Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MACERICH CO | ||
Entity Central Index Key | 912,242 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 149,149,560 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 11.8 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Property, net | $ 8,796,912 | $ 11,067,890 |
Cash and cash equivalents | 86,510 | 84,907 |
Restricted cash | 41,389 | 13,530 |
Tenant and other receivables, net | 130,002 | 132,026 |
Deferred charges and other assets, net | 587,283 | 759,061 |
Due from affiliates | 83,928 | 80,232 |
Investments in unconsolidated joint ventures | 1,532,552 | 984,132 |
Total assets | 11,258,576 | 13,121,778 |
Mortgage notes payable: | ||
Related parties | 181,318 | 289,039 |
Others | 4,443,294 | 5,115,482 |
Total | 4,624,612 | 5,404,521 |
Bank and other notes payable | 659,130 | 887,879 |
Accounts payable and accrued expenses | 74,398 | 115,406 |
Accrued dividend | 337,703 | 0 |
Other accrued liabilities | 403,281 | 568,716 |
Distributions in excess of investments in unconsolidated joint ventures | 24,457 | 29,957 |
Co-venture obligation | 63,756 | 75,450 |
Total liabilities | $ 6,187,337 | $ 7,081,929 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 250,000,000 shares authorized, 154,404,986 and 158,201,996 shares issued and outstanding at December 31, 2015 and 2014, respectively | $ 1,544 | $ 1,582 |
Additional paid-in capital | 4,926,630 | 5,041,797 |
(Accumulated deficit) retained earnings | (212,760) | 596,741 |
Total stockholders' equity | 4,715,414 | 5,640,120 |
Noncontrolling interests | 355,825 | 399,729 |
Total equity | 5,071,239 | 6,039,849 |
Total liabilities and equity | $ 11,258,576 | $ 13,121,778 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 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 | 250,000,000 | 250,000,000 |
Common stock, shares issued | 154,404,986 | 158,201,996 |
Common stock, shares outstanding | 154,404,986 | 158,201,996 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Minimum rents | $ 759,603 | $ 633,571 | $ 578,113 |
Percentage rents | 25,693 | 24,350 | 23,156 |
Tenant recoveries | 415,129 | 361,119 | 337,772 |
Other | 61,470 | 52,226 | 50,242 |
Management Companies | 26,254 | 33,981 | 40,192 |
Total revenues | 1,288,149 | 1,105,247 | 1,029,475 |
Expenses: | |||
Shopping center and operating expenses | 379,815 | 353,505 | 329,795 |
Management Companies' operating expenses | 92,340 | 88,424 | 93,461 |
REIT general and administrative expenses | 29,870 | 29,412 | 27,772 |
Costs related to unsolicited takeover offer | 25,204 | 0 | 0 |
Depreciation and amortization | 464,472 | 378,716 | 357,165 |
Total expenses before interest | 991,701 | 850,057 | 808,193 |
Interest expense: | |||
Related parties | 10,515 | 15,134 | 15,016 |
Other | 201,428 | 175,555 | 182,231 |
Total interest expense | 211,943 | 190,689 | 197,247 |
(Gain) loss on early extinguishment of debt, net | (1,487) | 9,551 | (1,432) |
Total expenses | 1,202,157 | 1,050,297 | 1,004,008 |
Equity in income of unconsolidated joint ventures | 45,164 | 60,626 | 167,580 |
Co-venture expense | (11,804) | (9,490) | (8,864) |
Income tax benefit | 3,223 | 4,269 | 1,692 |
Gain (loss) on sale or write down of assets, net | 378,248 | 73,440 | (78,057) |
Gain on remeasurement of assets | 22,089 | 1,423,136 | 51,205 |
Income from continuing operations | 522,912 | 1,606,931 | 159,023 |
Discontinued operations: | |||
Gain on disposition of assets, net | 0 | 0 | 286,414 |
Income from discontinued operations | 0 | 0 | 3,522 |
Total income from discontinued operations | 0 | 0 | 289,936 |
Net income | 522,912 | 1,606,931 | 448,959 |
Less net income attributable to noncontrolling interests | 35,350 | 107,889 | 28,869 |
Net income attributable to the Company | $ 487,562 | $ 1,499,042 | $ 420,090 |
Earnings per common share attributable to Company—basic: (in dollars per share) | |||
Income from continuing operations (dollars per share) | $ 3.08 | $ 10.46 | $ 1.07 |
Discontinued operations (dollars per share) | 0 | 0 | 1.94 |
Net income attributable to common stockholders (dollars per share) | 3.08 | 10.46 | 3.01 |
Earnings per common share attributable to Company—diluted: (in dollars per share) | |||
Income from continuing operations (dollars per share) | 3.08 | 10.45 | 1.06 |
Discontinued operations (dollars per share) | 0 | 0 | 1.94 |
Net income attributable to common stockholders (dollars per share) | $ 3.08 | $ 10.45 | $ 3 |
Weighted average number of common shares outstanding: (in shares) | |||
Basic (shares) | 157,916 | 143,144 | 139,598 |
Diluted (shares) | 158,060 | 143,291 | 139,680 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Shares | Additional Paid-in Capital | Accumulated Deficit | Noncontrolling Interests |
Balance (in shares) at Dec. 31, 2012 | 137,507,010 | |||||
Balance at Dec. 31, 2012 | $ 3,416,251 | $ 3,077,529 | $ 1,375 | $ 3,715,895 | $ (639,741) | $ 338,722 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 448,959 | 420,090 | 420,090 | 28,869 | ||
Amortization of share and unit-based plans (in shares) | 88,039 | |||||
Amortization of share and unit-based plans | 28,122 | 28,122 | $ 0 | 28,122 | ||
Exercise of stock options (in shares) | 2,700 | |||||
Exercise of stock options | 99 | 99 | 99 | |||
Employee stock purchases (in shares) | 22,112 | |||||
Employee stock purchases | $ 1,089 | 1,089 | 1,089 | |||
Stock offerings, net (in shares) | 2,456,956 | 2,456,956 | ||||
Stock issued to acquire properties | $ 171,102 | 171,102 | $ 25 | 171,077 | ||
Distributions paid | (329,155) | (329,155) | (329,155) | |||
Distributions to noncontrolling interests | (31,202) | (31,202) | ||||
Contributions from noncontrolling interests | 18,079 | 18,079 | ||||
Other | (3,561) | (3,561) | (3,561) | |||
Conversion of noncontrolling interests to common shares (in shares) | 656,866 | |||||
Conversion of noncontrolling interests to common shares | 12,984 | $ 7 | 12,977 | (12,984) | ||
Redemption of noncontrolling interests | (1,066) | (733) | (733) | (333) | ||
Adjustment of noncontrolling interests in Operating Partnership | (18,817) | (18,817) | 18,817 | |||
Balance (in shares) at Dec. 31, 2013 | 140,733,683 | |||||
Balance at Dec. 31, 2013 | 3,718,717 | 3,358,749 | $ 1,407 | 3,906,148 | (548,806) | 359,968 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 1,606,931 | 1,499,042 | 1,499,042 | 107,889 | ||
Amortization of share and unit-based plans (in shares) | 168,379 | |||||
Amortization of share and unit-based plans | 34,873 | 34,873 | $ 2 | 34,871 | ||
Employee stock purchases (in shares) | 25,007 | |||||
Employee stock purchases | 1,231 | 1,231 | 1,231 | |||
Stock offerings, net (in shares) | 17,140,845 | |||||
Stock issued to acquire properties | 1,161,274 | 1,161,274 | $ 172 | 1,161,102 | ||
Distributions paid | (353,495) | (353,495) | (353,495) | |||
Distributions to noncontrolling interests | (32,230) | (32,230) | ||||
Other | (97,216) | (3,858) | (3,858) | (93,358) | ||
Conversion of noncontrolling interests to common shares (in shares) | 134,082 | |||||
Conversion of noncontrolling interests to common shares | 2,410 | $ 1 | 2,409 | (2,410) | ||
Redemption of noncontrolling interests | $ (236) | (157) | (157) | (79) | ||
Adjustment of noncontrolling interests in Operating Partnership | (59,949) | (59,949) | 59,949 | |||
Balance (in shares) at Dec. 31, 2014 | 158,201,996 | 158,201,996 | ||||
Balance at Dec. 31, 2014 | $ 6,039,849 | 5,640,120 | $ 1,582 | 5,041,797 | 596,741 | 399,729 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 522,912 | 487,562 | 487,562 | 35,350 | ||
Amortization of share and unit-based plans (in shares) | 241,186 | |||||
Amortization of share and unit-based plans | 34,375 | 34,375 | $ 2 | 34,373 | ||
Employee stock purchases (in shares) | 23,036 | |||||
Employee stock purchases | 1,512 | 1,512 | 1,512 | |||
Stock repurchase (in shares) | (4,140,788) | |||||
Stock repurchase | (400,144) | (400,144) | $ (41) | (153,602) | (246,501) | 0 |
Distributions paid | (1,050,562) | (1,050,562) | (1,050,562) | |||
Distributions to noncontrolling interests | (74,677) | (74,677) | ||||
Contributions from noncontrolling interests | 23 | 23 | ||||
Other | (1,593) | (1,593) | (1,593) | 0 | ||
Conversion of noncontrolling interests to common shares (in shares) | 79,556 | |||||
Conversion of noncontrolling interests to common shares | 1,559 | $ 1 | 1,558 | (1,559) | ||
Redemption of noncontrolling interests | $ (456) | (343) | (343) | (113) | ||
Adjustment of noncontrolling interests in Operating Partnership | 2,928 | 2,928 | (2,928) | |||
Balance (in shares) at Dec. 31, 2015 | 154,404,986 | 154,404,986 | ||||
Balance at Dec. 31, 2015 | $ 5,071,239 | $ 4,715,414 | $ 1,544 | $ 4,926,630 | $ (212,760) | $ 355,825 |
CONSOLIDATED STATEMENTS OF EQU6
CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares | Dec. 08, 2015 | Oct. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | |||||
Distributions paid, per share (in dollars per share) | $ 2 | $ 4.63 | $ 2.51 | $ 2.36 | |
Dividends declared for common stock | $ 2 | $ 6.63 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 522,912 | $ 1,606,931 | $ 448,959 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Gain) loss on early extinguishment of debt, net | (16,066) | 526 | (1,432) |
(Gain) loss on sale or write down of assets, net | (378,248) | (73,440) | 78,057 |
Gain on remeasurement of assets | (22,089) | (1,423,136) | (51,205) |
Gain on disposition of assets, net from discontinued operations | 0 | 0 | (286,414) |
Depreciation and amortization | 471,320 | 387,785 | 383,002 |
Amortization of net premium on mortgage notes payable | (20,232) | (8,906) | (6,822) |
Amortization of share and unit-based plans | 28,367 | 29,463 | 24,207 |
Straight-line rent adjustment | (7,192) | (5,825) | (7,987) |
Amortization of above and below-market leases | (16,510) | (9,083) | (6,726) |
Provision for doubtful accounts | 4,698 | 3,962 | 4,150 |
Income tax benefit | (3,223) | (4,269) | (1,692) |
Equity in income of unconsolidated joint ventures | (45,164) | (60,626) | (167,580) |
Co-venture expense | 11,804 | 9,490 | 8,864 |
Distributions of income from unconsolidated joint ventures | 4,541 | 2,412 | 8,538 |
Changes in assets and liabilities, net of acquisitions and dispositions: | |||
Tenant and other receivables | 1,908 | (12,356) | (5,482) |
Other assets | 13,892 | (15,594) | 7,761 |
Due from affiliates | (7,025) | (1,770) | 266 |
Accounts payable and accrued expenses | (4,014) | (123) | (747) |
Other accrued liabilities | 698 | (24,735) | (5,682) |
Net cash provided by operating activities | 540,377 | 400,706 | 422,035 |
Cash flows from investing activities: | |||
Acquisition of properties | (26,250) | (15,233) | (516,239) |
Development, redevelopment, expansion and renovation of properties | (272,334) | (185,412) | (158,682) |
Property improvements | (53,335) | (66,718) | (51,683) |
Cash acquired from acquisitions | 0 | 28,890 | 0 |
Proceeds from note receivable | 1,833 | 4,825 | 8,347 |
Issuance of notes receivable | 0 | (65,130) | (13,330) |
Proceeds from maturities of marketable securities | 0 | 0 | 23,769 |
Deposit on acquisition of property | (12,500) | 0 | 0 |
Deferred leasing costs | (33,902) | (28,019) | (27,669) |
Distributions from unconsolidated joint ventures | 105,640 | 78,222 | 618,048 |
Contributions to unconsolidated joint ventures | (426,186) | (336,621) | (97,898) |
Collections of loans to unconsolidated joint ventures, net | 0 | 2,756 | 589 |
Proceeds from sale of assets | 646,898 | 320,123 | 416,077 |
Restricted cash | (30,888) | 6,526 | 70,538 |
Net cash (used in) provided by investing activities | (101,024) | (255,791) | 271,867 |
Cash flows from financing activities: | |||
Proceeds from mortgages, bank and other notes payable | 4,080,671 | 1,204,946 | 2,572,764 |
Payments on mortgages, bank and other notes payable | (3,284,213) | (853,080) | (3,051,072) |
Deferred financing costs | (11,805) | (1,267) | (11,966) |
Payment of finance deposits, net of refunds received | 11,138 | 0 | 0 |
Proceeds from share and unit-based plans | 1,512 | 1,231 | 1,188 |
Proceeds from stock offerings | 0 | 0 | 173,011 |
Payment of stock issuance costs | 0 | (5,503) | (1,909) |
Stock repurchases | (400,144) | 0 | 0 |
Redemption of noncontrolling interests | (456) | (236) | (1,066) |
Contributions from noncontrolling interests | 23 | 0 | 4,140 |
Purchase of noncontrolling interest | (1,593) | (55,867) | 0 |
Payment of contingent consideration | 0 | (18,667) | 0 |
Dividends and distributions | (787,109) | (385,725) | (355,506) |
Distributions to co-venture partner | (23,498) | (15,555) | (19,564) |
Net cash used in financing activities | (437,750) | (129,723) | (689,980) |
Net increase in cash and cash equivalents | 1,603 | 15,192 | 3,922 |
Cash and cash equivalents, beginning of year | 84,907 | 69,715 | 65,793 |
Cash and cash equivalents, end of year | 86,510 | 84,907 | 69,715 |
Supplemental cash flow information: | |||
Cash payments for interest, net of amounts capitalized | 231,106 | 186,877 | 195,129 |
Non-cash investing and financing activities: | |||
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | 52,983 | 83,108 | 41,334 |
Acquisition of property by issuance of common stock | 0 | 1,166,777 | 0 |
Conversion of Operating Partnership Units to common stock | 1,559 | 2,410 | 12,984 |
Accrued dividend | 337,703 | 0 | 0 |
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 0 | 1,414,659 | 257,064 |
Mortgage notes payable settled in deed-in-lieu of foreclosure | 34,149 | 0 | 84,000 |
Mortgage notes payable assumed by buyers in sales of properties | 0 | 31,725 | 224,737 |
Mortgage notes payable assumed by buyer in exchange for investment in unconsolidated joint venture | 1,782,455 | 0 | 0 |
Note receivable issued in connection with sale of property | 0 | 9,603 | 0 |
Acquisition of property in exchange for settlement of notes receivable | 0 | 14,120 | 0 |
Acquisition of property in exchange for investment in unconsolidated joint venture | 76,250 | 15,767 | 0 |
Contingent consideration in acquisition of property | 0 | 10,012 | 0 |
Assumption of mortgage notes payable and other liabilities from unconsolidated joint ventures | 50,000 | 0 | 54,271 |
Application of deposit to acquire property | $ 0 | $ 0 | $ 30,000 |
Organization_
Organization: | 12 Months Ended |
Dec. 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 December 31, 2015 , the Company was the sole general partner of and held a 93% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado, LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies." |
Summary of Significant Accounti
Summary of Significant Accounting Policies: | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies: | Summary of Significant Accounting Policies : Basis of Presentation: These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. 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. Cash and Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under loan agreements. Revenues: Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." Minimum rents were increased by $7,192 , $5,825 and $7,498 due to the straight-line rent adjustment during the years ended December 31, 2015 , 2014 and 2013 , respectively. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. In consideration for these services, the Management Companies receive monthly management fees generally ranging from 1.5% to 5% of the gross monthly rental revenue of the properties managed. Property: Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 5 - 40 years Tenant improvements 5 - 7 years Equipment and furnishings 5 - 7 years Capitalization of Costs: The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete. Investment in Unconsolidated Joint Ventures: The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its 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. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, Candlestick Center LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures as it shares management control with the partners in these joint venture and, therefore, accounts for its investments in these joint ventures using the equity method of accounting. Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization. Acquisitions: The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases are recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. The initial allocation of purchase price is based on management's preliminary assessment, which may change when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The purchase price allocation is described as preliminary if it is not yet final. The use of different assumptions in the allocation of the purchase price of the acquired assets and liabilities assumed could affect the timing of recognition of the related revenues and expenses. The Company immediately expenses costs associated with business combinations as period costs. Remeasurement gains are recognized when the Company obtains control of an existing equity method investment to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment. Deferred Charges: Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method. The range of the terms of the agreements is as follows: Deferred lease costs 1 - 15 years Deferred financing costs 1 - 15 years Accounting for Impairment: The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary. Derivative Instruments and Hedging Activities: The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Ineffective portions, if any, are included in net income (loss). Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations. Share and Unit-based Compensation Plans: The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For market-indexed LTIP awards, compensation cost is recognized under the graded attribution method. Income Taxes: The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any. Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. 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. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods. Segment Information: The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States. Fair Value of Financial Instruments: The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made. The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Concentration of Risk: The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250 . At various times during the year, the Company had deposits in excess of the FDIC insurance limit. No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2015 , 2014 or 2013 . Management Estimates: The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue From Contracts With Customers,” which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year. Accordingly, ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In February 2015, the FASB issued 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. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. ASU 2015-16 is effective for the Company beginning January 1, 2016. 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"): | 12 Months Ended |
Dec. 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 years ended December 31 (shares in thousands): 2015 2014 2013 Numerator Income from continuing operations $ 522,912 $ 1,606,931 $ 159,023 Income from discontinued operations — — 289,936 Net income attributable to noncontrolling interests (35,350 ) (107,889 ) (28,869 ) Net income attributable to the Company 487,562 1,499,042 420,090 Allocation of earnings to participating securities (1,493 ) (1,576 ) (397 ) Numerator for basic and diluted earnings per share—net income attributable to common stockholders $ 486,069 $ 1,497,466 $ 419,693 Denominator Denominator for basic earnings per share—weighted average number of common shares outstanding 157,916 143,144 139,598 Effect of dilutive securities (1) Share and unit based compensation 144 147 82 Denominator for diluted earnings per share—weighted average number of common shares outstanding 158,060 143,291 139,680 Earnings per common share—basic: Income from continuing operations $ 3.08 $ 10.46 $ 1.07 Discontinued operations — — 1.94 Net income attributable to common stockholders $ 3.08 $ 10.46 $ 3.01 Earnings per common share—diluted: Income from continuing operations $ 3.08 $ 10.45 $ 1.06 Discontinued operations — — 1.94 Net income attributable to common stockholders $ 3.08 $ 10.45 $ 3.00 ____________________________________ (1) Diluted EPS excludes 139,186 , 179,667 and 184,304 convertible preferred units for the years ended December 31, 2015 , 2014 and 2013 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,562,154 and 10,079,935 and 9,845,602 Operating Partnership units ("OP Units") for the years ended December 31, 2015 , 2014 and 2013 , respectively, as their effect was antidilutive. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures: | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures: | Investments in Unconsolidated Joint Ventures: The following are the Company's direct or indirect investments in various joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2015 was as follows: Joint Venture Ownership %(1) 443 Wabash MAB LLC 45.0 % AM Tysons LLC 50.0 % Biltmore Shopping Center Partners LLC 50.0 % Candlestick Center LLC—Fashion Outlets of San Francisco 50.1 % Coolidge Holding LLC 37.5 % Corte Madera Village, LLC 50.1 % Fashion Outlets of Philadelphia—Various Entities 50.0 % Jaren Associates #4 12.5 % Kierland Commons Investment LLC 50.0 % Macerich Northwestern Associates—Broadway Plaza 50.0 % MS Portfolio LLC 50.0 % North Bridge Chicago LLC 50.0 % One Scottsdale Investors LLC 50.0 % Pacific Premier Retail LLC—Various Properties 60.0 % Propcor II Associates, LLC—Boulevard Shops 50.0 % Scottsdale Fashion Square Partnership 50.0 % The Market at Estrella Falls LLC 40.1 % Tysons Corner LLC 50.0 % Tysons Corner Hotel I LLC 50.0 % Tysons Corner Property Holdings II LLC 50.0 % Tysons Corner Property LLC 50.0 % West Acres Development, LLP 19.0 % Westcor/Gilbert, L.L.C. 50.0 % Westcor/Queen Creek LLC 38.0 % Westcor/Surprise Auto Park LLC 33.3 % WMAP, L.L.C.—Atlas Park 50.0 % _______________________________________________________________________________ (1) The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds. The Company has made the following investments and dispositions in unconsolidated joint ventures during the years ended December 31, 2015 , 2014 and 2013 : On May 29, 2013 , the Company's joint venture in Pacific Premier Retail LLC sold Redmond Town Center Office , a 582,000 square foot office building in Redmond , Washington , for $185,000 , resulting in a gain on the sale of assets of $89,157 to the joint venture. The Company's share of the gain was $44,424 , which was included in equity in income of unconsolidated joint ventures during the year ended December 31, 2013. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes. On June 12, 2013 , the Company's joint venture in Pacific Premier Retail LLC sold Kitsap Mall , an 846,000 square foot regional shopping center in Silverdale , Washington , for $127,000 , resulting in a gain on the sale of assets of $55,150 to the joint venture. The Company's share of the gain was $28,127 , which was included in equity in income of unconsolidated joint ventures during the year ended December 31, 2013. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes. On August 1, 2013 , the Company's joint venture in Pacific Premier Retail LLC sold Redmond Town Center , a 695,000 square foot community center in Redmond , Washington , for $127,000 , resulting in a gain on the sale of assets of $38,447 to the joint venture. The Company's share of the gain was $18,251 , which was included in equity in income of unconsolidated joint ventures during the year ended December 31, 2013. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes. On September 17, 2013 , the Company’s joint venture in Camelback Colonnade , a 619,000 square foot community center in Phoenix , Arizona , was restructured. As a result of the restructuring, the Company’s ownership interest in Camelback Colonnade decreased from 73.2% to 67.5% . Prior to the restructuring, the Company had accounted for its investment in Camelback Colonnade under the equity method of accounting due to substantive participation rights held by the outside partners. Upon completion of the restructuring, these substantive participation rights were terminated and the Company obtained voting control of the joint venture. This transaction is referred to herein as the "Camelback Colonnade Restructuring." Since the date of the restructuring, the Company included Camelback Colonnade in its consolidated financial statements (See Note 13 — Acquisitions ) until its sale on December 29, 2014 (See Note 14 — Dispositions ). On October 8, 2013 , the Company's joint venture in Ridgmar Mall , a 1,273,000 square foot regional shopping center in Fort Worth , Texas , sold the property for $60,900 , resulting in a gain of $6,243 to the joint venture. The Company's share of the gain was $3,121 , which was included in equity in income from joint ventures for the year ended December 31, 2013. The cash proceeds from the sale were used to pay off the $51,657 mortgage loan on the property and the remaining $9,243 , net of closing costs, was distributed to the partners. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes. On October 24, 2013 , the Company acquired the remaining 33.3% ownership interest in Superstition Springs Center that it did not previously own for $46,162 . The purchase price was funded by a cash payment of $23,662 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $22,500 . Prior to the acquisition, the Company had accounted for its investment in Superstition Springs Center under the equity method of accounting. Since the date of acquisition, the Company has included Superstition Springs Center in its consolidated financial statements (See Note 13 — Acquisitions ). On June 4, 2014 , the Company acquired the remaining 49% 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 in Pacific Premier Retail LLC. 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 with Pennsylvania Real Estate Investment Trust to redevelop Fashion Outlets of Philadelphia , 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 Fashion Outlets of San Francisco , a 500,000 square foot outlet center 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 Fashion Outlets of San Francisco (See Note 17 — 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 LLC and Queens JV LP, which together owned five Centers: Lakewood Center , a 2,075,000 square foot regional shopping center in Lakewood , California ; Los Cerritos Center , a 1,292,000 square foot regional shopping center in Cerritos , California ; Queens Center , a 966,000 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 1,441,000 square foot regional shopping center in Portland , Oregon (collectively referred to herein as the " PPR 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 PPR 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 , an 866,000 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 ). On April 30, 2015 , the Company entered into a 50/50 joint venture with Sears to own nine freestanding stores located at 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 Company invested $150,000 for a 50% ownership interest in the joint venture, which was funded by borrowings under the Company's line of credit. On October 30, 2015 , the Company sold a 40% ownership interest in Pacific Premier Retail LLC (the "PPR Portfolio"), which owns Lakewood Center , a 2,075,000 square foot regional shopping center in Lakewood , California ; Los Cerritos Center , a 1,292,000 square foot regional shopping center in Cerritos , California ; South Plains Mall , a 1,127,000 square foot regional shopping center in Lubbock , Texas ; and Washington Square , a 1,441,000 square foot regional shopping center in Portland , Oregon , for a total sales price of $1,258,643 , resulting in a gain on sale of assets of $311,194 . The sales price was funded by a cash payment of $545,643 and the assumption of a pro rata share of the mortgage notes payable on the properties of $713,000 . The Company used the cash proceeds from the sales to pay down its line of credit and for general corporate purposes, which included funding the ASR and Special Dividend (See Note 12 — Stockholders' Equity ). On January 6, 2016 , the Company sold a 40% ownership interest in Arrowhead Towne Center , a 1,197,000 square foot regional shopping center in Glendale , Arizona ; for $284,000 (See Note 22 — Subsequent Events ). The sales price was funded by a cash payment of $124,000 and the assumption of a pro rata share of the mortgage note payable on the property of $160,000 . The Company used the cash proceeds from the sales to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See Note 12 — Stockholders' Equity ). On January 14, 2016 , the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall , a 1,040,000 square foot regional shopping center in Deptford , New Jersey ; FlatIron Crossing , a 1,430,000 square foot regional shopping center in Broomfield , Colorado ; and Twenty Ninth Street , an 850,000 square foot regional shopping center in Boulder , Colorado for $750,980 . The sales price was funded by a cash payment of $458,110 and the assumption of a pro rata share of the mortgage note payable on the properties of $292,870 . (See Note 22 — Subsequent Events ). The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31: 2015 2014 Assets(1): Properties, net $ 6,334,442 $ 2,967,878 Other assets 517,053 208,726 Total assets $ 6,851,495 $ 3,176,604 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 3,614,401 $ 2,038,379 Other liabilities 358,156 195,766 Company's capital 1,585,796 489,349 Outside partners' capital 1,293,142 453,110 Total liabilities and partners' capital $ 6,851,495 $ 3,176,604 Investment in unconsolidated joint ventures: Company's capital $ 1,585,796 $ 489,349 Basis adjustment(3) (77,701 ) 464,826 $ 1,508,095 $ 954,175 Assets—Investments in unconsolidated joint ventures $ 1,532,552 $ 984,132 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (24,457 ) (29,957 ) $ 1,508,095 $ 954,175 _______________________________________________________________________________ (1) These amounts include the assets of $3,283,702 and liabilities of $1,938,241 of Pacific Premier Retail LLC as of December 31, 2015 . (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 December 31, 2015 and 2014 , a total of $5,000 and $33,540 , respectively, could become recourse debt to the Company. As of December 31, 2015 and 2014 , the Company has an indemnity agreement from a joint venture partner for $2,500 and $16,770 , respectively, of the guaranteed amount. Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $461,778 and $606,263 as of December 31, 2015 and 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 incurred on these borrowings amounted to $29,372 , $38,113 and $31,549 for the years ended December 31, 2015 , 2014 and 2013 , respectively. (3) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $5,619 , $5,109 and $10,734 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: Pacific Other Joint Ventures Total Year Ended December 31, 2015 Revenues: Minimum rents $ 21,172 $ 293,921 $ 315,093 Percentage rents 2,569 13,188 15,757 Tenant recoveries 8,408 129,059 137,467 Other 1,182 33,931 35,113 Total revenues 33,331 470,099 503,430 Expenses: Shopping center and operating expenses 6,852 165,795 172,647 Interest expense 10,448 78,279 88,727 Depreciation and amortization 16,919 133,707 150,626 Total operating expenses 34,219 377,781 412,000 Gain on sale of assets — 9,850 9,850 Loss on early extinguishment of debt — (3 ) (3 ) Net income $ (888 ) $ 102,165 $ 101,277 Company's equity in net income $ 1,409 $ 43,755 $ 45,164 Year Ended December 31, 2014 Revenues: Minimum rents $ 88,831 $ 299,532 $ 388,363 Percentage rents 2,652 14,509 17,161 Tenant recoveries 40,118 146,623 186,741 Other 4,090 36,615 40,705 Total revenues 135,691 497,279 632,970 Expenses: Shopping center and operating expenses 37,113 178,299 215,412 Interest expense 34,113 102,974 137,087 Depreciation and amortization 29,688 114,715 144,403 Total operating expenses 100,914 395,988 496,902 (Loss) gain on sale of assets (7,044 ) 10,687 3,643 Net income $ 27,733 $ 111,978 $ 139,711 Company's equity in net income $ 9,743 $ 50,883 $ 60,626 Pacific Other Joint Ventures Total Year Ended December 31, 2013 Revenues: Minimum rents $ 118,164 $ 300,560 $ 418,724 Percentage rents 4,586 15,003 19,589 Tenant recoveries 52,470 151,701 204,171 Other 5,882 39,745 45,627 Total revenues 181,102 507,009 688,111 Expenses: Shopping center and operating expenses 53,039 176,779 229,818 Interest expense 43,445 101,877 145,322 Depreciation and amortization 39,616 107,693 147,309 Total operating expenses 136,100 386,349 522,449 Gain on sale of assets 182,754 7,772 190,526 Gain on early extinguishment of debt — 14 14 Net income $ 227,756 $ 128,446 $ 356,202 Company's equity in net income $ 110,798 $ 56,782 $ 167,580 _______________________________________________________________________________ (1) These amounts exclude the results of operations from November 14, 2014 to October 29, 2015, as Pacific Premier Retail LLC became wholly-owned as a result of the PPR Queens Portfolio acquisition. Pacific Premier Retail LLC was converted from wholly-owned to an unconsolidated joint venture effective October 30, 2015, as a result of the PPR Portfolio transaction, as discussed above. Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. |
