Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 04, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MACERICH CO | |
Entity Central Index Key | 912,242 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 141,414,438 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS: | ||
Property, net | $ 7,198,283 | $ 7,357,310 |
Cash and cash equivalents | 87,133 | 94,046 |
Restricted cash | 50,304 | 49,951 |
Tenant and other receivables, net | 116,089 | 136,998 |
Deferred charges and other assets, net | 452,280 | 478,058 |
Due from affiliates | 81,545 | 68,227 |
Investments in unconsolidated joint ventures | 1,696,572 | 1,773,558 |
Total assets | 9,682,206 | 9,958,148 |
Mortgage notes payable: | ||
Related parties | 174,037 | 176,442 |
Others | 3,817,348 | 3,908,976 |
Total | 3,991,385 | 4,085,418 |
Bank and other notes payable | 996,129 | 880,482 |
Accounts payable and accrued expenses | 56,596 | 61,316 |
Other accrued liabilities | 322,643 | 366,165 |
Distributions in excess of investments in unconsolidated joint ventures | 95,131 | 78,626 |
Co-venture obligation | 59,647 | 58,973 |
Total liabilities | 5,521,531 | 5,530,980 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 250,000,000 shares authorized, 141,556,410 and 143,985,036 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 1,416 | 1,440 |
Additional paid-in capital | 4,521,945 | 4,593,229 |
Accumulated deficit | (663,805) | (488,782) |
Total stockholders' equity | 3,859,556 | 4,105,887 |
Noncontrolling interests | 301,119 | 321,281 |
Total equity | 4,160,675 | 4,427,168 |
Total liabilities and equity | $ 9,682,206 | $ 9,958,148 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 141,556,410 | 143,985,036 |
Common Stock, shares outstanding | 141,556,410 | 143,985,036 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Minimum rents | $ 152,893 | $ 152,448 | $ 298,448 | $ 303,496 |
Percentage rents | 2,060 | 2,394 | 3,978 | 5,408 |
Tenant recoveries | 68,948 | 75,948 | 141,360 | 156,121 |
Other | 13,519 | 17,789 | 28,783 | 30,937 |
Management Companies | 10,003 | 11,325 | 21,899 | 19,942 |
Total revenues | 247,423 | 259,904 | 494,468 | 515,904 |
Expenses: | ||||
Shopping center and operating expenses | 71,032 | 73,910 | 146,929 | 153,234 |
Management Companies' operating expenses | 26,216 | 24,299 | 54,733 | 52,199 |
REIT general and administrative expenses | 7,458 | 7,681 | 15,921 | 16,310 |
Depreciation and amortization | 83,243 | 85,190 | 166,316 | 172,121 |
Total expenses before interest | 187,949 | 191,080 | 383,899 | 393,864 |
Interest expense: | ||||
Related parties | 2,181 | 2,256 | 4,392 | 4,528 |
Other | 40,140 | 38,939 | 79,230 | 76,443 |
Total interest expense | 42,321 | 41,195 | 83,622 | 80,971 |
Loss on extinguishment of debt | 0 | 0 | 0 | 3,575 |
Total expenses | 230,270 | 232,275 | 467,521 | 478,410 |
Equity in income of unconsolidated joint ventures | 16,936 | 14,616 | 32,779 | 26,276 |
Co-venture expense | (4,123) | (3,212) | (8,000) | (6,501) |
Income tax (expense) benefit | (437) | (514) | 3,047 | (1,831) |
(Loss) gain on sale or write down of assets, net | (477) | 10,915 | 49,088 | 445,371 |
Net income | 29,052 | 49,434 | 103,861 | 500,809 |
Less net income attributable to noncontrolling interests | 2,414 | 4,212 | 7,980 | 34,672 |
Net income attributable to the Company | $ 26,638 | $ 45,222 | $ 95,881 | $ 466,137 |
Earnings per common share—net income attributable to common stockholders: | ||||
Basic (in dollars per share) | $ 0.19 | $ 0.31 | $ 0.67 | $ 3.12 |
Diluted (in dollars per share) | $ 0.19 | $ 0.31 | $ 0.67 | $ 3.12 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 141,695 | 146,644 | 142,640 | 149,314 |
Diluted (in shares) | 141,728 | 146,769 | 142,687 | 149,459 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Noncontrolling Interests |
Increase (Decrease) in Stockholders' Equity | ||||||
Cumulative effect of adoption of ASU 2016-09 | $ 6,484 | $ 6,484 | $ 6,484 | |||
Balance (in shares) at Dec. 31, 2016 | 143,985,036 | 143,985,036 | ||||
Balance at Dec. 31, 2016 | $ 4,427,168 | 4,105,887 | $ 1,440 | $ 4,593,229 | (488,782) | $ 321,281 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 103,861 | 95,881 | 95,881 | 7,980 | ||
Amortization of share and unit-based plans (in shares) | 84,287 | |||||
Amortization of share and unit-based plans | 23,947 | 23,947 | $ 1 | 23,946 | ||
Employee stock purchases (in shares) | 20,443 | |||||
Employee stock purchases | 986 | 986 | 986 | |||
Stock repurchases (in shares) | (2,885,373) | |||||
Stock repurchases | (181,740) | (181,740) | $ (29) | (107,425) | (74,286) | |
Distributions declared ($1.42) per share | (203,102) | (203,102) | (203,102) | |||
Distributions to noncontrolling interests | (16,844) | (16,844) | ||||
Conversion of noncontrolling interests to common shares (in shares) | 352,017 | |||||
Conversion of noncontrolling interests to common shares | 11,796 | $ 4 | 11,792 | (11,796) | ||
Redemption of noncontrolling interests | $ (85) | (61) | (61) | (24) | ||
Adjustment of noncontrolling interests in Operating Partnership | (522) | (522) | 522 | |||
Balance (in shares) at Jun. 30, 2017 | 141,556,410 | 141,556,410 | ||||
Balance at Jun. 30, 2017 | $ 4,160,675 | $ 3,859,556 | $ 1,416 | $ 4,521,945 | $ (663,805) | $ 301,119 |
CONSOLIDATED STATEMENT OF EQUI6
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) | 6 Months Ended |
Jun. 30, 2017$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Distributions declared, per share (in dollars per share) | $ 1.42 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 103,861 | $ 500,809 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on early extinguishment of debt, net | 0 | 3,575 |
Gain on sale or write down of assets, net | (49,088) | (445,371) |
Depreciation and amortization | 169,216 | 175,090 |
Amortization of net premium on mortgage notes payable | (1,860) | (2,063) |
Amortization of share and unit-based plans | 19,652 | 22,008 |
Straight-line rent adjustment | (4,544) | (2,503) |
Amortization of above and below-market leases | (1,082) | (4,178) |
Provision for doubtful accounts | 3,358 | 2,291 |
Income tax (benefit) expense | (3,047) | 1,831 |
Equity in income of unconsolidated joint ventures | (32,779) | (26,276) |
Distributions of income from unconsolidated joint ventures | 0 | 4,483 |
Co-venture expense | 8,000 | 6,501 |
Changes in assets and liabilities, net of acquisitions and dispositions: | ||
Tenant and other receivables | 5,401 | 4,061 |
Other assets | 2,346 | (15,930) |
Due from affiliates | (13,365) | 4,330 |
Accounts payable and accrued expenses | (2,002) | (15,403) |
Other accrued liabilities | (13,840) | 6,454 |
Net cash provided by operating activities | 190,227 | 219,709 |
Cash flows from investing activities: | ||
Development, redevelopment, expansion and renovation of properties | (60,603) | (107,565) |
Property improvements | (16,750) | (14,267) |
Proceeds from repayment of notes receivable | 619 | 3,161 |
Deferred leasing costs | (19,553) | (14,698) |
Distributions from unconsolidated joint ventures | 170,734 | 308,952 |
Contributions to unconsolidated joint ventures | (51,303) | (382,910) |
Proceeds from sale of assets | 167,631 | 695,724 |
Restricted cash | (353) | (3,613) |
Net cash provided by investing activities | 190,422 | 484,784 |
Cash flows from financing activities: | ||
Proceeds from mortgages, bank and other notes payable | 300,000 | 2,596,138 |
Payments on mortgages, bank and other notes payable | (279,419) | (1,929,969) |
Deferred financing costs | (32) | (1,979) |
Proceeds from share and unit-based plans | 986 | 834 |
Payment of debt extinguishment costs | 0 | (12,028) |
Stock repurchases | (181,740) | (800,018) |
Redemption of noncontrolling interests | (85) | (30) |
Dividends and distributions | (219,946) | (561,611) |
Distributions to co-venture partner | (7,326) | (9,202) |
Net cash used in financing activities | (387,562) | (717,865) |
Net decrease in cash and cash equivalents | (6,913) | (13,372) |
Cash and cash equivalents, beginning of period | 94,046 | 86,510 |
Cash and cash equivalents, end of period | 87,133 | 73,138 |
Supplemental cash flow information: | ||
Cash payments for interest, net of amounts capitalized | 82,864 | 72,224 |
Non-cash investing and financing transactions: | ||
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | 31,500 | 24,177 |
Mortgage notes payable assumed in exchange for investments in unconsolidated joint ventures | 0 | 997,695 |
Conversion of Operating Partnership Units to common stock | $ 11,796 | $ 3,119 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 , the Company was the sole general partner of and held a 93% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies." All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies: Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm. The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of variable interest entities ("VIEs"). The Operating Partnership's VIEs included the following assets and liabilities: June 30, December 31, Assets: Property, net $ 302,822 $ 307,582 Other assets 68,781 68,863 Total assets $ 371,603 $ 376,445 Liabilities: Mortgage notes payable $ 131,153 $ 133,245 Other liabilities 75,548 75,913 Total liabilities $ 206,701 $ 209,158 All intercompany accounts and transactions have been eliminated in the consolidated financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2016 has been derived from the audited financial statements but does not include all disclosures required by GAAP. 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. ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company has evaluated each of its revenue streams and related accounting policies under the standard. The standard will initially apply to the Company's recognition of minimum rents, percentage rents and other revenues. This standard will not apply to the Company's recognition of tenant recoveries until January 1, 2019, when it adopts ASU 2016-02, "Leases (Topic 842)", as discussed below. The Company expects to adopt this standard on a modified retrospective basis and does not expect that it will significantly impact its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption. Under ASU 2016-02, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. The Company is a lessee on ground leases at certain properties, on certain office space leases and on certain other improvements and equipment. ASU 2016-02 will impact the accounting and disclosure requirements for these leases. ASU 2016-02 is effective for the Company under a modified retrospective approach beginning January 1, 2019. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amended the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. The Company's adoption of this standard on January 1, 2017 under the modified retrospective method resulted in the recognition of excess tax benefits of $6,484 as a cumulative effect adjustment, which reduced its accumulated deficit and increased its deferred tax assets by the same amount. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amended the accounting for the statement of cash flows by providing guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company's adoption of this standard on January 1, 2017 resulted in the reclassification of $12,028 of debt extinguishment costs from operating activities to financing activities on its consolidated statement of cash flows for the six months ended June 30, 2016 . Recent Accounting Pronouncements: (Continued) On November 17, 2016, the FASB issued ASU 2016-18, “Restricted Cash,” which requires that the statement of cash flows explain the change during a reporting period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. This standard states that transfers between cash, cash equivalents, and restricted cash are not part of the entity’s operating, investing, and financing activities. Therefore, restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for the Company beginning January 1, 2018 with early adoption permitted. The Company does not believe that the adoption of ASU 2016-18 will have a significant impact on its consolidated statements of cash flows. On January 5, 2017, the FASB issued ASU 2017-01, “Business Combinations,” which clarifies the definition of a business. The objective of the standard is to add further guidance that assists entities in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities are not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. ASU 2017-01 is effective for the Company beginning January 1, 2018 with early adoption permitted using a prospective transition method. The Company does not believe that the adoption of 2017-01 will have a significant impact on its consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets,” which clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The Company is required to adopt ASU 2017-05 beginning January 1, 2018 with early adoption permitted. The Company does not believe that the adoption of ASU No. 2017-05 will have a significant impact on its consolidated financial statements. |
