Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 6-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MACERICH CO | |
Entity Central Index Key | 912242 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 158,262,276 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS: | ||
Property, net | $11,110,841 | $11,067,890 |
Cash and cash equivalents | 118,161 | 84,907 |
Restricted cash | 15,224 | 13,530 |
Tenant and other receivables, net | 113,505 | 132,026 |
Deferred charges and other assets, net | 752,702 | 759,061 |
Due from affiliates | 79,582 | 80,232 |
Investments in unconsolidated joint ventures | 1,006,652 | 984,132 |
Total assets | 13,196,667 | 13,121,778 |
Mortgage notes payable: | ||
Related parties | 286,849 | 289,039 |
Others | 5,200,053 | 5,115,482 |
Total | 5,486,902 | 5,404,521 |
Bank and other notes payable | 987,452 | 887,879 |
Accounts payable and accrued expenses | 114,991 | 115,406 |
Other accrued liabilities | 532,170 | 568,716 |
Distributions in excess of investments in unconsolidated joint ventures | 28,723 | 29,957 |
Co-venture obligation | 72,864 | 75,450 |
Total liabilities | 7,223,102 | 7,081,929 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,492,995 and 158,201,996 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 1,585 | 1,582 |
Additional paid-in capital | 5,064,446 | 5,041,797 |
Retained earnings | 510,506 | 596,741 |
Total stockholders' equity | 5,576,537 | 5,640,120 |
Noncontrolling interests | 397,028 | 399,729 |
Total equity | 5,973,565 | 6,039,849 |
Total liabilities and equity | $13,196,667 | $13,121,778 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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) | 158,492,995 | 158,201,996 |
Common Stock, shares outstanding (in shares) | 158,492,995 | 158,201,996 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Minimum rents | $190,761 | $151,633 |
Percentage rents | 3,248 | 2,853 |
Tenant recoveries | 105,698 | 91,475 |
Management Companies | 5,625 | 8,121 |
Other | 13,003 | 10,430 |
Total revenues | 318,335 | 264,512 |
Expenses: | ||
Shopping center and operating expenses | 101,664 | 90,376 |
Management Companies' operating expenses | 26,468 | 22,772 |
REIT general and administrative expenses | 8,422 | 6,877 |
Costs related to unsolicited takeover offer | 13,572 | 0 |
Depreciation and amortization | 120,618 | 88,657 |
Total expenses before interest | 270,744 | 208,682 |
Interest expense: | ||
Related parties | 2,729 | 3,708 |
Other | 50,557 | 42,630 |
Total interest expense | 53,286 | 46,338 |
(Gain) loss on early extinguishment of debt, net | -2,245 | 358 |
Total expenses | 321,785 | 255,378 |
Equity in income of unconsolidated joint ventures | 8,274 | 13,769 |
Co-venture expense | -2,130 | -1,820 |
Income tax benefit | 935 | 172 |
(Gain) loss on sale or write down of assets, net | 935 | -1,611 |
Gain on remeasurement of assets | 22,103 | 0 |
Net income | 26,667 | 19,644 |
Less net income attributable to noncontrolling interests | 2,056 | 1,825 |
Net income attributable to the Company | $24,611 | $17,819 |
Earnings per common sharebnet income attributable to common stockholders: (in dollars per share) | ||
Basic (in dollars per share) | $0.15 | $0.13 |
Diluted (in dollars per share) | $0.15 | $0.13 |
Weighted average number of common shares outstanding: (in shares) | ||
Basic (in shares) | 158,336 | 140,767 |
Diluted (in shares) | 158,544 | 140,817 |
CONSOLIDATED_STATEMENT_OF_EQUI
CONSOLIDATED STATEMENT OF EQUITY (USD $) | Total | Total Stockholders' Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Noncontrolling Interests |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2014 | $6,039,849 | $5,640,120 | $1,582 | $5,041,797 | $596,741 | $399,729 |
Balance (in shares) at Dec. 31, 2014 | 158,201,996 | 158,201,996 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 26,667 | 24,611 | 24,611 | 2,056 | ||
Amortization of share and unit-based plans (in shares) | 211,743 | |||||
Amortization of share and unit-based plans | 18,815 | 18,815 | 2 | 18,813 | ||
Distributions paid ($0.65) per share | -110,846 | -110,846 | -110,846 | |||
Distributions to noncontrolling interests | -616 | -616 | ||||
Other | -304 | -304 | -304 | 0 | ||
Conversion of noncontrolling interests to common shares (in shares) | 79,256 | |||||
Conversion of noncontrolling interests to common shares | 1,553 | 1 | 1,552 | -1,553 | ||
Adjustment of noncontrolling interests in Operating Partnership | 2,588 | 2,588 | -2,588 | |||
Balance at Mar. 31, 2015 | $5,973,565 | $5,576,537 | $1,585 | $5,064,446 | $510,506 | $397,028 |
Balance (in shares) at Mar. 31, 2015 | 158,492,995 | 158,492,995 |
CONSOLIDATED_STATEMENT_OF_EQUI1
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |
Distributions paid, per share (in dollars per share) | $0.65 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $26,667 | $19,644 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
(Gain) loss on extinguishment of debt, net | -2,245 | 358 |
(Gain) loss on sale or write down of assets, net | -935 | 1,611 |
Gain on remeasurement of assets | -22,103 | 0 |
Depreciation and amortization | 122,418 | 90,569 |
Amortization of net premium on mortgage notes payable | -6,903 | -1,352 |
Amortization of share and unit-based plans | 14,468 | 16,505 |
Straight-line rent adjustment | -386 | -1,491 |
Amortization of above and below-market leases | -4,666 | -1,497 |
Provision for doubtful accounts | 1,330 | 372 |
Income tax benefit | -935 | -172 |
Equity in income of unconsolidated joint ventures | -8,274 | -13,769 |
Co-venture expense | 2,130 | 1,820 |
Changes in assets and liabilities, net of acquisitions and dispositions: | ||
Tenant and other receivables | 17,836 | 8,817 |
Other assets | 4,310 | -1,536 |
Due from affiliates | 650 | 1,573 |
Accounts payable and accrued expenses | 18,318 | 8,049 |
Other accrued liabilities | 450 | -31,590 |
Net cash provided by operating activities | 162,130 | 97,911 |
Cash flows from investing activities: | ||
Acquisitions of property | -26,250 | 0 |
Development, redevelopment, expansion and renovation of properties | -90,157 | -29,578 |
Property improvements | -3,855 | -4,792 |
Proceeds from notes receivable | 452 | 0 |
Deferred leasing costs | -9,768 | -6,465 |
Distributions from unconsolidated joint ventures | 13,096 | 22,219 |
Contributions to unconsolidated joint ventures | -33,284 | -28,566 |
Loans to unconsolidated joint ventures, net | 0 | -618 |
Proceeds from sale of assets | 1,440 | 24,514 |
Restricted cash | -1,694 | 1,035 |
Net cash used in investing activities | -150,020 | -22,251 |
Cash flows from financing activities: | ||
Proceeds from mortgages, bank and other notes payable | 815,671 | 133,982 |
Payments on mortgages, bank and other notes payable | -674,569 | -104,225 |
Deferred financing costs | -3,476 | -550 |
Payment of stock issuance costs | -304 | 0 |
Redemption of noncontrolling interests | 0 | -203 |
Payment of contingent consideration | 0 | -9,000 |
Dividends and distributions | -111,462 | -95,342 |
Distributions to co-venture partner | -4,716 | -5,111 |
Net cash provided by (used in) financing activities | 21,144 | -80,449 |
Net increase (decrease) in cash and cash equivalents | 33,254 | -4,789 |
Cash and cash equivalents, beginning of period | 84,907 | 69,715 |
Cash and cash equivalents, end of period | 118,161 | 64,926 |
Supplemental cash flow information: | ||
Cash payments for interest, net of amounts capitalized | 60,102 | 47,958 |
Non-cash investing and financing transactions: | ||
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | 31,823 | 37,852 |
Assumption of mortgage note payable from unconsolidated joint venture | 50,000 | 0 |
Acquisition of property in exchange for investment in unconsolidated joint venture | 76,250 | 0 |
Notes receivable issued in connection with sale of property | 0 | 9,603 |
Conversion of Operating Partnership Units to common stock | $1,553 | $627 |
Organization
Organization: | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015, the Company was the sole general partner of and held a 94% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). | |
The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado, LLC, a 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: | 3 Months Ended |
Mar. 31, 2015 | |
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, 2014. 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, 2014 has been derived from the audited financial statements but does not include all disclosures required by GAAP. | |
Recent Accounting Pronouncements: | |
In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for the Company beginning January 1, 2016. Early adoption is permitted. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. | |
In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. ASU 2015-03 is effective for the Company beginning January 1, 2016. Early adoption is permitted. Upon adoption, the Company will apply the new standard on a retrospective basis and adjust the balance sheet of each individual period to reflect the period-specific effects of applying the new standard. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. |
Earnings_per_Share_EPS
Earnings per Share ("EPS"): | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 months ended March 31, 2015 and 2014 (shares in thousands): | |||||||||
For the Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator | |||||||||
Net income | $ | 26,667 | $ | 19,644 | |||||
Net income attributable to noncontrolling interests | (2,056 | ) | (1,825 | ) | |||||
Net income attributable to the Company | 24,611 | 17,819 | |||||||
Allocation of earnings to participating securities | (148 | ) | (128 | ) | |||||
Numerator for basic and diluted earnings per share—net income attributable to common stockholders | $ | 24,463 | $ | 17,691 | |||||
Denominator | |||||||||
Denominator for basic earnings per share—weighted average number of common shares outstanding | 158,336 | 140,767 | |||||||
Effect of dilutive securities:(1) | |||||||||
Share and unit-based compensation plans | 208 | 50 | |||||||
Denominator for diluted earnings per share—weighted average number of common shares outstanding | 158,544 | 140,817 | |||||||
Earnings per common share—net income attributable to common stockholders: | |||||||||
Basic | $ | 0.15 | $ | 0.13 | |||||
Diluted | $ | 0.15 | $ | 0.13 | |||||
-1 | Diluted EPS excludes 140,490 and 184,304 convertible preferred units for the three months ended March 31, 2015 and 2014, respectively, as their impact was antidilutive. | ||||||||
Diluted EPS excludes 10,068 unexercised stock options for the three months ended March 31, 2014 as their impact was antidilutive. | |||||||||
Diluted EPS excludes 10,516,523 and 9,991,438 Operating Partnership units ("OP Units") for the three months ended March 31, 2015 and 2014, respectively, as their impact was antidilutive. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures: | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 in its unconsolidated joint ventures: | ||||||||||||||||
On June 4, 2014, the Company acquired the remaining 49% ownership interest in Cascade Mall, a 589,000 square foot regional shopping center in Burlington, Washington, that it did not previously own for a cash payment of $15,233. The Company purchased Cascade Mall from its joint venture partner in Pacific Premier Retail LP. The cash payment was funded by borrowings under the Company's line of credit. Prior to the acquisition, the Company had accounted for its investment in Cascade Mall under the equity method of accounting. 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 to redevelop Fashion Outlets of Philadelphia at Market East, a 1,376,000 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 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. | ||||||||||||||||
On November 13, 2014, the Company formed a joint venture to develop a 500,000 square foot outlet center at Candlestick Point in San Francisco, California. In connection with the formation of the joint venture, the Company issued a note receivable for $65,130 to its joint venture partner that bears interest at LIBOR plus 2.0% and matures upon the completion of certain milestones in connection with the development of Candlestick Point (See Note 16—Related Party Transactions). | ||||||||||||||||
On November 14, 2014, the Company acquired the remaining 49% ownership interest that it did not previously own in two separate joint ventures, Pacific Premier Retail LP and Queens JV LP, which together owned five Centers: Lakewood Center, a 2,066,000 square foot regional shopping center in Lakewood, California; Los Cerritos Center, a 1,284,000 square foot regional shopping center in Cerritos, California; Queens Center, a 962,000 square foot regional shopping center in Queens, New York; Stonewood Center, a 932,000 square foot regional shopping center in Downey, California; and Washington Square, a 1,444,000 square foot regional shopping center in Portland, Oregon (collectively referred to herein as the "PPRLP Queens Portfolio"). The total consideration of $1,838,886 was funded by the direct issuance of $1,166,777 of common stock of the Company (See Note 12—Stockholders' Equity) and the assumption of the third party's pro rata share of the mortgage notes payable on the properties of $672,109. Prior to the acquisition, the Company had accounted for its investment in these joint ventures under the equity method of accounting. Since the date of acquisition, the Company has included the PPRLP Queens Portfolio in its consolidated financial statements (See Note 13—Acquisitions). | ||||||||||||||||
On November 20, 2014, the Company purchased a 45% interest in 443 North Wabash Avenue, a 65,000 square foot undeveloped site adjacent to the Company's joint venture in The Shops at North Bridge in Chicago, Illinois, for a cash payment of $18,900. The cash payment was funded by borrowings under the Company's line of credit. | ||||||||||||||||
On February 17, 2015, the Company acquired the remaining 50% ownership interest in Inland Center, a 933,000 square foot regional shopping center in San Bernardino, California, that it did not previously own for $51,250. The purchase price was funded by a cash payment of $26,250 and the assumption of the third party's share of the mortgage note payable on the property of $25,000. Concurrent with the purchase of the joint venture interest, the Company paid off the $50,000 mortgage note payable on the property. The cash payment was funded by borrowings under the Company's line of credit. Prior to the acquisition, the Company had accounted for its investment in Inland Center under the equity method of accounting. Since the date of acquisition, the Company has included Inland Center in its consolidated financial statements (See Note 13—Acquisitions). | ||||||||||||||||