Property_
Property: | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property: | Property, net : Property at December 31, 2015 and 2014 consists of the following: 2015 2014 Land $ 1,894,717 $ 2,242,291 Buildings and improvements 7,752,892 9,479,337 Tenant improvements 637,355 600,436 Equipment and furnishings 169,841 152,554 Construction in progress 234,851 303,264 10,689,656 12,777,882 Less accumulated depreciation (1,892,744 ) (1,709,992 ) $ 8,796,912 $ 11,067,890 Depreciation expense for the years ended December 31, 2015 , 2014 and 2013 was $354,977 , $289,178 and $269,790 , respectively. The gain on sale or write down of assets, net for the year ended December 31, 2015 includes the gain of $311,194 on the sale of a 40% ownership interest in the PPR Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ), $73,726 on the sale of Panorama Mall (See Note 14 — Dispositions ), $2,336 on the sale of assets and $1,807 on the sale of land offset in part by a loss of $10,633 on impairment and $182 on the write-off of development costs. The loss on impairment was due to the reduction of the estimated holding periods of Flagstaff Mall (See Note 8 — Mortgage Notes Payable ) and a freestanding store. The gain on sale or write down of assets, net for the year ended December 31, 2014 includes the gain of $144,927 on the sales of Rotterdam Square , Somersville Towne Center , Lake Square Mall , South Towne Center , Camelback Colonnade and four former Meryvns' stores (See Note 14 — Dispositions ), $9,033 on the sale of Wilshire Boulevard (See Note 4 — Investments in Unconsolidated Joint Ventures ) and $1,257 on the sale of assets offset in part by a loss of $41,216 on impairment and $40,561 on the write-off of development costs. The loss on impairment was due to the reduction in the estimated holding periods of the long-lived assets of several properties including Great Northern Mall , Cascade Mall , a property adjacent to Fiesta Mall and three former Mervyn's stores sold in 2014 (See Note 14 — Dispositions ). The loss on sale or write down of assets, net for the year ended December 31, 2013 includes a loss of $82,197 on impairment and $1,250 on the write-off of development costs offset in part by a gain of $5,390 on the sale of assets. The loss on impairment was due to the reduction in the estimated holding periods of the long-lived assets of Promenade at Casa Grande , Rotterdam Square , Lake Square Mall and Somersville Towne Center . |
Tenant and Other Receivables_
Tenant and Other Receivables: | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Tenant and Other Receivables: | Tenant and Other Receivables, net : Included in tenant and other receivables, net is an allowance for doubtful accounts of $3,072 and $3,234 at December 31, 2015 and 2014 , respectively. Also included in tenant and other receivables, net are accrued percentage rents of $10,940 and $13,436 at December 31, 2015 and 2014 , respectively, and a deferred rent receivable due to straight-line rent adjustments of $60,790 and $57,278 at December 31, 2015 and 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. The balance of LSM Note A at December 31, 2015 was $6,351 and is collateralized by a trust deed on Lake Square Mall . |
Deferred Charges and Other Asse
Deferred Charges and Other Assets, net: | 12 Months Ended |
Dec. 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 at December 31, 2015 and 2014 consist of the following: 2015 2014 Leasing $ 248,709 $ 239,955 Financing 45,874 47,171 Intangible assets: In-place lease values(1) 196,969 298,825 Leasing commissions and legal costs(1) 52,000 72,432 Above-market leases 220,847 250,810 Deferred tax assets 38,847 35,625 Deferred compensation plan assets 37,341 35,194 Other assets 70,070 66,246 910,657 1,046,258 Less accumulated amortization(2) (323,374 ) (287,197 ) $ 587,283 $ 759,061 _______________________________ (1) The estimated amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2016 $ 36,275 2017 23,415 2018 18,002 2019 14,874 2020 11,373 Thereafter 35,577 $ 139,516 (2) Accumulated amortization includes $109,453 and $103,361 relating to in-place lease values, leasing commissions and legal costs at December 31, 2015 and 2014 , respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $69,460 , $52,668 and $53,139 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The allocated values of above-market leases and below-market leases consist of the following: 2015 2014 Above-Market Leases Original allocated value $ 220,847 $ 250,810 Less accumulated amortization (73,520 ) (59,696 ) $ 147,327 $ 191,114 Below-Market Leases(1) Original allocated value $ 227,063 $ 375,033 Less accumulated amortization (101,872 ) (93,511 ) $ 125,191 $ 281,522 _______________________________ (1) Below‑market leases are included in other accrued liabilities. The allocated values of above and below-market leases will be amortized into minimum rents on a straight-line basis over the individual remaining lease terms. The estimated amortization of these values for the next five years and thereafter is as follows: Year Ending December 31, Above Market Below Market 2016 $ 18,360 $ 20,309 2017 15,456 16,838 2018 13,045 15,054 2019 10,708 13,380 2020 9,176 10,649 Thereafter 80,582 48,961 $ 147,327 $ 125,191 |
Mortgage Notes Payable_
Mortgage Notes Payable: | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable: | Mortgage Notes Payable : Mortgage notes payable at December 31, 2015 and 2014 consist of the following: Carrying Amount of Mortgage Notes(1) 2015 2014 Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Property Pledged as Collateral Related Party Other Related Party Other Arrowhead Towne Center(5) $ — $ 221,194 $ — $ 228,703 2.76 % $ 1,131 2018 Chandler Fashion Center(6) — 200,000 — 200,000 3.77 % 625 2019 Danbury Fair Mall 111,248 111,249 114,265 114,264 5.53 % 1,538 2020 Deptford Mall(7) — 193,861 — 197,815 3.76 % 947 2023 Deptford Mall — 14,001 — 14,285 6.46 % 101 2016 Eastland Mall(8) — — — 168,000 — — — Fashion Outlets of Chicago(9) — 200,000 — 119,329 1.84 % 291 2020 Fashion Outlets of Niagara Falls USA — 118,615 — 121,376 4.89 % 727 2020 Flagstaff Mall(10) — 37,000 — 37,000 8.97 % 153 2015 FlatIron Crossing(7) — 254,733 — 261,494 3.90 % 1,393 2021 Freehold Raceway Mall(6) — 225,094 — 229,244 4.20 % 1,132 2018 Great Northern Mall(11) — — — 34,494 — — — Green Acres Mall — 306,954 — 313,514 3.61 % 1,447 2021 Kings Plaza Shopping Center — 470,627 — 480,761 3.67 % 2,229 2019 Lakewood Center(12) — — — 253,708 — — — Los Cerritos Center(13) — — 103,274 103,274 — — — Northgate Mall(14) — 64,000 — 64,000 3.30 % 143 2017 Oaks, The — 205,986 — 210,197 4.14 % 1,064 2022 Pacific View — 130,458 — 133,200 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place — 225,089 — 230,344 2.99 % 1,004 2018 SanTan Village Regional Center — 130,898 — 133,807 3.14 % 589 2019 Stonewood Center — 105,494 — 111,297 1.80 % 640 2017 Superstition Springs Center(15) — 67,763 — 68,079 2.17 % 149 2016 Towne Mall — 22,200 — 22,607 4.48 % 117 2022 Tucson La Encantada 70,070 — 71,500 — 4.23 % 368 2022 Valley Mall(16) — — — 41,368 — — — Valley River Center(17) — — — 120,000 — — — Victor Valley, Mall of — 115,000 — 115,000 4.00 % 380 2024 Vintage Faire Mall(18) — 276,117 — — 3.55 % 1,255 2026 Washington Square(19) — — — 238,696 — — — Westside Pavilion — 146,961 — 149,626 4.49 % 783 2022 $ 181,318 $ 4,443,294 $ 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. The debt premiums (discounts) as of December 31, 2015 and 2014 consist of the following: Property Pledged as Collateral 2015 2014 Arrowhead Towne Center $ 8,494 $ 11,568 Deptford Mall (3 ) (8 ) Fashion Outlets of Niagara Falls USA 4,486 5,414 Lakewood Center — 3,708 Los Cerritos Center — 17,965 Stonewood Center 5,168 7,980 Superstition Springs Center 263 579 Valley Mall — (132 ) Washington Square — 9,847 $ 18,408 $ 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) On January 6, 2016 , the Company replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 4.05% and matures on February 1, 2028 . Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the underlying property (See Note 22 — Subsequent Events ). (6) 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 ). (7) On January 14, 2016 , a 49% interest in the loan was assumed by a third party in connection with the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 22 — Subsequent Events ). (8) On December 1, 2015 , the Company paid off in full the loan on the property. (9) 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 December 31, 2015 and 2014 , the total interest rate was 1.84% and 2.97% , respectively. (10) On November 1, 2015 , this non-recourse loan went into maturity default. The Company is negotiating with the loan servicer, which will likely result in a transition of the property to the loan servicer or a receiver. (11) On June 30, 2015 , the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a loss of $1,627 on the extinguishment of debt (See Note 14 — Dispositions ). (12) On March 2, 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. On May 12, 2015 , the Company placed a new $410,000 loan on the property that bears interest at an effective rate of 3.46% and matures on June 1, 2026. On October 30, 2015, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). (13) On October 30, 2015 , the Company replaced the existing loan on the property with a new $525,000 loan that bears interest at an effective rate of 4.00% and matures on November 1, 2027 , which resulted in a loss of $859 on the early extinguishment of debt. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). (14) The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017 . At December 31, 2015 and 2014 , the total interest rate was 3.30% and 3.05% , respectively. (15) The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016 . At December 31, 2015 and 2014 , the total interest rate was 2.17% and 1.98% , respectively. (16) On December 1, 2015 , the Company paid off in full the loan on the property, which resulted in a loss of $52 on the early extinguishment of debt. (17) On July 31, 2015 , the Company paid off in full the loan on the property, which resulted in a loss of $9 on the early extinguishment of debt. (18) 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 . (19) On October 5, 2015, the Company paid off in full the existing loan on the property, which resulted in a gain of $2,367 on the early extinguishment of debt as a result of writing off the related debt premium. On October 29, 2015 , the Company placed a new $550,000 loan on the property that bears interest at an effective rate of 3.65% and matures on November 1, 2022 . On October 30, 2015, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). 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 December 31, 2015 and 2014 , a total of $13,500 and $73,165 , respectively, of the mortgage notes payable could become recourse to the Company. The Company expects all loan maturities during the next twelve months, except Flagstaff 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 Flagstaff Mall , which went into maturity default on November 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 during the years ended December 31, 2015 , 2014 and 2013 was $13,052 , $12,559 and $10,829 , respectively. Related party mortgage notes payable are amounts due to affiliates of NML. See Note 17 — Related Party Transactions for interest expense associated with loans from NML. The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2015 and 2014 was $4,628,781 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. The future maturities of mortgage notes payable are as follows: Year Ending December 31, 2016 $ 155,977 2017 235,501 2018 695,439 2019 809,077 2020 534,886 Thereafter 2,175,324 4,606,204 Debt premium, net 18,408 $ 4,624,612 The future maturities reflected above reflect the extension options that the Company believes will be exercised. |
Bank and Other Notes Payable_
Bank and Other Notes Payable: | 12 Months Ended |
Dec. 31, 2015 | |
Bank and Other Notes Payable: | |
Bank and Other Notes Payable: | Bank and Other Notes Payable : Bank and other notes payable at December 31, 2015 and 2014 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 levels, and matures on August 6, 2018. Based on the Company's leverage level as of December 31, 2015 , the borrowing rate on the facility was LIBOR plus 1.50% . As of December 31, 2015 and 2014 , borrowings under the line of credit were $650,000 and $752,000 , respectively, at an average interest rate of 1.95% and 1.89% , respectively. The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2015 and 2014 was $640,260 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 bore interest at LIBOR plus a spread of 1.95% to 3.20% , depending on the Company's overall leverage level, and was to mature on December 8, 2018. On October 23, 2015 , the Company paid off in full the term loan, which resulted in a loss of $578 on the early extinguishment of debt. As of December 31, 2014 , the total interest rate was 2.25% . The estimated fair value (Level 2 measurement) of the term loan at December 31, 2014 was $119,780 , 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 December 31, 2015 and 2014 , the note had a balance of $9,130 and $10,879 , respectively. The estimated fair value (Level 2 measurement) of the note at December 31, 2015 and 2014 was $9,168 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 December 31, 2015 and 2014 , the Company was in compliance with all applicable financial loan covenants. The future maturities of bank and other notes payable are as follows: Year Ending December 31, 2016 $ 9,130 2018 650,000 $ 659,130 |
Co-Venture Arrangement_
Co-Venture Arrangement: | 12 Months Ended |
Dec. 31, 2015 | |
Co-Venture Arrangement: [Abstract] | |
Co-venture Arrangement Disclosure | 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 1,669,000 square foot regional shopping center in Freehold , New Jersey , and Chandler Fashion Center, a 1,319,000 square foot regional shopping center in Chandler , Arizona . As part of this transaction, the Company issued a warrant in favor of the third party to purchase 935,358 shares of common stock of the Company at an exercise price of $46.68 per share (See "Stock Warrants" in Note 12 — Stockholders' Equity ). The Company received approximately $174,650 in cash proceeds for the overall transaction, of which $6,496 was attributed to the warrants. The Company used the proceeds from this transaction to pay down its line of credit and for general corporate purposes. As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the venture formation, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction has been accounted for as a profit-sharing arrangement, and accordingly the assets, liabilities and operations of the properties remain on the books of the Company and a co-venture obligation was established for the amount of $168,154 , representing the net cash proceeds received from the third party less costs allocated to the warrant. The co-venture obligation is increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. The co-venture obligation was $63,756 and $75,450 at December 31, 2015 and 2014 , respectively. |
Noncontrolling Interests_
Noncontrolling Interests: | 12 Months Ended |
Dec. 31, 2015 | |
NonControlling Interests: [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 periodically to reflect its ownership interest in the Company. The Company had a 93% and 94% ownership interest in the Operating Partnership as of December 31, 2015 and 2014 , respectively. The remaining 7% and 6% limited partnership interest as of December 31, 2015 and 2014 , respectively, was owned by certain of the Company's executive officers and directors, certain of their affiliates, and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of registered or unregistered 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 ten trading days ending on the respective balance sheet date. Accordingly, as of December 31, 2015 and 2014 , the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $870,625 and $877,184 , respectively. The Company issued common and cumulative 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: | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity : Stock Buyback Program: On September 30, 2015 , the Company's Board of Directors authorized the repurchase of up to $1,200,000 of the Company's outstanding common shares over the period ending September 30, 2017 , as market conditions warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated stock repurchase transactions, or other methods of acquiring shares and pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, from time to time as permitted by securities laws and other legal requirements. On November 12, 2015 , the Company entered into an accelerated share repurchase program ("ASR") to repurchase $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,140,788 shares. On January 20, 2016 , the ASR was completed and the Company received an additional delivery of 970,609 shares. The average price of the 5,111,397 shares repurchased under the ASR was $78.26 per share. The ASR was funded from proceeds in connection with the financing and sale of the ownership interest in the PPR Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures and Note 22 — Subsequent Events ). Special Dividends: On October 30, 2015, the Company declared two special dividends/distributions ("Special Dividend"), each of $2.00 per share of common stock and per OP Unit. The first Special Dividend was paid on December 8, 2015 to stockholders and OP Unit holders of record on November 12, 2015. The second Special Dividend was paid on January 6, 2016 to common stockholders and OP Unit holders of record on November 12, 2015. The Special Dividends were funded from proceeds in connection with the financing and sale of ownership interests in the PPR Portfolio and Arrowhead Towne Center (See Note 4 — Investments in Unconsolidated Joint Ventures and Note 22 — Subsequent Events ). 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. During the year ended December 31, 2012, the Company sold 2,961,903 shares of common stock under the 2012 ATM Program in exchange for aggregate gross proceeds of $177,896 and net proceeds of $175,649 after commissions and other transaction costs. During the year ended December 31, 2013, the Company sold 2,456,956 shares of common stock under the 2012 ATM Program in exchange for aggregate gross proceeds of $173,011 and net proceeds of $171,102 after commissions and other transaction costs. The proceeds from the sales were used to pay down the Company's line of credit. On August 20, 2014, the Company terminated and replaced the 2012 ATM Program with a new ATM Program (the "2014 ATM Program") to sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000 (the "ATM Shares"). The terms of the 2014 ATM Program are substantially the same as the 2012 ATM Program. The Company did not sell any shares under the 2014 ATM Program during the year ended December 31, 2015 . As of December 31, 2015 , $500,000 of the ATM Shares were available to be sold under the 2014 ATM Program. The unsold 2012 ATM Shares are no longer available for issuance. Actual future sales of the 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 PPR 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: | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions: Green Acres Mall : On January 24, 2013 , the Company acquired Green Acres Mall , a 1,799,000 square foot regional shopping center in Valley Stream , New York , for a purchase price of $500,000 . A purchase deposit of $30,000 was funded during the year ended December 31, 2012, and the remaining $470,000 was funded upon closing of the acquisition. The cash payment made at the time of closing was provided by the placement of a mortgage note payable on the property that allowed for borrowings of up to $325,000 and from borrowings under the Company's line of credit. Concurrent with the acquisition, the Company borrowed $100,000 on the loan. On January 31, 2013 , the Company exercised its option to borrow the remaining $225,000 on the loan. The acquisition was completed to acquire another prominent shopping center in the New York metropolitan area. The following is a summary of the allocation of the fair value of Green Acres Mall : Property $ 477,673 Deferred charges 45,130 Other assets 19,125 Total assets acquired 541,928 Other accrued liabilities 41,928 Total liabilities assumed 41,928 Fair value of acquired net assets $ 500,000 The Company determined that the purchase price represented the fair value of the assets acquired and liabilities assumed. Since the date of acquisition, the Company has included Green Acres Mall in its consolidated financial statements. Green Acres Adjacent : On April 25, 2013 , the Company acquired a 19 acre parcel of land adjacent to Green Acres Mall for $22,577 . The payment was provided by borrowings from the Company's line of credit. The acquisition was completed to allow for future expansion of Green Acres Mall. Camelback Colonnade Restructuring: On September 17, 2013 , the Company’s joint venture in Camelback Colonnade was restructured. As a result of the restructuring, the Company’s ownership interest in Camelback Colonnade decreased from 73.2% to 67.5% . Prior to the restructuring, the Company had accounted for its investment in Camelback Colonnade under the equity method of accounting due to substantive participation rights held by the outside partners. Upon completion of the restructuring, these substantive participation rights were terminated and the Company obtained voting control of the joint venture (See Note 4 — Investments in Unconsolidated Joint Ventures ). The following is a summary of the allocation of the fair value of Camelback Colonnade : Property $ 98,160 Deferred charges 8,284 Cash and cash equivalents 1,280 Restricted cash 1,139 Tenant receivables 615 Other assets 380 Total assets acquired 109,858 Mortgage note payable 49,465 Accounts payable 54 Other accrued liabilities 4,752 Total liabilities assumed 54,271 Fair value of acquired net assets (at 100% ownership) $ 55,587 The Company recognized the following remeasurement gain on the Camelback Colonnade Restructuring: Fair value of existing ownership interest (at 73.2% ownership) $ 41,690 Carrying value of investment (5,349 ) Gain on remeasurement of assets $ 36,341 Since the date of the restructuring, the Company included Camelback Colonnade in its consolidated financial statements until its sale on December 29, 2014 (See Note 14 — Dispositions ). Superstition Springs Center : On October 24, 2013 , the Company acquired the remaining 33.3% ownership interest in Superstition Springs Center that it did not previously own for $46,162 . The purchase price was funded by a cash payment of $23,662 and the assumption of the third party's share of the mortgage note payable on the property of $22,500 . Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4 — Investments in Unconsolidated Joint Ventures ). As a result of this transaction, the Company obtained 100% ownership of Superstition Springs Center . The acquisition was completed in order to gain 100% ownership and control over this asset. The following is a summary of the allocation of the fair value of Superstition Springs Center : Property $ 114,373 Deferred charges 12,353 Cash and cash equivalents 8,894 Tenant receivables 51 Other assets 11,535 Total assets acquired 147,206 Mortgage note payable 68,448 Accounts payable 119 Other accrued liabilities 7,637 Total liabilities assumed 76,204 Fair value of acquired net assets (at 100% ownership) $ 71,002 The Company determined that the purchase price represented the fair value of the additional ownership interest in Superstition Springs Center that was acquired. Fair value of existing ownership interest (at 66.7% ownership) $ 47,340 Carrying value of investment (32,476 ) Gain on remeasurement of assets $ 14,864 The following is the reconciliation of the purchase price to the fair value of the acquired net assets: Purchase price $ 46,162 Less debt assumed (22,500 ) Carrying value of investment 32,476 Remeasurement gain 14,864 Fair value of acquired net assets (at 100% ownership) $ 71,002 Since the date of acquisition, the Company has included Superstition Springs Center in its consolidated financial statements. Cascade Mall : On June 4, 2014 , the Company acquired the remaining 49% 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 17 — 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 December 31, 2015 to be $10,953 , which has been included in other accrued liabilities. As a result of this acquisition, the noncontrolling interest of $76,141 was reversed. PPR Queens Portfolio : On November 14, 2014 , the Company acquired the remaining 49% ownership interest in the PPR 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 property 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 PPR Queens Portfolio . The following is a summary of the allocation of the fair value of the PPR 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 Company determined that the purchase price represented the fair value of the additional ownership interest in the PPR 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 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 The Company included Lakewood Center , Los Cerritos Center and Washington Square in its consolidated financial statements until the Company sold a 40% ownership interest in the PPR Portfolio on October 30, 2015 (See Note 4 — Investments in Unconsolidated Joint Ventures ). The remaining properties of the PPR Queens Portfolio have been included in the Company's consolidated financial statements from the date of acquisition. 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 in Inland Center 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 allocation of the 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 Company determined that the purchase price represented the 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 (4,161 ) Gain on remeasurement of assets $ 22,089 The following is the reconciliation of the purchase price to the fair value of the acquired net assets: Purchase price $ 51,250 Less debt assumed (25,000 ) Carrying value of investment 4,161 Gain on remeasurement of assets 22,089 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 $12,829 and incremental net income of $1,892 during the year ended December 31, 2015 . Pro Forma Results of Operations: The following unaudited pro forma total revenue and income from continuing operations for 2015 and 2014 : Total revenue Income from continuing operations Supplemental pro forma for the year ended December 31, 2015(1) $ 1,287,084 $ 502,184 Supplemental pro forma for the year ended December 31, 2014(1) $ 1,371,988 $ 199,287 ____________________________________ (1) This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the 2015 and 2014 acquisitions 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 the acquisitions. |
