Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
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, $0.01 Par Value | |
Trading Symbol | MAC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 213,037,660 | |
Entity Central Index Key | 0000912242 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Property, net | $ 6,330,391 | $ 6,694,579 |
Cash and cash equivalents | 117,596 | 465,297 |
Restricted cash | 55,514 | 17,362 |
Tenant and other receivables, net | 175,290 | 239,194 |
Right-of-use assets, net | 113,068 | 118,355 |
Deferred charges and other assets, net | 252,021 | 306,959 |
Due from affiliates | 2,977 | 1,612 |
Investments in unconsolidated joint ventures | 1,365,369 | 1,340,647 |
Total assets | 8,412,226 | 9,184,005 |
LIABILITIES AND EQUITY: | ||
Mortgage notes payable | 4,432,587 | 4,560,810 |
Bank and other notes payable | 114,252 | 1,477,540 |
Accounts payable and accrued expenses | 58,461 | 68,825 |
Lease liabilities | 83,456 | 90,216 |
Other accrued liabilities | 237,392 | 298,594 |
Distributions in excess of investments in unconsolidated joint ventures | 129,517 | 108,381 |
Financing arrangement obligation | 121,770 | 134,379 |
Total liabilities | 5,177,435 | 6,738,745 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 500,000,000 and 250,000,000 shares authorized at September 30, 2021 and December 31, 2020, respectively, and 213,307,990 and 149,770,575 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 2,133 | 1,498 |
Additional paid-in capital | 5,467,235 | 4,603,378 |
Accumulated deficit | (2,394,634) | (2,339,619) |
Accumulated other comprehensive loss | 0 | (8,208) |
Total stockholders' equity | 3,074,734 | 2,257,049 |
Noncontrolling interests | 160,057 | 188,211 |
Total equity | 3,234,791 | 2,445,260 |
Total liabilities and equity | $ 8,412,226 | $ 9,184,005 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 250,000,000 |
Common stock, shares issued | 213,307,990 | 149,770,575 |
Common Stock, shares outstanding | 213,307,990 | 149,770,575 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Leasing revenue | $ 197,135 | $ 175,506 | $ 573,657 | $ 554,981 |
Total revenues | 212,137 | 185,844 | 618,034 | 591,383 |
Expenses: | ||||
Leasing expenses | 6,200 | 5,544 | 18,003 | 19,622 |
REIT general and administrative expenses | 7,599 | 7,589 | 22,365 | 22,652 |
Depreciation and amortization | 75,465 | 78,605 | 231,491 | 241,112 |
Total expenses before interest | 174,561 | 169,449 | 530,830 | 521,621 |
Interest expense (income): | ||||
Related parties | (7,708) | (15,502) | (3,435) | (92,552) |
Other | 48,044 | 52,686 | 152,581 | 157,844 |
Total interest expense | 40,336 | 37,184 | 149,146 | 65,292 |
Loss on extinguishment of debt | 1,007 | 0 | 1,007 | 0 |
Total expenses | 215,904 | 206,633 | 680,983 | 586,913 |
Equity in (loss) income of unconsolidated joint ventures | (1,733) | (12,513) | 20,212 | (16,988) |
Income tax (expense) benefit | (107) | (1,106) | (9,452) | 684 |
Gain (loss) on sale or write down of assets, net | 118,566 | 11,786 | 93,356 | (28,784) |
Net income (loss) | 112,959 | (22,622) | 41,167 | (40,618) |
Less net income (loss) attributable to noncontrolling interests | 6,257 | (431) | 9,834 | (833) |
Net income (loss) attributable to the Company | $ 106,702 | $ (22,191) | $ 31,333 | $ (39,785) |
Income (loss) per common share—attributable to common stockholders: | ||||
Basic (in dollars per share) | $ 0.50 | $ (0.15) | $ 0.16 | $ (0.28) |
Diluted (in dollars per share) | $ 0.50 | $ (0.15) | $ 0.16 | $ (0.28) |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 213,214 | 149,626 | 192,717 | 145,071 |
Diluted (in shares) | 213,214 | 149,626 | 192,717 | 145,071 |
Other | ||||
Revenues: | ||||
Other | $ 8,215 | $ 4,334 | $ 25,391 | $ 16,595 |
Management Companies | ||||
Revenues: | ||||
Other | 6,787 | 6,004 | 18,986 | 19,807 |
Expenses: | ||||
Shopping center and operating expenses | 14,601 | 13,031 | 44,465 | 45,697 |
Shopping center and operating expenses | ||||
Expenses: | ||||
Shopping center and operating expenses | $ 70,696 | $ 64,680 | $ 214,506 | $ 192,538 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 112,959 | $ (22,622) | $ 41,167 | $ (40,618) |
Other comprehensive income (loss): | ||||
Interest rate cap/swap agreements | 2,775 | 2,812 | 8,208 | (1,838) |
Comprehensive income (loss) | 115,734 | (19,810) | 49,375 | (42,456) |
Less net income (loss) attributable to noncontrolling interests | 6,257 | (431) | 9,834 | (833) |
Comprehensive income (loss) attributable to the Company | $ 109,477 | $ (19,379) | $ 39,541 | $ (41,623) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests |
Beginning balance at Dec. 31, 2019 | $ 2,830,970 | $ 2,632,262 | $ 1,414 | $ 4,583,911 | $ (1,944,012) | $ (9,051) | $ 198,708 |
Beginning balance (in shares) at Dec. 31, 2019 | 141,407,650 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | (40,618) | (39,785) | (39,785) | (833) | |||
Interest rate cap/swap agreements | (1,838) | (1,838) | (1,838) | ||||
Amortization of share and unit-based plans | 13,936 | 13,936 | $ 1 | 13,935 | |||
Amortization of share and unit-based plans (in shares) | 142,991 | ||||||
Employee stock purchases | 852 | 852 | $ 1 | 851 | |||
Employee stock purchases (in shares) | 141,568 | ||||||
Distributions declared | (142,952) | (142,952) | (142,952) | ||||
Stock dividend | $ 78 | (78) | |||||
Stock dividends (in shares) | 7,759,280 | ||||||
Distributions to noncontrolling interests | (12,235) | (12,235) | |||||
Contributions from noncontrolling interests | 450 | 450 | |||||
Conversion of noncontrolling interests to common shares | 12,086 | $ 2 | 12,084 | (12,086) | |||
Conversion of noncontrolling interests to common shares (in shares) | 186,791 | ||||||
Redemption of noncontrolling interests | (28) | 25 | 25 | (53) | |||
Adjustment of noncontrolling interests in Operating Partnership | (10,258) | (10,258) | 10,258 | ||||
Ending balance at Sep. 30, 2020 | 2,648,537 | 2,464,328 | $ 1,496 | 4,600,470 | (2,126,749) | (10,889) | 184,209 |
Ending balance (in shares) at Sep. 30, 2020 | 149,638,280 | ||||||
Beginning balance at Jun. 30, 2020 | 2,688,559 | 2,502,397 | $ 1,496 | 4,596,684 | (2,082,082) | (13,701) | 186,162 |
Beginning balance (in shares) at Jun. 30, 2020 | 149,601,164 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | (22,622) | (22,191) | (22,191) | (431) | |||
Interest rate cap/swap agreements | 2,812 | 2,812 | 2,812 | ||||
Amortization of share and unit-based plans | 4,123 | 4,123 | 4,123 | ||||
Amortization of share and unit-based plans (in shares) | 16,903 | ||||||
Distributions declared | (22,476) | (22,476) | (22,476) | ||||
Distributions to noncontrolling interests | (2,174) | (2,174) | |||||
Contributions from noncontrolling interests | 325 | 325 | |||||
Conversion of noncontrolling interests to common shares | 0 | 409 | 409 | (409) | |||
Conversion of noncontrolling interests to common shares (in shares) | 20,213 | ||||||
Redemption of noncontrolling interests | (10) | 12 | 12 | (22) | |||
Adjustment of noncontrolling interests in Operating Partnership | (758) | (758) | 758 | ||||
Ending balance at Sep. 30, 2020 | 2,648,537 | 2,464,328 | $ 1,496 | 4,600,470 | (2,126,749) | (10,889) | 184,209 |
Ending balance (in shares) at Sep. 30, 2020 | 149,638,280 | ||||||
Beginning balance at Dec. 31, 2020 | $ 2,445,260 | 2,257,049 | $ 1,498 | 4,603,378 | (2,339,619) | (8,208) | 188,211 |
Beginning balance (in shares) at Dec. 31, 2020 | 149,770,575 | 149,770,575 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | $ 41,167 | 31,333 | 31,333 | 9,834 | |||
Interest rate cap/swap agreements | 8,208 | 8,208 | 8,208 | ||||
Amortization of share and unit-based plans | 13,681 | 13,681 | $ 2 | 13,679 | |||
Amortization of share and unit-based plans (in shares) | 241,001 | ||||||
Employee stock purchases | 595 | 595 | $ 1 | 594 | |||
Employee stock purchases (in shares) | 88,107 | ||||||
Stock offerings, net | 829,874 | 829,874 | $ 620 | 829,254 | |||
Stock offerings, net (in shares) | 62,029,777 | ||||||
Distributions declared | (86,348) | (86,348) | (86,348) | ||||
Distributions to noncontrolling interests | (18,166) | (18,166) | |||||
Contributions from noncontrolling interests | 580 | 580 | |||||
Conversion of noncontrolling interests to common shares | 0 | 22,218 | $ 12 | 22,206 | (22,218) | ||
Conversion of noncontrolling interests to common shares (in shares) | 1,178,530 | ||||||
Redemption of noncontrolling interests | (60) | (17) | (17) | (43) | |||
Adjustment of noncontrolling interests in Operating Partnership | (1,859) | (1,859) | 1,859 | ||||
Ending balance at Sep. 30, 2021 | $ 3,234,791 | 3,074,734 | $ 2,133 | 5,467,235 | (2,394,634) | 0 | 160,057 |