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: | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Assets(1): | ||||||||||||||||
Properties, net | $ | 2,939,033 | $ | 2,967,878 | ||||||||||||
Other assets | 210,689 | 208,726 | ||||||||||||||
Total assets | $ | 3,149,722 | $ | 3,176,604 | ||||||||||||
Liabilities and partners' capital(1): | ||||||||||||||||
Mortgage notes payable(2) | $ | 1,972,066 | $ | 2,038,379 | ||||||||||||
Other liabilities | 188,704 | 195,766 | ||||||||||||||
Company's capital | 513,153 | 489,349 | ||||||||||||||
Outside partners' capital | 475,799 | 453,110 | ||||||||||||||
Total liabilities and partners' capital | $ | 3,149,722 | $ | 3,176,604 | ||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Company's capital | $ | 513,153 | $ | 489,349 | ||||||||||||
Basis adjustment(3) | 464,776 | 464,826 | ||||||||||||||
$ | 977,929 | $ | 954,175 | |||||||||||||
Assets—Investments in unconsolidated joint ventures | $ | 1,006,652 | $ | 984,132 | ||||||||||||
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (28,723 | ) | (29,957 | ) | ||||||||||||
$ | 977,929 | $ | 954,175 | |||||||||||||
-1 | These amounts include the assets of Tysons Corner Center of $338,546 and $341,931 as of March 31, 2015 and December 31, 2014, respectively, and liabilities of Tysons Corner Center of $866,832 and $871,933 as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||
-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 March 31, 2015 and December 31, 2014, a total of $6,500 and $33,540, respectively, could become recourse debt to the Company. As of March 31, 2015 and December 31, 2014, the Company had an indemnity agreement from a joint venture partner for $3,250 and $16,770, respectively, of the guaranteed amount. | |||||||||||||||
Included in mortgage notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $603,651 and $606,263 as of March 31, 2015 and December 31, 2014, 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 $8,508 and $9,724 for the three months ended March 31, 2015 and 2014, 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 $420 and $1,424 for the three months ended March 31, 2015 and 2014, 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 March 31, 2015 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | — | $ | 17,028 | $ | 50,494 | $ | 67,522 | ||||||||
Percentage rents | — | 329 | 1,294 | 1,623 | ||||||||||||
Tenant recoveries | — | 12,262 | 20,101 | 32,363 | ||||||||||||
Other | — | 593 | 6,997 | 7,590 | ||||||||||||
Total revenues | — | 30,212 | 78,886 | 109,098 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | — | 9,948 | 32,230 | 42,178 | ||||||||||||
Interest expense | — | 8,129 | 12,254 | 20,383 | ||||||||||||
Depreciation and amortization | — | 5,450 | 24,220 | 29,670 | ||||||||||||
Total operating expenses | — | 23,527 | 68,704 | 92,231 | ||||||||||||
Net income | $ | — | $ | 6,685 | $ | 10,182 | $ | 16,867 | ||||||||
Company's equity in net income | $ | — | $ | 3,006 | $ | 5,268 | $ | 8,274 | ||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 26,080 | $ | 16,278 | $ | 55,899 | $ | 98,257 | ||||||||
Percentage rents | 659 | 424 | 968 | 2,051 | ||||||||||||
Tenant recoveries | 11,740 | 11,894 | 25,111 | 48,745 | ||||||||||||
Other | 1,077 | 687 | 7,855 | 9,619 | ||||||||||||
Total revenues | 39,556 | 29,283 | 89,833 | 158,672 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 11,131 | 10,159 | 33,880 | 55,170 | ||||||||||||
Interest expense | 10,098 | 7,830 | 19,571 | 37,499 | ||||||||||||
Depreciation and amortization | 8,798 | 4,602 | 21,523 | 34,923 | ||||||||||||
Total operating expenses | 30,027 | 22,591 | 74,974 | 127,592 | ||||||||||||
Loss on sale or write down of assets, net | (86 | ) | — | (18 | ) | (104 | ) | |||||||||
Net income | $ | 9,443 | $ | 6,692 | $ | 14,841 | $ | 30,976 | ||||||||
Company's equity in net income | $ | 4,268 | $ | 1,758 | $ | 7,743 | $ | 13,769 | ||||||||
Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. |
Property
Property: | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property: | Property: | |||||||
Property consists of the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 2,259,288 | $ | 2,242,291 | ||||
Buildings and improvements | 9,545,712 | 9,479,337 | ||||||
Tenant improvements | 612,411 | 600,436 | ||||||
Equipment and furnishings | 155,285 | 152,554 | ||||||
Construction in progress | 328,905 | 303,264 | ||||||
12,901,601 | 12,777,882 | |||||||
Less accumulated depreciation | (1,790,760 | ) | (1,709,992 | ) | ||||
$ | 11,110,841 | $ | 11,067,890 | |||||
Depreciation expense was $90,197 and $68,478 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
The gain on sale or write down of assets, net for the three months ended March 31, 2015 includes a gain of $1,056 on the sale of land offset in part by a loss of $121 on the sale of assets. | ||||||||
The loss on the sale or write down of assets, net for the three months ended March 31, 2014 is due to the loss of $1,611 from the sales of Rotterdam Square, Somersville Towne Center and Lake Square Mall (See Note 14—Dispositions). |
Tenant_and_Other_Receivables_n
Tenant and Other Receivables, net: | 3 Months Ended |
Mar. 31, 2015 | |
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 $3,529 and $3,234 at March 31, 2015 and December 31, 2014, respectively. Also included in tenant and other receivables, net, are accrued percentage rents of $2,839 and $13,436 at March 31, 2015 and December 31, 2014, respectively, and a deferred rent receivable due to straight-line rent adjustments of $57,666 and $57,278 at March 31, 2015 and December 31, 2014, respectively. | |
On March 17, 2014, in connection with the sale of Lake Square Mall (See Note 14—Dispositions), 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. LSM Note A is collateralized by a trust deed on Lake Square Mall. At March 31, 2015 and December 31, 2014, LSM Note A had a balance of $6,411 and $6,436, respectively. |
Deferred_Charges_and_Other_Ass
Deferred Charges and Other Assets, net: | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Leasing | $ | 238,647 | $ | 239,955 | ||||
Financing | 50,054 | 47,171 | ||||||
Intangible assets: | ||||||||
In-place lease values | 287,215 | 298,825 | ||||||
Leasing commissions and legal costs | 72,619 | 72,432 | ||||||
Above-market leases | 260,930 | 250,810 | ||||||
Deferred tax assets | 36,560 | 35,625 | ||||||
Deferred compensation plan assets | 35,946 | 35,194 | ||||||
Other assets | 54,605 | 66,246 | ||||||
1,036,576 | 1,046,258 | |||||||
Less accumulated amortization(1) | (283,874 | ) | (287,197 | ) | ||||
$ | 752,702 | $ | 759,061 | |||||
-1 | Accumulated amortization includes $100,224 and $103,361 relating to in-place lease values, leasing commissions and legal costs at March 31, 2015 and December 31, 2014, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $21,678 and $12,739 for the three months ended March 31, 2015 and 2014, respectively. | |||||||
The allocated values of above-market leases and below-market leases consist of the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Above-Market Leases | ||||||||
Original allocated value | $ | 260,930 | $ | 250,810 | ||||
Less accumulated amortization | (65,107 | ) | (59,696 | ) | ||||
$ | 195,823 | $ | 191,114 | |||||
Below-Market Leases(1) | ||||||||
Original allocated value | $ | 372,253 | $ | 375,033 | ||||
Less accumulated amortization | (96,176 | ) | (93,511 | ) | ||||
$ | 276,077 | $ | 281,522 | |||||
-1 | Below-market leases are included in other accrued liabilities. |
Mortgage_Notes_Payable
Mortgage Notes Payable: | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||
Mortgage Notes Payable: | Mortgage Notes Payable: | ||||||||||||||||||||||||||
Mortgage notes payable at March 31, 2015 and December 31, 2014 consist of the following: | |||||||||||||||||||||||||||
Carrying Amount of Mortgage Notes(1) | |||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||
Property Pledged as Collateral | Related Party | Other | Related Party | Other | Effective Interest | Monthly | Maturity | ||||||||||||||||||||
Rate(2) | Debt | Date(4) | |||||||||||||||||||||||||
Service(3) | |||||||||||||||||||||||||||
Arrowhead Towne Center | $ | — | $ | 226,844 | $ | — | $ | 228,703 | 2.76 | % | $ | 1,131 | 2018 | ||||||||||||||
Chandler Fashion Center(5) | — | 200,000 | — | 200,000 | 3.77 | % | 625 | 2019 | |||||||||||||||||||
Danbury Fair Mall | 113,526 | 113,526 | 114,265 | 114,264 | 5.53 | % | 1,538 | 2020 | |||||||||||||||||||
Deptford Mall | — | 196,815 | — | 197,815 | 3.76 | % | 947 | 2023 | |||||||||||||||||||
Deptford Mall | — | 14,212 | — | 14,285 | 6.46 | % | 101 | 2016 | |||||||||||||||||||
Eastland Mall | — | 168,000 | — | 168,000 | 5.79 | % | 811 | 2016 | |||||||||||||||||||
Fashion Outlets of Chicago(6) | — | 200,000 | — | 119,329 | 1.83 | % | 278 | 2020 | |||||||||||||||||||
Fashion Outlets of Niagara Falls USA | — | 120,672 | — | 121,376 | 4.89 | % | 727 | 2020 | |||||||||||||||||||
Flagstaff Mall | — | 37,000 | — | 37,000 | 5.03 | % | 151 | 2015 | |||||||||||||||||||
FlatIron Crossing | — | 259,828 | — | 261,494 | 3.9 | % | 1,393 | 2021 | |||||||||||||||||||
Freehold Raceway Mall(5) | — | 228,222 | — | 229,244 | 4.2 | % | 1,132 | 2018 | |||||||||||||||||||
Great Northern Mall(7) | — | 34,232 | — | 34,494 | 6.54 | % | 234 | 2015 | |||||||||||||||||||
Green Acres Mall | — | 311,859 | — | 313,514 | 3.61 | % | 1,447 | 2021 | |||||||||||||||||||
Kings Plaza Shopping Center | — | 478,204 | — | 480,761 | 3.67 | % | 2,229 | 2019 | |||||||||||||||||||
Lakewood Center(8) | — | — | — | 253,708 | — | — | — | ||||||||||||||||||||
Los Cerritos Center | 102,175 | 102,176 | 103,274 | 103,274 | 1.65 | % | 1,009 | 2018 | |||||||||||||||||||
Northgate Mall(9) | — | 64,000 | — | 64,000 | 3.06 | % | 130 | 2017 | |||||||||||||||||||
Oaks, The | — | 209,161 | — | 210,197 | 4.14 | % | 1,064 | 2022 | |||||||||||||||||||
Pacific View | — | 132,525 | — | 133,200 | 4.08 | % | 668 | 2022 | |||||||||||||||||||
Queens Center | — | 600,000 | — | 600,000 | 3.49 | % | 1,744 | 2025 | |||||||||||||||||||
Santa Monica Place | — | 229,022 | — | 230,344 | 2.99 | % | 1,004 | 2018 | |||||||||||||||||||
SanTan Village Regional Center | — | 133,073 | — | 133,807 | 3.14 | % | 589 | 2019 | |||||||||||||||||||
Stonewood Center | — | 109,869 | — | 111,297 | 1.8 | % | 640 | 2017 | |||||||||||||||||||
Superstition Springs Center(10) | — | 68,000 | — | 68,079 | 2 | % | 139 | 2016 | |||||||||||||||||||
Towne Mall | — | 22,504 | — | 22,607 | 4.48 | % | 117 | 2022 | |||||||||||||||||||
Tucson La Encantada | 71,148 | — | 71,500 | — | 4.23 | % | 368 | 2022 | |||||||||||||||||||
Valley Mall | — | 41,155 | — | 41,368 | 5.85 | % | 280 | 2016 | |||||||||||||||||||
Valley River Center | — | 120,000 | — | 120,000 | 5.59 | % | 558 | 2016 | |||||||||||||||||||
Victor Valley, Mall of | — | 115,000 | — | 115,000 | 4 | % | 380 | 2024 | |||||||||||||||||||
Vintage Faire Mall(11) | — | 280,000 | — | — | 3.55 | % | 1,256 | 2026 | |||||||||||||||||||
Washington Square | — | 235,206 | — | 238,696 | 1.65 | % | 1,499 | 2016 | |||||||||||||||||||
Westside Pavilion | — | 148,948 | — | 149,626 | 4.49 | % | 783 | 2022 | |||||||||||||||||||
$ | 286,849 | $ | 5,200,053 | $ | 289,039 | $ | 5,115,482 | ||||||||||||||||||||
-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 | March 31, | December 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||
Arrowhead Towne Center | $ | 10,800 | $ | 11,568 | |||||||||||||||||||||||
Deptford Mall | (7 | ) | (8 | ) | |||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 5,182 | 5,414 | |||||||||||||||||||||||||
Lakewood Center | — | 3,708 | |||||||||||||||||||||||||
Los Cerritos Center | 16,695 | 17,965 | |||||||||||||||||||||||||
Stonewood Center | 7,287 | 7,980 | |||||||||||||||||||||||||
Superstition Springs Center | 500 | 579 | |||||||||||||||||||||||||
Valley Mall | (110 | ) | (132 | ) | |||||||||||||||||||||||
Washington Square | 7,426 | 9,847 | |||||||||||||||||||||||||
$ | 47,773 | $ | 56,921 | ||||||||||||||||||||||||
-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 | On March 3, 2015, the Company amended the loan on the property. The amended $200,000 loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At March 31, 2015 and December 31, 2014, the total interest rate was 1.83% and 2.97%, respectively. | ||||||||||||||||||||||||||
-7 | On January 1, 2015, this nonrecourse loan went into maturity default. As a result, the Company has accrued additional default interest at a rate of 4% since the default date. The Company is working with the loan servicer, which is expected to result in a transition of the property to the loan servicer or a receiver. | ||||||||||||||||||||||||||
-8 | On February 25, 2015, the Company paid off in full the loan on the property, which resulted in a gain of $2,245 on the early extinguishment of debt as a result of writing off the related debt premium. | ||||||||||||||||||||||||||
-9 | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At March 31, 2015 and December 31, 2014, the total interest rate was 3.06% and 3.05%, respectively. | ||||||||||||||||||||||||||
-10 | The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At March 31, 2015 and December 31, 2014, the total interest rate was 2.00% and 1.98%, respectively. | ||||||||||||||||||||||||||
-11 | On February 19, 2015, the Company placed a $280,000 loan on the property that bears interest at an effective rate of 3.55% and matures on March 6, 2026. | ||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014, a total of $13,500 and $73,165, respectively, of the mortgage notes payable could become recourse to the Company. | |||||||||||||||||||||||||||
The Company expects that all loan maturities during the next twelve months, except Great Northern Mall, will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand. The mortgage note payable on Great Northern Mall, which went into maturity default on January 1, 2015, is a non-recourse loan. The Company is working with the loan servicer and expects the property will be transferred to the loan servicer or a receiver. | |||||||||||||||||||||||||||
