Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MACERICH CO | ' |
Entity Central Index Key | '0000912242 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 140,540,086 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS: | ' | ' | ||
Property, net | $7,733,929 | $7,479,546 | ||
Cash and cash equivalents | 62,108 | 65,793 | ||
Restricted cash | 26,704 | 78,658 | ||
Marketable securities | 0 | 23,667 | ||
Tenant and other receivables, net | 94,719 | 103,744 | ||
Deferred charges and other assets, net | 546,582 | 565,130 | ||
Loans to unconsolidated joint ventures | 2,736 | 3,345 | ||
Due from affiliates | 32,299 | 17,068 | ||
Investments in unconsolidated joint ventures | 706,450 | 974,258 | ||
Total assets | 9,205,527 | 9,311,209 | ||
Mortgage notes payable: | ' | ' | ||
Related parties | 270,715 | [1] | 274,609 | [1] |
Others | 4,209,900 | [1] | 4,162,734 | [1] |
Total | 4,480,615 | 4,437,343 | ||
Bank and other notes payable | 282,937 | 824,027 | ||
Accounts payable and accrued expenses | 85,394 | 70,251 | ||
Other accrued liabilities | 360,408 | 318,174 | ||
Distributions in excess of investments in unconsolidated joint ventures | 257,452 | 152,948 | ||
Co-venture obligation | 83,951 | 92,215 | ||
Total liabilities | 5,550,757 | 5,894,958 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Common stock, $0.01 par value, 250,000,000 shares authorized, 140,716,198 and 137,507,010 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 1,407 | 1,375 | ||
Additional paid-in capital | 3,901,676 | 3,715,895 | ||
Accumulated deficit | -606,464 | -639,741 | ||
Total stockholders' equity | 3,296,619 | 3,077,529 | ||
Noncontrolling interests | 358,151 | 338,722 | ||
Total equity | 3,654,770 | 3,416,251 | ||
Total liabilities and equity | $9,205,527 | $9,311,209 | ||
[1] | The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized to interest expense over the remaining term of the related debt in a manner that approximates the effective interest method.Debt premiums (discounts) consist of the following:Property Pledged as CollateralSeptember 30, 2013 December 31, 2012Arrowhead Towne Center$15,411 $17,716Camelback Colonnade2,416 —Deptford Mall(15) (19)Fashion Outlets of Niagara Falls USA6,574 7,270FlatIron Crossing— 5,232Great Northern Mall(5) (28)Valley Mall(241) (307) $24,140 $29,864 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 140,716,198 | 137,507,010 |
Common stock, shares outstanding (in shares) | 140,716,198 | 137,507,010 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenues: | ' | ' | ' | ' | ||||
Minimum rents | $150,638 | $112,221 | $438,625 | $335,713 | ||||
Percentage rents | 4,137 | 4,838 | 10,953 | 10,806 | ||||
Tenant recoveries | 90,033 | 64,713 | 256,366 | 186,661 | ||||
Management Companies | 10,742 | 9,858 | 31,193 | 30,730 | ||||
Other | 11,006 | 12,462 | 35,770 | 28,988 | ||||
Total revenues | 266,556 | 204,092 | 772,907 | 592,898 | ||||
Expenses: | ' | ' | ' | ' | ||||
Shopping center and operating expenses | 86,184 | 63,246 | 248,933 | 185,332 | ||||
Management Companies' operating expenses | 23,036 | 20,706 | 69,003 | 66,953 | ||||
REIT general and administrative expenses | 5,955 | 5,063 | 18,672 | 15,235 | ||||
Depreciation and amortization | 91,346 | 68,737 | 272,696 | 207,177 | ||||
Total expenses before interest | 206,521 | 157,752 | 609,304 | 474,697 | ||||
Interest expense: | ' | ' | ' | ' | ||||
Related parties | 3,745 | 3,815 | 11,289 | 11,588 | ||||
Other | 48,911 | 37,750 | 147,430 | 113,706 | ||||
Total interest expense | 52,656 | 41,565 | 158,719 | 125,294 | ||||
Loss (gain) on early extinguishment of debt, net | 6 | 0 | -1,938 | 0 | ||||
Total expenses | 259,183 | 199,317 | 766,085 | 599,991 | ||||
Equity in income of unconsolidated joint ventures | 35,161 | 19,315 | 145,477 | 68,624 | ||||
Co-venture expense | -2,053 | -2,066 | -6,232 | -4,462 | ||||
Income tax benefit | 543 | 934 | 2,263 | 2,159 | ||||
Gain on remeasurement, sale or write down of assets, net | 1,763 | 21,967 | 5,793 | 39,938 | ||||
Income from continuing operations | 42,787 | 44,925 | 154,123 | 99,166 | ||||
Discontinued operations: | ' | ' | ' | ' | ||||
(Loss) gain on the disposition of assets, net | -1,281 | -256 | 140,631 | 75,571 | ||||
(Loss) income from discontinued operations | -681 | 2,606 | 3,416 | 5,357 | ||||
Total (loss) income from discontinued operations | -1,962 | 2,350 | 144,047 | 80,928 | ||||
Net income | 40,825 | 47,275 | 298,170 | 180,094 | ||||
Less net income attributable to noncontrolling interests | 2,702 | 3,382 | 22,958 | 16,915 | ||||
Net income attributable to the Company | $38,123 | $43,893 | $275,212 | $163,179 | ||||
Earnings per common share attributable to Company—basic: (in dollars per share) | ' | ' | ' | ' | ||||
Income from continuing operations | $0.28 | $0.31 | $1 | $0.66 | ||||
Discontinued operations | ($0.01) | $0.02 | $0.97 | $0.56 | ||||
Net income attributable to common stockholders | $0.27 | $0.33 | $1.97 | $1.22 | ||||
Earnings per common share attributable to Company—diluted: (in dollars per share) | ' | ' | ' | ' | ||||
Income from continuing operations | $0.28 | $0.31 | $1 | $0.66 | ||||
Discontinued operations | ($0.01) | $0.02 | $0.97 | $0.56 | ||||
Net income attributable to common stockholders | $0.27 | $0.33 | $1.97 | $1.22 | ||||
Weighted average number of common shares outstanding: (in shares) | ' | ' | ' | ' | ||||
Basic | 140,712 | 134,220 | 139,219 | 133,091 | ||||
Diluted | 140,773 | [1] | 134,330 | [1] | 139,320 | [1] | 133,187 | [1] |
[1] | The convertible senior notes ("Senior Notes") are excluded from diluted EPS for the nine months ended September 30, 2012 as their impact was antidilutive. The Senior Notes were paid off in full on March 15, 2012 (See Note 10—Bank and Other Notes Payable).Diluted EPS excludes 184,304 convertible preferred units for the three months ended September 30, 2013 and 2012, and 184,304 and 197,183 convertible preferred units for the nine months ended September 30, 2013 and 2012, respectively, as their impact was antidilutive.Diluted EPS excludes 9,621,313 and 10,769,552 Operating Partnership units ("OP Units") for the three months ended September 30, 2013 and 2012, respectively, and 9,920,197 and 11,069,129 OP Units for the nine months ended September 30, 2013 and 2012, respectively, as their impact was antidilutive. |
CONSOLIDATED_STATEMENT_OF_EQUI
CONSOLIDATED STATEMENT OF EQUITY (USD $) | Total | Total Stockholders' Equity | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Noncontrolling Interests |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2012 | $3,416,251 | $3,077,529 | $1,375 | $3,715,895 | ($639,741) | $338,722 |
Balance (in shares) at Dec. 31, 2012 | 137,507,010 | ' | 137,507,010 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Net income | 298,170 | 275,212 | ' | ' | 275,212 | 22,958 |
Share and unit-based compensation plans (in shares) | ' | ' | 86,425 | ' | ' | ' |
Share and unit-based compensation plans | 16,757 | 16,757 | ' | 16,757 | ' | ' |
Employee stock purchases (in shares) | ' | ' | 8,941 | ' | ' | ' |
Employee stock purchases | 459 | 459 | ' | 459 | ' | ' |
Stock offerings, net (in shares) | ' | ' | 2,456,956 | ' | ' | ' |
Stock offerings, net | 171,121 | 171,121 | 25 | 171,096 | ' | ' |
Distributions paid ($1.74) per share | -241,935 | -241,935 | ' | ' | -241,935 | ' |
Distributions to noncontrolling interests | -19,207 | ' | ' | ' | ' | -19,207 |
Contributions from noncontrolling interests | 18,066 | ' | ' | ' | ' | 18,066 |
Other | -3,890 | -3,890 | ' | -3,890 | ' | ' |
Conversion of noncontrolling interests to common shares (in shares) | ' | ' | 656,866 | ' | ' | ' |
Conversion of noncontrolling interests to common shares | ' | 12,984 | 7 | 12,977 | ' | -12,984 |
Redemption of noncontrolling interests | -1,022 | -703 | ' | -703 | ' | -319 |
Adjustment of noncontrolling interest in Operating Partnership | ' | -10,915 | ' | -10,915 | ' | 10,915 |
Balance at Sep. 30, 2013 | $3,654,770 | $3,296,619 | $1,407 | $3,901,676 | ($606,464) | $358,151 |
Balance (in shares) at Sep. 30, 2013 | 140,716,198 | ' | 140,716,198 | ' | ' | ' |
CONSOLIDATED_STATEMENT_OF_EQUI1
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' |
Distributions paid, per share (in dollars per share) | $1.74 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $298,170 | $180,094 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Gain on early extinguishment of debt, net | -1,938 | 0 |
Gain on remeasurement, sale or write down of assets, net | -5,793 | -39,938 |
Gain on the disposition of assets, net from discontinued operations | -140,631 | -75,571 |
Depreciation and amortization | 285,933 | 234,410 |
Amortization of net (premium) discount on mortgages, bank and other notes payable | -5,502 | 661 |
Amortization of share and unit-based plans | 13,913 | 8,950 |
Provision for doubtful accounts | 3,231 | 2,200 |
Income tax benefit | -2,263 | -2,159 |
Equity in income of unconsolidated joint ventures | -145,477 | -68,624 |
Distributions of income from unconsolidated joint ventures | 8,538 | 14,682 |
Co-venture expense | 6,232 | 4,462 |
Changes in assets and liabilities, net of acquisitions and dispositions: | ' | ' |
Tenant and other receivables | -1,887 | -1,336 |
Other assets | 19,786 | 23,114 |
Due from affiliates | -1,901 | -4,208 |
Accounts payable and accrued expenses | 10,355 | 16,272 |
Other accrued liabilities | -11,910 | -36,830 |
Net cash provided by operating activities | 328,856 | 256,179 |
Cash flows from investing activities: | ' | ' |
Acquisitions of property | -492,577 | -70,925 |
Development, redevelopment, expansion and renovation of properties | -158,682 | -84,283 |
Property improvements | -21,752 | -24,846 |
Issuance of notes receivable | -13,330 | -12,500 |
Proceeds from notes receivable | 8,347 | 0 |
Proceeds from maturities of marketable securities | 23,769 | 788 |
Deferred leasing costs | -21,774 | -20,875 |
Distributions from unconsolidated joint ventures | 665,374 | 217,393 |
Contributions to unconsolidated joint ventures | -135,477 | -47,513 |
Collection of/loans to unconsolidated joint ventures, net | 609 | 661 |
Proceeds from sale of assets | 327,059 | 130,691 |
Restricted cash | 52,892 | 2,886 |
Net cash provided by investing activities | 234,458 | 91,477 |
Cash flows from financing activities: | ' | ' |
Proceeds from mortgages, bank and other notes payable | 2,239,853 | 1,580,885 |
Payments on mortgages, bank and other notes payable | -2,694,945 | -1,813,271 |
Deferred financing costs | -11,053 | -4,639 |
Net proceeds from stock offerings | 171,121 | 175,869 |
Proceeds from share and unit-based plans | 558 | 656 |
Exercise of stock warrants | 0 | -3,448 |
Redemption of noncontrolling interests | -1,022 | -71 |
Contribution from noncontrolling interests | 4,127 | 918 |
Dividends and distributions | -261,142 | -240,635 |
Distributions to co-venture partner | -14,496 | -34,615 |
Net cash used in financing activities | -566,999 | -338,351 |
Net (decrease) increase in cash and cash equivalents | -3,685 | 9,305 |
Cash and cash equivalents, beginning of period | 65,793 | 67,248 |
Cash and cash equivalents, end of period | 62,108 | 76,553 |
Supplemental cash flow information: | ' | ' |
Cash payments for interest, net of amounts capitalized | 164,673 | 147,946 |
Non-cash transactions: | ' | ' |
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | 23,666 | 30,591 |
Noncash or Part Noncash Acquisition, Debt Assumed | 109,858 | 0 |
Assumption of mortgage note payable and other liabilities from unconsolidated joint ventures | 54,271 | 0 |
Mortgage notes payable settled by deed-in-lieu of foreclosure | 84,000 | 185,000 |
Application of deposit to acquire property | 30,000 | 0 |
Conversion of noncontrolling interests to common shares | $12,984 | $11,978 |
Organization
Organization: | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization: | ' |
Organization: | |
The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States. | |
The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of September 30, 2013, the Company was the sole general partner of, and held a 94% ownership interest in, The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). | |
The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies." | |
All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies: | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies: | ' |
Summary of Significant Accounting Policies: | |
Basis of Presentation: | |
The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by independent public accountants. | |
The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures. | |
All intercompany accounts and transactions have been eliminated in the consolidated financial statements. | |
The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2012 has been derived from the audited financial statements, but does not include all disclosures required by GAAP. |
Earnings_per_Share_EPS
Earnings per Share ("EPS"): | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings per Share ("EPS"): | ' | |||||||||||||||
Earnings per Share ("EPS"): | ||||||||||||||||
The following table reconciles the numerator and denominator used in the computation of earnings per share for the three and nine months ended September 30, 2013 and 2012 (shares in thousands): | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Income from continuing operations | $ | 42,787 | $ | 44,925 | $ | 154,123 | $ | 99,166 | ||||||||
(Loss) income from discontinued operations | (1,962 | ) | 2,350 | 144,047 | 80,928 | |||||||||||
Net income attributable to noncontrolling interests | (2,702 | ) | (3,382 | ) | (22,958 | ) | (16,915 | ) | ||||||||
Net income attributable to the Company | 38,123 | 43,893 | 275,212 | 163,179 | ||||||||||||
Allocation of earnings to participating securities | (80 | ) | (63 | ) | (257 | ) | (443 | ) | ||||||||
Numerator for basic and diluted earnings per share—net income attributable to common stockholders | $ | 38,043 | $ | 43,830 | $ | 274,955 | $ | 162,736 | ||||||||
Denominator | ||||||||||||||||
Denominator for basic earnings per share—weighted average number of common shares outstanding | 140,712 | 134,220 | 139,219 | 133,091 | ||||||||||||
Effect of dilutive securities:(1) | ||||||||||||||||
Stock warrants | — | 64 | — | 78 | ||||||||||||
Share and unit-based compensation plans | 61 | 46 | 101 | 18 | ||||||||||||
Denominator for diluted earnings per share—weighted average number of common shares outstanding | 140,773 | 134,330 | 139,320 | 133,187 | ||||||||||||
Earnings per common share—basic: | ||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.31 | $ | 1 | $ | 0.66 | ||||||||
Discontinued operations | (0.01 | ) | 0.02 | 0.97 | 0.56 | |||||||||||
Net income attributable to common stockholders | $ | 0.27 | $ | 0.33 | $ | 1.97 | $ | 1.22 | ||||||||
Earnings per common share—diluted: | ||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.31 | $ | 1 | $ | 0.66 | ||||||||
Discontinued operations | (0.01 | ) | 0.02 | 0.97 | 0.56 | |||||||||||
Net income attributable to common stockholders | $ | 0.27 | $ | 0.33 | $ | 1.97 | $ | 1.22 | ||||||||
-1 | The convertible senior notes ("Senior Notes") are excluded from diluted EPS for the nine months ended September 30, 2012 as their impact was antidilutive. The Senior Notes were paid off in full on March 15, 2012 (See Note 10—Bank and Other Notes Payable). | |||||||||||||||
Diluted EPS excludes 184,304 convertible preferred units for the three months ended September 30, 2013 and 2012, and 184,304 and 197,183 convertible preferred units for the nine months ended September 30, 2013 and 2012, respectively, as their impact was antidilutive. | ||||||||||||||||
Diluted EPS excludes 9,621,313 and 10,769,552 Operating Partnership units ("OP Units") for the three months ended September 30, 2013 and 2012, respectively, and 9,920,197 and 11,069,129 OP Units for the nine months ended September 30, 2013 and 2012, respectively, as their impact was antidilutive. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures: | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Investments in Unconsolidated Joint Ventures: | ' | |||||||||||||||
Investments in Unconsolidated Joint Ventures: | ||||||||||||||||
During 2013 and 2012, the Company made the following investments and dispositions relating to its unconsolidated joint ventures: | ||||||||||||||||
On March 30, 2012, the Company sold its 50% ownership interest in Chandler Village Center, a 273,000 square foot community center in Chandler, Arizona, for a total sales price of $14,795, resulting in a gain on sale of assets of $8,185 that was included in gain on remeasurement, sale or write down of assets, net during the nine months ended September 30, 2012. The sales price was funded by a cash payment of $6,045 and the assumption of the Company's share of the mortgage note payable on the property of $8,750. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. | ||||||||||||||||
On March 30, 2012, the Company sold its 50% ownership interest in Chandler Festival, a 500,000 square foot community center in Chandler, Arizona, for a total sales price of $30,975, resulting in a gain on sale of assets of $12,347 that was included in gain on remeasurement, sale or write down of assets, net during the nine months ended September 30, 2012. The sales price was funded by a cash payment of $16,183 and the assumption of the Company's share of the mortgage note payable on the property of $14,792. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. | ||||||||||||||||
On March 30, 2012, the Company's joint venture in SanTan Village Power Center, a 491,000 square foot community center in Gilbert, Arizona, sold the property for $54,780, resulting in a gain on sale of assets to the joint venture of $23,294. The cash proceeds from the sale were used to pay off the $45,000 mortgage loan on the property and the remaining $9,780 was distributed to the partners. The Company's share of the gain recognized was $11,502, which was included in equity in income of unconsolidated joint ventures during the nine months ended September 30, 2012, offset in part by $3,565, which was included in net income attributable to noncontrolling interests during the nine months ended September 30, 2012. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. | ||||||||||||||||
On May 31, 2012, the Company sold its 50% ownership interest in Chandler Gateway, a 260,000 square foot community center in Chandler, Arizona, for a total sales price of $14,315, resulting in a gain on sale of assets of $3,365 that was included in gain on remeasurement, sale or write down of assets, net during the nine months ended September 30, 2012. The sales price was funded by a cash payment of $4,921 and the assumption of the Company's share of the mortgage note payable on the property of $9,394. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. | ||||||||||||||||
On August 10, 2012, the Company was bought out of its ownership interest in NorthPark Center, a 1,946,000 square foot regional shopping center in Dallas, Texas, for $118,810, resulting in a gain of $24,590 that was included in gain on remeasurement, sale or write down of assets during the three and nine months ended September 30, 2012. The Company used the cash proceeds to pay down its line of credit. | ||||||||||||||||
On October 3, 2012, the Company acquired the remaining 75% ownership interest in FlatIron Crossing, a 1,435,000 square foot regional shopping center in Broomfield, Colorado, that it did not own for $310,397. The purchase price was funded by a cash payment of $195,900 and the assumption of the third party's share of the mortgage note payable on the property of $114,497. Prior to the acquisition, the Company had accounted for its investment in FlatIron Crossing under the equity method. Since the date of acquisition, the Company has included FlatIron Crossing in its consolidated financial statements (See Note 14—Acquisitions). | ||||||||||||||||
On October 26, 2012, the Company acquired the remaining 33.3% ownership interest in Arrowhead Towne Center, a 1,196,000 square foot regional shopping center in Glendale, Arizona, that it did not own for $144,400. The purchase price was funded by a cash payment of $69,025 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $75,375. Prior to the acquisition, the Company had accounted for its investment in Arrowhead Towne Center under the equity method. Since the date of acquisition, the Company has included Arrowhead Towne Center in its consolidated financial statements (See Note 14—Acquisitions). | ||||||||||||||||
On May 29, 2013, the Company's joint venture in Pacific Premier Retail LP sold Redmond Town Center Office, a 582,000 square foot office building in Redmond, Washington, for $185,000, resulting in a gain on the sale of assets of $89,155 to the joint venture. The Company's share of the gain was $44,424, which was included in equity in income of unconsolidated joint ventures during the nine months ended September 30, 2013. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. | ||||||||||||||||
On June 12, 2013, the Company's joint venture in Pacific Premier Retail LP sold Kitsap Mall, a 846,000 square foot regional shopping center in Silverdale, Washington, for $127,000, resulting in a gain on the sale of assets of $55,155 to the joint venture. The Company's share of the gain was $28,129, which was included in equity in income of unconsolidated joint ventures during the nine months ended September 30, 2013. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. | ||||||||||||||||
On August 1, 2013, the Company's joint venture in Pacific Premier Retail LP sold Redmond Town Center, a 695,000 square foot community center in Redmond, Washington, for $127,000, resulting in a gain on the sale of assets of $38,471 to the joint venture. The Company's share of the gain was $18,263, which was included in equity in income of unconsolidated joint ventures during the three and nine months ended September 30, 2013. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. | ||||||||||||||||