Earnings per Share ("EPS")
Earnings per Share ("EPS") | 6 Months Ended |
Jun. 30, 2017 | |
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 EPS for the three and six months ended June 30, 2017 and 2016 (shares in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Numerator Net income $ 29,052 $ 49,434 $ 103,861 $ 500,809 Net income attributable to noncontrolling interests (2,414 ) (4,212 ) (7,980 ) (34,672 ) Net income attributable to the Company 26,638 45,222 95,881 466,137 Allocation of earnings to participating securities (188 ) (170 ) (375 ) (557 ) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 26,450 $ 45,052 $ 95,506 $ 465,580 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 141,695 146,644 142,640 149,314 Effect of dilutive securities(1): Share and unit-based compensation plans 33 125 47 145 Denominator for diluted EPS—weighted average number of common shares outstanding 141,728 146,769 142,687 149,459 Earnings per common share—net income attributable to common stockholders: Basic $ 0.19 $ 0.31 $ 0.67 $ 3.12 Diluted $ 0.19 $ 0.31 $ 0.67 $ 3.12 (1) Diluted EPS excludes 90,619 and 138,759 convertible preferred partnership units for the three months ended June 30, 2017 and 2016 , respectively, and 90,619 and 138,759 convertible preferred partnership units for the six months ended June 30, 2017 and 2016 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,526,547 and 10,833,354 Operating Partnership units ("OP Units") for the three months ended June 30, 2017 and 2016 , respectively, and 10,558,809 and 10,826,849 OP Units for the six months ended June 30, 2017 and 2016 , respectively, as their impact was antidilutive. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures: The Company has made the following recent investments and dispositions in its unconsolidated joint ventures: On 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 $289,496 , resulting in a gain on the sale of assets of $101,629 . The sales price was funded by a cash payment of $129,496 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 ). Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in Arrowhead Towne Center under the equity method of accounting. On January 14, 2016 , the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall , a 1,039,000 square foot regional shopping center in Deptford , New Jersey ; FlatIron Crossing , a 1,432,000 square foot regional shopping center in Broomfield , Colorado ; and Twenty Ninth Street , an 847,000 square foot regional shopping center in Boulder , Colorado (the " MAC Heitman Portfolio "), for $771,478 , resulting in a gain on the sale of assets of $340,734 . The sales price was funded by a cash payment of $478,608 and the assumption of a pro rata share of the mortgage notes 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. Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in the MAC Heitman Portfolio under the equity method of accounting. On March 1, 2016 , the Company, through a 50 /50 joint venture, acquired Country Club Plaza , a 1,006,000 square foot regional shopping center in Kansas City , Missouri , for a purchase price of $660,000 . The Company funded its pro rata share of the purchase price of $330,000 from borrowings under its line of credit. On March 28, 2016 , the joint venture placed a $320,000 loan on the property that bears interest at an effective rate of 3.88% and matures on April 1, 2026 . The Company used its pro rata share of the proceeds to pay down its line of credit and for general corporate purposes. On March 17, 2017 , the Company's joint venture in Country Club Plaza sold an office building for $78,000 , resulting in a gain on sale of assets of $4,580 . The Company's pro rata share of the gain on sale of assets of $2,290 was included in equity in income from joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 12 — Stockholders' Equity ). 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: June 30, December 31, Assets(1): Property, net $ 9,092,493 $ 9,176,642 Other assets 647,492 614,607 Total assets $ 9,739,985 $ 9,791,249 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 5,324,700 $ 5,224,713 Other liabilities 435,822 403,369 Company's capital 2,174,786 2,279,819 Outside partners' capital 1,804,677 1,883,348 Total liabilities and partners' capital $ 9,739,985 $ 9,791,249 Investments in unconsolidated joint ventures: Company's capital $ 2,174,786 $ 2,279,819 Basis adjustment(3) (573,345 ) (584,887 ) $ 1,601,441 $ 1,694,932 Assets—Investments in unconsolidated joint ventures $ 1,696,572 $ 1,773,558 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (95,131 ) (78,626 ) $ 1,601,441 $ 1,694,932 (1) These amounts include the assets of $3,126,583 and $3,179,255 of Pacific Premier Retail LLC (the " PPR Portfolio ") as of June 30, 2017 and December 31, 2016 , respectively, and liabilities of $1,881,513 and $1,887,952 of the PPR Portfolio as of June 30, 2017 and December 31, 2016 , respectively. (2) Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $487,077 and $265,863 as of June 30, 2017 and December 31, 2016 , respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense on these borrowings was $4,929 and $4,992 for the three months ended June 30, 2017 and 2016 , respectively, and $8,089 and $11,358 for the six months ended June 30, 2017 and 2016 , 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 $4,197 and $4,669 for the three months ended June 30, 2017 and 2016 , respectively, and $8,224 and $9,126 for the six months ended June 30, 2017 and 2016 , respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Three Months Ended June 30, 2017 Revenues: Minimum rents $ 32,045 $ 126,765 $ 158,810 Percentage rents 221 2,126 2,347 Tenant recoveries 11,373 46,119 57,492 Other 1,402 13,017 14,419 Total revenues 45,041 188,027 233,068 Expenses: Shopping center and operating expenses 9,711 58,886 68,597 Interest expense 16,675 32,976 49,651 Depreciation and amortization 24,802 62,090 86,892 Total operating expenses 51,188 153,952 205,140 Loss on sale of assets — (2 ) (2 ) Net (loss) income $ (6,147 ) $ 34,073 $ 27,926 Company's equity in net (loss) income $ (1,034 ) $ 17,970 $ 16,936 Three Months Ended June 30, 2016 Revenues: Minimum rents $ 31,474 $ 119,664 $ 151,138 Percentage rents 343 2,624 2,967 Tenant recoveries 11,919 46,652 58,571 Other 689 12,752 13,441 Total revenues 44,425 181,692 226,117 Expenses: Shopping center and operating expenses 9,314 58,930 68,244 Interest expense 16,055 31,266 47,321 Depreciation and amortization 26,796 60,764 87,560 Total operating expenses 52,165 150,960 203,125 Gain on sale of assets — 5 5 Net (loss) income $ (7,740 ) $ 30,737 $ 22,997 Company's equity in net (loss) income $ (1,730 ) $ 16,346 $ 14,616 PPR Portfolio Other Joint Ventures Total Six Months Ended June 30, 2017 Revenues: Minimum rents $ 65,581 $ 250,268 $ 315,849 Percentage rents 951 3,864 4,815 Tenant recoveries 22,812 94,034 116,846 Other 2,428 24,528 26,956 Total revenues 91,772 372,694 464,466 Expenses: Shopping center and operating expenses 19,471 121,081 140,552 Interest expense 33,401 65,255 98,656 Depreciation and amortization 51,078 124,969 176,047 Total operating expenses 103,950 311,305 415,255 (Loss) gain on sale or write down of assets, net (35 ) 4,579 4,544 Net (loss) income $ (12,213 ) $ 65,968 $ 53,755 Company's equity in net (loss) income $ (1,996 ) $ 34,775 $ 32,779 Six Months Ended June 30, 2016 Revenues: Minimum rents $ 62,057 $ 226,037 $ 288,094 Percentage rents 1,102 4,377 5,479 Tenant recoveries 23,895 90,095 113,990 Other 3,527 23,104 26,631 Total revenues 90,581 343,613 434,194 Expenses: Shopping center and operating expenses 19,100 112,228 131,328 Interest expense 31,269 59,004 90,273 Depreciation and amortization 54,880 117,297 172,177 Total operating expenses 105,249 288,529 393,778 Net (loss) income $ (14,668 ) $ 55,084 $ 40,416 Company's equity in net (loss) income $ (2,974 ) $ 29,250 $ 26,276 Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. |
Property, net
Property, net | 6 Months Ended |
Jun. 30, 2017 | |
Real Estate [Abstract] | |
Property, net | Property, net: Property, net consists of the following: June 30, December 31, Land $ 1,582,191 $ 1,607,590 Buildings and improvements 6,408,362 6,511,741 Tenant improvements 610,084 622,878 Equipment and furnishings 180,735 177,036 Construction in progress 321,142 289,966 9,102,514 9,209,211 Less accumulated depreciation (1,904,231 ) (1,851,901 ) $ 7,198,283 $ 7,357,310 Depreciation expense was $69,364 and $68,175 for the three months ended June 30, 2017 and 2016 , respectively, and $138,320 and $138,078 for the six months ended June 30, 2017 and 2016 , respectively. The (loss) gain on sale or write down of assets, net was $(477) and $10,915 for the three months ended June 30, 2017 and 2016 , respectively, and $49,088 and $445,371 for the six months ended June 30, 2017 and 2016 , respectively. The (loss) gain on sale or write down of assets, net for the six months ended June 30, 2017 includes a gain of $59,698 on the sale of Cascade Mall and Northgate Mall (See Note 14 — Dispositions ) offset in part by a loss of $10,138 on the write down of an investment in non-real estate assets. The (loss) gain on sale or write down of assets, net for the three and six months ended June 30, 2016 includes a gain of $24,894 on the sale of Capitola Mall (See Note 14 — Dispositions ), a loss of $3,066 on the sale of a former Mervyn's store (See Note 14 — Dispositions ) and an impairment loss of $7,188 due to the reduction of the estimated holding period of The Marketplace at Flagstaff . The (loss) gain on sale or write down of assets, net for the six months ended June 30, 2016 also includes a gain of $101,629 on the sale of a 40% ownership interest in Arrowhead Towne Center (See Note 4 — Investments in Unconsolidated Joint Ventures ), $340,734 on the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ) and a loss of $14,750 on an adjustment to contingent consideration (See Note 13—Acquisitions). |
Tenant and Other Receivables, n
Tenant and Other Receivables, net | 6 Months Ended |
Jun. 30, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Tenant and Other Receivables, net | Tenant and Other Receivables, net: Included in tenant and other receivables, net is an allowance for doubtful accounts of $2,996 and $1,991 at June 30, 2017 and December 31, 2016 , respectively. Also included in tenant and other receivables, net are accrued percentage rents of $966 and $9,509 at June 30, 2017 and December 31, 2016 , respectively, and a deferred rent receivable due to straight-line rent adjustments of $59,226 and $56,761 at June 30, 2017 and December 31, 2016 , respectively. On March 17, 2014 , in connection with the sale of Lake Square Mall , the Company issued a note receivable for $6,500 that bears interest at an effective rate of 6.5% , matures on March 17, 2018 and is collateralized by a trust deed on Lake Square Mall . At June 30, 2017 and December 31, 2016 , the note had a balance of $6,253 and $6,284 , respectively. |