Ending balance (in shares) at Sep. 30, 2021 | 213,307,990 | 213,307,990 | |||||
Beginning balance at Jun. 30, 2021 | $ 3,126,946 | 2,968,494 | $ 2,112 | 5,438,493 | (2,469,336) | (2,775) | 158,452 |
Beginning balance (in shares) at Jun. 30, 2021 | 211,169,654 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | 112,959 | 106,702 | 106,702 | 6,257 | |||
Interest rate cap/swap agreements | 2,775 | 2,775 | 2,775 | ||||
Amortization of share and unit-based plans | 4,318 | 4,318 | 4,318 | ||||
Amortization of share and unit-based plans (in shares) | 16,320 | ||||||
Stock offerings, net | 23,820 | 23,820 | $ 21 | 23,799 | |||
Stock offerings, net (in shares) | 2,122,016 | ||||||
Distributions declared | (32,000) | (32,000) | (32,000) | ||||
Distributions to noncontrolling interests | (3,972) | (3,972) | |||||
Contributions from noncontrolling interests | 4 | 4 | |||||
Redemption of noncontrolling interests | (59) | (17) | (17) | (42) | |||
Adjustment of noncontrolling interests in Operating Partnership | 642 | 642 | (642) | ||||
Ending balance at Sep. 30, 2021 | $ 3,234,791 | $ 3,074,734 | $ 2,133 | $ 5,467,235 | $ (2,394,634) | $ 0 | $ 160,057 |
Ending balance (in shares) at Sep. 30, 2021 | 213,307,990 | 213,307,990 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | Jun. 03, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Statement of Stockholders' Equity [Abstract] | |||||
Distributions declared, per share (in dollars per share) | $ 0.10 | $ 0.15 | $ 0.15 | $ 0.45 | $ 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 41,167 | $ (40,618) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Loss on extinguishment of debt | 1,007 | 0 |
(Gain) loss on sale or write down of assets, net | (93,356) | 28,784 |
Depreciation and amortization | 241,450 | 246,500 |
Amortization of premium on mortgage notes payable | 0 | (695) |
Amortization of share and unit-based plans | 10,868 | 10,990 |
Straight-line rent and amortization of above and below market leases | (9,429) | (3,917) |
(Recovery of) provision for doubtful accounts | (4,269) | 39,248 |
Income tax expense (benefit) | 9,452 | (684) |
Equity in (income) loss of unconsolidated joint ventures | (20,212) | 16,988 |
Distributions of income from unconsolidated joint ventures | 48 | 0 |
Change in fair value of financing arrangement obligation | (12,608) | (96,793) |
Changes in assets and liabilities, net of dispositions: | ||
Tenant and other receivables | 77,748 | (124,004) |
Other assets | 22,133 | 5,470 |
Due from affiliates | (1,365) | (11,628) |
Accounts payable and accrued expenses | (6,992) | 27,173 |
Other accrued liabilities | (44,009) | (31,687) |
Net cash provided by operating activities | 211,633 | 65,127 |
Cash flows from investing activities: | ||
Development, redevelopment, expansion and renovation of properties | (52,788) | (46,421) |
Property improvements | (27,906) | (18,005) |
Proceeds from repayment of notes receivable | 1,300 | 0 |
Deferred leasing costs | (1,878) | (2,247) |
Distributions from unconsolidated joint ventures | 70,955 | 28,178 |
Contributions to unconsolidated joint ventures | (56,577) | (100,618) |
Proceeds from sale of assets | 323,018 | 16,315 |
Net cash provided by (used in) investing activities | 256,124 | (122,798) |
Cash flows from financing activities: | ||
Proceeds from mortgages, bank and other notes payable | 495,000 | 660,000 |
Payments on mortgages, bank and other notes payable | (1,973,668) | (20,830) |
Deferred financing costs | (22,813) | (2,582) |
Proceeds from finance lease | 0 | 4,115 |
Payments on finance leases | (1,848) | (1,534) |
Net proceeds from stock offerings | 829,874 | 0 |
Proceeds from share and unit-based plans | 595 | 852 |
Redemption of noncontrolling interests | (60) | (28) |
Contribution from noncontrolling interests | 128 | 450 |
Dividends and distributions | (104,514) | (155,187) |
Net cash (used in) provided by financing activities | (777,306) | 485,256 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (309,549) | 427,585 |
Cash, cash equivalents and restricted cash, beginning of period | 482,659 | 114,216 |
Cash, cash equivalents and restricted cash, end of period | 173,110 | 541,801 |
Supplemental cash flow information: | ||
Cash payments for interest, net of amounts capitalized | 161,474 | 137,992 |
Non-cash investing and financing transactions: | ||
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | 18,281 | 18,549 |
Conversion of Operating Partnership Units to common stock | $ 22,218 | $ 12,086 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2021 | |
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 town centers and community/power shopping centers (the "Centers") located throughout the United States. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of September 30, 2021, the Company was the sole general partner of and held a 96% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies." All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies: Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm. The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of consolidated variable interest entities ("VIEs"), including Fashion District Philadelphia and SanTan Village Regional Center. The Operating Partnership's consolidated VIEs included the following assets and liabilities: September 30, December 31, Assets: Property, net $ 463,949 $ 551,062 Other assets 84,510 97,713 Total assets $ 548,459 $ 648,775 Liabilities: Mortgage notes payable $ 413,902 $ 420,233 Other liabilities 59,240 81,266 Total liabilities $ 473,142 $ 501,499 All intercompany accounts and transactions have been eliminated in the consolidated financial statements. 2. Summary of Significant Accounting Policies: (Continued) The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2020 has been derived from the audited financial statements but does not include all disclosures required by GAAP. 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: For the Nine Months Ended September 30, 2021 2020 Beginning of period Cash and cash equivalents $ 465,297 $ 100,005 Restricted cash 17,362 14,211 Cash, cash equivalents and restricted cash $ 482,659 $ 114,216 End of period Cash and cash equivalents $ 117,596 $ 528,431 Restricted cash 55,514 13,370 Cash, cash equivalents and restricted cash $ 173,110 $ 541,801 COVID-19 Pandemic: In March 2020, the 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. Following staggered re-openings during 2020, all Centers have been open and operating since October 7, 2020 and government-imposed capacity restrictions resulting from COVID-19 have been essentially eliminated across the Company’s markets. 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 three and nine months ended September 30, 2021 and 2020. |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | Earnings Per Share ("EPS"): The following table reconciles the numerator and denominator used in the computation of EPS for the three and nine months ended September 30, 2021 and 2020 (shares in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Numerator Net income (loss) $ 112,959 $ (22,622) $ 41,167 $ (40,618) Less net income (loss) attributable to noncontrolling interests 6,257 (431) 9,834 (833) Net income (loss) attributable to the Company 106,702 (22,191) 31,333 (39,785) Allocation of earnings to participating securities (290) (215) (641) (834) Numerator for basic and diluted EPS—net income (loss) attributable to common stockholders $ 106,412 $ (22,406) $ 30,692 $ (40,619) Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 213,214 149,626 192,717 145,071 EPS—net income (loss) attributable to common stockholders Basic and diluted $ 0.50 $ (0.15) $ 0.16 $ (0.28) (1) Diluted EPS excludes 101,799 and 103,235 for the three months ended September 30, 2021 and 2020, respectively, and 102,751 and 96,144 convertible preferred partnership units for the nine months ended September 30, 2021 and 2020, respectively, as their impact was antidilutive. Diluted EPS also excludes 9,818,917 and 10,883,761 Operating Partnership units ("OP Units") for the three months ended September 30, 2021 and 2020, respectively, and 10,160,575 and 10,622,971 OP Units for the nine months ended September 30, 2021 and 2020, respectively, as their impact was antidilutive. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures: The Company has made the following recent financings of its unconsolidated joint ventures: 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 December 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. 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. The Company's joint venture is planning to refinance this loan prior to maturity. 