On September 17, 2013, the Company’s joint venture in Camelback Colonnade, a 619,000 square foot community center in Phoenix, Arizona, was restructured. As a result of the restructuring, the Company’s ownership interest in Camelback Colonnade decreased from 73.2% to 67.5%. Prior to the restructuring, the Company had accounted for its investment in Camelback Colonnade under the equity method of accounting due to substantive participation rights held by the outside partners. Upon completion of the restructuring, these substantive participation rights were terminated and the Company obtained voting control of the joint venture. This transaction is referred to herein as the "Camelback Colonnade Restructuring". Since the date of the restructuring, the Company has included Camelback Colonnade in its consolidated financial statements (See Note 14—Acquisitions). | ||||||||||||||||
Combined condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. | ||||||||||||||||
Combined Condensed Balance Sheets of Unconsolidated Joint Ventures: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Assets(1): | ||||||||||||||||
Properties, net | $ | 3,454,127 | $ | 3,653,631 | ||||||||||||
Other assets | 316,985 | 411,862 | ||||||||||||||
Total assets | $ | 3,771,112 | $ | 4,065,493 | ||||||||||||
Liabilities and partners' capital(1): | ||||||||||||||||
Mortgage notes payable(2) | $ | 3,648,498 | $ | 3,240,723 | ||||||||||||
Other liabilities | 196,927 | 148,711 | ||||||||||||||
Company's (deficit) capital | (72,153 | ) | 304,477 | |||||||||||||
Outside partners' (deficit) capital | (2,160 | ) | 371,582 | |||||||||||||
Total liabilities and partners' capital | $ | 3,771,112 | $ | 4,065,493 | ||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Company's (deficit) capital | $ | (72,153 | ) | $ | 304,477 | |||||||||||
Basis adjustment(3) | 521,151 | 516,833 | ||||||||||||||
$ | 448,998 | $ | 821,310 | |||||||||||||
Assets—Investments in unconsolidated joint ventures | $ | 706,450 | $ | 974,258 | ||||||||||||
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (257,452 | ) | (152,948 | ) | ||||||||||||
$ | 448,998 | $ | 821,310 | |||||||||||||
-1 | These amounts include the assets and liabilities of the following joint ventures as of September 30, 2013 and December 31, 2012: | |||||||||||||||
Pacific | Tysons | |||||||||||||||
Premier | Corner LLC | |||||||||||||||
Retail LP | ||||||||||||||||
As of September 30, 2013: | ||||||||||||||||
Total Assets | $ | 776,186 | $ | 467,632 | ||||||||||||
Total Liabilities | $ | 818,222 | $ | 337,804 | ||||||||||||
As of December 31, 2012: | ||||||||||||||||
Total Assets | $ | 1,039,742 | $ | 409,622 | ||||||||||||
Total Liabilities | $ | 942,370 | $ | 329,145 | ||||||||||||
-2 | Certain mortgage notes payable could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of September 30, 2013 and December 31, 2012, a total of $47,040 and $51,171, respectively, could become recourse debt to the Company. As of September 30, 2013 and December 31, 2012, the Company had indemnity agreements from joint venture partners for $21,270 of the guaranteed amount. | |||||||||||||||
Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $715,332 and $436,857 as of September 30, 2013 and December 31, 2012, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense incurred on these borrowings amounted to $7,920 and $10,980 for the three months ended September 30, 2013 and 2012, respectively, and $21,717 and $32,974 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
-3 | 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 $3,860 and $3,136 for the three months ended September 30, 2013 and 2012, respectively, and $9,753 and $6,211 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||
Combined Condensed Statements of Operations of Unconsolidated Joint Ventures: | ||||||||||||||||
Pacific | Tysons | Other | Total | |||||||||||||
Premier | Corner | Joint | ||||||||||||||
Retail LP | LLC | Ventures | ||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 27,426 | $ | 15,344 | $ | 59,940 | $ | 102,710 | ||||||||
Percentage rents | 572 | (12 | ) | 2,938 | 3,498 | |||||||||||
Tenant recoveries | 12,115 | 11,304 | 28,361 | 51,780 | ||||||||||||
Other | 1,086 | 510 | 8,143 | 9,739 | ||||||||||||
Total revenues | 41,199 | 27,146 | 99,382 | 167,727 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 12,231 | 9,818 | 35,926 | 57,975 | ||||||||||||
Interest expense | 10,251 | 3,801 | 21,062 | 35,114 | ||||||||||||
Depreciation and amortization | 9,067 | 4,568 | 22,688 | 36,323 | ||||||||||||
Total operating expenses | 31,549 | 18,187 | 79,676 | 129,412 | ||||||||||||
Gain (loss) on remeasurement, sale or write down of assets, net | 38,432 | — | (328 | ) | 38,104 | |||||||||||
Gain on early extinguishment of debt | — | 14 | — | 14 | ||||||||||||
Net income | $ | 48,082 | $ | 8,973 | $ | 19,378 | $ | 76,433 | ||||||||
Company's equity in net income | $ | 21,567 | $ | 2,919 | $ | 10,675 | $ | 35,161 | ||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 32,718 | $ | 15,847 | $ | 75,809 | $ | 124,374 | ||||||||
Percentage rents | 837 | 233 | 4,214 | 5,284 | ||||||||||||
Tenant recoveries | 14,091 | 11,340 | 37,663 | 63,094 | ||||||||||||
Other | 1,138 | 618 | 9,415 | 11,171 | ||||||||||||
Total revenues | 48,784 | 28,038 | 127,101 | 203,923 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 15,075 | 8,760 | 46,153 | 69,988 | ||||||||||||
Interest expense | 12,904 | 2,838 | 32,338 | 48,080 | ||||||||||||
Depreciation and amortization | 10,905 | 5,094 | 28,784 | 44,783 | ||||||||||||
Total operating expenses | 38,884 | 16,692 | 107,275 | 162,851 | ||||||||||||
Loss on remeasurement, sale or write down of assets, net | — | — | (28 | ) | (28 | ) | ||||||||||
Net income | $ | 9,900 | $ | 11,346 | $ | 19,798 | $ | 41,044 | ||||||||
Company's equity in net income | $ | 5,035 | $ | 4,372 | $ | 9,908 | $ | 19,315 | ||||||||
Pacific | Tysons | Other | Total | |||||||||||||
Premier | Corner | Joint | ||||||||||||||
Retail LP | LLC | Ventures | ||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 91,779 | $ | 46,526 | $ | 180,870 | $ | 319,175 | ||||||||
Percentage rents | 2,155 | 734 | 7,176 | 10,065 | ||||||||||||
Tenant recoveries | 40,555 | 34,025 | 82,261 | 156,841 | ||||||||||||
Other | 3,980 | 2,080 | 26,923 | 32,983 | ||||||||||||
Total revenues | 138,469 | 83,365 | 297,230 | 519,064 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 40,948 | 26,819 | 106,887 | 174,654 | ||||||||||||
Interest expense | 33,118 | 7,825 | 66,108 | 107,051 | ||||||||||||
Depreciation and amortization | 30,697 | 13,499 | 67,808 | 112,004 | ||||||||||||
Total operating expenses | 104,763 | 48,143 | 240,803 | 393,709 | ||||||||||||
Gain on remeasurement, sale or write down of assets, net | 182,781 | — | 373 | 183,154 | ||||||||||||
Gain on early extinguishment of debt | — | 14 | — | 14 | ||||||||||||
Net income | $ | 216,487 | $ | 35,236 | $ | 56,800 | $ | 308,523 | ||||||||
Company's equity in net income | $ | 105,684 | $ | 12,957 | $ | 26,836 | $ | 145,477 | ||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 98,812 | $ | 47,149 | $ | 251,599 | $ | 397,560 | ||||||||
Percentage rents | 2,571 | 866 | 10,531 | 13,968 | ||||||||||||
Tenant recoveries | 41,967 | 32,969 | 121,825 | 196,761 | ||||||||||||
Other | 3,665 | 1,964 | 27,775 | 33,404 | ||||||||||||
Total revenues | 147,015 | 82,948 | 411,730 | 641,693 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 43,385 | 25,834 | 155,014 | 224,233 | ||||||||||||
Interest expense | 39,405 | 8,902 | 108,784 | 157,091 | ||||||||||||
Depreciation and amortization | 31,926 | 15,279 | 91,214 | 138,419 | ||||||||||||
Total operating expenses | 114,716 | 50,015 | 355,012 | 519,743 | ||||||||||||
(Loss) gain on remeasurement, sale or write down of assets, net | (10 | ) | — | 22,948 | 22,938 | |||||||||||
Net income | $ | 32,289 | $ | 32,933 | $ | 79,666 | $ | 144,888 | ||||||||
Company's equity in net income | $ | 16,422 | $ | 12,721 | $ | 39,481 | $ | 68,624 | ||||||||
Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. |
Property
Property: | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property: | ' | |||||||
Property: | ||||||||
Property consists of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Land | $ | 1,751,611 | $ | 1,572,621 | ||||
Buildings and improvements | 6,642,696 | 6,417,674 | ||||||
Tenant improvements | 554,528 | 496,203 | ||||||
Equipment and furnishings | 153,146 | 149,959 | ||||||
Construction in progress | 239,106 | 376,249 | ||||||
9,341,087 | 9,012,706 | |||||||
Less accumulated depreciation | (1,607,158 | ) | (1,533,160 | ) | ||||
$ | 7,733,929 | $ | 7,479,546 | |||||
Depreciation expense was $71,136 and $55,086 for the three months ended September 30, 2013 and 2012, respectively, and $207,877 and $164,369 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||
The gain on remeasurement, sale or write down of assets, net includes the write off of development costs of $126 and $2,623 during the three months ended September 30, 2013 and 2012, respectively, and $1,497 and $8,549 during the nine months ended September 30, 2013 and 2012, respectively. | ||||||||
The gain on remeasurement, sale or write down of assets, net for the three and nine months ended September 30, 2013 includes a remeasurement gain of $36,341 on the Camelback Colonnade Restructuring (See Note 14—Acquisitions) offset in part by an impairment loss of $34,452 due to the reduction in the estimated holding period of the long-lived assets of Great Northern Mall and two former Mervyn's stores. | ||||||||
In addition, the gain on remeasurement, sale or write down of assets, net includes the gain on the sale of assets of $5,401 during the nine months ended September 30, 2013. |
Marketable_Securities
Marketable Securities: | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||
Marketable Securities: | ' | |||||||
Marketable Securities: | ||||||||
Marketable securities consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Government debt securities, at par value | $ | — | $ | 23,769 | ||||
Less discount | — | (102 | ) | |||||
— | 23,667 | |||||||
Unrealized gain | — | 685 | ||||||
Fair value (Level 1 measurement) | $ | — | $ | 24,352 | ||||
The proceeds from maturities and interest receipts from the marketable securities were restricted to the service of the Greeley Note (See Note 10—Bank and Other Notes Payable). On September 1, 2013, the Greeley note was paid off in full. |
Tenant_and_Other_Receivables_n
Tenant and Other Receivables, net: | 9 Months Ended |
Sep. 30, 2013 | |
Loans and Leases Receivable Disclosure [Abstract] | ' |
Tenant and Other Receivables, net: | ' |
Tenant and Other Receivables, net: | |
Included in tenant and other receivables, net, is an allowance for doubtful accounts of $2,672 and $2,374 at September 30, 2013 and December 31, 2012, respectively. Also included in tenant and other receivables, net, are accrued percentage rents of $2,180 and $9,168 at September 30, 2013 and December 31, 2012, respectively, and deferred rent receivable due to straight-line rent adjustments of $53,523 and $49,129 at September 30, 2013 and December 31, 2012, respectively. | |
Tenant and other receivables, net includes a note receivable from J&R Holdings XV, LLC ("Pederson") that bears interest at an effective rate of 16.3% and matures on December 31, 2013. Pederson is considered a related party because it has an ownership interest in Promenade at Casa Grande. The note is secured by Pederson's interest in Promenade at Casa Grande. Interest income on the note was $156 and $130 for the three months ended September 30, 2013 and 2012, respectively, and $464 and $388 for the nine months ended September 30, 2013 and 2012, respectively. The balance on the note, including accrued interest, at September 30, 2013 and December 31, 2012 was $4,427 and $3,963, respectively. | |
Tenant and other receivables, net also included a note receivable that was secured by a deed of trust, bore interest at 5.5% and was to mature on March 31, 2031. This loan was collected in full on August 23, 2013. The balance on the loan at December 31, 2012 was $8,502. |
Deferred_Charges_and_Other_Ass
Deferred Charges and Other Assets, net: | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Deferred Charges and Other Assets, net: | ' | |||||||
Deferred Charges and Other Assets, net: | ||||||||
Deferred charges and other assets, net, consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Leasing | $ | 226,891 | $ | 234,498 | ||||
Financing | 52,038 | 42,868 | ||||||
Intangible assets: | ||||||||
In-place lease values | 199,274 | 175,735 | ||||||
Leasing commissions and legal costs | 50,020 | 46,419 | ||||||
Above-market leases | 116,717 | 118,033 | ||||||
Deferred tax assets | 32,020 | 33,414 | ||||||
Deferred compensation plan assets | 29,126 | 24,670 | ||||||
Acquisition deposit | — | 30,000 | ||||||
Other assets | 68,180 | 72,811 | ||||||
774,266 | 778,448 | |||||||
Less accumulated amortization(1) | (227,684 | ) | (213,318 | ) | ||||
$ | 546,582 | $ | 565,130 | |||||
-1 | Accumulated amortization includes $80,747 and $62,792 relating to in-place lease values, leasing commissions and legal costs at September 30, 2013 and December 31, 2012, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $12,228 and $6,323 for the three months ended September 30, 2013 and 2012, respectively, and $40,611 and $22,529 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
The allocated values of above-market leases and below-market leases consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Above-Market Leases | ||||||||
Original allocated value | $ | 116,717 | $ | 118,033 | ||||
Less accumulated amortization | (43,047 | ) | (46,361 | ) | ||||
$ | 73,670 | $ | 71,672 | |||||
Below-Market Leases(1) | ||||||||
Original allocated value | $ | 186,600 | $ | 164,489 | ||||
Less accumulated amortization | (74,056 | ) | (77,131 | ) | ||||
$ | 112,544 | $ | 87,358 | |||||
-1 | Below-market leases are included in other accrued liabilities. |
Mortgage_Notes_Payable
Mortgage Notes Payable: | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Mortgage Notes Payable: | ' | ||||||||||||||||||||||||||
Mortgage Notes Payable: | |||||||||||||||||||||||||||
Mortgage notes payable at September 30, 2013 and December 31, 2012 consist of the following: | |||||||||||||||||||||||||||
Carrying Amount of Mortgage Notes(1) | |||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
Property Pledged as Collateral | Related Party | Other | Related Party | Other | Effective Interest | Monthly | Maturity | ||||||||||||||||||||
Rate(2) | Debt | Date(4) | |||||||||||||||||||||||||
Service(3) | |||||||||||||||||||||||||||
Arrowhead Towne Center | $ | — | $ | 237,832 | $ | — | $ | 243,176 | 2.76 | % | $ | 1,131 | 2018 | ||||||||||||||
Camelback Colonnade(5) | — | 49,416 | — | — | 2.16 | % | 178 | 2015 | |||||||||||||||||||
Chandler Fashion Center(6) | — | 200,000 | — | 200,000 | 3.77 | % | 625 | 2019 | |||||||||||||||||||
Chesterfield Towne Center | — | 110,000 | — | 110,000 | 4.8 | % | 573 | 2022 | |||||||||||||||||||
Danbury Fair Mall | 117,810 | 117,809 | 119,823 | 119,823 | 5.53 | % | 1,538 | 2020 | |||||||||||||||||||
Deptford Mall | — | 202,556 | — | 205,000 | 3.76 | % | 947 | 2023 | |||||||||||||||||||
Deptford Mall | — | 14,616 | — | 14,800 | 6.46 | % | 101 | 2016 | |||||||||||||||||||
Eastland Mall | — | 168,000 | — | 168,000 | 5.79 | % | 811 | 2016 | |||||||||||||||||||
Fashion Outlets of Chicago(7) | — | 81,472 | — | 9,165 | 2.98 | % | 182 | 2017 | |||||||||||||||||||
Fashion Outlets of Niagara Falls USA | — | 124,682 | — | 126,584 | 4.89 | % | 727 | 2020 | |||||||||||||||||||
Fiesta Mall(8) | — | — | — | 84,000 | — | — | — | ||||||||||||||||||||
Flagstaff Mall | — | 37,000 | — | 37,000 | 5.03 | % | 151 | 2015 | |||||||||||||||||||
FlatIron Crossing(9) | — | — | — | 173,561 | — | — | — | ||||||||||||||||||||
Freehold Raceway Mall(6) | — | 232,900 | — | 232,900 | 4.2 | % | 805 | 2018 | |||||||||||||||||||
Fresno Fashion Fair | 79,701 | 79,701 | 80,601 | 80,602 | 6.76 | % | 1,104 | 2015 | |||||||||||||||||||
Great Northern Mall | — | 35,719 | — | 36,395 | 5.19 | % | 234 | 2013 | |||||||||||||||||||
Green Acres Mall(10) | — | 321,407 | — | — | 3.61 | % | 1,447 | 2021 | |||||||||||||||||||
Kings Plaza Shopping Center(11) | — | 492,954 | — | 354,000 | 3.67 | % | 2,229 | 2019 | |||||||||||||||||||
Northgate Mall(12) | — | 64,000 | — | 64,000 | 3.06 | % | 130 | 2017 | |||||||||||||||||||
Oaks, The | — | 215,224 | — | 218,119 | 4.14 | % | 1,064 | 2022 | |||||||||||||||||||
Pacific View | — | 136,478 | — | 138,367 | 4.08 | % | 668 | 2022 | |||||||||||||||||||
Paradise Valley Mall(13) | — | — | — | 81,000 | — | — | — | ||||||||||||||||||||
Promenade at Casa Grande(14) | — | 64,226 | — | 73,700 | 5.21 | % | 245 | 2013 | |||||||||||||||||||
Salisbury, Centre at | — | 115,000 | — | 115,000 | 5.83 | % | 555 | 2016 | |||||||||||||||||||
Santa Monica Place | — | 236,701 | — | 240,000 | 2.99 | % | 1,004 | 2018 | |||||||||||||||||||
SanTan Village Regional Center(15) | — | 137,321 | — | 138,087 | 3.14 | % | 589 | 2019 | |||||||||||||||||||
South Plains Mall | — | 100,221 | — | 101,340 | 6.58 | % | 648 | 2015 | |||||||||||||||||||
South Towne Center(16) | — | — | — | 85,247 | — | — | — | ||||||||||||||||||||
Towne Mall | — | 23,092 | — | 23,369 | 4.48 | % | 117 | 2022 | |||||||||||||||||||
Tucson La Encantada | 73,204 | — | 74,185 | — | 4.23 | % | 368 | 2022 | |||||||||||||||||||
Twenty Ninth Street(17) | — | 107,000 | — | 107,000 | 3.02 | % | 251 | 2016 | |||||||||||||||||||
Valley Mall | — | 42,345 | — | 42,891 | 5.85 | % | 280 | 2016 | |||||||||||||||||||
Valley River Center | — | 120,000 | — | 120,000 | 5.59 | % | 558 | 2016 | |||||||||||||||||||
Victor Valley, Mall of(18) | — | 90,000 | — | 90,000 | 2.74 | % | 183 | 2014 | |||||||||||||||||||
Vintage Faire Mall(16) | — | 99,431 | — | 135,000 | 5.81 | % | 586 | 2015 | |||||||||||||||||||
Westside Pavilion | — | 152,797 | — | 154,608 | 4.49 | % | 783 | 2022 | |||||||||||||||||||
Wilton Mall(19) | — | — | — | 40,000 | — | — | — | ||||||||||||||||||||
$ | 270,715 | $ | 4,209,900 | $ | 274,609 | $ | 4,162,734 | ||||||||||||||||||||
-1 | The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized to interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. | ||||||||||||||||||||||||||
Debt premiums (discounts) consist of the following: | |||||||||||||||||||||||||||
Property Pledged as Collateral | September 30, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Arrowhead Towne Center | $ | 15,411 | $ | 17,716 | |||||||||||||||||||||||
Camelback Colonnade | 2,416 | — | |||||||||||||||||||||||||
Deptford Mall | (15 | ) | (19 | ) | |||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 6,574 | 7,270 | |||||||||||||||||||||||||
FlatIron Crossing | — | 5,232 | |||||||||||||||||||||||||
Great Northern Mall | (5 | ) | (28 | ) | |||||||||||||||||||||||
Valley Mall | (241 | ) | (307 | ) | |||||||||||||||||||||||
$ | 24,140 | $ | 29,864 | ||||||||||||||||||||||||
-2 | The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs. | ||||||||||||||||||||||||||
-3 | The monthly debt service represents the payment of principal and interest. | ||||||||||||||||||||||||||
-4 | The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met. | ||||||||||||||||||||||||||
-5 | On September 17, 2013, the Company obtained control of the consolidated joint venture as a result of the Camelback Colonnade Restructuring (See Note 14—Acquisitions). The loan on the property bears interest at an effective rate of 2.16% and matures on October 12, 2015. | ||||||||||||||||||||||||||
-6 | A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 11—Co-Venture Arrangement). | ||||||||||||||||||||||||||
-7 | The construction loan on the property allows for borrowings up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At September 30, 2013 and December 31, 2012, the total interest rate was 2.98% and 3.00%, respectively. | ||||||||||||||||||||||||||
-8 | On September 30, 2013, the Company conveyed the property to the lender by a deed-in-lieu of foreclosure. As a result, the Company has been discharged from this non-recourse loan (See Note 15—Discontinued Operations). | ||||||||||||||||||||||||||
-9 | On June 4, 2013, the loan was paid off in full, which resulted in a gain of $2,791 on the early extinguishment of debt. | ||||||||||||||||||||||||||
-10 | On January 24, 2013, in connection with the Company's acquisition of Green Acres Mall (See Note 14—Acquisitions), the Company placed a new loan on the property that allowed for borrowings of up to $325,000, bears interest at an effective interest rate of 3.61% and matures on February 3, 2021. Concurrent with the acquisition, the Company borrowed $100,000 on the loan. On January 31, 2013, the Company exercised its option to borrow an additional $225,000 on the loan. | ||||||||||||||||||||||||||
-11 | On January 3, 2013, the Company exercised its option to borrow an additional $146,000 on the loan. | ||||||||||||||||||||||||||
-12 | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At September 30, 2013 and December 31, 2012, the total interest rate was 3.06% and 3.09%, respectively. | ||||||||||||||||||||||||||
-13 | On August 26, 2013, the loan was paid off in full. | ||||||||||||||||||||||||||
-14 | The loan bears interest at LIBOR plus 4.0% with a LIBOR rate floor of 0.50% and matures on December 30, 2013. At September 30, 2013 and December 31, 2012, the total interest rate was 5.21%. | ||||||||||||||||||||||||||
-15 | On May 30, 2013, the consolidated joint venture replaced the existing loan on the property with a new $138,000 loan that bears interest at 3.14% and matures on June 1, 2019. | ||||||||||||||||||||||||||