Dispositions_
Dispositions: | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions: | Dispositions : On May 31, 2013 , the Company sold Green Tree Mall , a 793,000 square foot regional shopping center in Clarksville , Indiana , for $79,000 , resulting in a gain on the sale of assets of $59,767 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On June 4, 2013 , the Company sold Northridge Mall , an 890,000 square foot regional shopping center in Salinas , California , and Rimrock Mall , a 603,000 square foot regional shopping center in Billings , Montana . The properties were sold in a combined transaction for $230,000 , resulting in a gain on the sale of assets of $82,151 . The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On September 11, 2013 , the Company sold a former Mervyn's store in Milpitas , California for $12,000 , resulting in a loss on the sale of assets of $2,633 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On September 30, 2013 , the Company conveyed Fiesta Mall , a 933,000 square foot regional shopping center in Mesa , Arizona , to the mortgage note lender by a deed-in-lieu of foreclosure. The mortgage loan was non-recourse. As a result of the conveyance, the Company recognized a gain on the extinguishment of debt of $1,252 . On October 15, 2013 , the Company sold a former Mervyn's store in Midland , Texas for $5,700 , resulting in a loss on the sale of assets of $2,031 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On October 23, 2013 , the Company sold a former Mervyn's store in Grand Junction , Colorado for $5,430 , resulting in a gain on the sale of assets of $1,695 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On December 4, 2013 , the Company sold a former Mervyn's store in Livermore , California for $10,475 , resulting in a loss on the sale of assets of $5,257 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On December 11, 2013 , the Company sold Chesterfield Towne Center , a 1,016,000 square foot regional shopping center in Richmond , Virginia , and Centre at Salisbury , an 862,000 square foot regional shopping center in Salisbury , Maryland in a combined transaction for $292,500 , resulting in a gain on the sale of assets of $151,467 . The sales price was funded by a cash payment of $67,763 , the assumption of the $109,737 mortgage note payable on Chesterfield Towne Center and the assumption of the $115,000 mortgage note payable on Centre at Salisbury . The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. The Company has classified the results of operations and gain or loss on sale for all of the above dispositions as discontinued operations for the year ended December 31, 2013 . Revenues and income from discontinued operations were $54,752 and $289,936 , respectively, for the year ended December 31, 2013 . On January 1, 2014, the Company adopted ASU 2014-08, which amended the definition of discontinued operations and the disclosure for the disposal transactions. The Company determined that none of the disposals during the years ended December 31, 2015 and 2014 represented discontinued operations. As a result, the following dispositions during the year ended December 31, 2015 and 2014 have been included in continuing operations: 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, net ). 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 Company was discharged of the $47,946 mortgage note payable on the property and $17,217 of noncontrolling interest was reversed. On June 30, 2015 , the Company conveyed Great Northern Mall , an 895,000 square foot regional shopping center in Clay , New York , to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The loan was nonrecourse to the Company. As a result, the Company recognized a loss on the extinguishment of debt of $1,627 (See Note 8 — Mortgage Notes Payable ). On November 19, 2015 , the Company sold Panorama Mall , a 312,000 square foot community center in Panorama City , California , for $98,000 , resulting in a gain on the sale of assets of $73,726 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. |
Future Rental Revenues_
Future Rental Revenues: | 12 Months Ended |
Dec. 31, 2015 | |
Future Rental Revenues [Abstract] | |
Future Rental Revenues: | Future Rental Revenues : Under existing non-cancelable operating lease agreements, tenants are committed to pay the following minimum rental payments to the Company: Year Ending December 31, 2016 $ 496,683 2017 423,057 2018 369,999 2019 319,535 2020 275,105 Thereafter 969,731 $ 2,854,110 |
Commitments and Contingencies_
Commitments and Contingencies: | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies: | Commitments and Contingencies : The Company has certain properties 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 expenses were $11,870 , $10,968 and $10,579 for the years ended December 31, 2015 , 2014 and 2013 , respectively. No contingent rent was incurred for the years ended December 31, 2015 , 2014 or 2013 . Minimum future rental payments required under the leases are as follows: Year Ending December 31, 2016 $ 15,695 2017 15,632 2018 11,249 2019 9,629 2020 9,637 Thereafter 283,154 $ 344,996 As of December 31, 2015 , the Company was contingently liable for $62,788 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 relevant agreement. At December 31, 2015 , the Company had $32,006 in outstanding obligations, which it believes will be settled in the next twelve months. |
Related-Party Transactions_
Related-Party Transactions: | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions: | Related Party Transactions : Certain unconsolidated joint ventures 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 years ended December 31: 2015 2014 2013 Management fees $ 10,064 $ 16,751 $ 19,726 Development and leasing fees 9,615 10,528 9,936 $ 19,679 $ 27,279 $ 29,662 Certain mortgage notes on the properties are held by NML (See Note 8 — Mortgage Notes Payable ). Interest expense in connection with these notes was $10,515 , $15,134 and $15,016 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Included in accounts payable and accrued expenses is interest payable to this related party of $756 and $1,125 at December 31, 2015 and 2014 , respectively. During the years ended December 31, 2014 and 2013 , the Company had loans to unconsolidated joint ventures to fund development stage projects prior to construction loan funding. Correspondingly, loan payables in the same amount have been accrued as an obligation by the various joint ventures. Interest income associated with these notes was $164 and $281 for the years ended December 31, 2014 and 2013 , respectively. Due from affiliates includes $7,467 and $3,869 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at December 31, 2015 and 2014 , respectively. Due from affiliates at December 31, 2013 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 537,000 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 were settled (See Note 13 — Acquisitions ). Interest income earned on these notes was $516 and $625 for the years ended December 31, 2014 and 2013 , respectively. In addition, due from affiliates at December 31, 2015 and 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 $520 , $614 and $525 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The balance on this note receivable was $9,252 and $11,027 at December 31, 2015 and 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 Fashion Outlets of San Francisco (See Note 4 — Investments in Unconsolidated Joint Ventures ). Interest income earned on this note was $1,872 and $206 for the years ended December 31, 2015 and 2014 , respectively. The balance on this note was $67,209 and $65,336 at December 31, 2015 and 2014 , respectively. Lennar Corporation is considered a related party because it has an ownership interest in Fashion Outlets of San Francisco . |
Share and Unit-Based Plans_
Share and Unit-Based Plans: | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share and Unit-Based Plans: | Share and Unit-based Plans : The Company has established share and unit-based compensation plans for the purpose of attracting and retaining executive officers, directors and key employees. 2003 Equity Incentive Plan: The 2003 Equity Incentive Plan ("2003 Plan") authorizes the grant of stock awards, stock options, stock appreciation rights, stock units, stock bonuses, performance-based awards, dividend equivalent rights and OP Units or other convertible or exchangeable units. As of December 31, 2015 , stock awards, stock units, LTIP Units (as defined below), stock appreciation rights ("SARs") and stock options have been granted under the 2003 Plan. All stock options or other rights to acquire common stock granted under the 2003 Plan have a term of 10 years or less. These awards were generally granted based on the performance of the Company and the employees. None of the awards have performance requirements other than a service condition of continued employment unless otherwise provided. All awards are subject to restrictions determined by the Company's compensation committee. The aggregate number of shares of common stock that may be issued under the 2003 Plan is 13,825,428 shares. As of December 31, 2015 , there were 2,285,318 shares available for issuance under the 2003 Plan. Stock Awards: The value of the stock awards was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock awards during the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance at beginning of year 9,189 $ 59.25 19,001 $ 56.77 20,924 $ 49.36 Granted — — — — 8,963 61.84 Vested (7,577 ) 58.67 (9,812 ) 54.45 (10,886 ) 46.70 Balance at end of year 1,612 $ 62.01 9,189 $ 59.25 19,001 $ 56.77 Stock Units: The stock units represent the right to receive upon vesting one share of the Company's common stock for one stock unit. The value of the stock units was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock units during the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 144,374 $ 59.94 137,318 $ 57.24 114,677 $ 52.19 Granted 77,282 86.53 75,309 60.50 67,920 62.01 Vested (86,761 ) 61.29 (68,253 ) 55.14 (45,279 ) 51.59 Forfeited (2,809 ) 86.72 — — — — Balance at end of year 132,086 $ 74.58 144,374 $ 59.94 137,318 $ 57.24 SARs: The executives have up to 10 years from the grant date to exercise the SARs. Upon exercise, the executives will receive unrestricted common shares for the appreciation in value of the SARs from the grant date to the exercise date. The Company determined the value of each SAR awarded during the year ended December 31, 2012 to be $9.67 using the Black‑Scholes Option Pricing Model based upon the following assumptions: volatility of 25.85% , dividend yield of 3.69% , risk free rate of 1.20% , current value of $59.57 and an expected term of 8 years. The value of each of the other outstanding SARs was determined at the grant date to be $7.68 based upon the following assumptions: volatility of 22.52% , dividend yield of 5.23% , risk free rate of 3.15% , current value of $61.17 and an expected term of 8 years. The assumptions for volatility and dividend yield were based on the Company's historical experience as a publicly traded company, the current value was based on the closing price on the date of grant and the risk free rate was based upon the interest rate of the 10-year Treasury bond on the date of grant. In connection with the payment of the Special Dividend of $2.00 per share of common stock on December 8, 2015 (See Note 12 — Stockholders' Equity ), the compensation committee approved an adjustment to all outstanding SARs. The exercise price and number of outstanding SARs were adjusted such that each SAR had the same fair value to the holder before and after giving effect to the payment of the special dividend. As a result, the 407,823 outstanding SARs with a weighted-average price of $56.49 were adjusted to 417,783 outstanding SARs with a weighted average price of $55.13 . The following table summarizes the activity of SARs awards during the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Units Weighted Average Exercise Price Units Weighted Average Exercise Price Units Weighted Average Exercise Price Balance at beginning of year 772,639 $ 56.67 1,070,991 $ 56.66 1,164,185 $ 56.66 Granted — — — — — — Exercised (364,807 ) 56.86 (298,352 ) 56.63 (93,194 ) 56.63 Special dividend adjustment 9,951 55.13 — — — — Balance at end of year 417,783 $ 55.13 772,639 $ 56.67 1,070,991 $ 56.66 Long-Term Incentive Plan Units: 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. The market-indexed LTIP Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per common stock share relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. The 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. On February 15, 2013 , the Company granted 332,189 market-indexed LTIP Units ("2013 LTIP Units") at a grant date fair value of $66.58 per LTIP Unit that vested over a service period ending December 31, 2013 . On January 16, 2014 , the compensation committee determined that the 2013 LTIP Units had vested at the 96% level, based on the Company's percentile ranking in terms of Total Return per common stock share compared to the Total Return of a group of peer REITs during the period of January 1, 2013 to December 31, 2013 . As a result, 318,900 LTIP Units vested and 13,289 LTIP Units were forfeited as of December 31, 2013 . On January 1, 2014 , the Company granted 70,042 LTIP Units with a grant date fair value of $58.89 that will vest in equal annual installments over a service period ending December 31, 2016 . Concurrently, the Company granted 272,930 market-indexed LTIP Units ("2014 LTIP Units") at a grant date fair value of $45.34 per LTIP Unit that vested over a service period ending December 31, 2014 . The 2014 LTIP Units were equally divided between two types of awards. The terms of both types of awards were the same, except one award had an additional 3% absolute Total Return requirement, which if it was not met, then such LTIP Units would not have vested. On January 12, 2015 , the compensation committee determined that the 2014 LTIP Units had vested at a 150% level, based on the Company's percentile ranking in terms of Total Return per common stock share compared to the Total Return of a group of peer REITs during the period of January 1, 2014 to December 31, 2014 . In addition, the compensation committee determined that the applicable 3% absolute Total Return requirement was exceeded. As a result, an additional 136,465 fully-vested LTIP Units were granted on December 31, 2014 . On March 7, 2014 , the Company granted 246,471 LTIP Units at a fair value of $60.25 per LTIP Unit that were fully vested on the grant date. 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 vested 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. The grant date fair value of the 2015 LTIP Units assumed a risk free interest rate of 0.25% and an expected volatility of 16.81% . On January 7, 2016 , the compensation committee determined that the 2015 LTIP Units had vested at a 130% level, based on the Company's percentile ranking in terms of Total Return per common stock share compared to the Total Return of a group of peer REITs during the period of January 1, 2015 to December 31, 2015 . In addition, the compensation committee determined that the applicable 3% absolute Total Return requirement was exceeded. As a result, an additional 55,934 fully-vested LTIP Units were granted on December 31, 2015 . 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 following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 46,695 $ 58.89 — $ — 200,000 $ 38.63 Granted 424,442 74.71 725,908 51.71 332,189 66.58 Vested (414,822 ) 73.13 (679,213 ) 51.22 (518,900 ) 55.81 Forfeited — — — — (13,289 ) 66.58 Balance at end of year 56,315 $ 73.24 46,695 $ 58.89 — $ — Stock Options: The Company measured the value of each option awarded during the year ended December 31, 2012 to be $9.67 using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 25.85% , dividend yield of 3.69% , risk free rate of 1.20% , current value of $59.57 and an expected term of 8 years. The assumptions for volatility and dividend yield were based on the Company's historical experience as a publicly traded company, the current value was based on the closing price on the date of grant and the risk free rate was based upon the interest rate of the 10 -year Treasury bond on the date of grant. In connection with the payment of the Special Dividend of $2.00 per share of common stock on December 8, 2015 (See Note 12 — Stockholders' Equity ), the compensation committee approved an adjustment to all outstanding stock options. The exercise price and number of outstanding stock options were adjusted such that each stock option had the same fair value to the holder before and after giving effect to the payment of the special dividend. As a result, the 10,068 outstanding stock options with a weighted-average price of $59.57 were adjusted to 10,314 outstanding stock options with a weighted average price of $58.15 . The following table summarizes the activity of stock options for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Balance at beginning of year 10,068 $ 59.57 10,068 $ 59.57 12,768 $ 54.69 Granted — — — — — — Exercised — — — — (2,700 ) 36.51 Special dividend adjustment 246 58.15 — — — — Balance at end of year 10,314 $ 58.15 10,068 $ 59.57 10,068 $ 59.57 Directors' Phantom Stock Plan: The Directors' Phantom Stock Plan offers non-employee members of the board of directors ("Directors") the opportunity to defer their cash compensation and to receive that compensation in common stock rather than in cash after termination of service or a predetermined period. Compensation generally includes the annual retainers payable by the Company to the Directors. Deferred amounts are generally credited as units of phantom stock at the beginning of each three -year deferral period by dividing the present value of the deferred compensation by the average fair market value of the Company's common stock at the date of award. Compensation expense related to the phantom stock awards was determined by the amortization of the value of the stock units on a straight-line basis over the applicable service period. The stock units (including dividend equivalents) vest as the Directors' services (to which the fees relate) are rendered. Vested phantom stock units are ultimately paid out in common stock on a one -unit for one -share basis. To the extent elected by a Director, stock units receive dividend equivalents in the form of additional stock units based on the dividend amount paid on the common stock. The aggregate number of phantom stock units that may be granted under the Directors' Phantom Stock Plan is 500,000 . As of December 31, 2015 , there were 199,603 stock units available for grant under the Directors' Phantom Stock Plan. The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Stock Units Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Balance at beginning of year 9,269 $ 58.35 17,575 $ 58.66 — $ — Granted 13,351 78.72 10,747 65.54 34,266 59.04 Vested (20,162 ) 72.17 (19,053 ) 62.69 (16,691 ) 59.44 Forfeited (2,458 ) 55.62 — — — — Balance at end of year — $ — 9,269 $ 58.35 17,575 $ 58.66 Employee Stock Purchase Plan ("ESPP"): The ESPP authorizes eligible employees to purchase the Company's common stock through voluntary payroll deductions made during periodic offering periods. Under the ESPP common stock is purchased at a 15% discount from the lesser of the fair value of common stock at the beginning and end of the offering period. A maximum of 750,000 shares of common stock is available for purchase under the ESPP. The number of shares available for future purchase under the plan at December 31, 2015 was 517,285 . Compensation: The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Stock awards $ 252 $ 365 $ 497 Stock units 6,041 4,689 3,839 LTIP units 26,622 28,598 22,778 Stock options 16 16 16 Phantom stock units 1,444 1,205 992 $ 34,375 $ 34,873 $ 28,122 The Company capitalized share and unit-based compensation costs of $6,008 , $5,410 and $3,915 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The fair value of the stock awards and stock units that vested during the years ended December 31, 2015 , 2014 and 2013 was $8,794 , $4,685 and $3,516 , respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2015 consisted of $4,128 from LTIP Units, $20 from stock awards, $3,488 from stock units and $27 from stock options. |
Employee Benefit Plans_
Employee Benefit Plans: | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans: | Employee Benefit Plans : 401(k) Plan: The Company has a defined contribution retirement plan that covers its eligible employees (the "Plan"). The Plan is a defined contribution retirement plan covering eligible employees of the Macerich Property Management Company LLC and participating affiliates. The Plan is qualified in accordance with section 401(a) of the Code. Effective January 1, 1995, the Plan was amended to constitute a qualified cash or deferred arrangement under section 401(k) of the Code, whereby employees can elect to defer compensation subject to Internal Revenue Service withholding rules. This Plan was further amended effective as of February 1, 1999 to add The Macerich Company Common Stock Fund as a new investment alternative under the Plan. A total of 150,000 shares of common stock were reserved for issuance under the Plan, which was subsequently increased by an additional 500,000 shares in February 2013. On January 1, 2004, the Plan adopted the "Safe Harbor" provision under Sections 401(k)(12) and 401(m)(11) of the Code. In accordance with adopting these provisions, the Company makes matching contributions equal to 100 percent of the first three percent of compensation deferred by a participant and 50 percent of the next two percent of compensation deferred by a participant. During the years ended December 31, 2015 , 2014 and 2013 , these matching contributions made by the Company were $3,299 , $3,253 and $3,017 , respectively. Contributions and matching contributions to the Plan by the plan sponsor and/or participating affiliates are recognized as an expense of the Company in the period that they are made. Deferred Compensation Plans: The Company has established deferred compensation plans under which key executives of the Company may elect to defer receiving a portion of their cash compensation otherwise payable in one calendar year until a later year. The Company may, as determined by the Board of Directors in its sole discretion prior to the beginning of the plan year, credit a participant's account with a matching amount equal to a percentage of the participant's deferral. The Company contributed $933 , $845 and $843 to the plans during the years ended December 31, 2015 , 2014 and 2013 , respectively. Contributions are recognized as compensation in the periods they are made. |
Income Taxes_
Income Taxes: | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes: | Income Taxes : For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2015 , 2014 and 2013 are as follows: 2015 (1) 2014 2013 Ordinary income $ 1.20 24.8 % $ 1.92 76.5 % $ 1.02 43.3 % Capital gains 3.64 75.2 % 0.16 6.4 % 1.24 52.5 % Unrecaptured Section 1250 gain — — % 0.05 2.0 % 0.10 4.2 % Return of capital — — % 0.38 15.1 % — — % Dividends paid $ 4.84 100.0 % $ 2.51 100.0 % $ 2.36 100.0 % _______________________________________________________________________________ (1) During the year ended December 31, 2015, the Company paid cash dividends of $4.63 per common share. In addition, the Company declared a $2.00 special cash dividend to shareholders of record as of November 12, 2015 which was paid on January 6, 2016 (See Note 12 — Stockholders' Equity ). Pursuant to relevant U.S. tax rules, $0.21 per common share of this dividend is treated as having been paid by the Company on December 31, 2015, and received by each shareholder of record as of November 12, 2015 on December 31, 2015. 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 income tax benefit of the TRSs for the years ended December 31, 2015 , 2014 and 2013 are as follows: 2015 2014 2013 Current $ — $ — $ (142 ) Deferred 3,223 4,269 1,834 Income tax benefit $ 3,223 $ 4,269 $ 1,692 Income tax benefit of the TRSs for the years ended December 31, 2015 , 2014 and 2013 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows: 2015 2014 2013 Book loss for TRSs $ 10,681 $ 10,785 $ 11,709 Tax at statutory rate on earnings from continuing operations before income taxes $ 3,632 $ 3,667 $ 3,981 Other (409 ) 602 (2,289 ) Income tax benefit $ 3,223 $ 4,269 $ 1,692 The net operating loss carryforwards are currently scheduled to expire through 2035 , beginning in 2024 . Net deferred tax assets of $38,847 and $35,625 were included in deferred charges and other assets, net at December 31, 2015 and 2014 , respectively. The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2015 and 2014 are summarized as follows: 2015 2014 Net operating loss carryforwards $ 25,340 $ 24,698 Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs 10,600 8,201 Other 2,907 2,726 Net deferred tax assets $ 38,847 $ 35,625 For the years ended December 31, 2015 , 2014 and 2013 there were no unrecognized tax benefits. The tax years 2011 through 2015 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 12 months. |
Quarterly Financial Data_
Quarterly Financial Data: | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited): | Quarterly Financial Data (Unaudited): The following is a summary of quarterly results of operations for the years ended December 31, 2015 and 2014 : 2015 Quarter Ended 2014 Quarter Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 320,758 $ 326,262 $ 322,794 $ 318,335 $ 322,909 $ 263,491 $ 254,336 $ 264,511 Net income attributable to the Company(1) $ 414,959 $ 33,597 $ 14,395 $ 24,611 $ 1,429,221 $ 35,914 $ 16,088 $ 17,819 Net income attributable to common stockholders per share-basic $ 2.65 $ 0.21 $ 0.09 $ 0.15 $ 9.52 $ 0.25 $ 0.11 $ 0.13 Net income attributable to common stockholders per share-diluted $ 2.65 $ 0.21 $ 0.09 $ 0.15 $ 9.51 $ 0.25 $ 0.11 $ 0.13 _____________________ (1) Net income attributable to the Company for the quarter ended December 31, 2015 includes the gain on sale of assets of $311,194 from the sale of the PPR Portfolio transaction (See Note 4 — Investments in Unconsolidated Joint Ventures ) and $73,726 from the sale of Panorama Mall (See Note 14 — Dispositions ). Net income attributable to the Company for the quarter ended December 31, 2014 includes the gain on remeasurement of assets of $1,423,136 from the acquisition of the PPR Queens Portfolio (See Note 13 — Acquisitions ). |
Subsequent Events_
Subsequent Events: | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events: | Subsequent Events : On January 4, 2016 , the Company announced that it had reached an agreement with Taubman Centers, Inc. to form a 50/50 joint venture, to acquire Country Club Plaza , a 1,300,000 square foot regional shopping center in Kansas City , Missouri for a total purchase price of $660,000 . The Company anticipates that it will fund its pro rata share of $330,000 with borrowings under its line of credit. The Company expects the purchase of Country Club Plaza , which is subject to usual and customary closing conditions, will be completed in the first quarter of 2016. On January 6, 2016 , the Company replaced the existing loan on Arrowhead Towne Center with a new $400,000 loan that bears interest at 4.05% and matures on February 1, 2028 . Concurrent with the refinancing, the Company sold a 40% ownership interest in Arrowhead Towne Center for $284,000 . The sales price was funded by a cash payment of $124,000 and the assumption of a pro rata share of the mortgage note payable on the property of $160,000 . The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See Note 12 — Stockholders' Equity ). On January 14, 2016 , the Company placed a $150,000 loan on Twenty Ninth Street that bears interest at an effective rate of 4.10% and matures on February 6, 2026 . The Company used the cash proceeds from the sales to pay down its line of credit and for general corporate purposes. On January 14, 2016 , the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall , a 1,040,000 square foot regional shopping center in Deptford , New Jersey ; FlatIron Crossing , a 1,430,000 square foot regional shopping center in Broomfield , Colorado ; and Twenty Ninth Street , an 850,000 square foot regional shopping center in Boulder , Colorado (the " MAC Heitman Portfolio "), for $750,980 . The sales price was funded by a cash payment of $458,110 and the assumption of a pro rata share of the mortgage note payable on the properties of $292,870 . The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On January 20, 2016 , the Company completed its ASR program and took delivery of an additional 970,609 shares. Upon the Completion of the ASR, the Company had repurchased a total of 5,111,397 shares with an average price of $78.26 (See Note 12 — Stockholders' Equity ). On January 29, 2016 , the Company announced a dividend/distribution of $0.68 per share for common stockholders and OP Unit holders of record on February 19, 2016 . All dividends/distributions will be paid 100% in cash on March 4, 2016 . On February 17, 2016 , the Company entered into an ASR to repurchase $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,222,193 shares. The Company expects to complete the ASR on or before April 22, 2016 . The ASR was funded from borrowings under the Company's line of credit, which had been recently paid down from the proceeds from the recently completed financings and sale of ownership interests (See Note 4 — Investments in Unconsolidated Joint Ventures ). |