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 consolidated its 100% interest in the Sears parcel at South Plains Mall in its consolidated financial statements. On March 29, 2021, concurrent with the sale of Paradise Valley Mall (see Note 15 – Dispositions), the Company elected to reinvest into the newly formed joint venture at a 5% ownership interest for $3,819 in cash that is accounted for under the equity method of accounting. On October 26, 2021, the Company's joint venture in The Shops at Atlas Park replaced the existing loan on the property with a new $65,000 loan that bears interest at a floating rate of LIBOR plus 4.15% and matures on November 9, 2026, including extension options. Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: September 30, December 31, Assets(1): Property, net $ 8,782,003 $ 8,721,551 Other assets 806,699 774,583 Total assets $ 9,588,702 $ 9,496,134 Liabilities and partners' capital(1): Mortgage and other notes payable $ 6,056,358 $ 5,942,478 Other liabilities 399,011 397,483 Company's capital 1,693,844 1,711,944 Outside partners' capital 1,439,489 1,444,229 Total liabilities and partners' capital $ 9,588,702 $ 9,496,134 Investments in unconsolidated joint ventures: Company's capital $ 1,693,844 $ 1,711,944 Basis adjustment(2) (457,992) (479,678) $ 1,235,852 $ 1,232,266 Assets—Investments in unconsolidated joint ventures $ 1,365,369 $ 1,340,647 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (129,517) (108,381) $ 1,235,852 $ 1,232,266 (1) These amounts include assets of $2,804,711 and $2,857,757 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2021 and December 31, 2020, respectively, and liabilities of $1,671,469 and $1,687,042 of the PPR Portfolio as of September 30, 2021 and December 31, 2020, 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 $2,768 and $3,361 for the three months ended September 30, 2021 and 2020, respectively, and $7,431 and $11,089 for the nine months ended September 30, 2021 and 2020, respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Three Months Ended September 30, 2021 Revenues: Leasing revenue $ 44,304 $ 160,044 $ 204,348 Other 14 6,658 6,672 Total revenues 44,318 166,702 211,020 Expenses: Shopping center and operating expenses 10,078 67,627 77,705 Leasing expenses 332 963 1,295 Interest expense 15,801 36,483 52,284 Depreciation and amortization 24,154 61,734 85,888 Total expenses 50,365 166,807 217,172 Gain on sale or write down of assets, net — 762 762 Net (loss) income $ (6,047) $ 657 $ (5,390) Company's equity in net loss $ (1,390) $ (343) $ (1,733) Three Months Ended September 30, 2020 Revenues: Leasing revenue $ 36,043 $ 155,133 $ 191,176 Other 257 5,671 5,928 Total revenues 36,300 160,804 197,104 Expenses: Shopping center and operating expenses 9,678 61,457 71,135 Leasing expenses 266 877 1,143 Interest expense 16,267 37,805 54,072 Depreciation and amortization 24,819 73,884 98,703 Total expenses 51,030 174,023 225,053 (Loss) gain on sale or write down of assets, net (120) 4 (116) Net loss $ (14,850) $ (13,215) $ (28,065) Company's equity in net loss $ (6,511) $ (6,002) $ (12,513) PPR Portfolio Other Total Nine Months Ended September 30, 2021 Revenues: Leasing revenue $ 122,311 $ 459,826 $ 582,137 Other 144 56,508 56,652 Total revenues 122,455 516,334 638,789 Expenses: Shopping center and operating expenses 29,339 183,013 212,352 Leasing expenses 1,106 3,423 4,529 Interest expense 47,438 110,586 158,024 Depreciation and amortization 73,042 192,149 265,191 Total expenses 150,925 489,171 640,096 Gain on sale or write down of assets, net — 581 581 Net (loss) income $ (28,470) $ 27,744 $ (726) Company's equity in net (loss) income $ (10,269) $ 30,481 $ 20,212 Nine Months Ended September 30, 2020 Revenues: Leasing revenue $ 133,226 $ 466,830 $ 600,056 Other 559 12,162 12,721 Total revenues 133,785 478,992 612,777 Expenses: Shopping center and operating expenses 27,562 176,119 203,681 Leasing expenses 1,031 3,002 4,033 Interest expense 48,724 112,736 161,460 Depreciation and amortization 78,000 208,341 286,341 Total expenses 155,317 500,198 655,515 Loss on sale or write down of assets, net (120) (9) (129) Net loss $ (21,652) $ (21,215) $ (42,867) Company's equity in net loss $ (5,510) $ (11,478) $ (16,988) Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
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 $2,775 and $2,812 for the three months ended September 30, 2021 and 2020, respectively, and $8,208 and $(1,838) for the nine months ended September 30, 2021 and 2020, respectively. The following derivatives were outstanding at September 30, 2021: Fair Value Property Notional Amount Product LIBOR Rate Maturity September 30, December 31, Santa Monica Place(1) $ 300,000 Cap 4.00 % 12/9/2021 $ — $ — The Macerich Partnership, L.P.(1) $ 400,000 Swaps 2.85 % 9/30/2021 $ — $ (8,208) (1) On April 14, 2021, the Company entered into a new credit facility to replace the existing credit facility (See Note 11 - Bank and Other Notes Payable). Concurrent with entering into the new credit facility, the Company de-designated the Santa Monica Place $300,000 interest rate cap. As a result of the new credit facility and the Santa Monica Place cap de-designation, the notional amounts of the swaps that were previously hedged against the Company’s prior revolving line of credit are now hedged against the Santa Monica Place floating rate debt and a portion of the Green Acres Commons floating rate debt effectively converting the Santa Monica Place loan and a majority of the Green Acres Commons loan to fixed rate debt through September 30, 2021. The Company did not renew the swaps that expired on September 30, 2021 and, as a result, on October 1, 2021, these loans reverted back to floating interest rate loans (See Note 10 – Mortgage Payable). The above derivatives were valued 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. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swap. As a result, the Company determined that its interest rate cap and swap valuations in their entirety are classified in Level 2 of the fair value hierarchy. |
Property, net
Property, net | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Property, net | Property, net consists of the following: September 30, December 31, Land $ 1,440,383 $ 1,538,270 Buildings and improvements 6,312,458 6,620,708 Tenant improvements 680,047 750,250 Equipment and furnishings(1) 188,960 194,231 Construction in progress 226,246 153,253 8,848,094 9,256,712 Less accumulated depreciation(1) (2,517,703) (2,562,133) $ 6,330,391 $ 6,694,579 (1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at September 30, 2021 and December 31, 2020 (See Note 8—Leases). Depreciation expense was $68,715 and $71,250 for the three months ended September 30, 2021 and 2020, respectively, and $211,139 and $216,455 for the nine months ended September 30, 2021 and 2020, respectively. Gain (loss) on sale or write-down of assets, net for the three and nine months ended September 30, 2021 and 2020 consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Gain on property sales, net(1) $ 118,471 $ 856 $ 111,805 $ 856 Loss on write-down of assets(2) — (2,361) (38,362) (42,971) Gain on land sales, net(3) 95 13,291 19,913 13,331 $ 118,566 $ 11,786 $ 93,356 $ (28,784) (1) Includes $117,242 and $4,229 of gain related to the sale of La Encantada and Paradise Valley Mall, respectively (See Note 15-Dispositions). (2) Includes impairment loss of $27,281 on Estrella Falls during the nine months ended September 30, 2021 and impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the nine months ended September 30, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the nine months ended September 30, 2021 mainly pertain to the write off of development costs. (3) Includes $1,334 related to the sale of Paradise Valley Mall (See Note 15-Dispositions). The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of the impairment losses recorded for the nine months ended September 30, 2021 and 2020, as described above: Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Unobservable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) September 30, 2020 $ 140,000 $ — $ 140,000 $ — September 30, 2021 $ 4,720 $ — $ 4,720 $ — The fair values relating to the 2020 impairments and a portion of the 2021 impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy. |
Tenant and Other Receivables, n
Tenant and Other Receivables, net | 9 Months Ended |
Sep. 30, 2021 | |