Deferred Charges and Other Asse
Deferred Charges and Other Assets, net | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Charges and Other Assets, net | Deferred Charges and Other Assets, net: Deferred charges and other assets, net consist of the following: June 30, December 31, Leasing $ 225,933 $ 239,983 Intangible assets: In-place lease values 114,999 140,437 Leasing commissions and legal costs 28,242 32,384 Above-market leases 172,473 181,851 Deferred tax assets 47,833 38,301 Deferred compensation plan assets 47,205 42,711 Other assets 60,222 72,206 696,907 747,873 Less accumulated amortization(1) (244,627 ) (269,815 ) $ 452,280 $ 478,058 (1) Accumulated amortization includes $74,239 and $88,785 relating to in-place lease values, leasing commissions and legal costs at June 30, 2017 and December 31, 2016 , respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $5,545 and $8,203 for the three months ended June 30, 2017 and 2016 , respectively, and $11,549 and $17,050 for the six months ended June 30, 2017 and 2016 , respectively. The allocated values of above-market leases and below-market leases consist of the following: June 30, December 31, Above-Market Leases Original allocated value $ 172,473 $ 181,851 Less accumulated amortization (57,813 ) (57,505 ) $ 114,660 $ 124,346 Below-Market Leases(1) Original allocated value $ 129,893 $ 144,713 Less accumulated amortization (55,052 ) (58,400 ) $ 74,841 $ 86,313 (1) Below-market leases are included in other accrued liabilities. |
Mortgage Notes Payable
Mortgage Notes Payable | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | Mortgage Notes Payable: Mortgage notes payable at June 30, 2017 and December 31, 2016 consist of the following: Carrying Amount of Mortgage Notes(1) June 30, 2017 December 31, 2016 Property Pledged as Collateral Related Party Other Related Party Other Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Chandler Fashion Center(5) $ — $ 199,868 $ — $ 199,833 3.77 % $ 625 2019 Danbury Fair Mall 106,287 106,286 107,929 107,928 5.53 % 1,538 2020 Fashion Outlets of Chicago(6) — 199,137 — 198,966 2.44 % 380 2020 Fashion Outlets of Niagara Falls USA — 114,272 — 115,762 4.89 % 727 2020 Freehold Raceway Mall(5) — 218,479 — 220,643 4.20 % 1,132 2018 Fresno Fashion Fair — 323,159 — 323,062 3.67 % 971 2026 Green Acres Mall — 294,598 — 297,798 3.61 % 1,447 2021 Kings Plaza Shopping Center — 452,121 — 456,958 3.67 % 2,229 2019 Northgate Mall(7) — — — 63,434 — — — Oaks, The — 199,007 — 201,235 4.14 % 1,064 2022 Pacific View — 125,868 — 127,311 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place — 216,858 — 219,564 2.99 % 1,004 2018 SanTan Village Regional Center — 126,220 — 127,724 3.14 % 589 2019 Stonewood Center — 96,528 — 99,520 1.80 % 640 2017 Towne Mall — 21,367 — 21,570 4.48 % 117 2022 Tucson La Encantada 67,750 — 68,513 — 4.23 % 368 2022 Victor Valley, Mall of — 114,588 — 114,559 4.00 % 380 2024 Vintage Faire Mall — 266,534 — 269,228 3.55 % 1,256 2026 Westside Pavilion — 142,458 — 143,881 4.49 % 783 2022 $ 174,037 $ 3,817,348 $ 176,442 $ 3,908,976 (1) The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Debt premiums (discounts) consist of the following: Property Pledged as Collateral June 30, December 31, Fashion Outlets of Niagara Falls USA $ 3,094 $ 3,558 Stonewood Center 955 2,349 $ 4,049 $ 5,907 The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $11,059 and $12,716 at June 30, 2017 and December 31, 2016 , respectively. (2) The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs. (3) The monthly debt service represents the payment of principal and interest. (4) The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met. (5) A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10 — Co-Venture Arrangement ). (6) The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020 . At June 30, 2017 and December 31, 2016 , the total interest rate was 2.44% and 2.43% , respectively. (7) On January 18, 2017 , the loan was paid off in connection with the sale of the underlying property (See Note 14 — Dispositions ). Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand. Total interest expense capitalized was $3,343 and $2,562 for the three months ended June 30, 2017 and 2016 , respectively, and $5,977 and $4,865 for the six months ended June 30, 2017 and 2016 , respectively. Related party mortgage notes payable are amounts due to an affiliate of NML. See Note 16 — Related Party Transactions for interest expense associated with loans from NML. The estimated fair value (Level 2 measurement) of mortgage notes payable at June 30, 2017 and December 31, 2016 was $4,019,860 and $4,126,819 , respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt. |
Bank and Other Notes Payable
Bank and Other Notes Payable | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Bank and Other Notes Payable | Bank and Other Notes Payable: Bank and other notes payable consist of the following: Line of Credit: The Company has a $1,500,000 revolving line of credit that bears interest at LIBOR plus a spread of 1.30% to 1.90% , depending on the Company's overall leverage level, and matures on July 6, 2020 with a one -year extension option. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000 . Based on the Company's leverage level as of June 30, 2017 , the borrowing rate on the facility was LIBOR plus 1.45% . As of June 30, 2017 and December 31, 2016 , borrowings under the line of credit, were $1,000,000 and $885,000 , respectively, less unamortized deferred finance costs of $8,804 and $10,039 , respectively, at a total interest rate of 2.68% and 2.40% , respectively. The estimated fair value (Level 2 measurement) of the line of credit at June 30, 2017 and December 31, 2016 was $979,140 and $865,921 , respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Prasada Note: On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on May 30, 2021. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At June 30, 2017 and December 31, 2016 , the note had a balance of $4,933 and $5,521 , respectively. The estimated fair value (Level 2 measurement) of the note at June 30, 2017 and December 31, 2016 was $5,086 and $5,786 , 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 June 30, 2017 and December 31, 2016 , the Company was in compliance with all applicable financial loan covenants. |
Co-Venture Arrangement
Co-Venture Arrangement | 6 Months Ended |
Jun. 30, 2017 | |
Co-Venture Arrangement | |
Co-Venture Arrangement | Co-Venture Arrangement: On September 30, 2009 , the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Freehold Raceway Mall, a 1,671,000 square foot regional shopping center in Freehold , New Jersey , and Chandler Fashion Center, a 1,318,000 square foot regional shopping center in Chandler , Arizona . As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the venture formation, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction has been accounted for as a profit-sharing arrangement, and accordingly the assets, liabilities and operations of the properties remain on the books of the Company and a co-venture obligation was established for the amount of $168,154 , representing the net cash proceeds received from the third party. The co-venture obligation is increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. The co-venture obligation was $59,647 and $58,973 at June 30, 2017 and December 31, 2016 , respectively. |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests: The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 93% ownership interest in the Operating Partnership as of June 30, 2017 and December 31, 2016 . The remaining 7% limited partnership interest as of June 30, 2017 and December 31, 2016 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of June 30, 2017 and December 31, 2016 , the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $601,404 and $733,141 , respectively. The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity: 2015 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 warranted. 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 19, 2016 , the ASR was completed and the Company received delivery of an additional 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 a 40% ownership interest in the PPR Portfolio . On February 17, 2016 , the Company entered into an ASR to repurchase an additional $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. On April 19, 2016 , the ASR was completed and the Company received delivery of an additional 861,235 shares. The average price of the 5,083,428 shares repurchased under the ASR was $78.69 per share. The ASR was funded from borrowings under the Company's line of credit, which had been paid down from the proceeds from the financings and sale of ownership interests in Arrowhead Towne Center and the MAC Heitman Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). On May 9, 2016 , the Company entered into an ASR to repurchase the remaining $400,000 of the Company's common stock authorized for repurchase. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 3,964,812 shares. On July 11, 2016 , the ASR was completed and the Company received delivery of an additional 1,104,162 shares. The average price of the 5,068,974 shares repurchased under the ASR was $78.91 per share. The ASR was funded from borrowings under the Company's line of credit, which had been paid down from the proceeds from the financings and sale of ownership interests in Arrowhead Towne Center and the MAC Heitman Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). 2017 Stock Buyback Program: On February 12, 2017 , the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares and pursuant to Rule 10b5-1 of the Securities Act of 1934, from time to time as permitted by securities laws and other legal requirements. During the period from February 12, 2017 to June 30, 2017 , the Company repurchased a total of 2,885,373 of its common shares for $181,740 , representing an average price of $62.96 per share. The Company funded the repurchases from the net proceeds of the sale of Cascade Mall and Northgate Mall (See Note 14 — Dispositions ), its share of the proceeds from the sale of an office building at Country Club Plaza (See Note 4 — Investments in Unconsolidated Joint Ventures ) and from borrowings under its line of credit. 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 common 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 ). At-The-Market Stock Offering Program ("ATM Program"): On August 20, 2014, the Company entered into an equity distribution agreement with a number of sales agents (the "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 “ATM Shares”). Sales of the ATM Shares can be made in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an “at the market” offering, which includes sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. The Company 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 ATM Shares sold through such sales agent under the distribution agreement. As of June 30, 2017 , $500,000 of the ATM Shares were available to be sold under the ATM Program. Actual future sales of the ATM Shares under the 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 ATM program will expire by its terms in August 2017. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions: Fashion Outlets of Chicago : On October 31, 2014 , the Company purchased the outside 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 notes receivables of $14,120 . The purchase agreement included contingent consideration based on the financial performance of Fashion Outlets of Chicago at an agreed upon date in 2016. On August 19, 2016 , the Company paid $23,800 in full settlement of the contingent consideration obligation. |