Schedule III-Real Estate and Ac
Schedule III-Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate and Accumulated Depreciation Disclosure | Initial Cost to Company Gross Amount at Which Carried at Close of Period Shopping Centers/Entities Land Building and Improvements Equipment and Furnishings Cost Capitalized Subsequent to Acquisition Land Building and Improvements Equipment and Furnishings Construction in Progress Total Accumulated Depreciation Total Cost Net of Accumulated Depreciation Arrowhead Towne Center $ 36,687 $ 386,662 $ — $ 21,261 $ 35,556 $ 390,182 $ 2,502 $ 16,370 $ 444,610 $ 32,730 $ 411,880 Black Canyon 20,600 — — 9,766 30,349 — — 17 30,366 — 30,366 Capitola Mall 20,395 59,221 — 13,088 20,392 70,799 1,220 293 92,704 32,842 59,862 Cascade Mall 19,253 9,671 — (459 ) 18,699 9,664 102 — 28,465 769 27,696 Chandler Fashion Center 24,188 223,143 — 15,959 24,188 233,857 5,245 — 263,290 90,346 172,944 Danbury Fair Mall 130,367 316,951 — 99,864 142,751 398,254 6,104 73 547,182 117,300 429,882 Deptford Mall 48,370 194,250 — 51,415 61,029 230,414 2,584 8 294,035 60,013 234,022 Desert Sky Mall 9,447 37,245 12 3,225 9,082 39,794 1,053 — 49,929 6,903 43,026 Eastland Mall 22,050 151,605 — 6,736 22,066 157,079 874 372 180,391 18,575 161,816 Estrella Falls 10,550 — — 65,457 9,405 — — 66,602 76,007 — 76,007 Fashion Outlets of Chicago — — — 253,469 40,575 209,834 2,308 752 253,469 24,121 229,348 Fashion Outlets of Niagara Falls USA 18,581 210,139 — 106,381 22,963 308,795 2,059 1,284 335,101 37,666 297,435 Flagstaff Mall 5,480 31,773 — 13,249 4,882 44,982 638 — 50,502 18,283 32,219 The Marketplace at Flagstaff — — — 52,832 — 52,830 2 — 52,832 18,633 34,199 FlatIron Crossing 109,851 333,540 — 20,011 109,851 352,112 1,247 192 463,402 37,775 425,627 Freehold Raceway Mall 164,986 362,841 — 99,499 168,098 454,810 4,418 — 627,326 148,648 478,678 Fresno Fashion Fair 17,966 72,194 — 48,523 17,966 118,833 1,723 161 138,683 55,365 83,318 Green Acres Mall 156,640 321,034 — 93,099 156,640 355,992 5,953 52,188 570,773 38,272 532,501 Inland Center 8,321 83,550 — 2,838 8,280 84,416 16 1,997 94,709 3,520 91,189 Kings Plaza Shopping Center 209,041 485,548 20,000 58,633 206,969 532,089 23,415 10,749 773,222 53,286 719,936 La Cumbre Plaza 18,122 21,492 — 24,614 17,280 46,364 359 225 64,228 21,629 42,599 Macerich Management Co. — 8,685 26,562 36,743 1,577 8,035 58,294 4,084 71,990 46,489 25,501 MACWH, LP — 25,771 — 16,987 11,557 27,455 — 3,746 42,758 7,700 35,058 Northgate Mall 8,400 34,865 841 103,504 13,414 130,984 3,127 85 147,610 66,699 80,911 NorthPark Mall 7,746 74,661 — 8,912 7,885 82,961 458 15 91,319 10,983 80,336 Oaks, The 32,300 117,156 — 247,064 55,527 334,677 2,654 3,662 396,520 113,632 282,888 Pacific View 8,697 8,696 — 129,050 7,854 136,075 2,476 38 146,443 59,044 87,399 Paradise Valley Mall 24,565 125,996 — 42,604 35,921 154,278 2,317 649 193,165 63,169 129,996 Paradise Village Ground Leases 8,880 2,489 — (6,876 ) 3,870 623 — — 4,493 317 4,176 Paradise Village Office Park II 1,150 1,790 — 3,453 2,300 3,584 509 — 6,393 2,293 4,100 Promenade at Casa Grande 15,089 — — 84,112 8,586 90,541 74 — 99,201 35,048 64,153 See accompanying report of independent registered public accounting firm. Initial Cost to Company Gross Amount at Which Carried at Close of Period Shopping Centers/Entities Land Building and Improvements Equipment and Furnishings Cost Capitalized Subsequent to Acquisition Land Building and Improvements Equipment and Furnishings Construction in Progress Total Accumulated Depreciation Total Cost Net of Accumulated Depreciation Queens Center $ 251,474 $ 1,039,922 $ — $ 6,106 $ 256,786 $ 1,038,998 $ 1,434 $ 284 $ 1,297,502 $ 31,204 $ 1,266,298 Santa Monica Place 26,400 105,600 — 323,012 48,374 396,190 8,058 2,390 455,012 80,324 374,688 SanTan Adjacent Land 29,414 — — 6,893 30,506 — — 5,801 36,307 — 36,307 SanTan Village Regional Center 7,827 — — 195,686 6,344 195,833 1,336 — 203,513 76,088 127,425 SouthPark Mall 7,035 38,215 — 23,120 7,479 60,516 361 14 68,370 6,288 62,082 Southridge Center 6,764 — — 19,451 6,514 19,585 98 18 26,215 2,662 23,553 Stonewood Center 4,948 302,527 — 1,595 4,935 303,697 45 393 309,070 10,530 298,540 Superstition Springs Center 10,928 112,718 — 5,333 10,928 117,891 160 — 128,979 7,522 121,457 Superstition Springs Power Center 1,618 4,420 — 203 1,618 4,540 83 — 6,241 1,595 4,646 Tangerine (Marana), The Shops at 36,158 — — (9,232 ) 16,922 — — 10,004 26,926 — 26,926 The Macerich Partnership, L.P. — 2,534 — 8,449 — — 10,823 160 10,983 1,694 9,289 Towne Mall 6,652 31,184 — 4,062 6,877 34,530 491 — 41,898 12,761 29,137 Tucson La Encantada 12,800 19,699 — 55,276 12,800 74,435 530 10 87,775 37,790 49,985 Twenty Ninth Street — 37,843 64 213,175 23,599 225,584 1,603 296 251,082 94,861 156,221 Valley Mall 16,045 26,098 — 9,719 15,616 35,869 326 51 51,862 4,566 47,296 Valley River Center 24,854 147,715 — 21,074 24,854 166,894 1,895 — 193,643 49,543 144,100 Victor Valley, Mall of 15,700 75,230 — 51,313 20,080 120,135 2,028 — 142,243 39,177 103,066 Vintage Faire Mall 14,902 60,532 — 56,441 17,647 112,898 1,316 14 131,875 61,773 70,102 Westside Pavilion 34,100 136,819 — 71,277 34,100 201,207 5,787 1,102 242,196 94,956 147,240 Wilton Mall 19,743 67,855 — 24,154 19,810 90,735 1,126 81 111,752 27,603 84,149 500 North Michigan Avenue 12,851 55,358 — 7,600 10,994 50,907 168 13,740 75,809 7,315 68,494 Mervyn's (former locations) 10,094 68,660 — 7,031 10,094 75,249 442 — 85,785 20,832 64,953 Other land and development properties 49,913 — — 23,587 32,328 4,241 — 36,931 73,500 1,610 71,890 $ 1,757,942 $ 6,033,897 $ 47,479 $ 2,850,338 $ 1,894,717 $ 8,390,247 $ 169,841 $ 234,851 $ 10,689,656 $ 1,892,744 $ 8,796,912 Depreciation of the Company's investment in buildings and improvements reflected in the consolidated statements of operations are calculated over the estimated useful lives of the asset as follows: Buildings and improvements 5 - 40 years Tenant improvements 5 - 7 years Equipment and furnishings 5 - 7 years The changes in total real estate assets for the three years ended December 31, 2015 are as follows: 2015 2014 2013 Balances, beginning of year $ 12,777,882 $ 9,181,338 $ 9,012,706 Additions 392,575 4,042,409 943,159 Dispositions and retirements (2,480,801 ) (445,865 ) (774,527 ) Balances, end of year $ 10,689,656 $ 12,777,882 $ 9,181,338 The aggregate gross cost of the property included in the table above for federal income tax purposes was $7,440,059 (unaudited) at December 31, 2015 . The changes in accumulated depreciation for the three years ended December 31, 2015 are as follows: 2015 2014 2013 Balances, beginning of year $ 1,709,992 $ 1,559,572 $ 1,533,160 Additions 354,977 289,178 284,500 Dispositions and retirements (172,225 ) (138,758 ) (258,088 ) Balances, end of year $ 1,892,744 $ 1,709,992 $ 1,559,572 See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies: (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation: | Basis of Presentation: These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. 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. |
Cash and Cash Equivalents and Restricted Cash: | Cash and Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under loan agreements. |
Revenues: | Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. Revenues: Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." |
Property: | Property: Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. |
Capitalization of Costs: | Capitalization of Costs: The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete. |
Investment in Unconsolidated Joint Ventures: | Investment in Unconsolidated Joint Ventures: The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its 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. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, Candlestick Center LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures as it shares management control with the partners in these joint venture and, therefore, accounts for its investments in these joint ventures using the equity method of accounting. Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization. |
Acquisitions: | Acquisitions: The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases are recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. The initial allocation of purchase price is based on management's preliminary assessment, which may change when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The purchase price allocation is described as preliminary if it is not yet final. The use of different assumptions in the allocation of the purchase price of the acquired assets and liabilities assumed could affect the timing of recognition of the related revenues and expenses. The Company immediately expenses costs associated with business combinations as period costs. Remeasurement gains are recognized when the Company obtains control of an existing equity method investment to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment. |
Deferred Charges: | Deferred Charges: Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method. |
Accounting for Impairment: | Accounting for Impairment: The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary. |
Derivative Instruments and Hedging Activities: | Derivative Instruments and Hedging Activities: The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Ineffective portions, if any, are included in net income (loss). Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations. |
Share and Unit-based Compensation Plans: | Share and Unit-based Compensation Plans: The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For market-indexed LTIP awards, compensation cost is recognized under the graded attribution method. |
Income Taxes: | Income Taxes: The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any. Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. 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. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods. |
Segment Information: | Segment Information: The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States. |
Fair Value of Financial Instruments: | Fair Value of Financial Instruments: The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made. The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. |
Concentration of Risk: | Concentration of Risk: The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250 . At various times during the year, the Company had deposits in excess of the FDIC insurance limit. No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2015 , 2014 or 2013 . |
Management Estimates: | Management Estimates: The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recent Accounting Pronouncements: | Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue From Contracts With Customers,” which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year. Accordingly, ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In February 2015, the FASB issued 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. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. ASU 2015-16 is effective for the Company beginning January 1, 2016. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies: (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives of property | Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 5 - 40 years Tenant improvements 5 - 7 years Equipment and furnishings 5 - 7 years |
Schedule of range of the terms of loan and lease agreements | The range of the terms of the agreements is as follows: Deferred lease costs 1 - 15 years Deferred financing costs 1 - 15 years |
Earnings Per Share ("EPS")_ (Ta
Earnings Per Share ("EPS"): (Tables) | 12 Months Ended |
Dec. 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 years ended December 31 (shares in thousands): 2015 2014 2013 Numerator Income from continuing operations $ 522,912 $ 1,606,931 $ 159,023 Income from discontinued operations — — 289,936 Net income attributable to noncontrolling interests (35,350 ) (107,889 ) (28,869 ) Net income attributable to the Company 487,562 1,499,042 420,090 Allocation of earnings to participating securities (1,493 ) (1,576 ) (397 ) Numerator for basic and diluted earnings per share—net income attributable to common stockholders $ 486,069 $ 1,497,466 $ 419,693 Denominator Denominator for basic earnings per share—weighted average number of common shares outstanding 157,916 143,144 139,598 Effect of dilutive securities (1) Share and unit based compensation 144 147 82 Denominator for diluted earnings per share—weighted average number of common shares outstanding 158,060 143,291 139,680 Earnings per common share—basic: Income from continuing operations $ 3.08 $ 10.46 $ 1.07 Discontinued operations — — 1.94 Net income attributable to common stockholders $ 3.08 $ 10.46 $ 3.01 Earnings per common share—diluted: Income from continuing operations $ 3.08 $ 10.45 $ 1.06 Discontinued operations — — 1.94 Net income attributable to common stockholders $ 3.08 $ 10.45 $ 3.00 ____________________________________ (1) Diluted EPS excludes 139,186 , 179,667 and 184,304 convertible preferred units for the years ended December 31, 2015 , 2014 and 2013 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,562,154 and 10,079,935 and 9,845,602 Operating Partnership units ("OP Units") for the years ended December 31, 2015 , 2014 and 2013 , respectively, as their effect was antidilutive. |
Investments in Unconsolidated34
Investments in Unconsolidated Joint Ventures: (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of ownership interest in joint ventures | The following are the Company's direct or indirect investments in various joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2015 was as follows: Joint Venture Ownership %(1) 443 Wabash MAB LLC 45.0 % AM Tysons LLC 50.0 % Biltmore Shopping Center Partners LLC 50.0 % Candlestick Center LLC—Fashion Outlets of San Francisco 50.1 % Coolidge Holding LLC 37.5 % Corte Madera Village, LLC 50.1 % Fashion Outlets of Philadelphia—Various Entities 50.0 % Jaren Associates #4 12.5 % Kierland Commons Investment LLC 50.0 % Macerich Northwestern Associates—Broadway Plaza 50.0 % MS Portfolio LLC 50.0 % North Bridge Chicago LLC 50.0 % One Scottsdale Investors LLC 50.0 % Pacific Premier Retail LLC—Various Properties 60.0 % Propcor II Associates, LLC—Boulevard Shops 50.0 % Scottsdale Fashion Square Partnership 50.0 % The Market at Estrella Falls LLC 40.1 % Tysons Corner LLC 50.0 % Tysons Corner Hotel I LLC 50.0 % Tysons Corner Property Holdings II LLC 50.0 % Tysons Corner Property LLC 50.0 % West Acres Development, LLP 19.0 % Westcor/Gilbert, L.L.C. 50.0 % Westcor/Queen Creek LLC 38.0 % Westcor/Surprise Auto Park LLC 33.3 % WMAP, L.L.C.—Atlas Park 50.0 % _______________________________________________________________________________ (1) The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds. |
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information | Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31: 2015 2014 Assets(1): Properties, net $ 6,334,442 $ 2,967,878 Other assets 517,053 208,726 Total assets $ 6,851,495 $ 3,176,604 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 3,614,401 $ 2,038,379 Other liabilities 358,156 195,766 Company's capital 1,585,796 489,349 Outside partners' capital 1,293,142 453,110 Total liabilities and partners' capital $ 6,851,495 $ 3,176,604 Investment in unconsolidated joint ventures: Company's capital $ 1,585,796 $ 489,349 Basis adjustment(3) (77,701 ) 464,826 $ 1,508,095 $ 954,175 Assets—Investments in unconsolidated joint ventures $ 1,532,552 $ 984,132 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (24,457 ) (29,957 ) $ 1,508,095 $ 954,175 _______________________________________________________________________________ (1) These amounts include the assets of $3,283,702 and liabilities of $1,938,241 of Pacific Premier Retail LLC as of December 31, 2015 . (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 December 31, 2015 and 2014 , a total of $5,000 and $33,540 , respectively, could become recourse debt to the Company. As of December 31, 2015 and 2014 , the Company has an indemnity agreement from a joint venture partner for $2,500 and $16,770 , respectively, of the guaranteed amount. Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $461,778 and $606,263 as of December 31, 2015 and 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 incurred on these borrowings amounted to $29,372 , $38,113 and $31,549 for the years ended December 31, 2015 , 2014 and 2013 , respectively. (3) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $5,619 , $5,109 and $10,734 for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures | Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: Pacific Other Joint Ventures Total Year Ended December 31, 2015 Revenues: Minimum rents $ 21,172 $ 293,921 $ 315,093 Percentage rents 2,569 13,188 15,757 Tenant recoveries 8,408 129,059 137,467 Other 1,182 33,931 35,113 Total revenues 33,331 470,099 503,430 Expenses: Shopping center and operating expenses 6,852 165,795 172,647 Interest expense 10,448 78,279 88,727 Depreciation and amortization 16,919 133,707 150,626 Total operating expenses 34,219 377,781 412,000 Gain on sale of assets — 9,850 9,850 Loss on early extinguishment of debt — (3 ) (3 ) Net income $ (888 ) $ 102,165 $ 101,277 Company's equity in net income $ 1,409 $ 43,755 $ 45,164 Year Ended December 31, 2014 Revenues: Minimum rents $ 88,831 $ 299,532 $ 388,363 Percentage rents 2,652 14,509 17,161 Tenant recoveries 40,118 146,623 186,741 Other 4,090 36,615 40,705 Total revenues 135,691 497,279 632,970 Expenses: Shopping center and operating expenses 37,113 178,299 215,412 Interest expense 34,113 102,974 137,087 Depreciation and amortization 29,688 114,715 144,403 Total operating expenses 100,914 395,988 496,902 (Loss) gain on sale of assets (7,044 ) 10,687 3,643 Net income $ 27,733 $ 111,978 $ 139,711 Company's equity in net income $ 9,743 $ 50,883 $ 60,626 Pacific Other Joint Ventures Total Year Ended December 31, 2013 Revenues: Minimum rents $ 118,164 $ 300,560 $ 418,724 Percentage rents 4,586 15,003 19,589 Tenant recoveries 52,470 151,701 204,171 Other 5,882 39,745 45,627 Total revenues 181,102 507,009 688,111 Expenses: Shopping center and operating expenses 53,039 176,779 229,818 Interest expense 43,445 101,877 145,322 Depreciation and amortization 39,616 107,693 147,309 Total operating expenses 136,100 386,349 522,449 Gain on sale of assets 182,754 7,772 190,526 Gain on early extinguishment of debt — 14 14 Net income $ 227,756 $ 128,446 $ 356,202 Company's equity in net income $ 110,798 $ 56,782 $ 167,580 _______________________________________________________________________________ (1) These amounts exclude the results of operations from November 14, 2014 to October 29, 2015, as Pacific Premier Retail LLC became wholly-owned as a result of the PPR Queens Portfolio acquisition. Pacific Premier Retail LLC was converted from wholly-owned to an unconsolidated joint venture effective October 30, 2015, as a result of the PPR Portfolio transaction, as discussed above. |
Property_ (Tables)
Property: (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Real Estate Properties | Property at December 31, 2015 and 2014 consists of the following: 2015 2014 Land $ 1,894,717 $ 2,242,291 Buildings and improvements 7,752,892 9,479,337 Tenant improvements 637,355 600,436 Equipment and furnishings 169,841 152,554 Construction in progress 234,851 303,264 10,689,656 12,777,882 Less accumulated depreciation (1,892,744 ) (1,709,992 ) $ 8,796,912 $ 11,067,890 |
Deferred Charges and Other As36
Deferred Charges and Other Assets, net: (Tables) | 12 Months Ended |
Dec. 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 at December 31, 2015 and 2014 consist of the following: 2015 2014 Leasing $ 248,709 $ 239,955 Financing 45,874 47,171 Intangible assets: In-place lease values(1) 196,969 298,825 Leasing commissions and legal costs(1) 52,000 72,432 Above-market leases 220,847 250,810 Deferred tax assets 38,847 35,625 Deferred compensation plan assets 37,341 35,194 Other assets 70,070 66,246 910,657 1,046,258 Less accumulated amortization(2) (323,374 ) (287,197 ) $ 587,283 $ 759,061 _______________________________ (1) The estimated amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2016 $ 36,275 2017 23,415 2018 18,002 2019 14,874 2020 11,373 Thereafter 35,577 $ 139,516 (2) Accumulated amortization includes $109,453 and $103,361 relating to in-place lease values, leasing commissions and legal costs at December 31, 2015 and 2014 , respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $69,460 , $52,668 and $53,139 for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Schedule of estimated amortization of intangible assets for the next five years and thereafter | The estimated amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2016 $ 36,275 2017 23,415 2018 18,002 2019 14,874 2020 11,373 Thereafter 35,577 $ 139,516 |
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: 2015 2014 Above-Market Leases Original allocated value $ 220,847 $ 250,810 Less accumulated amortization (73,520 ) (59,696 ) $ 147,327 $ 191,114 Below-Market Leases(1) Original allocated value $ 227,063 $ 375,033 Less accumulated amortization (101,872 ) (93,511 ) $ 125,191 $ 281,522 _______________________________ (1) Below‑market leases are included in other accrued liabilities. |
Schedule of estimated amortization of allocated values of above and below-market leases for the next five years and thereafter | The estimated amortization of these values for the next five years and thereafter is as follows: Year Ending December 31, Above Market Below Market 2016 $ 18,360 $ 20,309 2017 15,456 16,838 2018 13,045 15,054 2019 10,708 13,380 2020 9,176 10,649 Thereafter 80,582 48,961 $ 147,327 $ 125,191 |
Mortgage Notes Payable_ (Tables
Mortgage Notes Payable: (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Mortgage notes payable | Mortgage notes payable at December 31, 2015 and 2014 consist of the following: Carrying Amount of Mortgage Notes(1) 2015 2014 Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Property Pledged as Collateral Related Party Other Related Party Other Arrowhead Towne Center(5) $ — $ 221,194 $ — $ 228,703 2.76 % $ 1,131 2018 Chandler Fashion Center(6) — 200,000 — 200,000 3.77 % 625 2019 Danbury Fair Mall 111,248 111,249 114,265 114,264 5.53 % 1,538 2020 Deptford Mall(7) — 193,861 — 197,815 3.76 % 947 2023 Deptford Mall — 14,001 — 14,285 6.46 % 101 2016 Eastland Mall(8) — — — 168,000 — — — Fashion Outlets of Chicago(9) — 200,000 — 119,329 1.84 % 291 2020 Fashion Outlets of Niagara Falls USA — 118,615 — 121,376 4.89 % 727 2020 Flagstaff Mall(10) — 37,000 — 37,000 8.97 % 153 2015 FlatIron Crossing(7) — 254,733 — 261,494 3.90 % 1,393 2021 Freehold Raceway Mall(6) — 225,094 — 229,244 4.20 % 1,132 2018 Great Northern Mall(11) — — — 34,494 — — — Green Acres Mall — 306,954 — 313,514 3.61 % 1,447 2021 Kings Plaza Shopping Center — 470,627 — 480,761 3.67 % 2,229 2019 Lakewood Center(12) — — — 253,708 — — — Los Cerritos Center(13) — — 103,274 103,274 — — — Northgate Mall(14) — 64,000 — 64,000 3.30 % 143 2017 Oaks, The — 205,986 — 210,197 4.14 % 1,064 2022 Pacific View — 130,458 — 133,200 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place — 225,089 — 230,344 2.99 % 1,004 2018 SanTan Village Regional Center — 130,898 — 133,807 3.14 % 589 2019 Stonewood Center — 105,494 — 111,297 1.80 % 640 2017 Superstition Springs Center(15) — 67,763 — 68,079 2.17 % 149 2016 Towne Mall — 22,200 — 22,607 4.48 % 117 2022 Tucson La Encantada 70,070 — 71,500 — 4.23 % 368 2022 Valley Mall(16) — — — 41,368 — — — Valley River Center(17) — — — 120,000 — — — Victor Valley, Mall of — 115,000 — 115,000 4.00 % 380 2024 Vintage Faire Mall(18) — 276,117 — — 3.55 % 1,255 2026 Washington Square(19) — — — 238,696 — — — Westside Pavilion — 146,961 — 149,626 4.49 % 783 2022 $ 181,318 $ 4,443,294 $ 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. The debt premiums (discounts) as of December 31, 2015 and 2014 consist of the following: Property Pledged as Collateral 2015 2014 Arrowhead Towne Center $ 8,494 $ 11,568 Deptford Mall (3 ) (8 ) Fashion Outlets of Niagara Falls USA 4,486 5,414 Lakewood Center — 3,708 Los Cerritos Center — 17,965 Stonewood Center 5,168 7,980 Superstition Springs Center 263 579 Valley Mall — (132 ) Washington Square — 9,847 $ 18,408 $ 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) On January 6, 2016 , the Company replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 4.05% and matures on February 1, 2028 . Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the underlying property (See Note 22 — Subsequent Events ). (6) 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 ). (7) On January 14, 2016 , a 49% interest in the loan was assumed by a third party in connection with the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 22 — Subsequent Events ). (8) On December 1, 2015 , the Company paid off in full the loan on the property. (9) 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 December 31, 2015 and 2014 , the total interest rate was 1.84% and 2.97% , respectively. (10) On November 1, 2015 , this non-recourse loan went into maturity default. The Company is negotiating with the loan servicer, which will likely result in a transition of the property to the loan servicer or a receiver. (11) On June 30, 2015 , the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a loss of $1,627 on the extinguishment of debt (See Note 14 — Dispositions ). (12) On March 2, 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. On May 12, 2015 , the Company placed a new $410,000 loan on the property that bears interest at an effective rate of 3.46% and matures on June 1, 2026. On October 30, 2015, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). (13) On October 30, 2015 , the Company replaced the existing loan on the property with a new $525,000 loan that bears interest at an effective rate of 4.00% and matures on November 1, 2027 , which resulted in a loss of $859 on the early extinguishment of debt. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). (14) The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017 . At December 31, 2015 and 2014 , the total interest rate was 3.30% and 3.05% , respectively. (15) The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016 . At December 31, 2015 and 2014 , the total interest rate was 2.17% and 1.98% , respectively. (16) On December 1, 2015 , the Company paid off in full the loan on the property, which resulted in a loss of $52 on the early extinguishment of debt. (17) On July 31, 2015 , the Company paid off in full the loan on the property, which resulted in a loss of $9 on the early extinguishment of debt. (18) 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 . (19) On October 5, 2015, the Company paid off in full the existing loan on the property, which resulted in a gain of $2,367 on the early extinguishment of debt as a result of writing off the related debt premium. On October 29, 2015 , the Company placed a new $550,000 loan on the property that bears interest at an effective rate of 3.65% and matures on November 1, 2022 . On October 30, 2015, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). |
Debt premiums (discounts) on mortgage notes payable | The debt premiums (discounts) as of December 31, 2015 and 2014 consist of the following: Property Pledged as Collateral 2015 2014 Arrowhead Towne Center $ 8,494 $ 11,568 Deptford Mall (3 ) (8 ) Fashion Outlets of Niagara Falls USA 4,486 5,414 Lakewood Center — 3,708 Los Cerritos Center — 17,965 Stonewood Center 5,168 7,980 Superstition Springs Center 263 579 Valley Mall — (132 ) Washington Square — 9,847 $ 18,408 $ 56,921 |
Future maturities of mortgage notes payable | The future maturities of mortgage notes payable are as follows: Year Ending December 31, 2016 $ 155,977 2017 235,501 2018 695,439 2019 809,077 2020 534,886 Thereafter 2,175,324 4,606,204 Debt premium, net 18,408 $ 4,624,612 |
Bank and Other Notes Payable_ (
Bank and Other Notes Payable: (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Bank and Other Notes Payable: | |