Total interest expense capitalized was $2,629 and $2,485 during the three months ended March 31, 2015 and 2014, 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 March 31, 2015 and December 31, 2014 was $5,538,879 and $5,455,453, respectively, based on current interest rates for comparable loans. 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: | 3 Months Ended |
Mar. 31, 2015 | |
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 bears interest at 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 March 31, 2015, the borrowing rate on the facility was LIBOR plus 1.50%. In addition, the line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000. | |
As of March 31, 2015 and December 31, 2014, borrowings under the line of credit were $852,000 and $752,000, respectively, at an average interest rate of 1.85% and 1.89%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at March 31, 2015 and December 31, 2014 was $819,238 and $713,989, 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 March 31, 2015, the borrowing rate was LIBOR plus 2.20%. As of March 31, 2015 and December 31, 2014, the total interest rate was 2.53% and 2.25%, respectively. The estimated fair value (Level 2 measurement) of the term loan at March 31, 2015 and December 31, 2014 was $122,683 and $119,780, 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 March 31, 2015 and December 31, 2014, the note had a balance of $10,452 and $10,879, respectively. The estimated fair value (Level 2 measurement) of the note at March 31, 2015 and December 31, 2014 was $10,684 and $11,178, respectively, based on current interest rates for comparable notes. 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 March 31, 2015 and December 31, 2014, the Company was in compliance with all applicable financial loan covenants. |
CoVenture_Arrangement
Co-Venture Arrangement: | 3 Months Ended |
Mar. 31, 2015 | |
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, a 1,668,000 square foot regional shopping center in Freehold, New Jersey, and Chandler Fashion Center, a 1,320,000 square foot regional shopping center in Chandler, Arizona. | |
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 $72,864 and $75,450 at March 31, 2015 and December 31, 2014, respectively. |
Noncontrolling_Interests
Noncontrolling Interests: | 3 Months Ended |
Mar. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests: | Noncontrolling Interests: |
The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 94% ownership interest in the Operating Partnership as of March 31, 2015 and December 31, 2014. The remaining 6% limited partnership interest as of March 31, 2015 and December 31, 2014 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 March 31, 2015 and December 31, 2014, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $931,630 and $877,184, 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: | 3 Months Ended |
Mar. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity: | Stockholders' Equity: |
At-The-Market Stock Offering Program ("ATM Program"): | |
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. | |
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 "ATM Shares"). The terms of the 2014 ATM Program are substantially the same as the 2012 ATM Program. The unsold 2012 ATM Shares are no longer available for issuance. | |
The Company did not sell any shares under the 2014 ATM Program during the three months ended March 31, 2015. | |
As of March 31, 2015, $500,000 of the ATM Shares were available to be sold under the 2014 ATM Program. Actual future sales of the ATM 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 ATM Shares under the 2014 ATM Program. | |
Stock Issued to Acquire Property: | |
On November 14, 2014, the Company issued 17,140,845 shares of common stock in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions) for a value of $1,166,777, based on the closing price of the Company's common stock on the date of the transaction. |
Acquisitions
Acquisitions: | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions: | |||||||||
Acquisitions: | |||||||||
Cascade Mall: | |||||||||
On June 4, 2014, the Company acquired the remaining 49% ownership interest in Cascade Mall that it did not previously 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 | |||||||
Distributions in excess 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. | |||||||||
Fashion Outlets of Chicago: | |||||||||
On October 31, 2014, the Company purchased AWE/Talisman's ownership interest in its consolidated joint venture in Fashion Outlets of Chicago for $69,987. The purchase price was funded by a cash payment of $55,867 and the settlement of the balance on the Talisman Notes of $14,120 (See Note 16—Related Party Transactions). The cash payment was funded by borrowings under the Company's line of credit. The purchase agreement includes contingent consideration based on the financial performance of Fashion Outlets of Chicago at an agreed upon date in 2016. The Company estimated the fair value of the contingent consideration as of March 31, 2015 to be $10,336, which has been included in other accrued liabilities. As a result of this acquisition, the noncontrolling interest of $76,141 was reversed. | |||||||||
PPRLP Queens Portfolio: | |||||||||
On November 14, 2014, the Company acquired the remaining 49% ownership interest in the PPRLP Queens Portfolio that it did not previously own for $1,838,886. The acquisition was completed in order to gain 100% ownership and control over this portfolio of prominent shopping centers. The purchase price was funded by the assumption of the third party's pro rata share of the mortgage notes payable on the properties of $672,109 and the issuance of $1,166,777 in common stock of the Company. 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 the PPRLP Queens Portfolio. | |||||||||
The following is a summary of the preliminary allocation of the estimated fair value of the PPRLP Queens Portfolio: | |||||||||
Property | $ | 3,711,819 | |||||||
Deferred charges | 155,892 | ||||||||
Cash and cash equivalents | 28,890 | ||||||||
Restricted cash | 5,113 | ||||||||
Tenant receivables | 5,438 | ||||||||
Other assets | 127,244 | ||||||||
Total assets acquired | 4,034,396 | ||||||||
Mortgage notes payable | 1,414,659 | ||||||||
Accounts payable | 5,669 | ||||||||
Due to affiliates | 2,680 | ||||||||
Other accrued liabilities | 230,210 | ||||||||
Total liabilities assumed | 1,653,218 | ||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 2,381,178 | |||||||
The purchase price allocation for the PPRLP Queens Portfolio is based on a preliminary measurement of fair value that is subject to change. The allocation for the PPRLP Queens Portfolio represents the Company's current best estimate of fair value. The Company determined that the purchase price represented the estimated fair value of the additional ownership interest in the PPRLP Queens Portfolio that was acquired. | |||||||||
Fair value of existing ownership interest (at 51% ownership) | $ | 1,214,401 | |||||||
Distributions in excess of investment | 208,735 | ||||||||
Gain on remeasurement of assets | $ | 1,423,136 | |||||||
The following is the reconciliation of the purchase price to the estimated fair value of the acquired net assets: | |||||||||
Purchase price | $ | 1,838,886 | |||||||
Less debt assumed | (672,109 | ) | |||||||
Distributions in excess of investment | (208,735 | ) | |||||||
Gain on remeasurement of assets | 1,423,136 | ||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 2,381,178 | |||||||
Since the date of acquisition, the Company has included the PPRLP Queens Portfolio in its consolidated financial statements. | |||||||||
Inland Center: | |||||||||
On February 17, 2015, the Company acquired the remaining 50% ownership interest in Inland Center that it did not previously own for $51,250. The purchase price was funded by a cash payment of $26,250 and the assumption of the third party's share of the mortgage note payable on the property of $25,000. 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 Inland Center. The acquisition was completed in order to obtain 100% ownership and control over this asset. | |||||||||
The following is a summary of the preliminary allocation of the estimated fair value of Inland Center: | |||||||||
Property | $ | 91,871 | |||||||
Deferred charges | 9,752 | ||||||||
Other assets | 5,782 | ||||||||
Total assets acquired | 107,405 | ||||||||
Mortgage note payable | 50,000 | ||||||||
Other accrued liabilities | 4,905 | ||||||||
Total liabilities assumed | 54,905 | ||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 52,500 | |||||||
The purchase price allocation for Inland Center is based on a preliminary measurement of fair value that is subject to change. The allocation for Inland Center represents the Company's current best estimate of fair value. The Company determined that the purchase price represented the estimated fair value of the additional ownership interest in Inland Center that was acquired. | |||||||||
Fair value of existing ownership interest (at 50% ownership) | $ | 26,250 | |||||||
Carrying value of investment | (4,147 | ) | |||||||
Gain on remeasurement of assets | $ | 22,103 | |||||||
The following is the reconciliation of the purchase price to the estimated fair value of the acquired net assets: | |||||||||
Purchase price | $ | 51,250 | |||||||
Less debt assumed | (25,000 | ) | |||||||
Carrying value of investment | 4,147 | ||||||||
Gain on remeasurement of assets | 22,103 | ||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 52,500 | |||||||
Since the date of acquisition, the Company has included Inland Center in its consolidated financial statements. The property has generated incremental revenue of $1,735 and incremental net loss of $231 during the three months ended March 31, 2015. | |||||||||
Pro Forma Results of Operations: | |||||||||
The following pro forma financial information for the three months ended March 31, 2015 and 2014 assumes all of the above transactions took place on January 1, 2014: | |||||||||
For the Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Supplemental pro forma revenue(1) | $ | 320,022 | $ | 329,271 | |||||
Supplemental pro forma income from continuing operations(1) | $ | 5,762 | $ | 19,523 | |||||
-1 | This 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, 2014, 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. |
Dispositions
Dispositions: | 3 Months Ended |
Mar. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions: | Dispositions: |
The following recent dispositions have been included in gain (loss) on sale or write down of assets, net: | |
On January 15, 2014, the Company sold Rotterdam Square, a 585,000 square foot regional shopping center in Schenectady, New York, for $8,500, resulting in a loss on the sale of assets of $472. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On February 14, 2014, the Company sold Somersville Towne Center, a 348,000 square foot regional shopping center in Antioch, California, for $12,337, resulting in a loss on the sale of assets of $263. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On March 17, 2014, the Company sold Lake Square Mall, a 559,000 square foot regional shopping center in Leesburg, Florida, for $13,280, resulting in a loss on the sale of assets of $876. The sales price was funded by a cash payment of $3,677 and the issuance of two notes receivable totaling $9,603 (See Note 6—Tenant and Other Receivables). The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On July 7, 2014, the Company sold a former Mervyn's store in El Paso, Texas for $3,560, resulting in a loss on the sale of assets of $158. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On August 28, 2014, the Company sold a former Mervyn's store in Thousand Oaks, California for $3,500, resulting in a loss on the sale of assets of $80. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On September 11, 2014, the Company sold a leasehold interest in a former Mervyn's store in Laredo, Texas for $1,200, resulting in a gain on the sale of assets of $315. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On October 10, 2014, the Company sold a former Mervyn's store in Marysville, California for $1,900, resulting in a loss on the sale of assets of $3. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
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, resulting in a gain on the sale of assets of $121,873. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On December 29, 2014, the Company sold its 67.5% ownership interest in its consolidated joint venture in Camelback Colonnade, a 619,000 square foot community center in Phoenix, Arizona, for $92,898, resulting in a gain on the sale of assets of $24,554. The sales price was funded by a cash payment of $61,173 and the assumption of the Company's share of the mortgage note payable on the property of $31,725. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. As a result of the sale, the $47,946 mortgage note payable on the property was discharged and the noncontrolling interest of $17,217 was reversed. |
Commitments_and_Contingencies
Commitments and Contingencies: | 3 Months Ended |
Mar. 31, 2015 | |
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 lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. Ground lease rent expense was $2,945 and $2,668 for the three months ended March 31, 2015 and 2014, respectively. No contingent rent was incurred during the three months ended March 31, 2015 or 2014. | |
As of March 31, 2015 and December 31, 2014, the Company was contingently liable for $18,388 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 March 31, 2015, the Company had $36,825 in outstanding obligations which it believes will be settled in the next twelve months. |
Related_Party_Transactions
Related Party Transactions: | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 March 31, | |||||||||
2015 | 2014 | ||||||||
Management fees | $ | 2,701 | $ | 4,825 | |||||
Development and leasing fees | 2,072 | 2,496 | |||||||
$ | 4,773 | $ | 7,321 | ||||||
Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $2,729 and $3,708 for the three months ended March 31, 2015 and 2014, respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $1,119 and $1,125 at March 31, 2015 and December 31, 2014, respectively. | |||||||||