Dispositions
Dispositions | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions: The following are recent dispositions of properties: On April 13, 2016 , the Company sold Capitola Mall , a 586,000 square foot regional shopping center in Capitola , California , for $93,000 , resulting in a gain on the sale of assets of $24,894 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On May 31, 2016 , the Company sold a former Mervyn's store in Yuma , Arizona , for $3,200 , resulting in a loss on the sale of assets of $3,066 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On July 15, 2016 , the Company conveyed Flagstaff Mall , a 347,000 square foot regional shopping center in Flagstaff , Arizona , to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The loan was non-recourse to the Company. As a result, the Company recognized a gain on the extinguishment of debt of $5,284 . On January 18, 2017 , the Company sold Cascade Mall , a 589,000 square foot regional shopping center in Burlington , Washington ; and Northgate Mall , a 750,000 square foot regional shopping center in San Rafael , California , in a combined transaction for $170,000 , resulting in a gain on the sale of assets of $59,698 . The proceeds were used to pay off the mortgage note payable on Northgate Mall and to repurchase shares of the Company's common stock under the 2017 Stock Buyback Program (See Note 12 — Stockholders' Equity ). |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies: The Company has certain properties that are subject to non-cancelable operating ground leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. Ground lease rent expense was $2,592 and $2,406 for the three months ended June 30, 2017 and 2016 , respectively, and $5,168 and $4,917 for the six months ended June 30, 2017 and 2016 , respectively. No contingent rent was incurred during the three and six months ended June 30, 2017 or 2016 . As of June 30, 2017 , the Company was contingently liable for $61,002 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the agreements. At June 30, 2017 , the Company had $73,843 in outstanding obligations which it believes will be settled in the next twelve months. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
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 Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Management fees $ 4,685 $ 5,016 $ 9,165 $ 8,969 Development and leasing fees 2,721 4,236 7,991 7,197 $ 7,406 $ 9,252 $ 17,156 $ 16,166 Certain mortgage notes on the properties are held by NML (See Note 8 — Mortgage Notes Payable ). Interest expense in connection with these notes was $2,181 and $2,256 for the three months ended June 30, 2017 and 2016 , respectively, and $4,392 and $4,528 for the six months ended June 30, 2017 and 2016 , respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $726 and $736 at June 30, 2017 and December 31, 2016 , respectively. Due from (to) affiliates includes unreimbursed and/or prepaid costs and fees from unconsolidated joint ventures due to (from) the Management Companies. As of June 30, 2017 and December 31, 2016 , the amounts due from (to) the unconsolidated joint ventures was $5,952 and $(6,809) , respectively. In addition, due from affiliates at June 30, 2017 and December 31, 2016 included a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and matures on May 30, 2021. Interest income earned on this note was $68 and $97 for the three months ended June 30, 2017 and 2016 , respectively, and $138 and $214 for the six months ended June 30, 2017 and 2016 , respectively. The balance on this note was $4,933 and $5,593 at June 30, 2017 and December 31, 2016 , 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 the development project. 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 . Interest income earned on this note was $607 and $525 for the three months ended June 30, 2017 and 2016 , respectively, and $1,218 and $1,046 for the six months ended June 30, 2017 and 2016 , respectively. The balance on this note was $70,660 and $69,443 at June 30, 2017 and December 31, 2016 , respectively. Lennar Corporation is considered a related party because it is a joint venture partner in Fashion Outlets of San Francisco . |
Share and Unit-Based Plans
Share and Unit-Based Plans | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share and Unit-Based Plans | Share and Unit-Based Plans: Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of 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 the 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. On January 1, 2017 , the Company granted 66,079 LTIP Units with a grant date fair value of $70.84 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2019 . Concurrently, the Company granted 297,849 market-indexed LTIP Units ("2017 LTIP Units") at a grant date fair value of $47.15 per LTIP Unit that vest over a service period ending December 31, 2019 . The fair value of the 2017 LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.49% and an expected volatility of 20.75% . On March 3, 2017 , the Company granted 134,742 LTIP Units at a fair value of $66.57 per LTIP Unit that were fully vested on the grant date. On May 30, 2017 , the Company granted 25,000 non-qualified stock options with a grant date fair value of $10.02 that will vest on May 30, 2019 . The Company measured the value of each option awarded using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 30.19% , dividend yield of 4.93% , risk free rate of 2.08% , current value of $57.55 and an expected term of 8 years . On June 1, 2017 , the Company granted 1,522 LTIP Units with a grant date fair value of $58.31 per LTIP Unit that will vest in equal annual installments over a service period ending May 29, 2020 . Concurrently, the Company granted 6,714 market-indexed LTIP Units at a grant date fair value of $39.66 per LTIP Unit that vest over a service period ending May 29, 2020 . The fair value of the market-indexed LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.45% and an expected volatility of 21.40% . The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 LTIP Units $ 5,242 $ 5,149 $ 19,623 $ 22,548 Stock awards — — — 20 Stock units 1,333 1,002 3,945 4,374 Stock options 15 4 19 8 Phantom stock units 183 194 360 798 $ 6,773 $ 6,349 $ 23,947 $ 27,748 The Company capitalized share and unit-based compensation costs of $926 and $781 for the three months ended June 30, 2017 and 2016 , respectively, and $4,295 and $5,740 for the six months ended June 30, 2017 and 2016 , respectively. Unrecognized compensation costs of share and unit-based plans at June 30, 2017 consisted of $10,823 from LTIP Units, $5,545 from stock units, $242 from stock options and $560 from phantom stock units. The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units: LTIP Units Phantom Stock Units Stock Units Units Value(1) Units Value(1) Units Value(1) Balance at January 1, 2017 322,572 $ 58.18 5,845 $ 81.47 148,428 $ 78.53 Granted 506,906 55.33 6,772 71.73 85,979 66.53 Vested (134,742 ) 66.57 (5,268 ) 76.29 (78,573 ) 75.79 Balance at June 30, 2017 694,736 $ 54.48 7,349 $ 76.20 155,834 $ 73.28 (1) Value represents the weighted average grant date fair value. The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding: SARs Stock Options Units Value(1) Units Value(1) Balance at January 1, 2017 284,146 $ 53.85 10,565 $ 56.77 Granted — — 25,000 57.55 Exercised — — — — Balance at June 30, 2017 284,146 $ 53.85 35,565 $ 57.32 (1) Value represents the weighted average exercise price. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes: The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC. The income tax provision of the TRSs are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Current $ — $ — $ — $ — Deferred (437 ) (514 ) 3,047 (1,831 ) Income tax (expense) benefit $ (437 ) $ (514 ) $ 3,047 $ (1,831 ) The net operating loss carryforwards are currently scheduled to expire through 2035 , beginning in 2024 . Net deferred tax assets of $47,833 and $38,301 were included in deferred charges and other assets, net at June 30, 2017 and December 31, 2016 , respectively. The tax years 2012 through 2016 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events: On August 4, 2017 , the Company announced a dividend/distribution of $0.71 per share for common stockholders and OP Unit holders of record on August 18, 2017 . All dividends/distributions will be paid 100% in cash on September 7, 2017 . |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm. The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of variable interest entities ("VIEs"). The Operating Partnership's VIEs included the following assets and liabilities: June 30, December 31, Assets: Property, net $ 302,822 $ 307,582 Other assets 68,781 68,863 Total assets $ 371,603 $ 376,445 Liabilities: Mortgage notes payable $ 131,153 $ 133,245 Other liabilities 75,548 75,913 Total liabilities $ 206,701 $ 209,158 All intercompany accounts and transactions have been eliminated in the consolidated financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2016 has been derived from the audited financial statements but does not include all disclosures required by GAAP. |
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. ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company has evaluated each of its revenue streams and related accounting policies under the standard. The standard will initially apply to the Company's recognition of minimum rents, percentage rents and other revenues. This standard will not apply to the Company's recognition of tenant recoveries until January 1, 2019, when it adopts ASU 2016-02, "Leases (Topic 842)", as discussed below. The Company expects to adopt this standard on a modified retrospective basis and does not expect that it will significantly impact its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption. Under ASU 2016-02, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. The Company is a lessee on ground leases at certain properties, on certain office space leases and on certain other improvements and equipment. ASU 2016-02 will impact the accounting and disclosure requirements for these leases. ASU 2016-02 is effective for the Company under a modified retrospective approach beginning January 1, 2019. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amended the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. The Company's adoption of this standard on January 1, 2017 under the modified retrospective method resulted in the recognition of excess tax benefits of $6,484 as a cumulative effect adjustment, which reduced its accumulated deficit and increased its deferred tax assets by the same amount. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amended the accounting for the statement of cash flows by providing guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company's adoption of this standard on January 1, 2017 resulted in the reclassification of $12,028 of debt extinguishment costs from operating activities to financing activities on its consolidated statement of cash flows for the six months ended June 30, 2016 . Recent Accounting Pronouncements: (Continued) On November 17, 2016, the FASB issued ASU 2016-18, “Restricted Cash,” which requires that the statement of cash flows explain the change during a reporting period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. This standard states that transfers between cash, cash equivalents, and restricted cash are not part of the entity’s operating, investing, and financing activities. Therefore, restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for the Company beginning January 1, 2018 with early adoption permitted. The Company does not believe that the adoption of ASU 2016-18 will have a significant impact on its consolidated statements of cash flows. On January 5, 2017, the FASB issued ASU 2017-01, “Business Combinations,” which clarifies the definition of a business. The objective of the standard is to add further guidance that assists entities in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities are not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. ASU 2017-01 is effective for the Company beginning January 1, 2018 with early adoption permitted using a prospective transition method. The Company does not believe that the adoption of 2017-01 will have a significant impact on its consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets,” which clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The Company is required to adopt ASU 2017-05 beginning January 1, 2018 with early adoption permitted. The Company does not believe that the adoption of ASU No. 2017-05 will have a significant impact on its consolidated financial statements. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedule of variable interest entities | The Operating Partnership's VIEs included the following assets and liabilities: June 30, December 31, Assets: Property, net $ 302,822 $ 307,582 Other assets 68,781 68,863 Total assets $ 371,603 $ 376,445 Liabilities: Mortgage notes payable $ 131,153 $ 133,245 Other liabilities 75,548 75,913 Total liabilities $ 206,701 $ 209,158 |
