Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 22, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-12504 | ||
Entity Registrant Name | MACERICH CO | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 95-4448705 | ||
Entity Address, Address Line One | 401 Wilshire Boulevard, | ||
Entity Address, Address Line Two | Suite 700, | ||
Entity Address, City or Town | Santa Monica, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90401 | ||
City Area Code | (310) | ||
Local Phone Number | 394-6000 | ||
Title of 12(b) Security | Common Stock, $0.01 Par Value | ||
Trading Symbol | MAC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.3 | ||
Entity Common Stock, Shares Outstanding | 154,768,031 | ||
Documents Incorporated by Reference | Portions of the proxy statement for the annual stockholders meeting to be held in 2021 are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0000912242 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Property, net | $ 6,694,579 | $ 6,643,513 |
Cash and cash equivalents | 465,297 | 100,005 |
Restricted cash | 17,362 | 14,211 |
Tenant and other receivables, net | 239,194 | 144,035 |
Right-of-use assets, net | 118,355 | 148,087 |
Deferred charges and other assets, net | 306,959 | 277,866 |
Due from affiliates | 1,612 | 6,157 |
Investments in unconsolidated joint ventures | 1,340,647 | 1,519,697 |
Total assets | 9,184,005 | 8,853,571 |
LIABILITIES AND EQUITY: | ||
Mortgage notes payable | 4,560,810 | 4,392,599 |
Bank and other notes payable | 1,477,540 | 817,377 |
Accounts payable and accrued expenses | 68,825 | 51,027 |
Lease liabilities | 90,216 | 114,201 |
Other accrued liabilities | 298,594 | 265,595 |
Distributions in excess of investments in unconsolidated joint ventures | 108,381 | 107,902 |
Financing arrangement obligation | 134,379 | 273,900 |
Total liabilities | 6,738,745 | 6,022,601 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 250,000,000 shares authorized, 149,770,575 and 141,407,650 shares issued and outstanding at December 31, 2020 and 2019, respectively | 1,498 | 1,414 |
Additional paid-in capital | 4,603,378 | 4,583,911 |
Accumulated deficit | (2,339,619) | (1,944,012) |
Accumulated other comprehensive loss | (8,208) | (9,051) |
Total stockholders' equity | 2,257,049 | 2,632,262 |
Noncontrolling interests | 188,211 | 198,708 |
Total equity | 2,445,260 | 2,830,970 |
Total liabilities and equity | $ 9,184,005 | $ 8,853,571 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Par value of common stock (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 149,770,575 | 141,407,650 |
Common stock, shares outstanding (in shares) | 149,770,575 | 141,407,650 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Leasing revenue | $ 740,323 | $ 858,874 | $ 883,996 |
Total revenues | 786,026 | 927,462 | 960,351 |
Expenses: | |||
Leasing expense | 25,191 | 29,611 | |
Leasing expense | 11,624 | ||
REIT general and administrative expenses | 30,339 | 22,634 | 24,160 |
Costs related to shareholder activism | 0 | 0 | 19,369 |
Depreciation and amortization | 319,619 | 330,726 | 327,436 |
Total expenses before interest | 697,937 | 721,313 | 751,969 |
Interest (income) expense: | |||
Related parties | (135,281) | (62,517) | 6,883 |
Other | 210,831 | 200,771 | 176,079 |
Total interest expense | 75,550 | 138,254 | 182,962 |
Loss on extinguishment of debt | 0 | 351 | 0 |
Total expenses | 773,487 | 859,918 | 934,931 |
Equity in (loss) income of unconsolidated joint ventures | (27,038) | 48,508 | 71,773 |
Income tax benefit (expense) | 447 | (1,589) | 3,604 |
Loss on remeasurement of assets | (163,298) | 0 | 0 |
Loss on sale or write down of assets, net | (68,112) | (11,909) | (31,825) |
Net (loss) income | (245,462) | 102,554 | 68,972 |
Less net (loss) income attributable to noncontrolling interests | (15,259) | 5,734 | 8,952 |
Net (loss) income attributable to the Company | $ (230,203) | $ 96,820 | $ 60,020 |
Earnings per common share attributable to common stockholders: | |||
Net (loss) income attributable to common stockholders (in dollars per share) | $ (1.58) | $ 0.68 | $ 0.42 |
Net (loss) income attributable to common stockholders (in dollars per share) | $ (1.58) | $ 0.68 | $ 0.42 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 146,232 | 141,340 | 141,142 |
Diluted (in shares) | 146,232 | 141,340 | 141,144 |
Other | |||
Revenues: | |||
Revenues | $ 22,242 | $ 27,879 | $ 32,875 |
Management Companies | |||
Revenues: | |||
Revenues | 23,461 | 40,709 | 43,480 |
Expenses: | |||
Operating expenses | 65,576 | 66,795 | 91,910 |
Shopping center and operating expenses | |||
Expenses: | |||
Operating expenses | $ 257,212 | $ 271,547 | $ 277,470 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (245,462) | $ 102,554 | $ 68,972 |
Other comprehensive income (loss): | |||
Interest rate cap/swap agreements | 843 | (4,585) | |
Interest rate cap/swap agreements | (4,424) | ||
Comprehensive (loss) income | (244,619) | 97,969 | 64,548 |
Less net (loss) income attributable to noncontrolling interests | (15,259) | 5,734 | 8,952 |
Comprehensive (loss) income attributable to the Company | $ (229,360) | $ 92,235 | $ 55,596 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Total Stockholders' Equity | Total Stockholders' EquityCumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Balance (in shares) at Dec. 31, 2017 | 140,993,985 | |||||||||
Balance at Dec. 31, 2017 | $ 3,967,999 | $ (424,859) | $ 3,681,578 | $ (424,859) | $ 1,410 | $ 4,510,489 | $ (830,279) | $ (424,859) | $ (42) | $ 286,421 |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net (loss) income | $ 68,972 | 60,020 | 60,020 | 8,952 | ||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | |||||||||
Interest rate cap/swap agreements | $ (4,424) | (4,424) | (4,424) | |||||||
Amortization of share and unit-based plans (in shares) | 125,723 | |||||||||
Amortization of share and unit-based plans | 33,551 | 33,551 | $ 1 | 33,550 | ||||||
Employee stock purchases (in shares) | 35,293 | |||||||||
Employee stock purchases | 1,570 | 1,570 | 1,570 | |||||||
Distributions declared | (419,239) | (419,239) | (419,239) | |||||||
Distributions to noncontrolling interests | (34,395) | (34,395) | ||||||||
Contributions from noncontrolling interests | 16 | 16 | ||||||||
Conversion of noncontrolling interests to common shares (in shares) | 66,711 | |||||||||
Conversion of noncontrolling interests to common shares | 0 | 75 | $ 1 | 74 | (75) | |||||
Redemption of noncontrolling interests | (759) | (511) | (511) | (248) | ||||||
Adjustment of noncontrolling interests in Operating Partnership | 0 | 22,471 | 22,471 | (22,471) | ||||||
Balance (in shares) at Dec. 31, 2018 | 141,221,712 | |||||||||
Balance at Dec. 31, 2018 | 3,188,432 | $ (2,203) | 2,950,232 | $ (2,203) | $ 1,412 | 4,567,643 | (1,614,357) | $ (2,203) | (4,466) | 238,200 |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net (loss) income | 102,554 | 96,820 | 96,820 | 5,734 | ||||||
Interest rate cap/swap agreements | (4,585) | (4,585) | (4,585) | |||||||
Amortization of share and unit-based plans (in shares) | 106,747 | |||||||||
Amortization of share and unit-based plans | 16,723 | 16,723 | $ 1 | 16,722 | ||||||
Employee stock purchases (in shares) | 58,191 | |||||||||
Employee stock purchases | 1,519 | 1,519 | $ 1 | 1,518 | ||||||
Distributions declared | (424,272) | (424,272) | (424,272) | |||||||
Distributions to noncontrolling interests | (50,262) | (50,262) | ||||||||
Contributions from noncontrolling interests | 3,131 | 3,131 | ||||||||
Conversion of noncontrolling interests to common shares (in shares) | 21,000 | |||||||||
Conversion of noncontrolling interests to common shares | 0 | 1,005 | 1,005 | (1,005) | ||||||
Redemption of noncontrolling interests | (67) | (31) | (31) | (36) | ||||||
Adjustment of noncontrolling interests in Operating Partnership | $ 0 | (2,946) | (2,946) | 2,946 | ||||||
Balance (in shares) at Dec. 31, 2019 | 141,407,650 | 141,407,650 | ||||||||
Balance at Dec. 31, 2019 | $ 2,830,970 | 2,632,262 | $ 1,414 | 4,583,911 | (1,944,012) | (9,051) | 198,708 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net (loss) income | (245,462) | (230,203) | (230,203) | (15,259) | ||||||
Interest rate cap/swap agreements | 843 | 843 | 843 | |||||||
Amortization of share and unit-based plans (in shares) | 151,468 | |||||||||
Amortization of share and unit-based plans | 18,066 | 18,066 | $ 1 | 18,065 | ||||||
Employee stock purchases (in shares) | 265,386 | |||||||||
Employee stock purchases | 1,531 | 1,531 | $ 3 | 1,528 | ||||||
Distributions declared | (165,404) | (165,404) | (165,404) | |||||||
Stock dividend (in shares) | 7,759,280 | |||||||||
Stock dividend | 0 | $ 78 | (78) | |||||||
Distributions to noncontrolling interests | (14,458) | (14,458) | ||||||||
Contributions from noncontrolling interests | 19,203 | 19,203 | ||||||||
Conversion of noncontrolling interests to common shares (in shares) | 186,791 | |||||||||
Conversion of noncontrolling interests to common shares | 0 | 12,086 | $ 2 | 12,084 | (12,086) | |||||
Redemption of noncontrolling interests | (29) | 25 | 25 | (54) | ||||||
Adjustment of noncontrolling interests in Operating Partnership | $ 0 | (12,157) | (12,157) | 12,157 | ||||||
Balance (in shares) at Dec. 31, 2020 | 149,770,575 | 149,770,575 | ||||||||
Balance at Dec. 31, 2020 | $ 2,445,260 | $ 2,257,049 | $ 1,498 | $ 4,603,378 | $ (2,339,619) | $ (8,208) | $ 188,211 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares | Jun. 03, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared for common stock (in dollars per share) | $ 0.10 | $ 1.55 | $ 3 | $ 2.97 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (245,462) | $ 102,554 | $ 68,972 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Loss on extinguishment of debt | 0 | 351 | 0 |
Loss on remeasurement of assets | 163,298 | 0 | 0 |
Loss on sale or write down of assets, net | 68,112 | 11,909 | 31,825 |
Depreciation and amortization | 326,058 | 337,667 | 334,682 |
Amortization of net premium on mortgage notes payable | (773) | (929) | (929) |
Amortization of share and unit-based plans | 13,843 | 12,032 | 27,367 |
Straight-line rent and amortization of above and below market leases | (23,707) | (14,009) | (13,701) |
Provision for doubtful accounts | 44,250 | 7,682 | 4,663 |
Income tax (benefit) expense | (447) | 1,589 | (3,604) |
Equity in loss (income) of unconsolidated joint ventures | 27,038 | (48,508) | (71,773) |
Change in fair value of financing arrangement obligation | (139,522) | (76,640) | (15,225) |
Distributions of income from unconsolidated joint ventures | 0 | 934 | 1,959 |
Changes in assets and liabilities, net of acquisitions and dispositions: | |||
Tenant and other receivables | (105,947) | (9,929) | (13,912) |
Other assets | 810 | (9,553) | 8,439 |
Due from affiliates | 3,385 | 13,894 | (3,019) |
Accounts payable and accrued expenses | 15,479 | (237) | (2,159) |
Other accrued liabilities | (21,578) | 26,350 | (9,274) |
Net cash provided by operating activities | 124,837 | 355,157 | 344,311 |
Cash flows from investing activities: | |||
Development, redevelopment, expansion and renovation of properties | (45,161) | (166,791) | (181,089) |
Property improvements | (23,143) | (21,114) | (56,142) |
Proceeds from collection of notes receivable | 0 | 68,819 | 1,043 |
Deferred leasing costs | (3,212) | (11,906) | (28,769) |
Distributions from unconsolidated joint ventures | 78,427 | 266,349 | 536,643 |
Contributions to unconsolidated joint ventures | (132,466) | (252,903) | (181,239) |
Cash and restricted cash acquired from acquisition of previously unconsolidated joint venture | 5,811 | 0 | 0 |
Loan to previously unconsolidated joint venture | (100,000) | 0 | 0 |
Proceeds from sale of assets | 16,896 | 5,520 | 85,876 |
Net cash (used in) provided by investing activities | (202,848) | (112,026) | 176,323 |
Cash flows from financing activities: | |||
Proceeds from mortgages, bank and other notes payable | 660,000 | 1,796,000 | 415,000 |
Payments on mortgages, bank and other notes payable | (33,972) | (1,567,089) | (469,814) |
Deferred financing costs | (4,320) | (7,759) | (275) |
Payment of finance deposits, net of refunds received | 0 | 0 | (6,542) |
Payment on finance arrangement obligation | 0 | (27,945) | 0 |
Proceeds from finance lease | 4,115 | 0 | |
Payments on finance leases | (1,534) | (1,472) | |
Proceeds from share and unit-based plans | 1,531 | 1,519 | 1,570 |
Redemption of noncontrolling interests | (29) | (67) | (759) |
Contributions from noncontrolling interests | 525 | 3,131 | 16 |
Dividends and distributions | (179,862) | (474,534) | (453,634) |
Net cash provided by (used in) financing activities | 446,454 | (278,216) | (514,438) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 368,443 | (35,085) | 6,196 |
Cash, cash equivalents and restricted cash at beginning of year | 114,216 | 149,301 | 143,105 |
Cash, cash equivalents, and restricted cash at end of year | 482,659 | 114,216 | 149,301 |
Supplemental cash flow information: | |||
Cash payments for interest, net of amounts capitalized | 199,147 | 210,026 | 192,254 |
Non-cash investing and financing activities: | |||
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | 29,376 | 32,452 | 50,006 |
Conversion of Operating Partnership Units to common stock | 12,086 | 1,005 | 75 |
Lease liabilities recorded in connection with right-of-use assets | 0 | 109,299 | |
Mortgage notes payable assumed by buyer in exchange for investment in unconsolidated joint venture | 0 | 0 | 139,249 |
Disposition of property in exchange for investments in unconsolidated joint ventures | 0 | 0 | 25,177 |
Joint venture | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Equity in loss (income) of unconsolidated joint ventures | 27,038 | (48,508) | (71,773) |
Disposition of property in exchange for investments in unconsolidated joint ventures | 19,300 | 0 | 0 |
Assets acquired from previously unconsolidated joint venture | 395,844 | 0 | 0 |
Liabilities assumed from previously unconsolidated joint venture | $ 263,393 | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization: The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of December 31, 2020, 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 owned by the Company and are collectively referred to herein as the "Management Companies." |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies: Basis of Presentation: These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. The accompanying consolidated financial statements include the accounts of the Company. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity ("VIE") in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures. 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 VIEs, including Fashion District Philadelphia and SanTan Village Regional Shopping Center. The Operating Partnership's VIEs included the following assets and liabilities: December 31, 2020 2019 Assets: Property, net $ 551,062 $ 254,071 Other assets 97,713 30,049 Total assets $ 648,775 $ 284,120 Liabilities: Mortgage notes payable $ 420,233 $ 219,140 Other liabilities 81,266 32,101 Total liabilities $ 501,499 $ 251,241 All intercompany accounts and transactions have been eliminated in the consolidated financial statements. Basis of Presentation: (Continued) The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows: 2020 2019 2018 Beginning of period Cash and cash equivalents $ 100,005 $ 102,711 $ 91,038 Restricted cash 14,211 46,590 52,067 Cash, cash equivalents and restricted cash $ 114,216 $ 149,301 $ 143,105 End of period Cash and cash equivalents $ 465,297 $ 100,005 $ 102,711 Restricted cash 17,362 14,211 46,590 Cash, cash equivalents and restricted cash $ 482,659 $ 114,216 $ 149,301 COVID-19 Pandemic: In March 2020, the novel coronavirus ("COVID-19") outbreak was declared a pandemic by the World Health Organization. As a result, all of the markets that the Company operates in were subject to stay-at-home orders, and the majority of its properties were temporarily closed in part or completely. All of the Company’s properties are now open and operating, including the two shopping centers in New York City, which re-opened in early September 2020 after being closed since March 2020, and nine indoor California shopping centers that had previously re-opened in May and early June 2020, but were closed for a second time in July 2020 pursuant to a statewide mandate. Six of the nine California shopping centers re-opened in late August 2020 and three re-opened on October 7, 2020. The Company continues to work with all of its stakeholders to mitigate the impact of COVID-19. All Centers have been open and operating since October 7, 2020, and government mandated restrictions have generally been eased during 2021. COVID-19 Lease Accounting: In April 2020, the Financial Accounting Standards Board issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under Accounting Standards Codification ("ASC") 842, "Leases" ("the lease modification accounting framework"). Under ASC 842, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant or an enforceable right and obligation within the existing lease. The Q&A allows for the bypass of a lease-by-lease analysis, and allows the Company to elect to either apply the lease modification accounting framework or not to all of its lease concessions with similar characteristics and circumstances. The Company has elected to apply the lease modification accounting framework to lease concessions that include the abatement of rent in its consolidated financial statements for the twelve months ended December 31, 2020. Cash and Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under loan and other agreements. Revenues: Leasing revenue includes minimum rents, percentage rents, tenant recoveries and other leasing income. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." Minimum rents were increased by $24,789, $10,533 and $11,755 due to the straight-line rent adjustment during the years ended December 31, 2020, 2019 and 2018, respectively. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. In consideration for these services, the Management Companies receive monthly management fees generally ranging from 1.5% to 4% of the gross monthly rental revenue of the properties managed. Property: Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 5 - 40 years Tenant improvements 5 - 7 years Equipment and furnishings 5 - 7 years Capitalization of Costs: The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete. Investment in Unconsolidated Joint Ventures: The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, Macerich HHF Centers LLC, New River Associates LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures due to the substantive participation rights of the outside partners in these joint ventures and, therefore, accounts for its investments in these joint ventures using the equity method of accounting. Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization. Acquisitions: Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets and intangible assets and liabilities. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates purchase price based on the estimated fair value of each separately identified asset and liability. The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases is recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. Remeasurement gains and losses are recognized when the Company becomes the primary beneficiary of an existing equity method investment that is a VIE to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment, and remeasurement losses to the extent the carrying value of the investment exceeds the fair value. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including discount rate, terminal capitalization rate and market rents. Deferred Charges: Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method. The range of the terms of the agreements is as follows: Deferred leasing costs 1 - 15 years Deferred financing costs 1 - 15 years Accounting for Impairment: The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. A shortened holding period increases the risk that the carrying value of a long-lived asset is not recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary. Share and Unit-based Compensation Plans: The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. Derivative Instruments and Hedging Activities: The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations. Income Taxes: The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any. Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes, which are provided for in the Company's consolidated financial statements. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods. Segment Information: The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States. Fair Value of Financial Instruments: The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made. The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. The Company records its financing arrangement obligation at fair value on a recurring basis with changes in fair value being recorded as interest expense in the Company’s consolidated statements of operations. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including the discount rate, terminal capitalization rate and market rents. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Concentration of Risk: The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. At various times during the year, the Company had deposits in excess of the FDIC insurance limit. No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2020, 2019 or 2018. Management Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Shareholder Activism Costs: During the year ended December 31, 2018, the Company incurred $19,369 in costs associated with activities related to shareholder activism. These costs were primarily for legal and advisory services. Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, “Revenue From Contracts With Customers (ASC 606)," which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The standard 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 the standard specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. The standard applies to the Company's recognition of management companies and other revenues. The Company's adoption of the standard on January 1, 2018 did not have an impact on the pattern of revenue recognition for management companies and other revenues. Additionally, under ASC 606, the Company changed its accounting for its joint venture in Chandler Freehold from a co-venture arrangement to a financing arrangement (See Note 12—Financing Arrangement). Upon adoption of the standard on January 1, 2018, the Company replaced its $31,150 distributions in excess of co-venture obligation with a financing arrangement obligation of $393,709 on its consolidated balance sheets. This resulted in the recognition of a $424,859 increase in the Company’s accumulated deficit as a cumulative effect adjustment under the modified retrospective method of adoption. On January 1, 2019, the Company adopted Accounting Standards Codification ("ASC") 842, "Leases", under the modified retrospective method. The new standard amended the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). In connection with the adoption of the new lease standard, the Company elected to use the transition packages of practical expedients for implementation provided by the FASB, which included (i) relief from re-assessing whether an expired or existing contract meets the definition of a lease, (ii) relief from re-assessing the classification of expired or existing leases at the adoption date, (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized, and (iv) application of the standard as of the adoption date rather than to all periods presented. The new standard requires the Company to reduce leasing revenue for credit losses associated with lease receivables. In addition, straight-line rent receivables are written off when the Company believes there is uncertainty regarding a tenant's ability to complete the term of the lease. As a result, the Company recognized a cumulative effect adjustment of $2,203 upon adoption for the write off of straight-line rent receivables of tenants that were in litigation or bankruptcy. The standard also requires that the provision for bad debts relating to leases be presented as a reduction of leasing revenue. For the year ended December 31, 2018, the provision for bad debts is included in shopping center and operating expenses. The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Initial direct costs include the salaries and related costs for employees directly working on leasing activities. Prior to January 1, 2019, these costs were capitalizable and therefore the new lease standard resulted in certain of these costs being expensed as incurred. For comparison purposes, the Company has reclassified leasing expenses that were included in management companies' operating expenses to leasing expenses for the year ended December 31, 2018, to conform to the presentation for the years ended December 31, 2019 and 2020. Upon the adoption of the new standard, the Company elected the practical expedient to not separate non-lease components, most significantly certain common area maintenance recoveries, from the associated lease components, resulting in the Company presenting all revenues associated with leases as leasing revenue on its consolidated statements of operations. For comparison purposes, the Company has reclassified minimum rents, percentage rents, tenant recoveries and other leasing income to leasing revenue for the year ended December 31, 2018, to conform to the presentation for the years ended December 31, 2019 and 2020. The standard requires lessees to classify its leases as either finance or operating leases. The lessee records a right-of-use ("ROU") asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. Upon adoption, the Company recognized initial ROU assets and corresponding lease liabilities of $109,299, representing the discounted value of future lease payments required for leases classified as operating leases. In addition, the Company reclassified $59,736 from deferred charges and other assets, net, $5,978 from accounts payable and accrued expenses and $4,342 from other accrued liabilities, relating to existing intangible assets and straight-line rent liabilities. The Company's lease liabilities were increased at adoption by $15,268 for lease liabilities associated with finance leases that were previously included in other accrued liabilities. See Note 8—Leases, for further disclosure on the Company's adoption of the new standard. In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” which aims to (i) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (ii) reduce the complexity of and simplify the application of hedge accounting by preparers. The standard was effective for the Company beginning January 1, 2019. The Company's adoption of this standard did not have a significant impact on its consolidated financial statements. In March 2020, the FASB issued guidance codified in ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective for the Company as of March 12, 2020 through December 31, 2022. An entity can elect to apply the amendments as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to that date that the financial statements are available to be issued. The Company is currently evaluating the optional expedients and exceptions provided by ASU 2020-04 to determine the impact on its consolidated financial statements. |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) | Earnings Per Share ("EPS"): The following table reconciles the numerator and denominator used in the computation of earnings per share for the years ended December 31 (shares in thousands): 2020 2019 2018 Numerator Net (loss) income $ (245,462) $ 102,554 $ 68,972 Net (loss) income attributable to noncontrolling interests 15,259 (5,734) (8,952) Net (loss) income attributable to the Company (230,203) 96,820 60,020 Allocation of earnings to participating securities (1,048) (1,190) (1,106) Numerator for basic and diluted EPS—net (loss) income attributable to common stockholders $ (231,251) $ 95,630 $ 58,914 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 146,232 141,340 141,142 Effect of dilutive securities (1) Share and unit based compensation — — 2 Denominator for diluted EPS—weighted average number of common shares outstanding 146,232 141,340 141,144 EPS—net (loss) income attributable to common stockholders: Basic $ (1.58) $ 0.68 $ 0.42 Diluted $ (1.58) $ 0.68 $ 0.42 ____________________________________ (1) Diluted EPS excludes 97,926, 90,619 and 90,619 convertible preferred units for the years ended December 31, 2020, 2019 and 2018, respectively, as their impact was antidilutive. Diluted EPS excludes 10,688,179, 10,415,291 and 10,360,390 Operating Partnership units ("OP Units") for the years ended December 31, 2020, 2019 and 2018, respectively, as their effect was antidilutive. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures: The following are the Company's direct or indirect investments in various unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2020 was as follows: Joint Venture Ownership %(1) 443 Wabash MAB LLC 50.0 % AM Tysons LLC 50.0 % Biltmore Shopping Center Partners LLC 50.0 % CAM-CARSON LLC—Los Angeles Premium Outlets 50.0 % Coolidge Holding LLC 37.5 % Corte Madera Village, LLC 50.1 % Country Club Plaza KC Partners LLC 50.0 % Goodyear Peripheral LLC 41.7 % HPP-MAC WSP, LLC—One Westside 25.0 % Jaren Associates #4 12.5 % Kierland Commons Investment LLC 50.0 % Macerich HHF Broadway Plaza LLC—Broadway Plaza 50.0 % Macerich HHF Centers LLC—Various Properties 51.0 % MS Portfolio LLC 50.0 % New River Associates LLC—Arrowhead Towne Center 60.0 % North Bridge Chicago LLC 50.0 % One Scottsdale Investors LLC 50.0 % Pacific Premier Retail LLC—Various Properties 60.0 % Propcor II Associates, LLC—Boulevard Shops 50.0 % Scottsdale Fashion Square Partnership 50.0 % TM TRS Holding Company LLC 50.0 % Tysons Corner LLC 50.0 % Tysons Corner Hotel I LLC 50.0 % Tysons Corner Property Holdings II LLC 50.0 % Tysons Corner Property LLC 50.0 % West Acres Development, LLP 19.0 % Westcor/Surprise Auto Park LLC 33.3 % WMAP, L.L.C.—Atlas Park, The Shops at 50.0 % _______________________________________________________________________________ (1) The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds. The Company has made the following investments, dispositions and financings in unconsolidated joint ventures during the years ended December 31, 2020, 2019 and 2018: On February 16, 2018, the Company's joint venture in Fashion District Philadelphia sold its ownership interest in an office building for $41,800, resulting in a gain on sale of assets of $5,545. The Company's pro rata share of the gain on the sale of assets of $2,773 was included in equity in income from unconsolidated joint ventures. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On March 1, 2018, the Company formed a 25/75 joint venture with Hudson Pacific Properties, whereby the Company agreed to contribute Westside Pavilion, a 680,000 square foot regional shopping center in Los Angeles, California in exchange for $142,500. From March 1, 2018 to August 31, 2018, the Company accounted for its interest in the property as a collaborative arrangement (See Note 15—Collaborative Arrangement). On August 31, 2018, the Company completed the sale of the 75% ownership interest in the property to Hudson Pacific Properties, resulting in a gain on sale of assets of $46,242. The sales price was funded by a cash payment of $36,903 and the assumption of a pro rata share of the mortgage note payable on the property of $105,597. Concurrent with the sale of the ownership interest, the joint venture defeased the loan on the property by providing $149,175 portfolio of marketable securities as replacement collateral in lieu of the property. The Company funded its $37,294 share of the purchase price of the marketable securities portfolio with the proceeds from the sale of the ownership interest in the property. Upon completion of the sale of the ownership interest in the property, the Company has accounted for its remaining ownership interest in the property, also referred to as One Westside, under the equity method of accounting. On July 6, 2018, the Company’s joint venture in The Market at Estrella Falls, a 298,000 square foot community center in Goodyear, Arizona, sold the property for $49,100, resulting in a gain on sale of assets of $12,598. The Company's share of the gain of $2,996 was included in equity in income from unconsolidated joint ventures. The proceeds were used to pay off the $24,118 mortgage loan payable on the property, settle development obligations and for distributions to the partners. The Company used its share of the net proceeds for general corporate purposes. On September 6, 2018, the Company formed a 50/50 joint venture with Simon Property Group to develop Los Angeles Premium Outlets, a premium outlet center in Carson, California that is planned to open with approximately 400,000 square feet, followed by an additional 165,000 square feet in the second stage. On February 22, 2019, the Company’s joint venture in The Shops at Atlas Park entered into an agreement to increase the total borrowing capacity of the existing loan on the property from $57,751 to $80,000, and to extend the maturity date to October 28, 2021, including extension options. Concurrent with the loan modification, the joint venture borrowed an additional $18,379. The Company used its $9,189 share of the additional proceeds to pay down its line of credit and for general corporate purposes. On July 25, 2019, the Company's joint venture in Fashion District Philadelphia amended the existing term loan on the joint venture to allow for additional borrowings up to $100,000 at LIBOR plus 2%. Concurrent with the amendment, the joint venture borrowed an additional $26,000. On August 16, 2019, the joint venture borrowed an additional $25,000. The Company used its share of the additional proceeds to pay down its line of credit and for general corporate purposes. On September 12, 2019, the Company’s joint venture in Tysons Tower placed a new $190,000 loan on the property that bears interest at an effective rate of 3.38% and matures on November 11, 2029. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On October 17, 2019, the Company’s joint venture in West Acres placed a construction loan on the property that allows for borrowing of up to $6,500, bears interest at an effective rate of 3.72% and matures on October 10, 2029. The joint venture intends to use the proceeds from the loan to fund the expansion of the property. On December 18, 2019, the Company’s joint venture in One Westside placed a $414,600 construction loan on the redevelopment project. The loan bears interest at LIBOR plus 1.70%, which can be reduced to LIBOR plus 1.50% upon the completion of certain conditions, and matures on December 18, 2024. This loan is being used to fund the joint venture's remaining cost to complete the project. On November 17, 2020, the Company’s joint venture in Tysons VITA, the residential tower at Tysons Corner Center, placed a new $95,000 loan on the property that bears interest at an effective rate of 3.43% and matures on January 1, 2030. Initial loan funding for the Company’s joint venture was $90,000 with future advance potential of up to $5,000. The Company used its share of the initial proceeds of $45,000 for general corporate purposes. On December 10, 2020, the Company made a loan (the “Partnership Loan”) to the Company’s joint venture in Fashion District Philadelphia to fund the entirety of a $100,000 repayment to reduce the mortgage loan on Fashion District Philadelphia from $301,000 to $201,000. This mortgage loan now matures on January 22, 2024, including a one-year extension option, and bears interest at LIBOR plus 3.5%, with a LIBOR floor of 0.50%. The partnership agreement for the joint venture was amended in connection with the Partnership Loan, and pursuant to the amended agreement, the Partnership Loan plus 15% accrued interest must be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner. As a result of the substantive participation rights of the Company’s joint venture partner being terminated in the amended agreement, the Company determined that the joint venture is a VIE and the Company is the primary beneficiary. Effective December 10, 2020, the Company has consolidated the results of the joint venture into the consolidated financial statements of the Company (See Note 16–Consolidated Joint Venture and Acquisitions). On December 29, 2020, the Company’s joint venture in FlatIron Crossing closed on a one-year maturity date extension for the existing loan to January 5, 2022. The interest rate increased from 3.85% to 4.10%, and the Company’s joint venture repaid $15,000, $7,650 at the Company's pro rata share, of the outstanding loan balance at closing. On December 31, 2020, the Company and its joint venture partner in MS Portfolio LLC entered into a distribution agreement. The joint venture owned nine properties, including the former Sears parcels at the South Plains Mall and the Arrowhead Towne Center. The joint venture distributed the former Sears parcel at South Plains Mall to the Company and the former Sears parcel at Arrowhead Towne Center to the joint venture partner. The joint venture partners agreed that the distributed properties were of equal value. The Company now owns 100% of the former Sears parcel at South Plains Mall. Effective December 31, 2020, the Company consolidates its 100% interest in the Sears parcel at South Plains Mall in its consolidated financial statements (See Note 16 – Consolidated Joint Venture and Acquisitions). Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31: 2020 2019 Assets(1): Property, net $ 8,721,551 $ 9,424,591 Other assets 774,583 772,116 Total assets $ 9,496,134 $ 10,196,707 Liabilities and partners' capital(1): Mortgage and other notes payable $ 5,942,478 $ 6,144,685 Other liabilities 397,483 565,412 Company's capital 1,711,944 1,904,145 Outside partners' capital 1,444,229 1,582,465 Total liabilities and partners' capital $ 9,496,134 $ 10,196,707 Investment in unconsolidated joint ventures: Company's capital $ 1,711,944 $ 1,904,145 Basis adjustment(2) (479,678) (492,350) $ 1,232,266 $ 1,411,795 Assets—Investments in unconsolidated joint ventures 1,340,647 $ 1,519,697 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (108,381) (107,902) $ 1,232,266 $ 1,411,795 _______________________________________________________________________________ (1) These amounts include the assets of $2,857,757 and $2,932,401 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2020 and 2019, respectively, and liabilities of $1,687,042 and $1,732,976 of the PPR Portfolio as of December 31, 2020 and 2019, respectively. (2) 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 $13,168, $18,834 and $12,793 for the years ended December 31, 2020, 2019 and 2018, respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Year Ended December 31, 2020 Revenues: Leasing revenue $ 171,505 $ 633,357 $ 804,862 Other 614 18,439 19,053 Total revenues 172,119 651,796 823,915 Expenses: Shopping center and operating expenses 37,018 240,139 277,157 Leasing expenses 1,325 4,173 5,498 Interest expense 64,460 151,857 216,317 Depreciation and amortization 102,788 285,948 388,736 Total operating expenses 205,591 682,117 887,708 (Loss) gain on sale of assets (120) 157 37 Net loss $ (33,592) $ (30,164) $ (63,756) Company's equity in net loss $ (10,371) $ (16,667) $ (27,038) Year Ended December 31, 2019 Revenues: Leasing revenue 187,789 712,860 900,649 Other 1,598 49,184 50,782 Total revenues 189,387 762,044 951,431 Expenses: Shopping center and operating expenses 37,528 250,598 288,126 Leasing expenses 1,598 6,695 8,293 Interest expense 67,354 150,111 217,465 Depreciation and amortization 100,490 273,565 374,055 Total operating expenses 206,970 680,969 887,939 Loss on sale of assets (452) (380) (832) Net (loss) income $ (18,035) $ 80,695 $ 62,660 Company's equity in net (loss) income $ (590) $ 49,098 $ 48,508 PPR Portfolio Other Total Year Ended December 31, 2018 Revenues: Leasing revenue $ 186,924 $ 727,328 $ 914,252 Other 905 41,420 42,325 Total revenues 187,829 768,748 956,577 Expenses: Shopping center and operating expenses 39,283 246,652 285,935 Interest expense(1) 67,117 145,915 213,032 Depreciation and amortization 97,885 248,778 346,663 Total operating expenses 204,285 641,345 845,630 (Loss) gain on sale of assets (140) 14,471 14,331 Net (loss) income $ (16,596) $ 141,874 $ 125,278 Company's equity in net (loss) income $ (16) $ 71,789 $ 71,773 _______________________________________________________________________________ (1) Interest expense includes $20,197 for the year ended December 31, 2018, related to mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 19—Related Party Transactions). Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. On March 1, 2018, the Company formed a 25/75 joint venture with Hudson Pacific Properties, whereby the Company agreed to contribute One Westside in exchange for a cash payment of $142,500. The Company completed the transfer on August 31, 2018. During the period from March 1, 2018 to August 31, 2018, the Company accounted for the operations of One Westside as a collaborative arrangement. Both partners shared operating control of the property and the Company was reimbursed by the outside partner for 75% of the carrying cost of the property, which were defined in the agreement as operating expenses in excess of revenues, debt service and capital expenditures. Accordingly, the Company reduced minimum rents, percentage rents, tenant recoveries, other revenue, shopping center and operating expenses and interest expense by its partner's 75% share and recorded a receivable due from its partner, which was settled upon completion of the transfer of the property. In addition, the Company was reimbursed by its partner for its 75% share of mortgage loan principal payments and capital expenditures during the period. Since completion of the transfer, the Company has accounted for its investment in One Westside under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities: The Company uses an interest rate cap and four interest rate swap agreements to manage the interest rate risk of its floating rate debt. The Company recorded other comprehensive income (loss) related to the marking-to-market of derivative instruments of $843, $(4,585) and $(4,424) during the years ended December 31, 2020, 2019 and 2018, respectively. The fair value of the Company's derivatives was $(8,208) and $(9,051) at December 31, 2020 and 2019, respectively. The following derivatives were outstanding at December 31, 2020: Fair Value Property Notional Amount Product LIBOR Rate Maturity December 31, December 31, Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2021 $ — $ — The Macerich Partnership, L.P. $ 400,000 Swaps 2.85 % 9/30/2021 $ (8,208) $ (9,051) The above derivative instruments were designated as hedging instruments with an aggregate fair value (Level 2 measurement) and were included in other accrued liabilities. The fair value of the Company's interest rate derivatives was determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. |
Property, net
Property, net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, net | Property, net: Property, net at December 31, 2020 and 2019 consists of the following: 2020 2019 Land $ 1,538,270 $ 1,520,678 Buildings and improvements 6,620,708 6,389,458 Tenant improvements 750,250 726,533 Equipment and furnishings(1) 194,231 230,215 Construction in progress 153,253 126,165 9,256,712 8,993,049 Less accumulated depreciation (2,562,133) (2,349,536) $ 6,694,579 $ 6,643,513 (1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at December 31, 2020 and 2019 (See Note 8—Leases). Depreciation expense for the years ended December 31, 2020, 2019 and 2018 was $287,925, $287,846 and $275,236, respectively. The (loss) gain on sale or write down of assets, net for the years ended December 31, 2020, 2019 and 2018 consist of the following: 2020 2019 2018 Property sales(1) $ — $ — $ 45,931 Write-down of assets(2) (76,705) (16,285) (82,745) Land sales(3) 8,593 4,376 4,989 $ (68,112) $ (11,909) $ (31,825) _______________________________________________________________________________ (1) Property sales during the year ended December 31, 2018 includes a $46,242 gain on the sale of a 75% ownership interest in One Westside (See Note 4—Investments in Unconsolidated Joint Ventures) and a loss of on the sale of $311 on the sale of Promenade at Casa Grande (See Note 17—Dispositions). (2) Includes impairment losses of $30,063 on Wilton Mall, $6,640 on Paradise Valley Mall and $4,154 on the write-down of non-real estate assets during the year ended December 31, 2020 and $36,338 on Southpark Mall, $7,907 on La Cumbre Plaza, $7,494 on two freestanding stores, $1,697 on Southridge Center and $1,043 on Promenade at Casa Grande during the year ended December 31, 2018. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining balances represent the write off of development costs in 2020, 2019 and 2018. (3) Includes impairment losses of $5,047 for undeveloped land that is currently under contract for sale as of December 31, 2020. The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2020 and 2018 as described above: Years ended December, 31 Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) 2020 $ 151,875 $ — $ 151,875 $ — 2018 $ 104,700 $ — 104,700 $ — |
Tenant and Other Receivables, n
Tenant and Other Receivables, net | 12 Months Ended |
Dec. 31, 2020 | |
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 $37,545 and $4,836 at December 31, 2020 and 2019, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $4,673 and $9,618 at December 31, 2020 and 2019, respectively, and a deferred rent receivable due to straight-line rent adjustments of $107,003 and $82,214 at December 31, 2020 and 2019, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases: Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability of substantially all of the rents is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection. The following table summarizes the components of leasing revenue for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Leasing revenue - fixed payments $ 592,858 $ 647,876 $ 659,991 Leasing revenue - variable payments 191,715 218,680 228,668 Provision for doubtful accounts (44,250) (7,682) (4,663) $ 740,323 $ 858,874 $ 883,996 The following table summarizes the future rental payments to the Company: 2021 $ 407,044 2022 364,733 2023 316,848 2024 254,894 2025 208,161 Thereafter 610,154 $ 2,161,834 Lessee Leases: The Company has certain properties that are subject to non-cancelable operating 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. In addition, the Company has five finance leases that expire at various times through 2024. The following table summarizes the lease costs for the year ended December 31, 2020: Operating lease costs $ 15,332 Finance lease costs: Amortization of ROU assets 1,905 Interest on lease liabilities 546 $ 17,783 The following table summarizes the future rental payments required under the leases as of December 31, 2020: Year ending Operating Finance Leases 2021 $ 14,695 $ 10,785 2022 14,558 2,762 2023 8,746 344 2024 6,759 3,085 2025 6,796 — Thereafter 116,660 — Total undiscounted rental payments 168,214 16,976 Less imputed interest (94,375) (599) Total lease liabilities $ 73,839 $ 16,377 The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2020 was 34.5 and 1.1, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2020 was 7.7% and 3.7%, respectively. |
Leases | Leases: Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability of substantially all of the rents is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection. The following table summarizes the components of leasing revenue for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Leasing revenue - fixed payments $ 592,858 $ 647,876 $ 659,991 Leasing revenue - variable payments 191,715 218,680 228,668 Provision for doubtful accounts (44,250) (7,682) (4,663) $ 740,323 $ 858,874 $ 883,996 The following table summarizes the future rental payments to the Company: 2021 $ 407,044 2022 364,733 2023 316,848 2024 254,894 2025 208,161 Thereafter 610,154 $ 2,161,834 Lessee Leases: The Company has certain properties that are subject to non-cancelable operating 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. In addition, the Company has five finance leases that expire at various times through 2024. The following table summarizes the lease costs for the year ended December 31, 2020: Operating lease costs $ 15,332 Finance lease costs: Amortization of ROU assets 1,905 Interest on lease liabilities 546 $ 17,783 The following table summarizes the future rental payments required under the leases as of December 31, 2020: Year ending Operating Finance Leases 2021 $ 14,695 $ 10,785 2022 14,558 2,762 2023 8,746 344 2024 6,759 3,085 2025 6,796 — Thereafter 116,660 — Total undiscounted rental payments 168,214 16,976 Less imputed interest (94,375) (599) Total lease liabilities $ 73,839 $ 16,377 The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2020 was 34.5 and 1.1, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2020 was 7.7% and 3.7%, respectively. |
Deferred Charges and Other Asse
Deferred Charges and Other Assets, net | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Charges and Other Assets, net | Deferred Charges and Other Assets, net: Deferred charges and other assets, net at December 31, 2020 and 2019 consist of the following: 2020 2019 Leasing $ 162,652 $ 202,540 Intangible assets: In-place lease values(1) 74,298 78,171 Leasing commissions and legal costs(1) 21,096 20,518 Above-market leases 80,120 59,916 Deferred tax assets 30,767 30,757 Deferred compensation plan assets 62,874 55,349 Other assets 61,553 60,475 493,360 507,726 Less accumulated amortization(2) (186,401) (229,860) $ 306,959 $ 277,866 _______________________________ (1) The amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2021 $ 8,997 2022 8,096 2023 6,884 2024 5,848 2025 5,005 Thereafter 13,315 $ 48,145 (2) Accumulated amortization includes $47,249 and $66,322 relating to in-place lease values, leasing commissions and legal costs at December 31, 2020 and 2019, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $9,412, $13,821 and $13,635 for the years ended December 31, 2020, 2019 and 2018, respectively. The allocated values of above-market leases and below-market leases consist of the following: 2020 2019 Above-Market Leases Original allocated value $ 80,120 $ 59,916 Less accumulated amortization (33,271) (35,737) $ 46,849 $ 24,179 Below-Market Leases(1) Original allocated value $ 114,790 $ 90,790 Less accumulated amortization (43,656) (53,727) $ 71,134 $ 37,063 _______________________________ (1) Below-market leases are included in other accrued liabilities. The allocated values of above and below-market leases will be amortized into minimum rents on a straight-line basis over the individual remaining lease terms. The amortization of these values for the next five years and thereafter is as follows: Year Ending December 31, Above Below 2021 $ 8,463 $ 10,781 2022 7,851 9,933 2023 7,380 9,241 2024 6,735 9,126 2025 5,404 7,654 Thereafter 11,016 24,399 $ 46,849 $ 71,134 |
Mortgage Notes Payable
Mortgage Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | Mortgage Notes Payable: Mortgage notes payable at December 31, 2020 and 2019 consist of the following: Carrying Amounts of Mortgage Notes(1) Effective Interest Monthly Maturity Property Pledged as Collateral 2020 2019 Chandler Fashion Center(5) $ 255,361 $ 255,174 4.18 % $ 875 2024 Danbury Fair Mall(6) 186,741 194,718 5.56 % 1,538 2021 Fashion District Philadelphia(7) 201,000 — 4.00 % 670 2024 Fashion Outlets of Chicago 299,193 299,112 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA(8) 101,463 106,398 6.45 % 727 2023 Freehold Raceway Mall(5) 398,545 398,379 3.94 % 1,300 2029 Fresno Fashion Fair 323,857 323,659 3.67 % 971 2026 Green Acres Commons(9) 129,847 128,926 2.87 % 250 2021 Green Acres Mall(10) 270,570 277,747 3.61 % 1,447 2021 Kings Plaza Shopping Center 535,413 535,097 3.71 % 1,629 2030 Oaks, The 183,108 187,142 4.14 % 1,064 2022 Pacific View 114,909 118,202 4.08 % 668 2022 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(11) 298,566 297,817 1.88 % 408 2022 SanTan Village Regional Center 219,233 219,140 4.34 % 788 2029 Towne Mall 19,815 20,284 4.48 % 117 2022 Tucson La Encantada 62,018 63,682 4.23 % 368 2022 Victor Valley, Mall of 114,791 114,733 4.00 % 380 2024 Vintage Faire Mall 246,380 252,389 3.55 % 1,256 2026 $ 4,560,810 $ 4,392,599 (1) 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 $14,085 and $16,042 at December 31, 2020 and 2019, respectively. (2) The interest rate disclosed represents the effective interest rate, including the impact of debt premium 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 the Company's joint venture in Chandler Freehold (See Note 12—Financing Arrangement). (6) On September 15, 2020, the Company closed on a loan extension agreement for Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021. The loan may be further extended to July 1, 2021, subject to certain conditions. The loan amount and interest rate are unchanged following the extension. (7) Effective December 10, 2020, the Company began consolidating this joint venture and assumed this debt (See Note 16—Consolidated Joint Venture and Acquisitions). (8) The loan included unamortized debt premium of $0 and $773 at December 31, 2020 and 2019, respectively. The debt premiums represented the excess of the fair value of the loan over the principal value of the loan assumed at acquisition and was amortized into interest expense over the remaining term of the loan in a manner that approximated the effective interest method. On December 15, 2020, the Company closed on a loan extension agreement for the Fashion Outlets of Niagara. Under the extension agreement the original loan maturity date of October 6, 2020 was extended to October 6, 2023. The loan amount and interest rate are unchanged following the extension. (9) The loan bears interest at LIBOR plus 2.15%. At December 31, 2020 and 2019, the total interest rate was 2.87% and 4.40%, respectively. The Company is in the process of securing a two-year extension on this loan. (10) On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also includes a one-year extension option to February 3, 2023. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing. (11) The loan bears interest at LIBOR plus 1.48%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2021 (See Note 5—Derivative Instruments and Hedging Activities). At December 31, 2020 and 2019, the total interest rate was 1.88% and 3.34%, respectively. Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. As of December 31, 2020, all of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. During the second quarter of 2020 and in July 2020, the Company secured agreements with its mortgage lenders on nine property mortgage loans to defer approximately $28,683 of both second and third quarter of 2020 debt service payments. Of the deferred payments, $15,208 and $20,195 was repaid in the three months and twelve months ended December 31, 2020, respectively, and the remaining balance has now been fully repaid during the first quarter of 2021. The Company expects 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 during the years ended December 31, 2020, 2019 and 2018 was $5,247, $9,614 and $15,422, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2020 and 2019 was $4,459,797 and $4,427,790, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt. The future maturities of mortgage notes payable are as follows: Year Ending December 31, 2021 $ 355,614 2022 685,811 2023 359,209 2024 569,120 2025 607,399 Thereafter 1,997,742 4,574,895 Deferred finance cost, net (14,085) $ 4,560,810 The future maturities reflected above reflect the extension options that the Company believes will be exercised. |
Bank and Other Notes Payable
