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Investments in Unconsolidated Joint Ventures (Tables) | 6 Months Ended
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Jun. 30, 2017
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:
| June 30, 2017 |  | December 31, 2016
Assets(1): |  |  |
Property, net | $ | 9,092,493 |  |  | $ | 9,176,642 |
Other assets | 647,492 |  |  | 614,607 |
Total assets | $ | 9,739,985 |  |  | $ | 9,791,249 |
Liabilities and partners' capital(1): |  |  |
Mortgage and other notes payable(2) | $ | 5,324,700 |  |  | $ | 5,224,713 |
Other liabilities | 435,822 |  |  | 403,369 |
Company's capital | 2,174,786 |  |  | 2,279,819 |
Outside partners' capital | 1,804,677 |  |  | 1,883,348 |
Total liabilities and partners' capital | $ | 9,739,985 |  |  | $ | 9,791,249 |
Investments in unconsolidated joint ventures: |  |  |
Company's capital | $ | 2,174,786 |  |  | $ | 2,279,819 |
Basis adjustment(3) | (573,345 | ) |  | (584,887 | )
| $ | 1,601,441 |  |  | $ | 1,694,932 |
Assets—Investments in unconsolidated joint ventures | $ | 1,696,572 |  |  | $ | 1,773,558 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (95,131 | ) |  | (78,626 | )
| $ | 1,601,441 |  |  | $ | 1,694,932 |
(1) | These amounts include the assets of $3,126,583 and $3,179,255 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2017 and December 31, 2016, respectively, and liabilities of $1,881,513 and $1,887,952 of the PPR Portfolio as of June 30, 2017 and December 31, 2016, respectively.
(2) | Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $487,077 and $265,863 as of June 30, 2017 and December 31, 2016, 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 $4,929 and $4,992 for the three months ended June 30, 2017 and 2016, respectively, and $8,089 and $11,358 for the six months ended June 30, 2017 and 2016, 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 $4,197 and $4,669 for the three months ended June 30, 2017 and 2016, respectively, and $8,224 and $9,126 for the six months ended June 30, 2017 and 2016, respectively.
Combined and condensed statements of operations of unconsolidated joint ventures | Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
| PPR Portfolio |  |  | Other Joint Ventures |  | Total
Three Months Ended June 30, 2017 |  |  |  |  |  |
Revenues: |  |  |  |  |  |
Minimum rents | $ | 32,045 |  |  |  | $ | 126,765 |  |  | $ | 158,810 |
Percentage rents | 221 |  |  |  | 2,126 |  |  | 2,347 |
Tenant recoveries | 11,373 |  |  |  | 46,119 |  |  | 57,492 |
Other | 1,402 |  |  |  | 13,017 |  |  | 14,419 |
Total revenues | 45,041 |  |  |  | 188,027 |  |  | 233,068 |
Expenses: |  |  |  |  |  |
Shopping center and operating expenses | 9,711 |  |  |  | 58,886 |  |  | 68,597 |
Interest expense | 16,675 |  |  |  | 32,976 |  |  | 49,651 |
Depreciation and amortization | 24,802 |  |  |  | 62,090 |  |  | 86,892 |
Total operating expenses | 51,188 |  |  |  | 153,952 |  |  | 205,140 |
Loss on sale of assets | — |  |  |  | (2 | ) |  | (2 | )
Net (loss) income | $ | (6,147 | ) |  |  | $ | 34,073 |  |  | $ | 27,926 |
Company's equity in net (loss) income | $ | (1,034 | ) |  |  | $ | 17,970 |  |  | $ | 16,936 |
Three Months Ended June 30, 2016 |  |  |  |  |  |
Revenues: |  |  |  |  |  |
Minimum rents | $ | 31,474 |  |  |  | $ | 119,664 |  |  | $ | 151,138 |
Percentage rents | 343 |  |  |  | 2,624 |  |  | 2,967 |
Tenant recoveries | 11,919 |  |  |  | 46,652 |  |  | 58,571 |
Other | 689 |  |  |  | 12,752 |  |  | 13,441 |
Total revenues | 44,425 |  |  |  | 181,692 |  |  | 226,117 |
Expenses: |  |  |  |  |  |
Shopping center and operating expenses | 9,314 |  |  |  | 58,930 |  |  | 68,244 |
Interest expense | 16,055 |  |  |  | 31,266 |  |  | 47,321 |
Depreciation and amortization | 26,796 |  |  |  | 60,764 |  |  | 87,560 |
Total operating expenses | 52,165 |  |  |  | 150,960 |  |  | 203,125 |
Gain on sale of assets | — |  |  |  | 5 |  |  | 5 |
Net (loss) income | $ | (7,740 | ) |  |  | $ | 30,737 |  |  | $ | 22,997 |
Company's equity in net (loss) income | $ | (1,730 | ) |  |  | $ | 16,346 |  |  | $ | 14,616 |
| PPR Portfolio |  |  | Other Joint Ventures |  | Total
Six Months Ended June 30, 2017 |  |  |  |  |  |
Revenues: |  |  |  |  |  |
Minimum rents | $ | 65,581 |  |  |  | $ | 250,268 |  |  | $ | 315,849 |
Percentage rents | 951 |  |  |  | 3,864 |  |  | 4,815 |
Tenant recoveries | 22,812 |  |  |  | 94,034 |  |  | 116,846 |
Other | 2,428 |  |  |  | 24,528 |  |  | 26,956 |
Total revenues | 91,772 |  |  |  | 372,694 |  |  | 464,466 |
Expenses: |  |  |  |  |  |
Shopping center and operating expenses | 19,471 |  |  |  | 121,081 |  |  | 140,552 |
Interest expense | 33,401 |  |  |  | 65,255 |  |  | 98,656 |
Depreciation and amortization | 51,078 |  |  |  | 124,969 |  |  | 176,047 |
Total operating expenses | 103,950 |  |  |  | 311,305 |  |  | 415,255 |
(Loss) gain on sale or write down of assets, net | (35 | ) |  |  | 4,579 |  |  | 4,544 |
Net (loss) income | $ | (12,213 | ) |  |  | $ | 65,968 |  |  | $ | 53,755 |
Company's equity in net (loss) income | $ | (1,996 | ) |  |  | $ | 34,775 |  |  | $ | 32,779 |
Six Months Ended June 30, 2016 |  |  |  |  |  |
Revenues: |  |  |  |  |  |
Minimum rents | $ | 62,057 |  |  |  | $ | 226,037 |  |  | $ | 288,094 |
Percentage rents | 1,102 |  |  |  | 4,377 |  |  | 5,479 |
Tenant recoveries | 23,895 |  |  |  | 90,095 |  |  | 113,990 |
Other | 3,527 |  |  |  | 23,104 |  |  | 26,631 |
Total revenues | 90,581 |  |  |  | 343,613 |  |  | 434,194 |
Expenses: |  |  |  |  |  |
Shopping center and operating expenses | 19,100 |  |  |  | 112,228 |  |  | 131,328 |
Interest expense | 31,269 |  |  |  | 59,004 |  |  | 90,273 |
Depreciation and amortization | 54,880 |  |  |  | 117,297 |  |  | 172,177 |
Total operating expenses | 105,249 |  |  |  | 288,529 |  |  | 393,778 |
Net (loss) income | $ | (14,668 | ) |  |  | $ | 55,084 |  |  | $ | 40,416 |
Company's equity in net (loss) income | $ | (2,974 | ) |  |  | $ | 29,250 |  |  | $ | 26,276 |

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