The Company had loans to unconsolidated joint ventures during the three months ended March 31, 2014. There were no loans outstanding at March 31, 2015 and December 31, 2014. Interest income associated with these notes was $31 for the three months ended March 31, 2014. These loans represented initial funds advanced to development stage projects prior to construction loan funding. Accordingly, loan payables in the same amount were accrued as an obligation by the various joint ventures. | |||||||||
Due from affiliates includes $3,222 and $3,869 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at March 31, 2015 and December 31, 2014, respectively. | |||||||||
Due from affiliates at March 31, 2014 also included two notes receivable from principals of AWE/Talisman ("Talisman Notes") that bore interest at 5.0% and were to mature based on the refinancing or sale of Fashion Outlets of Chicago, a 528,000 square foot outlet center in Rosemont, Illinois, or certain other specified events. AWE/Talisman was considered a related party because it had a 40% noncontrolling ownership interest in Fashion Outlets of Chicago. On October 31, 2014, in connection with the Company's acquisition of AWE/Talisman's ownership interest in Fashion Outlets of Chicago, the balance of the Talisman Notes was settled (See Note 13—Acquisitions). Interest income earned on these notes was $154 for the three months ended March 31, 2014. | |||||||||
In addition, due from affiliates at March 31, 2015 and December 31, 2014 includes a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and matures on March 29, 2016. Interest income earned on this note was $137 and $160 for the three months ended March 31, 2015 and 2014, respectively. The balance on this note was $10,591 and $11,027 at March 31, 2015 and December 31, 2014, 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. | |||||||||
Also included in due from affiliates is a note receivable from Lennar Corporation that bears interest at LIBOR plus 2% and matures upon the completion of certain milestones in connection with the development of Candlestick Point (See Note 4—Investments in Unconsolidated Joint Ventures). Interest income earned on this note was $433 for the three months ended March 31, 2015. The balance on this note was $65,769 and $65,336 at March 31, 2015 and December 31, 2014, respectively. Lennar Corporation is considered a related party because it has an ownership interest in Candlestick Point. |
Share_and_UnitBased_Plans
Share and Unit-Based Plans: | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
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 dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards. | ||||||||||||||||||||||||||||
On January 1, 2015, the Company granted 49,451 LTIP Units with a grant date fair value of $83.41 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2017. Concurrently, the Company granted 186,450 market-indexed LTIP Units ("2015 LTIP Units") at a grant date fair value of $66.37 per LTIP Unit that vest over a service period ending December 31, 2015. The 2015 LTIP Units were equally divided between two types of awards. The terms of both types of awards were the same, except one award has an additional 3% absolute total stockholder return requirement, which if it is not met, then such LTIP Units will not vest. | ||||||||||||||||||||||||||||
On March 6, 2015, the Company granted 132,607 LTIP Units at a fair value of $86.72 per LTIP Unit that were fully vested on the grant date. | ||||||||||||||||||||||||||||
The fair value of the market-indexed LTIP Units are 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 (for market-indexed awards), is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the share price of the Company and the peer group REITs were estimated based on a look-back period. The expected growth rate of the stock prices over the "derived service period" is determined with consideration of the risk free rate as of the grant date. The following summarizes the compensation cost under the share and unit-based plans: | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
LTIP Units | $ | 15,228 | $ | 18,240 | ||||||||||||||||||||||||
Stock awards | 75 | 114 | ||||||||||||||||||||||||||
Stock units | 3,197 | 1,682 | ||||||||||||||||||||||||||
Stock options | 4 | 4 | ||||||||||||||||||||||||||
Phantom stock units | 311 | 306 | ||||||||||||||||||||||||||
$ | 18,815 | $ | 20,346 | |||||||||||||||||||||||||
The Company capitalized share and unit-based compensation costs of $4,347 and $3,841 for the three months ended March 31, 2015 and 2014, respectively. Unrecognized compensation costs of share and unit-based plans at March 31, 2015 consisted of $15,522 from LTIP Units, $174 from stock awards, $6,107 from stock units, $39 from stock options and $500 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, 2015 | 46,695 | $ | 58.89 | 9,189 | $ | 59.25 | 9,269 | $ | 58.35 | 144,374 | $ | 59.94 | ||||||||||||||||
Granted | 368,508 | 75.98 | — | — | 3,185 | 84.97 | 75,171 | 86.72 | ||||||||||||||||||||
Vested | (132,607 | ) | 86.72 | (6,201 | ) | 58 | (4,350 | ) | 71.53 | (80,334 | ) | 59.06 | ||||||||||||||||
Forfeited | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Balance at March 31, 2015 | 282,596 | $ | 68.12 | 2,988 | $ | 61.84 | 8,104 | $ | 61.73 | 139,211 | $ | 74.94 | ||||||||||||||||
-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, 2015 | 772,639 | $ | 56.67 | 10,068 | $ | 59.57 | ||||||||||||||||||||||
Granted | — | — | — | — | ||||||||||||||||||||||||
Exercised | (342,981 | ) | 56.88 | — | — | |||||||||||||||||||||||
Forfeited | — | — | — | — | ||||||||||||||||||||||||
Balance at March 31, 2015 | 429,658 | $ | 56.5 | 10,068 | $ | 59.57 | ||||||||||||||||||||||
-1 | Value represents the weighted average exercise price. |
Income_Taxes
Income Taxes: | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Taxes: | Income Taxes: | ||||||||
The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its Qualified REIT Subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC. | |||||||||
The income tax benefit of the TRSs are as follows: | |||||||||
For the Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Current | $ | — | $ | — | |||||
Deferred | 935 | 172 | |||||||
Income tax benefit | $ | 935 | $ | 172 | |||||
The net operating loss carryforwards are currently scheduled to expire through 2034, beginning in 2024. Net deferred tax assets of $36,560 and $35,625 were included in deferred charges and other assets, net, at March 31, 2015 and December 31, 2014, 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: | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events: | Subsequent Events: |
On April 17, 2015, the Company received a commitment from a lender for a $410,000 mortgage note payable on Lakewood Center that will bear interest at a fixed rate of 3.43% with an 11-year term. | |
On April 24, 2015, the Company announced a dividend/distribution of $0.65 per share for common stockholders and OP Unit holders of record on May 8, 2015. All dividends/distributions will be paid 100% in cash on June 5, 2015. | |
On April 30, 2015, the Company entered into a 50/50 joint venture with Sears to own nine Sears locations: Arrowhead Towne Center, Chandler Fashion Center, Danbury Fair Mall, Deptford Mall, Freehold Raceway Mall, Los Cerritos Center, South Plains Mall, Vintage Faire Mall and Washington Square. The total purchase price for the Company’s 50% interest was $150,000. The purchase price was funded by borrowings under the Company's line of credit. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies: (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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, 2014. 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, 2014 has been derived from the audited financial statements but does not include all disclosures required by GAAP. |
Earnings_per_Share_EPS_Tables
Earnings per Share ("EPS"): (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 months ended March 31, 2015 and 2014 (shares in thousands): | ||||||||
For the Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator | |||||||||
Net income | $ | 26,667 | $ | 19,644 | |||||
Net income attributable to noncontrolling interests | (2,056 | ) | (1,825 | ) | |||||
Net income attributable to the Company | 24,611 | 17,819 | |||||||
Allocation of earnings to participating securities | (148 | ) | (128 | ) | |||||
Numerator for basic and diluted earnings per share—net income attributable to common stockholders | $ | 24,463 | $ | 17,691 | |||||
Denominator | |||||||||
Denominator for basic earnings per share—weighted average number of common shares outstanding | 158,336 | 140,767 | |||||||
Effect of dilutive securities:(1) | |||||||||
Share and unit-based compensation plans | 208 | 50 | |||||||
Denominator for diluted earnings per share—weighted average number of common shares outstanding | 158,544 | 140,817 | |||||||
Earnings per common share—net income attributable to common stockholders: | |||||||||
Basic | $ | 0.15 | $ | 0.13 | |||||
Diluted | $ | 0.15 | $ | 0.13 | |||||
-1 | Diluted EPS excludes 140,490 and 184,304 convertible preferred units for the three months ended March 31, 2015 and 2014, respectively, as their impact was antidilutive. | ||||||||
Diluted EPS excludes 10,068 unexercised stock options for the three months ended March 31, 2014 as their impact was antidilutive. | |||||||||
Diluted EPS excludes 10,516,523 and 9,991,438 Operating Partnership units ("OP Units") for the three months ended March 31, 2015 and 2014, respectively, as their impact was antidilutive. |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Joint Ventures: (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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: | |||||||||||||||
March 31, | December 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Assets(1): | ||||||||||||||||
Properties, net | $ | 2,939,033 | $ | 2,967,878 | ||||||||||||
Other assets | 210,689 | 208,726 | ||||||||||||||
Total assets | $ | 3,149,722 | $ | 3,176,604 | ||||||||||||
Liabilities and partners' capital(1): | ||||||||||||||||
Mortgage notes payable(2) | $ | 1,972,066 | $ | 2,038,379 | ||||||||||||
Other liabilities | 188,704 | 195,766 | ||||||||||||||
Company's capital | 513,153 | 489,349 | ||||||||||||||
Outside partners' capital | 475,799 | 453,110 | ||||||||||||||
Total liabilities and partners' capital | $ | 3,149,722 | $ | 3,176,604 | ||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Company's capital | $ | 513,153 | $ | 489,349 | ||||||||||||
Basis adjustment(3) | 464,776 | 464,826 | ||||||||||||||
$ | 977,929 | $ | 954,175 | |||||||||||||
Assets—Investments in unconsolidated joint ventures | $ | 1,006,652 | $ | 984,132 | ||||||||||||
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (28,723 | ) | (29,957 | ) | ||||||||||||
$ | 977,929 | $ | 954,175 | |||||||||||||
-1 | These amounts include the assets of Tysons Corner Center of $338,546 and $341,931 as of March 31, 2015 and December 31, 2014, respectively, and liabilities of Tysons Corner Center of $866,832 and $871,933 as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||
-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 March 31, 2015 and December 31, 2014, a total of $6,500 and $33,540, respectively, could become recourse debt to the Company. As of March 31, 2015 and December 31, 2014, the Company had an indemnity agreement from a joint venture partner for $3,250 and $16,770, respectively, of the guaranteed amount. | |||||||||||||||
Included in mortgage notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $603,651 and $606,263 as of March 31, 2015 and December 31, 2014, 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 $8,508 and $9,724 for the three months ended March 31, 2015 and 2014, 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 $420 and $1,424 for the three months ended March 31, 2015 and 2014, 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 March 31, 2015 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | — | $ | 17,028 | $ | 50,494 | $ | 67,522 | ||||||||
Percentage rents | — | 329 | 1,294 | 1,623 | ||||||||||||
Tenant recoveries | — | 12,262 | 20,101 | 32,363 | ||||||||||||
Other | — | 593 | 6,997 | 7,590 | ||||||||||||
Total revenues | — | 30,212 | 78,886 | 109,098 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | — | 9,948 | 32,230 | 42,178 | ||||||||||||
Interest expense | — | 8,129 | 12,254 | 20,383 | ||||||||||||
Depreciation and amortization | — | 5,450 | 24,220 | 29,670 | ||||||||||||
Total operating expenses | — | 23,527 | 68,704 | 92,231 | ||||||||||||
Net income | $ | — | $ | 6,685 | $ | 10,182 | $ | 16,867 | ||||||||
Company's equity in net income | $ | — | $ | 3,006 | $ | 5,268 | $ | 8,274 | ||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Revenues: | ||||||||||||||||
Minimum rents | $ | 26,080 | $ | 16,278 | $ | 55,899 | $ | 98,257 | ||||||||
Percentage rents | 659 | 424 | 968 | 2,051 | ||||||||||||
Tenant recoveries | 11,740 | 11,894 | 25,111 | 48,745 | ||||||||||||
Other | 1,077 | 687 | 7,855 | 9,619 | ||||||||||||
Total revenues | 39,556 | 29,283 | 89,833 | 158,672 | ||||||||||||
Expenses: | ||||||||||||||||
Shopping center and operating expenses | 11,131 | 10,159 | 33,880 | 55,170 | ||||||||||||
Interest expense | 10,098 | 7,830 | 19,571 | 37,499 | ||||||||||||
Depreciation and amortization | 8,798 | 4,602 | 21,523 | 34,923 | ||||||||||||
Total operating expenses | 30,027 | 22,591 | 74,974 | 127,592 | ||||||||||||
Loss on sale or write down of assets, net | (86 | ) | — | (18 | ) | (104 | ) | |||||||||
Net income | $ | 9,443 | $ | 6,692 | $ | 14,841 | $ | 30,976 | ||||||||
Company's equity in net income | $ | 4,268 | $ | 1,758 | $ | 7,743 | $ | 13,769 | ||||||||
Equity Method Investments, Summarized Financial Information Balance Sheet Significant Subsidiaries | These amounts include the assets of Tysons Corner Center of $338,546 and $341,931 as of March 31, 2015 and December 31, 2014, respectively, and liabilities of Tysons Corner Center of $866,832 and $871,933 as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||
Property_Tables
Property: (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Components of property | Property consists of the following: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 2,259,288 | $ | 2,242,291 | ||||
Buildings and improvements | 9,545,712 | 9,479,337 | ||||||