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 $20,477 and $37,545 at September 30, 2021 and December 31, 2020, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $6,287 and $4,673 at September 30, 2021 and December 31, 2020, respectively, and a deferred rent receivable due to straight-line rent adjustments of $113,346 and $107,003 at September 30, 2021 and December 31, 2020, respectively. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
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 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 three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Leasing revenue—fixed payments $ 132,789 $ 138,843 $ 395,796 $ 455,925 Leasing revenue—variable payments 65,984 47,220 173,592 138,304 (Provision for) recovery of doubtful accounts, net (1,638) (10,557) 4,269 (39,248) $ 197,135 $ 175,506 $ 573,657 $ 554,981 The following table summarizes the future rental payments to the Company: Twelve months ending September 30, 2022 $ 376,459 2023 334,825 2024 281,610 2025 230,173 2026 184,369 Thereafter 529,860 $ 1,937,296 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 three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease costs $ 3,398 $ 3,788 $ 11,027 $ 11,427 Finance lease costs: Amortization of ROU assets 480 477 1,436 1,428 Interest on lease liabilities 117 131 460 415 $ 3,995 $ 4,396 $ 12,923 $ 13,270 The following table summarizes the future rental payments required under the leases: September 30, 2021 December 31, 2020 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2021 $ 3,937 $ 2,450 $ 14,695 $ 10,785 2022 14,302 4,461 14,558 2,762 2023 8,452 2,043 8,746 344 2024 6,471 9,072 6,759 3,085 2025 6,513 — 6,796 — Thereafter 115,828 — 116,660 — Total undiscounted rental payments 155,503 18,026 168,214 16,976 Less imputed interest (86,576) (3,497) (94,375) (599) Total lease liabilities $ 68,927 $ 14,529 $ 73,839 $ 16,377 Weighted average remaining term 35.9 years 2.4 years 34.5 years 1.1 years Weighted average incremental borrowing rate 7.7 % 3.7 % 7.7 % 3.7 % |
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 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 three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Leasing revenue—fixed payments $ 132,789 $ 138,843 $ 395,796 $ 455,925 Leasing revenue—variable payments 65,984 47,220 173,592 138,304 (Provision for) recovery of doubtful accounts, net (1,638) (10,557) 4,269 (39,248) $ 197,135 $ 175,506 $ 573,657 $ 554,981 The following table summarizes the future rental payments to the Company: Twelve months ending September 30, 2022 $ 376,459 2023 334,825 2024 281,610 2025 230,173 2026 184,369 Thereafter 529,860 $ 1,937,296 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 three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease costs $ 3,398 $ 3,788 $ 11,027 $ 11,427 Finance lease costs: Amortization of ROU assets 480 477 1,436 1,428 Interest on lease liabilities 117 131 460 415 $ 3,995 $ 4,396 $ 12,923 $ 13,270 The following table summarizes the future rental payments required under the leases: September 30, 2021 December 31, 2020 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2021 $ 3,937 $ 2,450 $ 14,695 $ 10,785 2022 14,302 4,461 14,558 2,762 2023 8,452 2,043 8,746 344 2024 6,471 9,072 6,759 3,085 2025 6,513 — 6,796 — Thereafter 115,828 — 116,660 — Total undiscounted rental payments 155,503 18,026 168,214 16,976 Less imputed interest (86,576) (3,497) (94,375) (599) Total lease liabilities $ 68,927 $ 14,529 $ 73,839 $ 16,377 Weighted average remaining term 35.9 years 2.4 years 34.5 years 1.1 years Weighted average incremental borrowing rate 7.7 % 3.7 % 7.7 % 3.7 % |
Deferred Charges and Other Asse
Deferred Charges and Other Assets, net | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Charges and Other Assets, net | Deferred Charges and Other Assets, net: Deferred charges and other assets, net consist of the following: September 30, December 31, Leasing $ 140,245 $ 162,652 Intangible assets: In-place lease values 66,472 74,298 Leasing commissions and legal costs 17,810 21,096 Above-market leases 75,183 80,120 Deferred tax assets 21,315 30,767 Deferred compensation plan assets 62,658 62,874 Other assets 41,946 61,553 425,629 493,360 Less accumulated amortization(1) (173,608) (186,401) $ 252,021 $ 306,959 (1) Accumulated amortization includes $44,358 and $47,249 relating to in-place lease values, leasing commissions and legal costs at September 30, 2021 and December 31, 2020, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $2,262 and $1,930 for the three months ended September 30, 2021 and 2020, respectively, and $6,868 and $7,645 for the nine months ended September 30, 2021 and 2020, respectively. The allocated values of above-market leases and below-market leases consist of the following: September 30, December 31, Above-Market Leases Original allocated value $ 75,183 $ 80,120 Less accumulated amortization (33,426) (33,271) $ 41,757 $ 46,849 Below-Market Leases(1) Original allocated value $ 101,152 $ 114,790 Less accumulated amortization (36,665) (43,656) $ 64,487 $ 71,134 (1) Below-market leases are included in other accrued liabilities. |
Mortgage Notes Payable
Mortgage Notes Payable | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | Mortgage notes payable at September 30, 2021 and December 31, 2020 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral September 30, 2021 December 31, 2020 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,502 $ 255,361 4.18 % $ 875 2024 Danbury Fair Mall(6) 170,171 186,741 5.71 % 1,538 2022 Fashion District Philadelphia 194,602 201,000 4.00 % 649 2024 Fashion Outlets of Chicago 299,253 299,193 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA 97,420 101,463 6.45 % 727 2023 Freehold Raceway Mall(5) 398,671 398,545 3.94 % 1,300 2029 Fresno Fashion Fair 324,006 323,857 3.67 % 971 2026 Green Acres Commons(7) 29,780 129,847 3.10 % 72 2023 Green Acres Commons - Swapped(8) 95,000 — 5.60 % 444 2023 Green Acres Mall(9) 247,537 270,570 3.94 % 1,447 2023 Kings Plaza Shopping Center 535,799 535,413 3.71 % 1,629 2030 Oaks, The 178,071 183,108 4.14 % 1,064 2022 Pacific View 112,351 114,909 4.08 % 668 2022 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place - Swapped(10) 299,127 298,566 4.58 % 1,082 2022 SanTan Village Regional Center 219,300 219,233 4.34 % 788 2029 Towne Mall 19,447 19,815 4.48 % 117 2022 Tucson La Encantada(11) — 62,018 4.23 % 368 2022 Victor Valley, Mall of 114,835 114,791 4.00 % 380 2024 Vintage Faire Mall 241,715 246,380 3.55 % 1,256 2026 $ 4,432,587 $ 4,560,810 (1) The mortgage notes payable 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 $13,640 and $14,085 at September 30, 2021 and December 31, 2020, 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 and subsequently to October 1, 2021. The loan amount and interest rate remained unchanged following these extensions. On September 15, 2021, the Company further extended the loan maturity to July 1, 2022. The interest rate remained unchanged, and the Company repaid $10,000 of the outstanding loan balance at closing. (7) On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing. (8) The loan includes an interest rate swap that effectively converts $95,000 of the outstanding balance to fixed rate debt through September 30, 2021, the expiration of the interest rate swap. This swap was previously hedged against the Company's prior revolving line of credit that was terminated in April 2021. The Company did not renew the swaps that expired on September 30, 2021 and, as a result, on October 1, 2021, this loan reverted back to a floating rate loan with an effective interest rate of 3.10% as of such date (See Note 5—Derivative Instruments and Hedging Activities). (9) 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. (10) The loan includes an interest rate swap that effectively converts $300,000 of the outstanding balance to fixed rate debt through September 30, 2021, the expiration of the interest rate swap. This swap was previously hedged against the Company's prior revolving line of credit that was terminated in April 2021. The Company did not renew the swaps that expired on September 30, 2021 and, as a result, on October 1, 2021, this loan reverted back to a floating rate loan with an effective interest rate of 1.81% as of such date (See Note 5—Derivative Instruments and Hedging Activities). (11) On September 17, 2021, the Company sold Tucson La Encantada and the mortgage payable was paid off in full (See Note 15—Dispositions). Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or with cash on hand. Total interest expense capitalized was $3,102 and $1,313 for the three months ended September 30, 2021 and 2020, respectively, and $6,812 and $3,969 for the nine months ended September 30, 2021 and 2020, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at September 30, 2021 and December 31, 2020 was $4,349,238 and $4,459,797, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt. |