Schedule of future maturities of bank and other notes payable | The future maturities of bank and other notes payable are as follows: Year Ending December 31, 2016 $ 9,130 2018 650,000 $ 659,130 |
Acquisitions_ (Tables)
Acquisitions: (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the allocation of the fair value of Camelback Colonnade : Property $ 98,160 Deferred charges 8,284 Cash and cash equivalents 1,280 Restricted cash 1,139 Tenant receivables 615 Other assets 380 Total assets acquired 109,858 Mortgage note payable 49,465 Accounts payable 54 Other accrued liabilities 4,752 Total liabilities assumed 54,271 Fair value of acquired net assets (at 100% ownership) $ 55,587 The following is a summary of the allocation of the fair value of the PPR 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 following is a summary of the allocation of the fair value of Green Acres Mall : Property $ 477,673 Deferred charges 45,130 Other assets 19,125 Total assets acquired 541,928 Other accrued liabilities 41,928 Total liabilities assumed 41,928 Fair value of acquired net assets $ 500,000 The following is a summary of the allocation of the fair value of Superstition Springs Center : Property $ 114,373 Deferred charges 12,353 Cash and cash equivalents 8,894 Tenant receivables 51 Other assets 11,535 Total assets acquired 147,206 Mortgage note payable 68,448 Accounts payable 119 Other accrued liabilities 7,637 Total liabilities assumed 76,204 Fair value of acquired net assets (at 100% ownership) $ 71,002 The following is a summary of the allocation of the fair value of 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 |
Schedule of reconciliation of the purchase price to the fair value of the acquired net assets | The following is the reconciliation of the purchase price to the fair value of the acquired net assets: Purchase price $ 46,162 Less debt assumed (22,500 ) Carrying value of investment 32,476 Remeasurement gain 14,864 Fair value of acquired net assets (at 100% ownership) $ 71,002 The following is the reconciliation of the purchase price to the fair value of the acquired net assets: Purchase price $ 51,250 Less debt assumed (25,000 ) Carrying value of investment 4,161 Gain on remeasurement of assets 22,089 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 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 | The Company determined that the purchase price represented the fair value of the additional ownership interest in the PPR 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 Company determined that the purchase price represented the 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 (4,161 ) Gain on remeasurement of assets $ 22,089 The Company determined that the purchase price represented the fair value of the additional ownership interest in Superstition Springs Center that was acquired. Fair value of existing ownership interest (at 66.7% ownership) $ 47,340 Carrying value of investment (32,476 ) Gain on remeasurement of assets $ 14,864 The Company recognized the following remeasurement gain on the Camelback Colonnade Restructuring: Fair value of existing ownership interest (at 73.2% ownership) $ 41,690 Carrying value of investment (5,349 ) Gain on remeasurement of assets $ 36,341 |
Schedule of pro forma total revenue and income continuing operations | The following unaudited pro forma total revenue and income from continuing operations for 2015 and 2014 : Total revenue Income from continuing operations Supplemental pro forma for the year ended December 31, 2015(1) $ 1,287,084 $ 502,184 Supplemental pro forma for the year ended December 31, 2014(1) $ 1,371,988 $ 199,287 ____________________________________ (1) This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the 2015 and 2014 acquisitions 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 the acquisitions. |
Future Rental Revenues_ (Tables
Future Rental Revenues: (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Future Rental Revenues [Abstract] | |
Schedule of future minimum rental payments to be received by the company under non-cancelable operating lease agreements | Under existing non-cancelable operating lease agreements, tenants are committed to pay the following minimum rental payments to the Company: Year Ending December 31, 2016 $ 496,683 2017 423,057 2018 369,999 2019 319,535 2020 275,105 Thereafter 969,731 $ 2,854,110 |
Commitments and Contingencies_
Commitments and Contingencies: (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments by the Company | Minimum future rental payments required under the leases are as follows: Year Ending December 31, 2016 $ 15,695 2017 15,632 2018 11,249 2019 9,629 2020 9,637 Thereafter 283,154 $ 344,996 |
Related-Party Transactions_ (Ta
Related-Party Transactions: (Tables) | 12 Months Ended |
Dec. 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 years ended December 31: 2015 2014 2013 Management fees $ 10,064 $ 16,751 $ 19,726 Development and leasing fees 9,615 10,528 9,936 $ 19,679 $ 27,279 $ 29,662 |
Share and Unit-Based Plans_ (Ta
Share and Unit-Based Plans: (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of activity of non-vested stock awards | The following table summarizes the activity of non-vested stock awards during the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance at beginning of year 9,189 $ 59.25 19,001 $ 56.77 20,924 $ 49.36 Granted — — — — 8,963 61.84 Vested (7,577 ) 58.67 (9,812 ) 54.45 (10,886 ) 46.70 Balance at end of year 1,612 $ 62.01 9,189 $ 59.25 19,001 $ 56.77 |
Summary of activity of non-vested stock units | The following table summarizes the activity of non-vested stock units during the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 144,374 $ 59.94 137,318 $ 57.24 114,677 $ 52.19 Granted 77,282 86.53 75,309 60.50 67,920 62.01 Vested (86,761 ) 61.29 (68,253 ) 55.14 (45,279 ) 51.59 Forfeited (2,809 ) 86.72 — — — — Balance at end of year 132,086 $ 74.58 144,374 $ 59.94 137,318 $ 57.24 |
Summary of activity of SARs awards | The following table summarizes the activity of SARs awards during the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Units Weighted Average Exercise Price Units Weighted Average Exercise Price Units Weighted Average Exercise Price Balance at beginning of year 772,639 $ 56.67 1,070,991 $ 56.66 1,164,185 $ 56.66 Granted — — — — — — Exercised (364,807 ) 56.86 (298,352 ) 56.63 (93,194 ) 56.63 Special dividend adjustment 9,951 55.13 — — — — Balance at end of year 417,783 $ 55.13 772,639 $ 56.67 1,070,991 $ 56.66 |
Summary of activity of non-vested LTIP Units | The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 46,695 $ 58.89 — $ — 200,000 $ 38.63 Granted 424,442 74.71 725,908 51.71 332,189 66.58 Vested (414,822 ) 73.13 (679,213 ) 51.22 (518,900 ) 55.81 Forfeited — — — — (13,289 ) 66.58 Balance at end of year 56,315 $ 73.24 46,695 $ 58.89 — $ — |
Summary of activity of stock options | The following table summarizes the activity of stock options for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Balance at beginning of year 10,068 $ 59.57 10,068 $ 59.57 12,768 $ 54.69 Granted — — — — — — Exercised — — — — (2,700 ) 36.51 Special dividend adjustment 246 58.15 — — — — Balance at end of year 10,314 $ 58.15 10,068 $ 59.57 10,068 $ 59.57 |
Summary of activity of non-vested phantom stock units | The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Stock Units Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Balance at beginning of year 9,269 $ 58.35 17,575 $ 58.66 — $ — Granted 13,351 78.72 10,747 65.54 34,266 59.04 Vested (20,162 ) 72.17 (19,053 ) 62.69 (16,691 ) 59.44 Forfeited (2,458 ) 55.62 — — — — Balance at end of year — $ — 9,269 $ 58.35 17,575 $ 58.66 |
Compensation cost under the share and unit-based plans | The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Stock awards $ 252 $ 365 $ 497 Stock units 6,041 4,689 3,839 LTIP units 26,622 28,598 22,778 Stock options 16 16 16 Phantom stock units 1,444 1,205 992 $ 34,375 $ 34,873 $ 28,122 |
Income Taxes_ (Tables)
Income Taxes: (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of distributions made to common stockholders on a per share basis | The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2015 , 2014 and 2013 are as follows: 2015 (1) 2014 2013 Ordinary income $ 1.20 24.8 % $ 1.92 76.5 % $ 1.02 43.3 % Capital gains 3.64 75.2 % 0.16 6.4 % 1.24 52.5 % Unrecaptured Section 1250 gain — — % 0.05 2.0 % 0.10 4.2 % Return of capital — — % 0.38 15.1 % — — % Dividends paid $ 4.84 100.0 % $ 2.51 100.0 % $ 2.36 100.0 % _______________________________________________________________________________ (1) During the year ended December 31, 2015, the Company paid cash dividends of $4.63 per common share. In addition, the Company declared a $2.00 special cash dividend to shareholders of record as of November 12, 2015 which was paid on January 6, 2016 (See Note 12 — Stockholders' Equity ). Pursuant to relevant U.S. tax rules, $0.21 per common share of this dividend is treated as having been paid by the Company on December 31, 2015, and received by each shareholder of record as of November 12, 2015 on December 31, 2015. |
Schedule of income tax benefit of TRSs | The income tax benefit of the TRSs for the years ended December 31, 2015 , 2014 and 2013 are as follows: 2015 2014 2013 Current $ — $ — $ (142 ) Deferred 3,223 4,269 1,834 Income tax benefit $ 3,223 $ 4,269 $ 1,692 |
Reconciliation of income tax benefit (provision) of the TRSs to the amount computed by applying the federal corporate tax rate | Income tax benefit of the TRSs for the years ended December 31, 2015 , 2014 and 2013 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows: 2015 2014 2013 Book loss for TRSs $ 10,681 $ 10,785 $ 11,709 Tax at statutory rate on earnings from continuing operations before income taxes $ 3,632 $ 3,667 $ 3,981 Other (409 ) 602 (2,289 ) Income tax benefit $ 3,223 $ 4,269 $ 1,692 |
Schedule of tax effects of temporary differences and carryforwards of the TRSs included in net deferred tax assets | The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2015 and 2014 are summarized as follows: 2015 2014 Net operating loss carryforwards $ 25,340 $ 24,698 Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs 10,600 8,201 Other 2,907 2,726 Net deferred tax assets $ 38,847 $ 35,625 |
Quarterly Financial Data_ (Tabl
Quarterly Financial Data: (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of quarterly results of operations | The following is a summary of quarterly results of operations for the years ended December 31, 2015 and 2014 : 2015 Quarter Ended 2014 Quarter Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 320,758 $ 326,262 $ 322,794 $ 318,335 $ 322,909 $ 263,491 $ 254,336 $ 264,511 Net income attributable to the Company(1) $ 414,959 $ 33,597 $ 14,395 $ 24,611 $ 1,429,221 $ 35,914 $ 16,088 $ 17,819 Net income attributable to common stockholders per share-basic $ 2.65 $ 0.21 $ 0.09 $ 0.15 $ 9.52 $ 0.25 $ 0.11 $ 0.13 Net income attributable to common stockholders per share-diluted $ 2.65 $ 0.21 $ 0.09 $ 0.15 $ 9.51 $ 0.25 $ 0.11 $ 0.13 _____________________ (1) Net income attributable to the Company for the quarter ended December 31, 2015 includes the gain on sale of assets of $311,194 from the sale of the PPR Portfolio transaction (See Note 4 — Investments in Unconsolidated Joint Ventures ) and $73,726 from the sale of Panorama Mall (See Note 14 — Dispositions ). Net income attributable to the Company for the quarter ended December 31, 2014 includes the gain on remeasurement of assets of $1,423,136 from the acquisition of the PPR Queens Portfolio (See Note 13 — Acquisitions ). |
Organization_ (Details)
Organization: (Details) - entity | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Number of management companies (in entities) | 7 | |
The Macerich Partnership, L.P. | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership interest in operating partnership (as a percent) | 93.00% | 94.00% |
Summary of Significant Accoun47
Summary of Significant Accounting Policies: Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Increase in minimum rent due to straight-line rent adjustment | $ 7,192 | $ 5,825 | $ 7,498 |
Minimum | |||
Revenues | |||
Management fees as a percentage of gross monthly rental revenue | 1.50% | ||
Maximum | |||
Revenues | |||
Management fees as a percentage of gross monthly rental revenue | 5.00% |
Summary of Significant Accoun48
Summary of Significant Accounting Policies: Investment in Unconsolidated Joint Ventures (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Investment in unconsolidated joint ventures | |
Threshold ownership percentage above which to use equity method of accounting only if no controlling financial interest | 50.00% |
Buildings and improvements | Minimum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 5 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 40 years |
Tenant improvements | Minimum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 5 years |
Tenant improvements | Maximum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 7 years |
Equipment and furnishings | Minimum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 5 years |
Equipment and furnishings | Maximum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 7 years |
Summary of Significant Accoun49
Summary of Significant Accounting Policies: Acquisitions (Details) | 12 Months Ended |
Dec. 31, 2015form | |
Accounting Policies [Abstract] | |
Number of forms of in-place operating lease intangible assets and liabilities | 3 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies: Deferred Charges and Segment Information (Details) | 12 Months Ended |
Dec. 31, 2015segmentarea | |
Segment Information: | |
Number of business segments | segment | 1 |
Number of geographic areas in which the Company operates | area | 1 |
Minimum | |
Deferred Charges: | |
Deferred lease costs, amortization period (in years) | 1 year |
Deferred financing costs, amortization period (in years) | 1 year |
Maximum | |
Deferred Charges: | |
Deferred lease costs, amortization period (in years) | 15 years |
Deferred financing costs, amortization period (in years) | 15 years |
Earnings Per Share ("EPS")_ (De
Earnings Per Share ("EPS"): (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator | |||||||||||
Income from continuing operations | $ 522,912 | $ 1,606,931 | $ 159,023 | ||||||||
Income from discontinued operations | 0 | 0 | 289,936 | ||||||||
Net income attributable to noncontrolling interests | (35,350) | (107,889) | (28,869) | ||||||||
Net income attributable to the Company | $ 414,959 | $ 33,597 | $ 14,395 | $ 24,611 | $ 1,429,221 | $ 35,914 | $ 16,088 | $ 17,819 | 487,562 | 1,499,042 | 420,090 |
Allocation of earnings to participating securities | 1,493 | 1,576 | 397 | ||||||||
Numerator for basic and diluted earnings per share—net income attributable to common stockholders - basic | 486,069 | 1,497,466 | 419,693 | ||||||||
Numerator for basic and diluted earnings per share—net income attributable to common stockholders - diluted | $ 486,069 | $ 1,497,466 | $ 419,693 | ||||||||
Denominator (in shares) | |||||||||||
Denominator for basic earnings per share—weighted average number of common shares outstanding | 157,916 | 143,144 | 139,598 | ||||||||
Effect of dilutive securities (in shares) | |||||||||||
Share and unit based compensation | 144 | 147 | 82 | ||||||||
Denominator for diluted earnings per share—weighted average number of common shares outstanding | 158,060 | 143,291 | 139,680 | ||||||||
Earnings per common share—basic: (in dollars per share) | |||||||||||
Income from continuing operations (dollars per share) | $ 3.08 | $ 10.46 | $ 1.07 | ||||||||
Discontinued operations (dollars per share) | 0 | 0 | 1.94 | ||||||||
Net income attributable to common stockholders (dollars per share) | $ 2.65 | $ 0.21 | $ 0.09 | $ 0.15 | $ 9.52 | $ 0.25 | $ 0.11 | $ 0.13 | 3.08 | 10.46 | 3.01 |
Earnings per common share—diluted: (in dollars per share) | |||||||||||
Income from continuing operations (dollars per share) | 3.08 | 10.45 | 1.06 | ||||||||
Discontinued operations (dollars per share) | 0 | 0 | 1.94 | ||||||||
Net income attributable to common stockholders (dollars per share) | $ 2.65 | $ 0.21 | $ 0.09 | $ 0.15 | $ 9.51 | $ 0.25 | $ 0.11 | $ 0.13 | $ 3.08 | $ 10.45 | $ 3 |
Earnings Per Share ("EPS")_ Nar
Earnings Per Share ("EPS"): Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Convertible preferred units | |||
Antidilutive securities | |||
Antidilutive securities (in shares) | 139,186 | 179,667 | 184,304 |
Partnership unit | |||
Antidilutive securities | |||
Antidilutive securities (in shares) | 10,562,154 | 10,079,935 | 9,845,602 |
Investments in Unconsolidated53
Investments in Unconsolidated Joint Ventures: Company Ownership (Details) | Dec. 31, 2015 | Feb. 17, 2015 |
443 Wabash MAB LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 45.00% | |
AM Tysons LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
Biltmore Shopping Center Partners LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
Candlestick Center LLC—Fashion Outlets of San Francisco | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.10% | |
Coolidge Holding LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 37.50% | |
Corte Madera Village, LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.10% | |
Fashion Outlets of Philadelphia—Various Entities | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
Jaren Associates 4 | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 12.50% | |
Kierland Commons Investment LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
Macerich Northwestern Associates—Broadway Plaza | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
MS Portfolio LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
North Bridge Chicago LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
One Scottsdale Investors LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
Pacific Premier Retail LLC—Various Properties | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 60.00% | |
Propcor II Associates, LLC—Boulevard Shops | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
Scottsdale Fashion Square Partnership | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
The Market at Estrella Falls LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 40.10% | |
Tysons Corner LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
Tysons Corner Hotel I LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
Tysons Corner Property Holdings II LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
Tysons Corner Property LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
West Acres Development, LLP | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 19.00% | |
Westcor/Gilbert, L.L.C. | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
Westcor/Queen Creek LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 38.00% | |
Westcor/Surprise Auto Park LLC | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 33.30% | |
WMAP, L.L.C.—Atlas Park | ||
Investments in unconsolidated joint ventures: | ||
Ownership % | 50.00% | |
Inland Center | ||
Investments in unconsolidated joint ventures: | ||
Additional ownership interest (as a percent) | 50.00% |
Investments in Unconsolidated54
Investments in Unconsolidated Joint Ventures: Narrative (Details) $ in Thousands | Jan. 14, 2016USD ($)ft² | Jan. 06, 2016USD ($)ft² | Oct. 30, 2015USD ($)ft² | Apr. 30, 2015USD ($)store | Feb. 17, 2015USD ($)ft² | Dec. 29, 2014USD ($) | Nov. 20, 2014USD ($)ft² | Nov. 14, 2014USD ($)ft²mall | Aug. 28, 2014USD ($)ft² | Jul. 30, 2014USD ($)ft² | Jun. 04, 2014USD ($)ft² | Oct. 24, 2013USD ($) | Oct. 08, 2013USD ($)ft² | Aug. 01, 2013USD ($)ft² | Jun. 12, 2013USD ($)ft² | May. 29, 2013USD ($)ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 13, 2014USD ($)ft² | Sep. 17, 2013ft² |
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Gain on sale of assets | $ 9,850 | $ 3,643 | $ 190,526 | ||||||||||||||||||
Purchase price paid through assumption of debt by the Company | 0 | 1,414,659 | 257,064 | ||||||||||||||||||
Payments on mortgages, bank and other notes payable | 3,284,213 | 853,080 | 3,051,072 | ||||||||||||||||||
Distributions to co-venture partner | 23,498 | 15,555 | 19,564 | ||||||||||||||||||
Arrowhead Towne Center | Subsequent Event | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 1,197,000 | ||||||||||||||||||||
Interest in the loan assumed by a third party (as a percent) | 40.00% | ||||||||||||||||||||
Proceeds from sale | $ 284,000 | ||||||||||||||||||||
Cash payment | 124,000 | ||||||||||||||||||||
Assumption of debt | $ 160,000 | ||||||||||||||||||||
Ridgmar Mall | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 1,273,000 | ||||||||||||||||||||
Gain on sale of assets | $ 6,243 | ||||||||||||||||||||
Gain recognized on sale | 3,121 | ||||||||||||||||||||
Proceeds from sale | 60,900 | ||||||||||||||||||||
Payments on mortgages, bank and other notes payable | 51,657 | ||||||||||||||||||||
Distributions to co-venture partner | $ 9,243 | ||||||||||||||||||||
Wilshire Boulevard | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 40,000 | ||||||||||||||||||||
Gain on sale of assets | $ 9,033 | 9,033 | |||||||||||||||||||
Purchase price funded by cash payment on acquisition | 15,386 | ||||||||||||||||||||
Purchase price paid through assumption of debt by the Company | $ 1,714 | ||||||||||||||||||||
Percentage of ownership interest sold | 30.00% | ||||||||||||||||||||
Proceeds from sale | $ 17,100 | ||||||||||||||||||||
Pacific Premier Retail LP | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Gain on sale of assets | $ 311,194 | ||||||||||||||||||||
Proceeds from sale | $ 1,258,643 | ||||||||||||||||||||
Camelback Colonnade | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Ownership percentage purchased | 67.50% | ||||||||||||||||||||
Property square footage | ft² | 619,000 | ||||||||||||||||||||
Proceeds from sale | $ 92,898 | ||||||||||||||||||||
Cash payment | 61,173 | ||||||||||||||||||||
Assumption of debt | $ 31,725 | ||||||||||||||||||||
Ownership percentage in joint ventures | 73.20% | ||||||||||||||||||||
Kierland Commons Investment LLC | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Ownership percentage in joint ventures | 50.00% | ||||||||||||||||||||
Pacific Premier Retail LP | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Gain on sale of assets | $ 0 | $ (7,044) | $ 182,754 | ||||||||||||||||||
Twenty Ninth Street | Subsequent Event | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 850,000 | ||||||||||||||||||||
Kitsap Mall | Pacific Premier Retail LP | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 846,000 | ||||||||||||||||||||
Proceeds from sale of property | $ 127,000 | ||||||||||||||||||||
Gain on sale of assets | 55,150 | ||||||||||||||||||||
Gain recognized on sale | $ 28,127 | ||||||||||||||||||||
Redmond Town Center | Pacific Premier Retail LP | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 695,000 | 582,000 | |||||||||||||||||||
Proceeds from sale of property | $ 127,000 | $ 185,000 | |||||||||||||||||||
Gain on sale of assets | 38,447 | 89,157 | |||||||||||||||||||
Gain recognized on sale | $ 18,251 | $ 44,424 | |||||||||||||||||||
The Gallery | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 1,376,000 | ||||||||||||||||||||
Purchase price on acquisition | $ 106,800 | ||||||||||||||||||||
Joint venture ownership percentage purchased | 50.00% | ||||||||||||||||||||
Candlestick Point | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 500,000 | ||||||||||||||||||||
Candlestick Point | Notes Receivable | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Note receivable | $ 65,130 | ||||||||||||||||||||
Description of variable rate | LIBOR | ||||||||||||||||||||
Candlestick Point | Notes Receivable | LIBOR | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Interest rate (as a percent) | 2.00% | ||||||||||||||||||||
Lakewood Center | PPR Queens Portfolio | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 2,075,000 | ||||||||||||||||||||
Los Cerritos Center | Pacific Premier Retail LP | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 1,292,000 | ||||||||||||||||||||
Los Cerritos Center | PPR Queens Portfolio | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Percentage of ownership interest sold | 40.00% | ||||||||||||||||||||
South Plains Mall | PPR Queens Portfolio | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 1,127,000 | ||||||||||||||||||||
Deptford Mall | Subsequent Event | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 1,040,000 | ||||||||||||||||||||
FlatIron Crossing | Subsequent Event | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 1,430,000 | ||||||||||||||||||||
Depford Mall, FlatIron Crossing, Twenty Ninth Street [Member] | Subsequent Event | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Percentage of ownership interest sold | 49.00% | ||||||||||||||||||||
Proceeds from sale | $ 750,980 | ||||||||||||||||||||
Cash payment | 458,110 | ||||||||||||||||||||
Assumption of debt | $ 292,870 | ||||||||||||||||||||
Inland Center | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Ownership percentage purchased | 50.00% | ||||||||||||||||||||
Property square footage | ft² | 866,000 | ||||||||||||||||||||
Purchase price on acquisition | $ 51,250 | ||||||||||||||||||||
Purchase price funded by cash payment on acquisition | 26,250 | ||||||||||||||||||||
Purchase price paid through assumption of debt by the Company | 25,000 | ||||||||||||||||||||
Loan paid off | $ 50,000 | ||||||||||||||||||||
Sears Locations [Member] | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Purchase price on acquisition | $ 150,000 | ||||||||||||||||||||
Number of Stores | store | 9 | ||||||||||||||||||||
Joint venture ownership percentage purchased | 50.00% | ||||||||||||||||||||
Superstition Springs Land I | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Ownership percentage purchased | 33.30% | ||||||||||||||||||||
Purchase price on acquisition | $ 46,162 | ||||||||||||||||||||
Purchase price funded by cash payment on acquisition | 23,662 | ||||||||||||||||||||
Purchase price paid through assumption of debt by the Company | $ 22,500 | ||||||||||||||||||||
Cascade Mall | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Ownership percentage purchased | 49.00% | ||||||||||||||||||||
Property square footage | ft² | 589,000 | ||||||||||||||||||||
Purchase price on acquisition | $ 15,233 | ||||||||||||||||||||
PPR Queens Portfolio | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Ownership percentage purchased | 49.00% | ||||||||||||||||||||
Purchase price on acquisition | $ 1,838,886 | ||||||||||||||||||||
Purchase price paid through assumption of debt by the Company | $ 672,109 | ||||||||||||||||||||
Number of shopping centers | mall | 5 | ||||||||||||||||||||
Equity issued (in shares) | $ 1,166,777 | ||||||||||||||||||||
PPR Queens Portfolio | Lakewood Center | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 2,075,000 | ||||||||||||||||||||
PPR Queens Portfolio | Queens Center | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 966,000 | ||||||||||||||||||||
PPR Queens Portfolio | Stonewood Center | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 932,000 | ||||||||||||||||||||
PPR Queens Portfolio | Washington Square | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 1,441,000 | ||||||||||||||||||||
443 Wabash MAB LLC | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Property square footage | ft² | 65,000 | ||||||||||||||||||||
Purchase price on acquisition | $ 18,900 | ||||||||||||||||||||
Joint venture ownership percentage purchased | 45.00% | ||||||||||||||||||||
The Macerich Company [Member] | Pacific Premier Retail LP | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Proceeds from sale | $ 545,643 | ||||||||||||||||||||
Joint Venture [Member] | Pacific Premier Retail LP | |||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||
Purchase price paid through assumption of debt by the Company | $ 713,000 |
Investments in Unconsolidated55
Investments in Unconsolidated Joint Ventures: Financial Results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets: | |||
Properties, net | $ 6,334,442 | $ 2,967,878 | |
Other assets | 517,053 | 208,726 | |
Total assets | 6,851,495 | 3,176,604 | |
Liabilities and partners' capital: | |||
Mortgage notes payable | 3,614,401 | 2,038,379 | |
Other liabilities | 358,156 | 195,766 | |
Company's capital | 1,585,796 | 489,349 | |
Outside partners' capital | 1,293,142 | 453,110 | |
Total liabilities and partners' capital | 6,851,495 | 3,176,604 | |
Investment in unconsolidated joint ventures: | |||
Company's capital | 1,585,796 | 489,349 | |
Basis adjustment | (77,701) | 464,826 | |
Investments in unconsolidated joint ventures | 1,508,095 | 954,175 | |
Assets—Investments in unconsolidated joint ventures | 1,532,552 | 984,132 | |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (24,457) | (29,957) | |
Mortgage notes payable that could become recourse debt to the Company | 5,000 | 33,540 | |
Indemnity of guaranteed amount | 2,500 | 16,770 | |
Amortization of difference between cost of investments and book value of underlying equity | 5,619 | 5,109 | $ 10,734 |
Revenues: | |||
Minimum rents | 315,093 | 388,363 | 418,724 |
Percentage rents | 15,757 | 17,161 | 19,589 |
Tenant recoveries | 137,467 | 186,741 | 204,171 |
Other | 35,113 | 40,705 | 45,627 |
Total revenues | 503,430 | 632,970 | 688,111 |
Expenses: | |||
Shopping center and operating expenses | 172,647 | 215,412 | 229,818 |
Interest expense | 88,727 | 137,087 | 145,322 |
Depreciation and amortization | 150,626 | 144,403 | 147,309 |
Total operating expenses | 412,000 | 496,902 | 522,449 |
Gain on sale of assets | 9,850 | 3,643 | 190,526 |