Bank and Other Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Bank and Other Notes Payable | Bank and Other Notes Payable: Bank and other notes payable at December 31, 2020 and 2019 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 was to mature on July 6, 2020. On April 8, 2020, the Company exercised its option to extend the maturity of the facility to July 6, 2021. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000. The Company anticipates refinancing its revolving line of credit in advance of its maturity date. While the Company cannot predict what the terms of any new facility will be, it may include a lower lending commitment and require security. Any final terms of a new credit facility are subject to ongoing negotiations and may change. Based on the Company's leverage level as of December 31, 2020, the borrowing rate on the facility was LIBOR plus 1.65%. The Company has four interest rate swap agreements that effectively convert a total of $400,000 of the outstanding balance from floating rate debt of LIBOR plus 1.65% to fixed rate debt of 4.30% until September 30, 2021 (See Note 5—Derivative Instruments and Hedging Activities). As of December 31, 2020 and 2019, borrowings under the line of credit were $1,480,000 and $820,000, respectively, less unamortized deferred finance costs of $2,460 and $2,623, respectively, at a total interest rate of 2.73% and 3.92%, respectively. As of December 31, 2020 and 2019, the Company's availability under the line of credit for additional borrowings was $19,719 and $679,719, respectively, The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2020 and 2019 was $1,485,598 and $826,280, 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 bore interest at 5.25% and was to mature on May 30, 2021. The note payable was collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. On October 7, 2019, the loan was paid off. As of December 31, 2020 and 2019, the Company was in compliance with all applicable financial loan covenants. |
Financing Arrangement
Financing Arrangement | 12 Months Ended |
Dec. 31, 2020 | |
Co-Venture Arrangement [Abstract] | |
Financing Arrangement | Financing Arrangement: On September 30, 2009, the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Chandler Fashion Center, a 1,318,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,552,000 square foot regional shopping center in Freehold, New Jersey, referred to herein as Chandler Freehold. As a result of the Company having certain rights under the agreement to repurchase the assets of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction was initially accounted for as a co-venture 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 net cash proceeds received from the third party less costs allocated to a warrant. The co-venture obligation was increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. Upon adoption of ASC 606 on January 1, 2018, the Company changed its accounting for Chandler Freehold from a co-venture arrangement to a financing arrangement. Accordingly, the Company replaced its $31,150 distributions in excess of co-venture obligation with a financing arrangement liability of $393,709 on its consolidated balance sheets. This resulted in the recognition of a $424,859 increase in the Company’s accumulated deficit as a cumulative effect adjustment under the modified retrospective method of adoption. As a result of adopting ASC 606, the Company no longer records co-venture expense for its partner's share of the income of Chandler Freehold. Under the Financing Arrangement, the Company recognizes interest expense on (i) the changes in fair value of the Financing Arrangement obligation, (ii) any payments to the joint venture partner equal to their pro rata share of net income and (iii) any payments to the joint venture partner less than or in excess of their pro rata share of net income. During the years ended December 31, 2020, 2019 and 2018 the Company incurred interest (income) expense in connection with the financing arrangement as follows: 2020 2019 2018 Distributions of the partner's share of net income $ 1,144 $ 7,184 $ 9,079 Distributions in excess of the partner's share of net income 3,097 6,939 6,376 Adjustment to fair value of financing arrangement obligation (139,522) (76,640) (15,225) $ (135,281) $ (62,517) $ 230 The fair value (Level 3 measurement) of the financing arrangement obligation at December 31, 2020 and 2019 was based upon a terminal capitalization rate of 5.5% and 5.0%, respectively, a discount rate of 7.0% and 6.0%, respectively, and market rents per square foot ranging from $35 to $105. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Distributions to the partner, excluding distributions of excess loan proceeds, and changes in fair value of the financing arrangement obligation are recognized as interest (income) expense in the Company's consolidated statements of operations. On June 27, 2019, the Company replaced the existing mortgage note payable on Chandler Fashion Center with a new $256,000 loan (See Note 10—Mortgage Notes Payable). In connection with the refinancing transaction, the Company distributed $27,945 of the excess loan proceeds to its joint venture partner, which was recorded as a reduction to the financing arrangement obligation. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
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 periodically to reflect its ownership interest in the Company. The Company had a 93% ownership interest in the Operating Partnership as of December 31, 2020 and 2019. The remaining 7% limited partnership interest as of December 31, 2020 and 2019 was owned by certain of the Company's executive officers and directors, certain of their affiliates, and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of registered or unregistered stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the ten trading days ending on the respective balance sheet date. Accordingly, as of December 31, 2020 and 2019, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $117,602 and $277,524, respectively. The Company issued common and cumulative preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder, the Company may redeem them for cash or shares of the Company's stock at the Company's option, and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity: Stock Dividend: On June 3, 2020, the Company issued 7,759,280 common shares to its common stockholders in connection with the quarterly dividend of $0.50 per share of common stock declared on March 16, 2020. The dividend consisted of a combination of cash and shares of the Company's common stock. The cash component of the dividend (not including cash paid in lieu of fractional shares) was 20% in the aggregate, or $0.10 per share, with the balance paid in shares of the Company's common stock. In accordance with the provisions of Internal Revenue Service Revenue Procedure 2017-45, stockholders were asked to make an election to receive the dividend all in cash or all in shares. To the extent that more than 20% of cash was elected in the aggregate, the cash portion was prorated. Stockholders who elected to receive the dividend in cash received a cash payment of at least $0.10 per share. Stockholders who did not make an election received 20% in cash and 80% in shares of common stock. The number of shares issued as a result of the dividend was calculated based on the volume weighted average trading price of the Company's common stock on the New York Stock Exchange on May 20, May 21 and May 22, 2020 of $7.2956. 14. Stockholders' Equity: (Continued) The Company accounted for the stock portion of its distribution as a stock issuance as opposed to a stock dividend. Accordingly, the impact of the shares issued is reflected in the Company'e earnings per share calculation on a prospective basis. The issuance of the stock dividend resulted in a reduction of $0.05 on both basic and diluted earnings per share for the year ended December 31, 2020. 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 accelerated share repurchase transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program". |
Collaborative Agreement
Collaborative Agreement | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Collaborative Arrangement | Investments in Unconsolidated Joint Ventures: The following are the Company's direct or indirect investments in various unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2020 was as follows: Joint Venture Ownership %(1) 443 Wabash MAB LLC 50.0 % AM Tysons LLC 50.0 % Biltmore Shopping Center Partners LLC 50.0 % CAM-CARSON LLC—Los Angeles Premium Outlets 50.0 % Coolidge Holding LLC 37.5 % Corte Madera Village, LLC 50.1 % Country Club Plaza KC Partners LLC 50.0 % Goodyear Peripheral LLC 41.7 % HPP-MAC WSP, LLC—One Westside 25.0 % Jaren Associates #4 12.5 % Kierland Commons Investment LLC 50.0 % Macerich HHF Broadway Plaza LLC—Broadway Plaza 50.0 % Macerich HHF Centers LLC—Various Properties 51.0 % MS Portfolio LLC 50.0 % New River Associates LLC—Arrowhead Towne Center 60.0 % North Bridge Chicago LLC 50.0 % One Scottsdale Investors LLC 50.0 % Pacific Premier Retail LLC—Various Properties 60.0 % Propcor II Associates, LLC—Boulevard Shops 50.0 % Scottsdale Fashion Square Partnership 50.0 % TM TRS Holding Company LLC 50.0 % Tysons Corner LLC 50.0 % Tysons Corner Hotel I LLC 50.0 % Tysons Corner Property Holdings II LLC 50.0 % Tysons Corner Property LLC 50.0 % West Acres Development, LLP 19.0 % Westcor/Surprise Auto Park LLC 33.3 % WMAP, L.L.C.—Atlas Park, The Shops at 50.0 % _______________________________________________________________________________ (1) The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds. The Company has made the following investments, dispositions and financings in unconsolidated joint ventures during the years ended December 31, 2020, 2019 and 2018: On February 16, 2018, the Company's joint venture in Fashion District Philadelphia sold its ownership interest in an office building for $41,800, resulting in a gain on sale of assets of $5,545. The Company's pro rata share of the gain on the sale of assets of $2,773 was included in equity in income from unconsolidated joint ventures. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On March 1, 2018, the Company formed a 25/75 joint venture with Hudson Pacific Properties, whereby the Company agreed to contribute Westside Pavilion, a 680,000 square foot regional shopping center in Los Angeles, California in exchange for $142,500. From March 1, 2018 to August 31, 2018, the Company accounted for its interest in the property as a collaborative arrangement (See Note 15—Collaborative Arrangement). On August 31, 2018, the Company completed the sale of the 75% ownership interest in the property to Hudson Pacific Properties, resulting in a gain on sale of assets of $46,242. The sales price was funded by a cash payment of $36,903 and the assumption of a pro rata share of the mortgage note payable on the property of $105,597. Concurrent with the sale of the ownership interest, the joint venture defeased the loan on the property by providing $149,175 portfolio of marketable securities as replacement collateral in lieu of the property. The Company funded its $37,294 share of the purchase price of the marketable securities portfolio with the proceeds from the sale of the ownership interest in the property. Upon completion of the sale of the ownership interest in the property, the Company has accounted for its remaining ownership interest in the property, also referred to as One Westside, under the equity method of accounting. On July 6, 2018, the Company’s joint venture in The Market at Estrella Falls, a 298,000 square foot community center in Goodyear, Arizona, sold the property for $49,100, resulting in a gain on sale of assets of $12,598. The Company's share of the gain of $2,996 was included in equity in income from unconsolidated joint ventures. The proceeds were used to pay off the $24,118 mortgage loan payable on the property, settle development obligations and for distributions to the partners. The Company used its share of the net proceeds for general corporate purposes. On September 6, 2018, the Company formed a 50/50 joint venture with Simon Property Group to develop Los Angeles Premium Outlets, a premium outlet center in Carson, California that is planned to open with approximately 400,000 square feet, followed by an additional 165,000 square feet in the second stage. On February 22, 2019, the Company’s joint venture in The Shops at Atlas Park entered into an agreement to increase the total borrowing capacity of the existing loan on the property from $57,751 to $80,000, and to extend the maturity date to October 28, 2021, including extension options. Concurrent with the loan modification, the joint venture borrowed an additional $18,379. The Company used its $9,189 share of the additional proceeds to pay down its line of credit and for general corporate purposes. On July 25, 2019, the Company's joint venture in Fashion District Philadelphia amended the existing term loan on the joint venture to allow for additional borrowings up to $100,000 at LIBOR plus 2%. Concurrent with the amendment, the joint venture borrowed an additional $26,000. On August 16, 2019, the joint venture borrowed an additional $25,000. The Company used its share of the additional proceeds to pay down its line of credit and for general corporate purposes. On September 12, 2019, the Company’s joint venture in Tysons Tower placed a new $190,000 loan on the property that bears interest at an effective rate of 3.38% and matures on November 11, 2029. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On October 17, 2019, the Company’s joint venture in West Acres placed a construction loan on the property that allows for borrowing of up to $6,500, bears interest at an effective rate of 3.72% and matures on October 10, 2029. The joint venture intends to use the proceeds from the loan to fund the expansion of the property. On December 18, 2019, the Company’s joint venture in One Westside placed a $414,600 construction loan on the redevelopment project. The loan bears interest at LIBOR plus 1.70%, which can be reduced to LIBOR plus 1.50% upon the completion of certain conditions, and matures on December 18, 2024. This loan is being used to fund the joint venture's remaining cost to complete the project. On November 17, 2020, the Company’s joint venture in Tysons VITA, the residential tower at Tysons Corner Center, placed a new $95,000 loan on the property that bears interest at an effective rate of 3.43% and matures on January 1, 2030. Initial loan funding for the Company’s joint venture was $90,000 with future advance potential of up to $5,000. The Company used its share of the initial proceeds of $45,000 for general corporate purposes. On December 10, 2020, the Company made a loan (the “Partnership Loan”) to the Company’s joint venture in Fashion District Philadelphia to fund the entirety of a $100,000 repayment to reduce the mortgage loan on Fashion District Philadelphia from $301,000 to $201,000. This mortgage loan now matures on January 22, 2024, including a one-year extension option, and bears interest at LIBOR plus 3.5%, with a LIBOR floor of 0.50%. The partnership agreement for the joint venture was amended in connection with the Partnership Loan, and pursuant to the amended agreement, the Partnership Loan plus 15% accrued interest must be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner. As a result of the substantive participation rights of the Company’s joint venture partner being terminated in the amended agreement, the Company determined that the joint venture is a VIE and the Company is the primary beneficiary. Effective December 10, 2020, the Company has consolidated the results of the joint venture into the consolidated financial statements of the Company (See Note 16–Consolidated Joint Venture and Acquisitions). On December 29, 2020, the Company’s joint venture in FlatIron Crossing closed on a one-year maturity date extension for the existing loan to January 5, 2022. The interest rate increased from 3.85% to 4.10%, and the Company’s joint venture repaid $15,000, $7,650 at the Company's pro rata share, of the outstanding loan balance at closing. On December 31, 2020, the Company and its joint venture partner in MS Portfolio LLC entered into a distribution agreement. The joint venture owned nine properties, including the former Sears parcels at the South Plains Mall and the Arrowhead Towne Center. The joint venture distributed the former Sears parcel at South Plains Mall to the Company and the former Sears parcel at Arrowhead Towne Center to the joint venture partner. The joint venture partners agreed that the distributed properties were of equal value. The Company now owns 100% of the former Sears parcel at South Plains Mall. Effective December 31, 2020, the Company consolidates its 100% interest in the Sears parcel at South Plains Mall in its consolidated financial statements (See Note 16 – Consolidated Joint Venture and Acquisitions). Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31: 2020 2019 Assets(1): Property, net $ 8,721,551 $ 9,424,591 Other assets 774,583 772,116 Total assets $ 9,496,134 $ 10,196,707 Liabilities and partners' capital(1): Mortgage and other notes payable $ 5,942,478 $ 6,144,685 Other liabilities 397,483 565,412 Company's capital 1,711,944 1,904,145 Outside partners' capital 1,444,229 1,582,465 Total liabilities and partners' capital $ 9,496,134 $ 10,196,707 Investment in unconsolidated joint ventures: Company's capital $ 1,711,944 $ 1,904,145 Basis adjustment(2) (479,678) (492,350) $ 1,232,266 $ 1,411,795 Assets—Investments in unconsolidated joint ventures 1,340,647 $ 1,519,697 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (108,381) (107,902) $ 1,232,266 $ 1,411,795 _______________________________________________________________________________ (1) These amounts include the assets of $2,857,757 and $2,932,401 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2020 and 2019, respectively, and liabilities of $1,687,042 and $1,732,976 of the PPR Portfolio as of December 31, 2020 and 2019, respectively. (2) 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 $13,168, $18,834 and $12,793 for the years ended December 31, 2020, 2019 and 2018, respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Year Ended December 31, 2020 Revenues: Leasing revenue $ 171,505 $ 633,357 $ 804,862 Other 614 18,439 19,053 Total revenues 172,119 651,796 823,915 Expenses: Shopping center and operating expenses 37,018 240,139 277,157 Leasing expenses 1,325 4,173 5,498 Interest expense 64,460 151,857 216,317 Depreciation and amortization 102,788 285,948 388,736 Total operating expenses 205,591 682,117 887,708 (Loss) gain on sale of assets (120) 157 37 Net loss $ (33,592) $ (30,164) $ (63,756) Company's equity in net loss $ (10,371) $ (16,667) $ (27,038) Year Ended December 31, 2019 Revenues: Leasing revenue 187,789 712,860 900,649 Other 1,598 49,184 50,782 Total revenues 189,387 762,044 951,431 Expenses: Shopping center and operating expenses 37,528 250,598 288,126 Leasing expenses 1,598 6,695 8,293 Interest expense 67,354 150,111 217,465 Depreciation and amortization 100,490 273,565 374,055 Total operating expenses 206,970 680,969 887,939 Loss on sale of assets (452) (380) (832) Net (loss) income $ (18,035) $ 80,695 $ 62,660 Company's equity in net (loss) income $ (590) $ 49,098 $ 48,508 PPR Portfolio Other Total Year Ended December 31, 2018 Revenues: Leasing revenue $ 186,924 $ 727,328 $ 914,252 Other 905 41,420 42,325 Total revenues 187,829 768,748 956,577 Expenses: Shopping center and operating expenses 39,283 246,652 285,935 Interest expense(1) 67,117 145,915 213,032 Depreciation and amortization 97,885 248,778 346,663 Total operating expenses 204,285 641,345 845,630 (Loss) gain on sale of assets (140) 14,471 14,331 Net (loss) income $ (16,596) $ 141,874 $ 125,278 Company's equity in net (loss) income $ (16) $ 71,789 $ 71,773 _______________________________________________________________________________ (1) Interest expense includes $20,197 for the year ended December 31, 2018, related to mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 19—Related Party Transactions). Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. On March 1, 2018, the Company formed a 25/75 joint venture with Hudson Pacific Properties, whereby the Company agreed to contribute One Westside in exchange for a cash payment of $142,500. The Company completed the transfer on August 31, 2018. During the period from March 1, 2018 to August 31, 2018, the Company accounted for the operations of One Westside as a collaborative arrangement. Both partners shared operating control of the property and the Company was reimbursed by the outside partner for 75% of the carrying cost of the property, which were defined in the agreement as operating expenses in excess of revenues, debt service and capital expenditures. Accordingly, the Company reduced minimum rents, percentage rents, tenant recoveries, other revenue, shopping center and operating expenses and interest expense by its partner's 75% share and recorded a receivable due from its partner, which was settled upon completion of the transfer of the property. In addition, the Company was reimbursed by its partner for its 75% share of mortgage loan principal payments and capital expenditures during the period. Since completion of the transfer, the Company has accounted for its investment in One Westside under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). |
Consolidated Joint Venture and
Consolidated Joint Venture and Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Consolidated Joint Venture and Acquisitions | Consolidated Joint Venture and Acquisitions: Fashion District Philadelphia: Effective December 10, 2020, the Company made the Partnership Loan to the Company’s joint venture in Fashion District Philadelphia, pursuant to the joint venture’s amended and restated partnership agreement, to fund a $100,000 repayment to reduce the mortgage notes payable on Fashion District Philadelphia from $301,000 to $201,000. The Partnership Loan plus 15% accrued interest must be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner. Prior to the restructuring, the Company had accounted for its investment in Fashion District Philadelphia under the equity method of accounting due to substantive participation rights held by the Company’s joint venture partner. Pursuant to the amended and restated partnership agreement, the substantive participation rights of the Company’s joint venture partner were terminated and as a result, the joint venture is treated as a VIE. The Company became the primary beneficiary of the VIE and commenced consolidating Fashion District Philadelphia in its consolidated financial statements effective December 10, 2020. Prior to December 10, 2020, the Company’s share of the joint venture’s net (loss) income was included in its consolidated statements of operations in equity in (loss) income of unconsolidated joint ventures. The consolidation of the joint venture required the Company to recognize the joint venture’s identifiable assets and liabilities at fair value in the Company’s consolidated financial statements, along with the fair value of the non-controlling interest. The fair value of the joint venture’s assets and liabilities upon initial consolidation were measured using estimates of expected future cash flows and other valuation techniques. The fair value of the joint venture property was determined by using income and market or sales comparison valuation approaches which included, but are not limited to estimates of rental rates, comparable sales, revenue and expense growth rates, capitalization rates and discount rates. The allocation of fair value to 16. Consolidated Joint Venture and Acquisitions: (Continued) assets was estimated by the market or sales comparison, cost and income approaches. Assumed debt was recorded at fair value based upon the present value of the expected future payments and current interest rates. Other acquired assets, including cash, and assumed liabilities were recorded at cost due to the short-term nature of the balances. The following is a summary of the allocation of the fair value of Fashion District Philadelphia: Property $ 331,514 Deferred charges 25,272 Cash and cash equivalents 4,492 Restricted cash 1,319 Tenant receivables 8,476 Other assets 30,582 Total assets acquired 401,655 Mortgage note payable 201,000 Partnership loan(1) 100,000 Accounts payable 6,673 Due to affiliates 3 Other accrued liabilities 55,717 Total liabilities assumed 363,393 Fair value of acquired net assets (at 100% ownership) $ 38,262 (1) The Partnership Loan is eliminated in the Company's consolidated financial statements. The Company recognized a remeasurement loss to adjust the carrying value of its existing investment in the joint venture to its estimated fair value in the Company’s consolidated financial statements. The remeasurement loss was determined by taking the difference between the fair value of assets less its liabilities and the sum of the carrying value of the Company’s existing investment in the joint venture and the fair value of the noncontrolling interest. The Company recognized the following remeasurement loss on the Fashion District Philadelphia restructuring: Fair value of acquired net assets (at 100% ownership) $ 38,262 Fair value of the noncontrolling interest (19,131) Carrying value of existing investment in the joint venture (182,429) Loss on remeasurement of asset $ (163,298) 16. Consolidated Joint Venture and Acquisitions: (Continued) Sears South Plains: On December 31, 2020, the Company and its joint venture partner in MS Portfolio LLC entered into a distribution agreement. The joint venture owned nine properties, including the former Sears parcels at the South Plains Mall and the Arrowhead Towne Center. The joint venture distributed the former Sears parcel at South Plains Mall to the Company and the former Sears parcel at Arrowhead Towne Center to the joint venture partner. The joint venture partners agreed that the distributed properties were of equal value. The Company now owns 100% of the former Sears parcel at South Plains Mall. Effective December 31, 2020, the Company consolidates its 100% interest in the Sears parcel at South Plains Mall in its consolidated financial statements. The following is a summary of the allocation of the fair value of Sears South Plains: Land $ 8,170 Building and improvements 11,130 Fair value of acquired net assets (at 100% ownership) $ 19,300 |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions:On May 17, 2018, the Company sold Promenade at Casa Grande, a 761,000 square foot community center in Casa Grande, Arizona, for $26,000, resulting in a loss on sale of assets of $311. The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies: As of December 31, 2020, the Company was contingently liable for $40,915 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At December 31, 2020, the Company had $3,861 in outstanding obligations, which it believes will be settled in the next twelve months. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions: Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures for the years ended December 31: 2020 2019 2018 Management fees $ 15,297 $ 18,748 $ 19,752 Development and leasing fees 6,951 16,056 14,412 $ 22,248 $ 34,804 $ 34,164 Certain mortgage notes on the properties are held by NML. NML was considered a related party due to its ownership interest in Broadway Plaza until it sold its ownership interest in the property to a third party on October 12, 2018. Interest expense in connection with these notes, during the period that NML was a related party, was $6,653 for the year ended December 31, 2018. Interest (income) expense from related party transactions also includes $(135,281), $(62,517) and $230 for the years ended December 31, 2020, 2019 and 2018, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement). Due from affiliates includes $1,612 and $6,157 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at December 31, 2020 and 2019, respectively. In addition, due from affiliates included a note receivable from RED/303 LLC ("RED") that bore interest at 5.25% and was to mature on May 30, 2021. Interest income earned on this note was $0, $141 and $224 for the years ended December 31, 2020, 2019 and 2018, respectively. On October 7, 2019, the note was collected in full. RED was considered a related party because it was a partner in a joint venture development project. The note was collateralized by RED's membership interest in the development project. Also included in due from affiliates was a note receivable from Lennar Corporation that bore interest at LIBOR plus 2% and was to mature upon the completion of certain milestones in connection with the planned development of Fashion Outlets of San Francisco. As a result of those milestones not being completed, the Company elected to terminate the development agreement and the note was collected in full on February 13, 2019. Interest income earned on this note was $0, $1,112 and $3,152 for the years ended December 31, 2020, 2019 and 2018, respectively. Lennar Corporation was considered a related party because it was a joint venture partner in the project. |