-16 | On April 30, 2013, the existing loan on Vintage Faire Mall was paid off in full, resulting in a loss of $853 on the early extinguishment of debt. Concurrently, the loan on South Towne Center was assumed by Vintage Faire Mall. An additional $15,200 loan was added to the assumed loan that bears interest at 2.50% and matures on November 5, 2015. | ||||||||||||||||||||||||||
-17 | The loan bears interest at LIBOR plus 2.63% and matures on January 18, 2016. At September 30, 2013 and December 31, 2012, the total interest rate was 3.02% and 3.04%, respectively. | ||||||||||||||||||||||||||
-18 | The loan bears interest at LIBOR plus 2.25% and matures on November 6, 2014. At September 30, 2013 and December 31, 2012, the total interest rate was 2.74% and 2.12%, respectively. | ||||||||||||||||||||||||||
-19 | On August 1, 2013, the loan was paid off in full. | ||||||||||||||||||||||||||
Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. | |||||||||||||||||||||||||||
Most of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. As of September 30, 2013 and December 31, 2012, a total of $205,555 and $213,466, respectively, of the mortgage notes payable could become recourse to the Company. The Company had indemnity agreements from consolidated joint venture partners for $21,263 and $28,208 of the guaranteed amounts at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||
The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand. | |||||||||||||||||||||||||||
Total interest expense capitalized was $2,887 and $2,984 during the three months ended September 30, 2013 and 2012, respectively, and $8,227 and $7,899 during the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||||
Related party mortgage notes payable are amounts due to affiliates of NML. See Note 17—Related Party Transactions for interest expense associated with loans from NML. | |||||||||||||||||||||||||||
The fair value of mortgage notes payable at September 30, 2013 and December 31, 2012 was $4,558,549 and $4,567,658, respectively, based on current interest rates for comparable loans. The method for computing fair value (Level 2 measurement) was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt. |
Bank_and_Other_Notes_Payable
Bank and Other Notes Payable: | 9 Months Ended |
Sep. 30, 2013 | |
Bank and Other Notes Payable: | ' |
Bank and Other Notes Payable: | ' |
Bank and Other Notes Payable: | |
Bank and other notes payable consist of the following: | |
Senior Notes: | |
On March 16, 2007, the Company issued $950,000 in Senior Notes that matured on March 15, 2012. The Senior Notes bore interest at 3.25%, payable semiannually, were senior to unsecured debt of the Company and were guaranteed by the Operating Partnership. On March 15, 2012, the Company paid-off in full the $439,318 of Senior Notes then outstanding. | |
Line of Credit: | |
The Company has a $1,500,000 revolving line of credit that initially bore interest at LIBOR plus a spread of 1.75% to 3.0%, depending on the Company's overall leverage levels, and was to mature on May 2, 2015 with a one-year extension option. The line of credit had the ability to be expanded, depending on certain conditions, up to a total facility of $2,000,000 less the outstanding balance of the $125,000 unsecured term loan as described below. | |
On August 6, 2013, the Company's line of credit was amended and extended. The amended facility provides for an interest rate of LIBOR plus a spread of 1.375% to 2.0%, depending on the Company's overall leverage levels, and matures on August 6, 2018. Based on the Company's leverage level as of September 30, 2013, the borrowing rate on the facility was LIBOR plus 1.50%. In addition, the line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000 (without giving effect to the $125,000 unsecured term loan described below). | |
As of September 30, 2013 and December 31, 2012, borrowings under the line of credit were $145,000 and $675,000, respectively, at an average interest rate of 1.86% and 2.76%, respectively. The fair value (Level 2 measurement) of the line of credit at September 30, 2013 and December 31, 2012 was $137,160 and $675,107, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. | |
Term Loan: | |
On December 8, 2011, the Company obtained a $125,000 unsecured term loan under the line of credit that bears interest at LIBOR plus a spread of 1.95% to 3.20%, depending on the Company's overall leverage levels, and matures on December 8, 2018. Based on the Company's leverage level as of September 30, 2013, the borrowing rate was LIBOR plus 2.20%. As of September 30, 2013 and December 31, 2012, the total interest rate was 2.53% and 2.57%, respectively. The fair value (Level 2 measurement) of the term loan at September 30, 2013 and December 31, 2012 was $118,703 and $121,821, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. | |
Greeley Note: | |
On July 27, 2006, concurrent with the sale of Greeley Mall, the Company provided marketable securities to replace Greeley Mall as collateral for the mortgage note payable on the property (See Note 6—Marketable Securities). As a result of this transaction, the mortgage note payable was reclassified to bank and other notes payable. On September 1, 2013, the loan was paid off in full. At December 31, 2012, the loan had a balance of $24,027. | |
Prasada Note: | |
On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on March 29, 2016. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At September 30, 2013, the note had a balance of $12,937. The fair value (Level 2 measurement) of the note at September 30, 2013 was $13,612 based on current interest rates for comparable notes. The method for computing fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the collateral for the underlying debt. | |
As of September 30, 2013 and December 31, 2012, the Company was in compliance with all applicable financial loan covenants. |
CoVenture_Arrangement
Co-Venture Arrangement: | 9 Months Ended |
Sep. 30, 2013 | |
Co-Venture Arrangement: | ' |
Co-Venture Arrangement: | ' |
Co-Venture Arrangement: | |
On September 30, 2009, the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Freehold Raceway Mall and Chandler Fashion Center. As part of this transaction, the Company issued a warrant in favor of the third party to purchase 935,358 shares of common stock of the Company at an exercise price of $46.68 per share. See Note 13—Stockholders' Equity. The Company received approximately $174,650 in cash proceeds for the overall transaction, of which $6,496 was attributed to the warrant. | |
As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the venture formation, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction has been accounted for as a profit-sharing arrangement, and accordingly the assets, liabilities and operations of the properties remain on the books of the Company and a co-venture obligation was established for the amount of $168,154, representing the net cash proceeds received from the third party less costs allocated to the warrant. The co-venture obligation is increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. The co-venture obligation was $83,951 and $92,215 at September 30, 2013 and December 31, 2012, respectively. |
Noncontrolling_Interests
Noncontrolling Interests: | 9 Months Ended |
Sep. 30, 2013 | |
Noncontrolling Interest [Abstract] | ' |
Noncontrolling Interests: | ' |
Noncontrolling Interests: | |
The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 94% and 93% ownership interest in the Operating Partnership as of September 30, 2013 and December 31, 2012, respectively. The remaining 6% and 7% limited partnership interest as of September 30, 2013 and December 31, 2012, respectively, was owned by certain of the Company's executive officers and directors, certain of their affiliates, and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of September 30, 2013 and December 31, 2012, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $557,651 and $586,409, respectively. | |
The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder, the Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity. | |
Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock. |
Stockholders_Equity
Stockholders' Equity: | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity: | ' |
Stockholders' Equity: | |
Stock Warrants: | |
On September 30, 2009, the Company issued a warrant in connection with its formation of a co-venture to own and operate Freehold Raceway Mall and Chandler Fashion Center (See Note 11—Co-Venture Arrangement). The warrant provided for the purchase of 935,358 shares of the Company's common stock. The warrant was valued at $6,496 and recorded as a credit to additional paid-in capital. The warrant was immediately exercisable upon its issuance and was scheduled to expire on December 1, 2012. The warrant had an exercise price of $46.68 per share, with such price subject to anti-dilutive adjustments. The warrant allowed for either gross or net issue settlement at the option of the warrant holder. In the event that the warrant holder elected a net issue settlement, the Company could have elected to settle the warrant in cash or shares; provided, however, that in the event the Company elected to deliver cash, the holder could have elected to instead have the exercise of the warrant satisfied in shares. In addition, the Company had entered into a registration rights agreement with the warrant holders requiring the Company to provide certain registration rights regarding the resale of shares of common stock underlying the warrant. On December 30, 2011, the holders requested a net issue exercise of 311,786 shares of the warrant and the Company elected to deliver a cash payment of $1,278 in exchange for the portion of the warrant exercised. On April 10, 2012, the holders requested a net issue exercise of an additional 311,786 shares of the warrant and the Company elected to deliver a cash payment of $3,448 in exchange for the portion of the warrant exercised. On October 24, 2012, the holders requested a net issue exercise of the remaining 311,786 shares of the warrant and the Company elected to deliver a cash payment of $3,922 in exchange for the portion of the warrant exercised. | |
At-The-Market Stock Offering Program ("ATM Program"): | |
On August 17, 2012, the Company entered into an equity distribution agreement ("Distribution Agreement") with a number of sales agents to issue and sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000 (the “Shares”). Sales of the Shares, if any, may be made in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an “at the market” offering, which includes sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. The Company will pay each sales agent a commission that will not exceed, but may be lower than, 2% of the gross proceeds of the Shares sold through such sales agent under the Distribution Agreement. | |
During the nine months ended September 30, 2012, the Company sold 2,961,903 shares of common stock under the ATM Program in exchange for aggregate gross proceeds of $177,896 and net proceeds of $175,649 after commissions and other transaction costs. During the nine months ended September 30, 2013, the Company sold 2,456,956 shares of common stock under the ATM Program in exchange for aggregate gross proceeds of $173,011 and net proceeds of $171,121 after commissions and other transaction costs. The proceeds from the sales were used to pay down the Company's line of credit. | |
As of September 30, 2013, $149,093 remained available to be sold under the ATM Program. Actual future sales will depend upon a variety of factors including but not limited to market conditions, the trading price of the Company's common stock and the Company's capital needs. The Company has no obligation to sell the remaining shares available for sale under the ATM Program. | |
Stock Issued to Acquire Property: | |
On November 28, 2012, the Company issued 535,265 restricted shares of common stock in connection with the acquisition of Kings Plaza Shopping Center (See Note 14—Acquisitions) for a value of $30,000, based on the average closing price of the Company's common stock for ten preceding trading days. |
Acquisitions
Acquisitions: | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Acquisitions: | ' | |||||||
Acquisitions: | ||||||||
500 North Michigan Avenue: | ||||||||
On February 29, 2012, the Company acquired a 327,000 square foot mixed-use retail/office building in Chicago, Illinois ("500 North Michigan Avenue") for $70,925. The purchase price was funded from borrowings under the Company's line of credit. The acquisition was completed in order to gain control over the property adjacent to The Shops at North Bridge. | ||||||||
The following is a summary of the allocation of the fair value of 500 North Michigan Avenue: | ||||||||
Property | $ | 66,033 | ||||||
Deferred charges | 7,450 | |||||||
Other assets | 2,143 | |||||||
Total assets acquired | 75,626 | |||||||
Other accrued liabilities | 4,701 | |||||||
Total liabilities assumed | 4,701 | |||||||
Fair value of acquired net assets | $ | 70,925 | ||||||
The Company determined that the purchase price represented the fair value of the assets acquired and liabilities assumed. | ||||||||
Since the date of acquisition, the Company has included 500 North Michigan Avenue in its consolidated financial statements. | ||||||||
FlatIron Crossing: | ||||||||
On October 3, 2012, the Company acquired the remaining 75% ownership interest in FlatIron Crossing, a 1,435,000 square foot regional shopping center in Broomfield, Colorado, that it did not own for $310,397. The acquisition was completed in order to gain 100% ownership and control over this asset. The purchase price was funded by a cash payment of $195,900 and the assumption of the third party's share of the mortgage note payable on the property of $114,497. Prior to the acquisition, the Company had accounted for its investment in FlatIron Crossing under the equity method (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of FlatIron Crossing. | ||||||||
The following is a summary of the allocation of the fair value of FlatIron Crossing: | ||||||||
Property | $ | 443,391 | ||||||
Deferred charges | 25,251 | |||||||
Cash and cash equivalents | 3,856 | |||||||
Other assets | 2,101 | |||||||
Total assets acquired | 474,599 | |||||||
Mortgage note payable | 175,720 | |||||||
Accounts payable | 366 | |||||||
Other accrued liabilities | 11,071 | |||||||
Total liabilities assumed | 187,157 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 287,442 | ||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in FlatIron Crossing that was acquired. | ||||||||
Fair value of existing ownership interest (at 25% ownership) | $ | 91,542 | ||||||
Carrying value of investment | (33,382 | ) | ||||||
Prior gain deferral recognized | 26,067 | |||||||
Gain on remeasurement | $ | 84,227 | ||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||
Purchase price | $ | 310,397 | ||||||
Less debt assumed | (114,497 | ) | ||||||
Carrying value of investment | 33,382 | |||||||
Remeasurement gain | 84,227 | |||||||
Less prior gain deferral | (26,067 | ) | ||||||
Fair value of acquired net assets (at 100% ownership) | $ | 287,442 | ||||||
The prior gain deferral relates to the prior sale of the 75% ownership interest in FlatIron Crossing. Due to certain contractual rights that were afforded to the buyer of the interest, a portion of that gain was deferred. | ||||||||
Since the date of acquisition, the Company has included FlatIron Crossing in its consolidated financial statements. | ||||||||
Arrowhead Towne Center: | ||||||||
On October 26, 2012, the Company acquired the remaining 33.3% ownership interest in Arrowhead Towne Center, a 1,196,000 square foot regional shopping center in Glendale, Arizona, that it did not own for $144,400. The acquisition was completed in order to gain 100% ownership and control over this asset. The purchase price was funded by a cash payment of $69,025 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $75,375. Prior to the acquisition, the Company had accounted for its investment in Arrowhead Towne Center under the equity method (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Arrowhead Towne Center. | ||||||||
The following is a summary of the allocation of the fair value of Arrowhead Towne Center: | ||||||||
Property | $ | 423,349 | ||||||
Deferred charges | 31,500 | |||||||
Restricted cash | 4,009 | |||||||
Tenant receivables | 926 | |||||||
Other assets | 4,234 | |||||||
Total assets acquired | 464,018 | |||||||
Mortgage note payable | 244,403 | |||||||
Accounts payable | 815 | |||||||
Other accrued liabilities | 10,449 | |||||||
Total liabilities assumed | 255,667 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 208,351 | ||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in Arrowhead Towne Center that was acquired. | ||||||||
Fair value of existing ownership interest (at 66.7% ownership) | $ | 139,326 | ||||||
Carrying value of investment | (23,597 | ) | ||||||
Gain on remeasurement | $ | 115,729 | ||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||
Purchase price | $ | 144,400 | ||||||
Less debt assumed | (75,375 | ) | ||||||
Carrying value of investment | 23,597 | |||||||
Remeasurement gain | 115,729 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 208,351 | ||||||
Since the date of acquisition, the Company has included Arrowhead Towne Center in its consolidated financial statements. | ||||||||
Kings Plaza Shopping Center: | ||||||||
On November 28, 2012, the Company acquired Kings Plaza Shopping Center, a 1,199,000 square foot regional shopping center in Brooklyn, New York, for a purchase price of $756,000. The purchase price was funded from a cash payment of $726,000 and the issuance of $30,000 in restricted common stock of the Company (See Note 13—Stockholders' Equity). The cash payment was provided by the placement of a mortgage note payable on the property that allowed for borrowings of up to $500,000 and from borrowings under the Company's line of credit. Concurrent with the acquisition, the Company borrowed $354,000 on the loan. On January 3, 2013, the Company exercised its option to borrow the remaining $146,000 on the loan. The acquisition was completed to acquire a prominent shopping center in Brooklyn, New York. | ||||||||
The following is a summary of the allocation of the fair value of Kings Plaza Shopping Center: | ||||||||
Property | $ | 714,589 | ||||||
Deferred charges | 37,371 | |||||||
Other assets | 29,282 | |||||||
Total assets acquired | 781,242 | |||||||
Other accrued liabilities | 25,242 | |||||||
Total liabilities assumed | 25,242 | |||||||
Fair value of acquired net assets | $ | 756,000 | ||||||
The Company determined that the purchase price represented the fair value of the assets acquired and liabilities assumed. | ||||||||
Since the date of acquisition, the Company has included Kings Plaza Shopping Center in its consolidated financial statements. | ||||||||
Green Acres Mall: | ||||||||
On January 24, 2013, the Company acquired Green Acres Mall, a 1,792,000 square foot regional shopping center in Valley Stream, New York, for a purchase price of $500,000. A purchase deposit of $30,000 was funded during the year ended December 31, 2012, and the remaining $470,000 was funded upon closing of the acquisition. The cash payment made at the time of closing was provided by the placement of a mortgage note payable on the property that allowed for borrowings of up to $325,000 and from borrowings under the Company's line of credit. Concurrent with the acquisition, the Company borrowed $100,000 on the loan. On January 31, 2013, the Company exercised its option to borrow the remaining $225,000 on the loan. The acquisition was completed to acquire another prominent shopping center in the New York metropolitan area. | ||||||||
The following is a summary of the allocation of the fair value of Green Acres Mall: | ||||||||
Property | $ | 477,673 | ||||||
Deferred charges | 45,130 | |||||||
Other assets | 19,125 | |||||||
Total assets acquired | 541,928 | |||||||
Other accrued liabilities | 41,928 | |||||||
Total liabilities assumed | 41,928 | |||||||
Fair value of acquired net assets | $ | 500,000 | ||||||
The Company determined that the purchase price represented the fair value of the assets acquired and liabilities assumed. | ||||||||
Since the date of acquisition, the Company has included Green Acres Mall in its consolidated financial statements. The property has generated incremental revenue of $47,564 and incremental loss of $563 during the nine months ended September 30, 2013. | ||||||||
Green Acres Adjacent: | ||||||||
On April 25, 2013, the Company acquired a 19 acre parcel of land adjacent to Green Acres Mall for $22,577. The payment was provided by borrowings from the Company's line of credit. The acquisition was completed to allow for future expansion of Green Acres Mall. | ||||||||
Camelback Colonnade Restructuring: | ||||||||
On September 17, 2013, the Company’s joint venture in Camelback Colonnade, a 619,000 square foot community center in Phoenix, Arizona, was restructured. As a result of the restructuring, the Company’s ownership interest in Camelback Colonnade decreased from 73.2% to 67.5%. Prior to the restructuring, the Company had accounted for its investment in Camelback Colonnade under the equity method of accounting due to substantive participation rights held by the outside partners. Upon completion of the restructuring, these substantive participation rights were terminated and the Company obtained voting control of the joint venture (See Note 4—Investments in Unconsolidated Joint Ventures). | ||||||||
The following is a summary of the allocation of the fair value of Camelback Colonnade: | ||||||||