Tenant improvements | 612,411 | 600,436 | ||||||
Equipment and furnishings | 155,285 | 152,554 | ||||||
Construction in progress | 328,905 | 303,264 | ||||||
12,901,601 | 12,777,882 | |||||||
Less accumulated depreciation | (1,790,760 | ) | (1,709,992 | ) | ||||
$ | 11,110,841 | $ | 11,067,890 | |||||
Deferred_Charges_and_Other_Ass1
Deferred Charges and Other Assets, net: (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Leasing | $ | 238,647 | $ | 239,955 | ||||
Financing | 50,054 | 47,171 | ||||||
Intangible assets: | ||||||||
In-place lease values | 287,215 | 298,825 | ||||||
Leasing commissions and legal costs | 72,619 | 72,432 | ||||||
Above-market leases | 260,930 | 250,810 | ||||||
Deferred tax assets | 36,560 | 35,625 | ||||||
Deferred compensation plan assets | 35,946 | 35,194 | ||||||
Other assets | 54,605 | 66,246 | ||||||
1,036,576 | 1,046,258 | |||||||
Less accumulated amortization(1) | (283,874 | ) | (287,197 | ) | ||||
$ | 752,702 | $ | 759,061 | |||||
-1 | Accumulated amortization includes $100,224 and $103,361 relating to in-place lease values, leasing commissions and legal costs at March 31, 2015 and December 31, 2014, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $21,678 and $12,739 for the three months ended March 31, 2015 and 2014, 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: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Above-Market Leases | ||||||||
Original allocated value | $ | 260,930 | $ | 250,810 | ||||
Less accumulated amortization | (65,107 | ) | (59,696 | ) | ||||
$ | 195,823 | $ | 191,114 | |||||
Below-Market Leases(1) | ||||||||
Original allocated value | $ | 372,253 | $ | 375,033 | ||||
Less accumulated amortization | (96,176 | ) | (93,511 | ) | ||||
$ | 276,077 | $ | 281,522 | |||||
-1 | Below-market leases are included in other accrued liabilities. |
Mortgage_Notes_Payable_Tables
Mortgage Notes Payable: (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||
Mortgage notes payable | Mortgage notes payable at March 31, 2015 and December 31, 2014 consist of the following: | ||||||||||||||||||||||||||
Carrying Amount of Mortgage Notes(1) | |||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||
Property Pledged as Collateral | Related Party | Other | Related Party | Other | Effective Interest | Monthly | Maturity | ||||||||||||||||||||
Rate(2) | Debt | Date(4) | |||||||||||||||||||||||||
Service(3) | |||||||||||||||||||||||||||
Arrowhead Towne Center | $ | — | $ | 226,844 | $ | — | $ | 228,703 | 2.76 | % | $ | 1,131 | 2018 | ||||||||||||||
Chandler Fashion Center(5) | — | 200,000 | — | 200,000 | 3.77 | % | 625 | 2019 | |||||||||||||||||||
Danbury Fair Mall | 113,526 | 113,526 | 114,265 | 114,264 | 5.53 | % | 1,538 | 2020 | |||||||||||||||||||
Deptford Mall | — | 196,815 | — | 197,815 | 3.76 | % | 947 | 2023 | |||||||||||||||||||
Deptford Mall | — | 14,212 | — | 14,285 | 6.46 | % | 101 | 2016 | |||||||||||||||||||
Eastland Mall | — | 168,000 | — | 168,000 | 5.79 | % | 811 | 2016 | |||||||||||||||||||
Fashion Outlets of Chicago(6) | — | 200,000 | — | 119,329 | 1.83 | % | 278 | 2020 | |||||||||||||||||||
Fashion Outlets of Niagara Falls USA | — | 120,672 | — | 121,376 | 4.89 | % | 727 | 2020 | |||||||||||||||||||
Flagstaff Mall | — | 37,000 | — | 37,000 | 5.03 | % | 151 | 2015 | |||||||||||||||||||
FlatIron Crossing | — | 259,828 | — | 261,494 | 3.9 | % | 1,393 | 2021 | |||||||||||||||||||
Freehold Raceway Mall(5) | — | 228,222 | — | 229,244 | 4.2 | % | 1,132 | 2018 | |||||||||||||||||||
Great Northern Mall(7) | — | 34,232 | — | 34,494 | 6.54 | % | 234 | 2015 | |||||||||||||||||||
Green Acres Mall | — | 311,859 | — | 313,514 | 3.61 | % | 1,447 | 2021 | |||||||||||||||||||
Kings Plaza Shopping Center | — | 478,204 | — | 480,761 | 3.67 | % | 2,229 | 2019 | |||||||||||||||||||
Lakewood Center(8) | — | — | — | 253,708 | — | — | — | ||||||||||||||||||||
Los Cerritos Center | 102,175 | 102,176 | 103,274 | 103,274 | 1.65 | % | 1,009 | 2018 | |||||||||||||||||||
Northgate Mall(9) | — | 64,000 | — | 64,000 | 3.06 | % | 130 | 2017 | |||||||||||||||||||
Oaks, The | — | 209,161 | — | 210,197 | 4.14 | % | 1,064 | 2022 | |||||||||||||||||||
Pacific View | — | 132,525 | — | 133,200 | 4.08 | % | 668 | 2022 | |||||||||||||||||||
Queens Center | — | 600,000 | — | 600,000 | 3.49 | % | 1,744 | 2025 | |||||||||||||||||||
Santa Monica Place | — | 229,022 | — | 230,344 | 2.99 | % | 1,004 | 2018 | |||||||||||||||||||
SanTan Village Regional Center | — | 133,073 | — | 133,807 | 3.14 | % | 589 | 2019 | |||||||||||||||||||
Stonewood Center | — | 109,869 | — | 111,297 | 1.8 | % | 640 | 2017 | |||||||||||||||||||
Superstition Springs Center(10) | — | 68,000 | — | 68,079 | 2 | % | 139 | 2016 | |||||||||||||||||||
Towne Mall | — | 22,504 | — | 22,607 | 4.48 | % | 117 | 2022 | |||||||||||||||||||
Tucson La Encantada | 71,148 | — | 71,500 | — | 4.23 | % | 368 | 2022 | |||||||||||||||||||
Valley Mall | — | 41,155 | — | 41,368 | 5.85 | % | 280 | 2016 | |||||||||||||||||||
Valley River Center | — | 120,000 | — | 120,000 | 5.59 | % | 558 | 2016 | |||||||||||||||||||
Victor Valley, Mall of | — | 115,000 | — | 115,000 | 4 | % | 380 | 2024 | |||||||||||||||||||
Vintage Faire Mall(11) | — | 280,000 | — | — | 3.55 | % | 1,256 | 2026 | |||||||||||||||||||
Washington Square | — | 235,206 | — | 238,696 | 1.65 | % | 1,499 | 2016 | |||||||||||||||||||
Westside Pavilion | — | 148,948 | — | 149,626 | 4.49 | % | 783 | 2022 | |||||||||||||||||||
$ | 286,849 | $ | 5,200,053 | $ | 289,039 | $ | 5,115,482 | ||||||||||||||||||||
-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 | March 31, | December 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||
Arrowhead Towne Center | $ | 10,800 | $ | 11,568 | |||||||||||||||||||||||
Deptford Mall | (7 | ) | (8 | ) | |||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 5,182 | 5,414 | |||||||||||||||||||||||||
Lakewood Center | — | 3,708 | |||||||||||||||||||||||||
Los Cerritos Center | 16,695 | 17,965 | |||||||||||||||||||||||||
Stonewood Center | 7,287 | 7,980 | |||||||||||||||||||||||||
Superstition Springs Center | 500 | 579 | |||||||||||||||||||||||||
Valley Mall | (110 | ) | (132 | ) | |||||||||||||||||||||||
Washington Square | 7,426 | 9,847 | |||||||||||||||||||||||||
$ | 47,773 | $ | 56,921 | ||||||||||||||||||||||||
-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 | On March 3, 2015, the Company amended the loan on the property. The amended $200,000 loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At March 31, 2015 and December 31, 2014, the total interest rate was 1.83% and 2.97%, respectively. | ||||||||||||||||||||||||||
-7 | On January 1, 2015, this nonrecourse loan went into maturity default. As a result, the Company has accrued additional default interest at a rate of 4% since the default date. The Company is working with the loan servicer, which is expected to result in a transition of the property to the loan servicer or a receiver. | ||||||||||||||||||||||||||
-8 | On February 25, 2015, the Company paid off in full the loan on the property, which resulted in a gain of $2,245 on the early extinguishment of debt as a result of writing off the related debt premium. | ||||||||||||||||||||||||||
-9 | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At March 31, 2015 and December 31, 2014, the total interest rate was 3.06% and 3.05%, respectively. | ||||||||||||||||||||||||||
-10 | The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At March 31, 2015 and December 31, 2014, the total interest rate was 2.00% and 1.98%, respectively. | ||||||||||||||||||||||||||
-11 | On February 19, 2015, the Company placed a $280,000 loan on the property that bears interest at an effective rate of 3.55% and matures on March 6, 2026. | ||||||||||||||||||||||||||
Debt premiums (discounts) on mortgage notes payable | Debt premiums (discounts) consist of the following: | ||||||||||||||||||||||||||
Property Pledged as Collateral | March 31, | December 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||
Arrowhead Towne Center | $ | 10,800 | $ | 11,568 | |||||||||||||||||||||||
Deptford Mall | (7 | ) | (8 | ) | |||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 5,182 | 5,414 | |||||||||||||||||||||||||
Lakewood Center | — | 3,708 | |||||||||||||||||||||||||
Los Cerritos Center | 16,695 | 17,965 | |||||||||||||||||||||||||
Stonewood Center | 7,287 | 7,980 | |||||||||||||||||||||||||
Superstition Springs Center | 500 | 579 | |||||||||||||||||||||||||
Valley Mall | (110 | ) | (132 | ) | |||||||||||||||||||||||
Washington Square | 7,426 | 9,847 | |||||||||||||||||||||||||
$ | 47,773 | $ | 56,921 | ||||||||||||||||||||||||
Acquisitions_Tables
Acquisitions: (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the preliminary allocation of the estimated fair value of Inland Center: | ||||||||
Property | $ | 91,871 | |||||||
Deferred charges | 9,752 | ||||||||
Other assets | 5,782 | ||||||||
Total assets acquired | 107,405 | ||||||||
Mortgage note payable | 50,000 | ||||||||
Other accrued liabilities | 4,905 | ||||||||
Total liabilities assumed | 54,905 | ||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 52,500 | |||||||
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 preliminary allocation of the estimated fair value of the PPRLP Queens Portfolio: | |||||||||
Property | $ | 3,711,819 | |||||||
Deferred charges | 155,892 | ||||||||
Cash and cash equivalents | 28,890 | ||||||||
Restricted cash | 5,113 | ||||||||
Tenant receivables | 5,438 | ||||||||
Other assets | 127,244 | ||||||||
Total assets acquired | 4,034,396 | ||||||||
Mortgage notes payable | 1,414,659 | ||||||||
Accounts payable | 5,669 | ||||||||
Due to affiliates | 2,680 | ||||||||
Other accrued liabilities | 230,210 | ||||||||
Total liabilities assumed | 1,653,218 | ||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 2,381,178 | |||||||
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 estimated fair value of the acquired net assets: | ||||||||
Purchase price | $ | 51,250 | |||||||
Less debt assumed | (25,000 | ) | |||||||
Carrying value of investment | 4,147 | ||||||||
Gain on remeasurement of assets | 22,103 | ||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 52,500 | |||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | |||||||||
Purchase price | $ | 15,233 | |||||||
Distributions in excess of investment | 15,767 | ||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 31,000 | |||||||
The following is the reconciliation of the purchase price to the estimated fair value of the acquired net assets: | |||||||||
Purchase price | $ | 1,838,886 | |||||||
Less debt assumed | (672,109 | ) | |||||||
Distributions in excess of investment | (208,735 | ) | |||||||
Gain on remeasurement of assets | 1,423,136 | ||||||||
Fair value of acquired net assets (at 100% ownership) | $ | 2,381,178 | |||||||
Summary of gain on remeasurement of existing investment | |||||||||
Fair value of existing ownership interest (at 51% ownership) | $ | 1,214,401 | |||||||
Distributions in excess of investment | 208,735 | ||||||||
Gain on remeasurement of assets | $ | 1,423,136 | |||||||
Fair value of existing ownership interest (at 50% ownership) | $ | 26,250 | |||||||
Carrying value of investment | (4,147 | ) | |||||||
Gain on remeasurement of assets | $ | 22,103 | |||||||
Schedule of pro forma total revenue and income from continuing operations | The following pro forma financial information for the three months ended March 31, 2015 and 2014 assumes all of the above transactions took place on January 1, 2014: | ||||||||
For the Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Supplemental pro forma revenue(1) | $ | 320,022 | $ | 329,271 | |||||
Supplemental pro forma income from continuing operations(1) | $ | 5,762 | $ | 19,523 | |||||
-1 | This 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, 2014, 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. |
Related_Party_Transactions_Tab
Related Party Transactions: (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 March 31, | |||||||||
2015 | 2014 | ||||||||
Management fees | $ | 2,701 | $ | 4,825 | |||||
Development and leasing fees | 2,072 | 2,496 | |||||||
$ | 4,773 | $ | 7,321 | ||||||
Share_and_UnitBased_Plans_Tabl
Share and Unit-Based Plans: (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
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 March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
LTIP Units | $ | 15,228 | $ | 18,240 | ||||||||||||||||||||||||
Stock awards | 75 | 114 | ||||||||||||||||||||||||||
Stock units | 3,197 | 1,682 | ||||||||||||||||||||||||||
Stock options | 4 | 4 | ||||||||||||||||||||||||||
Phantom stock units | 311 | 306 | ||||||||||||||||||||||||||
$ | 18,815 | $ | 20,346 | |||||||||||||||||||||||||
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, 2015 | 46,695 | $ | 58.89 | 9,189 | $ | 59.25 | 9,269 | $ | 58.35 | 144,374 | $ | 59.94 | ||||||||||||||||
Granted | 368,508 | 75.98 | — | — | 3,185 | 84.97 | 75,171 | 86.72 | ||||||||||||||||||||
Vested | (132,607 | ) | 86.72 | (6,201 | ) | 58 | (4,350 | ) | 71.53 | (80,334 | ) | 59.06 | ||||||||||||||||
Forfeited | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Balance at March 31, 2015 | 282,596 | $ | 68.12 | 2,988 | $ | 61.84 | 8,104 | $ | 61.73 | 139,211 | $ | 74.94 | ||||||||||||||||
-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, 2015 | 772,639 | $ | 56.67 | 10,068 | $ | 59.57 | ||||||||||||||||||||||
Granted | — | — | — | — | ||||||||||||||||||||||||
Exercised | (342,981 | ) | 56.88 | — | — | |||||||||||||||||||||||
Forfeited | — | — | — | — | ||||||||||||||||||||||||
Balance at March 31, 2015 | 429,658 | $ | 56.5 | 10,068 | $ | 59.57 | ||||||||||||||||||||||
-1 | Value represents the weighted average exercise price. |
Income_Taxes_Tables
Income Taxes: (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of income tax benefit of TRSs | The income tax benefit of the TRSs are as follows: | ||||||||
For the Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Current | $ | — | $ | — | |||||
Deferred | 935 | 172 | |||||||
Income tax benefit | $ | 935 | $ | 172 | |||||
Organization_Details
Organization: (Details) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
entity | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Number of management companies (in entities) | 7 | |
The Macerich Partnership, L.P. | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership interest in operating partnership (as a percent) | 94.00% | 94.00% |