Share and Unit-based Plans
Share and Unit-based Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share and Unit-based Plans | Share and Unit-based Plans: The Company has established share and unit-based compensation plans for the purpose of attracting and retaining executive officers, directors and key employees. 2003 Equity Incentive Plan: The 2003 Equity Incentive Plan ("2003 Plan") authorizes the grant of stock awards, stock options, stock appreciation rights, stock units, stock bonuses, performance-based awards, dividend equivalent rights and OP Units or other convertible or exchangeable units. As of December 31, 2020, stock awards, stock units, LTIP Units (as defined below), stock appreciation rights ("SARs") and stock options have been granted under the 2003 Plan. All stock options or other rights to acquire common stock granted under the 2003 Plan have a term of 10 years or less. These awards were generally granted based on the performance of the Company and the employees. None of the awards have performance requirements other than a service condition of continued employment unless otherwise provided. All awards are subject to restrictions determined by the Company's compensation committee. The aggregate number of shares of common stock that may be issued under the 2003 Plan is 20,912,331 shares. As of December 31, 2020, there were 6,620,968 shares available for issuance under the 2003 Plan. Stock Units: The stock units represent the right to receive upon vesting one share of the Company's common stock for one stock unit. The value of the stock units was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock units during the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Units Weighted Units Weighted Units Weighted Balance at beginning of year 199,987 $ 43.59 129,457 $ 64.21 151,355 $ 73.32 Granted 253,184 14.14 160,932 37.44 87,983 58.79 Vested (140,224) 39.53 (85,157) 62.84 (108,991) 74.04 Forfeited (3,102) 32.62 (5,245) 51.48 (890) 68.81 Balance at end of year 309,845 $ 21.47 199,987 $ 43.59 129,457 $ 64.21 SARs: Upon exercise, the recipients received unrestricted common shares for the appreciation in value of the SARs from the grant date to the exercise date. The following table summarizes the activity of SARs awards during the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Units Weighted Units Weighted Units Weighted Balance at beginning of year — $ — — $ — 235,439 $ 53.83 Exercised — — — — (235,439) 53.83 Balance at end of year — $ — — $ — — $ — Long-Term Incentive Plan Units: Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards. The market-indexed LTIP Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per common stock share relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. The fair value of the service-based LTIP Units was determined by the market price of the Company's common stock on the date of the grant. The fair value of the market-indexed LTIP Units are estimated on the date of grant using a Monte Carlo Simulation model. The stock price of the Company, along with the stock prices of the group of peer REITs (for market-indexed awards), is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the share price of the Company and the peer group REITs were estimated based on a look-back period. The expected growth rate of the stock prices over the "derived service period" is determined with consideration of the risk free rate as of the grant date. The Company has granted the following LTIP units during the years ended December 31, 2020, 2019 and 2018: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2018 65,466 Service-based $ 65.68 12/31/2020 1/1/2018 291,326 Market-indexed $ 44.28 12/31/2020 1/29/2018 13,632 Service-based $ 66.02 2/1/2022 1/29/2018 1,893 Service-based $ 66.02 12/31/2020 1/29/2018 7,775 Market-indexed $ 48.23 12/31/2020 3/2/2018 99,407 Service-based $ 59.04 3/2/2018 4/26/2018 89,637 Service-based $ 55.78 4/26/2018 569,136 1/1/2019 81,732 Service-based $ 43.28 12/31/2021 1/1/2019 250,852 Market-indexed $ 29.25 12/31/2021 9/1/2019 4,393 Service-based $ 28.53 8/31/2022 9/1/2019 6,454 Market-indexed $ 19.42 8/31/2022 343,431 1/1/2020 154,158 Service-based $ 26.92 12/31/2022 1/1/2020 321,940 Market-indexed $ 27.80 12/31/2022 3/1/2020 39,176 Service-based $ 20.42 2/28/2023 3/1/2020 37,592 Market-indexed $ 21.28 2/28/2023 552,866 The fair value of the market-indexed LTIP Units (Level 3) were estimated on the date of grant using a Monte Carlo Simulation model that based on the following assumptions: Grant Date Risk Free Interest Rate Expected Volatility 1/1/2018 1.98 % 23.38 % 1/29/2018 2.25 % 23.86 % 1/1/2019 2.46 % 23.52 % 9/1/2019 1.42 % 24.91 % 1/1/2020 1.62 % 26.08 % 3/1/2020 0.85 % 28.34 % The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Units Weighted Units Weighted Units Weighted Balance at beginning of year 616,219 $ 39.04 661,578 $ 48.38 636,632 $ 52.36 Granted 552,866 26.59 343,431 32.40 569,136 51.78 Vested (102,884) 40.19 (76,306) 59.27 (253,625) 61.17 Forfeited (282,149) 44.28 (312,484) 46.55 (290,565) 52.58 Balance at end of year 784,052 $ 28.11 616,219 $ 39.04 661,578 $ 48.38 Stock Options: On May 30, 2017, the Company granted 25,000 non-qualified stock options with a grant date fair value of $10.02 that vested 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. The following table summarizes the activity of stock options for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Options Weighted Options Weighted Options Weighted Balance at beginning of year 35,565 $ 57.32 35,565 $ 57.32 35,565 $ 57.32 Granted(1) 1,950 — — — — — Balance at end of year 37,515 $ 54.34 35,565 $ 57.32 35,565 $ 57.32 (1) Pursuant to the terms of the Company's equity plan, the exercise price and number of options were adjusted so that the stock dividend paid on June 3, 2020 had no negative impact on the outstanding stock options (See Note 14–Stockholder's Equity). Directors' Phantom Stock Plan: The Directors' Phantom Stock Plan offers non-employee members of the board of directors ("Directors") the opportunity to defer their cash compensation and to receive that compensation in common stock rather than in cash after termination of service or a predetermined period. Compensation generally includes the annual retainers payable by the Company to the Directors. Deferred amounts are generally credited as units of phantom stock at the beginning of each three-year deferral period by dividing the present value of the deferred compensation by the average fair market value of the Company's common stock at the date of award. Compensation expense related to the phantom stock awards was determined by the amortization of the value of the stock units on a straight-line basis over the applicable service period. The stock units (including dividend equivalents) vest as the Directors' services (to which the fees relate) are rendered. Vested phantom stock units are ultimately paid out in common stock on a one-unit for one-share basis. To the extent elected by a Director, stock units receive dividend equivalents in the form of additional stock units based on the dividend amount paid on the common stock. The aggregate number of phantom stock units that may be granted under the Directors' Phantom Stock Plan is 500,000. As of December 31, 2020, there were 110,062 stock units available for grant under the Directors' Phantom Stock Plan. The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Stock Units Weighted Stock Units Weighted Stock Units Weighted Balance at beginning of year 7,216 $ 43.29 — $ — 4,054 $ 79.82 Granted 24,576 17.11 23,690 40.26 10,380 49.55 Vested (27,130) 20.94 (16,474) 38.94 (12,193) 54.40 Forfeited — — — — (2,241) 77.91 Balance at end of year 4,662 $ 35.35 7,216 $ 43.29 — $ — Employee Stock Purchase Plan ("ESPP"): The ESPP authorizes eligible employees to purchase the Company's common stock through voluntary payroll deductions made during periodic offering periods. Under the ESPP, common stock is purchased at a 15% discount from the lesser of the fair value of common stock at the beginning and end of the offering period. A maximum of 791,117 shares of common stock is available for purchase under the ESPP. The number of shares available for future purchase under the plan at December 31, 2020 was 132,553. Compensation: The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Stock units $ 4,159 $ 4,598 $ 6,355 LTIP units 13,339 11,372 26,311 Stock options — 51 125 Phantom stock units 568 702 760 $ 18,066 $ 16,723 $ 33,551 The Company capitalized share and unit-based compensation costs of $4,223, $4,691 and $6,184 for the years ended December 31, 2020, 2019 and 2018, respectively. The fair value of the stock awards and stock units that vested during the years ended December 31, 2020, 2019 and 2018 was $1,376, $3,577 and $6,479, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2020 consisted of $3,007 from LTIP Units, $2,257 from stock units and $165 from phantom stock units. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans: 401(k) Plan: The Company has a defined contribution retirement plan that covers its eligible employees (the "Plan"). The Plan is a defined contribution retirement plan covering eligible employees of the Macerich Property Management Company, LLC and participating affiliates. This Plan includes The Macerich Company Common Stock Fund as a new investment alternative under the Plan with 650,000 shares of common stock reserved for issuance under the Plan. In accordance with the Plan, the Company makes matching contributions equal to 100 percent of the first three percent of compensation deferred by a participant and 50 percent of the next two percent of compensation deferred by a participant. During the years ended December 31, 2020, 2019 and 2018, these matching contributions made by the Company were $3,455, $3,346 and $3,422, respectively. Contributions and matching contributions to the Plan by the plan sponsor and/or participating affiliates are recognized as an expense of the Company in the period that they are made. Deferred Compensation Plans: The Company has established deferred compensation plans under which executives and key employees of the Company may elect to defer receiving a portion of their cash compensation otherwise payable in one calendar year until a later year. The Company may, as determined by the Board of Directors in its sole discretion prior to the beginning of the plan year, credit a participant's account with a matching amount equal to a percentage of the participant's deferral. The Company contributed $695, $814 and $813 to the plans during the years ended December 31, 2020, 2019 and 2018, respectively. Contributions are recognized as compensation in the periods they are made. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes: For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2020, 2019 and 2018: 2020(1) 2019(1) 2018(1) Ordinary income $ 0.08 5.2 % $ 1.32 44.2 % $ 1.91 64.3 % Capital gains 0.02 1.3 % 0.64 21.2 % 0.05 1.7 % Return of capital 1.45 93.5 % 1.04 34.6 % 1.01 34.0 % Dividends paid $ 1.55 100.0 % $ 3.00 100.0 % $ 2.97 100.0 % _______________________________________________________________________________ (1) The 2020, 2019 and 2018 taxable ordinary dividends are treated as "qualified REIT dividends" for purposes of Internal Revenue Code Section 199A. The Company has made Taxable REIT Subsidiary elections for all of its corporate subsidiaries other than its Qualified REIT Subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The income tax provision of the TRSs for the years ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Current $ 439 $ (150) $ 413 Deferred 8 (1,439) 3,191 Income tax benefit (expense) $ 447 $ (1,589) $ 3,604 The income tax provision of the TRSs for the years ended December 31, 2020, 2019 and 2018 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows: 2020 2019 2018 Book loss (income) for TRSs $ 6,058 $ (2,062) $ 19,525 Tax at statutory rate on earnings from continuing operations before income taxes $ 1,272 $ (433) $ 4,100 State taxes (31) (280) 513 Other (794) (876) (1,009) Income tax benefit (expense) $ 447 $ (1,589) $ 3,604 The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2020 and 2019 are summarized as follows: 2020 2019 Net operating loss carryforwards $ 27,196 $ 22,338 Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs 2,927 6,784 Other 644 1,635 Net deferred tax assets $ 30,767 $ 30,757 The net operating loss ("NOL") carryforwards for NOLs generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2025. Pursuant to the Tax Cuts and Jobs Act of 2017, NOLs generated in 2018 and subsequent tax years are carried forward indefinitely. The Coronavirus Aid, Relief and Economic Security Act removed the 80% of taxable income limitation, imposed by the Tax Cuts and Jobs Act, for NOLs generated in 2018, 2019 and 2020. For the years ended December 31, 2020, 2019 and 2018 there were no unrecognized tax benefits. The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of December 31, 2020, the Company had no valuation allowance recorded. The tax years 2017 through 2019 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next 12 months. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited): The following is a summary of quarterly results of operations for the years ended December 31, 2020 and 2019: 2020 Quarter Ended 2019 Quarter Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 194,643 $ 185,844 $ 178,587 $ 226,952 $ 241,841 $ 231,127 $ 227,972 $ 226,522 Net (loss) income attributable to the Company(1) $ (190,418) $ (22,191) $ (25,116) $ 7,522 $ 26,891 $ 46,371 $ 15,734 $ 7,824 Net (loss) income attributable to common stockholders per share-basic $ (1.27) $ (0.15) $ (0.18) $ 0.05 $ 0.19 $ 0.33 $ 0.11 $ 0.05 Net (loss) income attributable to common stockholders per share-diluted $ (1.27) $ (0.15) $ (0.18) $ 0.05 $ 0.19 $ 0.33 $ 0.11 $ 0.05 (1) Net loss attributable to the Company for the quarter ended December 31, 2020 includes the loss on remeasurement of assets of $163,298 resulting from the consolidation of the Company’s joint venture in Fashion District Philadelphia (See Note 16–Consolidated Joint Venture and Acquisitions). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events:On January 28, 2021, the Company announced a dividend/distribution of $0.15 per share for common stockholders and OP Unit holders of record on February 19, 2021. All dividends/distributions will be paid 100% in cash on March 3, 2021. |
Schedule III-Real Estate and Ac
Schedule III-Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate and Accumulated Depreciation Disclosure | Initial Cost to Company Gross Amount at Which Carried at Close of Period Shopping Centers/Entities Land Building and Equipment Cost Capitalized Land Building and Equipment Construction Total Accumulated Total Cost Chandler Fashion Center $ 24,188 $ 223,143 $ — $ 27,118 $ 24,188 $ 245,004 $ 5,120 $ 137 $ 274,449 $ 125,007 $ 149,442 Danbury Fair Mall 130,367 316,951 — 120,938 141,479 380,517 10,162 36,098 568,256 171,276 396,980 Desert Sky Mall 9,447 37,245 12 6,324 9,082 41,173 2,773 — 53,028 14,911 38,117 Eastland Mall 22,050 151,605 — 11,894 21,161 162,243 2,135 10 185,549 44,291 141,258 Estrella Falls 10,550 — — 52,007 10,524 52,033 — — 62,557 6,342 56,215 Fashion District Philadelphia 38,402 293,112 — — 38,402 280,253 — 12,859 331,514 521 330,993 Fashion Outlets of Chicago — — — 269,570 39,910 220,559 4,569 4,532 269,570 76,403 193,167 Fashion Outlets of Niagara Falls USA 18,581 210,139 — 106,751 23,762 309,409 2,225 75 335,471 97,743 237,728 The Marketplace at Flagstaff — — — 45,851 — 45,851 — — 45,851 27,137 18,714 Freehold Raceway Mall 164,986 362,841 — 126,946 168,098 477,057 9,302 316 654,773 221,660 433,113 Fresno Fashion Fair 17,966 72,194 — 54,340 17,966 120,325 2,940 3,269 144,500 64,776 79,724 Green Acres Mall 156,640 321,034 — 197,842 179,274 474,189 10,760 11,293 675,516 153,541 521,975 Inland Center 8,321 83,550 — 31,899 10,291 111,935 388 1,156 123,770 28,801 94,969 Kings Plaza Shopping Center 209,041 485,548 20,000 282,891 209,041 683,575 57,720 47,144 997,480 159,629 837,851 La Cumbre Plaza 18,122 21,492 — 16,995 13,856 42,503 250 — 56,609 25,292 31,317 Macerich Management Co. 1,150 10,475 26,562 30,591 3,878 18,430 46,061 409 68,778 26,237 42,541 MACWH, LP — 25,771 — 12,261 10,777 27,255 — — 38,032 11,253 26,779 NorthPark Mall 7,746 74,661 — 14,074 7,441 88,405 635 — 96,481 27,890 68,591 Oaks, The 32,300 117,156 — 268,674 56,387 357,559 3,559 625 418,130 178,981 239,149 Pacific View 8,697 8,696 — 137,903 7,854 145,895 1,547 — 155,296 80,778 74,518 Paradise Valley Mall 33,445 128,485 — 22,337 32,045 148,099 2,638 1,485 184,267 88,056 96,211 Prasada 6,615 — — 25,243 5,523 26,296 — 39 31,858 575 31,283 Queens Center 251,474 1,039,922 — 56,956 256,786 1,085,788 5,616 162 1,348,352 182,761 1,165,591 Santa Monica Place 26,400 105,600 — 351,922 48,374 428,615 6,710 223 483,922 160,769 323,153 SanTan Adjacent Land 29,414 — — 9,510 26,902 — — 12,022 38,924 — 38,924 SanTan Village Regional Center 7,827 — — 215,839 5,921 216,095 1,622 28 223,666 107,764 115,902 Sears South Plains 8,170 11,130 — — — — — 19,300 19,300 — 19,300 SouthPark Mall 7,035 38,215 — (7,811) 2,899 34,107 433 — 37,439 16,689 20,750 Southridge Center 6,764 — — 7,930 2,220 12,148 136 190 14,694 7,410 7,284 Stonewood Center 4,948 302,527 — 12,811 4,935 314,948 403 — 320,286 60,990 259,296 Superstition Springs Center 10,928 112,718 — 11,232 10,928 122,924 1,026 — 134,878 27,914 106,964 See accompanying report of independent registered public accounting firm. Initial Cost to Company Gross Amount at Which Carried at Close of Period Shopping Centers/Entities Land Building and Equipment Cost Capitalized Land Building and Equipment Construction Total Accumulated Total Cost Superstition Springs Power Center 1,618 4,420 — (109) 1,194 4,698 37 — 5,929 2,268 3,661 The Macerich Partnership, L.P. — 2,534 — 4,860 — — 7,365 29 7,394 1,515 5,879 Towne Mall 6,652 31,184 — 4,988 6,877 35,480 368 99 42,824 17,769 25,055 Tucson La Encantada 12,800 19,699 — 59,230 12,800 78,230 699 — 91,729 46,986 44,743 Valley Mall 16,045 26,098 — 13,772 15,616 40,014 276 9 55,915 14,389 41,526 Valley River Center 24,854 147,715 — 34,936 24,854 180,572 2,008 71 207,505 73,276 134,229 Victor Valley, Mall of 15,700 75,230 — 54,163 20,080 123,323 1,690 — 145,093 62,683 82,410 Vintage Faire Mall 14,902 60,532 — 58,719 17,417 113,564 1,637 1,535 134,153 77,319 56,834 Wilton Mall 19,743 67,855 — (2,351) 11,310 72,734 1,127 76 85,247 47,457 37,790 Other freestanding stores 5,926 31,785 — 11,616 5,927 43,106 294 — 49,327 22,556 26,771 Other land and development properties 63,338 — — (24,938) 32,291 6,047 — 62 38,400 518 37,882 $ 1,453,152 $ 5,021,262 $ 46,574 $ 2,735,724 $ 1,538,270 $ 7,370,958 $ 194,231 $ 153,253 $ 9,256,712 $ 2,562,133 $ 6,694,579 Depreciation of the Company's investment in buildings and improvements reflected in the consolidated statements of operations are calculated over the estimated useful lives of the asset as follows: Buildings and improvements 5 - 40 years Tenant improvements 5 - 7 years Equipment and furnishings 5 - 7 years The changes in total real estate assets for the three years ended December 31, 2020 are as follows: 2020 2019 2018 Balances, beginning of year $ 8,993,049 $ 8,878,820 $ 9,127,533 Additions 419,369 176,690 246,719 Dispositions and retirements (155,706) (62,461) (495,432) Balances, end of year $ 9,256,712 $ 8,993,049 $ 8,878,820 The aggregate cost of the property included in the table above for federal income tax purposes was $9,178,539 (unaudited) at December 31, 2020. The changes in accumulated depreciation for the three years ended December 31, 2020 are as follows: 2020 2019 2018 Balances, beginning of year $ 2,349,536 $ 2,093,044 $ 2,018,303 Additions 287,925 287,846 275,236 Dispositions and retirements (75,328) (31,354) (200,495) Balances, end of year $ 2,562,133 $ 2,349,536 $ 2,093,044 See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. |
Consolidation of VIE | 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 VIEs, including Fashion District Philadelphia and SanTan Village Regional Shopping Center. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under loan and other agreements. |
Revenues | Revenues: Leasing revenue includes minimum rents, percentage rents, tenant recoveries and other leasing income. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." Minimum rents were increased by $24,789, $10,533 and $11,755 due to the straight-line rent adjustment during the years ended December 31, 2020, 2019 and 2018, respectively. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. |
Property | Property: Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 5 - 40 years Tenant improvements 5 - 7 years Equipment and furnishings 5 - 7 years |
Capitalization of Costs | Capitalization of Costs: The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete. |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures: The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, Macerich HHF Centers LLC, New River Associates LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures due to the substantive participation rights of the outside partners in these joint ventures and, therefore, accounts for its investments in these joint ventures using the equity method of accounting. Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization. |
Acquisitions | Acquisitions: Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets and intangible assets and liabilities. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates purchase price based on the estimated fair value of each separately identified asset and liability. The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases is recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. Remeasurement gains and losses are recognized when the Company becomes the primary beneficiary of an existing equity method investment that is a VIE to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment, and remeasurement losses to the extent the carrying value of the investment exceeds the fair value. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including discount rate, terminal capitalization rate and market rents. |
Deferred Charges | Deferred Charges: Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method. The range of the terms of the agreements is as follows: Deferred leasing costs 1 - 15 years Deferred financing costs 1 - 15 years |
Accounting for Impairment | Accounting for Impairment: The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. A shortened holding period increases the risk that the carrying value of a long-lived asset is not recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary. |
Share and Unit-based Compensation Plans | Share and Unit-based Compensation Plans:The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities: The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations. |
Income Taxes | Income Taxes: The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any. Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes, which are provided for in the Company's consolidated financial statements. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods. |
Segment Information | Segment Information: The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made. The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on |
Concentration of Risk | Concentration of Risk:The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. |
Management Estimates | Management Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, “Revenue From Contracts With Customers (ASC 606)," which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The standard 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 the standard specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. The standard applies to the Company's recognition of management companies and other revenues. The Company's adoption of the standard on January 1, 2018 did not have an impact on the pattern of revenue recognition for management companies and other revenues. Additionally, under ASC 606, the Company changed its accounting for its joint venture in Chandler Freehold from a co-venture arrangement to a financing arrangement (See Note 12—Financing Arrangement). Upon adoption of the standard on January 1, 2018, the Company replaced its $31,150 distributions in excess of co-venture obligation with a financing arrangement obligation of $393,709 on its consolidated balance sheets. This resulted in the recognition of a $424,859 increase in the Company’s accumulated deficit as a cumulative effect adjustment under the modified retrospective method of adoption. On January 1, 2019, the Company adopted Accounting Standards Codification ("ASC") 842, "Leases", under the modified retrospective method. The new standard amended the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). In connection with the adoption of the new lease standard, the Company elected to use the transition packages of practical expedients for implementation provided by the FASB, which included (i) relief from re-assessing whether an expired or existing contract meets the definition of a lease, (ii) relief from re-assessing the classification of expired or existing leases at the adoption date, (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized, and (iv) application of the standard as of the adoption date rather than to all periods presented. The new standard requires the Company to reduce leasing revenue for credit losses associated with lease receivables. In addition, straight-line rent receivables are written off when the Company believes there is uncertainty regarding a tenant's ability to complete the term of the lease. As a result, the Company recognized a cumulative effect adjustment of $2,203 upon adoption for the write off of straight-line rent receivables of tenants that were in litigation or bankruptcy. The standard also requires that the provision for bad debts relating to leases be presented as a reduction of leasing revenue. For the year ended December 31, 2018, the provision for bad debts is included in shopping center and operating expenses. The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Initial direct costs include the salaries and related costs for employees directly working on leasing activities. Prior to January 1, 2019, these costs were capitalizable and therefore the new lease standard resulted in certain of these costs being expensed as incurred. For comparison purposes, the Company has reclassified leasing expenses that were included in management companies' operating expenses to leasing expenses for the year ended December 31, 2018, to conform to the presentation for the years ended December 31, 2019 and 2020. Upon the adoption of the new standard, the Company elected the practical expedient to not separate non-lease components, most significantly certain common area maintenance recoveries, from the associated lease components, resulting in the Company presenting all revenues associated with leases as leasing revenue on its consolidated statements of operations. For comparison purposes, the Company has reclassified minimum rents, percentage rents, tenant recoveries and other leasing income to leasing revenue for the year ended December 31, 2018, to conform to the presentation for the years ended December 31, 2019 and 2020. The standard requires lessees to classify its leases as either finance or operating leases. The lessee records a right-of-use ("ROU") asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. Upon adoption, the Company recognized initial ROU assets and corresponding lease liabilities of $109,299, representing the discounted value of future lease payments required for leases classified as operating leases. In addition, the Company reclassified $59,736 from deferred charges and other assets, net, $5,978 from accounts payable and accrued expenses and $4,342 from other accrued liabilities, relating to existing intangible assets and straight-line rent liabilities. The Company's lease liabilities were increased at adoption by $15,268 for lease liabilities associated with finance leases that were previously included in other accrued liabilities. See Note 8—Leases, for further disclosure on the Company's adoption of the new standard. In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” which aims to (i) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (ii) reduce the complexity of and simplify the application of hedge accounting by preparers. The standard was effective for the Company beginning January 1, 2019. The Company's adoption of this standard did not have a significant impact on its consolidated financial statements. In March 2020, the FASB issued guidance codified in ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective for the Company as of March 12, 2020 through December 31, 2022. An entity can elect to apply the amendments as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to that date that the financial statements are available to be issued. The Company is currently evaluating the optional expedients and exceptions provided by ASU 2020-04 to determine the impact on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule Operating Partnership's VIEs | The Operating Partnership's VIEs included the following assets and liabilities: December 31, 2020 2019 Assets: Property, net $ 551,062 $ 254,071 Other assets 97,713 30,049 Total assets $ 648,775 $ 284,120 Liabilities: Mortgage notes payable $ 420,233 $ 219,140 Other liabilities 81,266 32,101 Total liabilities $ 501,499 $ 251,241 |