Earnings per Share ("EPS") (Tab
Earnings per Share ("EPS") (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 EPS for the three and six months ended June 30, 2017 and 2016 (shares in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Numerator Net income $ 29,052 $ 49,434 $ 103,861 $ 500,809 Net income attributable to noncontrolling interests (2,414 ) (4,212 ) (7,980 ) (34,672 ) Net income attributable to the Company 26,638 45,222 95,881 466,137 Allocation of earnings to participating securities (188 ) (170 ) (375 ) (557 ) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 26,450 $ 45,052 $ 95,506 $ 465,580 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 141,695 146,644 142,640 149,314 Effect of dilutive securities(1): Share and unit-based compensation plans 33 125 47 145 Denominator for diluted EPS—weighted average number of common shares outstanding 141,728 146,769 142,687 149,459 Earnings per common share—net income attributable to common stockholders: Basic $ 0.19 $ 0.31 $ 0.67 $ 3.12 Diluted $ 0.19 $ 0.31 $ 0.67 $ 3.12 (1) Diluted EPS excludes 90,619 and 138,759 convertible preferred partnership units for the three months ended June 30, 2017 and 2016 , respectively, and 90,619 and 138,759 convertible preferred partnership units for the six months ended June 30, 2017 and 2016 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,526,547 and 10,833,354 Operating Partnership units ("OP Units") for the three months ended June 30, 2017 and 2016 , respectively, and 10,558,809 and 10,826,849 OP Units for the six months ended June 30, 2017 and 2016 , respectively, as their impact was antidilutive. |
Investments in Unconsolidated30
Investments in Unconsolidated Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Combined and condensed balance sheets of unconsolidated joint ventures | Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: June 30, December 31, Assets(1): Property, net $ 9,092,493 $ 9,176,642 Other assets 647,492 614,607 Total assets $ 9,739,985 $ 9,791,249 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 5,324,700 $ 5,224,713 Other liabilities 435,822 403,369 Company's capital 2,174,786 2,279,819 Outside partners' capital 1,804,677 1,883,348 Total liabilities and partners' capital $ 9,739,985 $ 9,791,249 Investments in unconsolidated joint ventures: Company's capital $ 2,174,786 $ 2,279,819 Basis adjustment(3) (573,345 ) (584,887 ) $ 1,601,441 $ 1,694,932 Assets—Investments in unconsolidated joint ventures $ 1,696,572 $ 1,773,558 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (95,131 ) (78,626 ) $ 1,601,441 $ 1,694,932 (1) These amounts include the assets of $3,126,583 and $3,179,255 of Pacific Premier Retail LLC (the " PPR Portfolio ") as of June 30, 2017 and December 31, 2016 , respectively, and liabilities of $1,881,513 and $1,887,952 of the PPR Portfolio as of June 30, 2017 and December 31, 2016 , respectively. (2) Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $487,077 and $265,863 as of June 30, 2017 and December 31, 2016 , respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense on these borrowings was $4,929 and $4,992 for the three months ended June 30, 2017 and 2016 , respectively, and $8,089 and $11,358 for the six months ended June 30, 2017 and 2016 , 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 $4,197 and $4,669 for the three months ended June 30, 2017 and 2016 , respectively, and $8,224 and $9,126 for the six months ended June 30, 2017 and 2016 , respectively. |
Combined and condensed statements of operations of unconsolidated joint ventures | Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Three Months Ended June 30, 2017 Revenues: Minimum rents $ 32,045 $ 126,765 $ 158,810 Percentage rents 221 2,126 2,347 Tenant recoveries 11,373 46,119 57,492 Other 1,402 13,017 14,419 Total revenues 45,041 188,027 233,068 Expenses: Shopping center and operating expenses 9,711 58,886 68,597 Interest expense 16,675 32,976 49,651 Depreciation and amortization 24,802 62,090 86,892 Total operating expenses 51,188 153,952 205,140 Loss on sale of assets — (2 ) (2 ) Net (loss) income $ (6,147 ) $ 34,073 $ 27,926 Company's equity in net (loss) income $ (1,034 ) $ 17,970 $ 16,936 Three Months Ended June 30, 2016 Revenues: Minimum rents $ 31,474 $ 119,664 $ 151,138 Percentage rents 343 2,624 2,967 Tenant recoveries 11,919 46,652 58,571 Other 689 12,752 13,441 Total revenues 44,425 181,692 226,117 Expenses: Shopping center and operating expenses 9,314 58,930 68,244 Interest expense 16,055 31,266 47,321 Depreciation and amortization 26,796 60,764 87,560 Total operating expenses 52,165 150,960 203,125 Gain on sale of assets — 5 5 Net (loss) income $ (7,740 ) $ 30,737 $ 22,997 Company's equity in net (loss) income $ (1,730 ) $ 16,346 $ 14,616 PPR Portfolio Other Joint Ventures Total Six Months Ended June 30, 2017 Revenues: Minimum rents $ 65,581 $ 250,268 $ 315,849 Percentage rents 951 3,864 4,815 Tenant recoveries 22,812 94,034 116,846 Other 2,428 24,528 26,956 Total revenues 91,772 372,694 464,466 Expenses: Shopping center and operating expenses 19,471 121,081 140,552 Interest expense 33,401 65,255 98,656 Depreciation and amortization 51,078 124,969 176,047 Total operating expenses 103,950 311,305 415,255 (Loss) gain on sale or write down of assets, net (35 ) 4,579 4,544 Net (loss) income $ (12,213 ) $ 65,968 $ 53,755 Company's equity in net (loss) income $ (1,996 ) $ 34,775 $ 32,779 Six Months Ended June 30, 2016 Revenues: Minimum rents $ 62,057 $ 226,037 $ 288,094 Percentage rents 1,102 4,377 5,479 Tenant recoveries 23,895 90,095 113,990 Other 3,527 23,104 26,631 Total revenues 90,581 343,613 434,194 Expenses: Shopping center and operating expenses 19,100 112,228 131,328 Interest expense 31,269 59,004 90,273 Depreciation and amortization 54,880 117,297 172,177 Total operating expenses 105,249 288,529 393,778 Net (loss) income $ (14,668 ) $ 55,084 $ 40,416 Company's equity in net (loss) income $ (2,974 ) $ 29,250 $ 26,276 |
Property, net (Tables)
Property, net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Real Estate [Abstract] | |
Components of property | Property, net consists of the following: June 30, December 31, Land $ 1,582,191 $ 1,607,590 Buildings and improvements 6,408,362 6,511,741 Tenant improvements 610,084 622,878 Equipment and furnishings 180,735 177,036 Construction in progress 321,142 289,966 9,102,514 9,209,211 Less accumulated depreciation (1,904,231 ) (1,851,901 ) $ 7,198,283 $ 7,357,310 |
Deferred Charges and Other As32
Deferred Charges and Other Assets, net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of deferred charges and other assets, net | Deferred charges and other assets, net consist of the following: June 30, December 31, Leasing $ 225,933 $ 239,983 Intangible assets: In-place lease values 114,999 140,437 Leasing commissions and legal costs 28,242 32,384 Above-market leases 172,473 181,851 Deferred tax assets 47,833 38,301 Deferred compensation plan assets 47,205 42,711 Other assets 60,222 72,206 696,907 747,873 Less accumulated amortization(1) (244,627 ) (269,815 ) $ 452,280 $ 478,058 (1) Accumulated amortization includes $74,239 and $88,785 relating to in-place lease values, leasing commissions and legal costs at June 30, 2017 and December 31, 2016 , respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $5,545 and $8,203 for the three months ended June 30, 2017 and 2016 , respectively, and $11,549 and $17,050 for the six months ended June 30, 2017 and 2016 , respectively. |
Allocated values of above-market leases and below-market leases | The allocated values of above-market leases and below-market leases consist of the following: June 30, December 31, Above-Market Leases Original allocated value $ 172,473 $ 181,851 Less accumulated amortization (57,813 ) (57,505 ) $ 114,660 $ 124,346 Below-Market Leases(1) Original allocated value $ 129,893 $ 144,713 Less accumulated amortization (55,052 ) (58,400 ) $ 74,841 $ 86,313 (1) Below-market leases are included in other accrued liabilities. |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage notes payable | Mortgage notes payable at June 30, 2017 and December 31, 2016 consist of the following: Carrying Amount of Mortgage Notes(1) June 30, 2017 December 31, 2016 Property Pledged as Collateral Related Party Other Related Party Other Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Chandler Fashion Center(5) $ — $ 199,868 $ — $ 199,833 3.77 % $ 625 2019 Danbury Fair Mall 106,287 106,286 107,929 107,928 5.53 % 1,538 2020 Fashion Outlets of Chicago(6) — 199,137 — 198,966 2.44 % 380 2020 Fashion Outlets of Niagara Falls USA — 114,272 — 115,762 4.89 % 727 2020 Freehold Raceway Mall(5) — 218,479 — 220,643 4.20 % 1,132 2018 Fresno Fashion Fair — 323,159 — 323,062 3.67 % 971 2026 Green Acres Mall — 294,598 — 297,798 3.61 % 1,447 2021 Kings Plaza Shopping Center — 452,121 — 456,958 3.67 % 2,229 2019 Northgate Mall(7) — — — 63,434 — — — Oaks, The — 199,007 — 201,235 4.14 % 1,064 2022 Pacific View — 125,868 — 127,311 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place — 216,858 — 219,564 2.99 % 1,004 2018 SanTan Village Regional Center — 126,220 — 127,724 3.14 % 589 2019 Stonewood Center — 96,528 — 99,520 1.80 % 640 2017 Towne Mall — 21,367 — 21,570 4.48 % 117 2022 Tucson La Encantada 67,750 — 68,513 — 4.23 % 368 2022 Victor Valley, Mall of — 114,588 — 114,559 4.00 % 380 2024 Vintage Faire Mall — 266,534 — 269,228 3.55 % 1,256 2026 Westside Pavilion — 142,458 — 143,881 4.49 % 783 2022 $ 174,037 $ 3,817,348 $ 176,442 $ 3,908,976 (1) The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Debt premiums (discounts) consist of the following: Property Pledged as Collateral June 30, December 31, Fashion Outlets of Niagara Falls USA $ 3,094 $ 3,558 Stonewood Center 955 2,349 $ 4,049 $ 5,907 The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $11,059 and $12,716 at June 30, 2017 and December 31, 2016 , respectively. (2) The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs. (3) The monthly debt service represents the payment of principal and interest. (4) The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met. (5) A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10 — Co-Venture Arrangement ). (6) The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020 . At June 30, 2017 and December 31, 2016 , the total interest rate was 2.44% and 2.43% , respectively. (7) On January 18, 2017 , the loan was paid off in connection with the sale of the underlying property (See Note 14 — Dispositions ). |
