Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2018

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:



	March 31, 2018			December 31, 2017
Assets(1):
Property, net	$	8,994,424		$	9,052,105
Other assets	602,553			635,838
Total assets	$	9,596,977		$	9,687,943
Liabilities and partners' capital(1):
Mortgage and other notes payable(2)	$	5,979,160		$	5,296,594
Other liabilities	388,245			405,052
Company's capital	1,822,298			2,188,057
Outside partners' capital	1,407,274			1,798,240
Total liabilities and partners' capital	$	9,596,977		$	9,687,943
Investments in unconsolidated joint ventures:
Company's capital	$	1,822,298		$	2,188,057
Basis adjustment(3)	(555,691		)	(562,021		)
	$	1,266,607		$	1,626,036

Assets—Investments in unconsolidated joint ventures	$	1,360,486		$	1,709,522
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(93,879		)	(83,486		)
	$	1,266,607		$	1,626,036


(1)	These amounts include the assets of $3,068,722 and $3,106,105 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2018 and December 31, 2017, respectively, and liabilities of $1,864,302 and $1,872,227 of the PPR Portfolio as of March 31, 2018 and December 31, 2017, respectively.

(2)

Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $704,402 and $482,332 as of March 31, 2018 and December 31, 2017, 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 $4,958 and $3,160 for the three months ended March 31, 2018 and 2017, 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 $4,103 and $4,027 for the three months ended March 31, 2018 and 2017, 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 March 31, 2018
Revenues:
Minimum rents	$	32,739		$	127,708	$	160,447
Percentage rents	432			1,811		2,243
Tenant recoveries	11,400			48,104		59,504
Other	1,017			11,091		12,108
Total revenues	45,588			188,714		234,302
Expenses:
Shopping center and operating expenses	9,681			61,321		71,002
Interest expense	16,726			33,032		49,758
Depreciation and amortization	24,484			62,412		86,896
Total operating expenses	50,891			156,765		207,656
Gain on sale or write down of assets, net	—			970		970
Net (loss) income	$	(5,303	)	$	32,919	$	27,616
Company's equity in net (loss) income	$	(616	)	$	17,488	$	16,872
Three Months Ended March 31, 2017
Revenues:
Minimum rents	$	33,536		$	123,503	$	157,039
Percentage rents	730			1,738		2,468
Tenant recoveries	11,439			47,915		59,354
Other	1,026			11,511		12,537
Total revenues	46,731			184,667		231,398
Expenses:
Shopping center and operating expenses	9,760			62,195		71,955
Interest expense	16,726			32,279		49,005
Depreciation and amortization	26,275			62,879		89,154
Total operating expenses	52,761			157,353		210,114
(Loss) gain on sale or write down of assets, net	(35		)	4,581		4,546
Net (loss) income	$	(6,065	)	$	31,895	$	25,830
Company's equity in net (loss) income	$	(962	)	$	16,805	$	15,843