Gain on early extinguishment of debt | (3) | 14 | |
Net income | 101,277 | 139,711 | 356,202 |
Company's equity in net income | 45,164 | 60,626 | 167,580 |
Northwestern Mutual Life (NML) | |||
Investment in unconsolidated joint ventures: | |||
Mortgage notes payable to affiliate | 461,778 | 606,263 | |
Interest expense on borrowings from related party | 29,372 | 38,113 | 31,549 |
Pacific Premier Retail LP | |||
Revenues: | |||
Minimum rents | 21,172 | 88,831 | 118,164 |
Percentage rents | 2,569 | 2,652 | 4,586 |
Tenant recoveries | 8,408 | 40,118 | 52,470 |
Other | 1,182 | 4,090 | 5,882 |
Total revenues | 33,331 | 135,691 | 181,102 |
Expenses: | |||
Shopping center and operating expenses | 6,852 | 37,113 | 53,039 |
Interest expense | 10,448 | 34,113 | 43,445 |
Depreciation and amortization | 16,919 | 29,688 | 39,616 |
Total operating expenses | 34,219 | 100,914 | 136,100 |
Gain on sale of assets | 0 | (7,044) | 182,754 |
Gain on early extinguishment of debt | 0 | 0 | |
Net income | (888) | 27,733 | 227,756 |
Company's equity in net income | 1,409 | 9,743 | 110,798 |
Other Joint Ventures | |||
Revenues: | |||
Minimum rents | 293,921 | 299,532 | 300,560 |
Percentage rents | 13,188 | 14,509 | 15,003 |
Tenant recoveries | 129,059 | 146,623 | 151,701 |
Other | 33,931 | 36,615 | 39,745 |
Total revenues | 470,099 | 497,279 | 507,009 |
Expenses: | |||
Shopping center and operating expenses | 165,795 | 178,299 | 176,779 |
Interest expense | 78,279 | 102,974 | 101,877 |
Depreciation and amortization | 133,707 | 114,715 | 107,693 |
Total operating expenses | 377,781 | 395,988 | 386,349 |
Gain on sale of assets | 9,850 | 10,687 | 7,772 |
Gain on early extinguishment of debt | (3) | 14 | |
Net income | 102,165 | 111,978 | 128,446 |
Company's equity in net income | 43,755 | $ 50,883 | $ 56,782 |
Pacific Premier Retail LLC—Various Properties | |||
Assets: | |||
Total assets | 3,283,702 | ||
Investment in unconsolidated joint ventures: | |||
Total liabilities | $ 1,938,241 |
Property_ (Details)
Property: (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Land | $ 1,894,717 | $ 2,242,291 | |
Buildings and improvements | 7,752,892 | 9,479,337 | |
Tenant improvements | 637,355 | 600,436 | |
Equipment and furnishings | 169,841 | 152,554 | |
Construction in progress | 234,851 | 303,264 | |
Total | 10,689,656 | 12,777,882 | |
Less accumulated depreciation | (1,892,744) | (1,709,992) | |
Property, net | 8,796,912 | 11,067,890 | |
Depreciation expense | $ 354,977 | $ 289,178 | $ 269,790 |
Property_ Narrative (Details)
Property: Narrative (Details) $ in Thousands | Aug. 28, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Acquisition | |||||
Gain on sale of assets | $ 9,850 | $ 3,643 | $ 190,526 | ||
Gain (loss) on disposal | $ 151,467 | ||||
Loss on Sale or Write-Down of Assets | (2,336) | 82,197 | |||
Gain (Loss) On Land Sales | 1,807 | ||||
Gain (Loss) on sale of assets | 1,257 | 5,390 | |||
Loss on write-off of development costs | $ (1,250) | ||||
Write-off of Development Cost | (182) | (40,561) | |||
Impairment charge | (10,633) | (41,216) | |||
Pacific Premier Retail LP | |||||
Acquisition | |||||
Gain on sale of assets | $ 311,194 | ||||
Pacific Premier Retail LLC—Various Properties | |||||
Acquisition | |||||
Percentage of ownership interest sold | 40.00% | ||||
Panorama Mall | |||||
Acquisition | |||||
Gain (loss) on disposal | $ 73,726 | ||||
Various Properties | |||||
Acquisition | |||||
Gain on sale of assets | 144,927 | ||||
Wilshire Boulevard | |||||
Acquisition | |||||
Gain on sale of assets | $ 9,033 | $ 9,033 | |||
Percentage of ownership interest sold | 30.00% | ||||
Mervyn's | |||||
Acquisition | |||||
Number of properties | property | 3 |
Tenant and Other Receivables_ (
Tenant and Other Receivables: (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 17, 2014 |
Components of tenant and other receivables, net | |||
Allowance for doubtful accounts | $ 3,072,000 | $ 3,234,000 | |
Deferred rent receivables due to straight-line rent adjustments | 60,790,000 | 57,278,000 | |
Accrued percentage rents | |||
Components of tenant and other receivables, net | |||
Accounts receivable | 10,940,000 | $ 13,436,000 | |
Note receivable, 6.5% interest, maturing March 17, 2018 | |||
Components of tenant and other receivables, net | |||
Notes receivable interest rate (as a percent) | 6.50% | ||
Notes receivable | $ 6,351,000 | $ 6,500,000 | |
Note Receivable, 5% interest, maturing December 31, 2014 | |||
Components of tenant and other receivables, net | |||
Notes receivable interest rate (as a percent) | 5.00% | ||
Notes receivable | $ 3,103,000 |
Deferred Charges and Other As59
Deferred Charges and Other Assets, net: (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Leasing | $ 248,709 | $ 239,955 | |
Financing | 45,874 | 47,171 | |
Intangible assets: | |||
In-place lease values | 196,969 | 298,825 | |
Leasing commissions and legal costs | 52,000 | 72,432 | |
Above-market leases | 220,847 | 250,810 | |
Deferred tax assets | 38,847 | 35,625 | |
Deferred compensation plan assets | 37,341 | 35,194 | |
Other assets | 70,070 | 66,246 | |
Deferred charges and other assets, gross | 910,657 | 1,046,258 | |
Less accumulated amortization | (323,374) | (287,197) | |
Deferred charges and other assets, net | 587,283 | 759,061 | |
Accumulated amortization for in-place lease values, leasing commissions and legal costs | 109,453 | 103,361 | |
Amortization expense for intangible assets | $ 69,460 | $ 52,668 | $ 53,139 |
Deferred Charges And Other As60
Deferred Charges And Other Assets, net: Estimated Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Above-Market Leases | ||
Less accumulated amortization | $ (109,453) | $ (103,361) |
Allocated value net | 139,516 | |
Below-Market Leases | ||
Original allocated value | 227,063 | 375,033 |
Less accumulated amortization | (101,872) | (93,511) |
Allocated value, net | 125,191 | 281,522 |
Above Market | ||
2,016 | 36,275 | |
2,017 | 23,415 | |
2,018 | 18,002 | |
2,019 | 14,874 | |
2,020 | 11,373 | |
Thereafter | 35,577 | |
Allocated value net | 139,516 | |
Below Market | ||
2,016 | 20,309 | |
2,017 | 16,838 | |
2,018 | 15,054 | |
2,019 | 13,380 | |
2,020 | 10,649 | |
Thereafter | 48,961 | |
Allocated value, net | 125,191 | 281,522 |
Above Market | ||
Above-Market Leases | ||
Original allocated value | 220,847 | 250,810 |
Less accumulated amortization | (73,520) | (59,696) |
Allocated value net | 147,327 | 191,114 |
Above Market | ||
2,016 | 18,360 | |
2,017 | 15,456 | |
2,018 | 13,045 | |
2,019 | 10,708 | |
2,020 | 9,176 | |
Thereafter | 80,582 | |
Allocated value net | $ 147,327 | $ 191,114 |
Mortgage Notes Payable_ (Detail
Mortgage Notes Payable: (Details) - USD ($) | Jan. 14, 2016 | Jan. 06, 2016 | Dec. 01, 2015 | Oct. 30, 2015 | Oct. 05, 2015 | Jul. 31, 2015 | Jun. 30, 2015 | Mar. 03, 2015 | Mar. 02, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 12, 2015 | Feb. 19, 2015 |
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | $ 181,318,000 | $ 289,039,000 | ||||||||||||
Others | 4,443,294,000 | 5,115,482,000 | ||||||||||||
Debt premiums (discounts), net | 18,408,000 | 56,921,000 | ||||||||||||
(Gain) loss on early extinguishment of debt, net | (16,066,000) | 526,000 | $ (1,432,000) | |||||||||||
Probable recourse amount | 13,500,000 | 73,165,000 | ||||||||||||
Interest expense capitalized | 13,052,000 | 12,559,000 | $ 10,829,000 | |||||||||||
Fair value of mortgage notes payable | $ 4,628,781,000 | 5,455,453,000 | ||||||||||||
Chandler Fashion Center | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Interest in the loan assumed by a third party (as a percent) | 49.90% | |||||||||||||
Arrowhead Towne Center Mortgage | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | $ 0 | 0 | ||||||||||||
Others | $ 221,194,000 | 228,703,000 | ||||||||||||
Effective interest rate (as a percent) | 2.76% | |||||||||||||
Monthly debt service | $ 1,131,000 | |||||||||||||
Debt premiums | 8,494,000 | 11,568,000 | ||||||||||||
Chandler Fashion Center | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 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 | 111,248,000 | 114,265,000 | ||||||||||||
Others | $ 111,249,000 | 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 | ||||||||||||
Others | $ 193,861,000 | 197,815,000 | ||||||||||||
Effective interest rate (as a percent) | 3.76% | |||||||||||||
Monthly debt service | $ 947,000 | |||||||||||||
Debt discounts | (3,000) | (8,000) | ||||||||||||
Deptford Mall Two | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 14,001,000 | 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 | ||||||||||||
Others | $ 0 | 168,000,000 | ||||||||||||
Effective interest rate (as a percent) | 0.00% | |||||||||||||
Monthly debt service | $ 0 | |||||||||||||
Fashion Outlets of Chicago | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 200,000,000 | $ 200,000,000 | $ 119,329,000 | |||||||||||
Effective interest rate (as a percent) | 1.84% | 2.97% | ||||||||||||
Monthly debt service | $ 291,000 | |||||||||||||
Reference rate for variable interest rate | LIBOR | |||||||||||||
Interest rate spread over basis (as a percent) | 1.50% | |||||||||||||
Fashion Outlets of Niagara Falls USA | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | $ 0 | ||||||||||||
Others | $ 118,615,000 | 121,376,000 | ||||||||||||
Effective interest rate (as a percent) | 4.89% | |||||||||||||
Monthly debt service | $ 727,000 | |||||||||||||
Debt premiums | 4,486,000 | 5,414,000 | ||||||||||||
Flagstaff Mall | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 37,000,000 | 37,000,000 | ||||||||||||
Effective interest rate (as a percent) | 8.97% | |||||||||||||
Monthly debt service | $ 153,000 | |||||||||||||
FlatIron Crossing | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 254,733,000 | 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 | ||||||||||||
Others | $ 225,094,000 | 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 | ||||||||||||
Others | $ 0 | 34,494,000 | ||||||||||||
Effective interest rate (as a percent) | 0.00% | |||||||||||||
Monthly debt service | $ 0 | |||||||||||||
(Gain) loss on early extinguishment of debt, net | $ 1,627,000 | |||||||||||||
Green Acres Mall Mortgage | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 306,954,000 | 313,514,000 | ||||||||||||
Effective interest rate (as a percent) | 3.61% | |||||||||||||
Monthly debt service | $ 1,447,000 | |||||||||||||
Kings Plaza Shopping Center | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 470,627,000 | 480,761,000 | ||||||||||||
Effective interest rate (as a percent) | 3.67% | |||||||||||||
Monthly debt service | $ 2,229,000 | |||||||||||||
Lakewood Center | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 0 | 253,708,000 | $ 410,000,000 | |||||||||||
Effective interest rate (as a percent) | 0.00% | |||||||||||||
Monthly debt service | $ 0 | |||||||||||||
Debt premiums | 0 | 3,708,000 | ||||||||||||
Interest in the loan assumed by a third party (as a percent) | 40.00% | |||||||||||||
(Gain) loss on early extinguishment of debt, net | $ (2,245,000) | |||||||||||||
Interest rate on debt (as a percent) | 3.46% | |||||||||||||
Los Cerritos Center Mortgage | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 103,274,000 | ||||||||||||
Others | $ 525,000,000 | $ 0 | 103,274,000 | |||||||||||
Effective interest rate (as a percent) | 0.00% | |||||||||||||
Monthly debt service | $ 0 | |||||||||||||
Debt premiums | 0 | 17,965,000 | ||||||||||||
(Gain) loss on early extinguishment of debt, net | $ 859,000 | |||||||||||||
Interest rate on debt (as a percent) | 4.00% | |||||||||||||
Northgate Mall | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 64,000,000 | $ 64,000,000 | ||||||||||||
Effective interest rate (as a percent) | 3.30% | 3.05% | ||||||||||||
Monthly debt service | $ 143,000 | |||||||||||||
Reference rate for variable interest rate | LIBOR | |||||||||||||
Interest rate spread over basis (as a percent) | 2.25% | |||||||||||||
Oaks, The | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | $ 0 | $ 0 | ||||||||||||
Others | $ 205,986,000 | 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 | ||||||||||||
Others | $ 130,458,000 | 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 | ||||||||||||
Others | $ 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 | ||||||||||||
Others | $ 225,089,000 | 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 | ||||||||||||
Others | $ 130,898,000 | 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 | ||||||||||||
Others | $ 105,494,000 | 111,297,000 | ||||||||||||
Effective interest rate (as a percent) | 1.80% | |||||||||||||
Monthly debt service | $ 640,000 | |||||||||||||
Debt premiums | 5,168,000 | 7,980,000 | ||||||||||||
Superstition Springs Center | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 67,763,000 | $ 68,079,000 | ||||||||||||
Effective interest rate (as a percent) | 2.17% | 1.98% | ||||||||||||
Monthly debt service | $ 149,000 | |||||||||||||
Debt premiums | $ 263,000 | $ 579,000 | ||||||||||||
Interest rate spread over basis (as a percent) | 2.30% | |||||||||||||
Towne Mall | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | $ 0 | 0 | ||||||||||||
Others | $ 22,200,000 | 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 | 70,070,000 | 71,500,000 | ||||||||||||
Others | $ 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 | ||||||||||||
Others | $ 0 | 41,368,000 | ||||||||||||
Effective interest rate (as a percent) | 0.00% | |||||||||||||
Monthly debt service | $ 0 | |||||||||||||
Debt discounts | 0 | (132,000) | ||||||||||||
(Gain) loss on early extinguishment of debt, net | $ 52,000 | |||||||||||||
Valley River Center | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 0 | 120,000,000 | ||||||||||||
Effective interest rate (as a percent) | 0.00% | |||||||||||||
Monthly debt service | $ 0 | |||||||||||||
(Gain) loss on early extinguishment of debt, net | $ 9,000 | |||||||||||||
Victor Valley, Mall | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 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 | |||||||||||
Others | 276,117,000 | 0 | ||||||||||||
Effective interest rate (as a percent) | 3.55% | |||||||||||||
Monthly debt service | 1,255,000 | |||||||||||||
Washington Square | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 550,000,000 | $ 0 | 238,696,000 | |||||||||||
Effective interest rate (as a percent) | 0.00% | |||||||||||||
Monthly debt service | $ 0 | |||||||||||||
Debt premiums | 0 | 9,847,000 | ||||||||||||
Interest in the loan assumed by a third party (as a percent) | 40.00% | |||||||||||||
(Gain) loss on early extinguishment of debt, net | $ (2,367,000) | |||||||||||||
Interest rate on debt (as a percent) | 3.65% | |||||||||||||
Westside Pavilion | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||||||
Others | $ 146,961,000 | $ 149,626,000 | ||||||||||||
Effective interest rate (as a percent) | 4.49% | |||||||||||||
Monthly debt service | $ 783,000 | |||||||||||||
Subsequent Event | Arrowhead Towne Center | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Effective interest rate (as a percent) | 4.05% | |||||||||||||
Subsequent Event | Depford Mall, FlatIron Crossing, Twenty Ninth Street [Member] | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Percentage of ownership interest sold | 49.00% | |||||||||||||
Subsequent Event | Arrowhead Towne Center Mortgage | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Face amount of debt | $ 400,000,000 | |||||||||||||
Interest in the loan assumed by a third party (as a percent) | 40.00% | |||||||||||||
Lakewood Center | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Percentage of ownership interest sold | 40.00% | |||||||||||||
Los Cerritos Center | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Percentage of ownership interest sold | 40.00% | |||||||||||||
Los Cerritos Center Mortgage | Los Cerritos Center Mortgage | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Interest in the loan assumed by a third party (as a percent) | 40.00% | |||||||||||||
Arrowhead Towne Center | Subsequent Event | ||||||||||||||
Mortgage loans payable on real estate | ||||||||||||||
Interest in the loan assumed by a third party (as a percent) | 40.00% |
Mortgage Notes Payable_ Future
Mortgage Notes Payable: Future Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Future maturities of mortgage notes payable | ||
Debt premium, net | $ 18,408 | $ 56,921 |
Total | 4,624,612 | $ 5,404,521 |
Mortgage notes payable | ||
Future maturities of mortgage notes payable | ||
2,016 | 155,977 | |
2,017 | 235,501 | |
2,018 | 695,439 | |
2,019 | 809,077 | |
2,020 | 534,886 | |
Thereafter | 2,175,324 | |
Long term debt including debt premium | 4,606,204 | |
Debt premium, net | 18,408 | |
Total | $ 4,624,612 |
Bank and Other Notes Payable_63
Bank and Other Notes Payable: (Details) - USD ($) | Oct. 23, 2015 | Aug. 06, 2013 | Mar. 29, 2013 | Dec. 08, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Bank and other notes payable | |||||||
(Gain) loss on early extinguishment of debt, net | $ (16,066,000) | $ 526,000 | $ (1,432,000) | ||||
Line of Credit | |||||||
Bank and other notes payable | |||||||
Line of credit | $ 1,500,000,000 | ||||||
Reference rate for variable interest rate | LIBOR | ||||||
Line of credit | $ 650,000,000 | $ 752,000,000 | |||||
Average interest rate (as a percent) | 1.95% | 1.89% | |||||
Fair value of line of credit | $ 640,260,000 | $ 713,989,000 | |||||
Unsecured term loan | |||||||
Bank and other notes payable | |||||||
Debt issued | $ 125,000,000 | ||||||
Reference rate for variable interest rate | LIBOR | ||||||
(Gain) loss on early extinguishment of debt, net | $ 578,000 | ||||||
Interest rate (as a percent) | 2.25% | ||||||
Estimated fair value of term loan | $ 119,780,000 | ||||||
Prasada Note | |||||||
Bank and other notes payable | |||||||
Debt issued | $ 13,330,000 | ||||||
Interest rate on debt (as a percent) | 5.25% | ||||||
Estimated fair value of term loan | $ 9,168,000 | 11,178,000 | |||||
Carrying value of term loan | $ 9,130,000 | $ 10,879,000 | |||||
LIBOR | Line of Credit | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 1.50% | ||||||
LIBOR | Line of Credit | Low end of range | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 1.38% | ||||||
LIBOR | Line of Credit | High end of range | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 2.00% | ||||||
LIBOR | Unsecured term loan | Low end of range | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 1.95% | ||||||
LIBOR | Unsecured term loan | High end of range | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 3.20% |
Bank and Other Notes Payable_ F
Bank and Other Notes Payable: Future Maturities (Details) - Notes Payable to Bank and Other Notes Payable $ in Thousands | Dec. 31, 2015USD ($) |
Future maturities of bank and other notes payable | |
2,016 | $ 9,130 |
2,018 | 650,000 |
Long term debt including debt premium | $ 659,130 |
Co-Venture Arrangement_ (Detail
Co-Venture Arrangement: (Details) $ / shares in Units, ft² in Thousands, $ in Thousands | Sep. 30, 2009USD ($)ft²$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Co-Venture Arrangement: | ||||
Cash proceeds for the overall transaction | $ 646,898 | $ 320,123 | $ 416,077 | |
Co-venture obligation | 63,756 | 75,450 | ||
Freehold Raceway Mall and Chandler Fashion Center | ||||
Co-Venture Arrangement: | ||||
Ownership interest (as a percent) | 49.90% | |||
Warrant in favor of the third party to purchase shares of common stock (in shares) | shares | 935,358 | |||
Exercise price of stock warrants (in dollars per share) | $ / shares | $ 46.68 | |||
Cash proceeds for the overall transaction | $ 174,650 | |||
Proceeds attributed to warrants | 6,496 | |||
Co-venture obligation | $ 168,154 | $ 63,756 | $ 75,450 | |
Freehold Raceway Mall | ||||
Co-Venture Arrangement: | ||||
Property square footage | ft² | 1,669 | |||
Chandler Fashion Center | ||||
Co-Venture Arrangement: | ||||
Property square footage | ft² | 1,319 |
Noncontrolling Interests_ (Deta
Noncontrolling Interests: (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Aug. 20, 2014 | Aug. 17, 2012 | |
Noncontrolling Interest [Line Items] | ||||
Limited partnership interest of the operating partnership (as a percent) | 7.00% | 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 | 10 days | |||
Redemption value of outstanding OP Units not owned by the Company | $ 870,625 | $ 877,184 | ||
The Macerich Partnership, L.P. | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest in operating partnership (as a percent) | 93.00% | 94.00% |
Stockholders' Equity_ Stock buy
Stockholders' Equity: Stock buyback program (Details) | Feb. 22, 2016USD ($)shares | Jan. 29, 2016$ / shares | Jan. 20, 2016$ / sharesshares | Nov. 13, 2015USD ($)shares | Oct. 30, 2015dividend$ / shares | Jan. 20, 2016shares | Dec. 31, 2015$ / shares | Sep. 30, 2015USD ($) |
Subsequent events | ||||||||
Authorized amount for accelerated stock repurchase program | $ 400,000,000 | |||||||
Accelerated share repurchased, number of shares purchased (shares) | shares | 4,140,788 | |||||||
Authorized amount for stock repurchase program | $ 400,000,000 | $ 1,200,000,000 | ||||||
Number of dividends declared | dividend | 2 | |||||||
Dividends declared for common stock | $ / shares | $ 2 | $ 6.63 | ||||||
Subsequent Event | ||||||||
Subsequent events | ||||||||
Authorized amount for accelerated stock repurchase program | $ 400,000,000 | |||||||
Accelerated share repurchased, number of shares purchased (shares) | shares | 4,222,193 | 970,609 | 5,111,397 | |||||
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share) | $ / shares | $ 78.26 | |||||||
Authorized amount for stock repurchase program | $ 400,000,000 | |||||||
Dividends declared for common stock | $ / shares | $ 0.68 |
Stockholders' Equity_ Stock Off
Stockholders' Equity: Stock Offerings: (Details) - USD ($) | Nov. 14, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | Aug. 20, 2014 | Aug. 17, 2012 |
Class of Warrant or Right [Line Items] | |||||||
Par value of common stock (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Maximum price of common stock available to be issued | $ 500,000 | $ 500,000,000 | $ 500,000,000 | ||||
Maximum commission to sales agent (as a percent) | 2.00% | ||||||
Total stock offering (in shares) | 2,456,956 | 2,961,903 | |||||
Proceeds from sale | $ 173,011,000 | $ 177,896,000 | |||||
Net proceeds of stock offering | $ 1,161,274,000 | $ 171,102,000 | $ 175,649,000 | ||||
PPR Queens Portfolio | |||||||
Class of Warrant or Right [Line Items] | |||||||
Issuance restricted common stock | $ 1,166,777,000 | ||||||
Shares | PPR Queens Portfolio | |||||||
Class of Warrant or Right [Line Items] | |||||||
Restricted common stock issued for acquisition (in shares) | 17,140,845 |
Acquisitions_ Narrative (Detail
Acquisitions: Narrative (Details) ft² in Thousands, $ in Thousands | Feb. 17, 2015USD ($)ft² | Nov. 14, 2014USD ($) | Oct. 31, 2014USD ($) | Jun. 04, 2014USD ($)ft² | Oct. 24, 2013USD ($) | Apr. 25, 2013USD ($)a | Jan. 31, 2013USD ($) | Jan. 24, 2013USD ($)ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)ft² | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Sep. 17, 2013ft² |
Acquisition | |||||||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | $ 0 | $ 1,414,659 | $ 257,064 | ||||||||||
Deposits paid | 12,500 | $ 0 | $ 0 | ||||||||||
Camelback Colonnade | |||||||||||||
Acquisition | |||||||||||||
Property square footage | ft² | 619 | ||||||||||||
Ownership Percentage | 73.20% | ||||||||||||
Additional ownership interest (as a percent) | 67.50% | ||||||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | ||||||||||||
Green Acres Mall | |||||||||||||
Acquisition | |||||||||||||
Property square footage | ft² | 1,799 | ||||||||||||
Purchase price | $ 500,000 | ||||||||||||
Face amount of debt | 325,000 | ||||||||||||
Placement of mortgage note on the property | $ 225,000 | 100,000 | |||||||||||
Deposits paid | $ 30,000 | ||||||||||||
Purchase price, balance remaining after deposit | $ 470,000 | ||||||||||||
Green Acres Adjacent | |||||||||||||
Acquisition | |||||||||||||
Property square footage | a | 19 | ||||||||||||
Purchase price | $ 22,577 | ||||||||||||
Superstition Springs Land I | |||||||||||||
Acquisition | |||||||||||||
Purchase price | $ 46,162 | ||||||||||||
Purchase price funded by cash payment on acquisition | 23,662 | ||||||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | $ 22,500 | ||||||||||||
Additional ownership interest (as a percent) | 33.30% | ||||||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | ||||||||||||
Cascade Mall | |||||||||||||
Acquisition | |||||||||||||
Property square footage | ft² | 589 | ||||||||||||
Purchase price | $ 15,233 | ||||||||||||
Additional ownership interest (as a percent) | 49.00% | ||||||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | ||||||||||||
PPR Queens Portfolio | |||||||||||||
Acquisition | |||||||||||||
Purchase price | $ 1,838,886 | ||||||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 672,109 | ||||||||||||
Issuance restricted common stock | $ 1,166,777 | ||||||||||||
Additional ownership interest (as a percent) | 49.00% | ||||||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | ||||||||||||
Inland Center | |||||||||||||
Acquisition | |||||||||||||
Property square footage | ft² | 866 | ||||||||||||
Purchase price | $ 51,250 | ||||||||||||
Purchase price funded by cash payment on acquisition | 26,250 | ||||||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | $ 25,000 | ||||||||||||
Incremental revenue generated from acquired property | 12,829 | ||||||||||||
Incremental earnings (loss) of acquired property | 1,892 | ||||||||||||
Additional ownership interest (as a percent) | 50.00% | ||||||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | ||||||||||||
Affiliated Entity | Fashion Outlets of Chicago | |||||||||||||
Acquisition | |||||||||||||
Property square footage | ft² | 537 | ||||||||||||
Purchase price | $ 69,987 | ||||||||||||
Fair value of contingent consideration | 10,953 | ||||||||||||
Noncontrolling interest adjustment | $ 76,141 | ||||||||||||
Purchase price funded by cash payment on acquisition | 55,867 | ||||||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | $ 14,120 |
Acquisitions_ Allocation of Fai
Acquisitions: Allocation of Fair Value (Details) - USD ($) $ in Thousands | Feb. 17, 2015 | Nov. 14, 2014 | Jun. 04, 2014 | Oct. 24, 2013 | Sep. 17, 2013 | Jan. 24, 2013 |
Inland Center | ||||||
Acquisition | ||||||
Property | $ 91,871 | |||||
Deferred charges | 9,752 | |||||
Other assets | 5,782 | |||||
Total assets acquired | 107,405 | |||||
Mortgage notes payable | 50,000 | |||||
Other accrued liabilities | 4,905 | |||||
Total liabilities assumed | 54,905 | |||||
Fair value of acquired net assets (at 100% ownership) | $ 52,500 | |||||
Green Acres Mall | ||||||
Acquisition | ||||||
Property | $ 477,673 | |||||
Deferred charges | 45,130 | |||||
Other assets | 19,125 | |||||
Total assets acquired | 541,928 | |||||
Other accrued liabilities | 41,928 | |||||
Total liabilities assumed | 41,928 | |||||
Fair value of acquired net assets (at 100% ownership) | $ 500,000 | |||||
Camelback Colonnade | ||||||
Acquisition | ||||||
Property | $ 98,160 | |||||
Deferred charges | 8,284 | |||||
Cash and cash equivalents | 1,280 | |||||
Restricted cash | 1,139 | |||||
Tenant receivables | 615 | |||||
Other assets | 380 | |||||
Total assets acquired | 109,858 | |||||
Mortgage notes payable | 49,465 | |||||
Accounts payable | 54 | |||||
Other accrued liabilities | 4,752 | |||||
Total liabilities assumed | 54,271 | |||||
Fair value of acquired net assets (at 100% ownership) | $ 55,587 | |||||
Superstition Springs Land I | ||||||
Acquisition | ||||||
Property | $ 114,373 | |||||
Deferred charges | 12,353 | |||||
Cash and cash equivalents | 8,894 | |||||
Tenant receivables | 51 | |||||
Other assets | 11,535 | |||||
Total assets acquired | 147,206 | |||||
Mortgage notes payable | 68,448 | |||||
Accounts payable | 119 | |||||
Other accrued liabilities | 7,637 | |||||
Total liabilities assumed | 76,204 | |||||
Fair value of acquired net assets (at 100% ownership) | $ 71,002 | |||||
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 | |||||
PPR Queens Portfolio | ||||||
Acquisition | ||||||
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 |
Acquisitions_ Gain (Loss) on Re
Acquisitions: Gain (Loss) on Remeasurement (Details) - USD ($) $ in Thousands | Feb. 17, 2015 | Nov. 14, 2014 | Oct. 24, 2013 | Sep. 17, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Acquisition | ||||||||
Carrying value of investment | $ (1,532,552) | $ (1,532,552) | $ (984,132) | |||||
Gain on remeasurement of assets | $ 22,089 | $ 1,423,136 | $ 51,205 | |||||
Inland Center | ||||||||
Acquisition | ||||||||
Fair value of existing ownership interest | $ 26,250 | |||||||
Carrying value of investment | (4,161) | |||||||
Gain on remeasurement of assets | $ 22,089 | |||||||
Camelback Colonnade | ||||||||
Acquisition | ||||||||
Fair value of existing ownership interest | $ 41,690 | |||||||
Carrying value of investment | (5,349) | |||||||
Gain on remeasurement of assets | $ 36,341 | |||||||
Superstition Springs Land I | ||||||||
Acquisition | ||||||||
Fair value of existing ownership interest | $ 47,340 | |||||||
Carrying value of investment | (32,476) | |||||||
Gain on remeasurement of assets | $ 14,864 | |||||||
PPR Queens Portfolio | ||||||||
Acquisition | ||||||||
Fair value of existing ownership interest | $ 1,214,401 | |||||||
Carrying value of investment | (208,735) | |||||||
Gain on remeasurement of assets | $ 1,423,136 | $ 1,423,136 |
Acquisitions_ Percentage Owners