Property | $ | 98,160 | ||||||
Deferred charges | 8,284 | |||||||
Cash and cash equivalents | 1,280 | |||||||
Restricted cash | 1,139 | |||||||
Tenant receivables | 615 | |||||||
Other assets | 380 | |||||||
Total assets acquired | 109,858 | |||||||
Mortgage note payable | 49,465 | |||||||
Accounts payable | 54 | |||||||
Other accrued liabilities | 4,752 | |||||||
Total liabilities assumed | 54,271 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 55,587 | ||||||
The Company recognized the following remeasurement gain on the Camelback Colonnade Restructuring: | ||||||||
Fair value of existing ownership interest (at 73.2% ownership) | $ | 41,690 | ||||||
Carrying value of investment | (5,349 | ) | ||||||
Gain on remeasurement | $ | 36,341 | ||||||
Since the date of the restructuring, the Company has included Camelback Colonnade in its consolidated financial statements. The property has generated incremental revenue of $521 and incremental earnings of $51. | ||||||||
Pro Forma Results of Operations: | ||||||||
The following unaudited pro forma financial information for the three and nine months ended September 30, 2013 and 2012 assumes all of the above transactions took place on January 1, 2012: | ||||||||
Total | Income from | |||||||
revenues (1) | continuing operations (1) | |||||||
Supplemental pro forma information for the three months ended September 30, 2013 | $ | 269,098 | $ | 43,063 | ||||
Supplemental pro forma information for the three months ended September 30, 2012 | $ | 258,906 | $ | 43,223 | ||||
Supplemental pro forma information for the nine months ended September 30, 2013 | $ | 767,733 | $ | 153,151 | ||||
Supplemental pro forma information for the nine months ended September 30, 2012 | $ | 758,130 | $ | 96,703 | ||||
-1 | This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had these transactions occurred on January 1, 2012, and may not be indicative of future operating results. The Company has excluded remeasurement gains and acquisition costs from these pro forma results as they are considered significant non-recurring adjustments directly attributable to these transactions. |
Discontinued_Operations
Discontinued Operations: | 9 Months Ended |
Sep. 30, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Discontinued Operations: | ' |
Discontinued Operations: | |
During the three months ended March 31, 2012, the Company recorded an impairment charge of $54,306 related to Valley View Center. As a result of the sale of the property on April 23, 2012, the Company wrote down the carrying value of the long-lived assets to their estimated fair value of $33,450 (Level 1 measurement), which was equal to the sales price of the property. On April 23, 2012, the property was sold by a court appointed receiver, which resulted in a gain on the extinguishment of debt of $104,023. | |
On April 30, 2012, the Company sold The Borgata, a 94,000 square foot community center in Scottsdale, Arizona, for $9,150, resulting in a loss on the sale of assets of $1,275. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On May 11, 2012, the Company sold a former Mervyn's store in Montebello, California for $20,750, resulting in a loss on the sale of assets of $407. The Company used the proceeds from the sale for general corporate purposes. | |
On May 17, 2012, the Company sold Hilton Village, a 80,000 square foot community center in Scottsdale, Arizona, for $24,820, resulting in a gain on the sale of assets of $3,127. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On May 31, 2012, the Company conveyed Prescott Gateway, a 584,000 square foot regional shopping center in Prescott, Arizona, to the mortgage note lender by a deed-in-lieu of foreclosure. As a result of the conveyance, the Company recognized a gain on the extinguishment of debt of $16,296. | |
On June 28, 2012, the Company sold Carmel Plaza, a 112,000 square foot community center in Carmel, California, for $52,000, resulting in a gain on the sale of assets of $7,844. The Company used the proceeds from the sale to pay down its line of credit. | |
On May 31, 2013, the Company sold Green Tree Mall, a 793,000 square foot regional shopping center in Clarksville, Indiana, for $79,000, resulting in a gain on the sale of assets of $59,768. The Company used the proceeds from the sale to pay down its line of credit. | |
On June 4, 2013, the Company sold Northridge Mall, a 890,000 square foot regional shopping center in Salinas, California, and Rimrock Mall, a 603,000 square foot regional shopping center in Billings, Montana. The properties were sold in a combined transaction for $230,000, resulting in a gain on the sale of assets of $82,079. The Company used the proceeds from the sale to pay down its line of credit. | |
On September 11, 2013, the Company sold a former Mervyn's store in Milpitas, California for $12,000, resulting in a loss on the sale of assets of $2,617. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On September 30, 2013, the Company conveyed Fiesta Mall, a 933,000 square foot regional shopping center in Mesa, Arizona, to the mortgage note lender by a deed-in-lieu of foreclosure. As a result of the conveyance, the Company recognized a gain on the extinguishment of debt of $1,401, which is included in (loss) gain on the disposition of assets, net. | |
The Company has classified the results of operations and the gain or loss on all of the above dispositions as discontinued operations for the three and nine months ended September 30, 2013 and 2012. | |
Revenues from discontinued operations consisted of $2,524 and $11,580 for the three months ended September 30, 2013 and 2012, respectively, and $21,855 and $47,861 for the nine months ended September 30, 2013 and 2012, respectively. Total (loss) income from discontinued operations was $(1,962) and $2,350 for the three months ended September 30, 2013 and 2012, respectively, and $144,047 and $80,928 for the nine months ended September 30, 2013 and 2012, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies: | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies: | ' |
Commitments and Contingencies: | |
The Company has certain properties that are subject to non-cancelable operating ground leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the leases. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. Ground rent expense was $2,580 and $2,244 for the three months ended September 30, 2013 and 2012, respectively, and $7,881 and $6,329 for the nine months ended September 30, 2013 and 2012, respectively. No contingent rent was incurred during the three and nine months ended September 30, 2013 or 2012. | |
As of September 30, 2013 and December 31, 2012, the Company was contingently liable for $3,657 and $3,757, respectively, in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company. | |
The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the agreements. At September 30, 2013, the Company had $12,359 in outstanding obligations which it believes will be settled in the next twelve months. |
RelatedParty_Transactions
Related-Party Transactions: | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Related-Party Transactions: | ' | |||||||||||||||
Related Party Transactions: | ||||||||||||||||
Certain unconsolidated joint ventures and third-parties have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Management Fees | $ | 5,286 | $ | 5,861 | $ | 16,286 | $ | 17,862 | ||||||||
Development and Leasing Fees | 3,810 | 3,677 | 8,284 | 9,764 | ||||||||||||
$ | 9,096 | $ | 9,538 | $ | 24,570 | $ | 27,626 | |||||||||
Certain mortgage notes on the properties are held by NML (See Note 9—Mortgage Notes Payable). Interest expense in connection with these notes was $3,745 and $3,815 for the three months ended September 30, 2013 and 2012, respectively, and $11,289 and $11,588 for the nine months ended September 30, 2013 and 2012, respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $1,246 and $1,264 at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Company had loans to unconsolidated joint ventures of $2,736 and $3,345, respectively. Interest income associated with these notes was $58 and $63 for the three months ended September 30, 2013 and 2012, respectively, and $178 and $191 for the nine months ended September 30, 2013 and 2012, respectively. These loans represent initial funds advanced to development stage projects prior to construction loan funding. Accordingly, loan payables in the same amount have been accrued as an obligation by the various joint ventures. | ||||||||||||||||
Due from affiliates includes $5,740 and $4,568 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at September 30, 2013 and December 31, 2012, respectively. Due from affiliates at September 30, 2013 and December 31, 2012 also includes two notes receivable from principals of AWE/Talisman that bear interest at 5.0% and mature based on the refinancing or sale of Fashion Outlets of Chicago, or certain other specified events. The notes are collateralized by the principals' interests in Fashion Outlets of Chicago. AWE/Talisman is considered a related party because it has an ownership interest in Fashion Outlets of Chicago. The balance on these notes was $13,446 and $12,500 at September 30, 2013 and December 31, 2012, respectively. Interest income earned on these notes was $157 and $158 for the three months ended September 30, 2013 and 2012, respectively, and $467 and $321 for the nine months ended September 30, 2013 and 2012, respectively. In addition, due from affiliates at September 30, 2013 includes a note receivable of $13,113 from RED/303 LLC ("RED") that bears interest at 5.25% and matures on March 29, 2016. Interest income earned on this note was $176 and $356 for the three and nine months ended September 30, 2013, respectively. RED is considered a related party because it is a partner in a joint venture development project. The note is collateralized by RED's membership interest in a development agreement. |
Share_and_UnitBased_Plans
Share and Unit-Based Plans: | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||||
Share and Unit-Based Plans: | ' | |||||||||||||||||||||||||||
Share and Unit-Based Plans: | ||||||||||||||||||||||||||||
On February 15, 2013, the Company granted 332,189 limited partnership units of the Operating Partnership ("LTIP Units") under the Long-Term Incentive Plan to seven executive officers at a weighted average grant date fair value of $49.67 per LTIP Unit. The new grants vest over a service period ending December 31, 2013 based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company on a one-unit for one-share basis. | ||||||||||||||||||||||||||||
The fair value of the Company's LTIP Units granted in 2013 was estimated on the date of grant using a Monte Carlo Simulation model. The stock price of the Company, along with the stock prices of the group of peer REITs, was assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion Process modeling is commonly used in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value based on the stock price's expected volatility and current market interest rates. The volatilities of the returns on the stock price of the Company and the peer group REITs were estimated based on a one-year look-back period. The expected growth rate of the stock prices over the derived service period was determined with consideration of the risk free rate as of the grant date. | ||||||||||||||||||||||||||||
The following summarizes the compensation cost under the share and unit-based plans: | ||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
LTIP Units | $ | 4,743 | $ | 2,778 | $ | 12,393 | $ | 6,646 | ||||||||||||||||||||
Stock awards | 121 | 125 | 353 | 345 | ||||||||||||||||||||||||
Stock units | 674 | 383 | 3,165 | 2,991 | ||||||||||||||||||||||||
Stock options | 4 | 18 | 12 | 18 | ||||||||||||||||||||||||
Stock appreciation rights ("SARs") | — | 210 | — | 291 | ||||||||||||||||||||||||
Phantom stock units | 248 | 211 | 735 | 721 | ||||||||||||||||||||||||
$ | 5,790 | $ | 3,725 | $ | 16,658 | $ | 11,012 | |||||||||||||||||||||
The Company capitalized share and unit-based compensation costs of $657 and $436 for the three months ended September 30, 2013 and 2012, respectively, and $2,745 and $2,209 for the nine months ended September 30, 2013 and 2012, respectively. Unrecognized compensation costs of share and unit-based plans at September 30, 2013 consisted of $4,744 from LTIP Units, $779 from stock awards, $3,650 from stock units, $64 from stock options and $1,155 from phantom stock units. | ||||||||||||||||||||||||||||
The following table summarizes the activity of the non-vested LTIP Units, stock awards, phantom stock units and stock units: | ||||||||||||||||||||||||||||
LTIP Units | Stock Awards | Phantom Stock Units | Stock Units | |||||||||||||||||||||||||
Units | Value(1) | Shares | Value(1) | Units | Value(1) | Units | Value(1) | |||||||||||||||||||||
Balance at January 1, 2013 | 200,000 | $ | 38.63 | 20,924 | $ | 49.36 | — | $ | — | 114,677 | $ | 52.19 | ||||||||||||||||
Granted | 332,189 | 49.67 | 8,963 | 61.84 | 32,063 | 58.94 | 67,920 | 62.01 | ||||||||||||||||||||
Vested | (200,000 | ) | 38.63 | (10,886 | ) | 46.7 | (12,377 | ) | 59.38 | (45,279 | ) | 51.29 | ||||||||||||||||
Forfeited | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Balance at September 30, 2013 | 332,189 | $ | 49.67 | 19,001 | $ | 56.77 | 19,686 | $ | 58.66 | 137,318 | $ | 57.24 | ||||||||||||||||
-1 | Value represents the weighted-average grant date fair value. | |||||||||||||||||||||||||||
The following table summarizes the activity of the SARs and stock options outstanding: | ||||||||||||||||||||||||||||
SARs | Stock Options | |||||||||||||||||||||||||||
Shares | Value(1) | Shares | Value(1) | |||||||||||||||||||||||||
Balance at January 1, 2013 | 1,164,185 | $ | 56.66 | 12,768 | $ | 54.69 | ||||||||||||||||||||||
Granted | — | — | — | — | ||||||||||||||||||||||||
Exercised | (93,194 | ) | 56.63 | (2,700 | ) | 36.51 | ||||||||||||||||||||||
Forfeited | — | — | — | — | ||||||||||||||||||||||||
Balance at September 30, 2013 | 1,070,991 | $ | 56.66 | 10,068 | $ | 59.57 | ||||||||||||||||||||||
-1 | Value represents the weighted-average exercise price. |
Income_Taxes
Income Taxes: | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes: | ' | |||||||||||||||
Income Taxes: | ||||||||||||||||
The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's Taxable REIT Subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC. | ||||||||||||||||
The income tax benefit of the TRSs is as follows: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Current | $ | (79 | ) | $ | — | $ | (235 | ) | $ | — | ||||||
Deferred | 622 | 934 | 2,498 | 2,159 | ||||||||||||
Income tax benefit | $ | 543 | $ | 934 | $ | 2,263 | $ | 2,159 | ||||||||
The net operating loss carryforwards are currently scheduled to expire through 2032, beginning in 2021. Net deferred tax assets of $32,020 and $33,414 were included in deferred charges and other assets, net at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||
The tax returns for the years 2010-2012 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefits will materially change within the next twelve months. |
Subsequent_Events
Subsequent Events: | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events: | ' |
Subsequent Events: | |
On October 8, 2013, the Company's joint venture in Ridgmar Mall, a 1,273,000 square foot regional shopping center in Forth Worth, Texas, sold the property for $60,900. The cash proceeds from the sale were used to pay off the $51,657 mortgage loan on the property and the remaining $9,243 net of closing costs was distributed to the partners. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. | |
On October 15, 2013, the Company sold a former Mervyn's store in Midland, Texas for $5,700. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On October 21, 2013, the Company received a commitment for a mortgage note payable on FlatIron Crossing. The new $268,000 mortgage note payable is expected to bear interest at a fixed rate of 3.85% and have a seven year term. The Company plans to use the proceeds for the repayment of debt and for general corporate purposes. | |
On October 23, 2013, the Company sold a former Mervyn's store in Grand Junction, Colorado for $5,430. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On October 24, 2013, the Company acquired the remaining 33.3% ownership interest in Superstition Springs Center, a 999,000 square foot regional shopping center in Mesa, Arizona, that it did not own for $44,242. The purchase price was funded by a cash payment of $21,742 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $22,500. | |
On October 24, 2013, the Company announced a dividend/distribution of $0.62 per share for common stockholders and OP Unit holders of record on November 12, 2013. All dividends/distributions will be paid 100% in cash on December 6, 2013. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies: (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation: | |
The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by independent public accountants. | |
The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures. | |
All intercompany accounts and transactions have been eliminated in the consolidated financial statements. | |
The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2012 has been derived from the audited financial statements, but does not include all disclosures required by GAAP. |
Earnings_per_Share_EPS_Tables
Earnings per Share ("EPS"): (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of numerator and denominator used in computation of earnings per share | ' | |||||||||||||||
The following table reconciles the numerator and denominator used in the computation of earnings per share for the three and nine months ended September 30, 2013 and 2012 (shares in thousands): | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator | ||||||||||||||||
Income from continuing operations | $ | 42,787 | $ | 44,925 | $ | 154,123 | $ | 99,166 | ||||||||
(Loss) income from discontinued operations | (1,962 | ) | 2,350 | 144,047 | 80,928 | |||||||||||
Net income attributable to noncontrolling interests | (2,702 | ) | (3,382 | ) | (22,958 | ) | (16,915 | ) | ||||||||
Net income attributable to the Company | 38,123 | 43,893 | 275,212 | 163,179 | ||||||||||||
Allocation of earnings to participating securities | (80 | ) | (63 | ) | (257 | ) | (443 | ) | ||||||||
Numerator for basic and diluted earnings per share—net income attributable to common stockholders | $ | 38,043 | $ | 43,830 | $ | 274,955 | $ | 162,736 | ||||||||
Denominator | ||||||||||||||||
Denominator for basic earnings per share—weighted average number of common shares outstanding | 140,712 | 134,220 | 139,219 | 133,091 | ||||||||||||
Effect of dilutive securities:(1) | ||||||||||||||||
Stock warrants | — | 64 | — | 78 | ||||||||||||
Share and unit-based compensation plans | 61 | 46 | 101 | 18 | ||||||||||||
Denominator for diluted earnings per share—weighted average number of common shares outstanding | 140,773 | 134,330 | 139,320 | 133,187 | ||||||||||||
Earnings per common share—basic: | ||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.31 | $ | 1 | $ | 0.66 | ||||||||
Discontinued operations | (0.01 | ) | 0.02 | 0.97 | 0.56 | |||||||||||
Net income attributable to common stockholders | $ | 0.27 | $ | 0.33 | $ | 1.97 | $ | 1.22 | ||||||||
Earnings per common share—diluted: | ||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.31 | $ | 1 | $ | 0.66 | ||||||||
Discontinued operations | (0.01 | ) | 0.02 | 0.97 | 0.56 | |||||||||||
Net income attributable to common stockholders | $ | 0.27 | $ | 0.33 | $ | 1.97 | $ | 1.22 | ||||||||
-1 | The convertible senior notes ("Senior Notes") are excluded from diluted EPS for the nine months ended September 30, 2012 as their impact was antidilutive. The Senior Notes were paid off in full on March 15, 2012 (See Note 10—Bank and Other Notes Payable). | |||||||||||||||
Diluted EPS excludes 184,304 convertible preferred units for the three months ended September 30, 2013 and 2012, and 184,304 and 197,183 convertible preferred units for the nine months ended September 30, 2013 and 2012, respectively, as their impact was antidilutive. | ||||||||||||||||
Diluted EPS excludes 9,621,313 and 10,769,552 Operating Partnership units ("OP Units") for the three months ended September 30, 2013 and 2012, respectively, and 9,920,197 and 11,069,129 OP Units for the nine months ended September 30, 2013 and 2012, respectively, as their impact was antidilutive. |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Joint Ventures: (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information | ' | |||||||||||||||
Combined Condensed Balance Sheets of Unconsolidated Joint Ventures: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Assets(1): | ||||||||||||||||
Properties, net | $ | 3,454,127 | $ | 3,653,631 | ||||||||||||
Other assets | 316,985 | 411,862 | ||||||||||||||
Total assets | $ | 3,771,112 | $ | 4,065,493 | ||||||||||||
Liabilities and partners' capital(1): | ||||||||||||||||
Mortgage notes payable(2) | $ | 3,648,498 | $ | 3,240,723 | ||||||||||||
Other liabilities | 196,927 | 148,711 | ||||||||||||||
Company's (deficit) capital | (72,153 | ) | 304,477 | |||||||||||||
Outside partners' (deficit) capital | (2,160 | ) | 371,582 | |||||||||||||
Total liabilities and partners' capital | $ | 3,771,112 | $ | 4,065,493 | ||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Company's (deficit) capital | $ | (72,153 | ) | $ | 304,477 | |||||||||||
Basis adjustment(3) | 521,151 | 516,833 | ||||||||||||||
$ | 448,998 | $ | 821,310 | |||||||||||||
Assets—Investments in unconsolidated joint ventures | $ | 706,450 | $ | 974,258 | ||||||||||||