Debt premiums (discounts) on mortgage notes payable | Debt premiums (discounts) consist of the following: Property Pledged as Collateral June 30, December 31, Fashion Outlets of Niagara Falls USA $ 3,094 $ 3,558 Stonewood Center 955 2,349 $ 4,049 $ 5,907 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of fees charged to unconsolidated joint ventures | The following are fees charged to unconsolidated joint ventures: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Management fees $ 4,685 $ 5,016 $ 9,165 $ 8,969 Development and leasing fees 2,721 4,236 7,991 7,197 $ 7,406 $ 9,252 $ 17,156 $ 16,166 |
Share and Unit-Based Plans (Tab
Share and Unit-Based Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Compensation cost under the share and unit-based plans | The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 LTIP Units $ 5,242 $ 5,149 $ 19,623 $ 22,548 Stock awards — — — 20 Stock units 1,333 1,002 3,945 4,374 Stock options 15 4 19 8 Phantom stock units 183 194 360 798 $ 6,773 $ 6,349 $ 23,947 $ 27,748 |
Summary of activity of non-vested LTIP Units, stock awards, phantom stock and stock units | The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units: LTIP Units Phantom Stock Units Stock Units Units Value(1) Units Value(1) Units Value(1) Balance at January 1, 2017 322,572 $ 58.18 5,845 $ 81.47 148,428 $ 78.53 Granted 506,906 55.33 6,772 71.73 85,979 66.53 Vested (134,742 ) 66.57 (5,268 ) 76.29 (78,573 ) 75.79 Balance at June 30, 2017 694,736 $ 54.48 7,349 $ 76.20 155,834 $ 73.28 (1) Value represents the weighted average grant date fair value. |
Summary of activity of SARs and stock options outstanding | The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding: SARs Stock Options Units Value(1) Units Value(1) Balance at January 1, 2017 284,146 $ 53.85 10,565 $ 56.77 Granted — — 25,000 57.55 Exercised — — — — Balance at June 30, 2017 284,146 $ 53.85 35,565 $ 57.32 (1) Value represents the weighted average exercise price. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax benefit of TRSs | The income tax provision of the TRSs are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Current $ — $ — $ — $ — Deferred (437 ) (514 ) 3,047 (1,831 ) Income tax (expense) benefit $ (437 ) $ (514 ) $ 3,047 $ (1,831 ) |
Organization (Details)
Organization (Details) - entity | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
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 | 93.00% | 93.00% |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jan. 01, 2017 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | ||||
Cumulative effect of adoption of ASU 2016-09 | $ 6,484 | |||
Deferred tax assets | $ 47,833 | 38,301 | ||
Payment of debt extinguishment costs | 0 | $ (12,028) | ||
Accumulated Deficit | ||||
Variable Interest Entity [Line Items] | ||||
Cumulative effect of adoption of ASU 2016-09 | $ 6,484 | 6,484 | ||
ASU 2016-09 | ||||
Variable Interest Entity [Line Items] | ||||
Deferred tax assets | 6,484 | |||
Operating Partnership | ||||
Variable Interest Entity [Line Items] | ||||
Total assets | 371,603 | 376,445 | ||
Total liabilities | 206,701 | 209,158 | ||
Operating Partnership | Property, net | ||||
Variable Interest Entity [Line Items] | ||||
Total assets | 302,822 | 307,582 | ||
Operating Partnership | Other assets | ||||
Variable Interest Entity [Line Items] | ||||
Total assets | 68,781 | 68,863 | ||
Operating Partnership | Mortgage notes payable | ||||
Variable Interest Entity [Line Items] | ||||
Total liabilities | 131,153 | 133,245 | ||
Operating Partnership | Other liabilities | ||||
Variable Interest Entity [Line Items] | ||||
Total liabilities | $ 75,548 | $ 75,913 |
Earnings per Share ("EPS") (Det
Earnings per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Numerator | ||||
Net income | $ 29,052 | $ 49,434 | $ 103,861 | $ 500,809 |
Net income attributable to noncontrolling interests | (2,414) | (4,212) | (7,980) | (34,672) |
Net income attributable to the Company | 26,638 | 45,222 | 95,881 | 466,137 |
Allocation of earnings to participating securities | (188) | (170) | (375) | (557) |
Numerator for basic and diluted EPS—net income attributable to common stockholders | $ 26,450 | $ 45,052 | $ 95,506 | $ 465,580 |
Denominator | ||||
Denominator for basic EPS—weighted average number of common shares outstanding (in shares) | 141,695,000 | 146,644,000 | 142,640,000 | 149,314,000 |
Effect of dilutive securities(1): | ||||
Share and unit-based compensation plans (in shares) | 33,000 | 125,000 | 47,000 | 145,000 |
Denominator for diluted EPS—weighted average number of common shares outstanding (in shares) | 141,728,000 | 146,769,000 | 142,687,000 | 149,459,000 |
Earnings per common share—net income attributable to common stockholders: | ||||
Basic (in dollars per share) | $ 0.19 | $ 0.31 | $ 0.67 | $ 3.12 |
Diluted (in dollars per share) | $ 0.19 | $ 0.31 | $ 0.67 | $ 3.12 |
Convertible non-participating preferred units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from Diluted EPS (in shares) | 90,619 | 138,759 | 90,619 | 138,759 |
Partnership unit | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from Diluted EPS (in shares) | 10,526,547 | 10,833,354 | 10,558,809 | 10,826,849 |
Investments in Unconsolidated40
Investments in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands, $ in Thousands | Mar. 17, 2017USD ($) | Mar. 28, 2016USD ($) | Mar. 01, 2016USD ($)ft² | Jan. 14, 2016USD ($)ft² | Jan. 06, 2016USD ($)ft² | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016 |
Investments in unconsolidated joint ventures: | ||||||||||
Gain on sale or write down of assets, net | $ (477) | $ 10,915 | $ 49,088 | $ 445,371 | ||||||
Gain (loss) on remeasurement, sale or write down of assets, net | $ (2) | $ 5 | $ 4,544 | |||||||
Office building | ||||||||||
Investments in unconsolidated joint ventures: | ||||||||||
Gain on sale of building | $ 2,290 | |||||||||
Joint Venture | Country Club Plaza | ||||||||||
Investments in unconsolidated joint ventures: | ||||||||||
Property area (in square feet) | ft² | 1,006 | |||||||||
Ownership percentage owned (percent) | 50.00% | |||||||||
Purchase price | $ 660,000 | |||||||||
Purchase price paid through assumption of debt by the Company | $ 320,000 | $ 330,000 | ||||||||
Effective interest rate | 3.88% | |||||||||
Country Club Plaza | Joint Venture | Office building | ||||||||||
Investments in unconsolidated joint ventures: | ||||||||||
Proceeds from sale of building | 78,000 | |||||||||
Gain on sale of building | $ 4,580 | |||||||||
Arrowhead Towne Center | ||||||||||
Investments in unconsolidated joint ventures: | ||||||||||
Ownership interest | 40.00% | 40.00% | 40.00% | |||||||
Property area (in square feet) | ft² | 1,197 | |||||||||
Proceeds from sale | $ 289,496 | |||||||||
Gain on sale or write down of assets, net | $ 101,629 | |||||||||
Cash proceeds from sale of business | 129,496 | |||||||||
Debt proceeds from sale of business | $ 160,000 | |||||||||
MAC Heitman Portfolio | Joint Venture | ||||||||||
Investments in unconsolidated joint ventures: | ||||||||||
Ownership interest | 49.00% | 49.00% | ||||||||
Proceeds from sale | $ 771,478 | |||||||||
Gain on sale or write down of assets, net | 340,734 | |||||||||
Cash proceeds from sale of business | 478,608 | |||||||||
Debt proceeds from sale of business | $ 292,870 | |||||||||
MAC Heitman Portfolio | Deptford Mall | Joint Venture | ||||||||||
Investments in unconsolidated joint ventures: | ||||||||||
Property area (in square feet) | ft² | 1,039 | |||||||||
MAC Heitman Portfolio | FlatIron Crossing | Joint Venture | ||||||||||
Investments in unconsolidated joint ventures: | ||||||||||
Property area (in square feet) | ft² | 1,432 | |||||||||
MAC Heitman Portfolio | Twenty Ninth Street | Joint Venture | ||||||||||
Investments in unconsolidated joint ventures: | ||||||||||
Property area (in square feet) | ft² | 847 |
Investments in Unconsolidated41
Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Property, net | $ 9,092,493 | $ 9,176,642 |
Other assets | 647,492 | 614,607 |
Total assets | 9,739,985 | 9,791,249 |
Liabilities and partners' capital: | ||
Mortgage notes payable | 5,324,700 | 5,224,713 |
Other liabilities | 435,822 | 403,369 |
Company's capital | 2,174,786 | 2,279,819 |
Outside partners' capital | 1,804,677 | 1,883,348 |
Total liabilities and partners' capital | 9,739,985 | 9,791,249 |
Investments in unconsolidated joint ventures: | ||
Company's capital | 2,174,786 | 2,279,819 |
Basis adjustment | (573,345) | (584,887) |
Investments in unconsolidated joint ventures | 1,601,441 | 1,694,932 |
Assets—Investments in unconsolidated joint ventures | 1,696,572 | 1,773,558 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (95,131) | (78,626) |
Investments in unconsolidated joint ventures | $ 1,601,441 | $ 1,694,932 |
Investments in Unconsolidated42
Investments in Unconsolidated Joint Ventures - Balance Sheet Footnotes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Investments in unconsolidated joint ventures: | |||||
Total assets | $ 9,739,985 | $ 9,739,985 | $ 9,791,249 | ||
Amortization of difference between cost of investments and book value of underlying equity | 4,197 | $ 4,669 | 8,224 | $ 9,126 | |
Northwestern Mutual Life (NML) | |||||
Investments in unconsolidated joint ventures: | |||||
Mortgage notes payable to affiliate | 487,077 | 487,077 | 265,863 | ||
Interest expense on borrowings from related party | 4,929 | $ 4,992 | 8,089 | $ 11,358 | |
PPR Portfolio | |||||
Investments in unconsolidated joint ventures: | |||||
Total assets | 3,126,583 | 3,126,583 | 3,179,255 | ||
Total liabilities | $ 1,881,513 | $ 1,881,513 | $ 1,887,952 |
Investments in Unconsolidated43
Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Minimum rents | $ 158,810 | $ 151,138 | $ 315,849 | $ 288,094 |
Percentage rents | 2,347 | 2,967 | 4,815 | 5,479 |
Tenant recoveries | 57,492 | 58,571 | 116,846 | 113,990 |
Other | 14,419 | 13,441 | 26,956 | 26,631 |
Total revenues | 233,068 | 226,117 | 464,466 | 434,194 |
Expenses: | ||||
Shopping center and operating expenses | 68,597 | 68,244 | 140,552 | 131,328 |
Interest expense | 49,651 | 47,321 | 98,656 | 90,273 |
Depreciation and amortization | 86,892 | 87,560 | 176,047 | 172,177 |
Total operating expenses | 205,140 | 203,125 | 415,255 | 393,778 |
(Loss) gain on sale or write down of assets, net | (2) | 5 | 4,544 | |
Net (loss) income | 27,926 | 22,997 | 53,755 | 40,416 |
Company's equity in net (loss) income | 16,936 | 14,616 | 32,779 | 26,276 |
Pacific Premier Retail LLC | ||||
Revenues: | ||||
Minimum rents | 32,045 | 31,474 | 65,581 | 62,057 |
Percentage rents | 221 | 343 | 951 | 1,102 |
Tenant recoveries | 11,373 | 11,919 | 22,812 | 23,895 |
Other | 1,402 | 689 | 2,428 | 3,527 |
Total revenues | 45,041 | 44,425 | 91,772 | 90,581 |
Expenses: | ||||
Shopping center and operating expenses | 9,711 | 9,314 | 19,471 | 19,100 |
Interest expense | 16,675 | 16,055 | 33,401 | 31,269 |
Depreciation and amortization | 24,802 | 26,796 | 51,078 | 54,880 |
Total operating expenses | 51,188 | 52,165 | 103,950 | 105,249 |
(Loss) gain on sale or write down of assets, net | 0 | 0 | (35) | |
Net (loss) income | (6,147) | (7,740) | (12,213) | (14,668) |
Company's equity in net (loss) income | (1,034) | (1,730) | (1,996) | (2,974) |
Other Joint Ventures | ||||
Revenues: | ||||
Minimum rents | 126,765 | 119,664 | 250,268 | 226,037 |
Percentage rents | 2,126 | 2,624 | 3,864 | 4,377 |
Tenant recoveries | 46,119 | 46,652 | 94,034 | 90,095 |
Other | 13,017 | 12,752 | 24,528 | 23,104 |
Total revenues | 188,027 | 181,692 | 372,694 | 343,613 |
Expenses: | ||||
Shopping center and operating expenses | 58,886 | 58,930 | 121,081 | 112,228 |
Interest expense | 32,976 | 31,266 | 65,255 | 59,004 |
Depreciation and amortization | 62,090 | 60,764 | 124,969 | 117,297 |
Total operating expenses | 153,952 | 150,960 | 311,305 | 288,529 |
(Loss) gain on sale or write down of assets, net | (2) | 5 | 4,579 | |