Earnings_per_Share_EPS_Details
Earnings per Share ("EPS"): (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator | ||
Net income | $26,667 | $19,644 |
Net income attributable to noncontrolling interests | -2,056 | -1,825 |
Net income attributable to the Company | 24,611 | 17,819 |
Allocation of earnings to participating securities | -148 | -128 |
Numerator for basic and diluted earnings per sharebnet income attributable to common stockholders | $24,463 | $17,691 |
Denominator (in shares) | ||
Denominator for basic earnings per sharebweighted average number of common shares outstanding | 158,336 | 140,767 |
Effect of dilutive securities: | ||
Share and unit-based compensation plans | 208 | 50 |
Denominator for diluted earnings per sharebweighted average number of common shares outstanding | 158,544 | 140,817 |
Earnings per common sharebnet income attributable to common stockholders: (in dollars per share) | ||
Basic (in dollars per share) | $0.15 | $0.13 |
Diluted (in dollars per share) | $0.15 | $0.13 |
Earnings_per_Share_EPS_Narrati
Earnings per Share ("EPS") - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Convertible non-participating preferred units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from Diluted EPS (in shares) | 140,490 | 184,304 |
Equity Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from Diluted EPS (in shares) | 10,068 | |
Partnership unit | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from Diluted EPS (in shares) | 10,516,523 | 9,991,438 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Joint Ventures - Narrative (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jul. 30, 2014 | Aug. 28, 2014 | Jun. 04, 2014 | Nov. 14, 2014 | Nov. 20, 2014 | Feb. 17, 2015 | Mar. 31, 2015 | Nov. 13, 2014 |
mall | sqft | ||||||||
Investments in unconsolidated joint ventures: | |||||||||
Gain on remeasurement, sale or write down of assets, net | ($104) | ||||||||
The Gallery | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Property area (in square feet) | 1,376,000 | ||||||||
Purchase price | 106,800 | ||||||||
Ownership percentage acquired | 50.00% | ||||||||
Candlestick Point | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Property area (in square feet) | 500,000 | ||||||||
Cascade Mall | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Property area (in square feet) | 589,000 | ||||||||
Wilshire Boulevard | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Property area (in square feet) | 40,000 | ||||||||
Proceeds from sale | 17,100 | ||||||||
Gain on remeasurement, sale or write down of assets, net | 9,033 | ||||||||
Purchase price funded by cash payment on acquisition | 15,386 | ||||||||
Purchase price paid through assumption of debt by the Company | 1,714 | ||||||||
Ownership interest sold (as a percent) | 30.00% | ||||||||
Cascade Mall | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Additional ownership interest acquired (as a percent) | 49.00% | ||||||||
Purchase price | 15,233 | ||||||||
PPRLP Queens Portfolio | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Additional ownership interest acquired (as a percent) | 49.00% | ||||||||
Number of regional shopping centers owned by investee | 5 | ||||||||
Purchase price | 1,838,886 | ||||||||
Common stock issued (in shares) | 1,166,777 | ||||||||
Purchase price paid through assumption of debt by the Company | 672,109 | ||||||||
PPRLP Queens Portfolio | Lakewood Center | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Property area (in square feet) | 2,066,000 | ||||||||
PPRLP Queens Portfolio | Los Cerritos Center | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Property area (in square feet) | 1,284,000 | ||||||||
PPRLP Queens Portfolio | Queens Center | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Property area (in square feet) | 962,000 | ||||||||
PPRLP Queens Portfolio | Stonewood Center | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Property area (in square feet) | 932,000 | ||||||||
PPRLP Queens Portfolio | Washington Square | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Property area (in square feet) | 1,444,000 | ||||||||
443 Wabash MAB LLC | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Property area (in square feet) | 65,000 | ||||||||
Purchase price | 18,900 | ||||||||
Ownership percentage acquired | 45.00% | ||||||||
Inland Center | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Property area (in square feet) | 933,000 | ||||||||
Additional ownership interest acquired (as a percent) | 50.00% | ||||||||
Purchase price | 51,250 | 51,250 | |||||||
Purchase price funded by cash payment on acquisition | 26,250 | ||||||||
Purchase price paid through assumption of debt by the Company | 25,000 | 25,000 | |||||||
Debt repaid | 50,000 | ||||||||
Notes Receivable | Candlestick Point | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Note receivable | 65,130 | ||||||||
Description of variable rate basis | LIBOR | ||||||||
London Interbank Offered Rate (LIBOR) | Notes Receivable | Candlestick Point | |||||||||
Investments in unconsolidated joint ventures: | |||||||||
Basis spread (as a percent) | 2.00% |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Properties, net | $2,939,033 | $2,967,878 |
Other assets | 210,689 | 208,726 |
Total assets | 3,149,722 | 3,176,604 |
Liabilities and partners' capital: | ||
Mortgage notes payable | 1,972,066 | 2,038,379 |
Other liabilities | 188,704 | 195,766 |
Company's capital | 513,153 | 489,349 |
Outside partners' capital | 475,799 | 453,110 |
Total liabilities and partners' capital | 3,149,722 | 3,176,604 |
Investments in unconsolidated joint ventures: | ||
Company's capital | 513,153 | 489,349 |
Basis adjustment | 464,776 | 464,826 |
Investments in unconsolidated joint ventures | 977,929 | 954,175 |
AssetsbInvestments in unconsolidated joint ventures | 1,006,652 | 984,132 |
LiabilitiesbDistributions in excess of investments in unconsolidated joint ventures | ($28,723) | ($29,957) |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Joint Ventures - Balance Sheet Footnotes (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Investments in unconsolidated joint ventures: | |||
Total Assets | $3,149,722 | $3,176,604 | |
Mortgage notes payable that could become recourse debt to the Company | 6,500 | 33,540 | |
Indemnity of guaranteed amount | 3,250 | 16,770 | |
Amortization of difference between cost of investments and book value of underlying equity | 420 | 1,424 | |
Northwestern Mutual Life (NML) | |||
Investments in unconsolidated joint ventures: | |||
Mortgage notes payable to affiliate | 603,651 | 606,263 | |
Interest expense on borrowings from related party | 8,508 | 9,724 | |
Tysons Corner LLC | |||
Investments in unconsolidated joint ventures: | |||
Total Assets | 338,546 | 341,931 | |
Total Liabilities | $866,832 | $871,933 |
Investments_in_Unconsolidated_5
Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Minimum rents | $67,522 | $98,257 |
Percentage rents | 1,623 | 2,051 |
Tenant recoveries | 32,363 | 48,745 |
Other | 7,590 | 9,619 |
Total revenues | 109,098 | 158,672 |
Expenses: | ||
Shopping center and operating expenses | 42,178 | 55,170 |
Interest expense | 20,383 | 37,499 |
Depreciation and amortization | 29,670 | 34,923 |
Total operating expenses | 92,231 | 127,592 |
Loss on remeasurement, sale or write down of assets, net | -104 | |
Net income | 16,867 | 30,976 |
Company's equity in net income | 8,274 | 13,769 |
Pacific Premier Retail LP | ||
Revenues: | ||
Minimum rents | 0 | 26,080 |
Percentage rents | 0 | 659 |
Tenant recoveries | 0 | 11,740 |
Other | 0 | 1,077 |
Total revenues | 0 | 39,556 |
Expenses: | ||
Shopping center and operating expenses | 0 | 11,131 |
Interest expense | 0 | 10,098 |
Depreciation and amortization | 0 | 8,798 |
Total operating expenses | 0 | 30,027 |
Loss on remeasurement, sale or write down of assets, net | -86 | |
Net income | 0 | 9,443 |
Company's equity in net income | 0 | 4,268 |
Tysons Corner LLC | ||
Revenues: | ||
Minimum rents | 17,028 | 16,278 |
Percentage rents | 329 | 424 |
Tenant recoveries | 12,262 | 11,894 |
Other | 593 | 687 |
Total revenues | 30,212 | 29,283 |
Expenses: | ||
Shopping center and operating expenses | 9,948 | 10,159 |
Interest expense | 8,129 | 7,830 |
Depreciation and amortization | 5,450 | 4,602 |
Total operating expenses | 23,527 | 22,591 |
Loss on remeasurement, sale or write down of assets, net | 0 | |
Net income | 6,685 | 6,692 |
Company's equity in net income | 3,006 | 1,758 |
Other Joint Ventures | ||
Revenues: | ||
Minimum rents | 50,494 | 55,899 |
Percentage rents | 1,294 | 968 |
Tenant recoveries | 20,101 | 25,111 |
Other | 6,997 | 7,855 |
Total revenues | 78,886 | 89,833 |
Expenses: | ||
Shopping center and operating expenses | 32,230 | 33,880 |
Interest expense | 12,254 | 19,571 |
Depreciation and amortization | 24,220 | 21,523 |
Total operating expenses | 68,704 | 74,974 |
Loss on remeasurement, sale or write down of assets, net | -18 | |
Net income | 10,182 | 14,841 |
Company's equity in net income | $5,268 | $7,743 |
Property_Details
Property: (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land | $2,259,288 | $2,242,291 |
Buildings and improvements | 9,545,712 | 9,479,337 |
Tenant improvements | 612,411 | 600,436 |
Equipment and furnishings | 155,285 | 152,554 |
Construction in progress | 328,905 | 303,264 |
Total | 12,901,601 | 12,777,882 |
Less accumulated depreciation | -1,790,760 | -1,709,992 |
Property, net | $11,110,841 | $11,067,890 |
Property_Narrative_Details
Property - Narrative (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Depreciation expenses | $90,197 | $68,478 |
Gain on sale or write-down of assets | 1,056 | |
Loss on sale or write-down of assets | 121 | |
Rotterdam Square, Somersville Town Center and Lake Square Mall | ||
Property, Plant and Equipment [Line Items] | ||
Loss on sale or write-down of assets | $1,611 |
Tenant_and_Other_Receivables_n1
Tenant and Other Receivables, net: (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 17, 2014 |
In Thousands, unless otherwise specified | |||
Components of tenant and other receivables, net | |||
Allowance for doubtful accounts | $3,529 | $3,234 | |
Deferred rent receivable due to straight-line rent adjustments | 57,666 | 57,278 | |
Accrued percentage rents | |||
Components of tenant and other receivables, net | |||
Accounts receivable | 2,839 | 13,436 | |
6.5% Note Receivable | |||
Components of tenant and other receivables, net | |||
Notes receivable | 6,411 | 6,436 | 6,500 |
Note receivable, interest rate (as a percent) | 6.46% | ||
5.0% Note Receivable | |||
Components of tenant and other receivables, net | |||
Notes receivable | $3,103 | ||
Note receivable, interest rate (as a percent) | 5.00% |
Deferred_Charges_and_Other_Ass2
Deferred Charges and Other Assets, net: (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Leasing | $238,647 | $239,955 | |
Financing | 50,054 | 47,171 | |
Intangible assets: | |||
In-place lease values | 287,215 | 298,825 | |
Leasing commissions and legal costs | 72,619 | 72,432 | |
Above-market leases | 260,930 | 250,810 | |
Deferred tax assets | 36,560 | 35,625 | |
Deferred compensation plan assets | 35,946 | 35,194 | |
Other assets | 54,605 | 66,246 | |
Deferred charges and other assets, gross | 1,036,576 | 1,046,258 | |
Less accumulated amortization | -283,874 | -287,197 | |
Deferred charges and other assets, net | 752,702 | 759,061 | |
Accumulated amortization for intangible assets | 100,224 | 103,361 | |
Amortization expense for intangible assets | $21,678 | $12,739 |
Deferred_Charges_and_Other_Ass3
Deferred Charges and Other Assets, net - Allocated Values (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Allocated values of leases | ||
Less accumulated amortization | ($100,224) | ($103,361) |
Below Market Lease, Gross | 372,253 | 375,033 |
Below Market Lease, Accumulated Amortization | -96,176 | -93,511 |
Above-Market Leases | ||
Allocated values of leases | ||
Original allocated value | 260,930 | 250,810 |
Less accumulated amortization | -65,107 | -59,696 |
Allocated value net | 195,823 | 191,114 |
Below-Market Leases | ||
Allocated values of leases | ||
Allocated value net | $276,077 | $281,522 |
Mortgage_Notes_Payable_Schedul
Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Nov. 14, 2014 | Feb. 19, 2015 | |
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | $286,849,000 | $289,039,000 | ||
Carrying Amount of Mortgage Notes, Other | 5,200,053,000 | 5,115,482,000 | ||
Arrowhead Towne Center | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 226,844,000 | 228,703,000 | ||
Effective Interest Rate (as a percent) | 2.76% | |||
Monthly Debt Service | 1,131,000 | |||
Chandler Fashion Center | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 200,000,000 | 200,000,000 | ||
Effective Interest Rate (as a percent) | 3.77% | |||
Monthly Debt Service | 625,000 | |||
Danbury Fair Mall | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 113,526,000 | 114,265,000 | ||
Carrying Amount of Mortgage Notes, Other | 113,526,000 | 114,264,000 | ||
Effective Interest Rate (as a percent) | 5.53% | |||
Monthly Debt Service | 1,538,000 | |||
Deptford Mall One | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 196,815,000 | 197,815,000 | ||
Effective Interest Rate (as a percent) | 3.76% | |||
Monthly Debt Service | 947,000 | |||
Deptford Mall Two | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 14,212,000 | 14,285,000 | ||
Effective Interest Rate (as a percent) | 6.46% | |||
Monthly Debt Service | 101,000 | |||
Eastland Mall | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 168,000,000 | 168,000,000 | ||
Effective Interest Rate (as a percent) | 5.79% | |||
Monthly Debt Service | 811,000 | |||
Fashion Outlets of Chicago | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 200,000,000 | 119,329,000 | ||
Effective Interest Rate (as a percent) | 1.83% | 2.97% | ||
Monthly Debt Service | 278,000 | |||
Fashion Outlets of Niagara Falls USA | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 120,672,000 | 121,376,000 | ||
Effective Interest Rate (as a percent) | 4.89% | |||
Monthly Debt Service | 727,000 | |||
Flagstaff Mall | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 37,000,000 | 37,000,000 | ||
Effective Interest Rate (as a percent) | 5.03% | |||
Monthly Debt Service | 151,000 | |||
FlatIron Crossing | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 259,828,000 | 261,494,000 | ||