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (257,452 | ) | (152,948 | ) | ||||||||||||
$ | 448,998 | $ | 821,310 | |||||||||||||
-1 | These amounts include the assets and liabilities of the following joint ventures as of September 30, 2013 and December 31, 2012: | |||||||||||||||
Pacific | Tysons | |||||||||||||||
Premier | Corner LLC | |||||||||||||||
Retail LP | ||||||||||||||||
As of September 30, 2013: | ||||||||||||||||
Total Assets | $ | 776,186 | $ | 467,632 | ||||||||||||
Total Liabilities | $ | 818,222 | $ | 337,804 | ||||||||||||
As of December 31, 2012: | ||||||||||||||||
Total Assets | $ | 1,039,742 | $ | 409,622 | ||||||||||||
Total Liabilities | $ | 942,370 | $ | 329,145 | ||||||||||||
-2 | Certain mortgage notes payable could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of September 30, 2013 and December 31, 2012, a total of $47,040 and $51,171, respectively, could become recourse debt to the Company. As of September 30, 2013 and December 31, 2012, the Company had indemnity agreements from joint venture partners for $21,270 of the guaranteed amount. | |||||||||||||||
Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $715,332 and $436,857 as of September 30, 2013 and December 31, 2012, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense incurred on these borrowings amounted to $7,920 and $10,980 for the three months ended September 30, 2013 and 2012, respectively, and $21,717 and $32,974 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
-3 | 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 $3,860 and $3,136 for the three months ended September 30, 2013 and 2012, respectively, and $9,753 and $6,211 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures | ' | |||||||||||||||
Combined Condensed Statements of Operations of Unconsolidated Joint Ventures: | ||||||||||||||||
Pacific | Tysons | Other | Total | |||||||||||||
Premier | Corner | Joint | ||||||||||||||
Retail LP | LLC | Ventures | ||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 27,426 | $ | 15,344 | $ | 59,940 | $ | 102,710 | ||||||||
Percentage rents | 572 | (12 | ) | 2,938 | 3,498 | |||||||||||
Tenant recoveries | 12,115 | 11,304 | 28,361 | 51,780 | ||||||||||||
Other | 1,086 | 510 | 8,143 | 9,739 | ||||||||||||
Total revenues | 41,199 | 27,146 | 99,382 | 167,727 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 12,231 | 9,818 | 35,926 | 57,975 | ||||||||||||
Interest expense | 10,251 | 3,801 | 21,062 | 35,114 | ||||||||||||
Depreciation and amortization | 9,067 | 4,568 | 22,688 | 36,323 | ||||||||||||
Total operating expenses | 31,549 | 18,187 | 79,676 | 129,412 | ||||||||||||
Gain (loss) on remeasurement, sale or write down of assets, net | 38,432 | — | (328 | ) | 38,104 | |||||||||||
Gain on early extinguishment of debt | — | 14 | — | 14 | ||||||||||||
Net income | $ | 48,082 | $ | 8,973 | $ | 19,378 | $ | 76,433 | ||||||||
Company's equity in net income | $ | 21,567 | $ | 2,919 | $ | 10,675 | $ | 35,161 | ||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 32,718 | $ | 15,847 | $ | 75,809 | $ | 124,374 | ||||||||
Percentage rents | 837 | 233 | 4,214 | 5,284 | ||||||||||||
Tenant recoveries | 14,091 | 11,340 | 37,663 | 63,094 | ||||||||||||
Other | 1,138 | 618 | 9,415 | 11,171 | ||||||||||||
Total revenues | 48,784 | 28,038 | 127,101 | 203,923 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 15,075 | 8,760 | 46,153 | 69,988 | ||||||||||||
Interest expense | 12,904 | 2,838 | 32,338 | 48,080 | ||||||||||||
Depreciation and amortization | 10,905 | 5,094 | 28,784 | 44,783 | ||||||||||||
Total operating expenses | 38,884 | 16,692 | 107,275 | 162,851 | ||||||||||||
Loss on remeasurement, sale or write down of assets, net | — | — | (28 | ) | (28 | ) | ||||||||||
Net income | $ | 9,900 | $ | 11,346 | $ | 19,798 | $ | 41,044 | ||||||||
Company's equity in net income | $ | 5,035 | $ | 4,372 | $ | 9,908 | $ | 19,315 | ||||||||
Pacific | Tysons | Other | Total | |||||||||||||
Premier | Corner | Joint | ||||||||||||||
Retail LP | LLC | Ventures | ||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 91,779 | $ | 46,526 | $ | 180,870 | $ | 319,175 | ||||||||
Percentage rents | 2,155 | 734 | 7,176 | 10,065 | ||||||||||||
Tenant recoveries | 40,555 | 34,025 | 82,261 | 156,841 | ||||||||||||
Other | 3,980 | 2,080 | 26,923 | 32,983 | ||||||||||||
Total revenues | 138,469 | 83,365 | 297,230 | 519,064 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 40,948 | 26,819 | 106,887 | 174,654 | ||||||||||||
Interest expense | 33,118 | 7,825 | 66,108 | 107,051 | ||||||||||||
Depreciation and amortization | 30,697 | 13,499 | 67,808 | 112,004 | ||||||||||||
Total operating expenses | 104,763 | 48,143 | 240,803 | 393,709 | ||||||||||||
Gain on remeasurement, sale or write down of assets, net | 182,781 | — | 373 | 183,154 | ||||||||||||
Gain on early extinguishment of debt | — | 14 | — | 14 | ||||||||||||
Net income | $ | 216,487 | $ | 35,236 | $ | 56,800 | $ | 308,523 | ||||||||
Company's equity in net income | $ | 105,684 | $ | 12,957 | $ | 26,836 | $ | 145,477 | ||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 98,812 | $ | 47,149 | $ | 251,599 | $ | 397,560 | ||||||||
Percentage rents | 2,571 | 866 | 10,531 | 13,968 | ||||||||||||
Tenant recoveries | 41,967 | 32,969 | 121,825 | 196,761 | ||||||||||||
Other | 3,665 | 1,964 | 27,775 | 33,404 | ||||||||||||
Total revenues | 147,015 | 82,948 | 411,730 | 641,693 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 43,385 | 25,834 | 155,014 | 224,233 | ||||||||||||
Interest expense | 39,405 | 8,902 | 108,784 | 157,091 | ||||||||||||
Depreciation and amortization | 31,926 | 15,279 | 91,214 | 138,419 | ||||||||||||
Total operating expenses | 114,716 | 50,015 | 355,012 | 519,743 | ||||||||||||
(Loss) gain on remeasurement, sale or write down of assets, net | (10 | ) | — | 22,948 | 22,938 | |||||||||||
Net income | $ | 32,289 | $ | 32,933 | $ | 79,666 | $ | 144,888 | ||||||||
Company's equity in net income | $ | 16,422 | $ | 12,721 | $ | 39,481 | $ | 68,624 | ||||||||
Property_Tables
Property: (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Components of property | ' | |||||||
Property consists of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Land | $ | 1,751,611 | $ | 1,572,621 | ||||
Buildings and improvements | 6,642,696 | 6,417,674 | ||||||
Tenant improvements | 554,528 | 496,203 | ||||||
Equipment and furnishings | 153,146 | 149,959 | ||||||
Construction in progress | 239,106 | 376,249 | ||||||
9,341,087 | 9,012,706 | |||||||
Less accumulated depreciation | (1,607,158 | ) | (1,533,160 | ) | ||||
$ | 7,733,929 | $ | 7,479,546 | |||||
Marketable_Securities_Tables
Marketable Securities: (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||
Reconciliation of marketable securities | ' | |||||||
Marketable securities consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Government debt securities, at par value | $ | — | $ | 23,769 | ||||
Less discount | — | (102 | ) | |||||
— | 23,667 | |||||||
Unrealized gain | — | 685 | ||||||
Fair value (Level 1 measurement) | $ | — | $ | 24,352 | ||||
Deferred_Charges_and_Other_Ass1
Deferred Charges and Other Assets, net: (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Schedule of deferred charges and other assets, net | ' | |||||||
Deferred charges and other assets, net, consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Leasing | $ | 226,891 | $ | 234,498 | ||||
Financing | 52,038 | 42,868 | ||||||
Intangible assets: | ||||||||
In-place lease values | 199,274 | 175,735 | ||||||
Leasing commissions and legal costs | 50,020 | 46,419 | ||||||
Above-market leases | 116,717 | 118,033 | ||||||
Deferred tax assets | 32,020 | 33,414 | ||||||
Deferred compensation plan assets | 29,126 | 24,670 | ||||||
Acquisition deposit | — | 30,000 | ||||||
Other assets | 68,180 | 72,811 | ||||||
774,266 | 778,448 | |||||||
Less accumulated amortization(1) | (227,684 | ) | (213,318 | ) | ||||
$ | 546,582 | $ | 565,130 | |||||
-1 | Accumulated amortization includes $80,747 and $62,792 relating to in-place lease values, leasing commissions and legal costs at September 30, 2013 and December 31, 2012, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $12,228 and $6,323 for the three months ended September 30, 2013 and 2012, respectively, and $40,611 and $22,529 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
Allocated values of above-market leases and below-market leases | ' | |||||||
The allocated values of above-market leases and below-market leases consist of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Above-Market Leases | ||||||||
Original allocated value | $ | 116,717 | $ | 118,033 | ||||
Less accumulated amortization | (43,047 | ) | (46,361 | ) | ||||
$ | 73,670 | $ | 71,672 | |||||
Below-Market Leases(1) | ||||||||
Original allocated value | $ | 186,600 | $ | 164,489 | ||||
Less accumulated amortization | (74,056 | ) | (77,131 | ) | ||||
$ | 112,544 | $ | 87,358 | |||||
-1 | Below-market leases are included in other accrued liabilities. |
Mortgage_Notes_Payable_Tables
Mortgage Notes Payable: (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Mortgage notes payable | ' | ||||||||||||||||||||||||||
Mortgage notes payable at September 30, 2013 and December 31, 2012 consist of the following: | |||||||||||||||||||||||||||
Carrying Amount of Mortgage Notes(1) | |||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
Property Pledged as Collateral | Related Party | Other | Related Party | Other | Effective Interest | Monthly | Maturity | ||||||||||||||||||||
Rate(2) | Debt | Date(4) | |||||||||||||||||||||||||
Service(3) | |||||||||||||||||||||||||||
Arrowhead Towne Center | $ | — | $ | 237,832 | $ | — | $ | 243,176 | 2.76 | % | $ | 1,131 | 2018 | ||||||||||||||
Camelback Colonnade(5) | — | 49,416 | — | — | 2.16 | % | 178 | 2015 | |||||||||||||||||||
Chandler Fashion Center(6) | — | 200,000 | — | 200,000 | 3.77 | % | 625 | 2019 | |||||||||||||||||||
Chesterfield Towne Center | — | 110,000 | — | 110,000 | 4.8 | % | 573 | 2022 | |||||||||||||||||||
Danbury Fair Mall | 117,810 | 117,809 | 119,823 | 119,823 | 5.53 | % | 1,538 | 2020 | |||||||||||||||||||
Deptford Mall | — | 202,556 | — | 205,000 | 3.76 | % | 947 | 2023 | |||||||||||||||||||
Deptford Mall | — | 14,616 | — | 14,800 | 6.46 | % | 101 | 2016 | |||||||||||||||||||
Eastland Mall | — | 168,000 | — | 168,000 | 5.79 | % | 811 | 2016 | |||||||||||||||||||
Fashion Outlets of Chicago(7) | — | 81,472 | — | 9,165 | 2.98 | % | 182 | 2017 | |||||||||||||||||||
Fashion Outlets of Niagara Falls USA | — | 124,682 | — | 126,584 | 4.89 | % | 727 | 2020 | |||||||||||||||||||
Fiesta Mall(8) | — | — | — | 84,000 | — | — | — | ||||||||||||||||||||
Flagstaff Mall | — | 37,000 | — | 37,000 | 5.03 | % | 151 | 2015 | |||||||||||||||||||
FlatIron Crossing(9) | — | — | — | 173,561 | — | — | — | ||||||||||||||||||||
Freehold Raceway Mall(6) | — | 232,900 | — | 232,900 | 4.2 | % | 805 | 2018 | |||||||||||||||||||
Fresno Fashion Fair | 79,701 | 79,701 | 80,601 | 80,602 | 6.76 | % | 1,104 | 2015 | |||||||||||||||||||
Great Northern Mall | — | 35,719 | — | 36,395 | 5.19 | % | 234 | 2013 | |||||||||||||||||||
Green Acres Mall(10) | — | 321,407 | — | — | 3.61 | % | 1,447 | 2021 | |||||||||||||||||||
Kings Plaza Shopping Center(11) | — | 492,954 | — | 354,000 | 3.67 | % | 2,229 | 2019 | |||||||||||||||||||
Northgate Mall(12) | — | 64,000 | — | 64,000 | 3.06 | % | 130 | 2017 | |||||||||||||||||||
Oaks, The | — | 215,224 | — | 218,119 | 4.14 | % | 1,064 | 2022 | |||||||||||||||||||
Pacific View | — | 136,478 | — | 138,367 | 4.08 | % | 668 | 2022 | |||||||||||||||||||
Paradise Valley Mall(13) | — | — | — | 81,000 | — | — | — | ||||||||||||||||||||
Promenade at Casa Grande(14) | — | 64,226 | — | 73,700 | 5.21 | % | 245 | 2013 | |||||||||||||||||||
Salisbury, Centre at | — | 115,000 | — | 115,000 | 5.83 | % | 555 | 2016 | |||||||||||||||||||
Santa Monica Place | — | 236,701 | — | 240,000 | 2.99 | % | 1,004 | 2018 | |||||||||||||||||||
SanTan Village Regional Center(15) | — | 137,321 | — | 138,087 | 3.14 | % | 589 | 2019 | |||||||||||||||||||
South Plains Mall | — | 100,221 | — | 101,340 | 6.58 | % | 648 | 2015 | |||||||||||||||||||
South Towne Center(16) | — | — | — | 85,247 | — | — | — | ||||||||||||||||||||
Towne Mall | — | 23,092 | — | 23,369 | 4.48 | % | 117 | 2022 | |||||||||||||||||||
Tucson La Encantada | 73,204 | — | 74,185 | — | 4.23 | % | 368 | 2022 | |||||||||||||||||||
Twenty Ninth Street(17) | — | 107,000 | — | 107,000 | 3.02 | % | 251 | 2016 | |||||||||||||||||||
Valley Mall | — | 42,345 | — | 42,891 | 5.85 | % | 280 | 2016 | |||||||||||||||||||
Valley River Center | — | 120,000 | — | 120,000 | 5.59 | % | 558 | 2016 | |||||||||||||||||||
Victor Valley, Mall of(18) | — | 90,000 | — | 90,000 | 2.74 | % | 183 | 2014 | |||||||||||||||||||
Vintage Faire Mall(16) | — | 99,431 | — | 135,000 | 5.81 | % | 586 | 2015 | |||||||||||||||||||
Westside Pavilion | — | 152,797 | — | 154,608 | 4.49 | % | 783 | 2022 | |||||||||||||||||||
Wilton Mall(19) | — | — | — | 40,000 | — | — | — | ||||||||||||||||||||
$ | 270,715 | $ | 4,209,900 | $ | 274,609 | $ | 4,162,734 | ||||||||||||||||||||
-1 | The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized to interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. | ||||||||||||||||||||||||||
Debt premiums (discounts) consist of the following: | |||||||||||||||||||||||||||
Property Pledged as Collateral | September 30, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Arrowhead Towne Center | $ | 15,411 | $ | 17,716 | |||||||||||||||||||||||
Camelback Colonnade | 2,416 | — | |||||||||||||||||||||||||
Deptford Mall | (15 | ) | (19 | ) | |||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 6,574 | 7,270 | |||||||||||||||||||||||||
FlatIron Crossing | — | 5,232 | |||||||||||||||||||||||||
Great Northern Mall | (5 | ) | (28 | ) | |||||||||||||||||||||||
Valley Mall | (241 | ) | (307 | ) | |||||||||||||||||||||||
$ | 24,140 | $ | 29,864 | ||||||||||||||||||||||||
-2 | The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs. | ||||||||||||||||||||||||||
-3 | The monthly debt service represents the payment of principal and interest. | ||||||||||||||||||||||||||
-4 | The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met. | ||||||||||||||||||||||||||
-5 | On September 17, 2013, the Company obtained control of the consolidated joint venture as a result of the Camelback Colonnade Restructuring (See Note 14—Acquisitions). The loan on the property bears interest at an effective rate of 2.16% and matures on October 12, 2015. | ||||||||||||||||||||||||||
-6 | A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 11—Co-Venture Arrangement). | ||||||||||||||||||||||||||
-7 | The construction loan on the property allows for borrowings up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At September 30, 2013 and December 31, 2012, the total interest rate was 2.98% and 3.00%, respectively. | ||||||||||||||||||||||||||
-8 | On September 30, 2013, the Company conveyed the property to the lender by a deed-in-lieu of foreclosure. As a result, the Company has been discharged from this non-recourse loan (See Note 15—Discontinued Operations). | ||||||||||||||||||||||||||
-9 | On June 4, 2013, the loan was paid off in full, which resulted in a gain of $2,791 on the early extinguishment of debt. | ||||||||||||||||||||||||||
-10 | On January 24, 2013, in connection with the Company's acquisition of Green Acres Mall (See Note 14—Acquisitions), the Company placed a new loan on the property that allowed for borrowings of up to $325,000, bears interest at an effective interest rate of 3.61% and matures on February 3, 2021. Concurrent with the acquisition, the Company borrowed $100,000 on the loan. On January 31, 2013, the Company exercised its option to borrow an additional $225,000 on the loan. | ||||||||||||||||||||||||||
-11 | On January 3, 2013, the Company exercised its option to borrow an additional $146,000 on the loan. | ||||||||||||||||||||||||||
-12 | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At September 30, 2013 and December 31, 2012, the total interest rate was 3.06% and 3.09%, respectively. | ||||||||||||||||||||||||||
-13 | On August 26, 2013, the loan was paid off in full. | ||||||||||||||||||||||||||
-14 | The loan bears interest at LIBOR plus 4.0% with a LIBOR rate floor of 0.50% and matures on December 30, 2013. At September 30, 2013 and December 31, 2012, the total interest rate was 5.21%. | ||||||||||||||||||||||||||
-15 | On May 30, 2013, the consolidated joint venture replaced the existing loan on the property with a new $138,000 loan that bears interest at 3.14% and matures on June 1, 2019. | ||||||||||||||||||||||||||
-16 | On April 30, 2013, the existing loan on Vintage Faire Mall was paid off in full, resulting in a loss of $853 on the early extinguishment of debt. Concurrently, the loan on South Towne Center was assumed by Vintage Faire Mall. An additional $15,200 loan was added to the assumed loan that bears interest at 2.50% and matures on November 5, 2015. | ||||||||||||||||||||||||||
-17 | The loan bears interest at LIBOR plus 2.63% and matures on January 18, 2016. At September 30, 2013 and December 31, 2012, the total interest rate was 3.02% and 3.04%, respectively. | ||||||||||||||||||||||||||
-18 | The loan bears interest at LIBOR plus 2.25% and matures on November 6, 2014. At September 30, 2013 and December 31, 2012, the total interest rate was 2.74% and 2.12%, respectively. | ||||||||||||||||||||||||||
-19 | On August 1, 2013, the loan was paid off in full | ||||||||||||||||||||||||||
Debt premiums (discounts) on mortgage notes payable | ' | ||||||||||||||||||||||||||
Debt premiums (discounts) consist of the following: | |||||||||||||||||||||||||||
Property Pledged as Collateral | September 30, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Arrowhead Towne Center | $ | 15,411 | $ | 17,716 | |||||||||||||||||||||||
Camelback Colonnade | 2,416 | — | |||||||||||||||||||||||||
Deptford Mall | (15 | ) | (19 | ) | |||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 6,574 | 7,270 | |||||||||||||||||||||||||
FlatIron Crossing | — | 5,232 | |||||||||||||||||||||||||
Great Northern Mall | (5 | ) | (28 | ) | |||||||||||||||||||||||
Valley Mall | (241 | ) | (307 | ) | |||||||||||||||||||||||
$ | 24,140 | $ | 29,864 | ||||||||||||||||||||||||
Acquisitions_Tables
Acquisitions: (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Schedule of recognized identified assets acquired and liabilities assumed | ' | |||||||
The following is a summary of the allocation of the fair value of 500 North Michigan Avenue: | ||||||||
Property | $ | 66,033 | ||||||
Deferred charges | 7,450 | |||||||
Other assets | 2,143 | |||||||
Total assets acquired | 75,626 | |||||||
Other accrued liabilities | 4,701 | |||||||
Total liabilities assumed | 4,701 | |||||||
Fair value of acquired net assets | $ | 70,925 | ||||||
The following is a summary of the allocation of the fair value of Camelback Colonnade: | ||||||||
Property | $ | 98,160 | ||||||
Deferred charges | 8,284 | |||||||
Cash and cash equivalents | 1,280 | |||||||
Restricted cash | 1,139 | |||||||
Tenant receivables | 615 | |||||||
Other assets | 380 | |||||||
Total assets acquired | 109,858 | |||||||
Mortgage note payable | 49,465 | |||||||
Accounts payable | 54 | |||||||
Other accrued liabilities | 4,752 | |||||||
Total liabilities assumed | 54,271 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 55,587 | ||||||
The following is a summary of the allocation of the fair value of Green Acres Mall: | ||||||||
Property | $ | 477,673 | ||||||
Deferred charges | 45,130 | |||||||
Other assets | 19,125 | |||||||
Total assets acquired | 541,928 | |||||||
Other accrued liabilities | 41,928 | |||||||
Total liabilities assumed | 41,928 | |||||||
Fair value of acquired net assets | $ | 500,000 | ||||||
The following is a summary of the allocation of the fair value of Kings Plaza Shopping Center: | ||||||||
Property | $ | 714,589 | ||||||
Deferred charges | 37,371 | |||||||
Other assets | 29,282 | |||||||
Total assets acquired | 781,242 | |||||||
Other accrued liabilities | 25,242 | |||||||
Total liabilities assumed | 25,242 | |||||||
Fair value of acquired net assets | $ | 756,000 | ||||||
The following is a summary of the allocation of the fair value of Arrowhead Towne Center: | ||||||||
Property | $ | 423,349 | ||||||
Deferred charges | 31,500 | |||||||
Restricted cash | 4,009 | |||||||
Tenant receivables | 926 | |||||||
Other assets | 4,234 | |||||||
Total assets acquired | 464,018 | |||||||
Mortgage note payable | 244,403 | |||||||
Accounts payable | 815 | |||||||
Other accrued liabilities | 10,449 | |||||||
Total liabilities assumed | 255,667 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 208,351 | ||||||
The following is a summary of the allocation of the fair value of FlatIron Crossing: | ||||||||
Property | $ | 443,391 | ||||||
Deferred charges | 25,251 | |||||||
Cash and cash equivalents | 3,856 | |||||||
Other assets | 2,101 | |||||||
Total assets acquired | 474,599 | |||||||
Mortgage note payable | 175,720 | |||||||
Accounts payable | 366 | |||||||
Other accrued liabilities | 11,071 | |||||||
Total liabilities assumed | 187,157 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 287,442 | ||||||
Schedule of reconciliation of the purchase price to the fair value of the acquired net assets | ' | |||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||
Purchase price | $ | 310,397 | ||||||
Less debt assumed | (114,497 | ) | ||||||
Carrying value of investment | 33,382 | |||||||
Remeasurement gain | 84,227 | |||||||
Less prior gain deferral | (26,067 | ) | ||||||
Fair value of acquired net assets (at 100% ownership) | $ | 287,442 | ||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||
Purchase price | $ | 144,400 | ||||||
Less debt assumed | (75,375 | ) | ||||||
Carrying value of investment | 23,597 | |||||||
