XML 46 R33.htm IDEA: XBRL DOCUMENT
v3.19.1

Investments in Unconsolidated Joint Ventures (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2019
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, 2019 |  | December 31, 2018
Assets(1): |  |  |
Property, net | $ | 9,267,357 |  |  | $ | 9,241,003 |
Other assets | 777,348 |  |  | 703,861 |
Total assets | $ | 10,044,705 |  |  | $ | 9,944,864 |
Liabilities and partners' capital(1): |  |  |
Mortgage and other notes payable | $ | 6,053,545 |  |  | $ | 6,050,930 |
Other liabilities | 424,462 |  |  | 388,509 |
Company's capital | 1,938,931 |  |  | 1,913,475 |
Outside partners' capital | 1,627,767 |  |  | 1,591,950 |
Total liabilities and partners' capital | $ | 10,044,705 |  |  | $ | 9,944,864 |
Investments in unconsolidated joint ventures: |  |  |
Company's capital | $ | 1,938,931 |  |  | $ | 1,913,475 |
Basis adjustment(2) | (527,485 | ) |  | (535,808 | )
| $ | 1,411,446 |  |  | $ | 1,377,667 |
Assets—Investments in unconsolidated joint ventures | $ | 1,528,080 |  |  | $ | 1,492,655 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (116,634 | ) |  | (114,988 | )
| $ | 1,411,446 |  |  | $ | 1,377,667 |
(1) | These amounts include the assets of $3,023,148 and $3,047,851 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2019 and December 31, 2018, respectively, and liabilities of $1,852,923 and $1,859,637 of the PPR Portfolio as of March 31, 2019 and December 31, 2018, respectively.
(2) | 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 $4,539 and $4,103 for the three months ended March 31, 2019 and 2018, 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, 2019 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 46,020 |  |  | $ | 173,524 |  |  | $ | 219,544 |
Other | 182 |  |  | 12,064 |  |  | 12,246 |
Total revenues | 46,202 |  |  | 185,588 |  |  | 231,790 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 9,672 |  |  | 59,650 |  |  | 69,322 |
Leasing expenses | 467 |  |  | 1,707 |  |  | 2,174 |
Interest expense | 16,951 |  |  | 36,911 |  |  | 53,862 |
Depreciation and amortization | 25,514 |  |  | 64,467 |  |  | 89,981 |
Total operating expenses | 52,604 |  |  | 162,735 |  |  | 215,339 |
Loss on sale or write down of assets, net | (6 | ) |  | (135 | ) |  | (141 | )
Net (loss) income | $ | (6,408 | ) |  | $ | 22,718 |  |  | $ | 16,310 |
Company's equity in net (loss) income | $ | (1,199 | ) |  | $ | 13,442 |  |  | $ | 12,243 |
Three Months Ended March 31, 2018 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 45,420 |  |  | $ | 180,443 |  |  | $ | 225,863 |
Other | 168 |  |  | 8,271 |  |  | 8,439 |
Total revenues | 45,588 |  |  | 188,714 |  |  | 234,302 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 9,681 |  |  | 61,321 |  |  | 71,002 |
Interest expense(1) | 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 |
(1) | Interest expense includes $4,958 related to a mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 18—Related Party Transactions).

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