Schedule of Cash and Cash Equivalents | The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows: 2020 2019 2018 Beginning of period Cash and cash equivalents $ 100,005 $ 102,711 $ 91,038 Restricted cash 14,211 46,590 52,067 Cash, cash equivalents and restricted cash $ 114,216 $ 149,301 $ 143,105 End of period Cash and cash equivalents $ 465,297 $ 100,005 $ 102,711 Restricted cash 17,362 14,211 46,590 Cash, cash equivalents and restricted cash $ 482,659 $ 114,216 $ 149,301 |
Schedule of Estimated Useful Lives of Property | Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 5 - 40 years Tenant improvements 5 - 7 years Equipment and furnishings 5 - 7 years |
Schedule of Range of the Terms of Loan and Lease Agreements | The range of the terms of the agreements is as follows: Deferred leasing costs 1 - 15 years Deferred financing costs 1 - 15 years |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator Used in Computation of Earnings Per Share | The following table reconciles the numerator and denominator used in the computation of earnings per share for the years ended December 31 (shares in thousands): 2020 2019 2018 Numerator Net (loss) income $ (245,462) $ 102,554 $ 68,972 Net (loss) income attributable to noncontrolling interests 15,259 (5,734) (8,952) Net (loss) income attributable to the Company (230,203) 96,820 60,020 Allocation of earnings to participating securities (1,048) (1,190) (1,106) Numerator for basic and diluted EPS—net (loss) income attributable to common stockholders $ (231,251) $ 95,630 $ 58,914 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 146,232 141,340 141,142 Effect of dilutive securities (1) Share and unit based compensation — — 2 Denominator for diluted EPS—weighted average number of common shares outstanding 146,232 141,340 141,144 EPS—net (loss) income attributable to common stockholders: Basic $ (1.58) $ 0.68 $ 0.42 Diluted $ (1.58) $ 0.68 $ 0.42 ____________________________________ (1) Diluted EPS excludes 97,926, 90,619 and 90,619 convertible preferred units for the years ended December 31, 2020, 2019 and 2018, respectively, as their impact was antidilutive. Diluted EPS excludes 10,688,179, 10,415,291 and 10,360,390 Operating Partnership units ("OP Units") for the years ended December 31, 2020, 2019 and 2018, respectively, as their effect was antidilutive. |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Ownership Interest in Joint Ventures | The following are the Company's direct or indirect investments in various unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2020 was as follows: Joint Venture Ownership %(1) 443 Wabash MAB LLC 50.0 % AM Tysons LLC 50.0 % Biltmore Shopping Center Partners LLC 50.0 % CAM-CARSON LLC—Los Angeles Premium Outlets 50.0 % Coolidge Holding LLC 37.5 % Corte Madera Village, LLC 50.1 % Country Club Plaza KC Partners LLC 50.0 % Goodyear Peripheral LLC 41.7 % HPP-MAC WSP, LLC—One Westside 25.0 % Jaren Associates #4 12.5 % Kierland Commons Investment LLC 50.0 % Macerich HHF Broadway Plaza LLC—Broadway Plaza 50.0 % Macerich HHF Centers LLC—Various Properties 51.0 % MS Portfolio LLC 50.0 % New River Associates LLC—Arrowhead Towne Center 60.0 % North Bridge Chicago LLC 50.0 % One Scottsdale Investors LLC 50.0 % Pacific Premier Retail LLC—Various Properties 60.0 % Propcor II Associates, LLC—Boulevard Shops 50.0 % Scottsdale Fashion Square Partnership 50.0 % TM TRS Holding Company LLC 50.0 % Tysons Corner LLC 50.0 % Tysons Corner Hotel I LLC 50.0 % Tysons Corner Property Holdings II LLC 50.0 % Tysons Corner Property LLC 50.0 % West Acres Development, LLP 19.0 % Westcor/Surprise Auto Park LLC 33.3 % WMAP, L.L.C.—Atlas Park, The Shops at 50.0 % _______________________________________________________________________________ (1) The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds. |
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information | Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31: 2020 2019 Assets(1): Property, net $ 8,721,551 $ 9,424,591 Other assets 774,583 772,116 Total assets $ 9,496,134 $ 10,196,707 Liabilities and partners' capital(1): Mortgage and other notes payable $ 5,942,478 $ 6,144,685 Other liabilities 397,483 565,412 Company's capital 1,711,944 1,904,145 Outside partners' capital 1,444,229 1,582,465 Total liabilities and partners' capital $ 9,496,134 $ 10,196,707 Investment in unconsolidated joint ventures: Company's capital $ 1,711,944 $ 1,904,145 Basis adjustment(2) (479,678) (492,350) $ 1,232,266 $ 1,411,795 Assets—Investments in unconsolidated joint ventures 1,340,647 $ 1,519,697 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (108,381) (107,902) $ 1,232,266 $ 1,411,795 _______________________________________________________________________________ (1) These amounts include the assets of $2,857,757 and $2,932,401 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2020 and 2019, respectively, and liabilities of $1,687,042 and $1,732,976 of the PPR Portfolio as of December 31, 2020 and 2019, respectively. (2) 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 $13,168, $18,834 and $12,793 for the years ended December 31, 2020, 2019 and 2018, 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 Year Ended December 31, 2020 Revenues: Leasing revenue $ 171,505 $ 633,357 $ 804,862 Other 614 18,439 19,053 Total revenues 172,119 651,796 823,915 Expenses: Shopping center and operating expenses 37,018 240,139 277,157 Leasing expenses 1,325 4,173 5,498 Interest expense 64,460 151,857 216,317 Depreciation and amortization 102,788 285,948 388,736 Total operating expenses 205,591 682,117 887,708 (Loss) gain on sale of assets (120) 157 37 Net loss $ (33,592) $ (30,164) $ (63,756) Company's equity in net loss $ (10,371) $ (16,667) $ (27,038) Year Ended December 31, 2019 Revenues: Leasing revenue 187,789 712,860 900,649 Other 1,598 49,184 50,782 Total revenues 189,387 762,044 951,431 Expenses: Shopping center and operating expenses 37,528 250,598 288,126 Leasing expenses 1,598 6,695 8,293 Interest expense 67,354 150,111 217,465 Depreciation and amortization 100,490 273,565 374,055 Total operating expenses 206,970 680,969 887,939 Loss on sale of assets (452) (380) (832) Net (loss) income $ (18,035) $ 80,695 $ 62,660 Company's equity in net (loss) income $ (590) $ 49,098 $ 48,508 PPR Portfolio Other Total Year Ended December 31, 2018 Revenues: Leasing revenue $ 186,924 $ 727,328 $ 914,252 Other 905 41,420 42,325 Total revenues 187,829 768,748 956,577 Expenses: Shopping center and operating expenses 39,283 246,652 285,935 Interest expense(1) 67,117 145,915 213,032 Depreciation and amortization 97,885 248,778 346,663 Total operating expenses 204,285 641,345 845,630 (Loss) gain on sale of assets (140) 14,471 14,331 Net (loss) income $ (16,596) $ 141,874 $ 125,278 Company's equity in net (loss) income $ (16) $ 71,789 $ 71,773 _______________________________________________________________________________ (1) Interest expense includes $20,197 for the year ended December 31, 2018, related to mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 19—Related Party Transactions). |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Outstanding | The following derivatives were outstanding at December 31, 2020: Fair Value Property Notional Amount Product LIBOR Rate Maturity December 31, December 31, Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2021 $ — $ — The Macerich Partnership, L.P. $ 400,000 Swaps 2.85 % 9/30/2021 $ (8,208) $ (9,051) |
Property, net (Tables)
Property, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Real Estate Properties | Property, net at December 31, 2020 and 2019 consists of the following: 2020 2019 Land $ 1,538,270 $ 1,520,678 Buildings and improvements 6,620,708 6,389,458 Tenant improvements 750,250 726,533 Equipment and furnishings(1) 194,231 230,215 Construction in progress 153,253 126,165 9,256,712 8,993,049 Less accumulated depreciation (2,562,133) (2,349,536) $ 6,694,579 $ 6,643,513 (1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at December 31, 2020 and 2019 |
Schedule of Loss (Gain) on Sale or Write down of Assets | The (loss) gain on sale or write down of assets, net for the years ended December 31, 2020, 2019 and 2018 consist of the following: 2020 2019 2018 Property sales(1) $ — $ — $ 45,931 Write-down of assets(2) (76,705) (16,285) (82,745) Land sales(3) 8,593 4,376 4,989 $ (68,112) $ (11,909) $ (31,825) _______________________________________________________________________________ (1) Property sales during the year ended December 31, 2018 includes a $46,242 gain on the sale of a 75% ownership interest in One Westside (See Note 4—Investments in Unconsolidated Joint Ventures) and a loss of on the sale of $311 on the sale of Promenade at Casa Grande (See Note 17—Dispositions). (2) Includes impairment losses of $30,063 on Wilton Mall, $6,640 on Paradise Valley Mall and $4,154 on the write-down of non-real estate assets during the year ended December 31, 2020 and $36,338 on Southpark Mall, $7,907 on La Cumbre Plaza, $7,494 on two freestanding stores, $1,697 on Southridge Center and $1,043 on Promenade at Casa Grande during the year ended December 31, 2018. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining balances represent the write off of development costs in 2020, 2019 and 2018. (3) Includes impairment losses of $5,047 for undeveloped land that is currently under contract for sale as of December 31, 2020. |
Assets Measured on a Nonrecurring Basis | The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2020 and 2018 as described above: Years ended December, 31 Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) 2020 $ 151,875 $ — $ 151,875 $ — 2018 $ 104,700 $ — 104,700 $ — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Components of Leasing Revenue | The following table summarizes the components of leasing revenue for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Leasing revenue - fixed payments $ 592,858 $ 647,876 $ 659,991 Leasing revenue - variable payments 191,715 218,680 228,668 Provision for doubtful accounts (44,250) (7,682) (4,663) $ 740,323 $ 858,874 $ 883,996 |
Schedule of Future Minimum Rental Payments by the Company | The following table summarizes the future rental payments to the Company: 2021 $ 407,044 2022 364,733 2023 316,848 2024 254,894 2025 208,161 Thereafter 610,154 $ 2,161,834 |
Summary of Lease Costs | The following table summarizes the lease costs for the year ended December 31, 2020: Operating lease costs $ 15,332 Finance lease costs: Amortization of ROU assets 1,905 Interest on lease liabilities 546 $ 17,783 |
Summary of Future Minimum Rental Payments Required | The following table summarizes the future rental payments required under the leases as of December 31, 2020: Year ending Operating Finance Leases 2021 $ 14,695 $ 10,785 2022 14,558 2,762 2023 8,746 344 2024 6,759 3,085 2025 6,796 — Thereafter 116,660 — Total undiscounted rental payments 168,214 16,976 Less imputed interest (94,375) (599) Total lease liabilities $ 73,839 $ 16,377 |
Deferred Charges and Other As_2
Deferred Charges and Other Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Deferred Charges and Other Assets, Net | Deferred charges and other assets, net at December 31, 2020 and 2019 consist of the following: 2020 2019 Leasing $ 162,652 $ 202,540 Intangible assets: In-place lease values(1) 74,298 78,171 Leasing commissions and legal costs(1) 21,096 20,518 Above-market leases 80,120 59,916 Deferred tax assets 30,767 30,757 Deferred compensation plan assets 62,874 55,349 Other assets 61,553 60,475 493,360 507,726 Less accumulated amortization(2) (186,401) (229,860) $ 306,959 $ 277,866 _______________________________ (1) The amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2021 $ 8,997 2022 8,096 2023 6,884 2024 5,848 2025 5,005 Thereafter 13,315 $ 48,145 (2) Accumulated amortization includes $47,249 and $66,322 relating to in-place lease values, leasing commissions and legal costs at December 31, 2020 and 2019, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $9,412, $13,821 and $13,635 for the years ended December 31, 2020, 2019 and 2018, respectively. |
Schedule of Estimated Amortization of Intangible Assets for the Next Five Years and Thereafter | The amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2021 $ 8,997 2022 8,096 2023 6,884 2024 5,848 2025 5,005 Thereafter 13,315 $ 48,145 |
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: 2020 2019 Above-Market Leases Original allocated value $ 80,120 $ 59,916 Less accumulated amortization (33,271) (35,737) $ 46,849 $ 24,179 Below-Market Leases(1) Original allocated value $ 114,790 $ 90,790 Less accumulated amortization (43,656) (53,727) $ 71,134 $ 37,063 _______________________________ (1) Below-market leases are included in other accrued liabilities. |
Schedule of Estimated Amortization of Allocated Values of Above and Below-market Leases for the Next Five Years and Thereafter | The amortization of these values for the next five years and thereafter is as follows: Year Ending December 31, Above Below 2021 $ 8,463 $ 10,781 2022 7,851 9,933 2023 7,380 9,241 2024 6,735 9,126 2025 5,404 7,654 Thereafter 11,016 24,399 $ 46,849 $ 71,134 |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | Mortgage notes payable at December 31, 2020 and 2019 consist of the following: Carrying Amounts of Mortgage Notes(1) Effective Interest Monthly Maturity Property Pledged as Collateral 2020 2019 Chandler Fashion Center(5) $ 255,361 $ 255,174 4.18 % $ 875 2024 Danbury Fair Mall(6) 186,741 194,718 5.56 % 1,538 2021 Fashion District Philadelphia(7) 201,000 — 4.00 % 670 2024 Fashion Outlets of Chicago 299,193 299,112 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA(8) 101,463 106,398 6.45 % 727 2023 Freehold Raceway Mall(5) 398,545 398,379 3.94 % 1,300 2029 Fresno Fashion Fair 323,857 323,659 3.67 % 971 2026 Green Acres Commons(9) 129,847 128,926 2.87 % 250 2021 Green Acres Mall(10) 270,570 277,747 3.61 % 1,447 2021 Kings Plaza Shopping Center 535,413 535,097 3.71 % 1,629 2030 Oaks, The 183,108 187,142 4.14 % 1,064 2022 Pacific View 114,909 118,202 4.08 % 668 2022 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(11) 298,566 297,817 1.88 % 408 2022 SanTan Village Regional Center 219,233 219,140 4.34 % 788 2029 Towne Mall 19,815 20,284 4.48 % 117 2022 Tucson La Encantada 62,018 63,682 4.23 % 368 2022 Victor Valley, Mall of 114,791 114,733 4.00 % 380 2024 Vintage Faire Mall 246,380 252,389 3.55 % 1,256 2026 $ 4,560,810 $ 4,392,599 (1) 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 $14,085 and $16,042 at December 31, 2020 and 2019, respectively. (2) The interest rate disclosed represents the effective interest rate, including the impact of debt premium 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 the Company's joint venture in Chandler Freehold (See Note 12—Financing Arrangement). (6) On September 15, 2020, the Company closed on a loan extension agreement for Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021. The loan may be further extended to July 1, 2021, subject to certain conditions. The loan amount and interest rate are unchanged following the extension. (7) Effective December 10, 2020, the Company began consolidating this joint venture and assumed this debt (See Note 16—Consolidated Joint Venture and Acquisitions). (8) The loan included unamortized debt premium of $0 and $773 at December 31, 2020 and 2019, respectively. The debt premiums represented the excess of the fair value of the loan over the principal value of the loan assumed at acquisition and was amortized into interest expense over the remaining term of the loan in a manner that approximated the effective interest method. On December 15, 2020, the Company closed on a loan extension agreement for the Fashion Outlets of Niagara. Under the extension agreement the original loan maturity date of October 6, 2020 was extended to October 6, 2023. The loan amount and interest rate are unchanged following the extension. (9) The loan bears interest at LIBOR plus 2.15%. At December 31, 2020 and 2019, the total interest rate was 2.87% and 4.40%, respectively. The Company is in the process of securing a two-year extension on this loan. (10) On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also includes a one-year extension option to February 3, 2023. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing. (11) The loan bears interest at LIBOR plus 1.48%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2021 (See Note 5—Derivative Instruments and Hedging Activities). At December 31, 2020 and 2019, the total interest rate was 1.88% and 3.34%, respectively. |
Future Maturities of Mortgage Notes Payable | The future maturities of mortgage notes payable are as follows: Year Ending December 31, 2021 $ 355,614 2022 685,811 2023 359,209 2024 569,120 2025 607,399 Thereafter 1,997,742 4,574,895 Deferred finance cost, net (14,085) $ 4,560,810 |
Financing Arrangement (Tables)
Financing Arrangement (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Co-Venture Arrangement [Abstract] | |
Financing Arrangement | During the years ended December 31, 2020, 2019 and 2018 the Company incurred interest (income) expense in connection with the financing arrangement as follows: 2020 2019 2018 Distributions of the partner's share of net income $ 1,144 $ 7,184 $ 9,079 Distributions in excess of the partner's share of net income 3,097 6,939 6,376 Adjustment to fair value of financing arrangement obligation (139,522) (76,640) (15,225) $ (135,281) $ (62,517) $ 230 |
Consolidated Joint Venture an_2
Consolidated Joint Venture and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Allocation of Fair Value | The following is a summary of the allocation of the fair value of Fashion District Philadelphia: Property $ 331,514 Deferred charges 25,272 Cash and cash equivalents 4,492 Restricted cash 1,319 Tenant receivables 8,476 Other assets 30,582 Total assets acquired 401,655 Mortgage note payable 201,000 Partnership loan(1) 100,000 Accounts payable 6,673 Due to affiliates 3 Other accrued liabilities 55,717 Total liabilities assumed 363,393 Fair value of acquired net assets (at 100% ownership) $ 38,262 (1) The Partnership Loan is eliminated in the Company's consolidated financial statements. The following is a summary of the allocation of the fair value of Sears South Plains: Land $ 8,170 Building and improvements 11,130 Fair value of acquired net assets (at 100% ownership) $ 19,300 |
Schedule of Business Acquisitions, by Acquisition | The Company recognized the following remeasurement loss on the Fashion District Philadelphia restructuring: Fair value of acquired net assets (at 100% ownership) $ 38,262 Fair value of the noncontrolling interest (19,131) Carrying value of existing investment in the joint venture (182,429) Loss on remeasurement of asset $ (163,298) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Fees Charged to Unconsolidated Joint Ventures | The following are fees charged to unconsolidated joint ventures for the years ended December 31: 2020 2019 2018 Management fees $ 15,297 $ 18,748 $ 19,752 Development and leasing fees 6,951 16,056 14,412 $ 22,248 $ 34,804 $ 34,164 |
Share and Unit-based Plans (Tab
Share and Unit-based Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Activity of Non-vested Stock Units | The following table summarizes the activity of non-vested stock units during the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Units Weighted Units Weighted Units Weighted Balance at beginning of year 199,987 $ 43.59 129,457 $ 64.21 151,355 $ 73.32 Granted 253,184 14.14 160,932 37.44 87,983 58.79 Vested (140,224) 39.53 (85,157) 62.84 (108,991) 74.04 Forfeited (3,102) 32.62 (5,245) 51.48 (890) 68.81 Balance at end of year 309,845 $ 21.47 199,987 $ 43.59 129,457 $ 64.21 |
Summary of Activity of SARs Awards | The following table summarizes the activity of SARs awards during the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Units Weighted Units Weighted Units Weighted Balance at beginning of year — $ — — $ — 235,439 $ 53.83 Exercised — — — — (235,439) 53.83 Balance at end of year — $ — — $ — — $ — |
Schedule of LTIP Units Granted | The Company has granted the following LTIP units during the years ended December 31, 2020, 2019 and 2018: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2018 65,466 Service-based $ 65.68 12/31/2020 1/1/2018 291,326 Market-indexed $ 44.28 12/31/2020 1/29/2018 13,632 Service-based $ 66.02 2/1/2022 1/29/2018 1,893 Service-based $ 66.02 12/31/2020 1/29/2018 7,775 Market-indexed $ 48.23 12/31/2020 3/2/2018 99,407 Service-based $ 59.04 3/2/2018 4/26/2018 89,637 Service-based $ 55.78 4/26/2018 569,136 1/1/2019 81,732 Service-based $ 43.28 12/31/2021 1/1/2019 250,852 Market-indexed $ 29.25 12/31/2021 9/1/2019 4,393 Service-based $ 28.53 8/31/2022 9/1/2019 6,454 Market-indexed $ 19.42 8/31/2022 343,431 1/1/2020 154,158 Service-based $ 26.92 12/31/2022 1/1/2020 321,940 Market-indexed $ 27.80 12/31/2022 3/1/2020 39,176 Service-based $ 20.42 2/28/2023 3/1/2020 37,592 Market-indexed $ 21.28 2/28/2023 552,866 |
Schedule LTIP Units Valuation Assumptions | The fair value of the market-indexed LTIP Units (Level 3) were estimated on the date of grant using a Monte Carlo Simulation model that based on the following assumptions: Grant Date Risk Free Interest Rate Expected Volatility 1/1/2018 1.98 % 23.38 % 1/29/2018 2.25 % 23.86 % 1/1/2019 2.46 % 23.52 % 9/1/2019 1.42 % 24.91 % 1/1/2020 1.62 % 26.08 % 3/1/2020 0.85 % 28.34 % |
Summary of Activity of Stock Options | The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Units Weighted Units Weighted Units Weighted Balance at beginning of year 616,219 $ 39.04 661,578 $ 48.38 636,632 $ 52.36 Granted 552,866 26.59 343,431 32.40 569,136 51.78 Vested (102,884) 40.19 (76,306) 59.27 (253,625) 61.17 Forfeited (282,149) 44.28 (312,484) 46.55 (290,565) 52.58 Balance at end of year 784,052 $ 28.11 616,219 $ 39.04 661,578 $ 48.38 The following table summarizes the activity of stock options for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Options Weighted Options Weighted Options Weighted Balance at beginning of year 35,565 $ 57.32 35,565 $ 57.32 35,565 $ 57.32 Granted(1) 1,950 — — — — — Balance at end of year 37,515 $ 54.34 35,565 $ 57.32 35,565 $ 57.32 (1) Pursuant to the terms of the Company's equity plan, the exercise price and number of options were adjusted so that the stock dividend paid on June 3, 2020 had no negative impact on the outstanding stock options (See Note 14–Stockholder's Equity). |
Summary of Activity of Non-vested Phantom Stock Units | The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Stock Units Weighted Stock Units Weighted Stock Units Weighted Balance at beginning of year 7,216 $ 43.29 — $ — 4,054 $ 79.82 Granted 24,576 17.11 23,690 40.26 10,380 49.55 Vested (27,130) 20.94 (16,474) 38.94 (12,193) 54.40 Forfeited — — — — (2,241) 77.91 Balance at end of year 4,662 $ 35.35 7,216 $ 43.29 — $ — |
Compensation Cost Under the Share and Unit-based Plans | The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Stock units $ 4,159 $ 4,598 $ 6,355 LTIP units 13,339 11,372 26,311 Stock options — 51 125 Phantom stock units 568 702 760 $ 18,066 $ 16,723 $ 33,551 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Distributions Made to Common Stockholders on a Per Share Basis | The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2020, 2019 and 2018: 2020(1) 2019(1) 2018(1) Ordinary income $ 0.08 5.2 % $ 1.32 44.2 % $ 1.91 64.3 % Capital gains 0.02 1.3 % 0.64 21.2 % 0.05 1.7 % Return of capital 1.45 93.5 % 1.04 34.6 % 1.01 34.0 % Dividends paid $ 1.55 100.0 % $ 3.00 100.0 % $ 2.97 100.0 % _______________________________________________________________________________ (1) The 2020, 2019 and 2018 taxable ordinary dividends are treated as "qualified REIT dividends" for purposes of Internal Revenue Code Section 199A. |
Schedule of Income Tax Provision of TRSs | The income tax provision of the TRSs for the years ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Current $ 439 $ (150) $ 413 Deferred 8 (1,439) 3,191 Income tax benefit (expense) $ 447 $ (1,589) $ 3,604 |
Reconciliation of Income Tax Provision of the TRSs to the Amount Computed by Applying the Federal Corporate Tax Rate | The income tax provision of the TRSs for the years ended December 31, 2020, 2019 and 2018 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows: 2020 2019 2018 Book loss (income) for TRSs $ 6,058 $ (2,062) $ 19,525 Tax at statutory rate on earnings from continuing operations before income taxes $ 1,272 $ (433) $ 4,100 State taxes (31) (280) 513 Other (794) (876) (1,009) Income tax benefit (expense) $ 447 $ (1,589) $ 3,604 |
Schedule of Tax Effects of Temporary Differences and Carryforwards of the TRSs Included in Net Deferred Tax Assets | The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2020 and 2019 are summarized as follows: 2020 2019 Net operating loss carryforwards $ 27,196 $ 22,338 Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs 2,927 6,784 Other 644 1,635 Net deferred tax assets $ 30,767 $ 30,757 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following is a summary of quarterly results of operations for the years ended December 31, 2020 and 2019: 2020 Quarter Ended 2019 Quarter Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 194,643 $ 185,844 $ 178,587 $ 226,952 $ 241,841 $ 231,127 $ 227,972 $ 226,522 Net (loss) income attributable to the Company(1) $ (190,418) $ (22,191) $ (25,116) $ 7,522 $ 26,891 $ 46,371 $ 15,734 $ 7,824 Net (loss) income attributable to common stockholders per share-basic $ (1.27) $ (0.15) $ (0.18) $ 0.05 $ 0.19 $ 0.33 $ 0.11 $ 0.05 Net (loss) income attributable to common stockholders per share-diluted $ (1.27) $ (0.15) $ (0.18) $ 0.05 $ 0.19 $ 0.33 $ 0.11 $ 0.05 (1) Net loss attributable to the Company for the quarter ended December 31, 2020 includes the loss on remeasurement of assets of $163,298 resulting from the consolidation of the Company’s joint venture in Fashion District Philadelphia (See Note 16–Consolidated Joint Venture and Acquisitions). |
Organization (Details)
Organization (Details) - entity | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Number of management companies (in entities) | 7 | |
The Macerich Partnership, L.P. | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership interest in operating partnership (as a percent) | 93.00% | 93.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule Operating Partnership's VIEs (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Assets | $ 9,184,005 | $ 8,853,571 |