Effective Interest Rate (as a percent) | 3.90% | |||
Monthly Debt Service | 1,393,000 | |||
Freehold Raceway Mall | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 228,222,000 | 229,244,000 | ||
Effective Interest Rate (as a percent) | 4.20% | |||
Monthly Debt Service | 1,132,000 | |||
Great Northern Mall | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 34,232,000 | 34,494,000 | ||
Effective Interest Rate (as a percent) | 6.54% | |||
Monthly Debt Service | 234,000 | |||
Green Acres Mall | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 311,859,000 | 313,514,000 | ||
Effective Interest Rate (as a percent) | 3.61% | |||
Monthly Debt Service | 1,447,000 | |||
Kings Plaza | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 478,204,000 | 480,761,000 | ||
Effective Interest Rate (as a percent) | 3.67% | |||
Monthly Debt Service | 2,229,000 | |||
Lakewood Center Mortgage | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 0 | 253,708,000 | ||
Monthly Debt Service | 0 | |||
Los Cerritos Center Mortgage | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 102,175,000 | 103,274,000 | ||
Carrying Amount of Mortgage Notes, Other | 102,176,000 | 103,274,000 | ||
Effective Interest Rate (as a percent) | 1.65% | |||
Monthly Debt Service | 1,009,000 | |||
The Mall at Northgate | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 64,000,000 | 64,000,000 | ||
Effective Interest Rate (as a percent) | 3.06% | 3.05% | ||
Monthly Debt Service | 130,000 | |||
The Oaks | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 209,161,000 | 210,197,000 | ||
Effective Interest Rate (as a percent) | 4.14% | |||
Monthly Debt Service | 1,064,000 | |||
Pacific View | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 132,525,000 | 133,200,000 | ||
Effective Interest Rate (as a percent) | 4.08% | |||
Monthly Debt Service | 668,000 | |||
Queens Center | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 600,000,000 | 600,000,000 | ||
Effective Interest Rate (as a percent) | 3.49% | |||
Monthly Debt Service | 1,744,000 | |||
Santa Monica Place | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 229,022,000 | 230,344,000 | ||
Effective Interest Rate (as a percent) | 2.99% | |||
Monthly Debt Service | 1,004,000 | |||
SanTan Village Regional Center | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 133,073,000 | 133,807,000 | ||
Effective Interest Rate (as a percent) | 3.14% | |||
Monthly Debt Service | 589,000 | |||
Stonewood Center Mortgage | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 109,869,000 | 111,297,000 | ||
Effective Interest Rate (as a percent) | 1.80% | |||
Monthly Debt Service | 640,000 | |||
Superstition Springs Center | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 68,000,000 | 68,079,000 | ||
Effective Interest Rate (as a percent) | 2.00% | 1.98% | ||
Monthly Debt Service | 139,000 | |||
Towne Mall | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 22,504,000 | 22,607,000 | ||
Effective Interest Rate (as a percent) | 4.48% | |||
Monthly Debt Service | 117,000 | |||
Tucson La Encantada | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 71,148,000 | 71,500,000 | ||
Carrying Amount of Mortgage Notes, Other | 0 | 0 | ||
Effective Interest Rate (as a percent) | 4.23% | |||
Monthly Debt Service | 368,000 | |||
Valley Mall | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 41,155,000 | 41,368,000 | ||
Effective Interest Rate (as a percent) | 5.85% | |||
Monthly Debt Service | 280,000 | |||
Valley River Center | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 120,000,000 | 120,000,000 | ||
Effective Interest Rate (as a percent) | 5.59% | |||
Monthly Debt Service | 558,000 | |||
Mall of Victor Valley | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 115,000,000 | 115,000,000 | ||
Effective Interest Rate (as a percent) | 4.00% | |||
Monthly Debt Service | 380,000 | |||
Vintage Faire Mall | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | 280,000,000 | |
Carrying Amount of Mortgage Notes, Other | 280,000,000 | 0 | ||
Effective Interest Rate (as a percent) | 3.55% | |||
Monthly Debt Service | 1,256,000 | |||
Washington Square Mortgage | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 235,206,000 | 238,696,000 | ||
Effective Interest Rate (as a percent) | 1.65% | |||
Monthly Debt Service | 1,499,000 | |||
Westside Pavilion | ||||
Mortgage loans payable on real estate | ||||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 | ||
Carrying Amount of Mortgage Notes, Other | 148,948,000 | 149,626,000 | ||
Effective Interest Rate (as a percent) | 4.49% | |||
Monthly Debt Service | $783,000 |
Mortgage_Notes_Payable_Premium
Mortgage Notes Payable - Premiums and Discounts (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Mortgage loans payable on real estate | ||
Debt premiums (discounts), net | $47,773 | $56,921 |
Arrowhead Towne Center | ||
Mortgage loans payable on real estate | ||
Debt premiums | 10,800 | 11,568 |
Deptford Mall One | ||
Mortgage loans payable on real estate | ||
Debt discounts | -7 | -8 |
Fashion Outlets of Niagara Falls USA | ||
Mortgage loans payable on real estate | ||
Debt premiums | 5,182 | 5,414 |
Lakewood Center Mortgage | ||
Mortgage loans payable on real estate | ||
Debt premiums | 0 | 3,708 |
Los Cerritos Center Mortgage | ||
Mortgage loans payable on real estate | ||
Debt premiums | 16,695 | 17,965 |
Stonewood Center Mortgage | ||
Mortgage loans payable on real estate | ||
Debt premiums | 7,287 | 7,980 |
Superstition Springs Center | ||
Mortgage loans payable on real estate | ||
Debt premiums | 500 | 579 |
Valley Mall | ||
Mortgage loans payable on real estate | ||
Debt discounts | -110 | -132 |
Washington Square Mortgage | ||
Mortgage loans payable on real estate | ||
Debt premiums | $7,426 | $9,847 |
Mortgage_Notes_Payable_Footnot
Mortgage Notes Payable - Footnotes (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 03, 2015 | Feb. 25, 2015 | Sep. 30, 2009 | Dec. 31, 2014 | Jan. 01, 2015 | Feb. 19, 2015 | |
Mortgage loans payable on real estate | ||||||||
Carrying Amount of Mortgage Notes, Other | $5,200,053,000 | $5,115,482,000 | ||||||
Related parties | 286,849,000 | 289,039,000 | ||||||
Gain on extinguishment of debt, net | 2,245,000 | -358,000 | ||||||
Mortgage notes payable which could become recourse | 13,500,000 | 73,165,000 | ||||||
Interest expense capitalized | 2,629,000 | 2,485,000 | ||||||
Fair value of mortgage notes payable | 5,538,879,000 | 5,455,453,000 | ||||||
Fashion Outlets of Chicago | ||||||||
Mortgage loans payable on real estate | ||||||||
Carrying Amount of Mortgage Notes, Other | 200,000,000 | 119,329,000 | ||||||
Interest rate basis | LIBOR | |||||||
Interest rate spread over basis (as a percent) | 1.50% | |||||||
Effective interest rate (as a percent) | 1.83% | 2.97% | ||||||
Related parties | 0 | 0 | ||||||
Great Northern Mall | ||||||||
Mortgage loans payable on real estate | ||||||||
Carrying Amount of Mortgage Notes, Other | 34,232,000 | 34,494,000 | ||||||
Effective interest rate (as a percent) | 6.54% | |||||||
Default interest rate (as a percent) | 4.00% | |||||||
Related parties | 0 | 0 | ||||||
Lakewood Center Mortgage | ||||||||
Mortgage loans payable on real estate | ||||||||
Carrying Amount of Mortgage Notes, Other | 0 | 253,708,000 | ||||||
Related parties | 0 | 0 | ||||||
Gain on extinguishment of debt, net | 2,245,000 | |||||||
The Mall at Northgate | ||||||||
Mortgage loans payable on real estate | ||||||||
Carrying Amount of Mortgage Notes, Other | 64,000,000 | 64,000,000 | ||||||
Interest rate basis | LIBOR | |||||||
Interest rate spread over basis (as a percent) | 2.25% | |||||||
Effective interest rate (as a percent) | 3.06% | 3.05% | ||||||
Related parties | 0 | 0 | ||||||
Mall of Victor Valley | ||||||||
Mortgage loans payable on real estate | ||||||||
Carrying Amount of Mortgage Notes, Other | 115,000,000 | 115,000,000 | ||||||
Effective interest rate (as a percent) | 4.00% | |||||||
Related parties | 0 | 0 | ||||||
Superstition Springs Center | ||||||||
Mortgage loans payable on real estate | ||||||||
Carrying Amount of Mortgage Notes, Other | 68,000,000 | 68,079,000 | ||||||
Interest rate basis | LIBOR | |||||||
Interest rate spread over basis (as a percent) | 2.30% | |||||||
Effective interest rate (as a percent) | 2.00% | 1.98% | ||||||
Related parties | 0 | 0 | ||||||
Vintage Faire Mall | ||||||||
Mortgage loans payable on real estate | ||||||||
Carrying Amount of Mortgage Notes, Other | 280,000,000 | 0 | ||||||
Effective interest rate (as a percent) | 3.55% | |||||||
Related parties | $0 | $0 | $280,000,000 | |||||
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% |
Bank_and_Other_Notes_Payable_D
Bank and Other Notes Payable: (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 08, 2011 | Mar. 29, 2013 | Aug. 06, 2013 | Dec. 31, 2014 | |
Line of Credit | ||||||
Mortgage loans payable on real estate | ||||||
Revolving line of credit | $1,500,000,000 | |||||
Expansion borrowing capacity | 2,000,000,000 | |||||
Outstanding borrowings under the line of credit | 852,000,000 | 752,000,000 | ||||
Line of credit, average interest rate (as a percent) | 1.85% | 1.89% | ||||
Fair value of outstanding line of credit | 819,238,000 | 713,989,000 | ||||
Line of Credit | Low end of range | ||||||
Mortgage loans payable on real estate | ||||||
Interest rate basis | LIBOR | |||||
Unsecured term loan | ||||||
Mortgage loans payable on real estate | ||||||
Amount of additional borrowing | 125,000,000 | |||||
Interest rate basis | LIBOR | |||||
Interest rate (as a percent) | 2.53% | 2.25% | ||||
Debt, fair value | 122,683,000 | 119,780,000 | ||||
Unsecured term loan | Low end of range | ||||||
Mortgage loans payable on real estate | ||||||
Interest rate spread over basis (as a percent) | 1.95% | |||||
Unsecured term loan | High end of range | ||||||
Mortgage loans payable on real estate | ||||||
Interest rate spread over basis (as a percent) | 3.20% | |||||
Prasada Note | ||||||
Mortgage loans payable on real estate | ||||||
Amount of additional borrowing | 13,330,000 | |||||
Interest rate on debt (as a percent) | 5.25% | |||||
Debt, carrying value | 10,452,000 | 10,879,000 | ||||
Debt, fair value | $10,684,000 | $11,178,000 | ||||
London Interbank Offered Rate (LIBOR) | Line of Credit | ||||||
Mortgage loans payable on real estate | ||||||
Interest rate spread over basis (as a percent) | 1.50% | |||||
London Interbank Offered Rate (LIBOR) | Line of Credit | Low end of range | ||||||
Mortgage loans payable on real estate | ||||||
Interest rate spread over basis (as a percent) | 1.38% | |||||
London Interbank Offered Rate (LIBOR) | Line of Credit | High end of range | ||||||
Mortgage loans payable on real estate | ||||||
Interest rate spread over basis (as a percent) | 2.00% | |||||
London Interbank Offered Rate (LIBOR) | Unsecured term loan | ||||||
Mortgage loans payable on real estate | ||||||
Interest rate spread over basis (as a percent) | 2.20% |
CoVenture_Arrangement_Details
Co-Venture Arrangement: (Details) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2009 | Mar. 31, 2015 | Dec. 31, 2014 |
Co-Venture Arrangement: | |||
Co-venture obligation | $72,864 | $75,450 | |
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 | $168,154 | ||
Freehold Raceway Mall | |||
Co-Venture Arrangement: | |||
Property area (in square feet) | 1,668,000 | ||
Chandler Fashion Center | |||
Co-Venture Arrangement: | |||
Property area (in square feet) | 1,320,000 |
Noncontrolling_Interests_Detai
Noncontrolling Interests: (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Aug. 20, 2014 | Aug. 17, 2012 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Limited partnership interest of the operating partnership (as a percent) | 6.00% | 6.00% | ||
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 | $931,630 | $877,184 | ||
The Macerich Partnership, L.P. | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Ownership interest in operating partnership (as a percent) | 94.00% | 94.00% |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | ||||
Nov. 14, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Aug. 20, 2014 | Aug. 17, 2012 | |
Class of Stock [Line Items] | |||||
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 | $500,000 | $500,000,000 | ||
Commission to sales agent (as a percent) | 2.00% | ||||
PPRLP Queens Portfolio | |||||
Class of Stock [Line Items] | |||||
Common stock issued | $1,166,777,000 | ||||
PPRLP Queens Portfolio | Common Stock | |||||
Class of Stock [Line Items] | |||||
Number of shares | 17,140,845 |
Acquisitions_Narrative_Details
Acquisitions - Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Mar. 31, 2015 | Jun. 04, 2014 | Nov. 14, 2014 | Feb. 17, 2015 |
Fashion Outlets of Chicago | Affiliated Entity | |||||
Acquisition | |||||
Purchase price | $69,987 | ||||
Purchase price funded by cash payment on acquisition | 55,867 | ||||
Purchase price paid through assumption of debt by the Company | 14,120 | ||||
Contingent consideration | 10,336 | ||||
Acquisition noncontrolling interest adjustment | 76,141 | ||||
Cascade Mall | |||||
Acquisition | |||||
Additional ownership interest acquired (as a percent) | 49.00% | ||||
Purchase price | 15,233 | ||||
Ownership interest at completion of acquisition (as a percent) | 100.00% | ||||
PPRLP Queens Portfolio | |||||
Acquisition | |||||
Additional ownership interest acquired (as a percent) | 49.00% | ||||
Purchase price | 1,838,886 | ||||
Ownership interest at completion of acquisition (as a percent) | 100.00% | ||||
Purchase price paid through assumption of debt by the Company | 672,109 | ||||
Common stock issued (in shares) | 1,166,777 | ||||
Inland Center | |||||
Acquisition | |||||
Additional ownership interest acquired (as a percent) | 50.00% | ||||
Purchase price | 51,250 | 51,250 | |||
Ownership interest at completion of acquisition (as a percent) | 100.00% | ||||
Incremental revenue | 1,735 | ||||
Incremental earnings | -231 | ||||
Purchase price funded by cash payment on acquisition | 26,250 | ||||
Purchase price paid through assumption of debt by the Company | $25,000 | $25,000 |
Acquisitions_Allocation_of_Fai
Acquisitions - Allocation of Fair Value (Details) (USD $) | Jun. 04, 2014 | Nov. 14, 2014 |
In Thousands, unless otherwise specified | ||
Cascade Mall | ||
Acquisition | ||
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 | |
PPRLP Queens Portfolio | ||
Acquisition | ||
Cash and cash equivalents | 28,890 | |