Net (loss) income | 34,073 | 30,737 | 65,968 | 55,084 |
Company's equity in net (loss) income | $ 17,970 | $ 16,346 | $ 34,775 | $ 29,250 |
Property, net - Components of p
Property, net - Components of property (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Land | $ 1,582,191 | $ 1,607,590 |
Buildings and improvements | 6,408,362 | 6,511,741 |
Tenant improvements | 610,084 | 622,878 |
Equipment and furnishings | 180,735 | 177,036 |
Construction in progress | 321,142 | 289,966 |
Total | 9,102,514 | 9,209,211 |
Less accumulated depreciation | (1,904,231) | (1,851,901) |
Property, net | $ 7,198,283 | $ 7,357,310 |
Property, net - Narrative (Deta
Property, net - Narrative (Details) - USD ($) $ in Thousands | Jan. 18, 2017 | May 31, 2016 | Apr. 13, 2016 | Jan. 14, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Jan. 06, 2016 |
Property, Plant and Equipment [Line Items] | ||||||||||
Depreciation expense | $ 69,364 | $ 68,175 | $ 138,320 | $ 138,078 | ||||||
Gain on sale or write down of assets, net | $ (477) | 10,915 | 49,088 | 445,371 | ||||||
Adjustment to contingent consideration | 14,750 | |||||||||
Cascade and Northgate Malls | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain (loss) on disposal | $ 59,698 | |||||||||
Write down of investment | (10,138) | |||||||||
Capitola Mall | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain (loss) on disposal | $ 24,894 | 24,894 | 24,894 | |||||||
Freestanding store | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain (loss) on disposal | $ (3,066) | 3,066 | $ 3,066 | |||||||
The Marketplace at Flagstaff Mall | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain (loss) on disposal | (7,188) | $ 7,188 | ||||||||
Arrowhead Towne Center | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on sale or write down of assets, net | $ 101,629 | |||||||||
Ownership interest | 40.00% | 40.00% | 40.00% | |||||||
MAC Heitman Portfolio | Joint Venture | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on sale or write down of assets, net | $ 340,734 | |||||||||
Ownership interest | 49.00% | 49.00% |
Tenant and Other Receivables,46
Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Mar. 17, 2014 |
Components of tenant and other receivables, net | |||
Allowance for doubtful accounts | $ 2,996 | $ 1,991 | |
Deferred rent receivable due to straight-line rent adjustments | 59,226 | 56,761 | |
Accrued percentage rents | |||
Components of tenant and other receivables, net | |||
Accounts receivable | 966 | 9,509 | |
6.5% Note Receivable | |||
Components of tenant and other receivables, net | |||
Notes receivable | $ 6,253 | $ 6,284 | $ 6,500 |
Note receivable, interest rate | 6.50% |
Deferred Charges and Other As47
Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||
Leasing | $ 225,933 | $ 225,933 | $ 239,983 | ||
Intangible assets: | |||||
In-place lease values | 114,999 | 114,999 | 140,437 | ||
Leasing commissions and legal costs | 28,242 | 28,242 | 32,384 | ||
Above-market leases | 172,473 | 172,473 | 181,851 | ||
Deferred tax assets | 47,833 | 47,833 | 38,301 | ||
Deferred compensation plan assets | 47,205 | 47,205 | 42,711 | ||
Other assets | 60,222 | 60,222 | 72,206 | ||
Deferred charges and other assets, gross | 696,907 | 696,907 | 747,873 | ||
Less accumulated amortization | (244,627) | (244,627) | (269,815) | ||
Deferred charges and other assets, net | 452,280 | 452,280 | 478,058 | ||
In-place lease values, leasing commissions and legal costs | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Accumulated amortization for intangible assets | 74,239 | 74,239 | $ 88,785 | ||
Amortization expense for intangible assets | $ 5,545 | $ 8,203 | $ 11,549 | $ 17,050 |
Deferred Charges and Other As48
Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Above-Market Leases | ||
Above-Market Leases | ||
Original allocated value | $ 172,473 | $ 181,851 |
Less accumulated amortization | (57,813) | (57,505) |
Allocated value net | 114,660 | 124,346 |
Below-Market Leases | ||
Below-Market Leases | ||
Original allocated value | 129,893 | 144,713 |
Less accumulated amortization | (55,052) | (58,400) |
Allocated value net | $ 74,841 | $ 86,313 |
Mortgage Notes Payable - Schedu
Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | $ 174,037 | $ 176,442 |
Carrying Amount of Mortgage Notes, Other | 3,817,348 | 3,908,976 |
Chandler Fashion Center | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 199,868 | 199,833 |
Effective interest rate | 3.77% | |
Monthly Debt Service | $ 625 | |
Danbury Fair Mall | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 106,287 | 107,929 |
Carrying Amount of Mortgage Notes, Other | $ 106,286 | 107,928 |
Effective interest rate | 5.53% | |
Monthly Debt Service | $ 1,538 | |
Fashion Outlets of Chicago | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 199,137 | 198,966 |
Effective interest rate | 2.44% | |
Monthly Debt Service | $ 380 | |
Fashion Outlets of Niagara Falls USA | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 114,272 | 115,762 |
Effective interest rate | 4.89% | |
Monthly Debt Service | $ 727 | |
Freehold Raceway Mall | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 218,479 | 220,643 |
Effective interest rate | 4.20% | |
Monthly Debt Service | $ 1,132 | |
Fresno Fashion Fair | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 323,159 | 323,062 |
Effective interest rate | 3.67% | |
Monthly Debt Service | $ 971 | |
Green Acres Mall | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 294,598 | 297,798 |
Effective interest rate | 3.61% | |
Monthly Debt Service | $ 1,447 | |
Kings Plaza Shopping Center | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 452,121 | 456,958 |
Effective interest rate | 3.67% | |
Monthly Debt Service | $ 2,229 | |
Northgate Mall | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 0 | 63,434 |
Effective interest rate | 0.00% | |
Monthly Debt Service | $ 0 | |
Oaks, The | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 199,007 | 201,235 |
Effective interest rate | 4.14% | |
Monthly Debt Service | $ 1,064 | |
Pacific View | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 125,868 | 127,311 |
Effective interest rate | 4.08% | |
Monthly Debt Service | $ 668 | |
Queens Center | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 600,000 | 600,000 |
Effective interest rate | 3.49% | |
Monthly Debt Service | $ 1,744 | |
Santa Monica Place | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 216,858 | 219,564 |
Effective interest rate | 2.99% | |
Monthly Debt Service | $ 1,004 | |
SanTan Village Regional Center | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 126,220 | 127,724 |
Effective interest rate | 3.14% | |
Monthly Debt Service | $ 589 | |
Stonewood Center | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 96,528 | 99,520 |
Effective interest rate | 1.80% | |
Monthly Debt Service | $ 640 | |
Towne Mall | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 21,367 | 21,570 |
Effective interest rate | 4.48% | |
Monthly Debt Service | $ 117 | |
Tucson La Encantada | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 67,750 | 68,513 |
Carrying Amount of Mortgage Notes, Other | $ 0 | 0 |
Effective interest rate | 4.23% | |
Monthly Debt Service | $ 368 | |
Victor Valley, Mall of | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 114,588 | 114,559 |
Effective interest rate | 4.00% | |
Monthly Debt Service | $ 380 | |
Vintage Faire Mall | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 266,534 | 269,228 |
Effective interest rate | 3.55% | |
Monthly Debt Service | $ 1,256 | |
Westside Pavilion | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Related Party | 0 | 0 |
Carrying Amount of Mortgage Notes, Other | $ 142,458 | $ 143,881 |
Effective interest rate | 4.49% | |
Monthly Debt Service | $ 783 |
Mortgage Notes Payable - Premiu
Mortgage Notes Payable - Premiums and Discounts (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Mortgage loans payable on real estate | ||
Debt premiums | $ 4,049 | $ 5,907 |
Fashion Outlets of Niagara Falls USA | ||
Mortgage loans payable on real estate | ||
Debt premiums | 3,094 | 3,558 |
Stonewood Center | ||
Mortgage loans payable on real estate | ||
Debt premiums | $ 955 | $ 2,349 |
Mortgage Notes Payable - Footno
Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Mortgage loans payable on real estate | ||
Unamortized deferred finance costs | $ 11,059 | $ 12,716 |
Chandler Fashion Center | ||
Mortgage loans payable on real estate | ||
Percentage of loan assumed by third party | 49.90% | |
Fashion Outlets of Chicago | ||
Mortgage loans payable on real estate | ||
Interest rate spread over basis | 1.50% | |
Effective interest rate | 2.43% |
Mortgage Notes Payable - Narrat
Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |||||
Interest expense capitalized | $ 3,343 | $ 2,562 | $ 5,977 | $ 4,865 | |
Fair value of mortgage notes payable | $ 4,019,860 | $ 4,019,860 | $ 4,126,819 |
Bank and Other Notes Payable (D
Bank and Other Notes Payable (Details) - USD ($) | Mar. 29, 2013 | Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Mortgage loans payable on real estate | ||||
Unamortized deferred finance costs | $ 11,059,000 | $ 11,059,000 | $ 12,716,000 | |
Line of Credit | ||||
Mortgage loans payable on real estate | ||||
Revolving line of credit | $ 1,500,000,000 | 1,500,000,000 | ||
Extension option (years) | 1 year | |||
Maximum contingent borrowing capacity | $ 2,000,000,000 | 2,000,000,000 | ||
Outstanding borrowings under the line of credit | 1,000,000,000 | 1,000,000,000 | 885,000,000 | |
Unamortized deferred finance costs | 8,804,000 | $ 8,804,000 | $ 10,039,000 | |
Line of credit, average interest rate | 2.68% | 2.40% | ||
Line of Credit | Level 2 measurement | ||||
Mortgage loans payable on real estate | ||||
Fair value of outstanding line of credit | $ 979,140,000 | $ 979,140,000 | $ 865,921,000 | |
Line of Credit | LIBOR | ||||
Mortgage loans payable on real estate | ||||
Interest rate spread over basis | 1.45% | |||
Line of Credit | LIBOR | Low end of range | ||||
Mortgage loans payable on real estate | ||||
Interest rate spread over basis | 1.30% | |||
Line of Credit | LIBOR | High end of range | ||||
Mortgage loans payable on real estate | ||||
Interest rate spread over basis | 1.90% | |||
Prasada Note | ||||
Mortgage loans payable on real estate | ||||
Amount of additional borrowing | $ 13,330,000 | |||
Interest rate on debt | 5.25% | |||
Debt, carrying value | $ 4,933,000 | $ 4,933,000 | 5,521,000 | |
Debt, fair value | $ 5,086,000 | $ 5,086,000 | $ 5,786,000 |
Co-Venture Arrangement (Details
Co-Venture Arrangement (Details) ft² in Thousands, $ in Thousands | Sep. 30, 2009USD ($)ft² | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Co-Venture Arrangement | |||
Co-venture obligation | $ | $ 59,647 | $ 58,973 | |
Freehold Raceway Mall and Chandler Fashion Center | |||
Co-Venture Arrangement | |||
Percentage of loan assumed by third party | 49.90% | ||
Co-venture obligation | $ | $ 168,154 | ||
Freehold Raceway Mall | |||
Co-Venture Arrangement | |||
Property area (in square feet) | ft² | 1,671 | ||
Chandler Fashion Center | |||
Co-Venture Arrangement | |||
Property area (in square feet) | ft² | 1,318 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | Aug. 20, 2014 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Limited partnership interest of the operating partnership | 7.00% | 7.00% | |
Common stock, par value (in dollars per share) | $ 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 | $ 601,404 | $ 733,141 | |
The Macerich Partnership, L.P. | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Ownership interest in operating partnership | 93.00% | 93.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | Jul. 11, 2016shares | May 09, 2016USD ($)shares | Apr. 19, 2016shares | Feb. 17, 2016USD ($)shares | Jan. 19, 2016shares | Nov. 12, 2015USD ($)shares | Oct. 30, 2015dividend$ / shares | Jul. 11, 2016$ / sharesshares | Apr. 19, 2016$ / sharesshares | Jan. 19, 2016$ / sharesshares | Jun. 30, 2017USD ($)$ / sharesshares | Feb. 12, 2017USD ($) | Dec. 31, 2016$ / shares | Sep. 30, 2015USD ($) | Aug. 20, 2014USD ($)$ / shares |