Liabilities | 6,738,745 | 6,022,601 |
Operating Partnership's VIEs | ||
Variable Interest Entity [Line Items] | ||
Assets | 648,775 | 284,120 |
Liabilities | 501,499 | 251,241 |
Property, net | Operating Partnership's VIEs | ||
Variable Interest Entity [Line Items] | ||
Assets | 551,062 | 254,071 |
Other assets | Operating Partnership's VIEs | ||
Variable Interest Entity [Line Items] | ||
Assets | 97,713 | 30,049 |
Mortgage notes payable | Operating Partnership's VIEs | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 420,233 | 219,140 |
Other liabilities | Operating Partnership's VIEs | ||
Variable Interest Entity [Line Items] | ||
Liabilities | $ 81,266 | $ 32,101 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 465,297 | $ 100,005 | $ 102,711 | $ 91,038 |
Restricted cash | 17,362 | 14,211 | 46,590 | 52,067 |
Cash, cash equivalents and restricted cash | $ 482,659 | $ 114,216 | $ 149,301 | $ 143,105 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Increase in minimum rent due to straight-line rent adjustment | $ 24,789 | $ 10,533 | $ 11,755 |
Minimum | |||
Revenues | |||
Management fees as a percentage of gross monthly rental revenue | 1.50% | ||
Maximum | |||
Revenues | |||
Management fees as a percentage of gross monthly rental revenue | 4.00% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Property and Investment in Unconsolidated Joint Ventures (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Investment in unconsolidated joint ventures | |
Threshold ownership percentage above which to use equity method of accounting only if no controlling financial interest | 50.00% |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets (in years) | 5 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets (in years) | 40 years |
Tenant improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets (in years) | 5 years |
Tenant improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets (in years) | 7 years |
Equipment and furnishings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets (in years) | 5 years |
Equipment and furnishings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets (in years) | 7 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Acquisitions (Details) | 12 Months Ended |
Dec. 31, 2020form | |
Accounting Policies [Abstract] | |
Number of forms of in-place operating lease intangible assets and liabilities | 3 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Deferred Charges, Segment Information and Shareholder Activism Costs (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)segmentarea | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Information: | |||
Number of business segments | segment | 1 | ||
Number of geographic areas in which the Company operates | area | 1 | ||
Costs related to shareholder activism | $ | $ 0 | $ 0 | $ 19,369 |
Minimum | |||
Deferred Charges: | |||
Deferred lease costs, amortization period (in years) | 1 year | ||
Deferred financing costs, amortization period (in years) | 1 year | ||
Maximum | |||
Deferred Charges: | |||
Deferred lease costs, amortization period (in years) | 15 years | ||
Deferred financing costs, amortization period (in years) | 15 years |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing arrangement obligation | $ 134,379 | $ 273,900 | ||||
Accumulated deficit | (2,339,619) | (1,944,012) | ||||
Cumulative effect of adoption | 2,445,260 | 2,830,970 | $ 3,188,432 | $ 3,967,999 | ||
Total lease liabilities | 73,839 | |||||
Deferred charges and other assets, net | 306,959 | 277,866 | ||||
Accounts payable and accrued expenses | 68,825 | 51,027 | ||||
Other accrued liabilities | 298,594 | 265,595 | ||||
Total lease liabilities | 16,377 | $ 15,268 | ||||
Accumulated Deficit | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect of adoption | $ (2,339,619) | $ (1,944,012) | (1,614,357) | (830,279) | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect of adoption | (2,203) | (424,859) | ||||
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect of adoption | $ (2,203) | $ (424,859) | ||||
Joint venture | Financing arrangement | Freehold Raceway Mall and Chandler Fashion Center | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing arrangement obligation | $ 393,709 | |||||
Accumulated deficit | 424,859 | |||||
Freehold Raceway Mall and Chandler Fashion Center | Joint venture | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Investments in unconsolidated joint ventures | $ 31,150 | |||||
ASU 2016-02 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Total lease liabilities | 109,299 | |||||
Deferred charges and other assets, net | 59,736 | |||||
Accounts payable and accrued expenses | (5,978) | |||||
Other accrued liabilities | $ (4,342) |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator | |||||||||||
Net (loss) income | $ (245,462) | $ 102,554 | $ 68,972 | ||||||||
Net (loss) income attributable to noncontrolling interests | 15,259 | (5,734) | (8,952) | ||||||||
Net (loss) income attributable to the Company | $ (190,418) | $ (22,191) | $ (25,116) | $ 7,522 | $ 26,891 | $ 46,371 | $ 15,734 | $ 7,824 | (230,203) | 96,820 | 60,020 |
Allocation of earnings to participating securities | (1,048) | (1,190) | (1,106) | ||||||||
Numerator for basic and diluted EPS—net (loss) income attributable to common stockholders | $ (231,251) | $ 95,630 | $ 58,914 | ||||||||
Denominator | |||||||||||
Denominator for basic EPS—weighted average number of common shares outstanding (in shares) | 146,232,000 | 141,340,000 | 141,142,000 | ||||||||
Effect of dilutive securities | |||||||||||
Share and unit based compensation (in shares) | 0 | 0 | 2,000 | ||||||||
Denominator for diluted EPS—weighted average number of common shares outstanding (in shares) | 146,232,000 | 141,340,000 | 141,144,000 | ||||||||
EPS—net (loss) income attributable to common stockholders: | |||||||||||
Basic (in dollars per share) | $ (1.27) | $ (0.15) | $ (0.18) | $ 0.05 | $ 0.19 | $ 0.33 | $ 0.11 | $ 0.05 | $ (1.58) | $ 0.68 | $ 0.42 |
Diluted (in dollars per share) | $ (1.27) | $ (0.15) | $ (0.18) | $ 0.05 | $ 0.19 | $ 0.33 | $ 0.11 | $ 0.05 | $ (1.58) | $ 0.68 | $ 0.42 |
Convertible preferred units | |||||||||||
Antidilutive securities | |||||||||||
Antidilutive securities (in shares) | 97,926 | 90,619 | 90,619 | ||||||||
Partnership unit | |||||||||||
Antidilutive securities | |||||||||||
Antidilutive securities (in shares) | 10,688,179 | 10,415,291 | 10,360,390 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures - Company Ownership (Details) | Dec. 31, 2020 |
443 Wabash MAB LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
AM Tysons LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Biltmore Shopping Center Partners LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
CAM-CARSON LLC—Los Angeles Premium Outlets | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Coolidge Holding LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 37.50% |
Corte Madera Village, LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.10% |
Country Club Plaza KC Partners LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Goodyear Peripheral LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 41.70% |
HPP-MAC WSP, LLC—One Westside | |
Investments in unconsolidated joint ventures: | |
Ownership % | 25.00% |
Jaren Associates #4 | |
Investments in unconsolidated joint ventures: | |
Ownership % | 12.50% |
Kierland Commons Investment LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Macerich HHF Broadway Plaza LLC—Broadway Plaza | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Macerich HHF Centers LLC—Various Properties | |
Investments in unconsolidated joint ventures: | |
Ownership % | 51.00% |
MS Portfolio LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
New River Associates LLC—Arrowhead Towne Center | |
Investments in unconsolidated joint ventures: | |
Ownership % | 60.00% |
North Bridge Chicago LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
One Scottsdale Investors LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Pacific Premier Retail LLC—Various Properties | |
Investments in unconsolidated joint ventures: | |
Ownership % | 60.00% |
Propcor II Associates, LLC—Boulevard Shops | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Scottsdale Fashion Square Partnership | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
TM TRS Holding Company LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Tysons Corner LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Tysons Corner Hotel I LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Tysons Corner Property Holdings II LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Tysons Corner Property LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
West Acres Development, LLP | |
Investments in unconsolidated joint ventures: | |
Ownership % | 19.00% |
Westcor/Surprise Auto Park LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 33.30% |
WMAP, L.L.C.—Atlas Park, The Shops at | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands | Dec. 29, 2020USD ($) | Dec. 10, 2020USD ($) | Dec. 18, 2019USD ($) | Aug. 16, 2019USD ($) | Jul. 25, 2019USD ($) | Feb. 22, 2019USD ($) | Aug. 31, 2018USD ($) | Jul. 06, 2018USD ($)ft² | Feb. 16, 2018USD ($) | Aug. 31, 2018USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 28, 2020 | Oct. 17, 2019USD ($) | Sep. 12, 2019USD ($) | Feb. 21, 2019USD ($) | Sep. 06, 2018ft² | Mar. 01, 2018ft² |
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Ownership percentage | 25.00% | ||||||||||||||||||
Proceeds received in disposition of property | $ 0 | $ 0 | $ 25,177,000 | ||||||||||||||||
Outside partner interest of the operating partnership | 75.00% | ||||||||||||||||||
Proceeds from sale | $ 142,500,000 | ||||||||||||||||||
Sears South Plains | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||||||
Replacement collateral | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Proceeds from sale | 37,294,000 | ||||||||||||||||||
Fashion District Philadelphia | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Interest rate (as a percent) | 4.00% | ||||||||||||||||||
FlatIron Crossing | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Repayments of debt | $ 7,650,000 | ||||||||||||||||||
The Shops at Atlas Park | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Debt issued | $ 9,189,000 | ||||||||||||||||||
Fashion District Philadelphia | Office building | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Gain on sale of assets | $ 2,773,000 | ||||||||||||||||||
The Market at Estrella Falls LLC | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Gain on sale of assets | $ 2,996,000 | ||||||||||||||||||
Joint venture | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Proceeds received in disposition of property | $ 19,300,000 | $ 0 | 0 | ||||||||||||||||
Number of properties | property | 9 | ||||||||||||||||||
Joint venture | Maximum | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Decrease the mortgage note payable | $ 201,000 | ||||||||||||||||||
Joint venture | Fashion District Philadelphia | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Repayment of mortgage note payable | 100,000 | ||||||||||||||||||
Joint venture | Fashion District Philadelphia | Minimum | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Decrease the mortgage note payable | $ 301,000 | ||||||||||||||||||
Repaid accrued interest percentage | 15.00% | ||||||||||||||||||
Joint venture | Fashion District Philadelphia | Maximum | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Decrease the mortgage note payable | $ 201,000 | ||||||||||||||||||
Joint venture | Replacement collateral | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Portfolio of marketable securities | 149,175,000 | $ 149,175,000 | |||||||||||||||||
Joint venture | Los Angeles Premium Outlets | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Ownership percentage | 5000.00% | ||||||||||||||||||
Property area (in square feet) | ft² | 400 | ||||||||||||||||||
Joint venture | Los Angeles Premium Outlets | Simon Property Group | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Ownership percentage | 50.00% | ||||||||||||||||||
Joint venture | Los Angeles Premium Outlets, second stage | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Property area (in square feet) | ft² | 165 | ||||||||||||||||||
Joint venture | HPP-MAC WSP, LLC—One Westside | Redevelopment construction loan | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Debt issued | $ 414,600,000 | ||||||||||||||||||
Joint venture | HPP-MAC WSP, LLC—One Westside | LIBOR | Redevelopment construction loan | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Variable interest rate spread (as a percent) | 1.70% | ||||||||||||||||||
Variable interest rate spread, contingent (as a percent) | 1.50% | ||||||||||||||||||
Joint venture | Westside Pavilion | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Ownership percentage | 75.00% | ||||||||||||||||||
Property area (in square feet) | ft² | 680 | ||||||||||||||||||
Joint venture | Westside Pavilion | Hudson Pacific Properties | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Ownership percentage | 25.00% | ||||||||||||||||||
Joint venture | Fashion District Philadelphia | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Debt issued | $ 25,000,000 | $ 26,000,000 | |||||||||||||||||
Maximum additional borrowings | $ 100,000,000 | ||||||||||||||||||
Variable interest rate spread (as a percent) | 2.00% | ||||||||||||||||||
Joint venture | Tysons Tower | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Mortgage loan | $ 190,000,000 | ||||||||||||||||||
Interest rate (as a percent) | 3.38% | ||||||||||||||||||
Joint venture | Tysons Corner LLC | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Debt issued | $ 95,000 | ||||||||||||||||||
Interest rate (as a percent) | 3.43% | ||||||||||||||||||
Joint venture | Tysons Corner LLC | Initial Funding | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Debt issued | 90,000 | ||||||||||||||||||
Joint venture | Tysons Corner LLC | Future Advance Potential | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Debt issued | 5,000 | ||||||||||||||||||
Joint venture | Tysons Corner LLC | General Corporate Purposes | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Debt issued | $ 45,000 | ||||||||||||||||||
Joint venture | FlatIron Crossing | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Interest rate (as a percent) | 4.10% | 3.85% | |||||||||||||||||
Extension term | 1 year | ||||||||||||||||||
Repayments of debt | $ 15,000 | ||||||||||||||||||
Joint venture | The Shops at Atlas Park | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Mortgage loan | 80,000,000 | $ 57,751,000 | |||||||||||||||||
Debt issued | $ 18,379,000 | ||||||||||||||||||
Joint venture | West Acres Development, LLP | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Maximum additional borrowings | $ 6,500,000 | ||||||||||||||||||
Interest rate (as a percent) | 3.72% | ||||||||||||||||||
Joint venture | Fashion District Philadelphia | LIBOR | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Variable interest rate spread (as a percent) | 3.50% | ||||||||||||||||||
Interest rate (as a percent) | 0.50% | ||||||||||||||||||
Extension term | 1 year | ||||||||||||||||||
Joint venture | Fashion District Philadelphia | Office building | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Proceeds from sale of building | 41,800,000 | ||||||||||||||||||
Gain on sale of assets | $ 5,545,000 | ||||||||||||||||||
Joint venture | Westside Pavilion | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Gain on sale of assets | $ 46,242,000 | $ 46,242,000 | |||||||||||||||||
Proceeds received in disposition of property | $ 142,500,000 | ||||||||||||||||||
Outside partner interest of the operating partnership | 75.00% | 75.00% | 75.00% | ||||||||||||||||
Proceeds from sale | $ 36,903,000 | ||||||||||||||||||
Assumption of debt | $ 105,597,000 | ||||||||||||||||||
Joint venture | The Market at Estrella Falls LLC | |||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||
Gain on sale of assets | $ 12,598,000 | ||||||||||||||||||
Property area (in square feet) | ft² | 298 | ||||||||||||||||||
Proceeds from sale | $ 49,100,000 | ||||||||||||||||||
Pay off of mortgage loans | $ 24,118,000 |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Property, net | $ 6,694,579 | $ 6,643,513 |
Total assets | 9,184,005 | 8,853,571 |
Liabilities and partners' capital: | ||
Mortgage notes payable | 4,560,810 | 4,392,599 |
Total liabilities and equity | 9,184,005 | 8,853,571 |
Investment in unconsolidated joint ventures: | ||
Assets—Investments in unconsolidated joint ventures | 1,340,647 | 1,519,697 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (108,381) | (107,902) |
Joint venture | ||
Liabilities and partners' capital: | ||
Company's capital | 1,711,944 | 1,904,145 |
Investment in unconsolidated joint ventures: | ||
Company's capital | 1,711,944 | 1,904,145 |
Basis adjustment | (479,678) | (492,350) |
Investments in unconsolidated joint ventures | 1,232,266 | 1,411,795 |
Assets—Investments in unconsolidated joint ventures | 1,340,647 | 1,519,697 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (108,381) | (107,902) |
Investments in unconsolidated joint ventures | 1,232,266 | 1,411,795 |
Joint venture | Total | ||
Assets: | ||
Property, net | 8,721,551 | 9,424,591 |
Other Assets | 774,583 | 772,116 |
Total assets | 9,496,134 | 10,196,707 |
Liabilities and partners' capital: | ||
Mortgage notes payable | 5,942,478 | 6,144,685 |
Other Liabilities | 397,483 | 565,412 |
Company's capital | 1,711,944 | 1,904,145 |
Outside partners' capital | 1,444,229 | 1,582,465 |
Total liabilities and equity | 9,496,134 | 10,196,707 |
Investment in unconsolidated joint ventures: | ||
Company's capital | $ 1,711,944 | $ 1,904,145 |
Investments in Unconsolidated_6
Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments in unconsolidated joint ventures: | |||
Total assets | $ 9,184,005 | $ 8,853,571 | |
Liabilities | 6,738,745 | 6,022,601 | |
Joint venture | |||
Investments in unconsolidated joint ventures: | |||
Amortization of difference between cost of investments and book value of underlying equity | 13,168 | 18,834 | $ 12,793 |
Joint venture | Pacific Premier Retail LLC—Various Properties | PPR Portfolio | |||
Investments in unconsolidated joint ventures: | |||
Total assets | 2,857,757 | 2,932,401 | |
Liabilities | $ 1,687,042 | $ 1,732,976 |
Investments in Unconsolidated_7
Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||||||||||
Leasing revenue | $ 740,323 | $ 858,874 | $ 883,996 | ||||||||
Total revenues | $ 194,643 | $ 185,844 | $ 178,587 | $ 226,952 | $ 241,841 | $ 231,127 | $ 227,972 | $ 226,522 | 786,026 | 927,462 | 960,351 |
Expenses: | |||||||||||
Leasing expense | 25,191 | 29,611 | |||||||||
Interest expense | 75,550 | 138,254 | 182,962 | ||||||||
Depreciation and amortization | 319,619 | 330,726 | 327,436 | ||||||||
Total expenses | 773,487 | 859,918 | 934,931 | ||||||||
Loss on sale or write down of assets, net | (68,112) | (11,909) | (31,825) | ||||||||
Net (loss) income | (245,462) | 102,554 | 68,972 | ||||||||
Company's equity in net loss | (27,038) | 48,508 | 71,773 | ||||||||
Other | |||||||||||
Revenues: | |||||||||||
Revenues | 22,242 | 27,879 | 32,875 | ||||||||
Shopping center and operating expenses | |||||||||||
Expenses: | |||||||||||
Operating expenses | 257,212 | 271,547 | 277,470 | ||||||||
Joint venture | |||||||||||
Expenses: | |||||||||||
Company's equity in net loss | (27,038) | 48,508 | 71,773 | ||||||||
Joint venture | PPR Portfolio | |||||||||||
Expenses: | |||||||||||
Loss on sale or write down of assets, net | (120) | (452) | (140) | ||||||||
Company's equity in net loss | (10,371) | (590) | (16) | ||||||||
Joint venture | Other Joint Ventures | |||||||||||
Expenses: | |||||||||||
Loss on sale or write down of assets, net | 157 | (380) | 14,471 | ||||||||
Company's equity in net loss | (16,667) | 49,098 | 71,789 | ||||||||
Joint venture | PPR Portfolio | |||||||||||
Revenues: | |||||||||||
Leasing revenue | 171,505 | 187,789 | 186,924 | ||||||||
Total revenues | 172,119 | 189,387 | 187,829 | ||||||||
Expenses: | |||||||||||
Leasing expense | 1,325 | 1,598 | |||||||||
Interest expense | 64,460 | 67,354 | 67,117 | ||||||||
Depreciation and amortization | 102,788 | 100,490 | 97,885 | ||||||||
Total expenses | 205,591 | 206,970 | 204,285 | ||||||||
Net (loss) income | (33,592) | (18,035) | (16,596) | ||||||||
Joint venture | PPR Portfolio | Other | |||||||||||
Revenues: | |||||||||||
Revenues | 614 | 1,598 | 905 | ||||||||
Joint venture | PPR Portfolio | Shopping center and operating expenses | |||||||||||
Expenses: | |||||||||||
Operating expenses | 37,018 | 37,528 | 39,283 | ||||||||
Joint venture | Other Joint Ventures | |||||||||||
Revenues: | |||||||||||
Leasing revenue | 633,357 | 712,860 | 727,328 | ||||||||
Total revenues | 651,796 | 762,044 | 768,748 | ||||||||
Expenses: | |||||||||||
Leasing expense | 4,173 | 6,695 | |||||||||
Interest expense | 151,857 | 150,111 | 145,915 | ||||||||
Depreciation and amortization | 285,948 | 273,565 | 248,778 | ||||||||
Total expenses | 682,117 | 680,969 | 641,345 | ||||||||
Net (loss) income | (30,164) | 80,695 | 141,874 | ||||||||
Joint venture | Other Joint Ventures | Other | |||||||||||
Revenues: | |||||||||||
Revenues | 18,439 | 49,184 | 41,420 | ||||||||
Joint venture | Other Joint Ventures | Shopping center and operating expenses | |||||||||||
Expenses: | |||||||||||
Operating expenses | 240,139 | 250,598 | 246,652 | ||||||||
Joint venture | Total | |||||||||||
Revenues: | |||||||||||
Leasing revenue | 804,862 | 900,649 | 914,252 | ||||||||
Total revenues | 823,915 | 951,431 | 956,577 | ||||||||
Expenses: | |||||||||||
Leasing expense | 5,498 | 8,293 | |||||||||
Interest expense | 216,317 | 217,465 | 213,032 | ||||||||
Depreciation and amortization | 388,736 | 374,055 | 346,663 | ||||||||
Total expenses | 887,708 | 887,939 | 845,630 | ||||||||
Loss on sale or write down of assets, net | 37 | (832) | 14,331 | ||||||||
Net (loss) income | (63,756) | 62,660 | 125,278 | ||||||||
Joint venture | Total | Other | |||||||||||
Revenues: | |||||||||||
Revenues | 19,053 | 50,782 | 42,325 | ||||||||
Joint venture | Total | Shopping center and operating expenses | |||||||||||
Expenses: | |||||||||||
Operating expenses | $ 277,157 | $ 288,126 | 285,935 | ||||||||
Affiliated entity | Northwestern Mutual Life (NML) | |||||||||||
Expenses: | |||||||||||
Interest expense | $ 20,197 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)derivative | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Number of interest rate swap agreements | derivative | 4 | ||
Interest rate cap/swap agreements | $ 843 | $ (4,585) | |
Interest rate cap/swap agreements | $ (4,424) | ||
Derivatives, Fair Value [Line Items] | |||
Fair Value | $ (8,208) | (9,051) | |
Interest rate swap | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Number of interest rate swap agreements | derivative | 4 | ||
Level 2 | Interest rate cap | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 300,000 | ||
LIBOR Rate | 4.00% | ||
Fair Value | $ 0 | 0 | |
Level 2 | Interest rate swap | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 400,000 | ||
LIBOR Rate | 2.85% | ||
Fair Value | $ (8,208) | $ (9,051) |
Property, net - Components of P
Property, net - Components of Property (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 1,538,270 | $ 1,520,678 |
Buildings and improvements | 6,620,708 | 6,389,458 |
Tenant improvements | 750,250 | 726,533 |
Equipment and furnishings | 194,231 | 230,215 |
Construction in progress | 153,253 | 126,165 |
Total | 9,256,712 | 8,993,049 |
Less accumulated depreciation | (2,562,133) | (2,349,536) |
Property, net | $ 6,694,579 | $ 6,643,513 |
Property, net - Narrative (Deta
Property, net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 287,925 | $ 287,846 | $ 275,236 |
Property, net - Schedule of Los
Property, net - Schedule of Loss (Gain) on Sale or Write down of Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 01, 2018 |
Property, Plant and Equipment [Line Items] | |||||
Impairment losses | $ (76,705) | $ (16,285) | $ (82,745) | ||
(Loss) gain on sale or write down of assets, net | (68,112) | (11,909) | (31,825) | ||
Outside partner interest of the operating partnership | 75.00% | ||||
Write-down of assets | 76,705 | 16,285 | 82,745 | ||
Write-down of non-real estate assets | 4,154 | ||||
Promenade at Casa Grande | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment losses | (1,043) | ||||
Write-down of assets | 1,043 | ||||
Gain on disposal | (311) | ||||
South Park Mall | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment losses | (36,338) | ||||
Write-down of assets | 36,338 | ||||
Wilton Mall | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment losses | (30,063) | ||||
Write-down of assets | 30,063 | ||||
Paradise Valley Mall | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment losses | (6,640) | ||||
Write-down of assets | 6,640 | ||||
La Cumbre Plaza | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment losses | (7,907) | ||||
Write-down of assets | 7,907 | ||||
Two freestanding stores | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment losses | (7,494) | ||||
Write-down of assets | 7,494 | ||||
Southridge Center | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment losses | (1,697) | ||||
Write-down of assets | 1,697 | ||||
Westside Pavilion | Joint venture | |||||
Property, Plant and Equipment [Line Items] | |||||
Gain on sale of assets | $ 46,242 | $ 46,242 | |||
Outside partner interest of the operating partnership | 75.00% | 75.00% | |||
Property | |||||
Property, Plant and Equipment [Line Items] | |||||
Gain on sale of assets | 0 | 0 | $ 45,931 | ||
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Gain on sale of assets | 8,593 | $ 4,376 | $ 4,989 | ||
Impairment losses | (5,047) | ||||
Write-down of assets | $ 5,047 |
Property, net - Assets Measured
Property, net - Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value Measurement | $ 151,875 | $ 104,700 |
(Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value Measurement | 0 | 0 |
(Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value Measurement | 151,875 | 104,700 |
(Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value Measurement | $ 0 | $ 0 |
Tenant and Other Receivables,_2
Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Components of tenant and other receivables, net | ||
Allowance for doubtful accounts | $ 37,545 | $ 4,836 |
Deferred rent receivables due to straight-line rent adjustments | 107,003 | 82,214 |
Accrued percentage rents | ||
Components of tenant and other receivables, net | ||
Accounts receivable | $ 4,673 | $ 9,618 |
Leases - Components of leasing
Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Leasing revenue - fixed payments | $ 592,858 | $ 647,876 | |
Leasing revenue - fixed payments | $ 659,991 | ||
Leasing revenue - variable payments | 191,715 | 218,680 | |
Leasing revenue - variable payments | 228,668 | ||
Provision for doubtful accounts | (44,250) | (7,682) | (4,663) |
Leasing revenue | $ 740,323 | $ 858,874 | |
Leasing revenue | $ 883,996 |
Leases - Summary of Minimum Ren
Leases - Summary of Minimum Rental Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 407,044 |
2022 | 364,733 |
2023 | 316,848 |
2024 | 254,894 |
2025 | 208,161 |
Thereafter | 610,154 |
Total | $ 2,161,834 |
Leases - Narrative (Details)
Leases - Narrative (Details) - lease | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Number of finance leases | 5 | |
Weighted average remaining lease term, operating leases | 34 years 6 months | |
Weighted average remaining lease term, finance leases | 1 year 1 month 6 days | |
Weighted average incremental borrowing rate, operating leases | 7.70% | |
Weighted average incremental borrowing rate, finance leases | 3.70% |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Leases [Abstract] | |
Operating lease costs | $ 15,332 |
Finance lease costs: | |
Amortization of ROU assets | 1,905 |
Interest on lease liabilities | 546 |
Total lease cost | $ 17,783 |
Leases - Summary of Minimum Fut