Restricted cash | 5,113 | |
Tenant receivables | 5,438 | |
Property | 3,711,819 | |
Deferred charges | 155,892 | |
Other assets | 127,244 | |
Total assets acquired | 4,034,396 | |
Accounts payable | 5,669 | |
Due to affiliates | 2,680 | |
Mortgage note payable | 1,414,659 | |
Other accrued liabilities | 230,210 | |
Total liabilities assumed | 1,653,218 | |
Fair value of acquired net assets (at 100% ownership) | 2,381,178 | |
Inland Center | ||
Acquisition | ||
Property | 91,871 | |
Deferred charges | 9,752 | |
Other assets | 5,782 | |
Total assets acquired | 107,405 | |
Mortgage note payable | 50,000 | |
Other accrued liabilities | 4,905 | |
Total liabilities assumed | 54,905 | |
Fair value of acquired net assets (at 100% ownership) | $52,500 |
Acquisitions_Remeasurement_Gai
Acquisitions - Remeasurement Gain (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 04, 2014 | Nov. 14, 2014 | Dec. 31, 2014 |
Acquisition | |||||
Carrying value of investment | ($1,006,652) | ($984,132) | |||
Gain on remeasurement of assets | 22,103 | 0 | |||
Inland Center | |||||
Acquisition | |||||
Fair value of existing ownership interest (at % ownership) | 26,250 | ||||
Carrying value of investment | -4,147 | ||||
Gain on remeasurement of assets | 22,103 | ||||
PPRLP Queens Portfolio | |||||
Acquisition | |||||
Fair value of existing ownership interest (at % ownership) | 1,214,401 | ||||
Carrying value of investment | -208,735 | ||||
Gain on remeasurement of assets | $1,423,136 | ||||
Ownership interest before acquisition (as a percent) | 51.00% |
Acquisitions_Reconciliation_of
Acquisitions - Reconciliation of Purchase Price (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 04, 2014 | Nov. 14, 2014 | Feb. 17, 2015 | Dec. 31, 2014 |
Acquisition | ||||||
Gain on remeasurement of assets | ($1,006,652) | ($984,132) | ||||
Gain on remeasurement of assets | 22,103 | 0 | ||||
Cascade Mall | ||||||
Acquisition | ||||||
Purchase price | 15,233 | |||||
Gain on remeasurement of assets | -15,767 | |||||
Fair value of acquired net assets (at 100% ownership) | 31,000 | |||||
Ownership interest at completion of acquisition (as a percent) | 100.00% | |||||
PPRLP Queens Portfolio | ||||||
Acquisition | ||||||
Purchase price | 1,838,886 | |||||
Gain on remeasurement of assets | -208,735 | |||||
Less debt assumed | -672,109 | |||||
Gain on remeasurement of assets | 1,423,136 | |||||
Fair value of acquired net assets (at 100% ownership) | 2,381,178 | |||||
Ownership interest at completion of acquisition (as a percent) | 100.00% | |||||
Inland Center | ||||||
Acquisition | ||||||
Purchase price | 51,250 | 51,250 | ||||
Gain on remeasurement of assets | -4,147 | |||||
Less debt assumed | -25,000 | -25,000 | ||||
Gain on remeasurement of assets | 22,103 | |||||
Fair value of acquired net assets (at 100% ownership) | $52,500 | |||||
Ownership interest at completion of acquisition (as a percent) | 100.00% |
Acquisitions_Acquisition_Pro_F
Acquisitions: Acquisition - Pro Forma Results (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Business Combinations [Abstract] | ||
Total revenues | $320,022 | $329,271 |
Income (loss) from continuing operations | $5,762 | $19,523 |
Dispositions_Details
Dispositions: (Details) (USD $) | 0 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 29, 2014 | Sep. 30, 2009 | Jan. 15, 2014 | Feb. 14, 2014 | Mar. 17, 2014 | Oct. 10, 2014 | Sep. 11, 2014 | Aug. 28, 2014 | Jul. 07, 2014 | Oct. 31, 2014 |
sqft | sqft | sqft | ||||||||
Camelback Colonnade | ||||||||||
Discontinued Operations: | ||||||||||
Property area (in square feet) | 619,000 | |||||||||
Proceeds from sale | $92,898 | |||||||||
Gain (loss) from sale | 24,554 | |||||||||
Cash payment | 61,173 | |||||||||
Assumption of debt | 31,725 | |||||||||
Notes payable discharged | 47,946 | |||||||||
Noncontrolling interest adjustment | 17,217 | |||||||||
Freehold Raceway Mall and Chandler Fashion Center | ||||||||||
Discontinued Operations: | ||||||||||
Percentage of loan assumed by third party (as a percent) | 49.90% | |||||||||
Freehold Raceway Mall and Chandler Fashion Center | Camelback Colonnade | ||||||||||
Discontinued Operations: | ||||||||||
Percentage of loan assumed by third party (as a percent) | 67.50% | |||||||||
Rotterdam Square | ||||||||||
Discontinued Operations: | ||||||||||
Property area (in square feet) | 585,000 | |||||||||
Proceeds from sale | 8,500 | |||||||||
Gain (loss) from sale | -472 | |||||||||
Somersville Town Center | ||||||||||
Discontinued Operations: | ||||||||||
Property area (in square feet) | 348,000 | |||||||||
Proceeds from sale | 12,337 | |||||||||
Gain (loss) from sale | -263 | |||||||||
Lake Square Mall | ||||||||||
Discontinued Operations: | ||||||||||
Property area (in square feet) | 559,000 | |||||||||
Proceeds from sale | 13,280 | |||||||||
Gain (loss) from sale | -876 | |||||||||
Cash payment | 3,677 | |||||||||
Lake Square Mall | Notes Receivable | ||||||||||
Discontinued Operations: | ||||||||||
Number of notes receivable (in notes) | 2 | |||||||||
Notes receivable | 9,603 | |||||||||
Mervyn's | ||||||||||
Discontinued Operations: | ||||||||||
Proceeds from sale | 1,900 | 1,200 | 3,500 | 3,560 | ||||||
Gain (loss) from sale | -3 | 315 | -80 | -158 | ||||||
South Towne Center | ||||||||||
Discontinued Operations: | ||||||||||
Property area (in square feet) | 1,278,000 | |||||||||
Proceeds from sale | 205,000 | |||||||||
Gain (loss) from sale | $121,873 |
Commitments_and_Contingencies_
Commitments and Contingencies: (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Contingent Liabilities | |||
Operating lease rent expense | $2,945 | $2,668 | |
Contingent liability under letters of credit | 18,388 | 18,388 | |
Outstanding obligations under construction agreements | $36,825 |
Related_Party_Transactions_Det
Related Party Transactions: (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Nov. 13, 2014 |
note | sqft | |||
Related party transactions | ||||
Interest expense, related party | $2,729 | $3,708 | ||
Due from affiliates | 79,582 | 80,232 | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 6.00% | 6.00% | ||
Related parties note receivable, AWE Talisman Company | ||||
Related party transactions | ||||
Number of notes receivable (in notes) | 2 | |||
Related parties note receivable, RED Consolidated Holdings, LLC | ||||
Related party transactions | ||||
Interest income, related party | 137 | 160 | ||
Due from affiliates | 10,591 | 11,027 | ||
Note receivable, interest rate (as a percent) | 5.25% | |||
Unconsolidated joint ventures and third-party managed properties | ||||
Related party transactions | ||||
Management fees | 2,701 | 4,825 | ||
Development and leasing fees | 2,072 | 2,496 | ||
Fees charged to unconsolidated joint ventures and third-party managed properties | 4,773 | 7,321 | ||
Northwestern Mutual Life (NML) | ||||
Related party transactions | ||||
Interest expense payable, related party | 1,119 | 1,125 | ||
Unconsolidated joint ventures | ||||
Related party transactions | ||||
Interest income, related party | 31 | |||
Due from affiliates | 3,222 | 3,869 | ||
Affiliated Entity | ||||
Related party transactions | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.00% | |||
Affiliated Entity | Related parties note receivable, AWE Talisman Company | ||||
Related party transactions | ||||
Interest income, related party | 154 | |||
Number of notes receivable (in notes) | 2 | |||
Note receivable, interest rate (as a percent) | 5.00% | |||
Fashion Outlets of Chicago | Affiliated Entity | ||||
Related party transactions | ||||
Property area (in square feet) | 528,000 | |||
Candlestick Point | ||||
Related party transactions | ||||
Property area (in square feet) | 500,000 | |||
Candlestick Point | Notes Receivable | ||||
Related party transactions | ||||
Description of variable rate basis | LIBOR | |||
Note receivable | 65,130 | |||
Candlestick Point | Affiliated Entity | Notes Receivable | ||||
Related party transactions | ||||
Description of variable rate basis | LIBOR | |||
Interest Income, Related Party | 433 | |||
Note receivable | $65,769 | 65,336 | ||
London Interbank Offered Rate (LIBOR) | Candlestick Point | Affiliated Entity | Notes Receivable | ||||
Related party transactions | ||||
Note receivable, interest rate (as a percent) | 2.00% |
Share_and_UnitBased_Plans_Narr
Share and Unit-Based Plans - Narrative (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 06, 2015 | Jan. 01, 2015 |
Share and unit-based plans | ||||
Capitalized share and unit-based compensation costs | $4,347 | $3,841 | ||
Stock units | ||||
Share and unit-based plans | ||||
Conversion rate of shares | 1 | |||
Granted (in shares) | 75,171 | |||
Average grant date fair value (in dollars per share) | $86.72 | |||
Unrecognized compensation cost of share and unit-based plans | 6,107 | |||
LTIP Units | ||||
Share and unit-based plans | ||||
Conversion rate of shares | 1 | |||
Granted (in shares) | 368,508 | |||
Average grant date fair value (in dollars per share) | $75.98 | |||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments other than Options, Absolute Return Requirement | 3.00% | |||
Unrecognized compensation cost of share and unit-based plans | 15,522 | |||
Stock awards | ||||
Share and unit-based plans | ||||
Granted (in shares) | 0 | |||
Average grant date fair value (in dollars per share) | $0 | |||
Unrecognized compensation cost of share and unit-based plans | 174 | |||
Stock options | ||||
Share and unit-based plans | ||||
Unrecognized compensation cost of share and unit-based plans | 39 | |||
Phantom stock units | ||||
Share and unit-based plans | ||||
Granted (in shares) | 3,185 | |||
Average grant date fair value (in dollars per share) | $84.97 | |||
Unrecognized compensation cost of share and unit-based plans | $500 | |||
Executive Officer | LTIP Units | ||||
Share and unit-based plans | ||||
Average grant date fair value (in dollars per share) | $86.72 | |||
2016 LTIP Units Series 1 | Executive Officer | LTIP Units | ||||
Share and unit-based plans | ||||
Granted (in shares) | 49,451 | |||
Average grant date fair value (in dollars per share) | $83.41 | |||
2015 LTIP Units Series 2 [Member] | Executive Officer | LTIP Units | ||||
Share and unit-based plans | ||||
Granted (in shares) | 186,450 | |||
Average grant date fair value (in dollars per share) | $66.37 | |||
2015 LTIP Units Series 3 | Executive Officer | LTIP Units | ||||
Share and unit-based plans | ||||
Granted (in shares) | 132,607 |
Share_and_UnitBased_Plans_Comp
Share and Unit-Based Plans - Compensation Cost (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share and unit-based plans | ||
Compensation cost under share and unit-based plans | $18,815 | $20,346 |
LTIP Units | ||
Share and unit-based plans | ||
Compensation cost under share and unit-based plans | 15,228 | 18,240 |
Stock awards | ||
Share and unit-based plans | ||
Compensation cost under share and unit-based plans | 75 | 114 |
Stock units | ||
Share and unit-based plans | ||
Compensation cost under share and unit-based plans | 3,197 | 1,682 |
Stock options | ||
Share and unit-based plans | ||
Compensation cost under share and unit-based plans | 4 | 4 |
Phantom stock units | ||
Share and unit-based plans | ||
Compensation cost under share and unit-based plans | $311 | $306 |
Share_and_UnitBased_Plans_Nonv
Share and Unit-Based Plans - Nonvested Equity Awards (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
LTIP Units | |
Units (in shares) | |
Balance at beginning of period | 46,695 |
Granted | 368,508 |
Vested | -132,607 |
Forfeited | 0 |
Balance at end of period | 282,596 |
Value (in dollars per share) | |
Balance at beginning of period | $58.89 |
Granted | $75.98 |
Vested | $86.72 |
Forfeited | $0 |
Balance at end of period | $68.12 |
Stock awards | |
Units (in shares) | |
Balance at beginning of period | 9,189 |
Granted | 0 |
Vested | -6,201 |
Forfeited | 0 |
Balance at end of period | 2,988 |
Value (in dollars per share) | |
Balance at beginning of period | $59.25 |
Granted | $0 |
Vested | $58 |
Forfeited | $0 |
Balance at end of period | $61.84 |
Phantom stock units | |
Units (in shares) | |
Balance at beginning of period | 9,269 |
Granted | 3,185 |
Vested | -4,350 |
Forfeited | 0 |
Balance at end of period | 8,104 |
Value (in dollars per share) | |
Balance at beginning of period | $58.35 |
Granted | $84.97 |
Vested | $71.53 |
Forfeited | $0 |
Balance at end of period | $61.73 |
Stock units | |
Units (in shares) | |
Balance at beginning of period | 144,374 |
Granted | 75,171 |
Vested | -80,334 |
Forfeited | 0 |
Balance at end of period | 139,211 |
Value (in dollars per share) | |
Balance at beginning of period | $59.94 |
Granted | $86.72 |
Vested | $59.06 |
Forfeited | $0 |
Balance at end of period | $74.94 |
Share_and_UnitBased_Plans_SARs
Share and Unit-Based Plans - SARs (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
SARs | |
SARs (in shares) | |
Balance at beginning of period | 772,639 |
Granted | 0 |
Exercised | -342,981 |
Forfeited | 0 |
Balance at end of period | 429,658 |
Value (in dollars per share) | |
Balance at beginning of period | $56.67 |
Granted | $0 |
Vested | $56.88 |
Forfeited | $0 |
Balance at end of period | $56.50 |
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 |
Granted | $0 |
Exercised | $0 |
Forfeited | $0 |
Balance at end of period | $59.57 |
Income_Taxes_Details
Income Taxes: (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Income tax benefit | |||
Current | $0 | $0 | |
Deferred | 935 | 172 | |
Income tax benefit | 935 | 172 | |
Components of net deferred tax assets | |||
Net deferred tax assets | $36,560 | $35,625 |
Subsequent_Events_Details
Subsequent Events: (Details) (USD $) | 0 Months Ended | ||||
Apr. 24, 2015 | Apr. 17, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Subsequent events | |||||
Related parties | $286,849,000 | $289,039,000 | |||
Lakewood Center Mortgage | |||||
Subsequent events | |||||
Related parties | 0 | 0 | |||
Subsequent event | |||||
Subsequent events | |||||
Dividend declared (in dollars per share) | $0.65 | ||||
Subsequent event | Lakewood Center Mortgage | |||||
Subsequent events | |||||
Related parties | 410,000 | ||||
Effective Interest Rate (as a percent) | 3.43% | ||||
Term (in years) | 11 years | ||||
Subsequent event | Sears Locations | |||||
Subsequent events | |||||
Number of stores | 9 | ||||
Ownership percentage acquired | 50.00% | ||||
Purchase price | $150,000,000 |