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Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Ownership Interest in Joint Ventures | The following are the Company's direct or indirect investments in various unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2019 was as follows:
Joint Venture | Ownership %(1)
443 Wabash MAB LLC | 50.0 | %
AM Tysons LLC | 50.0 | %
Biltmore Shopping Center Partners LLC | 50.0 | %
CAM-CARSON LLC—Los Angeles Premium Outlets | 50.0 | %
Coolidge Holding LLC | 37.5 | %
Corte Madera Village, LLC | 50.1 | %
Country Club Plaza KC Partners LLC | 50.0 | %
Fashion District Philadelphia—Various Entities | 50.0 | %
Goodyear Peripheral LLC | 41.7 | %
HPP-MAC WSP, LLC—One Westside | 25.0 | %
Jaren Associates #4 | 12.5 | %
Kierland Commons Investment LLC | 50.0 | %
Macerich HHF Broadway Plaza LLC—Broadway Plaza | 50.0 | %
Macerich HHF Centers LLC—Various Properties | 51.0 | %
MS Portfolio LLC | 50.0 | %
New River Associates LLC—Arrowhead Towne Center | 60.0 | %
North Bridge Chicago LLC | 50.0 | %
One Scottsdale Investors LLC | 50.0 | %
Pacific Premier Retail LLC—Various Properties | 60.0 | %
Propcor II Associates, LLC—Boulevard Shops | 50.0 | %
Scottsdale Fashion Square Partnership | 50.0 | %
TM TRS Holding Company LLC | 50.0 | %
Tysons Corner LLC | 50.0 | %
Tysons Corner Hotel I LLC | 50.0 | %
Tysons Corner Property Holdings II LLC | 50.0 | %
Tysons Corner Property LLC | 50.0 | %
West Acres Development, LLP | 19.0 | %
Westcor/Surprise Auto Park LLC | 33.3 | %
WMAP, L.L.C.—Atlas Park, The Shops at | 50.0 | %
_______________________________________________________________________________ (1)The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information | Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31:
| 2019 |  | 2018
Assets(1): |  |  |
Property, net | $ | 9,424,591 |  |  | $ | 9,241,003 |
Other assets | 772,116 |  |  | 703,861 |
Total assets | $ | 10,196,707 |  |  | $ | 9,944,864 |
Liabilities and partners' capital(1): |  |  |
Mortgage and other notes payable | $ | 6,144,685 |  |  | $ | 6,050,930 |
Other liabilities | 565,412 |  |  | 388,509 |
Company's capital | 1,904,145 |  |  | 1,913,475 |
Outside partners' capital | 1,582,465 |  |  | 1,591,950 |
Total liabilities and partners' capital | $ | 10,196,707 |  |  | $ | 9,944,864 |
Investment in unconsolidated joint ventures: |  |  |
Company's capital | $ | 1,904,145 |  |  | $ | 1,913,475 |
Basis adjustment(2) | (492,350) |  |  | (535,808) |
| $ | 1,411,795 |  |  | $ | 1,377,667 |
Assets—Investments in unconsolidated joint ventures | 1,519,697 |  |  | $ | 1,492,655 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (107,902) |  |  | (114,988) |
| $ | 1,411,795 |  |  | $ | 1,377,667 |
_______________________________________________________________________________ (1)These amounts include the assets of $2,932,401 and $3,047,851 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2019 and 2018, respectively, and liabilities of $1,732,976 and $1,859,637 of the PPR Portfolio as of December 31, 2019 and 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 $18,834, $12,793 and $16,562 for the years ended December 31, 2019, 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 |
Year Ended December 31, 2019 |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |
Leasing revenue |  |  | $ | 187,789 |  |  | $ | 712,860 |  |  | $ | 900,649 |  |
Other |  |  | 1,598 |  |  | 49,184 |  |  | 50,782 |  |
Total revenues |  |  | 189,387 |  |  | 762,044 |  |  | 951,431 |  |
Expenses: |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 37,528 |  |  | 250,598 |  |  | 288,126 |  |
Leasing expenses |  |  | 1,598 |  |  | 6,695 |  |  | 8,293 |  |
Interest expense |  |  | 67,354 |  |  | 150,111 |  |  | 217,465 |  |
Depreciation and amortization |  |  | 100,490 |  |  | 273,565 |  |  | 374,055 |  |
Total operating expenses |  |  | 206,970 |  |  | 680,969 |  |  | 887,939 |  |
Loss on sale of assets |  |  | (452) |  |  | (380) |  |  | (832) |  |
Net (loss) income |  |  | $ | (18,035) |  |  | $ | 80,695 |  |  | $ | 62,660 |  |
Company's equity in net (loss) income |  |  | $ | (590) |  |  | $ | 49,098 |  |  | $ | 48,508 |  |
Year Ended December 31, 2018 |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |
Leasing revenue |  |  | 186,924 |  |  | 727,328 |  |  | 914,252 |  |
Other |  |  | 905 |  |  | 41,420 |  |  | 42,325 |  |
Total revenues |  |  | 187,829 |  |  | 768,748 |  |  | 956,577 |  |
Expenses: |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 39,283 |  |  | 246,652 |  |  | 285,935 |  |
Interest expense(1) |  |  | 67,117 |  |  | 145,915 |  |  | 213,032 |  |
Depreciation and amortization |  |  | 97,885 |  |  | 248,778 |  |  | 346,663 |  |
Total operating expenses |  |  | 204,285 |  |  | 641,345 |  |  | 845,630 |  |
(Loss) gain on sale of assets |  |  | (140) |  |  | 14,471 |  |  | 14,331 |  |
Net (loss) income |  |  | $ | (16,596) |  |  | $ | 141,874 |  |  | $ | 125,278 |  |
Company's equity in net (loss) income |  |  | $ | (16) |  |  | $ | 71,789 |  |  | $ | 71,773 |  |
|  |  |  | PPR Portfolio |  |  | Other Joint Ventures |  |  | Total |
Year Ended December 31, 2017 |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |
Leasing revenue |  |  |  | $ | 190,186 |  |  | $ | 719,406 |  |  | $ | 909,592 |
Other |  |  |  | 1,848 |  |  | 37,018 |  |  | 38,866 |
Total revenues |  |  |  | 192,034 |  |  | 756,424 |  |  | 948,458 |
Expenses: |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  |  | 41,340 |  |  | 243,271 |  |  | 284,611 |
Interest expense(1) |  |  |  | 67,053 |  |  | 131,714 |  |  | 198,767 |
Depreciation and amortization |  |  |  | 101,625 |  |  | 250,921 |  |  | 352,546 |
Total operating expenses |  |  |  | 210,018 |  |  | 625,906 |  |  | 835,924 |
(Loss) gain on sale of assets |  |  |  | (36) |  |  | 33,861 |  |  | 33,825 |
Net (loss) income |  |  |  | $ | (18,020) |  |  | $ | 164,379 |  |  | $ | 146,359 |
Company's equity in net (loss) income |  |  |  | $ | (453) |  |  | $ | 85,999 |  |  | $ | 85,546 |
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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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