Leases - Summary of Minimum Future Rental Payments Required (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2019 |
Operating Leases | ||
2021 | $ 14,695 | |
2022 | 14,558 | |
2023 | 8,746 | |
2024 | 6,759 | |
2025 | 6,796 | |
Thereafter | 116,660 | |
Total undiscounted rental payments | 168,214 | |
Less imputed interest | (94,375) | |
Total lease liabilities | 73,839 | |
Finance Leases | ||
2021 | 10,785 | |
2022 | 2,762 | |
2023 | 344 | |
2024 | 3,085 | |
2025 | 0 | |
Thereafter | 0 | |
Total undiscounted rental payments | 16,976 | |
Less imputed interest | (599) | |
Total lease liabilities | $ 16,377 | $ 15,268 |
Deferred Charges and Other As_3
Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Leasing | $ 162,652 | $ 202,540 | |
Intangible assets: | |||
In-place lease values | 74,298 | 78,171 | |
Leasing commissions and legal costs | 21,096 | 20,518 | |
Above-market leases | 80,120 | 59,916 | |
Deferred tax assets | 30,767 | 30,757 | |
Deferred compensation plan assets | 62,874 | 55,349 | |
Other assets | 61,553 | 60,475 | |
Deferred charges and other assets, gross | 493,360 | 507,726 | |
Less accumulated amortization | (186,401) | (229,860) | |
Deferred charges and other assets, net | 306,959 | 277,866 | |
In-place lease values, leasing commissions and legal costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | 47,249 | 66,322 | |
Amortization expense | $ 9,412 | $ 13,821 | $ 13,635 |
Deferred Charges and Other As_4
Deferred Charges and Other Assets, net - Schedule of estimated amortization of intangible assets for the next five years and thereafter (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
2021 | $ 8,997 |
2022 | 8,096 |
2023 | 6,884 |
2024 | 5,848 |
2025 | 5,005 |
Thereafter | 13,315 |
Allocated value net | $ 48,145 |
Deferred Charges and Other As_5
Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Above-Market Leases | ||
Allocated value net | $ 48,145 | |
Above Market | ||
Above-Market Leases | ||
Original allocated value | 80,120 | $ 59,916 |
Less accumulated amortization | (33,271) | (35,737) |
Allocated value net | 46,849 | 24,179 |
Below Market | ||
Below-Market Leases | ||
Original allocated value | 114,790 | 90,790 |
Less accumulated amortization | (43,656) | (53,727) |
Allocated value, net | $ 71,134 | $ 37,063 |
Deferred Charges and Other As_6
Deferred Charges and Other Assets, net - Schedule of estimated amortization of allocated values of above and below-market leases for the next five years and thereafter (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Above Market | ||
2021 | $ 8,997 | |
2022 | 8,096 | |
2023 | 6,884 | |
2024 | 5,848 | |
2025 | 5,005 | |
Thereafter | 13,315 | |
Allocated value net | 48,145 | |
Above Market | ||
Above Market | ||
2021 | 8,463 | |
2022 | 7,851 | |
2023 | 7,380 | |
2024 | 6,735 | |
2025 | 5,404 | |
Thereafter | 11,016 | |
Allocated value net | 46,849 | $ 24,179 |
Below Market | ||
Below Market | ||
2021 | 10,781 | |
2022 | 9,933 | |
2023 | 9,241 | |
2024 | 9,126 | |
2025 | 7,654 | |
Thereafter | 24,399 | |
Allocated value, net | $ 71,134 | $ 37,063 |
Mortgage Notes Payable - Schedu
Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 4,560,810 | $ 4,392,599 |
Chandler Fashion Center | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 255,361 | 255,174 |
Effective interest rate (as a percent) | 4.18% | |
Monthly debt service | $ 875 | |
Danbury Fair Mall | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 186,741 | 194,718 |
Effective interest rate (as a percent) | 5.56% | |
Monthly debt service | $ 1,538 | |
Fashion District Philadelphia | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 201,000 | 0 |
Effective interest rate (as a percent) | 4.00% | |
Monthly debt service | $ 670 | |
Fashion Outlets of Chicago | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 299,193 | 299,112 |
Effective interest rate (as a percent) | 4.61% | |
Monthly debt service | $ 1,145 | |
Fashion Outlets of Niagara Falls USA | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 101,463 | 106,398 |
Effective interest rate (as a percent) | 6.45% | |
Monthly debt service | $ 727 | |
Freehold Raceway Mall | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 398,545 | 398,379 |
Effective interest rate (as a percent) | 3.94% | |
Monthly debt service | $ 1,300 | |
Fresno Fashion Fair | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 323,857 | 323,659 |
Effective interest rate (as a percent) | 3.67% | |
Monthly debt service | $ 971 | |
Green Acres Commons | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 129,847 | $ 128,926 |
Effective interest rate (as a percent) | 2.87% | 4.40% |
Monthly debt service | $ 250 | |
Green Acres Mall | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 270,570 | $ 277,747 |
Effective interest rate (as a percent) | 3.61% | |
Monthly debt service | $ 1,447 | |
Kings Plaza Shopping Center | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 535,413 | 535,097 |
Effective interest rate (as a percent) | 3.71% | |
Monthly debt service | $ 1,629 | |
Oaks, The | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 183,108 | 187,142 |
Effective interest rate (as a percent) | 4.14% | |
Monthly debt service | $ 1,064 | |
Pacific View | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 114,909 | 118,202 |
Effective interest rate (as a percent) | 4.08% | |
Monthly debt service | $ 668 | |
Queens Center | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 600,000 | 600,000 |
Effective interest rate (as a percent) | 3.49% | |
Monthly debt service | $ 1,744 | |
Santa Monica Place | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 298,566 | 297,817 |
Effective interest rate (as a percent) | 1.88% | |
Monthly debt service | $ 408 | |
SanTan Village Regional Center | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 219,233 | 219,140 |
Effective interest rate (as a percent) | 4.34% | |
Monthly debt service | $ 788 | |
Towne Mall | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 19,815 | 20,284 |
Effective interest rate (as a percent) | 4.48% | |
Monthly debt service | $ 117 | |
Tucson La Encantada | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 62,018 | 63,682 |
Effective interest rate (as a percent) | 4.23% | |
Monthly debt service | $ 368 | |
Victor Valley, Mall of | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 114,791 | 114,733 |
Effective interest rate (as a percent) | 4.00% | |
Monthly debt service | $ 380 | |
Vintage Faire Mall | ||
Mortgage loans payable on real estate [Line Items] | ||
Carrying amount of mortgage notes, other | $ 246,380 | $ 252,389 |
Effective interest rate (as a percent) | 3.55% | |
Monthly debt service | $ 1,256 |
Mortgage Notes Payable - Footno
Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands | Jan. 22, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Mortgage loans payable on real estate [Line Items] | |||
Unamortized deferred finance costs | $ 14,085 | $ 16,042 | |
Green Acres Commons | |||
Mortgage loans payable on real estate [Line Items] | |||
Effective interest rate (as a percent) | 2.87% | 4.40% | |
Extension term | 2 years | ||
Santa Monica Place | |||
Mortgage loans payable on real estate [Line Items] | |||
Effective interest rate (as a percent) | 1.88% | ||
Green Acres Mall | |||
Mortgage loans payable on real estate [Line Items] | |||
Effective interest rate (as a percent) | 3.61% | ||
Green Acres Mall | Subsequent event | |||
Mortgage loans payable on real estate [Line Items] | |||
Repayments of debt | $ 9,000 | ||
Extension term | 1 year | ||
Freehold Raceway Mall and Chandler Fashion Center | Joint venture | |||
Mortgage loans payable on real estate [Line Items] | |||
Interest in the loan assumed by a third party (as a percent) | 49.90% | ||
Fashion Outlets of Niagara Falls USA | |||
Mortgage loans payable on real estate [Line Items] | |||
Debt premiums | $ 0 | $ 773 | |
Green Acres Commons | |||
Mortgage loans payable on real estate [Line Items] | |||
Variable interest rate spread (as a percent) | 2.15% | ||
Santa Monica Place | |||
Mortgage loans payable on real estate [Line Items] | |||
Effective interest rate (as a percent) | 3.34% | ||
Variable interest rate spread (as a percent) | 1.48% | ||
Santa Monica Place | Maximum | Interest rate cap | |||
Mortgage loans payable on real estate [Line Items] | |||
Variable interest rate spread (as a percent) | 4.00% |
Mortgage Notes Payable - Narrat
Mortgage Notes Payable - Narrative (Details) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2020USD ($)property | Jul. 31, 2020USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Bank and other notes payable [Line Items] | |||||
Interest expense capitalized | $ 5,247 | $ 9,614 | $ 15,422 | ||
Fair value of mortgage notes payable | $ 4,459,797 | 4,459,797 | $ 4,427,790 | ||
Payments in deferral | $ 28,683 | ||||
Repayments of deferrals | $ 15,208 | $ 20,195 | |||
Joint venture | |||||
Bank and other notes payable [Line Items] | |||||
Number of properties | property | 9 | 9 |
Mortgage Notes Payable - Future
Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Mortgage loans payable on real estate [Line Items] | ||
Deferred finance cost, net | $ (14,085) | $ (16,042) |
Mortgage notes payable | ||
Mortgage loans payable on real estate [Line Items] | ||
2021 | 355,614 | |
2022 | 685,811 | |
2023 | 359,209 | |
2024 | 569,120 | |
2025 | 607,399 | |
Thereafter | 1,997,742 | |
Long term debt including debt premium | 4,574,895 | |
Deferred finance cost, net | (14,085) | |
Long-term debt | $ 4,560,810 |
Bank and Other Notes Payable -
Bank and Other Notes Payable - Narrative (Details) | Mar. 29, 2013USD ($) | Dec. 31, 2020USD ($)derivative | Dec. 31, 2019USD ($) |
Bank and other notes payable [Line Items] | |||
Number of interest rate swap agreements | derivative | 4 | ||
Unamortized deferred finance costs | $ 14,085,000 | $ 16,042,000 | |
Availability for additional borrowings | $ 19,719,000 | 679,719,000 | |
Interest rate swap | |||
Bank and other notes payable [Line Items] | |||
Number of interest rate swap agreements | derivative | 4 | ||
Interest rate swap | Level 2 | |||
Bank and other notes payable [Line Items] | |||
Line of credit | $ 400,000,000 | ||
Line of Credit | |||
Bank and other notes payable [Line Items] | |||
Line of credit | 1,480,000,000 | 820,000,000 | |
Unamortized deferred finance costs | $ 2,460,000 | $ 2,623,000 | |
Average interest rate (as a percent) | 2.73% | 3.92% | |
Line of Credit | Level 2 | |||
Bank and other notes payable [Line Items] | |||
Fair value of line of credit | $ 1,485,598,000 | $ 826,280,000 | |
Prasada Note | |||
Bank and other notes payable [Line Items] | |||
Debt issued | $ 13,330,000 | ||
Interest rate on debt (as a percent) | 5.25% | ||
LIBOR | Line of Credit | |||
Bank and other notes payable [Line Items] | |||
Variable interest rate spread (as a percent) | 1.65% | ||
Revolving line of credit | |||
Bank and other notes payable [Line Items] | |||
Line of credit | $ 1,500,000,000 | ||
Maximum contingent borrowing capacity | $ 2,000,000,000 | ||
Revolving line of credit | Line of Credit | Interest rate swap | |||
Bank and other notes payable [Line Items] | |||
Effective interest rate | 4.30% | ||
Revolving line of credit | LIBOR | Low end of range | |||
Bank and other notes payable [Line Items] | |||
Variable interest rate spread (as a percent) | 1.30% | ||
Revolving line of credit | LIBOR | High end of range | |||
Bank and other notes payable [Line Items] | |||
Variable interest rate spread (as a percent) | 1.90% |
Financing Arrangement - Narrati
Financing Arrangement - Narrative (Details) ft² in Thousands, $ in Thousands | Jun. 27, 2019USD ($) | Sep. 30, 2009ft² | Dec. 31, 2020USD ($)$ / ft² | Dec. 31, 2019USD ($)$ / ft² | Dec. 31, 2018USD ($) | Jan. 01, 2018USD ($) |
Schedule of Joint Ventures [Line Items] | ||||||
Financing arrangement obligation | $ 134,379 | $ 273,900 | ||||
Accumulated deficit | $ (2,339,619) | $ (1,944,012) | ||||
Terminal capitalization rate | 5.50% | 5.00% | ||||
Discount rate | 7.00% | 6.00% | ||||
Distributions in excess of loan proceeds | $ 27,945 | $ 0 | $ 27,945 | $ 0 | ||
Chandler Fashion Center | ||||||
Schedule of Joint Ventures [Line Items] | ||||||
Mortgage loan | $ 256,000 | |||||
Financing arrangement | Minimum | ||||||
Schedule of Joint Ventures [Line Items] | ||||||
Market rent per square foot | $ / ft² | 35 | 35 | ||||
Financing arrangement | Maximum | ||||||
Schedule of Joint Ventures [Line Items] | ||||||
Market rent per square foot | $ / ft² | 105 | 105 | ||||
Financing arrangement | ASU 2014-09 | Difference between revenue guidance in effect before and after topic 606 | Freehold Raceway Mall and Chandler Fashion Center | Joint venture | ||||||
Schedule of Joint Ventures [Line Items] | ||||||
Financing arrangement obligation | $ 393,709 | |||||
Accumulated deficit | 424,859 | |||||
Financing arrangement | Freehold Raceway Mall and Chandler Fashion Center | ||||||
Schedule of Joint Ventures [Line Items] | ||||||
Ownership interest (as a percent) | 49.90% | |||||
Financing arrangement | Chandler Fashion Center | ||||||
Schedule of Joint Ventures [Line Items] | ||||||
Property area (in square feet) | ft² | 1,318 | |||||
Financing arrangement | Freehold Raceway Mall | ||||||
Schedule of Joint Ventures [Line Items] | ||||||
Property area (in square feet) | ft² | 1,552 | |||||
Joint venture | Freehold Raceway Mall and Chandler Fashion Center | ||||||
Schedule of Joint Ventures [Line Items] | ||||||
Investments in unconsolidated joint ventures | $ 31,150 |
Financing Arrangement - Financi
Financing Arrangement - Financing Arrangement Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Joint Ventures [Line Items] | ||||
Total incurred interest (income) expense | $ (135,281) | $ (62,517) | $ 6,883 | |
Financing arrangement | Joint venture | ||||
Schedule of Joint Ventures [Line Items] | ||||
Distributions of the partner's share of net income | $ 1,144 | 7,184 | 9,079 | |
Distributions in excess of the partner's share of net income | 3,097 | 6,939 | 6,376 | |
Adjustment to fair value of financing arrangement obligation | (139,522) | (76,640) | (15,225) | |
Total incurred interest (income) expense | $ (135,281) | $ (135,281) | $ (62,517) | $ 230 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)trading_day$ / shares | Dec. 31, 2019USD ($)$ / shares | |
Noncontrolling Interest [Line Items] | ||
Par value of common stock (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Number of trading days used to calculate redemption value | trading_day | 10 | |
Redemption value of outstanding OP Units not owned by the Company | $ | $ 117,602 | $ 277,524 |
The Macerich Partnership, L.P. | ||
Noncontrolling Interest [Line Items] | ||
Ownership interest in operating partnership (as a percent) | 93.00% | 93.00% |
Limited partnership interest of the operating partnership (as a percent) | 7.00% | 7.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Jul. 24, 2020 | Jun. 03, 2020 | Mar. 16, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 12, 2017 |
Stockholders' Equity Note [Abstract] | |||||||
Stock dividend (in shares) | 7,759,280 | ||||||
Dividend declared (in dollars per share) | $ 0.50 | ||||||
Cash portion of dividend | 20.00% | ||||||
Dividends declared for common stock (in dollars per share) | $ 0.10 | $ 1.55 | $ 3 | $ 2.97 | |||
Stock portion of dividend | 80.00% | ||||||
Volume weighted average trading price (in dollars per share) | $ 7.2956 | ||||||
Authorized amount for stock repurchase program | $ 500,000,000 | ||||||
Reduction from dividends on basic and diluted earnings per share (in dollars per share) | $ 0.05 |
Collaborative Agreement (Detail
Collaborative Agreement (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Mar. 01, 2018 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Ownership percentage | 25.00% | |
Outside partner interest of the operating partnership | 75.00% | |
Proceeds from sale | $ 142,500 |
Consolidated Joint Venture an_3
Consolidated Joint Venture and Acquisitions - Narrative (Details) $ in Thousands | Dec. 10, 2020USD ($) | Dec. 31, 2020property |
Sears South Plains | ||
Acquisition | ||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |
Joint venture | ||
Acquisition | ||
Number of properties | property | 9 | |
Joint venture | Maximum | ||
Acquisition | ||
Decrease the mortgage note payable | $ 201 | |
Joint venture | Fashion District Philadelphia | ||
Acquisition | ||
Repayment of mortgage note payable | 100 | |
Joint venture | Fashion District Philadelphia | Minimum | ||
Acquisition | ||
Decrease the mortgage note payable | $ 301 | |
Repaid accrued interest percentage | 15.00% | |
Joint venture | Fashion District Philadelphia | Maximum | ||
Acquisition | ||
Decrease the mortgage note payable | $ 201 |
Consolidated Joint Venture an_4
Consolidated Joint Venture and Acquisitions - Allocation of Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 10, 2020 |
Fashion District Philadelphia | ||
Acquisition | ||
Property | $ 331,514 | |
Deferred charges | 25,272 | |
Cash and cash equivalents | 4,492 | |
Restricted cash | 1,319 | |
Tenant receivables | 8,476 | |
Other assets | 30,582 | |
Total assets acquired | 401,655 | |
Mortgage note payable | 201,000 | |
Partnership loan(1) | 100,000 | |
Accounts payable | 6,673 | |
Due to affiliates | 3 | |
Other accrued liabilities | 55,717 | |
Total liabilities assumed | 363,393 | |
Fair value of acquired net assets (at 100% ownership) | $ 38,262 | |
Sears South Plains | ||
Acquisition | ||
Land | $ 8,170 | |
Building and improvements | 11,130 | |
Fair value of acquired net assets (at 100% ownership) | $ 19,300 | |
Ownership percentage at completion of acquisition (as a percent) | 100.00% |
Consolidated Joint Venture an_5
Consolidated Joint Venture and Acquisitions - Gain (Loss) on Remeasurement (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 10, 2020 | Dec. 31, 2019 |
Acquisition | |||
Carrying value of existing investment in the joint venture | $ (1,340,647) | $ (1,519,697) | |
Fashion District Philadelphia | |||
Acquisition | |||
Fair value of acquired net assets (at 100% ownership) | $ 38,262 | ||
Fair value of the noncontrolling interest | (19,131) | ||
Carrying value of existing investment in the joint venture | (182,429) | ||
Loss on remeasurement of asset | $ (163,298) |
Dispositions (Details)
Dispositions (Details) ft² in Thousands, $ in Thousands | Aug. 31, 2018USD ($) | May 17, 2018USD ($)ft² | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale | $ 142,500 | ||||
Loss on sale or write down of assets, net | $ (68,112) | $ (11,909) | $ (31,825) | ||
Promenade at Casa Grande | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Property area (in square feet) | ft² | 761 | ||||
Proceeds from sale | $ 26,000 | ||||
Loss on sale or write down of assets, net | $ (311) |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent liability under letters of credit | $ 40,915 |
Outstanding obligations under construction agreements | $ 3,861 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Management fees | |||
Related Party Transaction [Line Items] | |||
Management fees | $ 23,461 | $ 40,709 | $ 43,480 |
Unconsolidated joint ventures and third party managed properties | |||
Related Party Transaction [Line Items] | |||
Management fees | 22,248 | 34,804 | 34,164 |
Unconsolidated joint ventures and third party managed properties | Management fees | |||
Related Party Transaction [Line Items] | |||
Management fees | 15,297 | 18,748 | 19,752 |
Unconsolidated joint ventures and third party managed properties | Development and leasing fees | |||
Related Party Transaction [Line Items] | |||
Management fees | $ 6,951 | $ 16,056 | $ 14,412 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||||
Interest (income) expense from related party transactions | $ (135,281) | $ (62,517) | $ 6,883 | |
Due (to) from affiliates | $ 1,612 | 1,612 | $ 6,157 | |
Related Parties Note Receivable, RED Consolidated Holdings, LLC | ||||
Related Party Transaction [Line Items] | ||||
Notes receivable interest rate | 5.25% | |||
Interest earned | 0 | $ 141 | 224 | |
Joint venture | Financing arrangement | ||||
Related Party Transaction [Line Items] | ||||
Interest (income) expense from related party transactions | (135,281) | (135,281) | (62,517) | 230 |
Unconsolidated joint ventures | ||||
Related Party Transaction [Line Items] | ||||
Due (to) from affiliates | $ 1,612 | 1,612 | 6,157 | |
Affiliated entity | Northwestern Mutual Life (NML) | ||||
Related Party Transaction [Line Items] | ||||
Interest expense, related party | 6,653 | |||
Affiliated entity | Notes receivable | Fashion Outlets of San Francisco | ||||
Related Party Transaction [Line Items] | ||||
Interest earned | $ 0 | $ 1,112 | $ 3,152 | |
Affiliated entity | Notes receivable | Fashion Outlets of San Francisco | LIBOR | ||||
Related Party Transaction [Line Items] | ||||
Notes receivable interest rate | 2.00% |
Share and Unit-based Plans - 20
Share and Unit-based Plans - 2003 Equity Incentive Plan (Details) - 2003 Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2020shares | |
Share and unit-based plans [Line Items] | |
Term of award (in years) | 10 years |
Maximum shares authorized under plan (in shares) | 20,912,331 |
Shares available for issuance under plan (in shares) | 6,620,968 |
Share and Unit-based Plans - St
Share and Unit-based Plans - Stock Units Roll Forward Activity (Details) - Stock units | 12 Months Ended | ||
Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |||
Number of common shares into which units can be converted (in shares) | 1 | ||
Shares or Units | |||
Balance at beginning of year (in shares) | shares | 199,987 | 129,457 | 151,355 |
Granted (in shares) | shares | 253,184 | 160,932 | 87,983 |
Vested (in shares) | shares | (140,224) | (85,157) | (108,991) |
Forfeited (in shares) | shares | (3,102) | (5,245) | (890) |
Balance at end of year (in shares) | shares | 309,845 | 199,987 | 129,457 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Balance at beginning of year (in dollars per share) | $ / shares | $ 43.59 | $ 64.21 | $ 73.32 |
Granted (in dollars per share) | $ / shares | 14.14 | 37.44 | 58.79 |
Vested (in dollars per share) | $ / shares | 39.53 | 62.84 | 74.04 |
Forfeited (in dollars per share) | $ / shares | 32.62 | 51.48 | 68.81 |
Balance at end of year (in dollars per share) | $ / shares | $ 21.47 | $ 43.59 | $ 64.21 |
Share and Unit-based Plans - SA
Share and Unit-based Plans - SARs Roll Forward Activity (Details) - SARs - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Units | |||
Balance at beginning of year (in shares) | 0 | 0 | 235,439 |
Exercised (in shares) | 0 | 0 | (235,439) |
Balance at end of year (in shares) | 0 | 0 | 0 |
Weighted Average Exercise Price | |||
Balance at beginning of year (in dollars per share) | $ 0 | $ 0 | $ 53.83 |
Vested (in dollars per share) | 0 | 0 | 53.83 |
Balance at end of year (in dollars per share) | $ 0 | $ 0 | $ 0 |
Share and Unit-based Plans - Lo
Share and Unit-based Plans - Long-Term Incentive Plan Units Narrative (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Stock units | |
Share and unit-based plans [Line Items] | |
Conversion rate | 1 |
LTIP units | |
Share and unit-based plans [Line Items] | |
Conversion rate | 1 |
Share and Unit-based Plans - Sc
Share and Unit-based Plans - Schedule of LTIP Grants (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
LTIP units | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 552,866 | 343,431 | 569,136 |
Granted (in dollars per share) | $ 26.59 | $ 32.40 | $ 51.78 |
January 1, 2018 | Service-based | First vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 65,466 | ||
Granted (in dollars per share) | $ 65.68 | ||
January 1, 2018 | Market-indexed | First vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 291,326 | ||
Granted (in dollars per share) | $ 44.28 | ||
January 29, 2018 | Service-based | First vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 1,893 | ||
Granted (in dollars per share) | $ 66.02 | ||
January 29, 2018 | Service-based | Second vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 13,632 | ||
Granted (in dollars per share) | $ 66.02 | ||
January 29, 2018 | Market-indexed | First vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 7,775 | ||
Granted (in dollars per share) | $ 48.23 | ||
March 2, 2018 | Service-based | Third vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 99,407 | ||
Granted (in dollars per share) | $ 59.04 | ||
April 26, 2018 | Service-based | Fourth vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 89,637 | ||
Granted (in dollars per share) | $ 55.78 | ||
January 1, 2019 | Service-based | First vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 81,732 | ||
Granted (in dollars per share) | $ 43.28 | ||
January 1, 2019 | Market-indexed | First vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 250,852 | ||
Granted (in dollars per share) | $ 29.25 | ||
September 1, 2019 | Service-based | First vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 4,393 | ||
Granted (in dollars per share) | $ 28.53 | ||
September 1, 2019 | Market-indexed | First vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 6,454 | ||
Granted (in dollars per share) | $ 19.42 | ||
January 1, 2020 | Service-based | First vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 154,158 | ||
Granted (in dollars per share) | $ 26.92 | ||
January 1, 2020 | Market-indexed | First vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 321,940 | ||
Granted (in dollars per share) | $ 27.80 | ||
March 1, 2020 | Service-based | First vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 39,176 | ||
Granted (in dollars per share) | $ 20.42 | ||
March 1, 2020 | Market-indexed | First vesting period | |||
Share and unit-based plans [Line Items] | |||
Granted (in shares) | 37,592 | ||
Granted (in dollars per share) | $ 21.28 |
Share and Unit-based Plans - _2
Share and Unit-based Plans - Schedule LTIP Units Valuation Assumptions (Details) - LTIP units | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
January 1, 2018 | |||
Share and unit-based plans [Line Items] | |||
Risk Free Interest Rate | 1.98% | ||
Expected Volatility | 23.38% | ||
January 29, 2018 | |||
Share and unit-based plans [Line Items] | |||
Risk Free Interest Rate | 2.25% | ||
Expected Volatility | 23.86% | ||
January 1, 2019 | |||
Share and unit-based plans [Line Items] | |||
Risk Free Interest Rate | 2.46% | ||
Expected Volatility | 23.52% | ||
September 1, 2019 | |||
Share and unit-based plans [Line Items] | |||
Risk Free Interest Rate | 1.42% | ||
Expected Volatility | 24.91% | ||
January 1, 2020 | |||
Share and unit-based plans [Line Items] | |||
Risk Free Interest Rate | 1.62% | ||
Expected Volatility | 26.08% | ||
March 1, 2020 | |||
Share and unit-based plans [Line Items] | |||
Risk Free Interest Rate | 0.85% | ||
Expected Volatility | 28.34% |
Share and Unit-based Plans - LT
Share and Unit-based Plans - LTIP Activity (Details) - LTIP units - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Units | |||
Balance at beginning of year (in shares) | 616,219 | 661,578 | 636,632 |
Granted (in shares) | 552,866 | 343,431 | 569,136 |
Vested (in shares) | (102,884) | (76,306) | (253,625) |
Forfeited (in shares) | (282,149) | (312,484) | (290,565) |
Balance at end of year (in shares) | 784,052 | 616,219 | 661,578 |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of year (in dollars per share) | $ 39.04 | $ 48.38 | $ 52.36 |
Granted (in dollars per share) | 26.59 | 32.40 | 51.78 |
Vested (in dollars per share) | 40.19 | 59.27 | 61.17 |
Forfeited (in dollars per share) | 44.28 | 46.55 | 52.58 |
Balance at end of year (in dollars per share) | $ 28.11 | $ 39.04 | $ 48.38 |
Share and Unit-based Plans - _3
Share and Unit-based Plans - Stock Options Narrative (Details) - Non-qualified stock options | May 30, 2017$ / sharesshares |
Share and unit-based plans [Line Items] | |
Granted (in shares) | shares | 25,000 |
Granted (in dollars per share) | $ 10.02 |
Expected volatility | 30.19% |
Dividend yield (as a percent) | 4.93% |
Risk free rate | 2.08% |
Share price (in dollars per share) | $ 57.55 |
Expected term (in years) | 8 years |
Share and Unit-based Plans - _4
Share and Unit-based Plans - Stock Option Activity (Details) - Stock options - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Options | |||
Balance at beginning of year (in shares) | 35,565 | 35,565 | 35,565 |
Granted (in shares) | 1,950 | 0 | 0 |
