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Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023 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 | %
Kierland Commons Investment LLC | 50.0 | %
Macerich HHF Broadway Plaza LLC—Broadway Plaza | 50.0 | %
Macerich HHF Centers LLC—Various Properties | 51.0 | %
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.
Schedule of 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:
| 2023 |  | 2022
Assets(1): |  |  |
Property, net | $ | 7,201,941 |  |  | $ | 8,156,632 |
Other assets | 607,864 |  |  | 664,036 |
Total assets | $ | 7,809,805 |  |  | $ | 8,820,668 |
Liabilities and partners' capital(1): |  |  |
Mortgage and other notes payable | $ | 5,445,411 |  |  | $ | 5,491,250 |
Other liabilities | 436,179 |  |  | 451,511 |
Company's capital | 1,090,403 |  |  | 1,528,348 |
Outside partners' capital | 837,812 |  |  | 1,349,559 |
Total liabilities and partners' capital | $ | 7,809,805 |  |  | $ | 8,820,668 |
Investment in unconsolidated joint ventures: |  |  |
Company's capital | $ | 1,090,403 |  |  | $ | 1,528,348 |
Basis adjustment(2) | (412,425) |  |  | (425,153) |
| $ | 677,978 |  |  | $ | 1,103,195 |
Assets—Investments in unconsolidated joint ventures | 852,764 |  |  | $ | 1,224,288 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (174,786) |  |  | (121,093) |
| $ | 677,978 |  |  | $ | 1,103,195 |
_______________________________________________________________________________ (1)These amounts include the assets of $2,613,690 and $2,690,651 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2023 and 2022, respectively, and liabilities of $1,578,328 and $1,611,661 of the PPR Portfolio as of December 31, 2023 and 2022, 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 (loss) income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $(14,316), $9,371 and $10,276 for the years ended December 31, 2023, 2022 and 2021, respectively.
Schedule of 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, 2023 |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |
Leasing revenue |  |  | $ | 178,790 |  |  | $ | 690,013 |  |  | $ | 868,803 |  |
Other |  |  | 2,295 |  |  | 21,628 |  |  | 23,923 |  |
Total revenues |  |  | 181,085 |  |  | 711,641 |  |  | 892,726 |  |
Expenses: |  |  |  |  |  |  |  |
Shopping center and operating expenses |  |  | 44,096 |  |  | 247,843 |  |  | 291,939 |  |
Leasing expense |  |  | 1,709 |  |  | 4,960 |  |  | 6,669 |  |
Interest expense |  |  | 87,586 |  |  | 197,840 |  |  | 285,426 |  |
Depreciation and amortization |  |  | 89,629 |  |  | 250,005 |  |  | 339,634 |  |
Total operating expenses |  |  | 223,020 |  |  | 700,648 |  |  | 923,668 |  |
Loss on sale or write down of assets, net |  |  | — |  |  | (192,336) |  |  | (192,336) |  |
Net loss |  |  | $ | (41,935) |  |  | $ | (181,343) |  |  | $ | (223,278) |  |
Company's equity in net loss |  |  | $ | (16,517) |  |  | $ | (140,420) |  |  | $ | (156,937) |  |
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 or write down of assets, net |  |  | — |  |  | (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) |  |
|  |  |  | PPR Portfolio |  | Other Joint Ventures |  | Total
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 or write down of assets, net |  |  |  | — |  |  | (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 |

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