Remeasurement gain | 115,729 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 208,351 | ||||||
Summary of gain on remeasurement of existing investment | ' | |||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in FlatIron Crossing that was acquired. | ||||||||
Fair value of existing ownership interest (at 25% ownership) | $ | 91,542 | ||||||
Carrying value of investment | (33,382 | ) | ||||||
Prior gain deferral recognized | 26,067 | |||||||
Gain on remeasurement | $ | 84,227 | ||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in Arrowhead Towne Center that was acquired. | ||||||||
Fair value of existing ownership interest (at 66.7% ownership) | $ | 139,326 | ||||||
Carrying value of investment | (23,597 | ) | ||||||
Gain on remeasurement | $ | 115,729 | ||||||
The Company recognized the following remeasurement gain on the Camelback Colonnade Restructuring: | ||||||||
Fair value of existing ownership interest (at 73.2% ownership) | $ | 41,690 | ||||||
Carrying value of investment | (5,349 | ) | ||||||
Gain on remeasurement | $ | 36,341 | ||||||
Schedule of pro forma total revenue and income from continuing operations | ' | |||||||
The following unaudited pro forma financial information for the three and nine months ended September 30, 2013 and 2012 assumes all of the above transactions took place on January 1, 2012: | ||||||||
Total | Income from | |||||||
revenues (1) | continuing operations (1) | |||||||
Supplemental pro forma information for the three months ended September 30, 2013 | $ | 269,098 | $ | 43,063 | ||||
Supplemental pro forma information for the three months ended September 30, 2012 | $ | 258,906 | $ | 43,223 | ||||
Supplemental pro forma information for the nine months ended September 30, 2013 | $ | 767,733 | $ | 153,151 | ||||
Supplemental pro forma information for the nine months ended September 30, 2012 | $ | 758,130 | $ | 96,703 | ||||
-1 | This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had these transactions occurred on January 1, 2012, and may not be indicative of future operating results. The Company has excluded remeasurement gains and acquisition costs from these pro forma results as they are considered significant non-recurring adjustments directly attributable to these transactions. |
RelatedParty_Transactions_Tabl
Related-Party Transactions: (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Schedule of fees charged to unconsolidated joint ventures | ' | |||||||||||||||
The following are fees charged to unconsolidated joint ventures: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Management Fees | $ | 5,286 | $ | 5,861 | $ | 16,286 | $ | 17,862 | ||||||||
Development and Leasing Fees | 3,810 | 3,677 | 8,284 | 9,764 | ||||||||||||
$ | 9,096 | $ | 9,538 | $ | 24,570 | $ | 27,626 | |||||||||
Share_and_UnitBased_Plans_Tabl
Share and Unit-Based Plans: (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||||
Compensation cost under the share and unit-based plans | ' | |||||||||||||||||||||||||||
The following summarizes the compensation cost under the share and unit-based plans: | ||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
LTIP Units | $ | 4,743 | $ | 2,778 | $ | 12,393 | $ | 6,646 | ||||||||||||||||||||
Stock awards | 121 | 125 | 353 | 345 | ||||||||||||||||||||||||
Stock units | 674 | 383 | 3,165 | 2,991 | ||||||||||||||||||||||||
Stock options | 4 | 18 | 12 | 18 | ||||||||||||||||||||||||
Stock appreciation rights ("SARs") | — | 210 | — | 291 | ||||||||||||||||||||||||
Phantom stock units | 248 | 211 | 735 | 721 | ||||||||||||||||||||||||
$ | 5,790 | $ | 3,725 | $ | 16,658 | $ | 11,012 | |||||||||||||||||||||
Summary of activity of non-vested LTIP Units, stock awards, phantom stock and stock units | ' | |||||||||||||||||||||||||||
The following table summarizes the activity of the non-vested LTIP Units, stock awards, phantom stock units and stock units: | ||||||||||||||||||||||||||||
LTIP Units | Stock Awards | Phantom Stock Units | Stock Units | |||||||||||||||||||||||||
Units | Value(1) | Shares | Value(1) | Units | Value(1) | Units | Value(1) | |||||||||||||||||||||
Balance at January 1, 2013 | 200,000 | $ | 38.63 | 20,924 | $ | 49.36 | — | $ | — | 114,677 | $ | 52.19 | ||||||||||||||||
Granted | 332,189 | 49.67 | 8,963 | 61.84 | 32,063 | 58.94 | 67,920 | 62.01 | ||||||||||||||||||||
Vested | (200,000 | ) | 38.63 | (10,886 | ) | 46.7 | (12,377 | ) | 59.38 | (45,279 | ) | 51.29 | ||||||||||||||||
Forfeited | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Balance at September 30, 2013 | 332,189 | $ | 49.67 | 19,001 | $ | 56.77 | 19,686 | $ | 58.66 | 137,318 | $ | 57.24 | ||||||||||||||||
-1 | Value represents the weighted-average grant date fair value. | |||||||||||||||||||||||||||
Summary of activity of SARs and stock options outstanding | ' | |||||||||||||||||||||||||||
The following table summarizes the activity of the SARs and stock options outstanding: | ||||||||||||||||||||||||||||
SARs | Stock Options | |||||||||||||||||||||||||||
Shares | Value(1) | Shares | Value(1) | |||||||||||||||||||||||||
Balance at January 1, 2013 | 1,164,185 | $ | 56.66 | 12,768 | $ | 54.69 | ||||||||||||||||||||||
Granted | — | — | — | — | ||||||||||||||||||||||||
Exercised | (93,194 | ) | 56.63 | (2,700 | ) | 36.51 | ||||||||||||||||||||||
Forfeited | — | — | — | — | ||||||||||||||||||||||||
Balance at September 30, 2013 | 1,070,991 | $ | 56.66 | 10,068 | $ | 59.57 | ||||||||||||||||||||||
-1 | Value represents the weighted-average exercise price. |
Income_Taxes_Tables
Income Taxes: (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of income tax benefit of TRSs | ' | |||||||||||||||
The income tax benefit of the TRSs is as follows: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Current | $ | (79 | ) | $ | — | $ | (235 | ) | $ | — | ||||||
Deferred | 622 | 934 | 2,498 | 2,159 | ||||||||||||
Income tax benefit | $ | 543 | $ | 934 | $ | 2,263 | $ | 2,159 | ||||||||
Organization_Details
Organization: (Details) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
entity | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Ownership interest in operating partnership (as a percent) | 94.00% | 93.00% |
Number of management companies (in entities) | 7 | ' |
Earnings_per_Share_EPS_Details
Earnings per Share ("EPS"): (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Numerator | ' | ' | ' | ' | ||||
Income from continuing operations | $42,787 | $44,925 | $154,123 | $99,166 | ||||
(Loss) income from discontinued operations | -1,962 | 2,350 | 144,047 | 80,928 | ||||
Net income attributable to noncontrolling interests | -2,702 | -3,382 | -22,958 | -16,915 | ||||
Net income attributable to the Company | 38,123 | 43,893 | 275,212 | 163,179 | ||||
Allocation of earnings to participating securities | -80 | -63 | -257 | -443 | ||||
Numerator for basic earnings per share—net income attributable to common stockholders | 38,043 | 43,830 | 274,955 | 162,736 | ||||
Numerator for diluted earnings per share-net income (loss) available to common stockholders | $38,043 | $43,830 | $274,955 | $162,736 | ||||
Denominator (in shares) | ' | ' | ' | ' | ||||
Denominator for basic earnings per share—weighted average number of common shares outstanding | 140,712 | 134,220 | 139,219 | 133,091 | ||||
Effect of dilutive securities:(1) | ' | ' | ' | ' | ||||
Stock warrants | 0 | [1] | 64 | [1] | 0 | [1] | 78 | [1] |
Share and unit-based compensation plans | 61 | [1] | 46 | [1] | 101 | [1] | 18 | [1] |
Denominator for diluted earnings per share—weighted average number of common shares outstanding | 140,773 | [1] | 134,330 | [1] | 139,320 | [1] | 133,187 | [1] |
Earnings per common share—basic: (in dollars per share) | ' | ' | ' | ' | ||||
Income from continuing operations | $0.28 | $0.31 | $1 | $0.66 | ||||
Discontinued operations | ($0.01) | $0.02 | $0.97 | $0.56 | ||||
Net income attributable to common stockholders | $0.27 | $0.33 | $1.97 | $1.22 | ||||
Earnings per common share—diluted: (in dollars per share) | ' | ' | ' | ' | ||||
Income from continuing operations | $0.28 | $0.31 | $1 | $0.66 | ||||
Discontinued operations | ($0.01) | $0.02 | $0.97 | $0.56 | ||||
Net income attributable to common stockholders | $0.27 | $0.33 | $1.97 | $1.22 | ||||
[1] | The convertible senior notes ("Senior Notes") are excluded from diluted EPS for the nine months ended September 30, 2012 as their impact was antidilutive. The Senior Notes were paid off in full on March 15, 2012 (See Note 10—Bank and Other Notes Payable).Diluted EPS excludes 184,304 convertible preferred units for the three months ended September 30, 2013 and 2012, and 184,304 and 197,183 convertible preferred units for the nine months ended September 30, 2013 and 2012, respectively, as their impact was antidilutive.Diluted EPS excludes 9,621,313 and 10,769,552 Operating Partnership units ("OP Units") for the three months ended September 30, 2013 and 2012, respectively, and 9,920,197 and 11,069,129 OP Units for the nine months ended September 30, 2013 and 2012, respectively, as their impact was antidilutive. |
Earnings_per_Share_EPS_Details1
Earnings per Share ("EPS"): (Details 2) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Convertible non-participating preferred units | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 184,304 | 184,304 | 184,304 | 197,183 |
Partnership unit | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,621,313 | 10,769,552 | 9,920,197 | 11,069,129 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Joint Ventures: (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 03, 2012 | Oct. 26, 2012 | Mar. 30, 2012 | Sep. 30, 2012 | Mar. 30, 2012 | Sep. 30, 2012 | Mar. 30, 2012 | Sep. 30, 2012 | 31-May-12 | Sep. 30, 2012 | Aug. 10, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 17, 2013 | Sep. 16, 2013 | Sep. 30, 2013 | Aug. 01, 2013 | 29-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 12, 2013 | Sep. 30, 2013 |
FlatIron Crossing | Arrowhead Towne Center | Chandler Village Center, LLC | Chandler Village Center, LLC | Chandler Festival | Chandler Festival | SanTan Village Power Center | SanTan Village Power Center | Chandler Gateway | Chandler Gateway | NorthPark Center | Pacific Premier Retail LP | Pacific Premier Retail LP | Pacific Premier Retail LP | Pacific Premier Retail LP | Camelback Colonnade | Camelback Colonnade | Redmond Town Center | Redmond Town Center | Redmond Town Center | Redmond Town Center | Redmond Town Center | Kitsap Mall | Kitsap Mall | |||||
sqft | sqft | sqft | sqft | sqft | sqft | sqft | Pacific Premier Retail LP | Pacific Premier Retail LP | Pacific Premier Retail LP | Pacific Premier Retail LP | Pacific Premier Retail LP | Pacific Premier Retail LP | ||||||||||||||||
sqft | sqft | sqft | ||||||||||||||||||||||||||
Investments in unconsolidated joint ventures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest sold | ' | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on remeasurement, sale or write down of assets, net | $38,104 | ($28) | $183,154 | $22,938 | ' | ' | ' | ' | ' | ' | $23,294 | ' | ' | ' | ' | $38,432 | $0 | $182,781 | ($10) | ' | ' | ' | $38,471 | $89,155 | ' | ' | $55,155 | ' |
Proceeds from sale of assets | ' | ' | 327,059 | 130,691 | ' | ' | 6,045 | ' | 16,183 | ' | ' | ' | 4,921 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes payable settled by deed-in-lieu of foreclosure | ' | ' | 84,000 | 185,000 | ' | ' | 8,750 | ' | 14,792 | ' | ' | ' | 9,394 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property area (in square feet) | ' | ' | ' | ' | 1,435,000 | 1,196,000 | 273,000 | ' | 500,000 | ' | 491,000 | ' | 260,000 | ' | 1,946,000 | ' | ' | ' | ' | ' | ' | ' | 695,000 | 582,000 | ' | ' | 846,000 | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73.20% | ' | ' | ' | ' | ' | ' | ' |
Purchase price on acquisition | ' | ' | ' | ' | 310,397 | 144,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,780 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127,000 | 185,000 | ' | ' | 127,000 | ' |
Purchase price funded by cash payment on acquisition | ' | ' | ' | ' | 195,900 | 69,025 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price paid through assumption of debt by the Company | ' | ' | 109,858 | 0 | 114,497 | 75,375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration received on sale of joint venture interest | ' | ' | ' | ' | ' | ' | 14,795 | ' | 30,975 | ' | ' | ' | 14,315 | ' | 118,810 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of investments in unconsolidated entity | ' | ' | ' | ' | ' | ' | ' | 8,185 | ' | 12,347 | ' | ' | ' | 3,365 | 24,590 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional ownership interest acquired (as a percent) | ' | ' | ' | ' | 75.00% | 33.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Loan paid off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distributed to the partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,780 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of property, pro rata share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,502 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,263 | ' | ' | 18,263 | 44,424 | ' | 28,129 |
Gain on sale of property, pro rata share included in net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($3,565) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Joint Ventures: (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
Assets: | ' | ' | ' | ' | ' | |||
Properties, net | $3,454,127 | [1] | ' | $3,454,127 | [1] | ' | $3,653,631 | [1] |
Other assets | 316,985 | [1] | ' | 316,985 | [1] | ' | 411,862 | [1] |
Total assets | 3,771,112 | [1] | ' | 3,771,112 | [1] | ' | 4,065,493 | [1] |
Liabilities and partners' capital: | ' | ' | ' | ' | ' | |||
Mortgage notes payable | 3,648,498 | [2] | ' | 3,648,498 | [2] | ' | 3,240,723 | [2] |
Other liabilities | 196,927 | ' | 196,927 | ' | 148,711 | |||
Company's (deficit) capital | -72,153 | ' | -72,153 | ' | 304,477 | |||
Outside partners' (deficit) capital | -2,160 | ' | -2,160 | ' | 371,582 | |||
Total liabilities and partners' capital | 3,771,112 | ' | 3,771,112 | ' | 4,065,493 | |||
Investments in unconsolidated joint ventures: | ' | ' | ' | ' | ' | |||
Company's (deficit) capital | -72,153 | ' | -72,153 | ' | 304,477 | |||
Basis adjustment | 521,151 | [3] | ' | 521,151 | [3] | ' | 516,833 | [3] |
Assets—Investments in unconsolidated joint ventures | 706,450 | ' | 706,450 | ' | 974,258 | |||
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | -257,452 | ' | -257,452 | ' | -152,948 | |||
Investments in unconsolidated joint ventures | 448,998 | ' | 448,998 | ' | 821,310 | |||
Mortgage notes payable that could become recourse debt to the Company | 47,040 | ' | 47,040 | ' | 51,171 | |||
Indemnity of guaranteed amount | 21,270 | ' | 21,270 | ' | 21,270 | |||
Amortization of difference between cost of investments and book value of underlying equity | 3,860 | 3,136 | 9,753 | 6,211 | ' | |||
Revenues: | ' | ' | ' | ' | ' | |||
Minimum rents | 102,710 | 124,374 | 319,175 | 397,560 | ' | |||
Percentage rents | 3,498 | 5,284 | 10,065 | 13,968 | ' | |||
Tenant recoveries | 51,780 | 63,094 | 156,841 | 196,761 | ' | |||
Other | 9,739 | 11,171 | 32,983 | 33,404 | ' | |||
Total revenues | 167,727 | 203,923 | 519,064 | 641,693 | ' | |||
Expenses: | ' | ' | ' | ' | ' | |||
Shopping center and operating expenses | 57,975 | 69,988 | 174,654 | 224,233 | ' | |||
Interest expense | 35,114 | 48,080 | 107,051 | 157,091 | ' | |||
Depreciation and amortization | 36,323 | 44,783 | 112,004 | 138,419 | ' | |||
Total operating expenses | 129,412 | 162,851 | 393,709 | 519,743 | ' | |||
Gain (loss) on remeasurement, sale or write down of assets, net | 38,104 | -28 | 183,154 | 22,938 | ' | |||
Gain on early extinguishment of debt | 14 | ' | 14 | ' | ' | |||
Net income | 76,433 | 41,044 | 308,523 | 144,888 | ' | |||
Company's equity in net income | 35,161 | 19,315 | 145,477 | 68,624 | ' | |||
Northwestern Mutual Life (NML) | ' | ' | ' | ' | ' | |||
Investments in unconsolidated joint ventures: | ' | ' | ' | ' | ' | |||
Mortgage notes payable to affiliate | 715,332 | ' | 715,332 | ' | 436,857 | |||
Interest expense on borrowings from related party | 7,920 | 10,980 | 21,717 | 32,974 | ' | |||
Pacific Premier Retail LP | ' | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | ' | |||
Total assets | 776,186 | ' | 776,186 | ' | 1,039,742 | |||
Investments in unconsolidated joint ventures: | ' | ' | ' | ' | ' | |||
Total liabilities | 818,222 | ' | 818,222 | ' | 942,370 | |||
Revenues: | ' | ' | ' | ' | ' | |||
Minimum rents | 27,426 | 32,718 | 91,779 | 98,812 | ' | |||
Percentage rents | 572 | 837 | 2,155 | 2,571 | ' | |||
Tenant recoveries | 12,115 | 14,091 | 40,555 | 41,967 | ' | |||
Other | 1,086 | 1,138 | 3,980 | 3,665 | ' | |||
Total revenues | 41,199 | 48,784 | 138,469 | 147,015 | ' | |||
Expenses: | ' | ' | ' | ' | ' | |||
Shopping center and operating expenses | 12,231 | 15,075 | 40,948 | 43,385 | ' | |||
Interest expense | 10,251 | 12,904 | 33,118 | 39,405 | ' | |||
Depreciation and amortization | 9,067 | 10,905 | 30,697 | 31,926 | ' | |||
Total operating expenses | 31,549 | 38,884 | 104,763 | 114,716 | ' | |||
Gain (loss) on remeasurement, sale or write down of assets, net | 38,432 | 0 | 182,781 | -10 | ' | |||
Gain on early extinguishment of debt | 0 | ' | 0 | ' | ' | |||
Net income | 48,082 | 9,900 | 216,487 | 32,289 | ' | |||
Company's equity in net income | 21,567 | 5,035 | 105,684 | 16,422 | ' | |||
Tysons Corner LLC | ' | ' | ' | ' | ' | |||
Assets: | ' | ' | ' | ' | ' | |||
Total assets | 467,632 | ' | 467,632 | ' | 409,622 | |||
Investments in unconsolidated joint ventures: | ' | ' | ' | ' | ' | |||
Total liabilities | 337,804 | ' | 337,804 | ' | 329,145 | |||
Revenues: | ' | ' | ' | ' | ' | |||
Minimum rents | 15,344 | 15,847 | 46,526 | 47,149 | ' | |||
Percentage rents | -12 | 233 | 734 | 866 | ' | |||
Tenant recoveries | 11,304 | 11,340 | 34,025 | 32,969 | ' | |||
Other | 510 | 618 | 2,080 | 1,964 | ' | |||
Total revenues | 27,146 | 28,038 | 83,365 | 82,948 | ' | |||
Expenses: | ' | ' | ' | ' | ' | |||
Shopping center and operating expenses | 9,818 | 8,760 | 26,819 | 25,834 | ' | |||
Interest expense | 3,801 | 2,838 | 7,825 | 8,902 | ' | |||
Depreciation and amortization | 4,568 | 5,094 | 13,499 | 15,279 | ' | |||
Total operating expenses | 18,187 | 16,692 | 48,143 | 50,015 | ' | |||
Gain (loss) on remeasurement, sale or write down of assets, net | 0 | 0 | 0 | 0 | ' | |||
Gain on early extinguishment of debt | 14 | ' | 14 | ' | ' | |||
Net income | 8,973 | 11,346 | 35,236 | 32,933 | ' | |||
Company's equity in net income | 2,919 | 4,372 | 12,957 | 12,721 | ' | |||
Other Joint Ventures | ' | ' | ' | ' | ' | |||
Revenues: | ' | ' | ' | ' | ' | |||
Minimum rents | 59,940 | 75,809 | 180,870 | 251,599 | ' | |||
Percentage rents | 2,938 | 4,214 | 7,176 | 10,531 | ' | |||
Tenant recoveries | 28,361 | 37,663 | 82,261 | 121,825 | ' | |||
Other | 8,143 | 9,415 | 26,923 | 27,775 | ' | |||
Total revenues | 99,382 | 127,101 | 297,230 | 411,730 | ' | |||
Expenses: | ' | ' | ' | ' | ' | |||
Shopping center and operating expenses | 35,926 | 46,153 | 106,887 | 155,014 | ' | |||
Interest expense | 21,062 | 32,338 | 66,108 | 108,784 | ' | |||
Depreciation and amortization | 22,688 | 28,784 | 67,808 | 91,214 | ' | |||
Total operating expenses | 79,676 | 107,275 | 240,803 | 355,012 | ' | |||
Gain (loss) on remeasurement, sale or write down of assets, net | -328 | -28 | 373 | 22,948 | ' | |||
Gain on early extinguishment of debt | 0 | ' | 0 | ' | ' | |||
Net income | 19,378 | 19,798 | 56,800 | 79,666 | ' | |||
Company's equity in net income | $10,675 | $9,908 | $26,836 | $39,481 | ' | |||
[1] | These amounts include the assets and liabilities of the following joint ventures as of September 30, 2013 and December 31, 2012: PacificPremierRetail LP TysonsCorner LLCAs of September 30, 2013: Total Assets$776,186 $467,632Total Liabilities$818,222 $337,804As of December 31, 2012: Total Assets$1,039,742 $409,622Total Liabilities$942,370 $329,145 | |||||||
[2] | Certain mortgage notes payable could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of September 30, 2013 and December 31, 2012, a total of $47,040 and $51,171, respectively, could become recourse debt to the Company. As of September 30, 2013 and December 31, 2012, the Company had indemnity agreements from joint venture partners for $21,270 of the guaranteed amount.Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $715,332 and $436,857 as of September 30, 2013 and December 31, 2012, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense incurred on these borrowings amounted to $7,920 and $10,980 for the three months ended September 30, 2013 and 2012, respectively, and $21,717 and $32,974 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
[3] | 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 $3,860 and $3,136 for the three months ended September 30, 2013 and 2012, respectively, and $9,753 and $6,211 for the nine months ended September 30, 2013 and 2012, respectively. |
Property_Details
Property: (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 17, 2013 |
property | property | Camelback Colonnade | ||||
Acquisition | ' | ' | ' | ' | ' | ' |
Land | $1,751,611 | ' | $1,751,611 | ' | $1,572,621 | ' |
Buildings and improvements | 6,642,696 | ' | 6,642,696 | ' | 6,417,674 | ' |
Tenant improvements | 554,528 | ' | 554,528 | ' | 496,203 | ' |
Equipment and furnishings | 153,146 | ' | 153,146 | ' | 149,959 | ' |
Construction in progress | 239,106 | ' | 239,106 | ' | 376,249 | ' |
Total | 9,341,087 | ' | 9,341,087 | ' | 9,012,706 | ' |
Less accumulated depreciation | -1,607,158 | ' | -1,607,158 | ' | -1,533,160 | ' |
Property, net | 7,733,929 | ' | 7,733,929 | ' | 7,479,546 | ' |
Depreciation expenses | 71,136 | 55,086 | 207,877 | 164,369 | ' | ' |
Write off of development cost | -126 | -2,623 | -1,497 | -8,549 | ' | ' |