Balance at end of year (in shares) | 37,515 | 35,565 | 35,565 |
Weighted Average Exercise Price | |||
Balance at beginning of year (in dollars per share) | $ 57.32 | $ 57.32 | $ 57.32 |
Granted (in dollars per share) | 0 | 0 | 0 |
Balance at end of year (in dollars per share) | $ 54.34 | $ 57.32 | $ 57.32 |
Share and Unit-based Plans - Di
Share and Unit-based Plans - Directors' Phantom Stock Plan (Details) | 12 Months Ended | ||
Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | |
Phantom stock units | |||
Share and unit-based plans [Line Items] | |||
Number of common shares into which units can be converted (in shares) | 1 | ||
Units | |||
Balance at beginning of year (in shares) | 7,216 | 0 | 4,054 |
Granted (in shares) | 24,576 | 23,690 | 10,380 |
Vested (in shares) | (27,130) | (16,474) | (12,193) |
Forfeited (in shares) | 0 | 0 | (2,241) |
Balance at end of year (in shares) | 4,662 | 7,216 | 0 |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of year (in dollars per share) | $ / shares | $ 43.29 | $ 0 | $ 79.82 |
Granted (in dollars per share) | $ / shares | 17.11 | 40.26 | 49.55 |
Vested (in dollars per share) | $ / shares | 20.94 | 38.94 | 54.40 |
Forfeited (in dollars per share) | $ / shares | 0 | 0 | 77.91 |
Balance at end of year (in dollars per share) | $ / shares | $ 35.35 | $ 43.29 | $ 0 |
Director's Phantom Stock Plan | |||
Share and unit-based plans [Line Items] | |||
Deferral period for grant of units (in years) | 3 years | ||
Number of common shares into which units can be converted (in shares) | 1 | ||
Maximum shares authorized under plan (in shares) | 500,000 | ||
Shares available for issuance under plan (in shares) | 110,062 |
Share and Unit-based Plans - Em
Share and Unit-based Plans - Employee Stock Purchase Plan (Details) - ESPP | 12 Months Ended |
Dec. 31, 2020shares | |
Share and unit-based plans [Line Items] | |
Discount from market price (as a percent) | 15.00% |
Maximum shares authorized under plan (in shares) | 791,117 |
Shares available for issuance under plan (in shares) | 132,553 |
Share and Unit-based Plans - Co
Share and Unit-based Plans - Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share and unit-based plans [Line Items] | |||
Compensation cost under share and unit-based plans | $ 18,066 | $ 16,723 | $ 33,551 |
Capitalized share and unit-based compensation costs | 4,223 | 4,691 | 6,184 |
Stock units | |||
Share and unit-based plans [Line Items] | |||
Compensation cost under share and unit-based plans | 4,159 | 4,598 | 6,355 |
Unrecognized compensation cost of share and unit-based plans | 2,257 | ||
LTIP units | |||
Share and unit-based plans [Line Items] | |||
Compensation cost under share and unit-based plans | 13,339 | 11,372 | 26,311 |
Unrecognized compensation cost of share and unit-based plans | 3,007 | ||
Stock options | |||
Share and unit-based plans [Line Items] | |||
Compensation cost under share and unit-based plans | 0 | 51 | 125 |
Phantom stock units | |||
Share and unit-based plans [Line Items] | |||
Compensation cost under share and unit-based plans | 568 | 702 | 760 |
Unrecognized compensation cost of share and unit-based plans | 165 | ||
Stock awards and units | |||
Share and unit-based plans [Line Items] | |||
Fair value of equity-based awards vested during period | $ 1,376 | $ 3,577 | $ 6,479 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
The Plan | |||
Employee Benefit Plans: | |||
Number of common stock shares reserved for issuance (in shares) | 650,000 | ||
Employer match of employee contributions of first 3% of eligible compensation (as a percent) | 100.00% | ||
Percentage of eligible compensation, matched 100% by employer (as a percent) | 3.00% | ||
Employer match of employee contributions of next 2% of eligible compensation (as a percent) | 50.00% | ||
Percentage of eligible compensation, matched 50% by employer (as a percent) | 2.00% | ||
Employer contribution | $ 3,455 | $ 3,346 | $ 3,422 |
Deferred Compensation Plans | |||
Employee Benefit Plans: | |||
Employer contribution | $ 695 | $ 814 | $ 813 |
Income Taxes - Schedule of comp
Income Taxes - Schedule of components of distributions made to common stockholders on a per share basis (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends, dollars per share | |||
Ordinary income (in dollars per share) | $ 0.08 | $ 1.32 | $ 1.91 |
Capital gains (in dollars per share) | 0.02 | 0.64 | 0.05 |
Return of capital (in dollars per share) | 1.45 | 1.04 | 1.01 |
Dividends paid for income tax purposes (in dollars per share) | $ 1.55 | $ 3 | $ 2.97 |
Dividends, percent | |||
Ordinary income (as a percent) | 5.20% | 44.20% | 64.30% |
Capital gains (as a percent) | 1.30% | 21.20% | 1.70% |
Return of capital (as a percent) | 93.50% | 34.60% | 34.00% |
Dividends paid (as a percent) | 100.00% | 100.00% | 100.00% |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income tax benefit of TRSs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 439 | $ (150) | $ 413 |
Deferred | 8 | (1,439) | 3,191 |
Income tax benefit (expense) | $ 447 | $ (1,589) | $ 3,604 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of income tax benefit (provision) of the TRSs to the amount computed by applying the federal corporate tax rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Book loss (income) for TRSs | $ 6,058 | $ (2,062) | $ 19,525 |
Tax at statutory rate on earnings from continuing operations before income taxes | 1,272 | (433) | 4,100 |
State taxes | (31) | (280) | 513 |
Other | (794) | (876) | (1,009) |
Income tax benefit (expense) | $ 447 | $ (1,589) | $ 3,604 |
Income Taxes - Schedule of tax
Income Taxes - Schedule of tax effects of temporary differences and carryforwards of the TRSs included in net deferred tax assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | |||
Net operating loss carryforwards | $ 27,196,000 | $ 22,338,000 | |
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs | 2,927,000 | 6,784,000 | |
Other | 644,000 | 1,635,000 | |
Deferred tax assets | 30,767,000 | 30,757,000 | |
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 194,643 | $ 185,844 | $ 178,587 | $ 226,952 | $ 241,841 | $ 231,127 | $ 227,972 | $ 226,522 | $ 786,026 | $ 927,462 | $ 960,351 |
Net (loss) income attributable to the Company | $ (190,418) | $ (22,191) | $ (25,116) | $ 7,522 | $ 26,891 | $ 46,371 | $ 15,734 | $ 7,824 | $ (230,203) | $ 96,820 | $ 60,020 |
Net (loss) income attributable to common stockholders (in dollars per share) | $ (1.27) | $ (0.15) | $ (0.18) | $ 0.05 | $ 0.19 | $ 0.33 | $ 0.11 | $ 0.05 | $ (1.58) | $ 0.68 | $ 0.42 |
Net (loss) income attributable to common stockholders (in dollars per share) | $ (1.27) | $ (0.15) | $ (0.18) | $ 0.05 | $ 0.19 | $ 0.33 | $ 0.11 | $ 0.05 | $ (1.58) | $ 0.68 | $ 0.42 |
Loss on remeasurement of assets | $ 163,298 | $ (163,298) | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Jan. 28, 2021 | Mar. 16, 2020 |
Subsequent events | ||
Dividends declared for common stock (in dollars per share) | $ 0.50 | |
Subsequent event | ||
Subsequent events | ||
Dividends declared for common stock (in dollars per share) | $ 0.15 |
Schedule III-Real Estate and _2
Schedule III-Real Estate and Accumulated Depreciation - Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Initial Cost to Company | ||||
Land | $ 1,453,152 | |||
Building and Improvements | 5,021,262 | |||
Equipment and Furnishings | 46,574 | |||
Cost Capitalized Subsequent to Acquisition | 2,735,724 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,538,270 | |||
Building and Improvements | 7,370,958 | |||
Equipment and Furnishings | 194,231 | $ 230,215 | ||
Construction in Progress | 153,253 | 126,165 | ||
Total | 9,256,712 | 8,993,049 | $ 8,878,820 | $ 9,127,533 |
Accumulated Depreciation | 2,562,133 | $ 2,349,536 | $ 2,093,044 | $ 2,018,303 |
Total Cost Net of Accumulated Depreciation | 6,694,579 | |||
Chandler Fashion Center | ||||
Initial Cost to Company | ||||
Land | 24,188 | |||
Building and Improvements | 223,143 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 27,118 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 24,188 | |||
Building and Improvements | 245,004 | |||
Equipment and Furnishings | 5,120 | |||
Construction in Progress | 137 | |||
Total | 274,449 | |||
Accumulated Depreciation | 125,007 | |||
Total Cost Net of Accumulated Depreciation | 149,442 | |||
Danbury Fair Mall | ||||
Initial Cost to Company | ||||
Land | 130,367 | |||
Building and Improvements | 316,951 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 120,938 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 141,479 | |||
Building and Improvements | 380,517 | |||
Equipment and Furnishings | 10,162 | |||
Construction in Progress | 36,098 | |||
Total | 568,256 | |||
Accumulated Depreciation | 171,276 | |||
Total Cost Net of Accumulated Depreciation | 396,980 | |||
Desert Sky Mall | ||||
Initial Cost to Company | ||||
Land | 9,447 | |||
Building and Improvements | 37,245 | |||
Equipment and Furnishings | 12 | |||
Cost Capitalized Subsequent to Acquisition | 6,324 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 9,082 | |||
Building and Improvements | 41,173 | |||
Equipment and Furnishings | 2,773 | |||
Construction in Progress | 0 | |||
Total | 53,028 | |||
Accumulated Depreciation | 14,911 | |||
Total Cost Net of Accumulated Depreciation | 38,117 | |||
Eastland Mall | ||||
Initial Cost to Company | ||||
Land | 22,050 | |||
Building and Improvements | 151,605 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 11,894 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 21,161 | |||
Building and Improvements | 162,243 | |||
Equipment and Furnishings | 2,135 | |||
Construction in Progress | 10 | |||
Total | 185,549 | |||
Accumulated Depreciation | 44,291 | |||
Total Cost Net of Accumulated Depreciation | 141,258 | |||
Estrella Falls | ||||
Initial Cost to Company | ||||
Land | 10,550 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 52,007 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,524 | |||
Building and Improvements | 52,033 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 0 | |||
Total | 62,557 | |||
Accumulated Depreciation | 6,342 | |||
Total Cost Net of Accumulated Depreciation | 56,215 | |||
Fashion District Philadelphia | ||||
Initial Cost to Company | ||||
Land | 38,402 | |||
Building and Improvements | 293,112 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 38,402 | |||
Building and Improvements | 280,253 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 12,859 | |||
Total | 331,514 | |||
Accumulated Depreciation | 521 | |||
Total Cost Net of Accumulated Depreciation | 330,993 | |||
Fashion Outlets of Chicago | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 269,570 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 39,910 | |||
Building and Improvements | 220,559 | |||
Equipment and Furnishings | 4,569 | |||
Construction in Progress | 4,532 | |||
Total | 269,570 | |||
Accumulated Depreciation | 76,403 | |||
Total Cost Net of Accumulated Depreciation | 193,167 | |||
Fashion Outlets of Niagara Falls USA | ||||
Initial Cost to Company | ||||
Land | 18,581 | |||
Building and Improvements | 210,139 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 106,751 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 23,762 | |||
Building and Improvements | 309,409 | |||
Equipment and Furnishings | 2,225 | |||
Construction in Progress | 75 | |||
Total | 335,471 | |||
Accumulated Depreciation | 97,743 | |||
Total Cost Net of Accumulated Depreciation | 237,728 | |||
The Marketplace at Flagstaff | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 45,851 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 45,851 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 0 | |||
Total | 45,851 | |||
Accumulated Depreciation | 27,137 | |||
Total Cost Net of Accumulated Depreciation | 18,714 | |||
Freehold Raceway Mall | ||||
Initial Cost to Company | ||||
Land | 164,986 | |||
Building and Improvements | 362,841 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 126,946 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 168,098 | |||
Building and Improvements | 477,057 | |||
Equipment and Furnishings | 9,302 | |||
Construction in Progress | 316 | |||
Total | 654,773 | |||
Accumulated Depreciation | 221,660 | |||
Total Cost Net of Accumulated Depreciation | 433,113 | |||
Fresno Fashion Fair | ||||
Initial Cost to Company | ||||
Land | 17,966 | |||
Building and Improvements | 72,194 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 54,340 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 17,966 | |||
Building and Improvements | 120,325 | |||
Equipment and Furnishings | 2,940 | |||
Construction in Progress | 3,269 | |||
Total | 144,500 | |||
Accumulated Depreciation | 64,776 | |||
Total Cost Net of Accumulated Depreciation | 79,724 | |||
Green Acres Mall | ||||
Initial Cost to Company | ||||
Land | 156,640 | |||
Building and Improvements | 321,034 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 197,842 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 179,274 | |||
Building and Improvements | 474,189 | |||
Equipment and Furnishings | 10,760 | |||
Construction in Progress | 11,293 | |||
Total | 675,516 | |||
Accumulated Depreciation | 153,541 | |||
Total Cost Net of Accumulated Depreciation | 521,975 | |||
Inland Center | ||||
Initial Cost to Company | ||||
Land | 8,321 | |||
Building and Improvements | 83,550 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 31,899 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,291 | |||
Building and Improvements | 111,935 | |||
Equipment and Furnishings | 388 | |||
Construction in Progress | 1,156 | |||
Total | 123,770 | |||
Accumulated Depreciation | 28,801 | |||
Total Cost Net of Accumulated Depreciation | 94,969 | |||
Kings Plaza Shopping Center | ||||
Initial Cost to Company | ||||
Land | 209,041 | |||
Building and Improvements | 485,548 | |||
Equipment and Furnishings | 20,000 | |||
Cost Capitalized Subsequent to Acquisition | 282,891 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 209,041 | |||
Building and Improvements | 683,575 | |||
Equipment and Furnishings | 57,720 | |||
Construction in Progress | 47,144 | |||
Total | 997,480 | |||
Accumulated Depreciation | 159,629 | |||
Total Cost Net of Accumulated Depreciation | 837,851 | |||
La Cumbre Plaza | ||||
Initial Cost to Company | ||||
Land | 18,122 | |||
Building and Improvements | 21,492 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 16,995 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 13,856 | |||
Building and Improvements | 42,503 | |||
Equipment and Furnishings | 250 | |||
Construction in Progress | 0 | |||
Total | 56,609 | |||
Accumulated Depreciation | 25,292 | |||
Total Cost Net of Accumulated Depreciation | 31,317 | |||
Macerich Management Co. | ||||
Initial Cost to Company | ||||
Land | 1,150 | |||
Building and Improvements | 10,475 | |||
Equipment and Furnishings | 26,562 | |||
Cost Capitalized Subsequent to Acquisition | 30,591 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,878 | |||
Building and Improvements | 18,430 | |||
Equipment and Furnishings | 46,061 | |||
Construction in Progress | 409 | |||
Total | 68,778 | |||
Accumulated Depreciation | 26,237 | |||
Total Cost Net of Accumulated Depreciation | 42,541 | |||
MACWH, LP | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 25,771 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 12,261 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,777 | |||
Building and Improvements | 27,255 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 0 | |||
Total | 38,032 | |||
Accumulated Depreciation | 11,253 | |||
Total Cost Net of Accumulated Depreciation | 26,779 | |||
NorthPark Mall | ||||
Initial Cost to Company | ||||
Land | 7,746 | |||
Building and Improvements | 74,661 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 14,074 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,441 | |||
Building and Improvements | 88,405 | |||
Equipment and Furnishings | 635 | |||
Construction in Progress | 0 | |||
Total | 96,481 | |||
Accumulated Depreciation | 27,890 | |||
Total Cost Net of Accumulated Depreciation | 68,591 | |||
The Oaks | ||||
Initial Cost to Company | ||||
Land | 32,300 | |||
Building and Improvements | 117,156 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 268,674 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 56,387 | |||
Building and Improvements | 357,559 | |||
Equipment and Furnishings | 3,559 | |||
Construction in Progress | 625 | |||
Total | 418,130 | |||
Accumulated Depreciation | 178,981 | |||
Total Cost Net of Accumulated Depreciation | 239,149 | |||
Pacific View | ||||
Initial Cost to Company | ||||
Land | 8,697 | |||
Building and Improvements | 8,696 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 137,903 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,854 | |||
Building and Improvements | 145,895 | |||
Equipment and Furnishings | 1,547 | |||
Construction in Progress | 0 | |||
Total | 155,296 | |||
Accumulated Depreciation | 80,778 | |||
Total Cost Net of Accumulated Depreciation | 74,518 | |||
Paradise Valley Mall | ||||
Initial Cost to Company | ||||
Land | 33,445 | |||
Building and Improvements | 128,485 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 22,337 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 32,045 | |||
Building and Improvements | 148,099 | |||
Equipment and Furnishings | 2,638 | |||
Construction in Progress | 1,485 | |||
Total | 184,267 | |||
Accumulated Depreciation | 88,056 | |||
Total Cost Net of Accumulated Depreciation | 96,211 | |||
Prasada Note | ||||
Initial Cost to Company | ||||
Land | 6,615 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 25,243 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,523 | |||
Building and Improvements | 26,296 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 39 | |||
Total | 31,858 | |||
Accumulated Depreciation | 575 | |||
Total Cost Net of Accumulated Depreciation | 31,283 | |||
Queens Center | ||||
Initial Cost to Company | ||||
Land | 251,474 | |||
Building and Improvements | 1,039,922 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 56,956 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 256,786 | |||
Building and Improvements | 1,085,788 | |||
Equipment and Furnishings | 5,616 | |||
Construction in Progress | 162 | |||
Total | 1,348,352 | |||
Accumulated Depreciation | 182,761 | |||
Total Cost Net of Accumulated Depreciation | 1,165,591 | |||
Santa Monica Place | ||||
Initial Cost to Company | ||||
Land | 26,400 | |||
Building and Improvements | 105,600 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 351,922 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 48,374 | |||
Building and Improvements | 428,615 | |||
Equipment and Furnishings | 6,710 | |||
Construction in Progress | 223 | |||
Total | 483,922 | |||
Accumulated Depreciation | 160,769 | |||
Total Cost Net of Accumulated Depreciation | 323,153 | |||
San Tan Adjacent Land | ||||
Initial Cost to Company | ||||
Land | 29,414 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9,510 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 26,902 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 12,022 | |||
Total | 38,924 | |||
Accumulated Depreciation | 0 | |||
Total Cost Net of Accumulated Depreciation | 38,924 | |||
San Tan Village Regional Center | ||||
Initial Cost to Company | ||||
Land | 7,827 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 215,839 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,921 | |||
Building and Improvements | 216,095 | |||
Equipment and Furnishings | 1,622 | |||
Construction in Progress | 28 | |||
Total | 223,666 | |||
Accumulated Depreciation | 107,764 | |||
Total Cost Net of Accumulated Depreciation | 115,902 | |||
Sears South Plains | ||||
Initial Cost to Company | ||||
Land | 8,170 | |||
Building and Improvements | 11,130 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 19,300 | |||
Total | 19,300 | |||
Accumulated Depreciation | 0 | |||
Total Cost Net of Accumulated Depreciation | 19,300 | |||
South Park Mall | ||||
Initial Cost to Company | ||||
Land | 7,035 | |||
Building and Improvements | 38,215 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | (7,811) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,899 | |||
Building and Improvements | 34,107 | |||
Equipment and Furnishings | 433 | |||
Construction in Progress | 0 | |||
Total | 37,439 | |||
Accumulated Depreciation | 16,689 | |||
Total Cost Net of Accumulated Depreciation | 20,750 | |||
Southridge Center | ||||
Initial Cost to Company | ||||
Land | 6,764 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 7,930 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,220 | |||
Building and Improvements | 12,148 | |||
Equipment and Furnishings | 136 | |||
Construction in Progress | 190 | |||
Total | 14,694 | |||
Accumulated Depreciation | 7,410 | |||
Total Cost Net of Accumulated Depreciation | 7,284 | |||
Stonewood Center | ||||
Initial Cost to Company | ||||
Land | 4,948 | |||
Building and Improvements | 302,527 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 12,811 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,935 | |||
Building and Improvements | 314,948 | |||
Equipment and Furnishings | 403 | |||
Construction in Progress | 0 | |||
Total | 320,286 | |||
Accumulated Depreciation | 60,990 | |||
Total Cost Net of Accumulated Depreciation | 259,296 | |||
Superstition Springs Center | ||||
Initial Cost to Company | ||||
Land | 10,928 | |||
Building and Improvements | 112,718 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 11,232 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,928 | |||
Building and Improvements | 122,924 | |||
Equipment and Furnishings | 1,026 | |||
Construction in Progress | 0 | |||
Total | 134,878 | |||
Accumulated Depreciation | 27,914 | |||
Total Cost Net of Accumulated Depreciation | 106,964 | |||
Superstition Springs Power Center | ||||
Initial Cost to Company | ||||
Land | 1,618 | |||
Building and Improvements | 4,420 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | (109) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,194 | |||
Building and Improvements | 4,698 | |||
Equipment and Furnishings | 37 | |||
Construction in Progress | 0 | |||
Total | 5,929 | |||
Accumulated Depreciation | 2,268 | |||
Total Cost Net of Accumulated Depreciation | 3,661 | |||
The Macerich Partnership, L.P. | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 2,534 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 4,860 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 7,365 | |||
Construction in Progress | 29 | |||
Total | 7,394 | |||
Accumulated Depreciation | 1,515 | |||
Total Cost Net of Accumulated Depreciation | 5,879 | |||
Towne Mall | ||||
Initial Cost to Company | ||||
Land | 6,652 | |||
Building and Improvements | 31,184 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 4,988 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,877 | |||
Building and Improvements | 35,480 | |||
Equipment and Furnishings | 368 | |||
Construction in Progress | 99 | |||
Total | 42,824 | |||
Accumulated Depreciation | 17,769 | |||
Total Cost Net of Accumulated Depreciation | 25,055 | |||
Tucson La Encantada | ||||
Initial Cost to Company | ||||
Land | 12,800 | |||
Building and Improvements | 19,699 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 59,230 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 12,800 | |||
Building and Improvements | 78,230 | |||
Equipment and Furnishings | 699 | |||
Construction in Progress | 0 | |||
Total | 91,729 | |||
Accumulated Depreciation | 46,986 | |||
Total Cost Net of Accumulated Depreciation | 44,743 | |||
Valley Mall | ||||
Initial Cost to Company | ||||
Land | 16,045 | |||
Building and Improvements | 26,098 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 13,772 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 15,616 | |||
Building and Improvements | 40,014 | |||
Equipment and Furnishings | 276 | |||
Construction in Progress | 9 | |||
Total | 55,915 | |||
Accumulated Depreciation | 14,389 | |||
Total Cost Net of Accumulated Depreciation | 41,526 | |||
Valley River Center | ||||
Initial Cost to Company | ||||
Land | 24,854 | |||
Building and Improvements | 147,715 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 34,936 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 24,854 | |||
Building and Improvements | 180,572 | |||
Equipment and Furnishings | 2,008 | |||
Construction in Progress | 71 | |||
Total | 207,505 | |||
Accumulated Depreciation | 73,276 | |||
Total Cost Net of Accumulated Depreciation | 134,229 | |||
Victor Valley, Mall of | ||||
Initial Cost to Company | ||||
Land | 15,700 | |||
Building and Improvements | 75,230 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 54,163 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 20,080 | |||
Building and Improvements | 123,323 | |||
Equipment and Furnishings | 1,690 | |||
Construction in Progress | 0 | |||
Total | 145,093 | |||
Accumulated Depreciation | 62,683 | |||
Total Cost Net of Accumulated Depreciation | 82,410 | |||
Vintage Faire Mall | ||||
Initial Cost to Company | ||||
Land | 14,902 | |||
Building and Improvements | 60,532 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 58,719 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 17,417 | |||
Building and Improvements | 113,564 | |||
Equipment and Furnishings | 1,637 | |||
Construction in Progress | 1,535 | |||
Total | 134,153 | |||
Accumulated Depreciation | 77,319 | |||
Total Cost Net of Accumulated Depreciation | 56,834 | |||
Wilton Mall | ||||
Initial Cost to Company | ||||
Land | 19,743 | |||
Building and Improvements | 67,855 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | (2,351) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 11,310 | |||
Building and Improvements | 72,734 | |||
Equipment and Furnishings | 1,127 | |||
Construction in Progress | 76 | |||
Total | 85,247 | |||
Accumulated Depreciation | 47,457 | |||
Total Cost Net of Accumulated Depreciation | 37,790 | |||
Other freestanding stores | ||||
Initial Cost to Company | ||||
Land | 5,926 | |||
Building and Improvements | 31,785 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 11,616 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,927 | |||
Building and Improvements | 43,106 | |||
Equipment and Furnishings | 294 | |||
Construction in Progress | 0 | |||
Total | 49,327 | |||
Accumulated Depreciation | 22,556 | |||
Total Cost Net of Accumulated Depreciation | 26,771 | |||
Other land and development properties | ||||
Initial Cost to Company | ||||
Land | 63,338 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | (24,938) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 32,291 | |||
Building and Improvements | 6,047 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 62 | |||
Total | 38,400 | |||
Accumulated Depreciation | 518 | |||
Total Cost Net of Accumulated Depreciation | $ 37,882 |
Schedule III-Real Estate and _3
Schedule III-Real Estate and Accumulated Depreciation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in total real estate assets | |||
Balances, beginning of year | $ 8,993,049 | $ 8,878,820 | $ 9,127,533 |
Additions | 419,369 | 176,690 | 246,719 |
Dispositions and retirements | (155,706) | (62,461) | (495,432) |
Balances, end of year | 9,256,712 | 8,993,049 | 8,878,820 |
Aggregate gross cost of the property for federal income tax purposes | 9,178,539 | ||
Changes in accumulated depreciation | |||
Balances, beginning of year | 2,349,536 | 2,093,044 | 2,018,303 |
Additions | 287,925 | 287,846 | 275,236 |
Dispositions and retirements | (75,328) | (31,354) | (200,495) |
Balances, end of year | $ 2,562,133 | $ 2,349,536 | $ 2,093,044 |
Buildings and improvements | Minimum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 5 years | ||
Buildings and improvements | Maximum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 40 years | ||
Tenant improvements | Minimum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 5 years | ||
Tenant improvements | Maximum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 7 years | ||
Equipment and furnishings | Minimum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 5 years | ||
Equipment and furnishings | Maximum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 7 years |
Uncategorized Items - mac-20201
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2014-09 [Member] |