Bank and Other Notes Payable
Bank and Other Notes Payable | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Bank and Other Notes Payable | Bank and Other Notes Payable: Bank and other notes payable consist of the following: Credit Facility: On April 14, 2021, the Company terminated its existing credit facility and entered into a new credit agreement, which provides for an aggregate $700,000 facility, including a $525,000 revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175,000 term loan facility that matures on April 14, 2024. The revolving loan facility can be expanded up to $800,000, subject to receipt of lender commitments and other conditions. Concurrently with entering into the new credit agreement, the Company drew the $175,000 term loan facility in its entirety and drew $320,000 of the amount available under the revolving loan facility. Simultaneously with entering into the new credit agreement, the Company repaid $985,000 of debt, which included terminating and repaying all amounts outstanding under its prior revolving line of credit facility. All obligations under the facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The new credit facility bears interest at LIBOR plus a spread of 2.25% to 3.25% depending on the Company’s overall leverage level. As of September 30, 2021, the borrowing rate was LIBOR plus 2.25%. As of September 30, 2021, borrowings under the facility were $130,000, less unamortized deferred finance costs of $15,748, for the revolving loan facility at a total interest rate of 3.69%. As of September 30, 2021, the Company's availability under the revolving loan facility for additional borrowings was $394,719. On September 20, 2021, the Company paid off the remaining balance outstanding on the term loan facility with proceeds from the sale of Tucson La Encantada (See Note 15—Dispositions). The estimated fair value (Level 2 measurement) of borrowings under the credit facility at September 30, 2021 was $129,937 for the revolving loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt. The Company had a $1,500,000 revolving line of credit that bore 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 could have been expanded, depending on certain conditions, up to a total facility of $2,000,000. Based on the Company's leverage level as of December 31, 2020, the borrowing rate on the facility was LIBOR plus 1.65%. On April 14, 2021, the Company repaid the $985,000 of outstanding debt and terminated this credit facility. The Company had four interest rate swap agreements that effectively converted a total of $400,000 of the outstanding balance from floating rate debt of LIBOR plus 1.65% to fixed rate debt of 4.50% until September 30, 2021. These swaps are now hedged against the Santa Monica Place floating rate loan and a portion of the Green Acres Commons floating rate loan effectively converting these loans to fixed rate debt through September 30, 2021. The Company did not renew the swaps that expired on September 30, 2021 and, as a result, on October 1, 2021, these loans reverted back to floating interest rate loans (See Note 5 – Derivative Instruments and Hedging Activities and Note 10 – Mortgage Notes Payable). As of December 31, 2020, borrowings under the prior line of credit was $1,480,000 less unamortized deferred finance costs of $2,460 at a total interest rate of 2.73%. As of December 31, 2020, the Company's availability under the prior line of credit for additional borrowings was $19,719. The estimated fair value (Level 2 measurement) of borrowings under the line of credit at December 31, 2020 was $1,485,598 based on a present value model using a credit interest rate spread offered to the Company for comparable debt. As of September 30, 2021 and December 31, 2020, the Company was in compliance with all applicable financial loan covenants. |
Financing Arrangement
Financing Arrangement | 9 Months Ended |
Sep. 30, 2021 | |
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 (collectively referred to herein as "Chandler Freehold"). As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the formation of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The Company accounts for its investment in Chandler Freehold as a financing arrangement. The fair value (Level 3 measurement) of the financing arrangement obligation at September 30, 2021 and December 31, 2020 was based upon a terminal capitalization rate of approximately 5.75% and 5.5%, respectively, a discount rate of approximately 7.25% and 7.0%, respectively, and market rents per square foot of $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. During the three and nine months ended September 30, 2021 and 2020, the Company incurred interest expense (income) in connection with the financing arrangement as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Distributions equal to the partner's share of net (loss) income $ (985) $ (398) $ (3,410) $ 885 Distributions in excess of the partner's share of net income 3,583 398 12,583 3,356 Adjustment to fair value of financing arrangement obligation (10,306) (15,502) (12,608) (96,793) $ (7,708) $ (15,502) $ (3,435) $ (92,552) |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests:The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 96% and 93% ownership interest in the Operating Partnership as of September 30, 2021 and December 31, 2020, respectively. The remaining 4% and 7% limited partnership interest as of September 30, 2021 and December 31, 2020, respectively, was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of September 30, 2021 and December 31, 2020, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $171,749 and $117,602, respectively. The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
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. 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's earnings per share calculation on a prospective basis. Stock Offerings In connection with the commencement of separate “at the market” offering programs, on each of February 1, 2021 and March 26, 2021, which are referred to as the “February 2021 ATM Program” and the “March 2021 ATM Program,” respectively, and collectively as the “ATM Programs,” the Company entered into separate equity distribution agreements with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500,000 under each of the February 2021 ATM Program and the March 2021 ATM Program, or a total of $1,000,000 under the ATM Programs. During the nine months ended September 30, 2021, the Company issued 62,029,777 shares of common stock under the ATM Programs for aggregate gross proceeds of $847,875 and net proceeds of $829,874 after commissions and other transaction costs. The proceeds from the sales under the ATM Programs were used to pay down the Company’s line of credit (See Note 11 – Bank and Other Notes Payable). As of September 30, 2021, $152,125 remained available to be sold under the March 2021 ATM Program. The February 2021 ATM Program was fully utilized as of June 30, 2021 and is no longer active. Actual future sales will depend upon a variety of factors including, but not limited to, market conditions, the trading price of the Company’s common stock and the Company’s capital needs. The Company has no obligation to sell the remaining shares available for sale under the ATM Programs. 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 |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions:On March 29, 2021, the Company sold Paradise Valley Mall in Phoenix, Arizona to a newly formed joint venture for $100,000 resulting in a gain on sale of assets and land of $5,563. Concurrent with the sale, the Company elected to reinvest into the new joint venture at a 5% ownership interest (see Note 4 – Investments in Unconsolidated Joint Ventures). The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes.On September 17, 2021, the Company sold Tucson La Encantada in Tucson, Arizona for $165,250, resulting in a gain on sale of assets of approximately $117,242. The Company used the net cash proceeds of $100,142 to pay down debt. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies: As of September 30, 2021, the Company was contingently liable for $40,915 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of September 30, 2021, $40,600 of these letters of credit were secured by restricted cash. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the agreements. At September 30, 2021, the Company had $2,920 in outstanding obligations, which it believes will be settled in the next twelve months. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions: Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Management fees $ 4,594 $ 4,285 $ 12,397 $ 13,066 Development and leasing fees 1,747 1,443 4,732 5,838 $ 6,341 $ 5,728 $ 17,129 $ 18,904 Interest expense (income) from related party transactions includes $(7,708) and $(15,502) for the three months ended September 30, 2021 and 2020, respectively, and $(3,435) and $(92,552) for the nine months ended September 30, 2021 and 2020, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement). Due from affiliates includes $2,977 and $1,612 of unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies as of September 30, 2021 and December 31, 2020, respectively. |
Share and Unit-Based Plans
Share and Unit-Based Plans | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share and Unit-Based Plans | Share and Unit-Based Plans:Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of units ("LTIP Units") in the Operating Partnership. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards. The market-indexed LTIP Units vest over the service period of the award based on certain performance conditions of the Company and on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. During the nine months ended September 30, 2021, the Company granted the following LTIP Units: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2021 576,378 Service-based $ 10.67 12/31/2023 1/1/2021 1,005,073 Market-indexed $ 9.85 12/31/2023 1,581,451 The fair value of the market-indexed LTIP Units (Level 3) granted on January 1, 2021 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk-free interest rate of 0.17% and an expected volatility of 62.82%. The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units: LTIP Units Phantom Stock Units Stock Units Units Value(1) Units Value(1) Units Value(1) Balance at January 1, 2021 784,052 $ 28.11 4,662 $ 35.35 309,845 $ 21.47 Granted 1,581,451 10.15 16,577 11.74 167,356 14.58 Vested (17,931) 29.75 (16,710) 16.87 (209,709) 19.04 Forfeited — — — — (987) 22.12 Balance at September 30, 2021 2,347,572 $ 16.00 4,529 $ 17.10 266,505 $ 19.05 (1) Value represents the weighted average grant date fair value. The following table summarizes the activity of the stock options outstanding: Stock Options Units Value(1) Balance at January 1, 2021 37,515 $ 54.34 Granted — — Exercised — — Balance at September 30, 2021 37,515 $ 54.34 (1) Value represents the weighted average exercise price. The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 LTIP Units $ 3,625 $ 3,354 $ 10,822 $ 9,918 Stock units 598 684 2,577 3,580 Phantom stock units 95 85 282 438 $ 4,318 $ 4,123 $ 13,681 $ 13,936 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes: The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC. The income tax provision of the TRSs are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Current $ — $ — $ — $ 439 Deferred (107) (1,106) (9,452) 245 Total income tax (expense) benefit $ (107) $ (1,106) $ (9,452) $ 684 The net operating loss ("NOL") carryforwards 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. Net deferred tax assets of $21,315 and $30,767 were included in deferred charges and other assets, net at September 30, 2021 and December 31, 2020, respectively. 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 September 30, 2021, 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 twelve months. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events:On October 28, 2021, the Company announced a dividend/distribution of $0.15 per share for common stockholders and OP Unitholders of record on November 9, 2021. All dividends/distributions will be paid 100% in cash on December 3, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule Of Variable Interest Entities | The Operating Partnership's consolidated VIEs included the following assets and liabilities: September 30, December 31, Assets: Property, net $ 463,949 $ 551,062 Other assets 84,510 97,713 Total assets $ 548,459 $ 648,775 Liabilities: Mortgage notes payable $ 413,902 $ 420,233 Other liabilities 59,240 81,266 Total liabilities $ 473,142 $ 501,499 All intercompany accounts and transactions have been eliminated in the consolidated financial statements. |
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: For the Nine Months Ended September 30, 2021 2020 Beginning of period Cash and cash equivalents $ 465,297 $ 100,005 Restricted cash 17,362 14,211 Cash, cash equivalents and restricted cash $ 482,659 $ 114,216 End of period Cash and cash equivalents $ 117,596 $ 528,431 Restricted cash 55,514 13,370 Cash, cash equivalents and restricted cash $ 173,110 $ 541,801 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Numerator and Denominator Used in Computation of Earnings Per Share | The following table reconciles the numerator and denominator used in the computation of EPS for the three and nine months ended September 30, 2021 and 2020 (shares in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Numerator Net income (loss) $ 112,959 $ (22,622) $ 41,167 $ (40,618) Less net income (loss) attributable to noncontrolling interests 6,257 (431) 9,834 (833) Net income (loss) attributable to the Company 106,702 (22,191) 31,333 (39,785) Allocation of earnings to participating securities (290) (215) (641) (834) Numerator for basic and diluted EPS—net income (loss) attributable to common stockholders $ 106,412 $ (22,406) $ 30,692 $ (40,619) Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 213,214 149,626 192,717 145,071 EPS—net income (loss) attributable to common stockholders Basic and diluted $ 0.50 $ (0.15) $ 0.16 $ (0.28) (1) Diluted EPS excludes 101,799 and 103,235 for the three months ended September 30, 2021 and 2020, respectively, and 102,751 and 96,144 convertible preferred partnership units for the nine months ended September 30, 2021 and 2020, respectively, as their impact was antidilutive. Diluted EPS also excludes 9,818,917 and 10,883,761 Operating Partnership units ("OP Units") for the three months ended September 30, 2021 and 2020, respectively, and 10,160,575 and 10,622,971 OP Units for the nine months ended September 30, 2021 and 2020, respectively, as their impact was antidilutive. |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures | Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: September 30, December 31, Assets(1): Property, net $ 8,782,003 $ 8,721,551 Other assets 806,699 774,583 Total assets $ 9,588,702 $ 9,496,134 Liabilities and partners' capital(1): Mortgage and other notes payable $ 6,056,358 $ 5,942,478 Other liabilities 399,011 397,483 Company's capital 1,693,844 1,711,944 Outside partners' capital 1,439,489 1,444,229 Total liabilities and partners' capital $ 9,588,702 $ 9,496,134 Investments in unconsolidated joint ventures: Company's capital $ 1,693,844 $ 1,711,944 Basis adjustment(2) (457,992) (479,678) $ 1,235,852 $ 1,232,266 Assets—Investments in unconsolidated joint ventures $ 1,365,369 $ 1,340,647 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (129,517) (108,381) $ 1,235,852 $ 1,232,266 (1) These amounts include assets of $2,804,711 and $2,857,757 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2021 and December 31, 2020, respectively, and liabilities of $1,671,469 and $1,687,042 of the PPR Portfolio as of September 30, 2021 and December 31, 2020, 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 $2,768 and $3,361 for the three months ended September 30, 2021 and 2020, respectively, and $7,431 and $11,089 for the nine months ended September 30, 2021 and 2020, respectively. |