Gain on remeasurement | ' | ' | ' | ' | ' | 36,341 |
Gain (loss) on the sale of assets | ' | ' | 5,401 | ' | ' | ' |
Impairment loss | ' | ' | ' | ' | ' | ($34,452) |
Number of Real Estate Properties | 2 | ' | 2 | ' | ' | ' |
Marketable_Securities_Details
Marketable Securities: (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Government debt securities, at par value | $0 | $23,769 |
Less discount | 0 | -102 |
Government debt securities, net | 0 | 23,667 |
Unrealized gain | 0 | 685 |
Fair value (Level 1 measurement) | $0 | $24,352 |
Tenant_and_Other_Receivables_n1
Tenant and Other Receivables, net: (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 08, 2013 |
Accrued percentage rents | Accrued percentage rents | Note receivable secured by deed of trust | Note receivable secured by deed of trust | Related Parties Note Receivable, JR Holdings [Member] | Related Parties Note Receivable, JR Holdings [Member] | Related Parties Note Receivable, JR Holdings [Member] | Related Parties Note Receivable, JR Holdings [Member] | Subsequent event | ||||
Related Parties Note Receivable, JR Holdings [Member] | ||||||||||||
Components of tenant and other receivables, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for doubtful accounts | $2,672 | ' | $2,374 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | 2,180 | 9,168 | ' | 0 | ' | ' | ' | ' | ' |
Deferred rent receivable due to straight-line rent adjustments | 53,523 | ' | 49,129 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to Co-venture Partner | 14,496 | 34,615 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Note receivable, interest rate (as a percent) | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' |
Notes receivable | ' | ' | ' | ' | ' | ' | 3,963 | 4,427 | ' | 4,427 | ' | ' |
Interest income on notes receivable | ' | ' | ' | ' | ' | ' | ' | $156 | $130 | $464 | $388 | ' |
Deferred_Charges_and_Other_Ass2
Deferred Charges and Other Assets, net: (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' | ' | ' | ' | |||
Leasing | $226,891 | ' | $226,891 | ' | $234,498 | |||
Financing | 52,038 | ' | 52,038 | ' | 42,868 | |||
Intangible assets: | ' | ' | ' | ' | ' | |||
In-place lease values | 199,274 | ' | 199,274 | ' | 175,735 | |||
Leasing commissions and legal costs | 50,020 | ' | 50,020 | ' | 46,419 | |||
Above-market leases | 116,717 | ' | 116,717 | ' | 118,033 | |||
Deferred tax assets | 32,020 | ' | 32,020 | ' | 33,414 | |||
Deferred compensation plan assets | 29,126 | ' | 29,126 | ' | 24,670 | |||
Acquisition deposit | 0 | ' | 0 | ' | 30,000 | |||
Other assets | 68,180 | ' | 68,180 | ' | 72,811 | |||
Deferred charges and other assets, gross | 774,266 | ' | 774,266 | ' | 778,448 | |||
Less accumulated amortization | -227,684 | [1] | ' | -227,684 | [1] | ' | -213,318 | [1] |
Deferred charges and other assets, net | 546,582 | ' | 546,582 | ' | 565,130 | |||
Accumulated amortization for intangible assets | 80,747 | ' | 80,747 | ' | 62,792 | |||
Amortization expense for intangible assets | $12,228 | $6,323 | $40,611 | $22,529 | ' | |||
[1] | Accumulated amortization includes $80,747 and $62,792 relating to in-place lease values, leasing commissions and legal costs at September 30, 2013 and December 31, 2012, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $12,228 and $6,323 for the three months ended September 30, 2013 and 2012, respectively, and $40,611 and $22,529 for the nine months ended September 30, 2013 and 2012, respectively. |
Mortgage_Notes_Payable_Details
Mortgage Notes Payable: (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 01, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | 30-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2009 | Jan. 31, 2013 | Jan. 24, 2013 | Jan. 03, 2013 | Nov. 28, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrowhead Towne Center | Arrowhead Towne Center | Camelback Colonnade | Camelback Colonnade | Chandler Fashion Center | Chandler Fashion Center | Chesterfield Towne Center | Chesterfield Towne Center | Danbury Fair Mall | Danbury Fair Mall | Deptford Mall One | Deptford Mall One | Deptford Mall Two | Deptford Mall Two | Eastland Mall | Eastland Mall | Fashion Outlets of Chicago | Fashion Outlets of Chicago | Fashion Outlets of Niagara Falls USA | Fashion Outlets of Niagara Falls USA | Fiesta Mall | Fiesta Mall | Flagstaff Mall | Flagstaff Mall | FlatIron Crossing | FlatIron Crossing | FlatIron Crossing | Freehold Raceway Mall | Freehold Raceway Mall | Fresno Fashion Fair | Fresno Fashion Fair | Great Northern Mall | Great Northern Mall | Green Acres Mall | Green Acres Mall | Kings Plaza | Kings Plaza | The Mall at Northgate | The Mall at Northgate | The Oaks | The Oaks | Pacific View | Pacific View | Paradise Valley Mall | Paradise Valley Mall | Promenade at Casa Grande | Promenade at Casa Grande | Promenade at Casa Grande | Promenade at Casa Grande | Salisbury Center | Salisbury Center | Santa Monica Place | Santa Monica Place | SanTan Village Regional Center | SanTan Village Regional Center | SanTan Village Regional Center | South Plains Mall | South Plains Mall | South Towne center | South Towne center | South Towne center | Towne Mall | Towne Mall | Tucson La Encantada | Tucson La Encantada | Twenty Ninth Street | Twenty Ninth Street | Valley Mall | Valley Mall | Valley River Center | Valley River Center | Mall of Victor Valley | Mall of Victor Valley | Vintage Faire Mall | Vintage Faire Mall | Vintage Faire Mall | Westside Pavilion | Westside Pavilion | Wilton Mall | Wilton Mall | Freehold Raceway Mall and Chandler Fashion Center | Green Acres Mall | Green Acres Mall | Kings Plaza | Kings Plaza | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Low end of range | High end of range | sqft | sqft | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans payable on real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property area (in square feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,792,000 | ' | 1,199,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of oan assumed by third party (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.90% | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying amount of mortgage notes, related party | $270,715 | [1] | ' | ' | $270,715 | [1] | ' | $274,609 | [1] | $0 | [1] | $0 | [1] | $0 | [1],[2] | $0 | [1],[2] | $0 | [1],[3] | $0 | [1],[3] | $0 | [1] | $0 | [1] | $117,810 | [1] | $119,823 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1],[4] | $0 | [1],[4] | $0 | [1] | $0 | [1] | $0 | [1],[5] | $0 | [1],[5] | $0 | [1] | $0 | [1] | ' | $0 | [1],[6] | $0 | [1],[6] | $0 | [1],[3] | $0 | [1],[3] | $79,701 | [1] | $80,601 | [1] | $0 | [1] | $0 | [1] | $0 | [1],[7] | $0 | [1],[7] | $0 | [1],[8] | $0 | [1],[8] | $0 | [1],[9] | $0 | [1],[9] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1],[10] | $0 | [1],[10] | $0 | [1],[11] | $0 | [1],[11] | ' | ' | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | ' | $0 | [1],[12] | $0 | [1],[12] | $0 | [1] | $0 | [1] | ' | $0 | [1],[13] | $0 | [1],[13] | $0 | [1] | $0 | [1] | $73,204 | [1] | $74,185 | [1] | $0 | [1],[14] | $0 | [1],[14] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1],[15] | $0 | [1],[15] | ' | $0 | [1],[13] | $0 | [1],[13] | $0 | [1] | $0 | [1] | $0 | [1],[16] | $0 | [1],[16] | ' | ' | ' | ' | ' |
Carrying amount of mortgage notes, other | 4,209,900 | [1] | ' | ' | 4,209,900 | [1] | ' | 4,162,734 | [1] | 237,832 | [1] | 243,176 | [1] | 49,416 | [1],[2] | 0 | [1],[2] | 200,000 | [1],[3] | 200,000 | [1],[3] | 110,000 | [1] | 110,000 | [1] | 117,809 | [1] | 119,823 | [1] | 202,556 | [1] | 205,000 | [1] | 14,616 | [1] | 14,800 | [1] | 168,000 | [1] | 168,000 | [1] | 81,472 | [1],[4] | 9,165 | [1],[4] | 124,682 | [1] | 126,584 | [1] | 0 | [1],[5] | 84,000 | [1],[5] | 37,000 | [1] | 37,000 | [1] | ' | 0 | [1],[6] | 173,561 | [1],[6] | 232,900 | [1],[3] | 232,900 | [1],[3] | 79,701 | [1] | 80,602 | [1] | 35,719 | [1] | 36,395 | [1] | 321,407 | [1],[7] | 0 | [1],[7] | 492,954 | [1],[8] | 354,000 | [1],[8] | 64,000 | [1],[9] | 64,000 | [1],[9] | 215,224 | [1] | 218,119 | [1] | 136,478 | [1] | 138,367 | [1] | 0 | [1],[10] | 81,000 | [1],[10] | 64,226 | [1],[11] | 73,700 | [1],[11] | ' | ' | 115,000 | [1] | 115,000 | [1] | 236,701 | [1] | 240,000 | [1] | ' | 137,321 | [1],[12] | 138,087 | [1],[12] | 100,221 | [1] | 101,340 | [1] | ' | 0 | [1],[13] | 85,247 | [1],[13] | 23,092 | [1] | 23,369 | [1] | 0 | [1] | 0 | [1] | 107,000 | [1],[14] | 107,000 | [1],[14] | 42,345 | [1] | 42,891 | [1] | 120,000 | [1] | 120,000 | [1] | 90,000 | [1],[15] | 90,000 | [1],[15] | ' | 99,431 | [1],[13] | 135,000 | [1],[13] | 152,797 | [1] | 154,608 | [1] | 0 | [1],[16] | 40,000 | [1],[16] | ' | ' | ' | ' | ' |
Effective interest rate (as a percent) | ' | ' | ' | ' | ' | ' | 2.76% | [17] | ' | 2.16% | [12],[17] | ' | 3.77% | [17],[3] | ' | 4.80% | [17] | ' | 5.53% | [17] | ' | 3.76% | [17] | ' | 6.46% | [17] | ' | 5.79% | [17] | ' | 2.98% | [17],[4] | 3.00% | 4.89% | [17] | ' | ' | ' | 5.03% | [17] | ' | ' | ' | ' | 4.20% | [17],[3] | ' | 6.76% | [17] | ' | 5.19% | [17] | ' | 3.61% | [17],[7] | ' | 3.67% | [17],[8] | ' | 3.06% | [17],[9] | 3.09% | 4.14% | [17] | ' | 4.08% | [17] | ' | ' | ' | 5.21% | [11],[17] | 5.21% | [11],[17] | ' | ' | 5.83% | [17] | ' | 2.99% | [17] | ' | ' | 3.14% | [12],[17] | ' | 6.58% | [17] | ' | ' | ' | ' | 4.48% | [17] | ' | 4.23% | [17] | ' | 3.02% | [14],[17] | 3.04% | 5.85% | [17] | ' | 5.59% | [17] | ' | 2.74% | [15],[17] | 2.12% | 2.50% | 5.81% | [13],[17] | ' | 4.49% | [17] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||
Monthly debt service | ' | ' | ' | ' | ' | ' | 1,131 | [18] | ' | 178 | [18],[2] | ' | 625 | [18],[3] | ' | 573 | [18] | ' | 1,538 | [18] | ' | 947 | [18] | ' | 101 | [18] | ' | 811 | [18] | ' | 182 | [18],[4] | ' | 727 | [18] | ' | ' | ' | 151 | [18] | ' | ' | ' | ' | 805 | [18],[3] | ' | 1,104 | [18] | ' | 234 | [18] | ' | 1,447 | [18],[7] | ' | 2,229 | [18],[8] | ' | 130 | [18],[9] | ' | 1,064 | [18] | ' | 668 | [18] | ' | ' | ' | 245 | [11],[18] | ' | ' | ' | 555 | [18] | ' | 1,004 | [18] | ' | ' | 589 | [12],[18] | ' | 648 | [18] | ' | ' | ' | ' | 117 | [18] | ' | 368 | [18] | ' | 251 | [14],[18] | ' | 280 | [18] | ' | 558 | [18] | ' | 183 | [15],[18] | ' | ' | 586 | [13],[18] | ' | 783 | [18] | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||
Debt premiums | ' | ' | ' | ' | ' | ' | 15,411 | 17,716 | 2,416 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,574 | 7,270 | ' | ' | ' | ' | ' | 0 | 5,232 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt discounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15 | -19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5 | -28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -241 | -307 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt premiums (discounts), net | 24,140 | ' | ' | 24,140 | ' | 29,864 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage notes payable, maximum borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | -6 | 0 | ' | 1,938 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,791 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -853 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate basis (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread over basis (as a percent) | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.63% | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt interest rate floor (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage notes payable which could become recourse | 205,555 | ' | ' | 205,555 | ' | 213,466 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantee amounts for indemnity agreements from consolidated joint venture partners | 21,263 | ' | ' | 21,263 | ' | 28,208 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense capitalized | 2,887 | ' | 2,984 | 8,227 | 7,899 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of mortgage notes payable | 4,558,549 | ' | ' | 4,558,549 | ' | 4,567,658 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period of loan maturities expected to be refinanced, restructured, extended or paid-off | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of additional borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $140,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $138,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,200 | ' | ' | ' | ' | ' | ' | ' | $225,000 | $100,000 | $146,000 | $354,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized to interest expense over the remaining term of the related debt in a manner that approximates the effective interest method.Debt premiums (discounts) consist of the following:Property Pledged as CollateralSeptember 30, 2013 December 31, 2012Arrowhead Towne Center$15,411 $17,716Camelback Colonnade2,416 —Deptford Mall(15) (19)Fashion Outlets of Niagara Falls USA6,574 7,270FlatIron Crossing— 5,232Great Northern Mall(5) (28)Valley Mall(241) (307) $24,140 $29,864 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | On September 17, 2013, the Company obtained control of the consolidated joint venture as a result of the Camelback Colonnade Restructuring (See Note 14—Acquisitions). The loan on the property bears interest at an effective rate of 2.16% and matures on October 12, 2015. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 11—Co-Venture Arrangement). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | The construction loan on the property allows for borrowings up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At September 30, 2013 and December 31, 2012, the total interest rate was 2.98% and 3.00%, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | On September 30, 2013, the Company conveyed the property to the lender by a deed-in-lieu of foreclosure. As a result, the Company has been discharged from this non-recourse loan (See Note 15—Discontinued Operations). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | On June 4, 2013, the loan was paid off in full, which resulted in a gain of $2,791 on the early extinguishment of debt. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | On January 24, 2013, in connection with the Company's acquisition of Green Acres Mall (See Note 14—Acquisitions), the Company placed a new loan on the property that allowed for borrowings of up to $325,000, bears interest at an effective interest rate of 3.61% and matures on February 3, 2021. Concurrent with the acquisition, the Company borrowed $100,000 on the loan. On January 31, 2013, the Company exercised its option to borrow an additional $225,000 on the loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | On January 3, 2013, the Company exercised its option to borrow an additional $146,000 on the loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At September 30, 2013 and December 31, 2012, the total interest rate was 3.06% and 3.09%, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | On August 26, 2013, the loan was paid off in full | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | The loan bears interest at LIBOR plus 4.0% with a LIBOR rate floor of 0.50% and matures on December 30, 2013. At September 30, 2013 and December 31, 2012, the total interest rate was 5.21%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | On May 30, 2013, the consolidated joint venture replaced the existing loan on the property with a new $138,000 loan that bears interest at 3.14% and matures on June 1, 2019. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | On April 30, 2013, the existing loan on Vintage Faire Mall was paid off in full, resulting in a loss of $853 on the early extinguishment of debt. Concurrently, the loan on South Towne Center was assumed by Vintage Faire Mall. An additional $15,200 loan was added to the assumed loan that bears interest at 2.50% and matures on November 5, 2015. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[14] | The loan bears interest at LIBOR plus 2.63% and matures on January 18, 2016. At September 30, 2013 and December 31, 2012, the total interest rate was 3.02% and 3.04%, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[15] | The loan bears interest at LIBOR plus 2.25% and matures on November 6, 2014. At September 30, 2013 and December 31, 2012, the total interest rate was 2.74% and 2.12%, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[16] | On August 1, 2013, the loan was paid off in full | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[17] | The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[18] | The monthly debt service represents the payment of principal and interest. |
Deferred_Charges_and_Other_Ass3
Deferred Charges and Other Assets, net: (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Allocated values of leases | ' | ' | ||
Less accumulated amortization | ($80,747) | ($62,792) | ||
Above-Market Leases | ' | ' | ||
Allocated values of leases | ' | ' | ||
Original allocated value | 116,717 | 118,033 | ||
Less accumulated amortization | -43,047 | -46,361 | ||
Allocated value net | 73,670 | 71,672 | ||
Below-Market Leases | ' | ' | ||
Allocated values of leases | ' | ' | ||
Original allocated value | 186,600 | [1] | 164,489 | [1] |
Less accumulated amortization | -74,056 | [1] | -77,131 | [1] |
Allocated value net | $112,544 | [1] | $87,358 | [1] |
[1] | Below-market leases are included in other accrued liabilities. |
Bank_and_Other_Notes_Payable_B
Bank and Other Notes Payable: Bank and Other Notes Payable: (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Mar. 15, 2012 | Mar. 16, 2007 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 06, 2013 | 2-May-11 | Dec. 08, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 29, 2013 | Sep. 30, 2013 | Aug. 06, 2013 | Sep. 30, 2013 | Dec. 08, 2011 | Aug. 06, 2013 | Sep. 30, 2013 | Dec. 08, 2011 |
Convertible Notes Payable | Convertible Notes Payable | Convertible Notes Payable | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Unsecured term loan | Unsecured term loan | Unsecured term loan | Greeley Note | Prasada Note | Prasada Note | Low end of range | Low end of range | Low end of range | High end of range | High end of range | High end of range | ||
Line of Credit | Line of Credit | Unsecured term loan | Line of Credit | Line of Credit | Unsecured term loan | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of additional borrowing | ' | ' | $950,000 | ' | ' | ' | ' | ' | $125,000 | $125,000 | ' | ' | $13,330 | ' | ' | ' | ' | ' | ' | ' |
Interest rate on debt (as a percent) | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' |
Maturities of subordinated debt | ' | 439,318 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate spread over basis (as a percent) | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | 2.20% | ' | ' | ' | ' | 1.38% | 1.75% | 1.95% | 2.00% | 3.00% | 3.20% |
Expansion borrowing capacity | ' | ' | ' | ' | 2,000,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of extension (in years) | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate basis (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings under the line of credit | ' | ' | ' | ' | 145,000 | 675,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, average interest rate (as a percent) | ' | ' | ' | ' | 1.86% | 2.76% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of outstanding line of credit | ' | ' | ' | ' | 137,160 | 675,107 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.53% | 2.57% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,027 | ' | 12,937 | ' | ' | ' | ' | ' | ' |
Debt, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $118,703 | $121,821 | ' | ' | $13,612 | ' | ' | ' | ' | ' | ' |
CoVenture_Arrangement_Details
Co-Venture Arrangement: (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2009 | Sep. 30, 2009 |
Freehold Raceway Mall and Chandler Fashion Center | Freehold Raceway Mall and Chandler Fashion Center | ||||
Co-Venture Arrangement: | ' | ' | ' | ' | ' |
Percentage of oan assumed by third party (as a percent) | ' | ' | ' | ' | 49.90% |
Number of common shares available for purchase under warrant (in shares) | ' | ' | ' | 935,358 | ' |
Exercise price of stock warrants (in dollars per share) | ' | ' | ' | 46.68 | ' |
Cash proceeds for sale of interest in property | $327,059 | $130,691 | ' | $174,650 | ' |
Proceeds attributed to the warrants | ' | ' | ' | 6,496 | ' |
Co-venture obligation | $83,951 | ' | $92,215 | $168,154 | ' |
Noncontrolling_Interests_Detai
Noncontrolling Interests: (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Noncontrolling Interest [Abstract] | ' | ' |
Ownership interest in operating partnership (as a percent) | 94.00% | 93.00% |
Limited partnership interest of the operating partnership (as a percent) | 6.00% | 7.00% |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Number of trading days used to calculate redemption value (in days) | '10 days | ' |
Redemption value of outstanding OP Units not owned by the Company | $557,651 | $586,409 |
Stockholders_Equity_Stock_Warr
Stockholders' Equity: (Stock Warrants) (Details) (Freehold Raceway Mall and Chandler Fashion Center, USD $) | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Oct. 24, 2012 | Apr. 10, 2012 | Dec. 30, 2011 | Sep. 30, 2009 | Dec. 31, 2011 |
Freehold Raceway Mall and Chandler Fashion Center | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Aggregate number of common shares available for purchase under warrants | ' | ' | ' | 935,358 | ' |
Value of stock warrants | ' | ' | ' | $6,496 | ' |
Exercise price of stock warrants (in dollars per share) | ' | ' | ' | 46.68 | ' |
Exercise of stock warrants | $3,922 | $3,448 | $1,278 | ' | ' |
Number of common shares available for purchase under warrant (in shares) | 311,786 | 311,786 | ' | ' | 311,786 |
Stockholders_Equity_ATM_Progra
Stockholders' Equity: (ATM Program) (Details) (USD $) | 9 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 17, 2012 |
ATM Program | ATM Program | ATM Program | ||||
Warrants: | ' | ' | ' | ' | ' | ' |
Par value of common stock (in dollars per share) | $0.01 | ' | $0.01 | ' | ' | $0.01 |
Maximum price of common stock available to be issued | ' | ' | ' | $149,093 | ' | $500,000 |
Maximum commission to sales agent (as a percent) | ' | ' | ' | ' | ' | 2.00% |
Common stock sold (in shares) | ' | ' | ' | 2,456,956 | 2,961,903 | ' |
Proceeds from sale | ' | ' | ' | 173,011 | 177,896 | ' |
Net proceeds from stock offerings | $171,121 | $175,869 | ' | $171,121 | $175,649 | ' |
Stockholders_Equity_Stockholde
Stockholders' Equity: Stockholders' Equity (Stock Issued to Acquire Property) (Details) (Kings Plaza, USD $) | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Nov. 28, 2012 |
Kings Plaza | ' |
Class of Stock [Line Items] | ' |
Value of restricted shares issued for acquisition | 535,265 |
Purchase price funded by issuance of restricted common stock | $30,000 |
Number of trading days used to value restricted stock issued for acquisition | '10 days |
Acquisitions_Details
Acquisitions: (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 8 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Feb. 29, 2012 | Oct. 03, 2012 | Oct. 26, 2012 | Oct. 03, 2012 | Jan. 03, 2013 | Nov. 28, 2012 | Jan. 31, 2013 | Jan. 24, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 25, 2013 | Sep. 30, 2013 | Sep. 17, 2013 | Sep. 17, 2013 | Sep. 16, 2013 | Sep. 17, 2013 | ||||
500 North Michigan Avenue: | FlatIron Crossing | Arrowhead Towne Center | Arrowhead Towne Center | Kings Plaza | Kings Plaza | Green Acres Mall | Green Acres Mall | Green Acres Mall | Green Acres Mall | Green Acres Adjacent | Camelback Colonnade | Camelback Colonnade | Camelback Colonnade | Camelback Colonnade | Camelback Colonnade | ||||||||||
sqft | sqft | sqft | sqft | sqft | acre | sqft | |||||||||||||||||||
Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Property area (in square feet) | ' | ' | ' | ' | ' | 327,000 | 1,435,000 | 1,196,000 | ' | ' | 1,199,000 | ' | 1,792,000 | ' | ' | 19 | ' | ' | ' | ' | 619,000 | ||||
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73.20% | ' | ||||
Purchase price on acquisition | ' | ' | ' | ' | ' | $70,925 | $310,397 | $144,400 | ' | ' | $756,000 | ' | $500,000 | ' | ' | $22,577 | ' | ' | ' | ' | ' | ||||
Additional ownership interest acquired (as a percent) | ' | ' | ' | ' | ' | ' | 75.00% | 33.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67.50% | ' | ' | ||||
Amount of additional borrowing | ' | ' | ' | ' | ' | ' | ' | ' | ' | 146,000 | 354,000 | 225,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Ownership interest before acquisition (as a percent) | ' | ' | ' | ' | ' | ' | 25.00% | 66.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Ownership interest at completion of acquisition (as a percent) | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Purchase price funded by cash payment on acquisition | ' | ' | ' | ' | ' | ' | 195,900 | 69,025 | ' | ' | 726,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Purchase price funded by issuance of restricted common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Deposits paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ||||
Purchase price, balance remaining after deposit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Face amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | 325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Purchase price paid through assumption of debt by the Company | ' | ' | -109,858 | 0 | ' | ' | -114,497 | -75,375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Allocation of the fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Property | ' | ' | ' | ' | ' | 66,033 | 443,391 | 423,349 | ' | ' | 714,589 | ' | 477,673 | ' | ' | ' | ' | 98,160 | ' | ' | ' | ||||
Deferred charges, net | ' | ' | ' | ' | ' | 7,450 | 25,251 | 31,500 | ' | ' | 37,371 | ' | 45,130 | ' | ' | ' | ' | 8,284 | ' | ' | ' | ||||
Restricted cash | ' | ' | ' | ' | ' | ' | ' | 4,009 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,139 | ' | ' | ' | ||||
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | 3,856 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,280 | ' | ' | ' | ||||
Tenant receivables | ' | ' | ' | ' | ' | ' | ' | 926 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 615 | ' | ' | ' | ||||
Other assets, net | ' | ' | ' | ' | ' | 2,143 | 2,101 | 4,234 | ' | ' | 29,282 | ' | 19,125 | ' | ' | ' | ' | 380 | ' | ' | ' | ||||
Total assets acquired | ' | ' | ' | ' | ' | 75,626 | 474,599 | 464,018 | ' | ' | 781,242 | ' | 541,928 | ' | ' | ' | ' | 109,858 | ' | ' | ' | ||||
Mortgage note payable | ' | ' | ' | ' | ' | ' | 175,720 | 244,403 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,465 | ' | ' | ' | ||||
Accounts payable | ' | ' | ' | ' | ' | ' | 366 | 815 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54 | ' | ' | ' | ||||
Other accrued liabilities | ' | ' | ' | ' | ' | 4,701 | 11,071 | 10,449 | ' | ' | 25,242 | ' | 41,928 | ' | ' | ' | ' | 4,752 | ' | ' | ' | ||||
Total liabilities assumed | ' | ' | ' | ' | ' | 4,701 | 187,157 | 255,667 | ' | ' | 25,242 | ' | 41,928 | ' | ' | ' | ' | 54,271 | ' | ' | ' | ||||
Fair value of acquired net assets (at 100% ownership) | ' | ' | ' | ' | ' | 70,925 | 287,442 | 208,351 | ' | ' | 756,000 | ' | 500,000 | ' | ' | ' | ' | 55,587 | ' | ' | ' | ||||
Business combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair value of existing ownership interest (at % ownership) | ' | ' | ' | ' | ' | ' | 91,542 | 139,326 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,690 | ' | ' | ' | ||||
Investments in unconsolidated joint ventures | -706,450 | ' | -706,450 | ' | -974,258 | ' | -33,382 | -23,597 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,349 | ' | ' | ' | ||||
Prior gain deferral recognized | ' | ' | ' | ' | ' | ' | -26,067 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Gain on remeasurement | ' | ' | ' | ' | ' | ' | 84,227 | 115,729 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,341 | ' | ' | ' | ||||
Incremental revenue generated from acquired property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,564 | ' | ' | 521 | ' | ' | ' | ' | ||||
Incremental loss of acquired property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -563 | ' | ' | -51 | ' | ' | ' | ' | ||||
Pro forma information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total revenue | 269,098 | [1] | 258,906 | [1] | 767,733 | [1] | 758,130 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings | $43,063 | [1] | $43,223 | [1] | $153,151 | [1] | $96,703 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had these transactions occurred on January 1, 2012, and may not be indicative of future operating results. The Company has excluded remeasurement gains and acquisition costs from these pro forma results as they are considered significant non-recurring adjustments directly attributable to these transactions. |
Discontinued_Operations_Detail
Discontinued Operations: (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 30, 2012 | Mar. 31, 2012 | Apr. 23, 2012 | Apr. 30, 2012 | Sep. 30, 2013 | 31-May-12 | 31-May-12 | 17-May-12 | 31-May-13 | 31-May-12 | Jun. 30, 2012 | Jun. 28, 2012 | 31-May-13 | Jun. 04, 2013 | Jun. 04, 2013 | Jun. 30, 2013 | Sep. 30, 2013 |
Valley View Mall | Valley View Mall | Valley View Mall | The Borgata | Mervyn's | Mervyn's | Hilton Village | Hilton Village | Prescott Gateway | Prescott Gateway | Carmel Plaza | Carmel Plaza | Green Tree Mall | Northridge Mall | Rimrock Mall | Rimrock Mall and Nortridge Mall | Fiesta Mall | |||||
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | ||||||||||||||
Discontinued Operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale | ' | ' | ' | ' | ' | ' | ' | $9,150 | $12,000 | $20,750 | $24,820 | ' | ' | ' | $52,000 | ' | $79,000 | ' | ' | $230,000 | ' |
Gain (loss) from sale | -1,281 | -256 | 140,631 | 75,571 | ' | ' | ' | -1,275 | -2,617 | -407 | 3,127 | ' | ' | ' | 7,844 | ' | 59,768 | ' | ' | 82,079 | ' |
Impairment charge | ' | ' | ' | ' | ' | 54,306 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived assets written off to fair value | ' | ' | ' | ' | ' | ' | 33,450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on extinguishment of debt | -6 | 0 | 1,938 | 0 | 104,023 | ' | ' | ' | ' | ' | ' | ' | 16,296 | ' | ' | ' | ' | ' | ' | ' | 1,401 |
Property area (in square feet) | ' | ' | ' | ' | ' | ' | ' | 94,000 | ' | ' | ' | 80,000 | ' | 584,000 | ' | 112,000 | 793,000 | 890,000 | 603,000 | ' | 933,000 |
Revenues from discontinued operations | 2,524 | 11,580 | 21,855 | 47,861 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income from discontinued operations | ($1,962) | $2,350 | $144,047 | $80,928 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies: (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Contingent Liabilities | ' | ' | ' | ' | ' |
Operating lease rent expense | $2,580 | $2,244 | $7,881 | $6,329 | ' |
Contingent liability under letters of credit | 3,657 | ' | 3,657 | ' | 3,757 |
Outstanding obligations under construction agreements | $12,359 | ' | $12,359 | ' | ' |
RelatedParty_Transactions_Deta
Related-Party Transactions: (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
note | note | ||||
Related party transactions | ' | ' | ' | ' | ' |
Interest expense, related party | $3,745 | $3,815 | $11,289 | $11,588 | ' |
Loans to unconsolidated joint ventures | 2,736 | ' | 2,736 | ' | 3,345 |
Due from affiliates | 32,299 | ' | 32,299 | ' | 17,068 |
Unconsolidated joint ventures | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Interest income, related party | 58 | 63 | 178 | 191 | ' |
Due from affiliates | 5,740 | ' | 5,740 | ' | 4,568 |
Northwestern Mutual Life (NML) | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Interest expense payable, related party | 1,246 | ' | 1,246 | ' | 1,264 |
Unconsolidated joint ventures and third-party managed properties | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Management Fees | 5,286 | 5,861 | 16,286 | 17,862 | ' |
Development and Leasing Fees | 3,810 | 3,677 | 8,284 | 9,764 | ' |
Fees charged to unconsolidated joint ventures and third-party managed properties | 9,096 | 9,538 | 24,570 | 27,626 | ' |
Related parties note receivable, AWE Talisman Company | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Interest income, related party | 157 | 158 | 467 | 321 | ' |
Number of Notes Receivable (in notes) | ' | ' | 2 | ' | 2,000 |
Note receivable, interest rate (as a percent) | 5.00% | ' | 5.00% | ' | ' |
Debt, carrying value | 13,446 | ' | 13,446 | ' | 12,500 |
Related parties note receivable, RED Consolidated Holdings, LLC | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Interest income, related party | 176 | ' | 356 | ' | ' |
Due from affiliates | $13,113 | ' | $13,113 | ' | ' |
Note receivable, interest rate (as a percent) | 5.25% | ' | 5.25% | ' | ' |
Share_and_UnitBased_Plans_Deta
Share and Unit-Based Plans: (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Feb. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
employee | unit | ||||||
Share and unit-based plans | ' | ' | ' | ' | ' | ||
Compensation cost under share and unit-based plans | ' | $5,790 | $3,725 | $16,658 | $11,012 | ||
Capitalized share and unit-based compensation costs | ' | 657 | 436 | 2,745 | 2,209 | ||
Non-vested share and unit based plans, weighted average exercise price | ' | ' | ' | ' | ' | ||
Forfeited (in dollars per share) | ' | ' | ' | $0 | [1] | ' | |
Options | ' | ' | ' | ' | ' | ||
Forfeited (in shares) | ' | ' | ' | 0 | ' | ||
LTIP Units | ' | ' | ' | ' | ' | ||
Share and unit-based plans | ' | ' | ' | ' | ' | ||
Number of executives receiving grants (in employees) | 7 | ' | ' | ' | ' | ||
Look-back period (in years) | ' | ' | ' | '1 year | ' | ||
Compensation cost under share and unit-based plans | ' | 4,743 | 2,778 | 12,393 | 6,646 | ||
Conversion rate of shares | ' | ' | ' | 1 | ' | ||
Share and unit-based plans, additional information | ' | ' | ' | ' | ' | ||
Unrecognized compensation cost of share and unit-based plans | ' | 4,744 | ' | 4,744 | ' | ||
Non-vested share and unit based plans, quantity | ' | ' | ' | ' | ' | ||
Balance at the beginning of the period (in shares) | ' | ' | ' | 200,000 | ' | ||
Granted (in shares) | ' | ' | ' | 332,189 | ' | ||
Vested (in shares) | ' | ' | ' | -200,000 | ' | ||
Forfeited (in shares) | ' | ' | ' | 0 | ' | ||
Balance at the end of the period (in shares) | ' | 332,189 | ' | 332,189 | ' | ||
Non-vested share and unit based plans, weighted average exercise price | ' | ' | ' | ' | ' | ||
Balance at the beginning of the period (in dollars per share) | ' | ' | ' | $38.63 | [1] | ' | |
Granted (in dollars per share) | ' | ' | ' | $49.67 | [1] | ' | |
Vested (in dollars per share) | ' | ' | ' | $38.63 | [1] | ' | |
Forfeited (in dollars per share) | ' | ' | ' | $0 | [1] | ' | |
Balance at the end of the period (in dollars per share) | ' | $49.67 | [1] | ' | $49.67 | [1] | ' |
Stock awards | ' | ' | ' | ' | ' | ||
Share and unit-based plans | ' | ' | ' | ' | ' | ||
Compensation cost under share and unit-based plans | ' | 121 | 125 | 353 | 345 | ||
Share and unit-based plans, additional information | ' | ' | ' | ' | ' | ||
Unrecognized compensation cost of share and unit-based plans | ' | 779 | ' | 779 | ' | ||
Non-vested share and unit based plans, quantity | ' | ' | ' | ' | ' | ||
Balance at the beginning of the period (in shares) | ' | ' | ' | 20,924 | ' | ||
Granted (in shares) | ' | ' | ' | 8,963 | ' | ||
Vested (in shares) | ' | ' | ' | -10,886 | ' | ||
Forfeited (in shares) | ' | ' | ' | 0 | ' | ||
Balance at the end of the period (in shares) | ' | 19,001 | ' | 19,001 | ' | ||
Non-vested share and unit based plans, weighted average exercise price | ' | ' | ' | ' | ' | ||
Balance at the beginning of the period (in dollars per share) | ' | ' | ' | $49.36 | [1] | ' | |
Granted (in dollars per share) | ' | ' | ' | $61.84 | [1] | ' | |
Vested (in dollars per share) | ' | ' | ' | $46.70 | [1] | ' | |
Forfeited (in dollars per share) | ' | ' | ' | $0 | [1] | ' | |
Balance at the end of the period (in dollars per share) | ' | $56.77 | [1] | ' | $56.77 | [1] | ' |
Stock units | ' | ' | ' | ' | ' | ||
Share and unit-based plans | ' | ' | ' | ' | ' | ||
Compensation cost under share and unit-based plans | ' | 674 | 383 | 3,165 | 2,991 | ||
Share and unit-based plans, additional information | ' | ' | ' | ' | ' | ||
Unrecognized compensation cost of share and unit-based plans | ' | 3,650 | ' | 3,650 | ' | ||
Non-vested share and unit based plans, quantity | ' | ' | ' | ' | ' | ||
Balance at the beginning of the period (in shares) | ' | ' | ' | 114,677 | ' | ||
Granted (in shares) | ' | ' | ' | 67,920 | ' | ||
Vested (in shares) | ' | ' | ' | -45,279 | ' | ||
Forfeited (in shares) | ' | ' | ' | 0 | ' | ||
Balance at the end of the period (in shares) | ' | 137,318 | ' | 137,318 | ' | ||
Non-vested share and unit based plans, weighted average exercise price | ' | ' | ' | ' | ' | ||
Balance at the beginning of the period (in dollars per share) | ' | ' | ' | $52.19 | [1] | ' | |
Granted (in dollars per share) | ' | ' | ' | $62.01 | [1] | ' | |
Vested (in dollars per share) | ' | ' | ' | $51.29 | [1] | ' | |
Forfeited (in dollars per share) | ' | ' | ' | $0 | [1] | ' | |
Balance at the end of the period (in dollars per share) | ' | $57.24 | [1] | ' | $57.24 | [1] | ' |
Stock options | ' | ' | ' | ' | ' | ||
Share and unit-based plans | ' | ' | ' | ' | ' | ||
Compensation cost under share and unit-based plans | ' | 4 | 18 | 12 | 18 | ||
Share and unit-based plans, additional information | ' | ' | ' | ' | ' | ||
Unrecognized compensation cost of share and unit-based plans | ' | 64 | ' | 64 | ' | ||
Options | ' | ' | ' | ' | ' | ||
Balance at beginning of period (in shares) | ' | ' | ' | 12,768 | ' | ||
Granted (in shares) | ' | ' | ' | 0 | ' | ||
Exercised (in shares) | ' | ' | ' | -2,700 | ' | ||
Balance at end of period (in shares) | ' | 10,068 | ' | 10,068 | ' | ||
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ||
Balance at beginning of period (in dollars per share) | ' | ' | ' | $54.69 | ' | ||
Granted (in dollars per share) | ' | ' | ' | $0 | ' | ||
Exercised (in dollars per share) | ' | ' | ' | $36.51 | ' | ||
Balance at end of period (in dollars per share) | ' | $59.57 | ' | $59.57 | ' | ||
Stock appreciation rights ("SARs") | ' | ' | ' | ' | ' | ||
Share and unit-based plans | ' | ' | ' | ' | ' | ||
Compensation cost under share and unit-based plans | ' | 0 | 210 | 0 | 291 | ||
Non-vested share and unit based plans, quantity | ' | ' | ' | ' | ' | ||
Balance at the beginning of the period (in shares) | ' | ' | ' | 1,164,185 | ' | ||
Granted (in shares) | ' | ' | ' | 0 | ' | ||
Exercised (in shares) | ' | ' | ' | -93,194 | ' | ||
Forfeited (in shares) | ' | ' | ' | 0 | ' | ||
Balance at the end of the period (in shares) | ' | 1,070,991 | ' | 1,070,991 | ' | ||
Non-vested share and unit based plans, weighted average exercise price | ' | ' | ' | ' | ' | ||
Balance at the beginning of the period (in dollars per share) | ' | ' | ' | $56.66 | ' | ||
Granted (in dollars per share) | ' | ' | ' | $0 | ' | ||
Exercised (in dollars per share) | ' | ' | ' | $56.63 | ' | ||
Forfeited (in dollars per share) | ' | ' | ' | $0 | [1] | ' | |
Balance at the end of the period (in dollars per share) | ' | $56.66 | ' | $56.66 | ' | ||
Phantom stock units | ' | ' | ' | ' | ' | ||
Share and unit-based plans | ' | ' | ' | ' | ' | ||
Compensation cost under share and unit-based plans | ' | 248 | 211 | 735 | 721 | ||
Share and unit-based plans, additional information | ' | ' | ' | ' | ' | ||
Unrecognized compensation cost of share and unit-based plans | ' | $1,155 | ' | $1,155 | ' | ||
Non-vested share and unit based plans, quantity | ' | ' | ' | ' | ' | ||
Balance at the beginning of the period (in shares) | ' | ' | ' | 0 | ' | ||
Granted (in shares) | ' | ' | ' | 32,063 | ' | ||
Vested (in shares) | ' | ' | ' | -12,377 | ' | ||
Forfeited (in shares) | ' | ' | ' | 0 | ' | ||
Balance at the end of the period (in shares) | ' | 19,686 | ' | 19,686 | ' | ||
Non-vested share and unit based plans, weighted average exercise price | ' | ' | ' | ' | ' | ||
Balance at the beginning of the period (in dollars per share) | ' | ' | ' | $0 | [1] | ' | |
Granted (in dollars per share) | ' | ' | ' | $58.94 | [1] | ' | |
Vested (in dollars per share) | ' | ' | ' | $59.38 | [1] | ' | |
Forfeited (in dollars per share) | ' | ' | ' | $0 | [1] | ' | |
Balance at the end of the period (in dollars per share) | ' | $58.66 | [1] | ' | $58.66 | [1] | ' |
[1] | Value represents the weighted-average grant date fair value. |
Income_Taxes_Details
Income Taxes: (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Income tax benefit | ' | ' | ' | ' | ' |
Current | ($79) | $0 | ($235) | $0 | ' |
Deferred | 622 | 934 | 2,498 | 2,159 | ' |
Income tax benefit | 543 | 934 | 2,263 | 2,159 | ' |
Components of net deferred tax assets | ' | ' | ' | ' | ' |
Net deferred tax assets | $32,020 | ' | $32,020 | ' | $33,414 |
Subsequent_Events_Details
Subsequent Events: (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Aug. 06, 2013 | Aug. 06, 2013 | Sep. 30, 2013 | Aug. 06, 2013 | Sep. 30, 2013 | Dec. 08, 2011 | Sep. 30, 2013 | Dec. 08, 2011 | Dec. 08, 2011 | Sep. 30, 2013 | 31-May-12 | Oct. 25, 2013 | Oct. 23, 2013 | Oct. 15, 2013 | Oct. 21, 2013 | Oct. 08, 2013 | Oct. 24, 2013 |
Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Unsecured term loan | Unsecured term loan | Unsecured term loan | Unsecured term loan | Mervyn's | Mervyn's | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Superstition Springs Land I | |||||
Low end of range | Low end of range | High end of range | High end of range | Low end of range | High end of range | Dividend declared | Mervyn's | Mervyn's | FlatIron Crossing | Ridgmar Mall | Subsequent event | |||||||||||
sqft | sqft | |||||||||||||||||||||
Subsequent events | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property area (in square feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,273,000 | 999,000 |
Purchase price on acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $44,242 |
Purchase price funded by cash payment on acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,742 |
Noncash or Part Noncash Acquisition, Debt Assumed | ' | ' | 109,858 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,500 |
Proceeds from sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | 20,750 | ' | 5,430 | 5,700 | ' | 60,900 | ' |
Mortgage Loans on Real Estate, New Mortgage Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 268,000 | ' | ' |
Gain (loss) from sale | -1,281 | -256 | 140,631 | 75,571 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,617 | -407 | ' | ' | ' | ' | ' | ' |
Additional ownership interest acquired (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.30% |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | ' | ' | 2,694,945 | 1,813,271 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,657 | ' |
Distributions to Co-venture Partner | ' | ' | 14,496 | 34,615 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,243 | ' |
Interest rate on debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.85% | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' |
Interest rate spread over basis (as a percent) | ' | ' | 1.50% | ' | ' | ' | 1.38% | 1.75% | 2.00% | 3.00% | ' | 2.20% | 1.95% | 3.20% | ' | ' | ' | ' | ' | ' | ' | ' |
Expansion borrowing capacity | ' | ' | ' | ' | $2,000,000 | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate basis (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend/distribution for common stockholders and OP Unit holders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.62 | ' | ' | ' | ' | ' |
Percentage of dividend/distribution payable in cash (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |