Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
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-14 | ' |
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 | ' | 140,715,832 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS: | ' | ' | ||
Property, net | $7,570,636 | $7,621,766 | ||
Cash and cash equivalents | 58,479 | 69,715 | ||
Restricted cash | 14,121 | 16,843 | ||
Tenant and other receivables, net | 107,968 | 99,497 | ||
Deferred charges and other assets, net | 492,697 | 533,058 | ||
Loans to unconsolidated joint ventures | 3,361 | 2,756 | ||
Due from affiliates | 31,422 | 30,132 | ||
Investments in unconsolidated joint ventures | 927,424 | 701,483 | ||
Total assets | 9,206,108 | 9,075,250 | ||
Mortgage notes payable: | ' | ' | ||
Related parties | 265,269 | [1] | 269,381 | [1] |
Others | 4,118,969 | [1] | 4,145,809 | [1] |
Total | 4,384,238 | 4,415,190 | ||
Bank and other notes payable | 546,301 | 167,537 | ||
Accounts payable and accrued expenses | 89,659 | 76,941 | ||
Other accrued liabilities | 317,515 | 363,158 | ||
Distributions in excess of investments in unconsolidated joint ventures | 253,673 | 252,192 | ||
Co-venture obligation | 75,669 | 81,515 | ||
Total liabilities | 5,667,055 | 5,356,533 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Common stock, $0.01 par value, 250,000,000 shares authorized, 140,920,484 and 140,733,683 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | 1,409 | 1,407 | ||
Additional paid-in capital | 3,930,317 | 3,906,148 | ||
Accumulated deficit | -740,906 | -548,806 | ||
Total stockholders' equity | 3,190,820 | 3,358,749 | ||
Noncontrolling interests | 348,233 | 359,968 | ||
Total equity | 3,539,053 | 3,718,717 | ||
Total liabilities and equity | $9,206,108 | $9,075,250 | ||
[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 into 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, 2014 December 31, 2013Arrowhead Towne Center$12,337 $14,642Camelback Colonnade1,233 2,120Deptford Mall(10) (14)Fashion Outlets of Niagara Falls USA5,646 6,342Superstition Springs Center658 895Valley Mall(154) (219) $19,710 $23,766 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
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) | 140,920,484 | 140,733,683 |
Common Stock, shares outstanding (in shares) | 140,920,484 | 140,733,683 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenues: | ' | ' | ' | ' | ||||
Minimum rents | $150,395 | $145,259 | $451,248 | $422,492 | ||||
Percentage rents | 4,072 | 4,111 | 9,295 | 10,609 | ||||
Tenant recoveries | 90,059 | 87,218 | 264,909 | 247,857 | ||||
Management Companies | 8,352 | 10,742 | 25,248 | 31,193 | ||||
Other | 10,614 | 10,824 | 31,638 | 35,184 | ||||
Total revenues | 263,492 | 258,154 | 782,338 | 747,335 | ||||
Expenses: | ' | ' | ' | ' | ||||
Shopping center and operating expenses | 85,352 | 83,349 | 257,583 | 240,635 | ||||
Management Companies' operating expenses | 21,508 | 23,036 | 65,185 | 69,003 | ||||
REIT general and administrative expenses | 5,339 | 5,955 | 17,339 | 18,672 | ||||
Depreciation and amortization | 89,741 | 88,436 | 266,199 | 264,032 | ||||
Total expenses before interest | 201,940 | 200,776 | 606,306 | 592,342 | ||||
Interest expense: | ' | ' | ' | ' | ||||
Related parties | 3,671 | 3,745 | 11,069 | 11,289 | ||||
Other | 44,132 | 45,858 | 128,872 | 138,371 | ||||
Total interest expense | 47,803 | 49,603 | 139,941 | 149,660 | ||||
Loss (gain) on extinguishment of debt, net | 46 | 6 | 405 | -1,938 | ||||
Total expenses | 249,789 | 250,385 | 746,652 | 740,064 | ||||
Equity in income of unconsolidated joint ventures | 16,935 | 35,161 | 44,607 | 145,477 | ||||
Co-venture expense | -2,144 | -2,053 | -6,175 | -6,232 | ||||
Income tax benefit | 689 | 543 | 3,759 | 2,263 | ||||
Gain (loss) on remeasurement, sale or write down of assets, net | 9,561 | 8,249 | -1,504 | 12,279 | ||||
Income from continuing operations | 38,744 | 49,669 | 76,373 | 161,058 | ||||
Discontinued operations: | ' | ' | ' | ' | ||||
(Loss) gain on the disposition of assets, net | 0 | -7,767 | 0 | 134,145 | ||||
(Loss) income from discontinued operations | 0 | -1,077 | 0 | 2,967 | ||||
Total (loss) income from discontinued operations | 0 | -8,844 | 0 | 137,112 | ||||
Net income | 38,744 | 40,825 | 76,373 | 298,170 | ||||
Less net income attributable to noncontrolling interests | 2,830 | 2,702 | 6,552 | 22,958 | ||||
Net income attributable to the Company | $35,914 | $38,123 | $69,821 | $275,212 | ||||
Earnings per common share attributable to Company—basic: (in dollars per share) | ' | ' | ' | ' | ||||
Income from continuing operations | $0.25 | $0.33 | $0.49 | $1.05 | ||||
Discontinued operations | $0 | ($0.06) | $0 | $0.92 | ||||
Net income attributable to common stockholders | $0.25 | $0.27 | $0.49 | $1.97 | ||||
Earnings per common share attributable to Company—diluted: (in dollars per share) | ' | ' | ' | ' | ||||
Income from continuing operations | $0.25 | $0.33 | $0.49 | $1.05 | ||||
Discontinued operations | $0 | ($0.06) | $0 | $0.92 | ||||
Net income attributable to common stockholders | $0.25 | $0.27 | $0.49 | $1.97 | ||||
Weighted average number of common shares outstanding: (in shares) | ' | ' | ' | ' | ||||
Basic | 140,916 | 140,712 | 140,859 | 139,219 | ||||
Diluted | 141,060 | [1] | 140,773 | [1] | 140,975 | [1] | 139,320 | [1] |
[1] | Diluted EPS excludes 184,304 convertible preferred units for the three and nine months ended September 30, 2014 and 2013 as their impact was antidilutive.Diluted EPS excludes 10,110,716 and 9,621,313 Operating Partnership units ("OP Units") for the three months ended September 30, 2014 and 2013, respectively, and 10,072,321 and 9,920,197 OP Units for the nine months ended September 30, 2014 and 2013, 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, 2013 | $3,718,717 | $3,358,749 | $1,407 | $3,906,148 | ($548,806) | $359,968 |
Balance (in shares) at Dec. 31, 2013 | 140,733,683 | ' | 140,733,683 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Net income | 76,373 | 69,821 | ' | ' | 69,821 | 6,552 |
Amortization of share and unit-based compensation plans (in shares) | ' | ' | 101,511 | ' | ' | ' |
Amortization of share and unit-based compensation plans | 30,103 | 30,103 | 1 | 30,102 | ' | ' |
Employee stock purchases (in shares) | ' | ' | 13,957 | ' | ' | ' |
Employee stock purchases | 645 | 645 | ' | 645 | ' | ' |
Distributions paid ($1.86) per share | -261,921 | -261,921 | ' | ' | -261,921 | ' |
Distributions to noncontrolling interests | -24,285 | ' | ' | ' | ' | -24,285 |
Other | -343 | -343 | ' | -343 | ' | ' |
Conversion of noncontrolling interests to common shares (in shares) | ' | ' | 71,333 | ' | ' | ' |
Conversion of noncontrolling interests to common shares | ' | 984 | 1 | 983 | ' | -984 |
Redemption of noncontrolling interests | -236 | -157 | ' | -157 | ' | -79 |
Adjustment of noncontrolling interest in Operating Partnership | ' | -7,061 | ' | -7,061 | ' | 7,061 |
Balance at Sep. 30, 2014 | $3,539,053 | $3,190,820 | $1,409 | $3,930,317 | ($740,906) | $348,233 |
Balance (in shares) at Sep. 30, 2014 | 140,920,484 | ' | 140,920,484 | ' | ' | ' |
CONSOLIDATED_STATEMENT_OF_EQUI1
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ' |
Distributions paid, per share (in dollars per share) | $1.86 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $76,373 | $298,170 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Loss (gain) on extinguishment of debt | 405 | -1,938 |
Loss (gain) on remeasurement, sale or write down of assets, net | 1,504 | -12,279 |
Gain on the disposition of assets, net from discontinued operations | 0 | -134,145 |
Depreciation and amortization | 273,765 | 285,933 |
Amortization of net premium on mortgage notes payable | -4,056 | -5,502 |
Amortization of share and unit-based plans | 25,217 | 13,913 |
Straight-line rent adjustment | -4,440 | -6,201 |
Amortization of above and below-market leases | -5,730 | -4,745 |
Provision for doubtful accounts | 3,452 | 3,231 |
Income tax benefit | -3,759 | -2,263 |
Equity in income of unconsolidated joint ventures | -44,607 | -145,477 |
Distributions of income from unconsolidated joint ventures | 886 | 8,538 |
Co-venture expense | 6,175 | 6,232 |
Changes in assets and liabilities, net of acquisitions and dispositions: | ' | ' |
Tenant and other receivables | -1,416 | 4,314 |
Other assets | -7,011 | 7,088 |
Due from affiliates | -1,290 | -1,901 |
Accounts payable and accrued expenses | 780 | 10,355 |
Other accrued liabilities | -19,342 | 5,533 |
Net cash provided by operating activities | 296,906 | 328,856 |
Cash flows from investing activities: | ' | ' |
Acquisitions of property | -15,233 | -492,577 |
Development, redevelopment, expansion and renovation of properties | -129,750 | -158,682 |
Property improvements | -32,375 | -21,752 |
Issuance of notes receivable | 0 | -13,330 |
Collections on notes receivable | 3,169 | 8,347 |
Proceeds from maturities of marketable securities | 0 | 23,769 |
Deferred leasing costs | -19,402 | -21,774 |
Distributions from unconsolidated joint ventures | 55,688 | 596,669 |
Contributions to unconsolidated joint ventures | -257,963 | -66,772 |
Collection of/loans to unconsolidated joint ventures, net | -605 | 609 |
Proceeds from sale of assets | 51,350 | 327,059 |
Restricted cash | 2,722 | 52,892 |
Net cash (used in) provided by investing activities | -342,399 | 234,458 |
Cash flows from financing activities: | ' | ' |
Proceeds from mortgages, bank and other notes payable | 580,967 | 2,239,853 |
Payments on mortgages, bank and other notes payable | -229,099 | -2,694,945 |
Deferred financing costs | -1,126 | -11,053 |
Net proceeds from stock offerings | 0 | 171,121 |
Proceeds from share and unit-based plans | 645 | 558 |
Redemption of noncontrolling interests | -236 | -1,022 |
Contribution from noncontrolling interests | 0 | 4,127 |
Contingent consideration paid | -18,667 | 0 |
Dividends and distributions | -286,206 | -261,142 |
Distributions to co-venture partner | -12,021 | -14,496 |
Net cash provided by (used in) financing activities | 34,257 | -566,999 |
Net decrease in cash and cash equivalents | -11,236 | -3,685 |
Cash and cash equivalents, beginning of period | 69,715 | 65,793 |
Cash and cash equivalents, end of period | 58,479 | 62,108 |
Supplemental cash flow information: | ' | ' |
Cash payments for interest, net of amounts capitalized | 136,233 | 156,446 |
Non-cash investing and financing transactions: | ' | ' |
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | 50,817 | 23,666 |
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 0 | 109,858 |
Assumption of mortgage note payable and other liabilities from unconsolidated joint ventures | 0 | 54,271 |
Mortgage notes payable settled by deed-in-lieu of foreclosure | 0 | 84,000 |
Acquisition of property in exchange for investment in unconsolidated joint venture | 15,767 | 0 |
Notes receivable issued in connection with sale of property | 9,603 | 0 |
Application of deposit to acquire property | 0 | 30,000 |
Conversion of noncontrolling interests to common shares | $984 | $12,984 |
Organization
Organization: | 9 Months Ended |
Sep. 30, 2014 | |
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, 2014, the Company was the sole general partner of, and held a 93% 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 single member 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, 2014 | |
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, 2013. 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, 2013 has been derived from the audited financial statements but does not include all disclosures required by GAAP. | |
Recent Accounting Pronouncements: | |
On April 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-08, which amends the definition of discontinued operations and requires additional disclosures for disposal transactions that do not meet the revised discontinued operations criteria. ASU 2014-08 is required to be adopted for fiscal years beginning after December 15, 2014, with early adoption permitted. The Company's early adoption of this pronouncement on January 1, 2014 did not have a material impact on the Company's consolidated financial statements. |
Earnings_per_Share_EPS
Earnings per Share ("EPS"): | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 and 2013 (shares in thousands): | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator | ||||||||||||||||
Income from continuing operations | $ | 38,744 | $ | 49,669 | $ | 76,373 | $ | 161,058 | ||||||||
(Loss) income from discontinued operations | — | (8,844 | ) | — | 137,112 | |||||||||||
Net income attributable to noncontrolling interests | (2,830 | ) | (2,702 | ) | (6,552 | ) | (22,958 | ) | ||||||||
Net income attributable to the Company | 35,914 | 38,123 | 69,821 | 275,212 | ||||||||||||
Allocation of earnings to participating securities | (122 | ) | (80 | ) | (373 | ) | (257 | ) | ||||||||
Numerator for basic and diluted earnings per share—net income attributable to common stockholders | $ | 35,792 | $ | 38,043 | $ | 69,448 | $ | 274,955 | ||||||||
Denominator | ||||||||||||||||
Denominator for basic earnings per share—weighted average number of common shares outstanding | 140,916 | 140,712 | 140,859 | 139,219 | ||||||||||||
Effect of dilutive securities:(1) | ||||||||||||||||
Share and unit-based compensation plans | 144 | 61 | 116 | 101 | ||||||||||||
Denominator for diluted earnings per share—weighted average number of common shares outstanding | 141,060 | 140,773 | 140,975 | 139,320 | ||||||||||||
Earnings per common share—basic: | ||||||||||||||||
Income from continuing operations | $ | 0.25 | $ | 0.33 | $ | 0.49 | $ | 1.05 | ||||||||
Discontinued operations | — | (0.06 | ) | — | 0.92 | |||||||||||
Net income attributable to common stockholders | $ | 0.25 | $ | 0.27 | $ | 0.49 | $ | 1.97 | ||||||||
Earnings per common share—diluted: | ||||||||||||||||
Income from continuing operations | $ | 0.25 | $ | 0.33 | $ | 0.49 | $ | 1.05 | ||||||||
Discontinued operations | — | (0.06 | ) | — | 0.92 | |||||||||||
Net income attributable to common stockholders | $ | 0.25 | $ | 0.27 | $ | 0.49 | $ | 1.97 | ||||||||
-1 | Diluted EPS excludes 184,304 convertible preferred units for the three and nine months ended September 30, 2014 and 2013 as their impact was antidilutive. | |||||||||||||||
Diluted EPS excludes 10,110,716 and 9,621,313 Operating Partnership units ("OP Units") for the three months ended September 30, 2014 and 2013, respectively, and 10,072,321 and 9,920,197 OP Units for the nine months ended September 30, 2014 and 2013, respectively, as their impact was antidilutive. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures: | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Investments in Unconsolidated Joint Ventures: | ' | |||||||||||||||
Investments in Unconsolidated Joint Ventures: | ||||||||||||||||
The Company has made the following recent investments and dispositions relating to its unconsolidated joint ventures: | ||||||||||||||||
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 $89,157 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. The Company used its share of the proceeds from the sale 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, an 846,000 square foot regional shopping center in Silverdale, Washington, for $127,000, resulting in a gain on the sale of assets of $55,150 to the joint venture. The Company's share of the gain was $28,127, which was included in equity in income of unconsolidated joint ventures. The Company used its share of the proceeds from the sale 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 $38,447 to the joint venture. The Company's share of the gain was $18,251, which was included in equity in income of unconsolidated joint ventures. The Company used its share of the proceeds from the sale 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 13—Acquisitions). | ||||||||||||||||
On October 8, 2013, the Company's joint venture in Ridgmar Mall, a 1,273,000 square foot regional shopping center in Fort Worth, Texas, sold the property for $60,900, resulting in a gain on the sale of assets of $6,243 to the joint venture. The Company's share of the gain was $3,121, which was included in equity in income from joint ventures. 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 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 1,082,000 square foot regional shopping center in Mesa, Arizona, that it did not own for $46,162. The purchase price was funded by a cash payment of $23,662 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $22,500. Prior to the acquisition, the Company had accounted for its investment in Superstition Springs Center under the equity method. Since the date of acquisition, the Company has included Superstition Springs Center in its consolidated financial statements (See Note 13—Acquisitions). | ||||||||||||||||
On June 4, 2014, the Company acquired the remaining 49.0% ownership interest in Cascade Mall, a 593,000 square foot regional shopping center in Burlington, Washington, that it did not own for a cash payment of $15,233. The Company purchased Cascade Mall from its joint venture in Pacific Premier Retail LP. Prior to the acquisition, the Company had accounted for its investment in Cascade Mall under the equity method. Since the date of acquisition, the Company has included Cascade Mall in its consolidated financial statements (See Note 13—Acquisitions). | ||||||||||||||||
On July 30, 2014, the Company formed a joint venture with Pennsylvania Real Estate Investment Trust to redevelop The Gallery, a 1,405,000 square foot regional shopping center in Philadelphia, Pennsylvania. The Company invested $106,800 for a 50% interest in the joint venture, which was funded by borrowings under its line of credit. | ||||||||||||||||
On August 28, 2014, the Company sold its 30% ownership interest in Wilshire Boulevard, a 40,000 square foot freestanding store in Santa Monica, California, for a total sales price of $17,100, resulting in a gain on the sale of assets of $9,033, which was included in gain (loss) on remeasurement, sale or write down of assets, net. The sales price was funded by a cash payment of $15,386 and the assumption of the Company's share of the mortgage note payable on the property of $1,714. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. | ||||||||||||||||
Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. | ||||||||||||||||
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Assets(1): | ||||||||||||||||
Properties, net | $ | 3,798,082 | $ | 3,435,737 | ||||||||||||
Other assets | 305,649 | 295,719 | ||||||||||||||
Total assets | $ | 4,103,731 | $ | 3,731,456 | ||||||||||||
Liabilities and partners' capital(1): | ||||||||||||||||
Mortgage notes payable(2) | $ | 3,420,951 | $ | 3,518,215 | ||||||||||||
Other liabilities | 242,861 | 202,444 | ||||||||||||||
Company's capital (deficit) | 200,943 | (25,367 | ) | |||||||||||||
Outside partners' capital | 238,976 | 36,164 | ||||||||||||||
Total liabilities and partners' capital | $ | 4,103,731 | $ | 3,731,456 | ||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Company's capital (deficit) | $ | 200,943 | $ | (25,367 | ) | |||||||||||
Basis adjustment(3) | 472,808 | 474,658 | ||||||||||||||
$ | 673,751 | $ | 449,291 | |||||||||||||
Assets—Investments in unconsolidated joint ventures | $ | 927,424 | $ | 701,483 | ||||||||||||
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (253,673 | ) | (252,192 | ) | ||||||||||||
$ | 673,751 | $ | 449,291 | |||||||||||||
-1 | These amounts include the assets and liabilities of the following joint ventures as of September 30, 2014 and December 31, 2013: | |||||||||||||||
Pacific | Tysons | |||||||||||||||
Premier | Corner LLC | |||||||||||||||
Retail LP | ||||||||||||||||
As of September 30, 2014: | ||||||||||||||||
Total Assets | $ | 736,872 | $ | 340,973 | ||||||||||||
Total Liabilities | $ | 813,400 | $ | 873,896 | ||||||||||||
As of December 31, 2013: | ||||||||||||||||
Total Assets | $ | 775,012 | $ | 356,871 | ||||||||||||
Total Liabilities | $ | 812,725 | $ | 887,413 | ||||||||||||
-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, 2014 and December 31, 2013, a total of $33,540 could become recourse debt to the Company. As of September 30, 2014 and December 31, 2013, the Company had an indemnity agreement from a joint venture partner for $16,770 of the guaranteed amount. | |||||||||||||||
Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $703,589 and $712,455 as of September 30, 2014 and December 31, 2013, 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 on these borrowings was $9,645 and $7,920 for the three months ended September 30, 2014 and 2013, respectively, and $28,992 and $21,717 for the nine months ended September 30, 2014 and 2013, 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 $948 and $3,860 for the three months ended September 30, 2014 and 2013, respectively, and $3,227 and $9,753 for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: | ||||||||||||||||
Pacific | Tysons | Other | Total | |||||||||||||
Premier | Corner | Joint | ||||||||||||||
Retail LP | LLC | Ventures | ||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 25,095 | $ | 15,542 | $ | 61,522 | $ | 102,159 | ||||||||
Percentage rents | 653 | 115 | 3,683 | 4,451 | ||||||||||||
Tenant recoveries | 11,495 | 11,757 | 26,235 | 49,487 | ||||||||||||
Other | 962 | 678 | 9,523 | 11,163 | ||||||||||||
Total revenues | 38,205 | 28,092 | 100,963 | 167,260 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 9,959 | 9,694 | 37,384 | 57,037 | ||||||||||||
Interest expense | 9,643 | 8,107 | 17,651 | 35,401 | ||||||||||||
Depreciation and amortization | 8,199 | 5,162 | 24,006 | 37,367 | ||||||||||||
Total operating expenses | 27,801 | 22,963 | 79,041 | 129,805 | ||||||||||||
Loss on remeasurement, sale or write down of assets, net | (732 | ) | — | (6 | ) | (738 | ) | |||||||||
Net income | $ | 9,672 | $ | 5,129 | $ | 21,916 | $ | 36,717 | ||||||||
Company's equity in net income | $ | 4,379 | $ | 988 | $ | 11,568 | $ | 16,935 | ||||||||
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 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 | ||||||||
Pacific | Tysons | Other | Total | |||||||||||||
Premier | Corner | Joint | ||||||||||||||
Retail LP | LLC | Ventures | ||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 76,829 | $ | 47,516 | $ | 173,710 | $ | 298,055 | ||||||||
Percentage rents | 1,862 | 719 | 7,915 | 10,496 | ||||||||||||
Tenant recoveries | 34,614 | 35,140 | 75,606 | 145,360 | ||||||||||||
Other | 3,652 | 2,294 | 25,821 | 31,767 | ||||||||||||
Total revenues | 116,957 | 85,669 | 283,052 | 485,678 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 31,772 | 29,374 | 101,522 | 162,668 | ||||||||||||
Interest expense | 29,572 | 23,590 | 56,717 | 109,879 | ||||||||||||
Depreciation and amortization | 25,747 | 14,520 | 66,768 | 107,035 | ||||||||||||
Total operating expenses | 87,091 | 67,484 | 225,007 | 379,582 | ||||||||||||
Loss on remeasurement, sale or write down of assets, net | (7,044 | ) | — | (66 | ) | (7,110 | ) | |||||||||
Net income | $ | 22,822 | $ | 18,185 | $ | 57,979 | $ | 98,986 | ||||||||
Company's equity in net income | $ | 9,865 | $ | 4,357 | $ | 30,385 | $ | 44,607 | ||||||||
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 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 | ||||||||
Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. |
Property
Property: | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property: | ' | |||||||
Property: | ||||||||
Property consists of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 1,713,298 | $ | 1,707,005 | ||||
Buildings and improvements | 6,508,764 | 6,555,212 | ||||||
Tenant improvements | 545,336 | 537,754 | ||||||
Equipment and furnishings | 144,950 | 152,198 | ||||||
Construction in progress | 346,914 | 229,169 | ||||||
9,259,262 | 9,181,338 | |||||||
Less accumulated depreciation | (1,688,626 | ) | (1,559,572 | ) | ||||
$ | 7,570,636 | $ | 7,621,766 | |||||
Depreciation expense was $68,663 and $68,589 for the three months ended September 30, 2014 and 2013, respectively, and $205,158 and $200,222 for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||
The gain (loss) on remeasurement, sale or write down of assets, net, was $9,561 and $8,249 for the three months ended September 30, 2014 and 2013, respectively, and $(1,504) and $12,279 for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||
The gain (loss) on remeasurement, sale or write down of assets, net, for the three and nine months ended September 30, 2013 includes the remeaurement gain of $36,341 on the Camelback Colonnade Restructuring (See Note 13—Acquisitions). | ||||||||
The gain (loss) on remeasurement, sale or write down of assets, net, for the three and nine months ended September 30, 2014 includes the $9,033 gain on the sale of the Company's 30% ownership interest in Wilshire Boulevard, a 40,000 square foot freestanding store in Santa Monica, California (See Note 4—Investments in Unconsolidated Joint Ventures). In addition, the gain (loss) on remeasurement, sale or write down of assets, net, for the nine months ended September 30, 2014 includes the loss of $1,602 on the sales of Rotterdam Square, a 585,000 square foot regional shopping center in Schenectady, New York; Somersville Towne Center, a 348,000 square foot regional shopping center in Antioch, California; and Lake Square Mall, a 559,000 square foot regional shopping center in Leesburg, Florida. | ||||||||
The gain (loss) on remeasurement, sale or write down of assets, net, includes the impairment losses of $238 and $27,972 for the three months ended September 30, 2014 and 2013, respectively, and $8,754 and $27,972 for the nine months ended September 30, 2014 and 2013, respectively. The impairment losses were due to the reduction of the estimated holding periods of former Mervyn's stores and Great Northern Mall. | ||||||||
The remaining gain (loss) on remeasurement, sale or write down of assets, net, of $766 and $(120) for the three months ended September 30, 2014 and 2013, respectively, and $(181) and $3,910 for the nine months ended September 30, 2014 and 2013, respectively, are primarily due to the sale of other assets and the write-off of development costs. |
Tenant_and_Other_Receivables_n
Tenant and Other Receivables, net: | 9 Months Ended |
Sep. 30, 2014 | |
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 $4,224 and $2,878 at September 30, 2014 and December 31, 2013, respectively. Also included in tenant and other receivables, net, are accrued percentage rents of $3,130 and $9,824 at September 30, 2014 and December 31, 2013, respectively, and a deferred rent receivable due to straight-line rent adjustments of $56,943 and $53,380 at September 30, 2014 and December 31, 2013, respectively. | |
On March 17, 2014, in connection with the sale of Lake Square Mall (See Note 5—Property), the Company issued a note receivable for $6,500 that bears interest at an effective rate of 6.5% and matures on March 17, 2018 ("LSM Note A") and a note receivable for $3,103 that bore interest at 5.0% and was to mature on December 31, 2014 ("LSM Note B"). On September 2, 2014, the balance of LSM Note B was paid in full. The balance of LSM Note A at September 30, 2014 was $6,461 and is collateralized by a trust deed on Lake Square Mall. |
Deferred_Charges_and_Other_Ass
Deferred Charges and Other Assets, net: | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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, | |||||||
2014 | 2013 | |||||||
Leasing | $ | 227,151 | $ | 223,038 | ||||
Financing | 50,896 | 51,695 | ||||||
Intangible assets: | ||||||||
In-place lease values | 185,832 | 205,651 | ||||||
Leasing commissions and legal costs | 46,982 | 50,594 | ||||||
Above-market leases | 111,941 | 118,770 | ||||||
Deferred tax assets | 35,115 | 31,356 | ||||||
Deferred compensation plan assets | 33,784 | 30,932 | ||||||
Other assets | 69,598 | 65,793 | ||||||
761,299 | 777,829 | |||||||
Less accumulated amortization(1) | (268,602 | ) | (244,771 | ) | ||||
$ | 492,697 | $ | 533,058 | |||||
-1 | Accumulated amortization includes $95,529 and $89,141 relating to in-place lease values, leasing commissions and legal costs at September 30, 2014 and December 31, 2013, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $11,850 and $12,173 for the three months ended September 30, 2014 and 2013, respectively, and $35,948 and $40,263 for the nine months ended September 30, 2014 and 2013, respectively. | |||||||
The allocated values of above-market leases and below-market leases consist of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Above-Market Leases | ||||||||
Original allocated value | $ | 111,941 | $ | 118,770 | ||||
Less accumulated amortization | (53,781 | ) | (46,912 | ) | ||||
$ | 58,160 | $ | 71,858 | |||||
Below-Market Leases(1) | ||||||||
Original allocated value | $ | 182,593 | $ | 187,537 | ||||
Less accumulated amortization | (88,838 | ) | (79,271 | ) | ||||
$ | 93,755 | $ | 108,266 | |||||
-1 | Below-market leases are included in other accrued liabilities. |
Mortgage_Notes_Payable
Mortgage Notes Payable: | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Mortgage Notes Payable: | ' | |||||||||||||||||||||||||
Mortgage Notes Payable: | ||||||||||||||||||||||||||
Mortgage notes payable at September 30, 2014 and December 31, 2013 consist of the following: | ||||||||||||||||||||||||||
Carrying Amount of Mortgage Notes(1) | ||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Property Pledged as Collateral | Related Party | Other | Related Party | Other | Effective Interest | Monthly | Maturity | |||||||||||||||||||
Rate(2) | Debt | Date(4) | ||||||||||||||||||||||||
Service(3) | ||||||||||||||||||||||||||
Arrowhead Towne Center | $ | — | $ | 230,552 | $ | — | $ | 236,028 | 2.76 | % | $ | 1,131 | 2018 | |||||||||||||
Camelback Colonnade | — | 48,233 | — | 49,120 | 2.16 | % | 178 | 2015 | ||||||||||||||||||
Chandler Fashion Center(5) | — | 200,000 | — | 200,000 | 3.77 | % | 625 | 2019 | ||||||||||||||||||
Danbury Fair Mall | 114,994 | 114,993 | 117,120 | 117,120 | 5.53 | % | 1,538 | 2020 | ||||||||||||||||||
Deptford Mall | — | 198,785 | — | 201,622 | 3.76 | % | 947 | 2023 | ||||||||||||||||||
Deptford Mall | — | 14,354 | — | 14,551 | 6.46 | % | 101 | 2016 | ||||||||||||||||||
Eastland Mall | — | 168,000 | — | 168,000 | 5.79 | % | 811 | 2016 | ||||||||||||||||||
Fashion Outlets of Chicago(6) | — | 117,350 | — | 91,383 | 2.95 | % | 259 | 2017 | ||||||||||||||||||
Fashion Outlets of Niagara Falls USA | — | 122,053 | — | 124,030 | 4.89 | % | 727 | 2020 | ||||||||||||||||||
Flagstaff Mall | — | 37,000 | — | 37,000 | 5.03 | % | 151 | 2015 | ||||||||||||||||||
FlatIron Crossing | — | 263,144 | — | 268,000 | 3.9 | % | 1,393 | 2021 | ||||||||||||||||||
Freehold Raceway Mall(5) | — | 230,255 | — | 232,900 | 4.2 | % | 1,132 | 2018 | ||||||||||||||||||
Fresno Fashion Fair | 78,427 | 78,427 | 79,391 | 79,390 | 6.76 | % | 1,104 | 2015 | ||||||||||||||||||
Great Northern Mall(7) | — | 34,747 | — | 35,484 | 6.54 | % | 234 | 2015 | ||||||||||||||||||
Green Acres Mall | — | 315,126 | — | 319,850 | 3.61 | % | 1,447 | 2021 | ||||||||||||||||||
Kings Plaza Shopping Center | — | 483,251 | — | 490,548 | 3.67 | % | 2,229 | 2019 | ||||||||||||||||||
Northgate Mall(8) | — | 64,000 | — | 64,000 | 3.03 | % | 128 | 2017 | ||||||||||||||||||
Oaks, The | — | 211,224 | — | 214,239 | 4.14 | % | 1,064 | 2022 | ||||||||||||||||||
Pacific View | — | 133,869 | — | 135,835 | 4.08 | % | 668 | 2022 | ||||||||||||||||||
Santa Monica Place | — | 231,638 | — | 235,445 | 2.99 | % | 1,004 | 2018 | ||||||||||||||||||
SanTan Village Regional Center | — | 134,523 | — | 136,629 | 3.14 | % | 589 | 2019 | ||||||||||||||||||
South Plains Mall(9) | — | 71,725 | — | 99,833 | 4.78 | % | 383 | 2015 | ||||||||||||||||||
Superstition Springs Center | — | 68,158 | — | 68,395 | 1.98 | % | 138 | 2016 | ||||||||||||||||||
Towne Mall | — | 22,707 | — | 22,996 | 4.48 | % | 117 | 2022 | ||||||||||||||||||
Tucson La Encantada | 71,848 | — | 72,870 | — | 4.23 | % | 368 | 2022 | ||||||||||||||||||
Valley Mall | — | 41,571 | — | 42,155 | 5.85 | % | 280 | 2016 | ||||||||||||||||||
Valley River Center | — | 120,000 | — | 120,000 | 5.59 | % | 558 | 2016 | ||||||||||||||||||
Victor Valley, Mall of(10) | — | 115,000 | — | 90,000 | 4 | % | 380 | 2024 | ||||||||||||||||||
Vintage Faire Mall | — | 98,006 | — | 99,083 | 5.81 | % | 586 | 2015 | ||||||||||||||||||
Westside Pavilion | — | 150,278 | — | 152,173 | 4.49 | % | 783 | 2022 | ||||||||||||||||||
$ | 265,269 | $ | 4,118,969 | $ | 269,381 | $ | 4,145,809 | |||||||||||||||||||
-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 into 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, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Arrowhead Towne Center | $ | 12,337 | $ | 14,642 | ||||||||||||||||||||||
Camelback Colonnade | 1,233 | 2,120 | ||||||||||||||||||||||||
Deptford Mall | (10 | ) | (14 | ) | ||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 5,646 | 6,342 | ||||||||||||||||||||||||
Superstition Springs Center | 658 | 895 | ||||||||||||||||||||||||
Valley Mall | (154 | ) | (219 | ) | ||||||||||||||||||||||
$ | 19,710 | $ | 23,766 | |||||||||||||||||||||||
-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 | A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement). | |||||||||||||||||||||||||
-6 | The construction loan on the property allows for borrowings of up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At September 30, 2014 and December 31, 2013, the total interest rate was 2.95% and 2.96%, respectively. | |||||||||||||||||||||||||
-7 | On March 24, 2014, the loan was extended to January 1, 2015. | |||||||||||||||||||||||||
-8 | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At September 30, 2014 and December 31, 2013, the total interest rate was 3.03% and 3.04%, respectively. | |||||||||||||||||||||||||
-9 | On February 7, 2014, the Company paid off in full one of the two loans on the property, which resulted in a loss of $359 on the early extinguishment of debt. | |||||||||||||||||||||||||
-10 | On August 28, 2014, the Company replaced the existing loan on the property with a new loan that bears interest at an effective interest rate of 4.00% and matures on September 1, 2024. The replacement of the existing loan resulted in a loss of $46 on the early extinguishment of debt. | |||||||||||||||||||||||||
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, 2014 and December 31, 2013, a total of $72,175 and $77,192, respectively, of the mortgage notes payable could become recourse to the Company. | ||||||||||||||||||||||||||
The Company expects that all loan maturities, except Great Northern Mall, will be refinanced, restructured, extended and/or paid-off during the next twelve months from the Company's line of credit or with cash on hand. | ||||||||||||||||||||||||||
Total interest expense capitalized was $3,930 and $2,887 for the three months ended September 30, 2014 and 2013, respectively, and $9,513 and $8,227 during the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||||
Related party mortgage notes payable are amounts due to affiliates of NML. See Note 16—Related Party Transactions for interest expense associated with loans from NML. | ||||||||||||||||||||||||||
The estimated fair value (Level 2 measurement) of mortgage notes payable at September 30, 2014 and December 31, 2013 was $4,452,658 and $4,500,177, respectively, based on current interest rates for comparable loans. 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 property that serves as collateral for the underlying debt. |
Bank_and_Other_Notes_Payable
Bank and Other Notes Payable: | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Bank and Other Notes Payable: | ' |
Bank and Other Notes Payable: | |
Bank and other notes payable consist of the following: | |
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 1.38% to 2.0%, depending on the Company's overall leverage level, and matures on August 6, 2018. Based on the Company's leverage level as of September 30, 2014, the borrowing rate on the facility was LIBOR plus 1.38%. 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, 2014 and December 31, 2013, borrowings under the line of credit were $410,000 and $30,000, respectively, at an average interest rate of 1.81% and 1.85%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at September 30, 2014 and December 31, 2013 was $387,244 and $28,214, 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 level, and matures on December 8, 2018. Based on the Company's current leverage level as of September 30, 2014, the borrowing rate was LIBOR plus 1.95%. As of September 30, 2014 and December 31, 2013, the total interest rate was 2.25% and 2.51%, respectively. The estimated fair value (Level 2 measurement) of the term loan at September 30, 2014 and December 31, 2013 was $119,636 and $120,802, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. | |
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, 2014 and December 31, 2013, the note had a balance of $11,301 and $12,537, respectively. The estimated fair value (Level 2 measurement) of the note at September 30, 2014 and December 31, 2013 was $11,699 and $13,114, respectively, 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, 2014 and December 31, 2013, the Company was in compliance with all applicable financial loan covenants. |
CoVenture_Arrangement
Co-Venture Arrangement: | 9 Months Ended |
Sep. 30, 2014 | |
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 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. 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 $75,669 and $81,515 at September 30, 2014 and December 31, 2013, respectively. |
Noncontrolling_Interests
Noncontrolling Interests: | 9 Months Ended |
Sep. 30, 2014 | |
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 93% ownership interest in the Operating Partnership as of September 30, 2014 and December 31, 2013. The remaining 7% limited partnership interest as of September 30, 2014 and December 31, 2013 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, 2014 and December 31, 2013, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $647,988 and $587,917, 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, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity: | ' |
Stockholders' Equity: | |
On August 17, 2012, the Company entered into an equity distribution agreement ("2012 Distribution Agreement") with a number of sales agents (the "2012 ATM Program") 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 “2012 ATM Shares”). Sales of the 2012 ATM Shares, could have been 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 agreed to pay each sales agent a commission that was not to exceed, but could have been lower than, 2% of the gross proceeds of the 2012 ATM Shares sold through such sales agent under the 2012 Distribution Agreement. | |
During the year ended December 31, 2012, the Company sold 2,961,903 shares of common stock under the 2012 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 year ended December 31, 2013, the Company sold 2,456,956 shares of common stock under the 2012 ATM Program in exchange for aggregate gross proceeds of $173,011 and net proceeds of $171,102 after commissions and other transaction costs. The proceeds from the sales were used to pay down the Company's line of credit. | |
On August 20, 2014, the Company terminated and replaced the 2012 ATM Program with a new ATM Program (the "2014 ATM Program") to 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"). The terms of the 2014 ATM Program are substantially the same as the 2012 ATM Program. | |
The Company did not sell any shares under the ATM Programs during the nine months ended September 30, 2014. | |
As of September 30, 2014, $500,000 of the Shares were available to be sold under the 2014 ATM Program. The unsold 2012 ATM Shares are no longer available for issuance. Actual future sales of the Shares under the 2014 ATM Program 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 Shares under the 2014 ATM Program. |
Acquisitions
Acquisitions: | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisitions: | ' | |||||||||||||||
Acquisitions: | ||||||||||||||||
Fashion Outlets of Niagara Falls USA: | ||||||||||||||||
On July 22, 2011, the Company acquired the Fashion Outlets of Niagara Falls USA, a 517,000 square foot outlet center in Niagara Falls, New York. The purchase and sale agreement included contingent consideration payable to AWE/Talisman, the former owner of the property and a related party (See Note 16—Related Party Transactions), based on the performance of the Fashion Outlets of Niagara Falls USA from the acquisition date through July 21, 2014 that increased the purchase price above the initial $200,000. During the nine months ended September 30, 2014, the Company paid $18,667 in full settlement of the contingent consideration liability. | ||||||||||||||||
Green Acres Mall: | ||||||||||||||||
On January 24, 2013, the Company acquired Green Acres Mall, a 1,791,000 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. | ||||||||||||||||
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 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. | ||||||||||||||||
Superstition Springs Center: | ||||||||||||||||
On October 24, 2013, the Company acquired the remaining 33.3% ownership interest in Superstition Springs Center that it did not own for $46,162. The purchase price was funded by a cash payment of $23,662 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $22,500. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Superstition Springs Center. The acquisition was completed in order to gain 100% ownership and control over this asset. | ||||||||||||||||
The following is a summary of the allocation of the fair value of Superstition Springs Center: | ||||||||||||||||
Property | $ | 114,373 | ||||||||||||||
Deferred charges | 12,353 | |||||||||||||||
Cash and cash equivalents | 8,894 | |||||||||||||||
Tenant receivables | 51 | |||||||||||||||
Other assets | 11,535 | |||||||||||||||
Total assets acquired | 147,206 | |||||||||||||||
Mortgage note payable | 68,448 | |||||||||||||||
Accounts payable | 119 | |||||||||||||||
Other accrued liabilities | 7,637 | |||||||||||||||
Total liabilities assumed | 76,204 | |||||||||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 71,002 | ||||||||||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in Superstition Springs Center that was acquired. | ||||||||||||||||
Fair value of existing ownership interest (at 66.7% ownership) | $ | 47,340 | ||||||||||||||
Carrying value of investment | (32,476 | ) | ||||||||||||||
Gain on remeasurement | $ | 14,864 | ||||||||||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||||||||||
Purchase price | $ | 46,162 | ||||||||||||||
Less debt assumed | (22,500 | ) | ||||||||||||||
Carrying value of investment | 32,476 | |||||||||||||||
Remeasurement gain | 14,864 | |||||||||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 71,002 | ||||||||||||||
Since the date of acquisition, the Company has included Superstition Springs Center in its consolidated financial statements. | ||||||||||||||||
Cascade Mall: | ||||||||||||||||
On June 4, 2014, the Company acquired the remaining 49.0% ownership interest in Cascade Mall that it did not own for $15,233. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Cascade Mall. The acquisition was completed in order to obtain 100% ownership and control over this asset. | ||||||||||||||||
The following is a summary of the allocation of the fair value of Cascade Mall: | ||||||||||||||||
Property | $ | 28,924 | ||||||||||||||
Deferred charges | 6,660 | |||||||||||||||
Other assets | 202 | |||||||||||||||
Total assets acquired | 35,786 | |||||||||||||||
Other accrued liabilities | 4,786 | |||||||||||||||
Total liabilities assumed | 4,786 | |||||||||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 31,000 | ||||||||||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in Cascade Mall that was acquired. | ||||||||||||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||||||||||
Purchase price | $ | 15,233 | ||||||||||||||
Carrying value of investment | 15,767 | |||||||||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 31,000 | ||||||||||||||
Since the date of acquisition, the Company has included Cascade Mall in its consolidated financial statements. The property has generated incremental revenue of $2,337 and incremental earnings of $667 during the nine months ended September 30, 2014. | ||||||||||||||||
Pro Forma Results of Operations: | ||||||||||||||||
The following unaudited pro forma financial information for the three and nine months ended September 30, 2014 and 2013 assumes all of the above transactions took place on January 1, 2013: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pro forma revenue (1) | $ | 263,492 | $ | 267,091 | $ | 785,038 | $ | 773,343 | ||||||||
Pro forma income from continuing operations (1) | $ | 38,744 | $ | 13,492 | $ | 73,847 | $ | 122,976 | ||||||||
-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, 2013, 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, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Discontinued Operations: | ' |
Discontinued Operations: | |
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 $59,767. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On June 4, 2013, the Company sold Northridge Mall, an 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 $82,151. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
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 $2,633. 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. | |
On October 15, 2013, the Company sold a former Mervyn's store in Midland, Texas for $5,700, resulting in a loss on the sale of assets of $2,031. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On October 23, 2013, the Company sold a former Mervyn's store in Grand Junction, Colorado for $5,430, resulting in a gain on the sale of assets of $1,695. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On December 4, 2013, the Company sold a former Mervyn's store in Livermore, California for $10,475, resulting in a loss on the sale of assets of $5,257. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On December 11, 2013, the Company sold Chesterfield Towne Center, a 1,016,000 square foot regional shopping center in Richmond, Virginia, and Centre at Salisbury, an 862,000 square foot regional shopping center in Salisbury, Maryland, in a combined transaction for $292,500, resulting in a gain on the sale of assets of $151,467. The sales price was funded by a cash payment of $67,763, the assumption of the $109,737 mortgage note payable on Chesterfield Towne Center and the assumption of the $115,000 mortgage note payable on Centre at Salisbury. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
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. | |
Revenues from discontinued operations were $10,926 and $47,427 for the three and nine months ended September 30, 2013, respectively. Total (loss) income from discontinued operations was $(8,844) and $137,112 for the three and nine months ended September 30, 2013, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies: | 9 Months Ended |
Sep. 30, 2014 | |
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 $2,667 and $2,580 for the three months ended September 30, 2014 and 2013, respectively, and $8,044 and $7,881 for the nine months ended September 30, 2014 and 2013, respectively. No contingent rent was incurred during the three and nine months ended September 30, 2014 or 2013. | |
As of September 30, 2014 and December 31, 2013, the Company was contingently liable for $18,388 and $18,862, 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, 2014, the Company had $39,522 in outstanding obligations which it believes will be settled in the next twelve months. |
RelatedParty_Transactions
Related-Party Transactions: | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Management Fees | $ | 4,613 | $ | 5,286 | $ | 14,328 | $ | 16,286 | ||||||||
Development and Leasing Fees | 3,046 | 3,810 | 8,424 | 8,284 | ||||||||||||
$ | 7,659 | $ | 9,096 | $ | 22,752 | $ | 24,570 | |||||||||
Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $3,671 and $3,745 for the three months ended September 30, 2014 and 2013, respectively, and $11,069 and $11,289 for the nine months ended September 30, 2014 and 2013, respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $1,322 and $1,240 at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
As of September 30, 2014 and December 31, 2013, the Company had loans to unconsolidated joint ventures of $3,361 and $2,756, respectively. Interest income associated with these notes was $53 and $58 for the three months ended September 30, 2014 and 2013, respectively, and $162 and $178 for the nine months ended September 30, 2014 and 2013, 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 $5,897 and $3,822 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
Due from affiliates at September 30, 2014 and December 31, 2013 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 combined balance on these notes was $14,071 and $13,603 at September 30, 2014 and December 31, 2013, respectively. The combined interest income earned on these notes was $156 and $157 for the three months ended September 30, 2014 and 2013, respectively, and $467 for the nine months ended September 30, 2014 and 2013. | ||||||||||||||||
In addition, due from affiliates at September 30, 2014 and December 31, 2013 includes a note receivable of $11,454 and $12,707, respectively, from RED/303 LLC ("RED") that bears interest at 5.25% and matures on March 29, 2016. Interest income earned on this note was $154 and $176 for the three months ended September 30, 2014 and 2013, respectively, and $468 and $356 for the nine months ended September 30, 2014 and 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, 2014 | ||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||||
Share and Unit-Based Plans: | ' | |||||||||||||||||||||||||||
Share and Unit-Based Plans: | ||||||||||||||||||||||||||||
Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership. 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, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash distributions based on the dividend amount paid on the common stock of the Company to the extent distributions are required. The LTIP may include market-indexed awards, service-based awards and fully-vested awards. | ||||||||||||||||||||||||||||
On January 1, 2014, the Company granted 272,930 market-indexed LTIP Units to seven executive officers at a weighted average grant date fair value of $45.34 per LTIP Unit. The new grants vest over a service period ending December 31, 2014. The market-indexed LTIP Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per common stock share relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. The market-indexed LTIP Units are equally divided between two types of awards. The terms of both types of awards are the same, except one award has an additional 3% absolute Total Return requirement, which if it is not met, then the LTIP Units will not vest. | ||||||||||||||||||||||||||||
The fair value of the market-indexed LTIP Units 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. | ||||||||||||||||||||||||||||
On January 1, 2014, the Company also granted 70,042 service-based LTIP Units to the seven executive officers at a weighted average grant date fair value of $58.89 per LTIP Unit. The service-based LTIP Units will vest in equal annual installments over a service period ending December 31, 2016. | ||||||||||||||||||||||||||||
On March 7, 2014, the Company granted 246,471 fully-vested LTIP Units to the seven executive officers at a weighted average grant date price of $60.25 as their 2013 performance bonus. | ||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
LTIP Units | $ | 3,465 | $ | 4,743 | $ | 25,133 | $ | 12,393 | ||||||||||||||||||||
Stock awards | 84 | 121 | 281 | 353 | ||||||||||||||||||||||||
Stock units | 1,134 | 674 | 3,775 | 3,165 | ||||||||||||||||||||||||
Stock options | 4 | 4 | 12 | 12 | ||||||||||||||||||||||||
Phantom stock units | 296 | 248 | 902 | 735 | ||||||||||||||||||||||||
$ | 4,983 | $ | 5,790 | $ | 30,103 | $ | 16,658 | |||||||||||||||||||||
The Company capitalized share and unit-based compensation costs of $525 and $657 for the three months ended September 30, 2014 and 2013, respectively, and $4,886 and $2,745 for the nine months ended September 30, 2014 and 2013, respectively. Unrecognized compensation costs of share and unit-based plans at September 30, 2014 consisted of $6,216 from LTIP Units, $332 from stock awards, $2,870 from stock units, $47 from stock options and $697 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, 2014 | — | $ | — | 19,001 | $ | 56.77 | 17,575 | $ | 58.66 | 137,318 | $ | 57.24 | ||||||||||||||||
Granted | 589,443 | 53.18 | — | — | 8,916 | 62.53 | 70,505 | 60.24 | ||||||||||||||||||||
Vested | (246,471 | ) | 60.25 | (9,812 | ) | 54.45 | (14,548 | ) | 61.27 | (68,151 | ) | 55.1 | ||||||||||||||||
Forfeited | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Balance at September 30, 2014 | 342,972 | $ | 48.11 | 9,189 | $ | 59.25 | 11,943 | $ | 58.36 | 139,672 | $ | 59.8 | ||||||||||||||||
-1 | Value represents the weighted average grant date fair value. | |||||||||||||||||||||||||||
The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding: | ||||||||||||||||||||||||||||
SARs | Stock Options | |||||||||||||||||||||||||||
Shares | Value(1) | Shares | Value(1) | |||||||||||||||||||||||||
Balance at January 1, 2014 | 1,070,991 | $ | 56.66 | 10,068 | $ | 59.57 | ||||||||||||||||||||||
Granted | — | — | — | — | ||||||||||||||||||||||||
Exercised | (54,082 | ) | 56.63 | — | — | |||||||||||||||||||||||
Forfeited | — | — | — | — | ||||||||||||||||||||||||
Balance at September 30, 2014 | 1,016,909 | $ | 56.66 | 10,068 | $ | 59.57 | ||||||||||||||||||||||
-1 | Value represents the weighted average exercise price. |
Income_Taxes
Income Taxes: | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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 (provision) of the TRSs are as follows: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Current | $ | — | $ | (79 | ) | $ | — | $ | (235 | ) | ||||||
Deferred | 689 | 622 | 3,759 | 2,498 | ||||||||||||
Income tax benefit | $ | 689 | $ | 543 | $ | 3,759 | $ | 2,263 | ||||||||
The net operating loss carryforwards are currently scheduled to expire through 2033, beginning in 2024. Net deferred tax assets of $35,115 and $31,356 were included in deferred charges and other assets, net, at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
The tax years 2010 through 2014 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 benefit will materially change within the next twelve months. |
Subsequent_Events
Subsequent Events: | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events: | ' |
Subsequent Events: | |
On October 23, 2014, the Company announced a dividend/distribution of $0.65 per share for common stockholders and OP Unit holders of record on November 12, 2014. All dividends/distributions will be paid 100% in cash on December 5, 2014. | |
On October 31, 2014, the Company sold South Towne Center, a 1,278,000 square foot regional shopping center in Sandy, Utah, for $205,000. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies: (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
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, 2013. 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, 2013 has been derived from the audited financial statements but does not include all disclosures required by GAAP. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements: | |
On April 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-08, which amends the definition of discontinued operations and requires additional disclosures for disposal transactions that do not meet the revised discontinued operations criteria. ASU 2014-08 is required to be adopted for fiscal years beginning after December 15, 2014, with early adoption permitted. The Company's early adoption of this pronouncement on January 1, 2014 did not have a material impact on the Company's consolidated financial statements. |
Earnings_per_Share_EPS_Tables
Earnings per Share ("EPS"): (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 and 2013 (shares in thousands): | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator | ||||||||||||||||
Income from continuing operations | $ | 38,744 | $ | 49,669 | $ | 76,373 | $ | 161,058 | ||||||||
(Loss) income from discontinued operations | — | (8,844 | ) | — | 137,112 | |||||||||||
Net income attributable to noncontrolling interests | (2,830 | ) | (2,702 | ) | (6,552 | ) | (22,958 | ) | ||||||||
Net income attributable to the Company | 35,914 | 38,123 | 69,821 | 275,212 | ||||||||||||
Allocation of earnings to participating securities | (122 | ) | (80 | ) | (373 | ) | (257 | ) | ||||||||
Numerator for basic and diluted earnings per share—net income attributable to common stockholders | $ | 35,792 | $ | 38,043 | $ | 69,448 | $ | 274,955 | ||||||||
Denominator | ||||||||||||||||
Denominator for basic earnings per share—weighted average number of common shares outstanding | 140,916 | 140,712 | 140,859 | 139,219 | ||||||||||||
Effect of dilutive securities:(1) | ||||||||||||||||
Share and unit-based compensation plans | 144 | 61 | 116 | 101 | ||||||||||||
Denominator for diluted earnings per share—weighted average number of common shares outstanding | 141,060 | 140,773 | 140,975 | 139,320 | ||||||||||||
Earnings per common share—basic: | ||||||||||||||||
Income from continuing operations | $ | 0.25 | $ | 0.33 | $ | 0.49 | $ | 1.05 | ||||||||
Discontinued operations | — | (0.06 | ) | — | 0.92 | |||||||||||
Net income attributable to common stockholders | $ | 0.25 | $ | 0.27 | $ | 0.49 | $ | 1.97 | ||||||||
Earnings per common share—diluted: | ||||||||||||||||
Income from continuing operations | $ | 0.25 | $ | 0.33 | $ | 0.49 | $ | 1.05 | ||||||||
Discontinued operations | — | (0.06 | ) | — | 0.92 | |||||||||||
Net income attributable to common stockholders | $ | 0.25 | $ | 0.27 | $ | 0.49 | $ | 1.97 | ||||||||
-1 | Diluted EPS excludes 184,304 convertible preferred units for the three and nine months ended September 30, 2014 and 2013 as their impact was antidilutive. | |||||||||||||||
Diluted EPS excludes 10,110,716 and 9,621,313 Operating Partnership units ("OP Units") for the three months ended September 30, 2014 and 2013, respectively, and 10,072,321 and 9,920,197 OP Units for the nine months ended September 30, 2014 and 2013, respectively, as their impact was antidilutive. |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Joint Ventures: (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information | ' | |||||||||||||||
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Assets(1): | ||||||||||||||||
Properties, net | $ | 3,798,082 | $ | 3,435,737 | ||||||||||||
Other assets | 305,649 | 295,719 | ||||||||||||||
Total assets | $ | 4,103,731 | $ | 3,731,456 | ||||||||||||
Liabilities and partners' capital(1): | ||||||||||||||||
Mortgage notes payable(2) | $ | 3,420,951 | $ | 3,518,215 | ||||||||||||
Other liabilities | 242,861 | 202,444 | ||||||||||||||
Company's capital (deficit) | 200,943 | (25,367 | ) | |||||||||||||
Outside partners' capital | 238,976 | 36,164 | ||||||||||||||
Total liabilities and partners' capital | $ | 4,103,731 | $ | 3,731,456 | ||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Company's capital (deficit) | $ | 200,943 | $ | (25,367 | ) | |||||||||||
Basis adjustment(3) | 472,808 | 474,658 | ||||||||||||||
$ | 673,751 | $ | 449,291 | |||||||||||||
Assets—Investments in unconsolidated joint ventures | $ | 927,424 | $ | 701,483 | ||||||||||||
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (253,673 | ) | (252,192 | ) | ||||||||||||
$ | 673,751 | $ | 449,291 | |||||||||||||
-1 | These amounts include the assets and liabilities of the following joint ventures as of September 30, 2014 and December 31, 2013: | |||||||||||||||
Pacific | Tysons | |||||||||||||||
Premier | Corner LLC | |||||||||||||||
Retail LP | ||||||||||||||||
As of September 30, 2014: | ||||||||||||||||
Total Assets | $ | 736,872 | $ | 340,973 | ||||||||||||
Total Liabilities | $ | 813,400 | $ | 873,896 | ||||||||||||
As of December 31, 2013: | ||||||||||||||||
Total Assets | $ | 775,012 | $ | 356,871 | ||||||||||||
Total Liabilities | $ | 812,725 | $ | 887,413 | ||||||||||||
-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, 2014 and December 31, 2013, a total of $33,540 could become recourse debt to the Company. As of September 30, 2014 and December 31, 2013, the Company had an indemnity agreement from a joint venture partner for $16,770 of the guaranteed amount. | |||||||||||||||
Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $703,589 and $712,455 as of September 30, 2014 and December 31, 2013, 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 on these borrowings was $9,645 and $7,920 for the three months ended September 30, 2014 and 2013, respectively, and $28,992 and $21,717 for the nine months ended September 30, 2014 and 2013, 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 $948 and $3,860 for the three months ended September 30, 2014 and 2013, respectively, and $3,227 and $9,753 for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures | ' | |||||||||||||||
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: | ||||||||||||||||
Pacific | Tysons | Other | Total | |||||||||||||
Premier | Corner | Joint | ||||||||||||||
Retail LP | LLC | Ventures | ||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 25,095 | $ | 15,542 | $ | 61,522 | $ | 102,159 | ||||||||
Percentage rents | 653 | 115 | 3,683 | 4,451 | ||||||||||||
Tenant recoveries | 11,495 | 11,757 | 26,235 | 49,487 | ||||||||||||
Other | 962 | 678 | 9,523 | 11,163 | ||||||||||||
Total revenues | 38,205 | 28,092 | 100,963 | 167,260 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 9,959 | 9,694 | 37,384 | 57,037 | ||||||||||||
Interest expense | 9,643 | 8,107 | 17,651 | 35,401 | ||||||||||||
Depreciation and amortization | 8,199 | 5,162 | 24,006 | 37,367 | ||||||||||||
Total operating expenses | 27,801 | 22,963 | 79,041 | 129,805 | ||||||||||||
Loss on remeasurement, sale or write down of assets, net | (732 | ) | — | (6 | ) | (738 | ) | |||||||||
Net income | $ | 9,672 | $ | 5,129 | $ | 21,916 | $ | 36,717 | ||||||||
Company's equity in net income | $ | 4,379 | $ | 988 | $ | 11,568 | $ | 16,935 | ||||||||
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 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 | ||||||||
Pacific | Tysons | Other | Total | |||||||||||||
Premier | Corner | Joint | ||||||||||||||
Retail LP | LLC | Ventures | ||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 76,829 | $ | 47,516 | $ | 173,710 | $ | 298,055 | ||||||||
Percentage rents | 1,862 | 719 | 7,915 | 10,496 | ||||||||||||
Tenant recoveries | 34,614 | 35,140 | 75,606 | 145,360 | ||||||||||||
Other | 3,652 | 2,294 | 25,821 | 31,767 | ||||||||||||
Total revenues | 116,957 | 85,669 | 283,052 | 485,678 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 31,772 | 29,374 | 101,522 | 162,668 | ||||||||||||
Interest expense | 29,572 | 23,590 | 56,717 | 109,879 | ||||||||||||
Depreciation and amortization | 25,747 | 14,520 | 66,768 | 107,035 | ||||||||||||
Total operating expenses | 87,091 | 67,484 | 225,007 | 379,582 | ||||||||||||
Loss on remeasurement, sale or write down of assets, net | (7,044 | ) | — | (66 | ) | (7,110 | ) | |||||||||
Net income | $ | 22,822 | $ | 18,185 | $ | 57,979 | $ | 98,986 | ||||||||
Company's equity in net income | $ | 9,865 | $ | 4,357 | $ | 30,385 | $ | 44,607 | ||||||||
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 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 | ||||||||
Property_Tables
Property: (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Components of property | ' | |||||||
Property consists of the following: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 1,713,298 | $ | 1,707,005 | ||||
Buildings and improvements | 6,508,764 | 6,555,212 | ||||||
Tenant improvements | 545,336 | 537,754 | ||||||
Equipment and furnishings | 144,950 | 152,198 | ||||||
Construction in progress | 346,914 | 229,169 | ||||||
9,259,262 | 9,181,338 | |||||||
Less accumulated depreciation | (1,688,626 | ) | (1,559,572 | ) | ||||
$ | 7,570,636 | $ | 7,621,766 | |||||
Deferred_Charges_and_Other_Ass1
Deferred Charges and Other Assets, net: (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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, | |||||||
2014 | 2013 | |||||||
Leasing | $ | 227,151 | $ | 223,038 | ||||
Financing | 50,896 | 51,695 | ||||||
Intangible assets: | ||||||||
In-place lease values | 185,832 | 205,651 | ||||||
Leasing commissions and legal costs | 46,982 | 50,594 | ||||||
Above-market leases | 111,941 | 118,770 | ||||||
Deferred tax assets | 35,115 | 31,356 | ||||||
Deferred compensation plan assets | 33,784 | 30,932 | ||||||
Other assets | 69,598 | 65,793 | ||||||
761,299 | 777,829 | |||||||
Less accumulated amortization(1) | (268,602 | ) | (244,771 | ) | ||||
$ | 492,697 | $ | 533,058 | |||||
-1 | Accumulated amortization includes $95,529 and $89,141 relating to in-place lease values, leasing commissions and legal costs at September 30, 2014 and December 31, 2013, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $11,850 and $12,173 for the three months ended September 30, 2014 and 2013, respectively, and $35,948 and $40,263 for the nine months ended September 30, 2014 and 2013, 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, | |||||||
2014 | 2013 | |||||||
Above-Market Leases | ||||||||
Original allocated value | $ | 111,941 | $ | 118,770 | ||||
Less accumulated amortization | (53,781 | ) | (46,912 | ) | ||||
$ | 58,160 | $ | 71,858 | |||||
Below-Market Leases(1) | ||||||||
Original allocated value | $ | 182,593 | $ | 187,537 | ||||
Less accumulated amortization | (88,838 | ) | (79,271 | ) | ||||
$ | 93,755 | $ | 108,266 | |||||
-1 | Below-market leases are included in other accrued liabilities. |
Mortgage_Notes_Payable_Tables
Mortgage Notes Payable: (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Mortgage notes payable | ' | |||||||||||||||||||||||||
Mortgage notes payable at September 30, 2014 and December 31, 2013 consist of the following: | ||||||||||||||||||||||||||
Carrying Amount of Mortgage Notes(1) | ||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Property Pledged as Collateral | Related Party | Other | Related Party | Other | Effective Interest | Monthly | Maturity | |||||||||||||||||||
Rate(2) | Debt | Date(4) | ||||||||||||||||||||||||
Service(3) | ||||||||||||||||||||||||||
Arrowhead Towne Center | $ | — | $ | 230,552 | $ | — | $ | 236,028 | 2.76 | % | $ | 1,131 | 2018 | |||||||||||||
Camelback Colonnade | — | 48,233 | — | 49,120 | 2.16 | % | 178 | 2015 | ||||||||||||||||||
Chandler Fashion Center(5) | — | 200,000 | — | 200,000 | 3.77 | % | 625 | 2019 | ||||||||||||||||||
Danbury Fair Mall | 114,994 | 114,993 | 117,120 | 117,120 | 5.53 | % | 1,538 | 2020 | ||||||||||||||||||
Deptford Mall | — | 198,785 | — | 201,622 | 3.76 | % | 947 | 2023 | ||||||||||||||||||
Deptford Mall | — | 14,354 | — | 14,551 | 6.46 | % | 101 | 2016 | ||||||||||||||||||
Eastland Mall | — | 168,000 | — | 168,000 | 5.79 | % | 811 | 2016 | ||||||||||||||||||
Fashion Outlets of Chicago(6) | — | 117,350 | — | 91,383 | 2.95 | % | 259 | 2017 | ||||||||||||||||||
Fashion Outlets of Niagara Falls USA | — | 122,053 | — | 124,030 | 4.89 | % | 727 | 2020 | ||||||||||||||||||
Flagstaff Mall | — | 37,000 | — | 37,000 | 5.03 | % | 151 | 2015 | ||||||||||||||||||
FlatIron Crossing | — | 263,144 | — | 268,000 | 3.9 | % | 1,393 | 2021 | ||||||||||||||||||
Freehold Raceway Mall(5) | — | 230,255 | — | 232,900 | 4.2 | % | 1,132 | 2018 | ||||||||||||||||||
Fresno Fashion Fair | 78,427 | 78,427 | 79,391 | 79,390 | 6.76 | % | 1,104 | 2015 | ||||||||||||||||||
Great Northern Mall(7) | — | 34,747 | — | 35,484 | 6.54 | % | 234 | 2015 | ||||||||||||||||||
Green Acres Mall | — | 315,126 | — | 319,850 | 3.61 | % | 1,447 | 2021 | ||||||||||||||||||
Kings Plaza Shopping Center | — | 483,251 | — | 490,548 | 3.67 | % | 2,229 | 2019 | ||||||||||||||||||
Northgate Mall(8) | — | 64,000 | — | 64,000 | 3.03 | % | 128 | 2017 | ||||||||||||||||||
Oaks, The | — | 211,224 | — | 214,239 | 4.14 | % | 1,064 | 2022 | ||||||||||||||||||
Pacific View | — | 133,869 | — | 135,835 | 4.08 | % | 668 | 2022 | ||||||||||||||||||
Santa Monica Place | — | 231,638 | — | 235,445 | 2.99 | % | 1,004 | 2018 | ||||||||||||||||||
SanTan Village Regional Center | — | 134,523 | — | 136,629 | 3.14 | % | 589 | 2019 | ||||||||||||||||||
South Plains Mall(9) | — | 71,725 | — | 99,833 | 4.78 | % | 383 | 2015 | ||||||||||||||||||
Superstition Springs Center | — | 68,158 | — | 68,395 | 1.98 | % | 138 | 2016 | ||||||||||||||||||
Towne Mall | — | 22,707 | — | 22,996 | 4.48 | % | 117 | 2022 | ||||||||||||||||||
Tucson La Encantada | 71,848 | — | 72,870 | — | 4.23 | % | 368 | 2022 | ||||||||||||||||||
Valley Mall | — | 41,571 | — | 42,155 | 5.85 | % | 280 | 2016 | ||||||||||||||||||
Valley River Center | — | 120,000 | — | 120,000 | 5.59 | % | 558 | 2016 | ||||||||||||||||||
Victor Valley, Mall of(10) | — | 115,000 | — | 90,000 | 4 | % | 380 | 2024 | ||||||||||||||||||
Vintage Faire Mall | — | 98,006 | — | 99,083 | 5.81 | % | 586 | 2015 | ||||||||||||||||||
Westside Pavilion | — | 150,278 | — | 152,173 | 4.49 | % | 783 | 2022 | ||||||||||||||||||
$ | 265,269 | $ | 4,118,969 | $ | 269,381 | $ | 4,145,809 | |||||||||||||||||||
-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 into 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, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Arrowhead Towne Center | $ | 12,337 | $ | 14,642 | ||||||||||||||||||||||
Camelback Colonnade | 1,233 | 2,120 | ||||||||||||||||||||||||
Deptford Mall | (10 | ) | (14 | ) | ||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 5,646 | 6,342 | ||||||||||||||||||||||||
Superstition Springs Center | 658 | 895 | ||||||||||||||||||||||||
Valley Mall | (154 | ) | (219 | ) | ||||||||||||||||||||||
$ | 19,710 | $ | 23,766 | |||||||||||||||||||||||
-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 | A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement). | |||||||||||||||||||||||||
-6 | The construction loan on the property allows for borrowings of up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At September 30, 2014 and December 31, 2013, the total interest rate was 2.95% and 2.96%, respectively. | |||||||||||||||||||||||||
-7 | On March 24, 2014, the loan was extended to January 1, 2015. | |||||||||||||||||||||||||
-8 | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At September 30, 2014 and December 31, 2013, the total interest rate was 3.03% and 3.04%, respectively. | |||||||||||||||||||||||||
-9 | On February 7, 2014, the Company paid off in full one of the two loans on the property, which resulted in a loss of $359 on the early extinguishment of debt. | |||||||||||||||||||||||||
-10 | On August 28, 2014, the Company replaced the existing loan on the property with a new loan that bears interest at an effective interest rate of 4.00% and matures on September 1, 2024. The replacement of the existing loan resulted in a loss of $46 on the early extinguishment of debt. | |||||||||||||||||||||||||
Debt premiums (discounts) on mortgage notes payable | ' | |||||||||||||||||||||||||
Debt premiums (discounts) consist of the following: | ||||||||||||||||||||||||||
Property Pledged as Collateral | September 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Arrowhead Towne Center | $ | 12,337 | $ | 14,642 | ||||||||||||||||||||||
Camelback Colonnade | 1,233 | 2,120 | ||||||||||||||||||||||||
Deptford Mall | (10 | ) | (14 | ) | ||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 5,646 | 6,342 | ||||||||||||||||||||||||
Superstition Springs Center | 658 | 895 | ||||||||||||||||||||||||
Valley Mall | (154 | ) | (219 | ) | ||||||||||||||||||||||
$ | 19,710 | $ | 23,766 | |||||||||||||||||||||||
Acquisitions_Tables
Acquisitions: (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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 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 Superstition Springs Center: | ||||||||||||||||
Property | $ | 114,373 | ||||||||||||||
Deferred charges | 12,353 | |||||||||||||||
Cash and cash equivalents | 8,894 | |||||||||||||||
Tenant receivables | 51 | |||||||||||||||
Other assets | 11,535 | |||||||||||||||
Total assets acquired | 147,206 | |||||||||||||||
Mortgage note payable | 68,448 | |||||||||||||||
Accounts payable | 119 | |||||||||||||||
Other accrued liabilities | 7,637 | |||||||||||||||
Total liabilities assumed | 76,204 | |||||||||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 71,002 | ||||||||||||||
The following is a summary of the allocation of the fair value of Cascade Mall: | ||||||||||||||||
Property | $ | 28,924 | ||||||||||||||
Deferred charges | 6,660 | |||||||||||||||
Other assets | 202 | |||||||||||||||
Total assets acquired | 35,786 | |||||||||||||||
Other accrued liabilities | 4,786 | |||||||||||||||
Total liabilities assumed | 4,786 | |||||||||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 31,000 | ||||||||||||||
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 | ||||||||||||||
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 | $ | 46,162 | ||||||||||||||
Less debt assumed | (22,500 | ) | ||||||||||||||
Carrying value of investment | 32,476 | |||||||||||||||
Remeasurement gain | 14,864 | |||||||||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 71,002 | ||||||||||||||
Summary of gain on remeasurement of existing investment | ' | |||||||||||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||||||||||
Purchase price | $ | 15,233 | ||||||||||||||
Carrying value of investment | 15,767 | |||||||||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 31,000 | ||||||||||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in Superstition Springs Center that was acquired. | ||||||||||||||||
Fair value of existing ownership interest (at 66.7% ownership) | $ | 47,340 | ||||||||||||||
Carrying value of investment | (32,476 | ) | ||||||||||||||
Gain on remeasurement | $ | 14,864 | ||||||||||||||
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, 2014 and 2013 assumes all of the above transactions took place on January 1, 2013: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Pro forma revenue (1) | $ | 263,492 | $ | 267,091 | $ | 785,038 | $ | 773,343 | ||||||||
Pro forma income from continuing operations (1) | $ | 38,744 | $ | 13,492 | $ | 73,847 | $ | 122,976 | ||||||||
-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, 2013, 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, 2014 | ||||||||||||||||
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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Management Fees | $ | 4,613 | $ | 5,286 | $ | 14,328 | $ | 16,286 | ||||||||
Development and Leasing Fees | 3,046 | 3,810 | 8,424 | 8,284 | ||||||||||||
$ | 7,659 | $ | 9,096 | $ | 22,752 | $ | 24,570 | |||||||||
Share_and_UnitBased_Plans_Tabl
Share and Unit-Based Plans: (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
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, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
LTIP Units | $ | 3,465 | $ | 4,743 | $ | 25,133 | $ | 12,393 | ||||||||||||||||||||
Stock awards | 84 | 121 | 281 | 353 | ||||||||||||||||||||||||
Stock units | 1,134 | 674 | 3,775 | 3,165 | ||||||||||||||||||||||||
Stock options | 4 | 4 | 12 | 12 | ||||||||||||||||||||||||
Phantom stock units | 296 | 248 | 902 | 735 | ||||||||||||||||||||||||
$ | 4,983 | $ | 5,790 | $ | 30,103 | $ | 16,658 | |||||||||||||||||||||
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, 2014 | — | $ | — | 19,001 | $ | 56.77 | 17,575 | $ | 58.66 | 137,318 | $ | 57.24 | ||||||||||||||||
Granted | 589,443 | 53.18 | — | — | 8,916 | 62.53 | 70,505 | 60.24 | ||||||||||||||||||||
Vested | (246,471 | ) | 60.25 | (9,812 | ) | 54.45 | (14,548 | ) | 61.27 | (68,151 | ) | 55.1 | ||||||||||||||||
Forfeited | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Balance at September 30, 2014 | 342,972 | $ | 48.11 | 9,189 | $ | 59.25 | 11,943 | $ | 58.36 | 139,672 | $ | 59.8 | ||||||||||||||||
-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 stock appreciations rights ("SARs") and stock options outstanding: | ||||||||||||||||||||||||||||
SARs | Stock Options | |||||||||||||||||||||||||||
Shares | Value(1) | Shares | Value(1) | |||||||||||||||||||||||||
Balance at January 1, 2014 | 1,070,991 | $ | 56.66 | 10,068 | $ | 59.57 | ||||||||||||||||||||||
Granted | — | — | — | — | ||||||||||||||||||||||||
Exercised | (54,082 | ) | 56.63 | — | — | |||||||||||||||||||||||
Forfeited | — | — | — | — | ||||||||||||||||||||||||
Balance at September 30, 2014 | 1,016,909 | $ | 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, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of income tax benefit of TRSs | ' | |||||||||||||||
The income tax benefit (provision) of the TRSs are as follows: | ||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Current | $ | — | $ | (79 | ) | $ | — | $ | (235 | ) | ||||||
Deferred | 689 | 622 | 3,759 | 2,498 | ||||||||||||
Income tax benefit | $ | 689 | $ | 543 | $ | 3,759 | $ | 2,263 | ||||||||
Organization_Details
Organization: (Details) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
entity | The Macerich Partnership, L.P. | The Macerich Partnership, L.P. | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ' |
Ownership interest in operating partnership (as a percent) | ' | 93.00% | 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Numerator | ' | ' | ' | ' | ||||
Income from continuing operations | $38,744 | $49,669 | $76,373 | $161,058 | ||||
(Loss) income from discontinued operations | 0 | -8,844 | 0 | 137,112 | ||||
Net income attributable to noncontrolling interests | -2,830 | -2,702 | -6,552 | -22,958 | ||||
Net income attributable to the Company | 35,914 | 38,123 | 69,821 | 275,212 | ||||
Allocation of earnings to participating securities - basic | -122 | -80 | -373 | -257 | ||||
Allocation of earnings to participating securities - diluted | -122 | -80 | -373 | -257 | ||||
Numerator for basic earnings per share—net income attributable to common stockholders | 35,792 | 38,043 | 69,448 | 274,955 | ||||
Numerator for diluted earnings per share-net income (loss) available to common stockholders | $35,792 | $38,043 | $69,448 | $274,955 | ||||
Denominator (in shares) | ' | ' | ' | ' | ||||
Denominator for basic earnings per share—weighted average number of common shares outstanding | 140,916 | 140,712 | 140,859 | 139,219 | ||||
Effect of dilutive securities: | ' | ' | ' | ' | ||||
Share and unit-based compensation plans | 144 | [1] | 61 | [1] | 116 | [1] | 101 | [1] |
Denominator for diluted earnings per share—weighted average number of common shares outstanding | 141,060 | [1] | 140,773 | [1] | 140,975 | [1] | 139,320 | [1] |
Earnings per common share—basic: (in dollars per share) | ' | ' | ' | ' | ||||
Income from continuing operations | $0.25 | $0.33 | $0.49 | $1.05 | ||||
Discontinued operations | $0 | ($0.06) | $0 | $0.92 | ||||
Net income attributable to common stockholders | $0.25 | $0.27 | $0.49 | $1.97 | ||||
Earnings per common share—diluted: (in dollars per share) | ' | ' | ' | ' | ||||
Income from continuing operations | $0.25 | $0.33 | $0.49 | $1.05 | ||||
Discontinued operations | $0 | ($0.06) | $0 | $0.92 | ||||
Net income attributable to common stockholders | $0.25 | $0.27 | $0.49 | $1.97 | ||||
[1] | Diluted EPS excludes 184,304 convertible preferred units for the three and nine months ended September 30, 2014 and 2013 as their impact was antidilutive.Diluted EPS excludes 10,110,716 and 9,621,313 Operating Partnership units ("OP Units") for the three months ended September 30, 2014 and 2013, respectively, and 10,072,321 and 9,920,197 OP Units for the nine months ended September 30, 2014 and 2013, 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Convertible non-participating preferred units | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Securities excluded from Diluted EPS (in shares) | 184,304 | 184,304 | 184,304 | 197,183 |
Partnership unit | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Securities excluded from Diluted EPS (in shares) | 10,110,716 | 9,621,313 | 10,072,321 | 9,920,197 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Joint Ventures - Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 11, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 17, 2013 | Sep. 16, 2013 | Jul. 31, 2013 | 29-May-13 | Jun. 12, 2013 | Jul. 30, 2014 | Jul. 30, 2014 | Oct. 08, 2013 | Aug. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 28, 2014 | Oct. 24, 2013 | Oct. 24, 2013 | Jun. 04, 2014 | Jun. 04, 2014 |
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 | Kitsap Mall | The Gallery | The Gallery | Ridgmar Mall | Wilshire Boulevard | Wilshire Boulevard | Wilshire Boulevard | Wilshire Boulevard | Superstition Springs Land I | Superstition Springs Land I | Cascade Mall | Cascade Mall | ||||||
sqft | Pacific Premier Retail LP | Pacific Premier Retail LP | Pacific Premier Retail LP | sqft | sqft | sqft | sqft | sqft | |||||||||||||||||
sqft | sqft | sqft | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property area (in square feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 619,000 | ' | 695,000 | 582,000 | 846,000 | ' | 1,405,000 | 1,273,000 | ' | ' | ' | 40,000 | ' | 1,082,000 | ' | 593,000 |
Proceeds from sale | $292,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,900 | $17,100 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127,000 | 185,000 | 127,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on remeasurement, sale or write down of assets, net | ' | -738 | 38,104 | -7,110 | 183,154 | -732 | 38,432 | -7,044 | 182,781 | ' | ' | 38,447 | 89,157 | 55,150 | ' | ' | 6,243 | ' | 9,033 | 9,033 | ' | ' | ' | ' | ' |
Gain on sale of property, pro rata share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,251 | 44,424 | 28,127 | ' | ' | 3,121 | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' |
Additional ownership interest acquired (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.30% | ' | 49.00% |
Repayments of long-term debt | ' | ' | ' | 229,099 | 2,694,945 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,657 | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to Co-venture Partner | ' | ' | ' | 12,021 | 14,496 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,243 | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106,800 | ' | ' | ' | ' | ' | ' | 46,162 | ' | ' | ' |
Purchase price funded by cash payment on acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,386 | ' | ' | ' | 23,662 | ' | 15,233 | ' |
Purchase price paid through assumption of debt by the Company | ' | ' | ' | $0 | $109,858 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,714 | ' | ' | ' | $22,500 | ' | ' | ' |
Ownership percentage acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Properties, net | $3,798,082 | [1] | $3,435,737 | [1] |
Other assets | 305,649 | [1] | 295,719 | [1] |
Total assets | 4,103,731 | [1] | 3,731,456 | [1] |
Liabilities and partners' capital: | ' | ' | ||
Mortgage notes payable | 3,420,951 | [1],[2] | 3,518,215 | [1],[2] |
Other liabilities | 242,861 | [1] | 202,444 | [1] |
Company's capital (deficit) | 200,943 | [1] | -25,367 | [1] |
Outside partners' capital | 238,976 | [1] | 36,164 | [1] |
Total liabilities and partners' capital | 4,103,731 | [1] | 3,731,456 | [1] |
Investments in unconsolidated joint ventures: | ' | ' | ||
Company's capital (deficit) | 200,943 | [1] | -25,367 | [1] |
Basis adjustment | 472,808 | [3] | 474,658 | [3] |
Investments in unconsolidated joint ventures | 673,751 | 449,291 | ||
Assets—Investments in unconsolidated joint ventures | 927,424 | 701,483 | ||
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | ($253,673) | ($252,192) | ||
[1] | These amounts include the assets and liabilities of the following joint ventures as of September 30, 2014 and December 31, 2013: PacificPremierRetail LP TysonsCorner LLCAs of September 30, 2014: Total Assets$736,872 $340,973Total Liabilities$813,400 $873,896As of December 31, 2013: Total Assets$775,012 $356,871Total Liabilities$812,725 $887,413 | |||
[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, 2014 and December 31, 2013, a total of $33,540 could become recourse debt to the Company. As of September 30, 2014 and December 31, 2013, the Company had an indemnity agreement from a joint venture partner for $16,770 of the guaranteed amount.Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $703,589 and $712,455 as of September 30, 2014 and December 31, 2013, 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 on these borrowings was $9,645 and $7,920 for the three months ended September 30, 2014 and 2013, respectively, and $28,992 and $21,717 for the nine months ended September 30, 2014 and 2013, 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 $948 and $3,860 for the three months ended September 30, 2014 and 2013, respectively, and $3,227 and $9,753 for the nine months ended September 30, 2014 and 2013, respectively. |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Joint Ventures - Assets and Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Investments in unconsolidated joint ventures: | ' | ' | ||
Total Assets | $4,103,731 | [1] | $3,731,456 | [1] |
Pacific Premier Retail LP | ' | ' | ||
Investments in unconsolidated joint ventures: | ' | ' | ||
Total Assets | 736,872 | 775,012 | ||
Total Liabilities | 813,400 | 812,725 | ||
Tysons Corner LLC | ' | ' | ||
Investments in unconsolidated joint ventures: | ' | ' | ||
Total Assets | 340,973 | 356,871 | ||
Total Liabilities | $873,896 | $887,413 | ||
[1] | These amounts include the assets and liabilities of the following joint ventures as of September 30, 2014 and December 31, 2013: PacificPremierRetail LP TysonsCorner LLCAs of September 30, 2014: Total Assets$736,872 $340,973Total Liabilities$813,400 $873,896As of December 31, 2013: Total Assets$775,012 $356,871Total Liabilities$812,725 $887,413 |
Investments_in_Unconsolidated_5
Investments in Unconsolidated Joint Ventures - Balance Sheet Footnotes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Investments in unconsolidated joint ventures: | ' | ' | ' | ' | ' |
Mortgage notes payable that could become recourse debt to the Company | $33,540 | ' | $33,540 | ' | $33,540 |
Indemnity of guaranteed amount | 16,770 | ' | 16,770 | ' | 16,770 |
Amortization of difference between cost of investments and book value of underlying equity | 948 | 3,860 | 3,227 | 9,753 | ' |
Northwestern Mutual Life (NML) | ' | ' | ' | ' | ' |
Investments in unconsolidated joint ventures: | ' | ' | ' | ' | ' |
Mortgage notes payable to affiliate | 703,589 | ' | 703,589 | ' | 712,455 |
Interest expense on borrowings from related party | $9,645 | $7,920 | $28,992 | $21,717 | ' |
Investments_in_Unconsolidated_6
Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Minimum rents | $102,159 | $102,710 | $298,055 | $319,175 |
Percentage rents | 4,451 | 3,498 | 10,496 | 10,065 |
Tenant recoveries | 49,487 | 51,780 | 145,360 | 156,841 |
Other | 11,163 | 9,739 | 31,767 | 32,983 |
Total revenues | 167,260 | 167,727 | 485,678 | 519,064 |
Expenses: | ' | ' | ' | ' |
Shopping center and operating expenses | 57,037 | 57,975 | 162,668 | 174,654 |
Interest expense | 35,401 | 35,114 | 109,879 | 107,051 |
Depreciation and amortization | 37,367 | 36,323 | 107,035 | 112,004 |
Total operating expenses | 129,805 | 129,412 | 379,582 | 393,709 |
Gain (loss) on remeasurement, sale or write down of assets, net | -738 | 38,104 | -7,110 | 183,154 |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Early Extinguishment of Debt | ' | 14 | ' | 14 |
Net income | 36,717 | 76,433 | 98,986 | 308,523 |
Company's equity in net income | 16,935 | 35,161 | 44,607 | 145,477 |
Pacific Premier Retail LP | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Minimum rents | 25,095 | 27,426 | 76,829 | 91,779 |
Percentage rents | 653 | 572 | 1,862 | 2,155 |
Tenant recoveries | 11,495 | 12,115 | 34,614 | 40,555 |
Other | 962 | 1,086 | 3,652 | 3,980 |
Total revenues | 38,205 | 41,199 | 116,957 | 138,469 |
Expenses: | ' | ' | ' | ' |
Shopping center and operating expenses | 9,959 | 12,231 | 31,772 | 40,948 |
Interest expense | 9,643 | 10,251 | 29,572 | 33,118 |
Depreciation and amortization | 8,199 | 9,067 | 25,747 | 30,697 |
Total operating expenses | 27,801 | 31,549 | 87,091 | 104,763 |
Gain (loss) on remeasurement, sale or write down of assets, net | -732 | 38,432 | -7,044 | 182,781 |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Early Extinguishment of Debt | ' | 0 | ' | 0 |
Net income | 9,672 | 48,082 | 22,822 | 216,487 |
Company's equity in net income | 4,379 | 21,567 | 9,865 | 105,684 |
Tysons Corner LLC | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Minimum rents | 15,542 | 15,344 | 47,516 | 46,526 |
Percentage rents | 115 | -12 | 719 | 734 |
Tenant recoveries | 11,757 | 11,304 | 35,140 | 34,025 |
Other | 678 | 510 | 2,294 | 2,080 |
Total revenues | 28,092 | 27,146 | 85,669 | 83,365 |
Expenses: | ' | ' | ' | ' |
Shopping center and operating expenses | 9,694 | 9,818 | 29,374 | 26,819 |
Interest expense | 8,107 | 3,801 | 23,590 | 7,825 |
Depreciation and amortization | 5,162 | 4,568 | 14,520 | 13,499 |
Total operating expenses | 22,963 | 18,187 | 67,484 | 48,143 |
Gain (loss) on remeasurement, sale or write down of assets, net | 0 | 0 | 0 | 0 |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Early Extinguishment of Debt | ' | 14 | ' | 14 |
Net income | 5,129 | 8,973 | 18,185 | 35,236 |
Company's equity in net income | 988 | 2,919 | 4,357 | 12,957 |
Other Joint Ventures | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Minimum rents | 61,522 | 59,940 | 173,710 | 180,870 |
Percentage rents | 3,683 | 2,938 | 7,915 | 7,176 |
Tenant recoveries | 26,235 | 28,361 | 75,606 | 82,261 |
Other | 9,523 | 8,143 | 25,821 | 26,923 |
Total revenues | 100,963 | 99,382 | 283,052 | 297,230 |
Expenses: | ' | ' | ' | ' |
Shopping center and operating expenses | 37,384 | 35,926 | 101,522 | 106,887 |
Interest expense | 17,651 | 21,062 | 56,717 | 66,108 |
Depreciation and amortization | 24,006 | 22,688 | 66,768 | 67,808 |
Total operating expenses | 79,041 | 79,676 | 225,007 | 240,803 |
Gain (loss) on remeasurement, sale or write down of assets, net | -6 | -328 | -66 | 373 |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Early Extinguishment of Debt | ' | 0 | ' | 0 |
Net income | 21,916 | 19,378 | 57,979 | 56,800 |
Company's equity in net income | $11,568 | $10,675 | $30,385 | $26,836 |
Property_Details
Property: (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 17, 2013 | Sep. 30, 2013 |
Wilshire Boulevard | Wilshire Boulevard | Wilshire Boulevard | Rotterdam Square | Somersville Town Center | Lake Square Mall | Camelback Colonnade | Camelback Colonnade | ||||||
sqft | sqft | sqft | sqft | ||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | $1,713,298 | ' | $1,713,298 | ' | $1,707,005 | ' | ' | ' | ' | ' | ' | ' | ' |
Buildings and improvements | 6,508,764 | ' | 6,508,764 | ' | 6,555,212 | ' | ' | ' | ' | ' | ' | ' | ' |
Tenant improvements | 545,336 | ' | 545,336 | ' | 537,754 | ' | ' | ' | ' | ' | ' | ' | ' |
Equipment and furnishings | 144,950 | ' | 144,950 | ' | 152,198 | ' | ' | ' | ' | ' | ' | ' | ' |
Construction in progress | 346,914 | ' | 346,914 | ' | 229,169 | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 9,259,262 | ' | 9,259,262 | ' | 9,181,338 | ' | ' | ' | ' | ' | ' | ' | ' |
Less accumulated depreciation | -1,688,626 | ' | -1,688,626 | ' | -1,559,572 | ' | ' | ' | ' | ' | ' | ' | ' |
Property, net | 7,570,636 | ' | 7,570,636 | ' | 7,621,766 | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expenses | 68,663 | 68,589 | 205,158 | 200,222 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment loss | -238 | -27,972 | -8,754 | -27,972 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on remeasurement, sale or write down of assets, net | 9,561 | 8,249 | -1,504 | 12,279 | ' | ' | ' | ' | -1,602 | ' | ' | ' | ' |
Property area (in square feet) | ' | ' | ' | ' | ' | ' | ' | 40,000 | 585,000 | 348,000 | 559,000 | ' | ' |
Gain on the sale of assets | 766 | -120 | -181 | 3,910 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remeasurement gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,341 | 36,341 |
Gain (loss) on remeasurement, sale or write down of assets, net | ($738) | $38,104 | ($7,110) | $183,154 | ' | $9,033 | $9,033 | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' |
Tenant_and_Other_Receivables_n1
Tenant and Other Receivables, net: (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 17, 2014 | Mar. 17, 2014 |
In Thousands, unless otherwise specified | Accrued percentage rents | Accrued percentage rents | 6.5% Note Receivable | 6.5% Note Receivable | 5.0% Note Receivable | ||
Components of tenant and other receivables, net | ' | ' | ' | ' | ' | ' | ' |
Allowance for doubtful accounts | $4,224 | $2,878 | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | 3,130 | 9,824 | ' | ' | ' |
Deferred rent receivable due to straight-line rent adjustments | 56,943 | 53,380 | ' | ' | ' | ' | ' |
Notes receivable | ' | ' | ' | ' | $6,461 | $6,500 | $3,103 |
Note receivable, interest rate (as a percent) | ' | ' | ' | ' | ' | 6.46% | 5.00% |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' | ' | ' | ' | |||
Leasing | $227,151 | ' | $227,151 | ' | $223,038 | |||
Financing | 50,896 | ' | 50,896 | ' | 51,695 | |||
Intangible assets: | ' | ' | ' | ' | ' | |||
In-place lease values | 185,832 | ' | 185,832 | ' | 205,651 | |||
Leasing commissions and legal costs | 46,982 | ' | 46,982 | ' | 50,594 | |||
Above-market leases | 111,941 | ' | 111,941 | ' | 118,770 | |||
Deferred tax assets | 35,115 | ' | 35,115 | ' | 31,356 | |||
Deferred compensation plan assets | 33,784 | ' | 33,784 | ' | 30,932 | |||
Other assets | 69,598 | ' | 69,598 | ' | 65,793 | |||
Deferred charges and other assets, gross | 761,299 | ' | 761,299 | ' | 777,829 | |||
Less accumulated amortization | -268,602 | [1] | ' | -268,602 | [1] | ' | -244,771 | [1] |
Deferred charges and other assets, net | 492,697 | ' | 492,697 | ' | 533,058 | |||
Accumulated amortization for intangible assets | 95,529 | ' | 95,529 | ' | 89,141 | |||
Amortization expense for intangible assets | $11,850 | $12,173 | $35,948 | $40,263 | ' | |||
[1] | Accumulated amortization includes $95,529 and $89,141 relating to in-place lease values, leasing commissions and legal costs at September 30, 2014 and December 31, 2013, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $11,850 and $12,173 for the three months ended September 30, 2014 and 2013, respectively, and $35,948 and $40,263 for the nine months ended September 30, 2014 and 2013, respectively. |
Deferred_Charges_and_Other_Ass3
Deferred Charges and Other Assets, net: (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Allocated values of leases | ' | ' | ||
Less accumulated amortization | ($95,529) | ($89,141) | ||
Above-Market Leases | ' | ' | ||
Allocated values of leases | ' | ' | ||
Original allocated value | 111,941 | 118,770 | ||
Less accumulated amortization | -53,781 | -46,912 | ||
Allocated value net | 58,160 | 71,858 | ||
Below-Market Leases | ' | ' | ||
Allocated values of leases | ' | ' | ||
Original allocated value | 182,593 | [1] | 187,537 | [1] |
Less accumulated amortization | -88,838 | [1] | -79,271 | [1] |
Allocated value net | $93,755 | [1] | $108,266 | [1] |
[1] | Below-market leases are included in other accrued liabilities. |
Mortgage_Notes_Payable_Schedul
Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | $265,269 | [1] | $269,381 | [1] |
Carrying Amount of Mortgage Notes, Other | 4,118,969 | [1] | 4,145,809 | [1] |
Arrowhead Towne Center | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 230,552 | [1] | 236,028 | [1] |
Effective Interest Rate (as a percent) | 2.76% | [2] | ' | |
Monthly Debt Service | 1,131 | [3] | ' | |
Camelback Colonnade | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 48,233 | [1] | 49,120 | [1] |
Effective Interest Rate (as a percent) | 2.16% | [2] | ' | |
Monthly Debt Service | 178 | [3] | ' | |
Chandler Fashion Center | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1],[4] | 0 | [1],[4] |
Carrying Amount of Mortgage Notes, Other | 200,000 | [1],[4] | 200,000 | [1],[4] |
Effective Interest Rate (as a percent) | 3.77% | [2],[4] | ' | |
Monthly Debt Service | 625 | [3],[4] | ' | |
Danbury Fair Mall | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 114,994 | [1] | 117,120 | [1] |
Carrying Amount of Mortgage Notes, Other | 114,993 | [1] | 117,120 | [1] |
Effective Interest Rate (as a percent) | 5.53% | [2] | ' | |
Monthly Debt Service | 1,538 | [3] | ' | |
Deptford Mall One | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 198,785 | [1] | 201,622 | [1] |
Effective Interest Rate (as a percent) | 3.76% | [2] | ' | |
Monthly Debt Service | 947 | [3] | ' | |
Deptford Mall Two | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 14,354 | [1] | 14,551 | [1] |
Effective Interest Rate (as a percent) | 6.46% | [2] | ' | |
Monthly Debt Service | 101 | [3] | ' | |
Eastland Mall | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 168,000 | [1] | 168,000 | [1] |
Effective Interest Rate (as a percent) | 5.79% | [2] | ' | |
Monthly Debt Service | 811 | [3] | ' | |
Fashion Outlets of Chicago | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1],[5] | 0 | [1],[5] |
Carrying Amount of Mortgage Notes, Other | 117,350 | [1],[5] | 91,383 | [1],[5] |
Effective Interest Rate (as a percent) | 2.95% | [2],[5] | 2.96% | |
Monthly Debt Service | 259 | [3],[5] | ' | |
Fashion Outlets of Niagara Falls USA | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 122,053 | [1] | 124,030 | [1] |
Effective Interest Rate (as a percent) | 4.89% | [2] | ' | |
Monthly Debt Service | 727 | [3] | ' | |
Flagstaff Mall | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 37,000 | [1] | 37,000 | [1] |
Effective Interest Rate (as a percent) | 5.03% | [2] | ' | |
Monthly Debt Service | 151 | [3] | ' | |
FlatIron Crossing | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 263,144 | [1] | 268,000 | [1] |
Effective Interest Rate (as a percent) | 3.90% | [2] | ' | |
Monthly Debt Service | 1,393 | [3] | ' | |
Freehold Raceway Mall | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1],[4] | 0 | [1],[4] |
Carrying Amount of Mortgage Notes, Other | 230,255 | [1],[4] | 232,900 | [1],[4] |
Effective Interest Rate (as a percent) | 4.20% | [2],[4] | ' | |
Monthly Debt Service | 1,132 | [3],[4] | ' | |
Fresno Fashion Fair | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 78,427 | [1] | 79,391 | [1] |
Carrying Amount of Mortgage Notes, Other | 78,427 | [1] | 79,390 | [1] |
Effective Interest Rate (as a percent) | 6.76% | [2] | ' | |
Monthly Debt Service | 1,104 | [3] | ' | |
Great Northern Mall | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1],[6] | 0 | [1],[6] |
Carrying Amount of Mortgage Notes, Other | 34,747 | [1],[6] | 35,484 | [1],[6] |
Effective Interest Rate (as a percent) | 6.54% | [2],[6] | ' | |
Monthly Debt Service | 234 | [3],[6] | ' | |
Green Acres Mall | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 315,126 | [1] | 319,850 | [1] |
Effective Interest Rate (as a percent) | 3.61% | [2] | ' | |
Monthly Debt Service | 1,447 | [3] | ' | |
Kings Plaza | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 483,251 | [1] | 490,548 | [1] |
Effective Interest Rate (as a percent) | 3.67% | [2] | ' | |
Monthly Debt Service | 2,229 | [3] | ' | |
The Mall at Northgate | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1],[7] | 0 | [1],[7] |
Carrying Amount of Mortgage Notes, Other | 64,000 | [1],[7] | 64,000 | [1],[7] |
Effective Interest Rate (as a percent) | 3.03% | [2],[7] | 3.04% | |
Monthly Debt Service | 128 | [3],[7] | ' | |
The Oaks | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 211,224 | [1] | 214,239 | [1] |
Effective Interest Rate (as a percent) | 4.14% | [2] | ' | |
Monthly Debt Service | 1,064 | [3] | ' | |
Pacific View | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 133,869 | [1] | 135,835 | [1] |
Effective Interest Rate (as a percent) | 4.08% | [2] | ' | |
Monthly Debt Service | 668 | [3] | ' | |
Santa Monica Place | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 231,638 | [1] | 235,445 | [1] |
Effective Interest Rate (as a percent) | 2.99% | [2] | ' | |
Monthly Debt Service | 1,004 | [3] | ' | |
SanTan Village Regional Center | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 134,523 | [1] | 136,629 | [1] |
Effective Interest Rate (as a percent) | 3.14% | [2] | ' | |
Monthly Debt Service | 589 | [3] | ' | |
South Plains Mall | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1],[8] | 0 | [1],[8] |
Carrying Amount of Mortgage Notes, Other | 71,725 | [1],[8] | 99,833 | [1],[8] |
Effective Interest Rate (as a percent) | 4.78% | [2],[8] | ' | |
Monthly Debt Service | 383 | [3],[8] | ' | |
Superstition Springs Center | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 68,158 | [1] | 68,395 | [1] |
Effective Interest Rate (as a percent) | 1.98% | [2] | ' | |
Monthly Debt Service | 138 | [3] | ' | |
Towne Mall | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 22,707 | [1] | 22,996 | [1] |
Effective Interest Rate (as a percent) | 4.48% | [2] | ' | |
Monthly Debt Service | 117 | [3] | ' | |
Tucson La Encantada | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 71,848 | [1] | 72,870 | [1] |
Carrying Amount of Mortgage Notes, Other | 0 | [1] | 0 | [1] |
Effective Interest Rate (as a percent) | 4.23% | [2] | ' | |
Monthly Debt Service | 368 | [3] | ' | |
Valley Mall | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 41,571 | [1] | 42,155 | [1] |
Effective Interest Rate (as a percent) | 5.85% | [2] | ' | |
Monthly Debt Service | 280 | [3] | ' | |
Valley River Center | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 120,000 | [1] | 120,000 | [1] |
Effective Interest Rate (as a percent) | 5.59% | [2] | ' | |
Monthly Debt Service | 558 | [3] | ' | |
Mall of Victor Valley | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1],[9] | 0 | [1],[9] |
Carrying Amount of Mortgage Notes, Other | 115,000 | [1],[9] | 90,000 | [1],[9] |
Effective Interest Rate (as a percent) | 4.00% | [2],[9] | ' | |
Monthly Debt Service | 380 | [3],[9] | ' | |
Vintage Faire Mall | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 98,006 | [1] | 99,083 | [1] |
Effective Interest Rate (as a percent) | 5.81% | [2] | ' | |
Monthly Debt Service | 586 | [3] | ' | |
Westside Pavilion | ' | ' | ||
Mortgage loans payable on real estate | ' | ' | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | [1] | 0 | [1] |
Carrying Amount of Mortgage Notes, Other | 150,278 | [1] | 152,173 | [1] |
Effective Interest Rate (as a percent) | 4.49% | [2] | ' | |
Monthly Debt Service | $783 | [3] | ' | |
[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 into 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, 2014 December 31, 2013Arrowhead Towne Center$12,337 $14,642Camelback Colonnade1,233 2,120Deptford Mall(10) (14)Fashion Outlets of Niagara Falls USA5,646 6,342Superstition Springs Center658 895Valley Mall(154) (219) $19,710 $23,766 | |||
[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] | A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement). | |||
[5] | The construction loan on the property allows for borrowings of up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At September 30, 2014 and December 31, 2013, the total interest rate was 2.95% and 2.96%, respectively. | |||
[6] | On March 24, 2014, the loan was extended to January 1, 2015. | |||
[7] | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At September 30, 2014 and December 31, 2013, the total interest rate was 3.03% and 3.04%, respectively. | |||
[8] | On February 7, 2014, the Company paid off in full one of the two loans on the property, which resulted in a loss of $359 on the early extinguishment of debt. | |||
[9] | On August 28, 2014, the Company replaced the existing loan on the property with a new loan that bears interest at an effective interest rate of 4.00% and matures on September 1, 2024. The replacement of the existing loan resulted in a loss of $46 on the early extinguishment of debt. |
Mortgage_Notes_Payable_Premium
Mortgage Notes Payable - Premiums and Discounts (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage loans payable on real estate | ' | ' |
Debt premiums (discounts), net | $19,710 | $23,766 |
Arrowhead Towne Center | ' | ' |
Mortgage loans payable on real estate | ' | ' |
Debt premiums | 12,337 | 14,642 |
Camelback Colonnade | ' | ' |
Mortgage loans payable on real estate | ' | ' |
Debt premiums | 1,233 | 2,120 |
Deptford Mall One | ' | ' |
Mortgage loans payable on real estate | ' | ' |
Debt discounts | -10 | -14 |
Fashion Outlets of Niagara Falls USA | ' | ' |
Mortgage loans payable on real estate | ' | ' |
Debt premiums | 5,646 | 6,342 |
Superstition Springs Center | ' | ' |
Mortgage loans payable on real estate | ' | ' |
Debt premiums | 658 | 895 |
Valley Mall | ' | ' |
Mortgage loans payable on real estate | ' | ' |
Debt discounts | ($154) | ($219) |
Mortgage_Notes_Payable_Footnot
Mortgage Notes Payable - Footnotes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Feb. 07, 2014 | Sep. 30, 2014 | Aug. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2009 | |||||
Fashion Outlets of Chicago | Fashion Outlets of Chicago | The Mall at Northgate | The Mall at Northgate | South Plains Mall | South Plains Mall | Mall of Victor Valley | Mall of Victor Valley | Freehold Raceway Mall and Chandler Fashion Center | ||||||||||
Mortgage loans payable on real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Percentage of loan assumed by third party (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.90% | ||||
Amount of additional borrowing | ' | ' | ' | ' | ' | $140,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Interest rate basis | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ||||
Interest rate spread over basis (as a percent) | ' | ' | ' | ' | ' | 2.50% | ' | 2.25% | ' | ' | ' | ' | ' | ' | ||||
Effective interest rate (as a percent) | ' | ' | ' | ' | ' | 2.95% | [1],[2] | 2.96% | 3.03% | [1],[3] | 3.04% | ' | 4.78% | [1],[4] | ' | 4.00% | [1],[5] | ' |
Loss on extinguishment of debt | -46,000 | -6,000 | -405,000 | 1,938,000 | ' | ' | ' | ' | ' | 359,000 | ' | 46,000 | ' | ' | ||||
Mortgage notes payable which could become recourse | 72,175,000 | ' | 72,175,000 | ' | 77,192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Period of loan maturities expected to be refinanced, restructured, extended or paid-off | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Interest expense capitalized | 3,930,000 | 2,887,000 | 9,513,000 | 8,227,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair value of mortgage notes payable | $4,452,658,000 | ' | $4,452,658,000 | ' | $4,500,177,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs. | |||||||||||||||||
[2] | The construction loan on the property allows for borrowings of up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At September 30, 2014 and December 31, 2013, the total interest rate was 2.95% and 2.96%, respectively. | |||||||||||||||||
[3] | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At September 30, 2014 and December 31, 2013, the total interest rate was 3.03% and 3.04%, respectively. | |||||||||||||||||
[4] | On February 7, 2014, the Company paid off in full one of the two loans on the property, which resulted in a loss of $359 on the early extinguishment of debt. | |||||||||||||||||
[5] | On August 28, 2014, the Company replaced the existing loan on the property with a new loan that bears interest at an effective interest rate of 4.00% and matures on September 1, 2024. The replacement of the existing loan resulted in a loss of $46 on the early extinguishment of debt. |
Bank_and_Other_Notes_Payable_D
Bank and Other Notes Payable: (Details) (USD $) | 9 Months Ended | 12 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 | ||||
Sep. 30, 2014 | Dec. 31, 2013 | Aug. 06, 2013 | Sep. 30, 2014 | Aug. 06, 2013 | Sep. 30, 2014 | Dec. 08, 2011 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 08, 2011 | Dec. 08, 2011 | Sep. 30, 2014 | Mar. 29, 2013 | Sep. 30, 2014 | Dec. 31, 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 | Unsecured term loan | Convertible Notes Payable | Prasada Note | Prasada Note | Prasada Note | |
Low end of range | Low end of range | High end of range | High end of range | Low end of range | High end of range | ||||||||||
Mortgage loans payable on real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit | $1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate spread over basis (as a percent) | 1.38% | ' | 1.38% | 1.75% | 2.00% | 3.00% | ' | 1.95% | ' | 1.95% | 3.20% | ' | ' | ' | ' |
Term of extension (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' |
Expansion borrowing capacity | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of additional borrowing | ' | ' | ' | ' | ' | ' | 125,000,000 | 125,000,000 | ' | ' | ' | ' | 13,330,000 | ' | ' |
Outstanding borrowings under the line of credit | 410,000,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, average interest rate (as a percent) | 1.81% | 1.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of outstanding line of credit | 387,244,000 | 28,214,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate basis | 'LIBOR | ' | 'LIBOR | 'LIBOR | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 2.25% | 2.51% | ' | ' | ' | ' | ' | ' |
Interest rate on debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | ' |
Debt, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,301,000 | 12,537,000 |
Debt, fair value | ' | ' | ' | ' | ' | ' | ' | $119,636,000 | $120,802,000 | ' | ' | ' | ' | $11,699,000 | $13,114,000 |
CoVenture_Arrangement_Details
Co-Venture Arrangement: (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2009 |
In Thousands, unless otherwise specified | Freehold Raceway Mall and Chandler Fashion Center | ||
Co-Venture Arrangement: | ' | ' | ' |
Percentage of loan assumed by third party (as a percent) | ' | ' | 49.90% |
Co-venture obligation | $75,669 | $81,515 | $168,154 |
Noncontrolling_Interests_Detai
Noncontrolling Interests: (Details) (USD $) | 9 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Aug. 20, 2014 | Dec. 31, 2013 | Aug. 17, 2012 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ' | ' |
Limited partnership interest of the operating partnership (as a percent) | 7.00% | ' | 7.00% | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $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 | $647,988 | ' | $587,917 | ' |
The Macerich Partnership, L.P. | ' | ' | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' | ' | ' |
Ownership interest in operating partnership (as a percent) | 93.00% | ' | 93.00% | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Aug. 20, 2014 | Aug. 17, 2012 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | ' | $0.01 | $0.01 | $0.01 |
Maximum price of common stock available to be issued | ' | ' | ' | $500,000,000 | $500,000,000 |
Commission to sales agent (as a percent) | ' | ' | ' | ' | 2.00% |
Common stock sold (in shares) | 2,456,956 | 2,961,903 | ' | ' | ' |
Proceeds from sale | 173,011,000 | 177,896,000 | ' | ' | ' |
Shares issued during the period | $171,102,000 | $175,649,000 | ' | ' | ' |
Acquisitions_Narrative_Details
Acquisitions - Narrative (Details) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 4 Months Ended | ||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Jul. 22, 2011 | Sep. 30, 2014 | Jan. 31, 2013 | Jan. 24, 2013 | Dec. 31, 2012 | Apr. 25, 2013 | Oct. 24, 2013 | Oct. 24, 2013 | Jun. 04, 2014 | Sep. 30, 2014 | Jun. 04, 2014 | Jun. 03, 2014 | Oct. 24, 2013 | Sep. 17, 2013 | Sep. 16, 2013 | |
Fashion Outlets of Niagara | Fashion Outlets of Niagara | Green Acres Mall | Green Acres Mall | Green Acres Mall | Green Acres Adjacent | Superstition Springs Land I | Superstition Springs Land I | Cascade Mall | Cascade Mall | Cascade Mall | Cascade Mall | Cascade Mall | Camelback Colonnade | Camelback Colonnade | |||
sqft | sqft | acre | sqft | sqft | sqft | ||||||||||||
Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property area (in square feet) | ' | ' | 517,000 | ' | ' | 1,791,000 | ' | 19 | ' | 1,082,000 | ' | ' | 593,000 | ' | ' | 619,000 | ' |
Contingent consideration | ' | ' | ' | $18,667,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | 200,000,000 | ' | ' | 500,000,000 | ' | 22,577,000 | 46,162,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits paid | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price, balance remaining after deposit | ' | ' | ' | ' | ' | 470,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | 325,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of additional borrowing | ' | ' | ' | ' | 225,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73.20% |
Additional ownership interest acquired (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.30% | ' | ' | 49.00% | ' | ' | 67.50% | ' |
Purchase price funded by cash payment on acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 23,662,000 | ' | 15,233,000 | ' | ' | ' | ' | ' | ' |
Purchase price paid through assumption of debt by the Company | 0 | 109,858,000 | ' | ' | ' | ' | ' | ' | 22,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest at completion of acquisition (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | 100.00% | 100.00% | ' | 100.00% |
Incremental revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,337,000 | ' | ' | ' | ' | ' |
Incremental earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $667,000 | ' | ' | ' | ' | ' |
Acquisitions_Allocation_of_Fai
Acquisitions - Allocation of Fair Value (Details) (USD $) | Jan. 24, 2013 | Sep. 17, 2013 | Oct. 24, 2013 | Jun. 04, 2014 |
In Thousands, unless otherwise specified | Green Acres Mall | Camelback Colonnade | Superstition Springs Land I | Cascade Mall |
Acquisition | ' | ' | ' | ' |
Cash and cash equivalents | ' | $1,280 | $8,894 | ' |
Restricted cash | ' | 1,139 | ' | ' |
Tenant receivables | ' | 615 | 51 | ' |
Property | 477,673 | 98,160 | 114,373 | 28,924 |
Deferred charges | 45,130 | 8,284 | 12,353 | 6,660 |
Other assets | 19,125 | 380 | 11,535 | 202 |
Total assets acquired | 541,928 | 109,858 | 147,206 | 35,786 |
Accounts payable | ' | 54 | 119 | ' |
Mortgage note payable | ' | 49,465 | 68,448 | ' |
Other accrued liabilities | 41,928 | 4,752 | 7,637 | 4,786 |
Total liabilities assumed | 41,928 | 54,271 | 76,204 | 4,786 |
Fair value of acquired net assets (at 100% ownership) | $500,000 | $55,587 | $71,002 | $31,000 |
Acquisitions_Remeasurement_Gai
Acquisitions - Remeasurement Gain (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 17, 2013 | Sep. 30, 2013 | Oct. 24, 2013 | Oct. 24, 2013 | Sep. 16, 2013 |
In Thousands, unless otherwise specified | Camelback Colonnade | Camelback Colonnade | Superstition Springs Land I | Superstition Springs Land I | Camelback Colonnade | ||
Acquisition | ' | ' | ' | ' | ' | ' | ' |
Fair value of existing ownership interest (at % ownership) | ' | ' | $41,690 | ' | $47,340 | ' | ' |
Carrying value of investment | -927,424 | -701,483 | -5,349 | ' | ' | -32,476 | ' |
Remeasurement gain | ' | ' | $36,341 | $36,341 | $14,864 | ' | ' |
Ownership interest before acquisition (as a percent) | ' | ' | ' | ' | ' | 66.70% | 73.20% |
Acquisitions_Reconciliation_of
Acquisitions - Reconciliation of Purchase Price (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 24, 2013 | Oct. 24, 2013 | Jun. 04, 2014 | Jun. 03, 2014 | Oct. 24, 2013 | Sep. 16, 2013 |
Superstition Springs Land I | Superstition Springs Land I | Cascade Mall | Cascade Mall | Cascade Mall | Camelback Colonnade | ||||
Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | $46,162 | ' | ' | ' | ' | ' |
Less debt assumed | 0 | -109,858 | ' | -22,500 | ' | ' | ' | ' | ' |
Carrying value of investment | 927,424 | ' | 701,483 | ' | 32,476 | 15,767 | ' | ' | ' |
Remeasurement gain | ' | ' | ' | 14,864 | ' | ' | ' | ' | ' |
Fair value of acquired net assets (at 100% ownership) | ' | ' | ' | ' | $71,002 | $31,000 | ' | ' | ' |
Ownership interest at completion of acquisition (as a percent) | ' | ' | ' | ' | 100.00% | ' | 100.00% | 100.00% | 100.00% |
Ownership interest before acquisition (as a percent) | ' | ' | ' | ' | 66.70% | ' | ' | ' | 73.20% |
Acquisitions_Acquisition_Pro_F
Acquisitions: Acquisition - Pro Forma Results (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Business Combinations [Abstract] | ' | ' | ' | ' | ||||
Total revenues | $263,492 | [1] | $267,091 | [1] | $785,038 | [1] | $773,343 | [1] |
Income (loss) from continuing operations | $38,744 | [1] | $13,492 | [1] | $73,847 | [1] | $122,976 | [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, 2013, 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 $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 11, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | 31-May-13 | Jun. 04, 2013 | Dec. 04, 2013 | Oct. 23, 2013 | Oct. 15, 2013 | Sep. 11, 2013 | Jun. 04, 2013 | Jun. 04, 2013 | Sep. 30, 2013 | Dec. 11, 2013 | Dec. 11, 2013 | Dec. 11, 2013 |
Green Tree Mall | Northridge Mall | Mervyn's | Mervyn's | Mervyn's | Mervyn's | Rimrock Mall | Rimrock Mall and Nortridge Mall | Fiesta Mall | Chesterfield Towne Center | Centre at Salisbury | Chesterfield Towne Center | ||||||
sqft | sqft | sqft | sqft | sqft | sqft | ||||||||||||
Discontinued Operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property area (in square feet) | ' | ' | ' | ' | ' | 793,000 | 890,000 | ' | ' | ' | ' | 603,000 | ' | 933,000 | 1,016,000 | 862,000 | ' |
Proceeds from sale | $292,500 | ' | ' | ' | ' | $79,000 | ' | $10,475 | $5,430 | $5,700 | $12,000 | ' | $230,000 | ' | ' | ' | ' |
Gain (loss) from sale | ' | 0 | -7,767 | 0 | 134,145 | 59,767 | ' | -5,257 | 1,695 | -2,031 | -2,633 | ' | 82,151 | ' | ' | ' | 151,467 |
Gain (loss) on extinguishment of debt | ' | -46 | -6 | -405 | 1,938 | ' | ' | ' | ' | ' | ' | ' | ' | 1,401 | ' | ' | ' |
Cash payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,763 | ' | ' |
Assumption of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109,737 | 115,000 | ' |
Revenues from discontinued operations | ' | 10,926 | ' | 47,427 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income from discontinued operations | ' | $0 | ($8,844) | $0 | $137,112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies: (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Contingent Liabilities | ' | ' | ' | ' | ' |
Operating lease rent expense | $2,667 | $2,580 | $8,044 | $7,881 | ' |
Contingent liability under letters of credit | 18,388 | ' | 18,388 | ' | 18,862 |
Outstanding obligations under construction agreements | $39,522 | ' | $39,522 | ' | ' |
RelatedParty_Transactions_Deta
Related-Party Transactions: (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
note | note | ||||
Related party transactions | ' | ' | ' | ' | ' |
Interest expense, related party | $3,671 | $3,745 | $11,069 | $11,289 | ' |
Loans to unconsolidated joint ventures | 3,361 | ' | 3,361 | ' | 2,756 |
Due from affiliates | 31,422 | ' | 31,422 | ' | 30,132 |
Related parties note receivable, AWE Talisman Company | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Interest income, related party | 156 | 157 | 467 | 467 | ' |
Number of notes receivable (in notes) | ' | ' | 2 | ' | 2 |
Note receivable, interest rate (as a percent) | 5.00% | ' | 5.00% | ' | ' |
Debt, carrying value | 14,071 | ' | 14,071 | ' | 13,603 |
Related parties note receivable, RED Consolidated Holdings, LLC | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Interest income, related party | 154 | 176 | 468 | 356 | ' |
Due from affiliates | 11,454 | ' | 11,454 | ' | 12,707 |
Note receivable, interest rate (as a percent) | 5.25% | ' | 5.25% | ' | ' |
Northwestern Mutual Life (NML) | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Interest expense payable, related party | 1,322 | ' | 1,322 | ' | 1,240 |
Unconsolidated joint ventures | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Interest income, related party | 53 | 58 | 162 | 178 | ' |
Due from affiliates | 5,897 | ' | 5,897 | ' | 3,822 |
Unconsolidated joint ventures and third-party managed properties | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Management Fees | 4,613 | 5,286 | 14,328 | 16,286 | ' |
Development and Leasing Fees | 3,046 | 3,810 | 8,424 | 8,284 | ' |
Fees charged to unconsolidated joint ventures and third-party managed properties | $7,659 | $9,096 | $22,752 | $24,570 | ' |
Share_and_UnitBased_Plans_Narr
Share and Unit-Based Plans - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 07, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | ||||
Stock units | LTIP Units | Stock awards | Stock options | Phantom stock units | Executive Officer | Executive Officer | Executive Officer | Executive Officer | |||||||||
LTIP Units | LTIP Units | LTIP Units | Long Units, Market Indexed | ||||||||||||||
executive_officer | executive_officer | ||||||||||||||||
Share and unit-based plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Conversion rate of shares | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ||||
Granted (in shares) | ' | ' | ' | ' | 70,505 | 589,443 | 0 | ' | 8,916 | 246,471 | 70,042 | ' | 272,930 | ||||
Number of executives receiving grants (in executive officers) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 7 | ' | ' | ||||
Average grant date fair value (in dollars per share) | ' | ' | ' | ' | $60.24 | [1] | $53.18 | [1] | $0 | [1] | ' | $62.53 | [1] | $60.25 | $58.89 | ' | $45.34 |
Absolute stockholder return requirement (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ||||
Look-back period (in years) | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ||||
Capitalized share and unit-based compensation costs | $525 | $657 | $4,886 | $2,745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Unrecognized compensation cost of share and unit-based plans | ' | ' | ' | ' | $2,870 | $6,216 | $332 | $47 | $697 | ' | ' | ' | ' | ||||
[1] | Value represents the weighted average grant date fair value. |
Share_and_UnitBased_Plans_Comp
Share and Unit-Based Plans - Compensation Cost (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share and unit-based plans | ' | ' | ' | ' |
Compensation cost under share and unit-based plans | $4,983 | $5,790 | $30,103 | $16,658 |
LTIP Units | ' | ' | ' | ' |
Share and unit-based plans | ' | ' | ' | ' |
Compensation cost under share and unit-based plans | 3,465 | 4,743 | 25,133 | 12,393 |
Stock awards | ' | ' | ' | ' |
Share and unit-based plans | ' | ' | ' | ' |
Compensation cost under share and unit-based plans | 84 | 121 | 281 | 353 |
Stock units | ' | ' | ' | ' |
Share and unit-based plans | ' | ' | ' | ' |
Compensation cost under share and unit-based plans | 1,134 | 674 | 3,775 | 3,165 |
Stock options | ' | ' | ' | ' |
Share and unit-based plans | ' | ' | ' | ' |
Compensation cost under share and unit-based plans | 4 | 4 | 12 | 12 |
Phantom stock units | ' | ' | ' | ' |
Share and unit-based plans | ' | ' | ' | ' |
Compensation cost under share and unit-based plans | $296 | $248 | $902 | $735 |
Share_and_UnitBased_Plans_Nonv
Share and Unit-Based Plans - Nonvested Equity Awards (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | ||
LTIP Units | ' | |
Units (in shares) | ' | |
Balance at beginning of period | 0 | |
Granted | 589,443 | |
Vested | -246,471 | |
Forfeited | 0 | |
Balance at end of period | 342,972 | |
Value (in dollars per share) | ' | |
Balance at beginning of period | $0 | [1] |
Granted | $53.18 | [1] |
Vested | $60.25 | [1] |
Forfeited | $0 | [1] |
Balance at end of period | $48.11 | [1] |
Stock awards | ' | |
Units (in shares) | ' | |
Balance at beginning of period | 19,001 | |
Granted | 0 | |
Vested | -9,812 | |
Forfeited | 0 | |
Balance at end of period | 9,189 | |
Value (in dollars per share) | ' | |
Balance at beginning of period | $56.77 | [1] |
Granted | $0 | [1] |
Vested | $54.45 | [1] |
Forfeited | $0 | [1] |
Balance at end of period | $59.25 | [1] |
Phantom stock units | ' | |
Units (in shares) | ' | |
Balance at beginning of period | 17,575 | |
Granted | 8,916 | |
Vested | -14,548 | |
Forfeited | 0 | |
Balance at end of period | 11,943 | |
Value (in dollars per share) | ' | |
Balance at beginning of period | $58.66 | [1] |
Granted | $62.53 | [1] |
Vested | $61.27 | [1] |
Forfeited | $0 | [1] |
Balance at end of period | $58.36 | [1] |
Stock units | ' | |
Units (in shares) | ' | |
Balance at beginning of period | 137,318 | |
Granted | 70,505 | |
Vested | -68,151 | |
Forfeited | 0 | |
Balance at end of period | 139,672 | |
Value (in dollars per share) | ' | |
Balance at beginning of period | $57.24 | [1] |
Granted | $60.24 | [1] |
Vested | $55.10 | [1] |
Forfeited | $0 | [1] |
Balance at end of period | $59.80 | [1] |
[1] | Value represents the weighted average grant date fair value. |
Share_and_UnitBased_Plans_SARs
Share and Unit-Based Plans - SARs (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | ||
SARs | ' | |
SARs (in shares) | ' | |
Balance at beginning of period | 1,070,991 | |
Granted | 0 | |
Exercised | -54,082 | |
Forfeited | 0 | |
Balance at end of period | 1,016,909 | |
Value (in dollars per share) | ' | |
Balance at beginning of period | $56.66 | [1] |
Granted | $0 | [1] |
Exercised | $56.63 | [1] |
Forfeited | $0 | [1] |
Balance at end of period | $56.66 | [1] |
Stock options | ' | |
Stock Options (in shares) | ' | |
Balance at beginning of period | 10,068 | |
Granted | 0 | |
Exercised | 0 | |
Forfeited | 0 | |
Balance at end of period | 10,068 | |
Value (in dollars per share) | ' | |
Balance at beginning of period | $59.57 | [1] |
Granted | $0 | [1] |
Exercised | $0 | [1] |
Forfeited | $0 | [1] |
Balance at end of period | $59.57 | [1] |
[1] | Value represents the weighted average exercise price. |
Income_Taxes_Details
Income Taxes: (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Income tax benefit | ' | ' | ' | ' | ' |
Current | $0 | ($79) | $0 | ($235) | ' |
Deferred | 689 | 622 | 3,759 | 2,498 | ' |
Income tax benefit | 689 | 543 | 3,759 | 2,263 | ' |
Components of net deferred tax assets | ' | ' | ' | ' | ' |
Net deferred tax assets | $35,115 | ' | $35,115 | ' | $31,356 |
Subsequent_Events_Details
Subsequent Events: (Details) (USD $) | 0 Months Ended | 0 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 11, 2013 | Oct. 23, 2014 | Oct. 31, 2014 | Oct. 31, 2014 |
Subsequent event | South Towne Center | South Towne Center | ||
Subsequent event | Subsequent event | |||
sqft | ||||
Subsequent events | ' | ' | ' | ' |
Dividend/distribution for common stockholders and OP Unit holders (in dollars per share) | ' | $0.65 | ' | ' |
Property area (in square feet) | ' | ' | ' | 1,278,000 |
Proceeds from sale | $292,500 | ' | $205,000 | ' |