XML 41 R31.htm IDEA: XBRL DOCUMENT
v3.20.2

Investments in Unconsolidated Joint Ventures (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
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, 2020 |  | December 31, 2019
Assets(1): |  |  |
Property, net | $ | 9,391,727 |  |  | $ | 9,424,591 |
Other assets | 804,103 |  |  | 772,116 |
Total assets | $ | 10,195,830 |  |  | $ | 10,196,707 |
Liabilities and partners' capital(1): |  |  |
Mortgage and other notes payable | $ | 6,113,603 |  |  | $ | 6,144,685 |
Other liabilities | 496,205 |  |  | 565,412 |
Company's capital | 1,935,289 |  |  | 1,904,145 |
Outside partners' capital | 1,650,733 |  |  | 1,582,465 |
Total liabilities and partners' capital | $ | 10,195,830 |  |  | $ | 10,196,707 |
Investments in unconsolidated joint ventures: |  |  |
Company's capital | $ | 1,935,289 |  |  | $ | 1,904,145 |
Basis adjustment(2) | (474,686) |  |  | (492,350) |
| $ | 1,460,603 |  |  | $ | 1,411,795 |
Assets—Investments in unconsolidated joint ventures | $ | 1,568,878 |  |  | $ | 1,519,697 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (108,275) |  |  | (107,902) |
| $ | 1,460,603 |  |  | $ | 1,411,795 |
(1) These amounts include assets of $2,900,500 and $2,932,401 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2020 and December 31, 2019, respectively, and liabilities of $1,702,957 and $1,732,976 of the PPR Portfolio as of June 30, 2020 and December 31, 2019, 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 $3,729 and $5,271 for the three months ended June 30, 2020 and 2019, respectively, and $7,728 and $9,810 for the six months ended June 30, 2020 and 2019, 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, 2020 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 38,806 |  |  | $ | 139,452 |  |  | $ | 178,258 |
Other | 253 |  |  | (399) |  |  | (146) |
Total revenues | 39,059 |  |  | 139,053 |  |  | 178,112 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 8,240 |  |  | 53,145 |  |  | 61,385 |
Leasing expenses | 290 |  |  | 832 |  |  | 1,122 |
Interest expense | 16,363 |  |  | 36,790 |  |  | 53,153 |
Depreciation and amortization | 24,565 |  |  | 66,095 |  |  | 90,660 |
Total operating expenses | 49,458 |  |  | 156,862 |  |  | 206,320 |
Loss on sale or write down of assets, net | — |  |  | (12) |  |  | (12) |
Net loss | $ | (10,399) |  |  | $ | (17,821) |  |  | $ | (28,220) |
Company's equity in net loss | $ | (3,777) |  |  | $ | (10,396) |  |  | $ | (14,173) |
Three Months Ended June 30, 2019 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 45,346 |  |  | $ | 172,273 |  |  | $ | 217,619 |
Other | 435 |  |  | 13,097 |  |  | 13,532 |
Total revenues | 45,781 |  |  | 185,370 |  |  | 231,151 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 8,470 |  |  | 59,065 |  |  | 67,535 |
Leasing expenses | 373 |  |  | 1,655 |  |  | 2,028 |
Interest expense | 17,043 |  |  | 37,682 |  |  | 54,725 |
Depreciation and amortization | 24,732 |  |  | 76,866 |  |  | 101,598 |
Total operating expenses | 50,618 |  |  | 175,268 |  |  | 225,886 |
Loss on sale or write down of assets, net | (399) |  |  | (145) |  |  | (544) |
Net (loss) income | $ | (5,236) |  |  | $ | 9,957 |  |  | $ | 4,721 |
Company's equity in net (loss) income | $ | (531) |  |  | $ | 7,788 |  |  | $ | 7,257 |
| PPR Portfolio |  | Other Joint Ventures |  | Total
Six Months Ended June 30, 2020 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 97,184 |  |  | $ | 311,696 |  |  | $ | 408,880 |
Other | 302 |  |  | 6,492 |  |  | 6,794 |
Total revenues | 97,486 |  |  | 318,188 |  |  | 415,674 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 17,881 |  |  | 114,654 |  |  | 132,535 |
Leasing expenses | 763 |  |  | 2,127 |  |  | 2,890 |
Interest expense | 32,458 |  |  | 74,930 |  |  | 107,388 |
Depreciation and amortization | 53,182 |  |  | 134,456 |  |  | 187,638 |
Total operating expenses | 104,284 |  |  | 326,167 |  |  | 430,451 |
Loss on sale or write down of assets, net | — |  |  | (12) |  |  | (12) |
Net loss | $ | (6,798) |  |  | $ | (7,991) |  |  | $ | (14,789) |
Company's equity in net income (loss) | $ | 944 |  |  | $ | (5,419) |  |  | $ | (4,475) |
Six Months Ended June 30, 2019 |  |  |  |  |
Revenues: |  |  |  |  |
Leasing revenue | $ | 91,366 |  |  | $ | 345,797 |  |  | $ | 437,163 |
Other | 617 |  |  | 25,161 |  |  | 25,778 |
Total revenues | 91,983 |  |  | 370,958 |  |  | 462,941 |
Expenses: |  |  |  |  |
Shopping center and operating expenses | 18,142 |  |  | 118,715 |  |  | 136,857 |
Leasing expenses | 840 |  |  | 3,362 |  |  | 4,202 |
Interest expense | 33,994 |  |  | 74,593 |  |  | 108,587 |
Depreciation and amortization | 50,246 |  |  | 141,333 |  |  | 191,579 |
Total operating expenses | 103,222 |  |  | 338,003 |  |  | 441,225 |
Loss on sale or write down of assets, net | (405) |  |  | (280) |  |  | (685) |
Net (loss) income | $ | (11,644) |  |  | $ | 32,675 |  |  | $ | 21,031 |
Company's equity in net (loss) income | $ | (1,730) |  |  | $ | 21,230 |  |  | $ | 19,500 |

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