Acquisitions: Percentage Ownership (Details) | Nov. 14, 2014 | Jun. 04, 2014 | Oct. 24, 2013 | Sep. 17, 2013 |
Cascade Mall | ||||
Acquisition | ||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||
Superstition Springs Land I | ||||
Acquisition | ||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||
Fair value of existing ownership interest (as a percent) | 66.70% | |||
Camelback Colonnade | ||||
Acquisition | ||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||
Fair value of existing ownership interest (as a percent) | 73.20% | |||
PPR Queens Portfolio | ||||
Acquisition | ||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||
Fair value of existing ownership interest (as a percent) | 51.00% |
Acquisitions_ Reconciliation of
Acquisitions: Reconciliation of Purchase Price to Fair Value (Details) - USD ($) $ in Thousands | Feb. 17, 2015 | Nov. 14, 2014 | Jun. 04, 2014 | Oct. 24, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Acquisition | ||||||||
Less debt assumed | $ 0 | $ (1,414,659) | $ (257,064) | |||||
Carrying value of investment | $ (1,532,552) | (1,532,552) | (984,132) | |||||
Gain on remeasurement of assets | $ 22,089 | $ 1,423,136 | $ 51,205 | |||||
Inland Center | ||||||||
Acquisition | ||||||||
Purchase price | $ 51,250 | |||||||
Less debt assumed | (25,000) | |||||||
Carrying value of investment | (4,161) | |||||||
Gain on remeasurement of assets | 22,089 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ 52,500 | |||||||
Superstition Springs Land I | ||||||||
Acquisition | ||||||||
Purchase price | $ 46,162 | |||||||
Less debt assumed | (22,500) | |||||||
Carrying value of investment | (32,476) | |||||||
Gain on remeasurement of assets | 14,864 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ 71,002 | |||||||
Cascade Mall | ||||||||
Acquisition | ||||||||
Purchase price | $ 15,233 | |||||||
Carrying value of investment | (15,767) | |||||||
Fair value of acquired net assets (at 100% ownership) | $ 31,000 | |||||||
PPR Queens Portfolio | ||||||||
Acquisition | ||||||||
Purchase price | $ 1,838,886 | |||||||
Less debt assumed | (672,109) | |||||||
Carrying value of investment | (208,735) | |||||||
Gain on remeasurement of assets | 1,423,136 | $ 1,423,136 | ||||||
Fair value of acquired net assets (at 100% ownership) | $ 2,381,178 |
Acquisitions_ Pro Forma Informa
Acquisitions: Pro Forma Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | ||
Total revenue | $ 1,287,084 | $ 1,371,988 |
Income from continuing operations | $ 502,184 | $ 199,287 |
Dispositions_ (Details)
Dispositions: (Details) ft² in Thousands, $ in Thousands | Nov. 19, 2015USD ($)ft² | Jun. 30, 2015USD ($)ft² | Dec. 29, 2014USD ($) | Oct. 31, 2014USD ($)ft² | Oct. 10, 2014USD ($) | Sep. 11, 2014USD ($) | Aug. 28, 2014USD ($) | Jul. 07, 2014USD ($) | Mar. 17, 2014USD ($)ft²note | Feb. 14, 2014USD ($)ft² | Jan. 15, 2014USD ($)ft² | Dec. 11, 2013USD ($)ft² | Dec. 04, 2013USD ($) | Oct. 23, 2013USD ($) | Oct. 15, 2013USD ($) | Sep. 30, 2013USD ($) | Sep. 11, 2013USD ($) | Jun. 04, 2013USD ($)ft² | May. 31, 2013USD ($)ft² | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 17, 2013ft² | Dec. 31, 2012ft² |
Discontinued Operations: | |||||||||||||||||||||||||
Gain (loss) on disposal | $ 151,467 | ||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | $ 16,066 | $ (526) | $ 1,432 | ||||||||||||||||||||||
Revenues from discontinued operations | 54,752 | ||||||||||||||||||||||||
Gain (loss) income from discontinued operations | 0 | $ 0 | $ 289,936 | ||||||||||||||||||||||
Camelback Colonnade | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Proceeds from sale | $ 92,898 | ||||||||||||||||||||||||
Gain (loss) on disposal | $ 24,554 | ||||||||||||||||||||||||
Ownership interest (as a percent) | 67.50% | ||||||||||||||||||||||||
Property square footage | ft² | 619 | ||||||||||||||||||||||||
Cash payment | $ 61,173 | ||||||||||||||||||||||||
Assumption of debt | 31,725 | ||||||||||||||||||||||||
Debt discharged | 47,946 | ||||||||||||||||||||||||
Noncontrollling interest adjustment | $ 17,217 | ||||||||||||||||||||||||
Fiesta Mall | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Property square footage | ft² | 933 | ||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | $ 1,252 | ||||||||||||||||||||||||
Green Tree Mall | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Proceeds from sale | $ 79,000 | ||||||||||||||||||||||||
Gain (loss) on disposal | $ 59,767 | ||||||||||||||||||||||||
Property square footage | ft² | 793 | ||||||||||||||||||||||||
Northridge Mall | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Property square footage | ft² | 890 | ||||||||||||||||||||||||
Rimrock Mall | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Property square footage | ft² | 603 | ||||||||||||||||||||||||
Rimrock Mall and Nortridge Mall | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Proceeds from sale | $ 230,000 | ||||||||||||||||||||||||
Gain (loss) on disposal | $ 82,151 | ||||||||||||||||||||||||
Mervyn's | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Proceeds from sale | $ 1,900 | $ 1,200 | $ 3,500 | $ 3,560 | $ 10,475 | $ 5,430 | $ 5,700 | $ 12,000 | |||||||||||||||||
Gain (loss) on disposal | $ (3) | $ 315 | $ (80) | $ (158) | $ (5,257) | $ 1,695 | $ (2,031) | $ (2,633) | |||||||||||||||||
Chesterfield Towne Center | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Property square footage | ft² | 1,016 | ||||||||||||||||||||||||
Assumption of debt | $ 109,737 | ||||||||||||||||||||||||
Centre at Salisbury | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Property square footage | ft² | 862 | ||||||||||||||||||||||||
Assumption of debt | $ 115,000 | ||||||||||||||||||||||||
Chesterfield Towne Center And Centre At Salisbury | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Proceeds from sale | 292,500 | ||||||||||||||||||||||||
Cash payment | $ 67,763 | ||||||||||||||||||||||||
Rotterdam Square | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Proceeds from sale | $ 8,500 | ||||||||||||||||||||||||
Gain (loss) on disposal | $ (472) | ||||||||||||||||||||||||
Property square footage | ft² | 585 | ||||||||||||||||||||||||
Somersville Town Center | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Proceeds from sale | $ 12,337 | ||||||||||||||||||||||||
Gain (loss) on disposal | $ (263) | ||||||||||||||||||||||||
Property square footage | ft² | 348 | ||||||||||||||||||||||||
Lake Square Mall | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Proceeds from sale | $ 13,280 | ||||||||||||||||||||||||
Gain (loss) on disposal | $ (876) | ||||||||||||||||||||||||
Property square footage | ft² | 559 | ||||||||||||||||||||||||
Cash payment | $ 3,677 | ||||||||||||||||||||||||
South Towne Center | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Proceeds from sale | $ 205,000 | ||||||||||||||||||||||||
Gain (loss) on disposal | $ 121,873 | ||||||||||||||||||||||||
Property square footage | ft² | 1,278 | ||||||||||||||||||||||||
Panorama Mall | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Proceeds from sale | $ 98,000 | ||||||||||||||||||||||||
Gain (loss) on disposal | $ 73,726 | ||||||||||||||||||||||||
Property square footage | ft² | 312 | ||||||||||||||||||||||||
Notes Receivable | Lake Square Mall | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Notes receivable | $ 9,603 | ||||||||||||||||||||||||
Number of notes receivable | note | 2 | ||||||||||||||||||||||||
Great Northern Mall | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | $ (1,627) | ||||||||||||||||||||||||
Great Northern Mall | Great Northern Mall | |||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||
Property square footage | ft² | 895 | ||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | $ (1,627) |
Future Rental Revenues_ (Detail
Future Rental Revenues: (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Future Rental Revenues [Abstract] | |
2,016 | $ 496,683 |
2,017 | 423,057 |
2,018 | 369,999 |
2,019 | 319,535 |
2,020 | 275,105 |
Thereafter | 969,731 |
Total | $ 2,854,110 |
Commitments and Contingencies77
Commitments and Contingencies: (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Ground rent expenses | $ 11,870 | $ 10,968 | $ 10,579 |
Minimum future rental payments | |||
2,016 | 15,695 | ||
2,017 | 15,632 | ||
2,018 | 11,249 | ||
2,019 | 9,629 | ||
2,020 | 9,637 | ||
Thereafter | 283,154 | ||
Total | 344,996 | ||
Contingent Liabilities | |||
Contingent liability under letters of credit | 62,788 | ||
Outstanding obligations under construction agreements | $ 32,006 |
Related-Party Transactions_ (De
Related-Party Transactions: (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)ft²note | Dec. 31, 2013USD ($) | Nov. 13, 2014USD ($)ft² | |
Related party transactions | ||||
Interest expense, related party | $ 10,515 | $ 15,134 | $ 15,016 | |
Due from affiliates | $ 83,928 | $ 80,232 | ||
Limited partnership interest of the operating partnership (as a percent) | 7.00% | 6.00% | ||
Related Parties Note Receivable, RED Consolidated Holdings, LLC | ||||
Related party transactions | ||||
Interest income, related party | $ 520 | $ 614 | ||
Due from affiliates | $ 9,252 | 11,027 | ||
Notes receivable interest rate | 5.25% | |||
Unconsolidated joint ventures | ||||
Related party transactions | ||||
Interest income, related party | 164 | 281 | ||
Due from affiliates | $ 7,467 | 3,869 | ||
Northwestern Mutual Life (NML) | ||||
Related party transactions | ||||
Interest expense payable, related party | 756 | 1,125 | ||
Unconsolidated joint ventures and third-party managed properties | ||||
Related party transactions | ||||
Management fees | 10,064 | 16,751 | 19,726 | |
Development and leasing fees | 9,615 | 10,528 | 9,936 | |
Fees charged to unconsolidated joint ventures and third-party managed properties | $ 19,679 | $ 27,279 | $ 29,662 | |
Affiliated Entity | ||||
Related party transactions | ||||
Limited partnership interest of the operating partnership (as a percent) | 40.00% | |||
Affiliated Entity | Related Parties Note Receivable, AWE Talisman Company | ||||
Related party transactions | ||||
Interest income, related party | $ 516 | |||
Notes receivable interest rate | 5.00% | |||
Number of notes receivable | note | 2 | |||
Fashion Outlets of Chicago | Affiliated Entity | ||||
Related party transactions | ||||
Property square footage | ft² | 537 | |||
Candlestick Point | ||||
Related party transactions | ||||
Property square footage | ft² | 500 | |||
Candlestick Point | Notes Receivable | ||||
Related party transactions | ||||
Note receivable | $ 65,130 | |||
Description of variable rate | LIBOR | |||
Candlestick Point | Affiliated Entity | Notes Receivable | ||||
Related party transactions | ||||
Note receivable | $ 67,209 | |||
Interest earned | $ 1,872 | |||
LIBOR | Candlestick Point | Affiliated Entity | Notes Receivable | ||||
Related party transactions | ||||
Notes receivable interest rate | 2.00% |
Share and Unit-Based Plans_ 200
Share and Unit-Based Plans: 2003 Equity Incentive Plan (Details) - 2003 Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2015shares | |
Share and unit-based plans | |
Term of award (in years) | 10 years |
Maximum shares authorized under plan (in shares) | 13,825,428 |
Shares available for issuance under plan (in shares) | 2,285,318 |
Share and Unit-Based Plans_ Sto
Share and Unit-Based Plans: Stock Awards and Stock Units Roll Forward Activity (Details) | 12 Months Ended | ||
Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2013$ / sharesshares | |
Stock awards | |||
Shares or Units | |||
Balance at beginning of year | shares | 9,189 | 19,001 | 20,924 |
Granted | shares | 0 | 0 | 8,963 |
Vested | shares | (7,577) | (9,812) | (10,886) |
Balance at end of year | shares | 1,612 | 9,189 | 19,001 |
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Balance at beginning of year | $ / shares | $ 59.25 | $ 56.77 | $ 49.36 |
Granted | $ / shares | 0 | 0 | 61.84 |
Vested | $ / shares | 58.67 | 54.45 | 46.70 |
Balance at end of year | $ / shares | $ 62.01 | $ 59.25 | $ 56.77 |
Stock units | |||
Shares or Units | |||
Balance at beginning of year | shares | 144,374 | 137,318 | 114,677 |
Granted | shares | 77,282 | 75,309 | 67,920 |
Vested | shares | (86,761) | (68,253) | (45,279) |
Forfeited | shares | (2,809) | 0 | 0 |
Balance at end of year | shares | 132,086 | 144,374 | 137,318 |
Number of common shares into which units can be converted (in shares) | 1 | ||
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Balance at beginning of year | $ / shares | $ 59.94 | $ 57.24 | $ 52.19 |
Granted | $ / shares | 86.53 | 60.50 | 62.01 |
Vested | $ / shares | 61.29 | 55.14 | 51.59 |
Forfeited | $ / shares | 86.72 | 0 | 0 |
Balance at end of year | $ / shares | $ 74.58 | $ 59.94 | $ 57.24 |
Share and Unit-Based Plans_ SAR
Share and Unit-Based Plans: SARs Narrative (Details) - $ / shares | Dec. 08, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 09, 2015 | Dec. 31, 2012 |
Share and unit-based plans | ||||||
Distributions paid, per share (in dollars per share) | $ 2 | $ 4.63 | $ 2.51 | $ 2.36 | ||
SARs | ||||||
Share and unit-based plans | ||||||
Term of award (in years) | 10 years | |||||
Grant date of award (in dollars per share) | $ 9.67 | |||||
Volatility rate (as a percent) | 25.85% | |||||
Dividend yield (as a percent) | 3.69% | |||||
Risk free rate (as a percent) | 1.20% | |||||
Current value (in dollars per share) | $ 59.57 | |||||
Expected term (in years) | 8 years | |||||
Stock appreciation units balance (shares) | 407,823 | 417,783 | 772,639 | 1,070,991 | 417,783 | 1,164,185 |
Stock appreciation weighted average price (in dollars per share) | $ 56.49 | $ 55.13 | $ 56.67 | $ 56.66 | $ 55.13 | $ 56.66 |
SARS granted prior to 2012 | ||||||
Share and unit-based plans | ||||||
Grant date of award (in dollars per share) | $ 7.68 | |||||
Volatility rate (as a percent) | 22.52% | |||||
Dividend yield (as a percent) | 5.23% | |||||
Risk free rate (as a percent) | 3.15% | |||||
Current value (in dollars per share) | $ 61.17 | |||||
Expected term (in years) | 8 years |
Share and Unit-Based Plans_ S82
Share and Unit-Based Plans: SARs Roll Forward Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock units | |||
Units | |||
Granted | 77,282 | 75,309 | 67,920 |
Weighted Average Exercise Price (in dollars per share) | |||
Balance at beginning of year | $ 59.94 | $ 57.24 | $ 52.19 |
Granted | 86.53 | 60.50 | 62.01 |
Vested | 61.29 | 55.14 | 51.59 |
Balance at end of year | $ 74.58 | $ 59.94 | $ 57.24 |
Forfeited (in shares) | 2,809 | 0 | 0 |
Forfeited | $ 86.72 | $ 0 | $ 0 |
SARs | |||
Units | |||
Balance at beginning of year | 772,639 | 1,070,991 | 1,164,185 |
Granted | 0 | 0 | 0 |
Exercised | (364,807) | (298,352) | (93,194) |
Balance at end of year | 417,783 | 772,639 | 1,070,991 |
Weighted Average Exercise Price (in dollars per share) | |||
Balance at beginning of year | $ 56.67 | $ 56.66 | $ 56.66 |
Granted | 0 | 0 | 0 |
Vested | 56.86 | 56.63 | 56.63 |
Balance at end of year | $ 55.13 | $ 56.67 | $ 56.66 |
Forfeited (in shares) | 9,951 | 0 | 0 |
Forfeited | $ 55.13 | $ 0 | $ 0 |
Share and Unit-Based Plans_ Lon
Share and Unit-Based Plans: Long-Term Incentive Plan Units (Details) | Jan. 07, 2016 | Dec. 31, 2015shares | Jan. 12, 2015 | Jan. 01, 2015$ / sharesshares | Dec. 31, 2014shares | Mar. 07, 2014$ / sharesshares | Jan. 16, 2014 | Jan. 01, 2014$ / sharesshares | Dec. 31, 2013shares | Feb. 15, 2013$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2013$ / sharesshares |
Stock units | |||||||||||||
Share and unit-based plans | |||||||||||||
Conversion rate | 1 | ||||||||||||
Granted (in shares) | 77,282 | 75,309 | 67,920 | ||||||||||
Granted (in dollars per share) | $ / shares | $ 86.53 | $ 60.50 | $ 62.01 | ||||||||||
Vested (in shares) | 86,761 | 68,253 | 45,279 | ||||||||||
Forfeited (in shares) | 2,809 | 0 | 0 | ||||||||||
LTIP units | |||||||||||||
Share and unit-based plans | |||||||||||||
Conversion rate | 1 | ||||||||||||
Granted (in shares) | 424,442 | 725,908 | 332,189 | ||||||||||
Granted (in dollars per share) | $ / shares | $ 74.71 | $ 51.71 | $ 66.58 | ||||||||||
Absolute return requirement (in shares) | 3.00% | ||||||||||||
Level of percentile ranking at which awards vested (as a percent) | 150.00% | 96.00% | |||||||||||
Vested (in shares) | 318,900 | 414,822 | 679,213 | 518,900 | |||||||||
Forfeited (in shares) | 13,289 | 0 | 0 | 13,289 | |||||||||
Risk free rate (as a percent) | 0.25% | ||||||||||||
Volatility rate (as a percent) | 16.81% | ||||||||||||
Long Term Incentive Plan, Market Indexed | |||||||||||||
Share and unit-based plans | |||||||||||||
Vested (in shares) | 55,934 | 136,465 | |||||||||||
Executive Officer | LTIP units | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (in shares) | 332,189 | ||||||||||||
Granted (in dollars per share) | $ / shares | $ 60.25 | $ 66.58 | |||||||||||
Executive Officer | LTIP units | 2014 LTIP Units Series 2 | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (in shares) | 70,042 | ||||||||||||
Granted (in dollars per share) | $ / shares | $ 58.89 | ||||||||||||
Executive Officer | LTIP units | 2014 LTIP Units Series 1 | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (in shares) | 246,471 | 272,930 | |||||||||||
Granted (in dollars per share) | $ / shares | $ 45.34 | ||||||||||||
Executive Officer | LTIP units | 2015 LTIP Units Series 1 [Member] | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (in shares) | 49,451 | ||||||||||||
Granted (in dollars per share) | $ / shares | $ 83.41 | ||||||||||||
Executive Officer | LTIP units | 2015 LTIP Units Series 2 | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (in shares) | 186,450 | ||||||||||||
Granted (in dollars per share) | $ / shares | $ 66.37 | ||||||||||||
Subsequent Event | LTIP units | |||||||||||||
Share and unit-based plans | |||||||||||||
Level of percentile ranking at which awards vested (as a percent) | 130.00% |
Share and Unit-Based Plans_ LTI
Share and Unit-Based Plans: LTIP Activity (Details) - LTIP units - $ / shares | Mar. 06, 2015 | Mar. 07, 2014 | Jan. 01, 2014 | Dec. 31, 2013 | Feb. 15, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Units | ||||||||
Balance at beginning of year | 0 | 46,695 | 0 | 200,000 | ||||
Granted | 424,442 | 725,908 | 332,189 | |||||
Vested | (318,900) | (414,822) | (679,213) | (518,900) | ||||
Forfeited | (13,289) | 0 | 0 | (13,289) | ||||
Balance at end of year | 0 | 56,315 | 46,695 | 0 | ||||
Weighted Average Grant Date Fair Value (in dollars per share) | ||||||||
Balance at beginning of year | $ 0 | $ 58.89 | $ 0 | $ 38.63 | ||||
Granted | 74.71 | 51.71 | 66.58 | |||||
Vested | 73.13 | 51.22 | 55.81 | |||||
Forfeited | 0 | 0 | 66.58 | |||||
Balance at end of year | $ 0 | $ 73.24 | $ 58.89 | $ 0 | ||||
Executive Officer | ||||||||
Units | ||||||||
Granted | 332,189 | |||||||
Weighted Average Grant Date Fair Value (in dollars per share) | ||||||||
Granted | $ 60.25 | $ 66.58 | ||||||
Executive Officer | 2014 LTIP Units Series 2 | ||||||||
Units | ||||||||
Granted | 70,042 | |||||||
Weighted Average Grant Date Fair Value (in dollars per share) | ||||||||
Granted | $ 58.89 | |||||||
Executive Officer | 2015 LTIP Units Series 3 | ||||||||
Units | ||||||||
Granted | 132,607 | |||||||
Weighted Average Grant Date Fair Value (in dollars per share) | ||||||||
Granted | $ 86.72 |
Share and Unit-Based Plans_ S85
Share and Unit-Based Plans: Stock Options Narrative (Details) - $ / shares | Dec. 08, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 09, 2015 |
Share and unit-based plans | ||||||
Distributions paid, per share (in dollars per share) | $ 2 | $ 4.63 | $ 2.51 | $ 2.36 | ||
Stock options | ||||||
Share and unit-based plans | ||||||
Grant date of award (in dollars per share) | $ 9.67 | |||||
Volatility rate (as a percent) | 25.85% | |||||
Dividend yield (as a percent) | 3.69% | |||||
Risk free rate (as a percent) | 1.20% | |||||
Current value (in dollars per share) | $ 59.57 | |||||
Expected term (in years) | 8 years | |||||
Stock options, outstanding, number (shares) | 10,068 | 10,314 | 10,068 | 10,068 | 12,768 | 10,314 |
Stock options, outstanding, weighted average exercise price (in dollars per share) | $ 59.57 | $ 58.15 | $ 59.57 | $ 59.57 | $ 54.69 | $ 58.15 |
Share and Unit-Based Plans_ S86
Share and Unit-Based Plans: Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options | |||
Special dividend adjustment | 0 | 0 | |
Weighted Average Exercise Price (in dollars per share) | |||
Special dividend adjustment | $ 0 | $ 0 | |
Stock options | |||
Options | |||
Balance at beginning of year | 10,068 | 10,068 | 12,768 |
Granted | 0 | 0 | 0 |
Exercised | 0 | 0 | (2,700) |
Special dividend adjustment | 246 | ||
Balance at end of year | 10,314 | 10,068 | 10,068 |
Weighted Average Exercise Price (in dollars per share) | |||
Balance at beginning of year | $ 59.57 | $ 59.57 | $ 54.69 |
Granted | 0 | 0 | 0 |
Exercised | 0 | 0 | 36.51 |
Special dividend adjustment | 58.15 | ||
Balance at end of year | $ 58.15 | $ 59.57 | $ 59.57 |
Share and Unit-Based Plans_ Dir
Share and Unit-Based Plans: Directors' Phantom Stock Plan (Details) | 12 Months Ended | ||
Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2013$ / sharesshares | |
Phantom stock units | |||
Share and unit-based plans | |||
Number of common shares into which units can be converted (in shares) | 1 | ||
Units | |||
Balance at beginning of year | 9,269 | 17,575 | 0 |
Granted | 13,351 | 10,747 | 34,266 |
Vested | (20,162) | (19,053) | (16,691) |
Forfeited | (2,458) | 0 | 0 |
Balance at end of year | 0 | 9,269 | 17,575 |
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Balance at beginning of year | $ / shares | $ 58.35 | $ 58.66 | $ 0 |
Granted | $ / shares | 78.72 | 65.54 | 59.04 |
Vested | $ / shares | 72.17 | 62.69 | 59.44 |
Forfeited | $ / shares | 55.62 | 0 | 0 |
Balance at end of year | $ / shares | $ 0 | $ 58.35 | $ 58.66 |
Director's Phantom Stock Plan | |||
Share and unit-based plans | |||
Deferral period for grant of units (in years) | 3 years | ||
Number of common shares into which units can be converted (in shares) | 1 | ||
Maximum shares authorized under plan (in shares) | 500,000 | ||
Shares available for issuance under plan (in shares) | 199,603 |
Share and Unit-Based Plans_ Emp
Share and Unit-Based Plans: Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan | 12 Months Ended |
Dec. 31, 2015shares | |
Share and unit-based plans | |
Discount from market price (as a percent) | 15.00% |
Maximum shares authorized under plan (in shares) | 750,000 |
Shares available for issuance under plan (in shares) | 517,285 |
Share and Unit-Based Plans_ Com
Share and Unit-Based Plans: Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | $ 34,375 | $ 34,873 | $ 28,122 |
Capitalized share and unit-based compensation costs | 6,008 | 5,410 | 3,915 |
Stock awards | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 252 | 365 | 497 |
Unrecognized compensation cost of share and unit-based plans | 20 | ||
Stock units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 6,041 | 4,689 | 3,839 |
Unrecognized compensation cost of share and unit-based plans | 3,488 | ||
LTIP units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 26,622 | 28,598 | 22,778 |
Unrecognized compensation cost of share and unit-based plans | 4,128 | ||
Stock awards and units | |||
Share and unit-based plans | |||
Fair value of equity-based awards vested during period | 8,794 | 4,685 | 3,516 |
Stock options | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 16 | 16 | 16 |
Unrecognized compensation cost of share and unit-based plans | 27 | ||
Phantom stock units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | $ 1,444 | $ 1,205 | $ 992 |
Employee Benefit Plans_ (Detail
Employee Benefit Plans: (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2013 | Feb. 01, 1999 | |
401(k) Plan | |||||
Employee Benefit Plans: | |||||
Number of common stock shares reserved for issuance (in shares) | 150,000 | ||||
Number of additional common stock shares reserved for issuance (in shares) | 500,000 | ||||
Employer match of employee contributions of first 3% of eligible compensation (as a percent) | 100.00% | ||||
Percentage of eligible compensation, matched 100% by employer (as a percent) | 3.00% | ||||
Employer match of employee contributions of next 2% of eligible compensation (as a percent) | 50.00% | ||||
Percentage of eligible compensation, matched 50% by employer (as a percent) | 2.00% | ||||
Employer contribution | $ 3,299 | $ 3,253 | $ 3,017 | ||
Deferred Compensation Plans | |||||
Employee Benefit Plans: | |||||
Employer contribution | $ 933 | $ 845 | $ 843 |
Income Taxes_ (Details)
Income Taxes: (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 08, 2015 | Oct. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | |||||
Common Stock, Dividends, Per Share, Cash Deemed Paid, Income Tax Purposes | $ 0.21 | ||||
Common stock dividend distribution | |||||
Ordinary income (in dollars per share) | 1.20 | $ 1.92 | $ 1.02 | ||
Capital gains (in dollars per share) | 3.64 | 0.16 | 1.24 | ||
Unrecaptured Section 1250 gain (in dollars per share) | 0 | 0.05 | 0.10 | ||
Return of capital (in dollars per share) | 0 | 0.38 | 0 | ||
Dividends paid for income tax purposes | 4.84 | ||||
Dividends paid (in dollars per share) | $ 2 | $ 4.63 | $ 2.51 | $ 2.36 | |
Ordinary income (as a percent) | 24.80% | 76.50% | 43.30% | ||
Capital gains (as a percent) | 75.20% | 6.40% | 52.50% | ||
Unrecaptured Section 1250 gain (as a percent) | 0.00% | 2.00% | 4.20% | ||
Return of capital (as a percent) | 0.00% | 15.10% | 0.00% | ||
Dividends paid (as a percent) | 100.00% | 100.00% | 100.00% | ||
Dividends declared for common stock | $ 2 | $ 6.63 | |||
Income tax benefit | |||||
Current | $ 0 | $ 0 | $ (142) | ||
Deferred | 3,223 | 4,269 | 1,834 | ||
Income tax benefit | 3,223 | 4,269 | 1,692 | ||
Reconciliation of income tax benefit (provision) of the TRSs | |||||
Book loss for TRSs | 10,681 | 10,785 | 11,709 | ||
Tax at statutory rate on earnings from continuing operations before income taxes | 3,632 | 3,667 | 3,981 | ||
Other | (409) | 602 | (2,289) | ||
Income tax benefit | 3,223 | 4,269 | $ 1,692 | ||
Components of net deferred tax assets | |||||
Net operating loss carryforwards | 25,340 | 24,698 | |||
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs | 10,600 | 8,201 | |||
Other | 2,907 | 2,726 | |||
Deferred tax assets | $ 38,847 | $ 35,625 |
Quarterly Financial Data_ (Deta
Quarterly Financial Data: (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 14, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Quarterly Financial Data (Unaudited) | ||||||||||||
Revenues | $ 320,758 | $ 326,262 | $ 322,794 | $ 318,335 | $ 322,909 | $ 263,491 | $ 254,336 | $ 264,511 | $ 1,288,149 | $ 1,105,247 | $ 1,029,475 | |
Net income (loss) attributable to common stockholders | $ 414,959 | $ 33,597 | $ 14,395 | $ 24,611 | $ 1,429,221 | $ 35,914 | $ 16,088 | $ 17,819 | $ 487,562 | $ 1,499,042 | $ 420,090 | |
Net income attributable to common stockholders per share-basic (in dollars per share) | $ 2.65 | $ 0.21 | $ 0.09 | $ 0.15 | $ 9.52 | $ 0.25 | $ 0.11 | $ 0.13 | $ 3.08 | $ 10.46 | $ 3.01 | |
Net income attributable to common stockholders per share-diluted (in dollars per share) | $ 2.65 | $ 0.21 | $ 0.09 | $ 0.15 | $ 9.51 | $ 0.25 | $ 0.11 | $ 0.13 | $ 3.08 | $ 10.45 | $ 3 | |
Remeasurement gain on acquisition of additional interest | $ 22,089 | $ 1,423,136 | $ 51,205 | |||||||||
Gain (loss) from sale | $ 0 | $ 0 | $ 286,414 | |||||||||
PPR Queens Portfolio | ||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||
Remeasurement gain on acquisition of additional interest | $ 1,423,136 | $ 1,423,136 |
Subsequent Events_ (Details)
Subsequent Events: (Details) $ / shares in Units, ft² in Thousands | Feb. 22, 2016USD ($)shares | Jan. 29, 2016$ / shares | Jan. 20, 2016$ / sharesshares | Jan. 14, 2016USD ($)ft² | Jan. 04, 2016USD ($)ft² | Nov. 13, 2015USD ($)shares | Oct. 30, 2015$ / shares | Jan. 20, 2016shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 06, 2016 | Sep. 30, 2015USD ($) |
Subsequent events | |||||||||||||
Purchase price paid through assumption of debt by the Company | $ 0 | $ 1,414,659,000 | $ 257,064,000 | ||||||||||
Accelerated share repurchased, number of shares purchased (shares) | shares | 4,140,788 | ||||||||||||
Dividends declared for common stock | $ / shares | $ 2 | $ 6.63 | |||||||||||
Authorized amount for stock repurchase program | $ 400,000,000 | $ 1,200,000,000 | |||||||||||
Authorized amount for accelerated stock repurchase program | $ 400,000,000 | ||||||||||||
Subsequent Event | |||||||||||||
Subsequent events | |||||||||||||
Accelerated share repurchased, number of shares purchased (shares) | shares | 4,222,193 | 970,609 | 5,111,397 | ||||||||||
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share) | $ / shares | $ 78.26 | ||||||||||||
Dividends declared for common stock | $ / shares | $ 0.68 | ||||||||||||
Authorized amount for stock repurchase program | $ 400,000,000 | ||||||||||||
Authorized amount for accelerated stock repurchase program | $ 400,000,000 | ||||||||||||
Arrowhead Towne Center | Subsequent Event | |||||||||||||
Subsequent events | |||||||||||||
Interest rate (as a percent) | 4.05% | ||||||||||||
Country Club Plaza [Member] | Country Club Plaza [Member] | Subsequent Event | |||||||||||||
Subsequent events | |||||||||||||
Property square footage | ft² | 1,300 | ||||||||||||
Purchase price on acquisition | $ 660,000,000 | ||||||||||||
Purchase price paid through assumption of debt by the Company | $ 330,000,000 | ||||||||||||
Twenty Ninth Street | Subsequent Event | |||||||||||||
Subsequent events | |||||||||||||
Property square footage | ft² | 850 | ||||||||||||
Face amount of debt | $ 150,000,000 | ||||||||||||
Interest rate (as a percent) | 4.10% | ||||||||||||
Deptford Mall | Subsequent Event | |||||||||||||
Subsequent events | |||||||||||||
Property square footage | ft² | 1,040 | ||||||||||||
FlatIron Crossing | Subsequent Event | |||||||||||||
Subsequent events | |||||||||||||
Property square footage | ft² | 1,430 | ||||||||||||
Depford Mall, FlatIron Crossing, Twenty Ninth Street [Member] | Subsequent Event | |||||||||||||
Subsequent events | |||||||||||||
Proceeds from sale | $ 750,980,000 | ||||||||||||
Cash payment | 458,110,000 | ||||||||||||
Assumption of debt | $ 292,870,000 | ||||||||||||
Percentage of ownership interest sold | 49.00% |
Schedule III-Real Estate and 94
Schedule III-Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Initial Cost to Company | ||||
Land | $ 1,757,942 | |||
Building and Improvements | 6,033,897 | |||
Equipment and Furnishings | 47,479 | |||
Cost Capitalized Subsequent to Acquisition | 2,850,338 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,894,717 | |||
Buildings and Improvements | 8,390,247 | |||
Equipment and furnishings | 169,841 | $ 152,554 | ||
Construction in progress | 234,851 | 303,264 | ||
SEC Schedule III, Real Estate, Gross | 10,689,656 | 12,777,882 | $ 9,181,338 | $ 9,012,706 |
Accumulated Depreciation | 1,892,744 | $ 1,709,992 | $ 1,559,572 | $ 1,533,160 |
SEC Schedule III, Real Estate Investment Property, Net | 8,796,912 | |||
Arrowhead Towne Center | ||||
Initial Cost to Company | ||||
Land | 36,687 | |||
Building and Improvements | 386,662 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 21,261 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 35,556 | |||
Buildings and Improvements | 390,182 | |||
Equipment and furnishings | 2,502 | |||
Construction in progress | 16,370 | |||
SEC Schedule III, Real Estate, Gross | 444,610 | |||
Accumulated Depreciation | 32,730 | |||
SEC Schedule III, Real Estate Investment Property, Net | 411,880 | |||
Black Canyon Auto Park | ||||
Initial Cost to Company | ||||
Land | 20,600 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9,766 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 30,349 | |||
Buildings and Improvements | 0 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 17 | |||
SEC Schedule III, Real Estate, Gross | 30,366 | |||
Accumulated Depreciation | 0 | |||
SEC Schedule III, Real Estate Investment Property, Net | 30,366 | |||
Capitola Mall | ||||
Initial Cost to Company | ||||
Land | 20,395 | |||
Building and Improvements | 59,221 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 13,088 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 20,392 | |||
Buildings and Improvements | 70,799 | |||
Equipment and furnishings | 1,220 | |||
Construction in progress | 293 | |||
SEC Schedule III, Real Estate, Gross | 92,704 | |||
Accumulated Depreciation | 32,842 | |||
SEC Schedule III, Real Estate Investment Property, Net | 59,862 | |||
Cascade Mall | ||||
Initial Cost to Company | ||||
Land | 19,253 | |||
Building and Improvements | 9,671 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | (459) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 18,699 | |||
Buildings and Improvements | 9,664 | |||
Equipment and furnishings | 102 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 28,465 | |||
Accumulated Depreciation | 769 | |||
SEC Schedule III, Real Estate Investment Property, Net | 27,696 | |||
Chandler Fashion Center | ||||
Initial Cost to Company | ||||
Land | 24,188 | |||
Building and Improvements | 223,143 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 15,959 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 24,188 | |||
Buildings and Improvements | 233,857 | |||
Equipment and furnishings | 5,245 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 263,290 | |||
Accumulated Depreciation | 90,346 | |||
SEC Schedule III, Real Estate Investment Property, Net | 172,944 | |||
Danbury Fair Mall | ||||
Initial Cost to Company | ||||
Land | 130,367 | |||
Building and Improvements | 316,951 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 99,864 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 142,751 | |||
Buildings and Improvements | 398,254 | |||
Equipment and furnishings | 6,104 | |||
Construction in progress | 73 | |||
SEC Schedule III, Real Estate, Gross | 547,182 | |||
Accumulated Depreciation | 117,300 | |||
SEC Schedule III, Real Estate Investment Property, Net | 429,882 | |||
Deptford Mall | ||||
Initial Cost to Company | ||||
Land | 48,370 | |||
Building and Improvements | 194,250 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 51,415 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 61,029 | |||
Buildings and Improvements | 230,414 | |||
Equipment and furnishings | 2,584 | |||
Construction in progress | 8 | |||
SEC Schedule III, Real Estate, Gross | 294,035 | |||
Accumulated Depreciation | 60,013 | |||
SEC Schedule III, Real Estate Investment Property, Net | 234,022 | |||
Desert Sky Mall | ||||
Initial Cost to Company | ||||
Land | 9,447 | |||
Building and Improvements | 37,245 | |||
Equipment and Furnishings | 12 | |||
Cost Capitalized Subsequent to Acquisition | 3,225 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 9,082 | |||
Buildings and Improvements | 39,794 | |||
Equipment and furnishings | 1,053 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 49,929 | |||
Accumulated Depreciation | 6,903 | |||
SEC Schedule III, Real Estate Investment Property, Net | 43,026 | |||
Eastland Mall | ||||
Initial Cost to Company | ||||
Land | 22,050 | |||
Building and Improvements | 151,605 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 6,736 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 22,066 | |||
Buildings and Improvements | 157,079 | |||
Equipment and furnishings | 874 | |||
Construction in progress | 372 | |||
SEC Schedule III, Real Estate, Gross | 180,391 | |||
Accumulated Depreciation | 18,575 | |||
SEC Schedule III, Real Estate Investment Property, Net | 161,816 | |||
Estrella Falls | ||||
Initial Cost to Company | ||||
Land | 10,550 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 65,457 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 9,405 | |||
Buildings and Improvements | 0 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 66,602 | |||
SEC Schedule III, Real Estate, Gross | 76,007 | |||
Accumulated Depreciation | 0 | |||
SEC Schedule III, Real Estate Investment Property, Net | 76,007 | |||
Fashion Outlets of Chicago | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 253,469 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 40,575 | |||
Buildings and Improvements | 209,834 | |||
Equipment and furnishings | 2,308 | |||
Construction in progress | 752 | |||
SEC Schedule III, Real Estate, Gross | 253,469 | |||
Accumulated Depreciation | 24,121 | |||
SEC Schedule III, Real Estate Investment Property, Net | 229,348 | |||
Fashion Outlets of Niagara Falls USA | ||||
Initial Cost to Company | ||||
Land | 18,581 | |||
Building and Improvements | 210,139 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 106,381 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 22,963 | |||
Buildings and Improvements | 308,795 | |||
Equipment and furnishings | 2,059 | |||
Construction in progress | 1,284 | |||
SEC Schedule III, Real Estate, Gross | 335,101 | |||
Accumulated Depreciation | 37,666 | |||
SEC Schedule III, Real Estate Investment Property, Net | 297,435 | |||
Flagstaff Mall | ||||
Initial Cost to Company | ||||
Land | 5,480 | |||
Building and Improvements | 31,773 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 13,249 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,882 | |||
Buildings and Improvements | 44,982 | |||
Equipment and furnishings | 638 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 50,502 | |||
Accumulated Depreciation | 18,283 | |||
SEC Schedule III, Real Estate Investment Property, Net | 32,219 | |||
Flagstaff Mall, The Marketplace at | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 52,832 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 52,830 | |||
Equipment and furnishings | 2 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 52,832 | |||
Accumulated Depreciation | 18,633 | |||
SEC Schedule III, Real Estate Investment Property, Net | 34,199 | |||
FlatIron Crossing | ||||
Initial Cost to Company | ||||
Land | 109,851 | |||
Building and Improvements | 333,540 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 20,011 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 109,851 | |||
Buildings and Improvements | 352,112 | |||
Equipment and furnishings | 1,247 | |||
Construction in progress | 192 | |||
SEC Schedule III, Real Estate, Gross | 463,402 | |||
Accumulated Depreciation | 37,775 | |||
SEC Schedule III, Real Estate Investment Property, Net | 425,627 | |||
Freehold Raceway Mall | ||||
Initial Cost to Company | ||||
Land | 164,986 | |||
Building and Improvements | 362,841 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 99,499 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 168,098 | |||
Buildings and Improvements | 454,810 | |||
Equipment and furnishings | 4,418 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 627,326 | |||
Accumulated Depreciation | 148,648 | |||
SEC Schedule III, Real Estate Investment Property, Net | 478,678 | |||
Fresno Fashion Fair | ||||
Initial Cost to Company | ||||
Land | 17,966 | |||
Building and Improvements | 72,194 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 48,523 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 17,966 | |||
Buildings and Improvements | 118,833 | |||
Equipment and furnishings | 1,723 | |||
Construction in progress | 161 | |||
SEC Schedule III, Real Estate, Gross | 138,683 | |||
Accumulated Depreciation | 55,365 | |||
SEC Schedule III, Real Estate Investment Property, Net | 83,318 | |||
Green Acres Mall | ||||
Initial Cost to Company | ||||
Land | 156,640 | |||
Building and Improvements | 321,034 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 93,099 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 156,640 | |||
Buildings and Improvements | 355,992 | |||
Equipment and furnishings | 5,953 | |||
Construction in progress | 52,188 | |||
SEC Schedule III, Real Estate, Gross | 570,773 | |||
Accumulated Depreciation | 38,272 | |||
SEC Schedule III, Real Estate Investment Property, Net | 532,501 | |||
Inland Center | ||||
Initial Cost to Company | ||||
Land | 8,321 | |||
Building and Improvements | 83,550 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 2,838 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 8,280 | |||
Buildings and Improvements | 84,416 | |||
Equipment and furnishings | 16 | |||
Construction in progress | 1,997 | |||
SEC Schedule III, Real Estate, Gross | 94,709 | |||
Accumulated Depreciation | 3,520 | |||
SEC Schedule III, Real Estate Investment Property, Net | 91,189 | |||
Kings Plaza Shopping Center | ||||
Initial Cost to Company | ||||
Land | 209,041 | |||
Building and Improvements | 485,548 | |||
Equipment and Furnishings | 20,000 | |||
Cost Capitalized Subsequent to Acquisition | 58,633 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 206,969 | |||
Buildings and Improvements | 532,089 | |||
Equipment and furnishings | 23,415 | |||
Construction in progress | 10,749 | |||
SEC Schedule III, Real Estate, Gross | 773,222 | |||
Accumulated Depreciation | 53,286 | |||
SEC Schedule III, Real Estate Investment Property, Net | 719,936 | |||
La Cumbre Plaza | ||||
Initial Cost to Company | ||||
Land | 18,122 | |||
Building and Improvements | 21,492 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 24,614 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 17,280 | |||
Buildings and Improvements | 46,364 | |||
Equipment and furnishings | 359 | |||
Construction in progress | 225 | |||
SEC Schedule III, Real Estate, Gross | 64,228 | |||
Accumulated Depreciation | 21,629 | |||
SEC Schedule III, Real Estate Investment Property, Net | 42,599 | |||
Macerich Management Co. | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,685 | |||
Equipment and Furnishings | 26,562 | |||
Cost Capitalized Subsequent to Acquisition | 36,743 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,577 | |||
Buildings and Improvements | 8,035 | |||
Equipment and furnishings | 58,294 | |||
Construction in progress | 4,084 | |||
SEC Schedule III, Real Estate, Gross | 71,990 | |||
Accumulated Depreciation | 46,489 | |||
SEC Schedule III, Real Estate Investment Property, Net | 25,501 | |||
MACWH, LP | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 25,771 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 16,987 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 11,557 | |||
Buildings and Improvements | 27,455 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 3,746 | |||
SEC Schedule III, Real Estate, Gross | 42,758 | |||
Accumulated Depreciation | 7,700 | |||
SEC Schedule III, Real Estate Investment Property, Net | 35,058 | |||
Northgate Mall | ||||
Initial Cost to Company | ||||
Land | 8,400 | |||
Building and Improvements | 34,865 | |||
Equipment and Furnishings | 841 | |||
Cost Capitalized Subsequent to Acquisition | 103,504 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 13,414 | |||
Buildings and Improvements | 130,984 | |||
Equipment and furnishings | 3,127 | |||
Construction in progress | 85 | |||
SEC Schedule III, Real Estate, Gross | 147,610 | |||
Accumulated Depreciation | 66,699 | |||
SEC Schedule III, Real Estate Investment Property, Net | 80,911 | |||
NorthPark Mall | ||||
Initial Cost to Company | ||||
Land | 7,746 | |||
Building and Improvements | 74,661 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 8,912 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,885 | |||
Buildings and Improvements | 82,961 | |||
Equipment and furnishings | 458 | |||
Construction in progress | 15 | |||
SEC Schedule III, Real Estate, Gross | 91,319 | |||
Accumulated Depreciation | 10,983 | |||
SEC Schedule III, Real Estate Investment Property, Net | 80,336 | |||
SouthPark Mall | ||||
Initial Cost to Company | ||||
Land | 7,035 | |||
Building and Improvements | 38,215 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 23,120 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,479 | |||
Buildings and Improvements | 60,516 | |||
Equipment and furnishings | 361 | |||
Construction in progress | 14 | |||
SEC Schedule III, Real Estate, Gross | 68,370 | |||
Accumulated Depreciation | 6,288 | |||
SEC Schedule III, Real Estate Investment Property, Net | 62,082 | |||
Southridge Mall | ||||
Initial Cost to Company | ||||
Land | 6,764 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 19,451 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,514 | |||
Buildings and Improvements | 19,585 | |||
Equipment and furnishings | 98 | |||
Construction in progress | 18 | |||
SEC Schedule III, Real Estate, Gross | 26,215 | |||
Accumulated Depreciation | 2,662 | |||
SEC Schedule III, Real Estate Investment Property, Net | 23,553 | |||
Stonewood Center | ||||
Initial Cost to Company | ||||
Land | 4,948 | |||
Building and Improvements | 302,527 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 1,595 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,935 | |||
Buildings and Improvements | 303,697 | |||
Equipment and furnishings | 45 | |||
Construction in progress | 393 | |||
SEC Schedule III, Real Estate, Gross | 309,070 | |||
Accumulated Depreciation | 10,530 | |||
SEC Schedule III, Real Estate Investment Property, Net | 298,540 | |||
Superstition Springs Center | ||||
Initial Cost to Company | ||||
Land | 10,928 | |||
Building and Improvements | 112,718 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 5,333 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,928 | |||
Buildings and Improvements | 117,891 | |||
Equipment and furnishings | 160 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 128,979 | |||
Accumulated Depreciation | 7,522 | |||
SEC Schedule III, Real Estate Investment Property, Net | 121,457 | |||
Superstition Springs Power Center | ||||
Initial Cost to Company | ||||
Land | 1,618 | |||
Building and Improvements | 4,420 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 203 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,618 | |||
Buildings and Improvements | 4,540 | |||
Equipment and furnishings | 83 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 6,241 | |||
Accumulated Depreciation | 1,595 | |||
SEC Schedule III, Real Estate Investment Property, Net | 4,646 | |||
Tangerine (Marana), The Shops at | ||||
Initial Cost to Company | ||||
Land | 36,158 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | (9,232) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 16,922 | |||
Buildings and Improvements | 0 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 10,004 | |||
SEC Schedule III, Real Estate, Gross | 26,926 | |||
Accumulated Depreciation | 0 | |||
SEC Schedule III, Real Estate Investment Property, Net | 26,926 | |||
The Macerich Partnership, L.P. | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 2,534 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 8,449 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Equipment and furnishings | 10,823 | |||
Construction in progress | 160 | |||
SEC Schedule III, Real Estate, Gross | 10,983 | |||
Accumulated Depreciation | 1,694 | |||
SEC Schedule III, Real Estate Investment Property, Net | 9,289 | |||
Towne Mall | ||||
Initial Cost to Company | ||||
Land | 6,652 | |||
Building and Improvements | 31,184 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 4,062 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,877 | |||
Buildings and Improvements | 34,530 | |||
Equipment and furnishings | 491 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 41,898 | |||
Accumulated Depreciation | 12,761 | |||
SEC Schedule III, Real Estate Investment Property, Net | 29,137 | |||
Tucson La Encantada | ||||
Initial Cost to Company | ||||
Land | 12,800 | |||
Building and Improvements | 19,699 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 55,276 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 12,800 | |||
Buildings and Improvements | 74,435 | |||
Equipment and furnishings | 530 | |||
Construction in progress | 10 | |||
SEC Schedule III, Real Estate, Gross | 87,775 | |||
Accumulated Depreciation | 37,790 | |||
SEC Schedule III, Real Estate Investment Property, Net | 49,985 | |||
Twenty Ninth Street | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 37,843 | |||
Equipment and Furnishings | 64 | |||
Cost Capitalized Subsequent to Acquisition | 213,175 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 23,599 | |||
Buildings and Improvements | 225,584 | |||
Equipment and furnishings | 1,603 | |||
Construction in progress | 296 | |||
SEC Schedule III, Real Estate, Gross | 251,082 | |||
Accumulated Depreciation | 94,861 | |||
SEC Schedule III, Real Estate Investment Property, Net | 156,221 | |||
Valley Mall | ||||
Initial Cost to Company | ||||
Land | 16,045 | |||
Building and Improvements | 26,098 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9,719 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 15,616 | |||
Buildings and Improvements | 35,869 | |||
Equipment and furnishings | 326 | |||
Construction in progress | 51 | |||
SEC Schedule III, Real Estate, Gross | 51,862 | |||
Accumulated Depreciation | 4,566 | |||
SEC Schedule III, Real Estate Investment Property, Net | 47,296 | |||
500 North Michigan Avenue | ||||
Initial Cost to Company | ||||
Land | 12,851 | |||
Building and Improvements | 55,358 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 7,600 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,994 | |||
Buildings and Improvements | 50,907 | |||
Equipment and furnishings | 168 | |||
Construction in progress | 13,740 | |||
SEC Schedule III, Real Estate, Gross | 75,809 | |||
Accumulated Depreciation | 7,315 | |||
SEC Schedule III, Real Estate Investment Property, Net | 68,494 | |||
The Oaks [Member] | ||||
Initial Cost to Company | ||||
Land | 32,300 | |||
Building and Improvements | 117,156 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 247,064 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 55,527 | |||
Buildings and Improvements | 334,677 | |||
Equipment and furnishings | 2,654 | |||
Construction in progress | 3,662 | |||
SEC Schedule III, Real Estate, Gross | 396,520 | |||
Accumulated Depreciation | 113,632 | |||
SEC Schedule III, Real Estate Investment Property, Net | 282,888 | |||
Pacific View | ||||
Initial Cost to Company | ||||
Land | 8,697 | |||
Building and Improvements | 8,696 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 129,050 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,854 | |||
Buildings and Improvements | 136,075 | |||
Equipment and furnishings | 2,476 | |||
Construction in progress | 38 | |||
SEC Schedule III, Real Estate, Gross | 146,443 | |||
Accumulated Depreciation | 59,044 | |||
SEC Schedule III, Real Estate Investment Property, Net | 87,399 | |||
Paradise Valley Mall | ||||
Initial Cost to Company | ||||
Land | 24,565 | |||
Building and Improvements | 125,996 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 42,604 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 35,921 | |||
Buildings and Improvements | 154,278 | |||
Equipment and furnishings | 2,317 | |||
Construction in progress | 649 | |||
SEC Schedule III, Real Estate, Gross | 193,165 | |||
Accumulated Depreciation | 63,169 | |||
SEC Schedule III, Real Estate Investment Property, Net | 129,996 | |||
Paradise Village Ground Leases | ||||
Initial Cost to Company | ||||
Land | 8,880 | |||
Building and Improvements | 2,489 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | (6,876) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,870 | |||
Buildings and Improvements | 623 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 4,493 | |||
Accumulated Depreciation | 317 | |||
SEC Schedule III, Real Estate Investment Property, Net | 4,176 | |||
Paradise Village office Park II | ||||
Initial Cost to Company | ||||
Land | 1,150 | |||
Building and Improvements | 1,790 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 3,453 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,300 | |||
Buildings and Improvements | 3,584 | |||
Equipment and furnishings | 509 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 6,393 | |||
Accumulated Depreciation | 2,293 | |||
SEC Schedule III, Real Estate Investment Property, Net | 4,100 | |||
Promenade at Casa Grande | ||||
Initial Cost to Company | ||||
Land | 15,089 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 84,112 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 8,586 | |||
Buildings and Improvements | 90,541 | |||
Equipment and furnishings | 74 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 99,201 | |||
Accumulated Depreciation | 35,048 | |||
SEC Schedule III, Real Estate Investment Property, Net | 64,153 | |||
Queens Center | ||||
Initial Cost to Company | ||||
Land | 251,474 | |||
Building and Improvements | 1,039,922 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 6,106 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 256,786 | |||
Buildings and Improvements | 1,038,998 | |||
Equipment and furnishings | 1,434 | |||
Construction in progress | 284 | |||
SEC Schedule III, Real Estate, Gross | 1,297,502 | |||
Accumulated Depreciation | 31,204 | |||
SEC Schedule III, Real Estate Investment Property, Net | 1,266,298 | |||
Santa Monica Place | ||||
Initial Cost to Company | ||||
Land | 26,400 | |||
Building and Improvements | 105,600 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 323,012 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 48,374 | |||
Buildings and Improvements | 396,190 | |||
Equipment and furnishings | 8,058 | |||
Construction in progress | 2,390 | |||
SEC Schedule III, Real Estate, Gross | 455,012 | |||
Accumulated Depreciation | 80,324 | |||
SEC Schedule III, Real Estate Investment Property, Net | 374,688 | |||
San Tan Adjacent Land | ||||
Initial Cost to Company | ||||
Land | 29,414 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 6,893 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 30,506 | |||
Buildings and Improvements | 0 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 5,801 | |||
SEC Schedule III, Real Estate, Gross | 36,307 | |||
Accumulated Depreciation | 0 | |||
SEC Schedule III, Real Estate Investment Property, Net | 36,307 | |||
San Tan Village Regional Center | ||||
Initial Cost to Company | ||||
Land | 7,827 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 195,686 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,344 | |||
Buildings and Improvements | 195,833 | |||
Equipment and furnishings | 1,336 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 203,513 | |||
Accumulated Depreciation | 76,088 | |||
SEC Schedule III, Real Estate Investment Property, Net | 127,425 | |||
Valley River Center | ||||
Initial Cost to Company | ||||
Land | 24,854 | |||
Building and Improvements | 147,715 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 21,074 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 24,854 | |||
Buildings and Improvements | 166,894 | |||
Equipment and furnishings | 1,895 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 193,643 | |||
Accumulated Depreciation | 49,543 | |||
SEC Schedule III, Real Estate Investment Property, Net | 144,100 | |||
Victor Valley, Mall of | ||||
Initial Cost to Company | ||||
Land | 15,700 | |||
Building and Improvements | 75,230 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 51,313 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 20,080 | |||
Buildings and Improvements | 120,135 | |||
Equipment and furnishings | 2,028 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 142,243 | |||
Accumulated Depreciation | 39,177 | |||
SEC Schedule III, Real Estate Investment Property, Net | 103,066 | |||
Vintage Faire Mall | ||||
Initial Cost to Company | ||||
Land | 14,902 | |||
Building and Improvements | 60,532 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 56,441 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 17,647 | |||
Buildings and Improvements | 112,898 | |||
Equipment and furnishings | 1,316 | |||
Construction in progress | 14 | |||
SEC Schedule III, Real Estate, Gross | 131,875 | |||
Accumulated Depreciation | 61,773 | |||
SEC Schedule III, Real Estate Investment Property, Net | 70,102 | |||
Westside Pavilion | ||||
Initial Cost to Company | ||||
Land | 34,100 | |||
Building and Improvements | 136,819 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 71,277 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 34,100 | |||
Buildings and Improvements | 201,207 | |||
Equipment and furnishings | 5,787 | |||
Construction in progress | 1,102 | |||
SEC Schedule III, Real Estate, Gross | 242,196 | |||
Accumulated Depreciation | 94,956 | |||
SEC Schedule III, Real Estate Investment Property, Net | 147,240 | |||
Wilton Mall Member | ||||
Initial Cost to Company | ||||
Land | 19,743 | |||
Building and Improvements | 67,855 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 24,154 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 19,810 | |||
Buildings and Improvements | 90,735 | |||
Equipment and furnishings | 1,126 | |||
Construction in progress | 81 | |||
SEC Schedule III, Real Estate, Gross | 111,752 | |||
Accumulated Depreciation | 27,603 | |||
SEC Schedule III, Real Estate Investment Property, Net | 84,149 | |||
Mervyn's | ||||
Initial Cost to Company | ||||
Land | 10,094 | |||
Building and Improvements | 68,660 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 7,031 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,094 | |||
Buildings and Improvements | 75,249 | |||
Equipment and furnishings | 442 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 85,785 | |||
Accumulated Depreciation | 20,832 | |||
SEC Schedule III, Real Estate Investment Property, Net | 64,953 | |||
Other Assets and Development Properties | ||||
Initial Cost to Company | ||||
Land | 49,913 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 23,587 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 32,328 | |||
Buildings and Improvements | 4,241 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 36,931 | |||
SEC Schedule III, Real Estate, Gross | 73,500 | |||
Accumulated Depreciation | 1,610 | |||
SEC Schedule III, Real Estate Investment Property, Net | $ 71,890 |
Schedule III-Real Estate and 95
Schedule III-Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Aggregate gross cost of the property for federal income tax purposes | $ 7,440,059 | ||
Changes in total real estate assets | |||
Balances, beginning of year | 12,777,882 | $ 9,181,338 | $ 9,012,706 |
Additions | 392,575 | 4,042,409 | 943,159 |
Dispositions and retirements | (2,480,801) | (445,865) | (774,527) |
Balances, end of year | 10,689,656 | 12,777,882 | 9,181,338 |
Changes in accumulated depreciation | |||
Balances, beginning of year | 1,709,992 | 1,559,572 | 1,533,160 |
Additions | 354,977 | 289,178 | 284,500 |
Dispositions and retirements | (172,225) | (138,758) | (258,088) |
Balances, end of year | $ 1,892,744 | $ 1,709,992 | $ 1,559,572 |
Buildings and improvements | Minimum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 5 years | ||
Buildings and improvements | Maximum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 40 years | ||
Tenant improvements | Minimum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 5 years | ||
Tenant improvements | Maximum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 7 years | ||
Equipment and furnishings | Minimum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 5 years | ||
Equipment and furnishings | Maximum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 7 years |