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||
Authorized repurchase amount | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | $ 500,000,000 | |||||||||||
Authorized amount for accelerated stock repurchase program | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Accelerated shares repurchased (in shares) | shares | 1,104,162 | 3,964,812 | 861,235 | 4,222,193 | 970,609 | 4,140,788 | 5,068,974 | 5,083,428 | 5,111,397 | ||||||
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share) | $ / shares | $ 78.91 | $ 78.69 | $ 78.26 | ||||||||||||
Total shares acquired (in shares) | shares | 2,885,373 | ||||||||||||||
Total shares acquired | $ 181,740,000 | ||||||||||||||
Average cost of shares acquired (in dollars per share) | $ / shares | $ 62.96 | ||||||||||||||
Number of dividends declared | dividend | 2 | ||||||||||||||
Dividend declared (in dollars per share) | $ / shares | $ 2 | ||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||
Maximum price of common stock available to be issued | $ 500,000,000 | $ 500,000,000 | |||||||||||||
Commission percent to sales agent | 2.00% | ||||||||||||||
PPR Portfolio | PPR Portfolio | |||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||
Ownership interest | 40.00% | ||||||||||||||
2015 Stock Buyback Program | |||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||
Authorized repurchase amount | $ 1,200,000,000 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Thousands | Aug. 19, 2016 | Oct. 31, 2014 | Jun. 30, 2016 |
Acquisition | |||
Contingent consideration | $ 14,750 | ||
Fashion Outlets of Chicago | Joint Venture | |||
Acquisition | |||
Purchase price | $ 69,987 | ||
Purchase price funded by cash payment on acquisition | 55,867 | ||
Purchase price paid through assumption of debt by the Company | $ 14,120 | ||
Contingent consideration | $ 23,800 |
Dispositions (Details)
Dispositions (Details) ft² in Thousands, $ in Thousands | Jan. 18, 2017USD ($)ft² | Jul. 15, 2016USD ($)ft² | May 31, 2016USD ($) | Apr. 13, 2016USD ($)ft² | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Discontinued Operations: | |||||||
Gain (loss) on early extinguishment of debt, net | $ 0 | $ (3,575) | |||||
Flagstaff Mall | |||||||
Discontinued Operations: | |||||||
Gain (loss) on early extinguishment of debt, net | $ 5,284 | ||||||
Capitola Mall | |||||||
Discontinued Operations: | |||||||
Property area (in square feet) | ft² | 586 | ||||||
Proceeds from sale | $ 93,000 | ||||||
Gain (loss) on disposal | $ 24,894 | $ 24,894 | $ 24,894 | ||||
Mervyn's | |||||||
Discontinued Operations: | |||||||
Proceeds from sale | $ 3,200 | ||||||
Flagstaff Mall | |||||||
Discontinued Operations: | |||||||
Property area (in square feet) | ft² | 347 | ||||||
Gain (loss) on disposal | $ (7,188) | $ 7,188 | |||||
Cascade Mall | |||||||
Discontinued Operations: | |||||||
Property area (in square feet) | ft² | 589 | ||||||
Northgate Mall | |||||||
Discontinued Operations: | |||||||
Property area (in square feet) | ft² | 750 | ||||||
Cascade and Northgate Malls | |||||||
Discontinued Operations: | |||||||
Proceeds from sale | $ 170,000 | ||||||
Gain (loss) on disposal | $ 59,698 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease rent expense | $ 2,592,000 | $ 2,406,000 | $ 5,168,000 | $ 4,917,000 |
Contingent rent | 0 | $ 0 | 0 | |
Contingent liability under letters of credit | 61,002,000 | 61,002,000 | ||
Outstanding obligations under construction agreements | $ 73,843,000 | $ 73,843,000 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - Unconsolidated Joint Ventures and Third Party Managed Properties - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Related Party Transaction [Line Items] | ||||
Management fees | $ 4,685 | $ 5,016 | $ 9,165 | $ 8,969 |
Development and leasing fees | 2,721 | 4,236 | 7,991 | 7,197 |
Fees charged to unconsolidated joint ventures | $ 7,406 | $ 9,252 | $ 17,156 | $ 16,166 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||
Interest expense, related party | $ 2,181 | $ 2,256 | $ 4,392 | $ 4,528 | |
Due from affiliates | 81,545 | 81,545 | $ 68,227 | ||
Related parties note receivable, RED Consolidated Holdings, LLC | |||||
Related Party Transaction [Line Items] | |||||
Due from affiliates | $ 4,933 | $ 4,933 | 5,593 | ||
Note receivable, interest rate | 5.25% | 5.25% | |||
Interest income, related party | $ 68 | 97 | $ 138 | 214 | |
Northwestern Mutual Life (NML) | |||||
Related Party Transaction [Line Items] | |||||
Interest expense payable, related party | 726 | 726 | 736 | ||
Unconsolidated Joint Ventures | |||||
Related Party Transaction [Line Items] | |||||
Due from affiliates | 5,952 | 5,952 | |||
Due to affiliates | (6,809) | ||||
Affiliated Entity | Notes Receivable | Fashion Outlets of San Francisco | |||||
Related Party Transaction [Line Items] | |||||
Interest income, related party | 607 | $ 525 | 1,218 | $ 1,046 | |
Note receivable | $ 70,660 | $ 70,660 | $ 69,443 | ||
Affiliated Entity | Notes Receivable | LIBOR | Fashion Outlets of San Francisco | |||||
Related Party Transaction [Line Items] | |||||
Note receivable, interest rate | 2.00% | 2.00% |
Share and Unit-Based Plans - Na
Share and Unit-Based Plans - Narrative (Details) $ / shares in Units, $ in Thousands | Jun. 01, 2017$ / sharesshares | May 30, 2017$ / sharesshares | Mar. 03, 2017$ / sharesshares | Jan. 01, 2017$ / sharesshares | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2016USD ($) |
Share and unit-based plans | ||||||||
Capitalized share and unit-based compensation costs | $ | $ 926 | $ 781 | $ 4,295 | $ 5,740 | ||||
Stock units | ||||||||
Share and unit-based plans | ||||||||
Conversion rate of shares | 1 | |||||||
Granted (in shares) | shares | 85,979 | |||||||
Average grant date fair value (in dollars per share) | $ 66.53 | |||||||
Unrecognized compensation cost of share and unit-based plans | $ | 5,545 | $ 5,545 | ||||||
LTIP Units | ||||||||
Share and unit-based plans | ||||||||
Conversion rate of shares | 1 | |||||||
Granted (in shares) | shares | 506,906 | |||||||
Average grant date fair value (in dollars per share) | $ 55.33 | |||||||
Risk free rate | 1.45% | 1.49% | ||||||
Volatility | 21.40% | 20.75% | ||||||
Unrecognized compensation cost of share and unit-based plans | $ | 10,823 | $ 10,823 | ||||||
LTIP Units | LTIP units that vest in equal installments over a service period ending December 31, 2016 | ||||||||
Share and unit-based plans | ||||||||
Granted (in shares) | shares | 1,522 | 66,079 | ||||||
Average grant date fair value (in dollars per share) | $ 58.31 | $ 70.84 | ||||||
LTIP Units | Market-Indexed LTIP units that vest in equal installments over a service period ending December 31, 2016 | ||||||||
Share and unit-based plans | ||||||||
Granted (in shares) | shares | 6,714 | 297,849 | ||||||
Average grant date fair value (in dollars per share) | $ 39.66 | $ 47.15 | ||||||
LTIP Units | LTIP units that are fully vested on the grant date | ||||||||
Share and unit-based plans | ||||||||
Granted (in shares) | shares | 134,742 | |||||||
Average grant date fair value (in dollars per share) | $ 66.57 | |||||||
Non-qualified stock options | ||||||||
Share and unit-based plans | ||||||||
Granted (in shares) | shares | 25,000 | |||||||
Average grant date fair value (in dollars per share) | $ 10.02 | |||||||
Risk free rate | 2.08% | |||||||
Volatility | 30.19% | |||||||
Dividend yield | 4.93% | |||||||
Current value (in dollars per share) | $ 57.55 | |||||||
Expected term | 8 years | |||||||
Stock options | ||||||||
Share and unit-based plans | ||||||||
Unrecognized compensation cost of share and unit-based plans | $ | 242 | $ 242 | ||||||
Phantom stock units | ||||||||
Share and unit-based plans | ||||||||
Granted (in shares) | shares | 6,772 | |||||||
Average grant date fair value (in dollars per share) | $ 71.73 | |||||||
Unrecognized compensation cost of share and unit-based plans | $ | $ 560 | $ 560 |
Share and Unit-Based Plans - Co
Share and Unit-Based Plans - Compensation Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share and unit-based plans | ||||
Compensation cost under share and unit-based plans | $ 6,773 | $ 6,349 | $ 23,947 | $ 27,748 |
LTIP Units | ||||
Share and unit-based plans | ||||
Compensation cost under share and unit-based plans | 5,242 | 5,149 | 19,623 | 22,548 |
Stock awards | ||||
Share and unit-based plans | ||||
Compensation cost under share and unit-based plans | 0 | 0 | 0 | 20 |
Stock units | ||||
Share and unit-based plans | ||||
Compensation cost under share and unit-based plans | 1,333 | 1,002 | 3,945 | 4,374 |
Stock options | ||||
Share and unit-based plans | ||||
Compensation cost under share and unit-based plans | 15 | 4 | 19 | 8 |
Phantom stock units | ||||
Share and unit-based plans | ||||
Compensation cost under share and unit-based plans | $ 183 | $ 194 | $ 360 | $ 798 |
Share and Unit-Based Plans - No
Share and Unit-Based Plans - Nonvested Equity Awards (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
LTIP Units | |
Units | |
Balance at beginning of period (in shares) | shares | 322,572 |
Granted (in shares) | shares | 506,906 |
Vested (in shares) | shares | (134,742) |
Balance at end of period (in shares) | shares | 694,736 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 58.18 |
Granted (in dollars per share) | $ / shares | 55.33 |
Vested (in dollars per share) | $ / shares | 66.57 |
Balance at end of period (in dollars per share) | $ / shares | $ 54.48 |
Phantom Stock Units | |
Units | |
Balance at beginning of period (in shares) | shares | 5,845 |
Granted (in shares) | shares | 6,772 |
Vested (in shares) | shares | (5,268) |
Balance at end of period (in shares) | shares | 7,349 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 81.47 |
Granted (in dollars per share) | $ / shares | 71.73 |
Vested (in dollars per share) | $ / shares | 76.29 |
Balance at end of period (in dollars per share) | $ / shares | $ 76.20 |
Stock Units | |
Units | |
Balance at beginning of period (in shares) | shares | 148,428 |
Granted (in shares) | shares | 85,979 |
Vested (in shares) | shares | (78,573) |
Balance at end of period (in shares) | shares | 155,834 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 78.53 |
Granted (in dollars per share) | $ / shares | 66.53 |
Vested (in dollars per share) | $ / shares | 75.79 |
Balance at end of period (in dollars per share) | $ / shares | $ 73.28 |
Share and Unit-Based Plans - SA
Share and Unit-Based Plans - SARs (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
SARs | |
Units | |
Balance at beginning of period (in shares) | shares | 284,146 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 284,146 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 53.85 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 53.85 |
Stock Options | |
Units | |
Balance at beginning of period (in shares) | shares | 10,565 |
Granted (in shares) | shares | 25,000 |
Exercised (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 35,565 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 56.77 |
Granted (in dollars per share) | $ / shares | 57.55 |
Exercised (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 57.32 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Current | $ 0 | $ 0 | $ 0 | $ 0 | |
Deferred | (437) | (514) | 3,047 | (1,831) | |
Income tax (expense) benefit | (437) | $ (514) | 3,047 | $ (1,831) | |
Net deferred tax assets | $ 47,833 | $ 47,833 | $ 38,301 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Aug. 04, 2017 | Oct. 30, 2015 |
Subsequent events | ||
Dividend declared (in dollars per share) | $ 2 | |
Subsequent event | ||
Subsequent events | ||
Dividend declared (in dollars per share) | $ 0.71 |