Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 was as follows:


Joint Venture	Ownership %(1)

AM Tysons LLC	50.0	%

Corte Madera Village, LLC	50.1	%


Freehold Chandler Holdings LP - Chandler Fashion Center	50.1	%
Kierland Commons Investment LLC	50.0	%
Macerich HHF Broadway Plaza LLC—Broadway Plaza	50.0	%
Macerich HHF Centers LLC—Various Properties	51.0	%




Propcor II Associates, LLC—Boulevard Shops	50.0	%
Paradise Valley - Various Entities	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	%

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(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:


	2024		2023
Assets(1):
Property, net	$	3,519,602	$	7,201,941
Other assets	459,468		607,864
Total assets	$	3,979,070	$	7,809,805
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	3,461,032	$	5,445,411
Other liabilities	324,799		436,179
Company's capital	100,684		1,090,403
Outside partners' capital	92,555		837,812
Total liabilities and partners' capital	$	3,979,070	$	7,809,805
Investment in unconsolidated joint ventures:
Company's capital	$	100,684	$	1,090,403
Basis adjustment(2)	361,303		(412,425)
	$	461,987	$	677,978

Assets—Investments in unconsolidated joint ventures	654,667		$	852,764
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(192,680)		(174,786)
	$	461,987	$	677,978

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(1)These amounts include $2,613,690 of assets and $1,578,328 of liabilities of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2023. On October 24, 2024, the Company acquired its joint venture partner's 40% interest in the PPR Portfolio as described above.

(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 or on an accelerated basis upon disposition by the joint venture. The amortization of this difference was $343,722, $(14,316) and $9,371 for the years ended December 31, 2024, 2023 and 2022, 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, 2024
Revenues:
Leasing revenue	$	131,449	$	610,011	$	741,460
Other	1,416		26,344		27,760
Total revenues	132,865		636,355		769,220
Expenses:
Shopping center and operating expenses	32,413		212,023		244,436
Leasing expense	1,218		4,858		6,076
Interest expense	67,319		195,123		262,442
Depreciation and amortization	60,276		208,844		269,120
Total operating expenses	161,226		620,848		782,074
Loss on sale or write down of assets, net	(640,803)		(199,169)		(839,972)

Net loss	$	(669,164)	$	(183,662)	$	(852,826)
Company's equity in net loss(1)	$	(134,398)	$	(62,954)	$	(197,352)

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(1)	$	(16,517)	$	(140,420)	$	(156,937)


	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 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(1)	$	(3,501)	$	(1,755)	$	(5,256)

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(1)These amounts include impairment losses at the Company's share of $179,960, $152,360 and $27,054 for the years ended December 31, 2024, 2023 and 2022, respectively.