463 |
Other | 4,514 |  |  |  | 34,801 |  |  | 39,315 |
Total revenues | 137,950 |  |  |  | 529,187 |  |  | 667,137 |
Expenses: |  |  |  |  |  |
Shopping center and operating expenses | 28,997 |  |  |  | 173,563 |  |  | 202,560 |
Interest expense | 47,957 |  |  |  | 91,130 |  |  | 139,087 |
Depreciation and amortization | 81,971 |  |  |  | 187,327 |  |  | 269,298 |
Total operating expenses | 158,925 |  |  |  | 452,020 |  |  | 610,945 |
Loss on sale or write down of assets, net | — |  |  |  | (343 | ) |  | (343 | )
Net (loss) income | $ | (20,975 | ) |  |  | $ | 76,824 |  |  | $ | 55,849 |
Company's equity in net (loss) income | $ | (3,845 | ) |  |  | $ | 41,382 |  |  | $ | 37,537 |
Nine Months Ended September 30, 2015 |  |  |  |  |  |
Revenues: |  |  |  |  |  |
Minimum rents | $ | — |  |  |  | $ | 214,678 |  |  | $ | 214,678 |
Percentage rents | — |  |  |  | 7,991 |  |  | 7,991 |
Tenant recoveries | — |  |  |  | 95,963 |  |  | 95,963 |
Other | — |  |  |  | 23,121 |  |  | 23,121 |
Total revenues | — |  |  |  | 341,753 |  |  | 341,753 |
Expenses: |  |  |  |  |  |
Shopping center and operating expenses | — |  |  |  | 123,009 |  |  | 123,009 |
Interest expense | — |  |  |  | 58,805 |  |  | 58,805 |
Depreciation and amortization | — |  |  |  | 97,422 |  |  | 97,422 |
Total operating expenses | — |  |  |  | 279,236 |  |  | 279,236 |
Gain on sale or write down of assets, net | — |  |  |  | 3,996 |  |  | 3,996 |
Loss on extinguishment of debt | — |  |  |  | (3 | ) |  | (3 | )
Net income | $ | — |  |  |  | $ | 66,510 |  |  | $ | 66,510 |
Company's equity in net income | $ | — |  |  |  | $ | 28,185 |  |  | $ | 28,185 |
_______________________________________________________________________________
(1) | These amounts exclude the results of operations from January 1, 2015 to September 30, 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.

X
- Definition Disclosure of summarized balance sheet financial information for investments accounted for using the equity method of accounting. + References No definition available. + Details
Name: | mac_EquityMethodInvestmentsSummarizedFinancialInformationBalanceSheetTableTextBlock
Namespace Prefix: | mac_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of summarized statement of operations information for investments accounted for using the equity method of accounting. + References No definition available. + Details
Name: | mac_EquityMethodInvestmentsSummarizedFinancialInformationStatementOfOperationsTableTextBlock
Namespace Prefix: | mac_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration