Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Ownership Interest in Joint Ventures

The Company owns operating properties through various unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2022 was as follows:


Joint Venture	Ownership %(1)

AM Tysons LLC	50.0	%
Biltmore Shopping Center Partners LLC	50.0	%
Corte Madera Village, LLC	50.1	%
Country Club Plaza KC Partners LLC	50.0	%
HPP-MAC WSP, LLC—One Westside	25.0	%
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	%

Pacific Premier Retail LLC—Various Properties	60.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
PV Land SPE, LLC	5.0	%
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	%
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 and statements of operations are presented below for all unconsolidated joint ventures.

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31:


	2022		2021
Assets(1):
Property, net	$	8,156,632	$	8,289,412
Other assets	664,036		750,629
Total assets	$	8,820,668	$	9,040,041
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,491,250	$	5,686,500
Other liabilities	451,511		325,115
Company's capital	1,528,348		1,638,112
Outside partners' capital	1,349,559		1,390,314
Total liabilities and partners' capital	$	8,820,668	$	9,040,041
Investment in unconsolidated joint ventures:
Company's capital	$	1,528,348	$	1,638,112
Basis adjustment(2)	(425,153)		(448,149)
	$	1,103,195	$	1,189,963

Assets—Investments in unconsolidated joint ventures	1,224,288		$	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(121,093)		(127,608)
	$	1,103,195	$	1,189,963

_______________________________________________________________________________

(1)These amounts include the assets of $2,690,651 and $2,789,568 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2022 and 2021, respectively, and liabilities of $1,611,661 and $1,661,110 of the PPR Portfolio as of December 31, 2022 and 2021, 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 $9,371, $10,276 and $13,168 for the years ended December 31, 2022, 2021 and 2020, 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, 2022
Revenues:
Leasing revenue	$	183,620	$	668,523	$	852,143
Other	739		19,967		20,706
Total revenues	184,359		688,490		872,849
Expenses:
Shopping center and operating expenses	41,904		232,213		274,117
Leasing expense	1,684		4,880		6,564
Interest expense	65,957		148,443		214,400
Depreciation and amortization	95,990		258,008		353,998
Total operating expenses	205,535		643,544		849,079
Loss on sale of assets	—		(28,968)		(28,968)

Net (loss) income	$	(21,176)	$	15,978	$	(5,198)
Company's equity in net loss	$	(3,501)	$	(1,755)	$	(5,256)

Year Ended December 31, 2021
Revenues:
Leasing revenue	168,842		631,139		799,981
Other	62		57,083		57,145
Total revenues	168,904		688,222		857,126
Expenses:
Shopping center and operating expenses	40,298		246,692		286,990
Leasing expense	1,286		4,392		5,678
Interest expense	63,072		147,545		210,617
Depreciation and amortization	97,494		253,561		351,055
Total operating expenses	202,150		652,190		854,340
Loss on sale of assets	—		(9,178)		(9,178)

Net (loss) income	$	(33,246)	$	26,854	$	(6,392)
Company's equity in net (loss) income	$	(10,866)	$	26,555	$	15,689


	PPR Portfolio		Other Joint Ventures		Total
Year Ended December 31, 2020
Revenues:
Leasing revenue	$	171,505	$	633,357	$	804,862
Other	614		18,439		19,053
Total revenues	172,119		651,796		823,915
Expenses:
Shopping center and operating expenses	37,018		240,139		277,157
Leasing expense	1,325		4,173		5,498
Interest expense	64,460		151,857		216,317
Depreciation and amortization	102,788		285,948		388,736
Total operating expenses	205,591		682,117		887,708
(Loss) gain on sale of assets	(120)		157		37

Net loss	$	(33,592)	$	(30,164)	$	(63,756)
Company's equity in net loss	$	(10,371)	$	(16,667)	$	(27,038)