Schedule of Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures | Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Three Months Ended September 30, 2021 Revenues: Leasing revenue $ 44,304 $ 160,044 $ 204,348 Other 14 6,658 6,672 Total revenues 44,318 166,702 211,020 Expenses: Shopping center and operating expenses 10,078 67,627 77,705 Leasing expenses 332 963 1,295 Interest expense 15,801 36,483 52,284 Depreciation and amortization 24,154 61,734 85,888 Total expenses 50,365 166,807 217,172 Gain on sale or write down of assets, net — 762 762 Net (loss) income $ (6,047) $ 657 $ (5,390) Company's equity in net loss $ (1,390) $ (343) $ (1,733) Three Months Ended September 30, 2020 Revenues: Leasing revenue $ 36,043 $ 155,133 $ 191,176 Other 257 5,671 5,928 Total revenues 36,300 160,804 197,104 Expenses: Shopping center and operating expenses 9,678 61,457 71,135 Leasing expenses 266 877 1,143 Interest expense 16,267 37,805 54,072 Depreciation and amortization 24,819 73,884 98,703 Total expenses 51,030 174,023 225,053 (Loss) gain on sale or write down of assets, net (120) 4 (116) Net loss $ (14,850) $ (13,215) $ (28,065) Company's equity in net loss $ (6,511) $ (6,002) $ (12,513) PPR Portfolio Other Total Nine Months Ended September 30, 2021 Revenues: Leasing revenue $ 122,311 $ 459,826 $ 582,137 Other 144 56,508 56,652 Total revenues 122,455 516,334 638,789 Expenses: Shopping center and operating expenses 29,339 183,013 212,352 Leasing expenses 1,106 3,423 4,529 Interest expense 47,438 110,586 158,024 Depreciation and amortization 73,042 192,149 265,191 Total expenses 150,925 489,171 640,096 Gain on sale or write down of assets, net — 581 581 Net (loss) income $ (28,470) $ 27,744 $ (726) Company's equity in net (loss) income $ (10,269) $ 30,481 $ 20,212 Nine Months Ended September 30, 2020 Revenues: Leasing revenue $ 133,226 $ 466,830 $ 600,056 Other 559 12,162 12,721 Total revenues 133,785 478,992 612,777 Expenses: Shopping center and operating expenses 27,562 176,119 203,681 Leasing expenses 1,031 3,002 4,033 Interest expense 48,724 112,736 161,460 Depreciation and amortization 78,000 208,341 286,341 Total expenses 155,317 500,198 655,515 Loss on sale or write down of assets, net (120) (9) (129) Net loss $ (21,652) $ (21,215) $ (42,867) Company's equity in net loss $ (5,510) $ (11,478) $ (16,988) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following derivatives were outstanding at September 30, 2021: Fair Value Property Notional Amount Product LIBOR Rate Maturity September 30, December 31, Santa Monica Place(1) $ 300,000 Cap 4.00 % 12/9/2021 $ — $ — The Macerich Partnership, L.P.(1) $ 400,000 Swaps 2.85 % 9/30/2021 $ — $ (8,208) |
Property, net (Tables)
Property, net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Schedule of Components of Property, net | Property, net consists of the following: September 30, December 31, Land $ 1,440,383 $ 1,538,270 Buildings and improvements 6,312,458 6,620,708 Tenant improvements 680,047 750,250 Equipment and furnishings(1) 188,960 194,231 Construction in progress 226,246 153,253 8,848,094 9,256,712 Less accumulated depreciation(1) (2,517,703) (2,562,133) $ 6,330,391 $ 6,694,579 |
Schedule of Loss on Sale or Write Down of Assets | Gain (loss) on sale or write-down of assets, net for the three and nine months ended September 30, 2021 and 2020 consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Gain on property sales, net(1) $ 118,471 $ 856 $ 111,805 $ 856 Loss on write-down of assets(2) — (2,361) (38,362) (42,971) Gain on land sales, net(3) 95 13,291 19,913 13,331 $ 118,566 $ 11,786 $ 93,356 $ (28,784) (1) Includes $117,242 and $4,229 of gain related to the sale of La Encantada and Paradise Valley Mall, respectively (See Note 15-Dispositions). (2) Includes impairment loss of $27,281 on Estrella Falls during the nine months ended September 30, 2021 and impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the nine months ended September 30, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the nine months ended September 30, 2021 mainly pertain to the write off of development costs. (3) Includes $1,334 related to the sale of Paradise Valley Mall (See Note 15-Dispositions). |
Schedule of 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 the impairment losses recorded for the nine months ended September 30, 2021 and 2020, as described above: Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Unobservable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) September 30, 2020 $ 140,000 $ — $ 140,000 $ — September 30, 2021 $ 4,720 $ — $ 4,720 $ — |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Components of Leasing Revenue | The following table summarizes the components of leasing revenue for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Leasing revenue—fixed payments $ 132,789 $ 138,843 $ 395,796 $ 455,925 Leasing revenue—variable payments 65,984 47,220 173,592 138,304 (Provision for) recovery of doubtful accounts, net (1,638) (10,557) 4,269 (39,248) $ 197,135 $ 175,506 $ 573,657 $ 554,981 |
Schedule of Minimum Rental Payments | The following table summarizes the future rental payments to the Company: Twelve months ending September 30, 2022 $ 376,459 2023 334,825 2024 281,610 2025 230,173 2026 184,369 Thereafter 529,860 $ 1,937,296 |
Schedule of Lease Costs | The following table summarizes the lease costs for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease costs $ 3,398 $ 3,788 $ 11,027 $ 11,427 Finance lease costs: Amortization of ROU assets 480 477 1,436 1,428 Interest on lease liabilities 117 131 460 415 $ 3,995 $ 4,396 $ 12,923 $ 13,270 |
Schedule of Minimum Future Rental Payments Required | The following table summarizes the future rental payments required under the leases: September 30, 2021 December 31, 2020 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2021 $ 3,937 $ 2,450 $ 14,695 $ 10,785 2022 14,302 4,461 14,558 2,762 2023 8,452 2,043 8,746 344 2024 6,471 9,072 6,759 3,085 2025 6,513 — 6,796 — Thereafter 115,828 — 116,660 — Total undiscounted rental payments 155,503 18,026 168,214 16,976 Less imputed interest (86,576) (3,497) (94,375) (599) Total lease liabilities $ 68,927 $ 14,529 $ 73,839 $ 16,377 Weighted average remaining term 35.9 years 2.4 years 34.5 years 1.1 years Weighted average incremental borrowing rate 7.7 % 3.7 % 7.7 % 3.7 % |
Deferred Charges and Other As_2
Deferred Charges and Other Assets, net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Deferred Charges and Other Assets, Net | Deferred charges and other assets, net consist of the following: September 30, December 31, Leasing $ 140,245 $ 162,652 Intangible assets: In-place lease values 66,472 74,298 Leasing commissions and legal costs 17,810 21,096 Above-market leases 75,183 80,120 Deferred tax assets 21,315 30,767 Deferred compensation plan assets 62,658 62,874 Other assets 41,946 61,553 425,629 493,360 Less accumulated amortization(1) (173,608) (186,401) $ 252,021 $ 306,959 (1) Accumulated amortization includes $44,358 and $47,249 relating to in-place lease values, leasing commissions and legal costs at September 30, 2021 and December 31, 2020, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $2,262 and $1,930 for the three months ended September 30, 2021 and 2020, respectively, and $6,868 and $7,645 for the nine months ended September 30, 2021 and 2020, respectively. |
Schedule of Allocated Values of Above-Market Leases and Below-Market Leases | The allocated values of above-market leases and below-market leases consist of the following: September 30, December 31, Above-Market Leases Original allocated value $ 75,183 $ 80,120 Less accumulated amortization (33,426) (33,271) $ 41,757 $ 46,849 Below-Market Leases(1) Original allocated value $ 101,152 $ 114,790 Less accumulated amortization (36,665) (43,656) $ 64,487 $ 71,134 (1) Below-market leases are included in other accrued liabilities. |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgage Notes Payable | Mortgage notes payable at September 30, 2021 and December 31, 2020 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral September 30, 2021 December 31, 2020 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,502 $ 255,361 4.18 % $ 875 2024 Danbury Fair Mall(6) 170,171 186,741 5.71 % 1,538 2022 Fashion District Philadelphia 194,602 201,000 4.00 % 649 2024 Fashion Outlets of Chicago 299,253 299,193 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA 97,420 101,463 6.45 % 727 2023 Freehold Raceway Mall(5) 398,671 398,545 3.94 % 1,300 2029 Fresno Fashion Fair 324,006 323,857 3.67 % 971 2026 Green Acres Commons(7) 29,780 129,847 3.10 % 72 2023 Green Acres Commons - Swapped(8) 95,000 — 5.60 % 444 2023 Green Acres Mall(9) 247,537 270,570 3.94 % 1,447 2023 Kings Plaza Shopping Center 535,799 535,413 3.71 % 1,629 2030 Oaks, The 178,071 183,108 4.14 % 1,064 2022 Pacific View 112,351 114,909 4.08 % 668 2022 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place - Swapped(10) 299,127 298,566 4.58 % 1,082 2022 SanTan Village Regional Center 219,300 219,233 4.34 % 788 2029 Towne Mall 19,447 19,815 4.48 % 117 2022 Tucson La Encantada(11) — 62,018 4.23 % 368 2022 Victor Valley, Mall of 114,835 114,791 4.00 % 380 2024 Vintage Faire Mall 241,715 246,380 3.55 % 1,256 2026 $ 4,432,587 $ 4,560,810 (1) The mortgage notes payable 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 $13,640 and $14,085 at September 30, 2021 and December 31, 2020, 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 and subsequently to October 1, 2021. The loan amount and interest rate remained unchanged following these extensions. On September 15, 2021, the Company further extended the loan maturity to July 1, 2022. The interest rate remained unchanged, and the Company repaid $10,000 of the outstanding loan balance at closing. (7) On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing. (8) The loan includes an interest rate swap that effectively converts $95,000 of the outstanding balance to fixed rate debt through September 30, 2021, the expiration of the interest rate swap. This swap was previously hedged against the Company's prior revolving line of credit that was terminated in April 2021. The Company did not renew the swaps that expired on September 30, 2021 and, as a result, on October 1, 2021, this loan reverted back to a floating rate loan with an effective interest rate of 3.10% as of such date (See Note 5—Derivative Instruments and Hedging Activities). (9) 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. (10) The loan includes an interest rate swap that effectively converts $300,000 of the outstanding balance to fixed rate debt through September 30, 2021, the expiration of the interest rate swap. This swap was previously hedged against the Company's prior revolving line of credit that was terminated in April 2021. The Company did not renew the swaps that expired on September 30, 2021 and, as a result, on October 1, 2021, this loan reverted back to a floating rate loan with an effective interest rate of 1.81% as of such date (See Note 5—Derivative Instruments and Hedging Activities). |
Financing Arrangement (Tables)
Financing Arrangement (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Co-Venture Arrangement [Abstract] | |
Schedule of Financing Arrangement Activity | During the three and nine months ended September 30, 2021 and 2020, the Company incurred interest expense (income) in connection with the financing arrangement as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Distributions equal to the partner's share of net (loss) income $ (985) $ (398) $ (3,410) $ 885 Distributions in excess of the partner's share of net income 3,583 398 12,583 3,356 Adjustment to fair value of financing arrangement obligation (10,306) (15,502) (12,608) (96,793) $ (7,708) $ (15,502) $ (3,435) $ (92,552) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Fees Charged to Unconsolidated Joint Ventures | The following are fees charged to unconsolidated joint ventures: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Management fees $ 4,594 $ 4,285 $ 12,397 $ 13,066 Development and leasing fees 1,747 1,443 4,732 5,838 $ 6,341 $ 5,728 $ 17,129 $ 18,904 |
Share and Unit-Based Plans (Tab
Share and Unit-Based Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of LTIP Units Granted | During the nine months ended September 30, 2021, the Company granted the following LTIP Units: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2021 576,378 Service-based $ 10.67 12/31/2023 1/1/2021 1,005,073 Market-indexed $ 9.85 12/31/2023 1,581,451 |
Schedule of Activity Of Non-vested LTIP Units, Stock Awards, Phantom Stock And Stock Units | The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units: LTIP Units Phantom Stock Units Stock Units Units Value(1) Units Value(1) Units Value(1) Balance at January 1, 2021 784,052 $ 28.11 4,662 $ 35.35 309,845 $ 21.47 Granted 1,581,451 10.15 16,577 11.74 167,356 14.58 Vested (17,931) 29.75 (16,710) 16.87 (209,709) 19.04 Forfeited — — — — (987) 22.12 Balance at September 30, 2021 2,347,572 $ 16.00 4,529 $ 17.10 266,505 $ 19.05 (1) Value represents the weighted average grant date fair value. |
Schedule of Activity of SARs And Stock Options Outstanding | The following table summarizes the activity of the stock options outstanding: Stock Options Units Value(1) Balance at January 1, 2021 37,515 $ 54.34 Granted — — Exercised — — Balance at September 30, 2021 37,515 $ 54.34 (1) Value represents the weighted average exercise price. |
Schedule of Compensation Cost Under The Share And Unit-based Plans | The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 LTIP Units $ 3,625 $ 3,354 $ 10,822 $ 9,918 Stock units 598 684 2,577 3,580 Phantom stock units 95 85 282 438 $ 4,318 $ 4,123 $ 13,681 $ 13,936 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Benefit of TRSs | The income tax provision of the TRSs are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Current $ — $ — $ — $ 439 Deferred (107) (1,106) (9,452) 245 Total income tax (expense) benefit $ (107) $ (1,106) $ (9,452) $ 684 |
Organization (Details)
Organization (Details) - entity | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Subsidiary of Limited Liability Company or Limited Partnership | ||
Number of management companies (in entities) | 7 | |
The Macerich Partnership, L.P. | ||
Subsidiary of Limited Liability Company or Limited Partnership | ||
Ownership interest in operating partnership | 96.00% | 93.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of variable interest entities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity | ||
Property, net | $ 6,330,391 | $ 6,694,579 |
Total assets | 8,412,226 | 9,184,005 |
Mortgage notes payable | 4,432,587 | 4,560,810 |
Total liabilities | 5,177,435 | 6,738,745 |
Operating Partnership | ||
Variable Interest Entity | ||
Property, net | 463,949 | 551,062 |
Other assets | 84,510 | 97,713 |
Total assets | 548,459 | 648,775 |
Mortgage notes payable | 413,902 | 420,233 |
Other liabilities | 59,240 | 81,266 |
Total liabilities | $ 473,142 | $ 501,499 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ||||
Cash and cash equivalents | $ 117,596 | $ 465,297 | $ 528,431 | $ 100,005 |
Restricted cash | 55,514 | 17,362 | 13,370 | 14,211 |
Cash, cash equivalents and restricted cash | $ 173,110 | $ 482,659 | $ 541,801 | $ 114,216 |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator | ||||
Net income (loss) | $ 112,959 | $ (22,622) | $ 41,167 | $ (40,618) |
Less net income (loss) attributable to noncontrolling interests | 6,257 | (431) | 9,834 | (833) |
Net income (loss) attributable to the Company | 106,702 | (22,191) | 31,333 | (39,785) |
Allocation of earnings to participating securities | (290) | (215) | (641) | (834) |
Allocation of earnings to participating securities | (290) | (215) | (641) | (834) |
Numerator for basic and diluted EPS—net income (loss) attributable to common stockholders | 106,412 | (22,406) | 30,692 | (40,619) |
Numerator for basic and diluted EPS—net income (loss) attributable to common stockholders | $ 106,412 | $ (22,406) | $ 30,692 | $ (40,619) |
Denominator | ||||
Basic (in shares) | 213,214,000 | 149,626,000 | 192,717,000 | 145,071,000 |
Diluted (in shares) | 213,214,000 | 149,626,000 | 192,717,000 | 145,071,000 |
EPS—net income (loss) attributable to common stockholders | ||||
Basic (in dollars per share) | $ 0.50 | $ (0.15) | $ 0.16 | $ (0.28) |
Diluted (in dollars per share) | $ 0.50 | $ (0.15) | $ 0.16 | $ (0.28) |
Convertible non-participating preferred units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Securities excluded from Diluted EPS (in shares) | 101,799 | 103,235 | 102,751 | 96,144 |
Partnership unit | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Securities excluded from Diluted EPS (in shares) | 9,818,917 | 10,883,761 | 10,160,575 | 10,622,971 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures - Narrative (Details) | Oct. 26, 2021USD ($) | Mar. 29, 2021USD ($) | Dec. 29, 2020USD ($) | Dec. 10, 2020USD ($) | Nov. 17, 2020USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($)property | Dec. 28, 2020 | Dec. 09, 2020USD ($) |
Schedule of Equity Method Investments | |||||||||
Mortgage notes payable | $ 4,432,587,000 | $ 4,560,810,000 | |||||||
Sears South Plains | |||||||||
Schedule of Equity Method Investments | |||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | ||||||||
Tysons Corner LLC | |||||||||
Schedule of Equity Method Investments | |||||||||
Loan funding | $ 45,000,000 | ||||||||
Fashion District Philadelphia | |||||||||
Schedule of Equity Method Investments | |||||||||
Effective interest rate (in percent) | 4.00% | ||||||||
FlatIron Crossing | |||||||||
Schedule of Equity Method Investments | |||||||||
Repayments of debt | $ 7,650,000 | ||||||||
Joint Venture | |||||||||
Schedule of Equity Method Investments | |||||||||
Number of properties | property | 9 | ||||||||
Joint Venture | Fashion District Philadelphia | |||||||||
Schedule of Equity Method Investments | |||||||||
Extension term | 1 year | ||||||||
Joint Venture | Fashion District Philadelphia | LIBOR | |||||||||
Schedule of Equity Method Investments | |||||||||
Variable interest rate spread (in percent) | 3.50% | ||||||||
Joint Venture | Fashion District Philadelphia | LIBOR floor | |||||||||
Schedule of Equity Method Investments | |||||||||
Variable interest rate spread (in percent) | 0.50% | ||||||||
Joint Venture | Fashion District Philadelphia | |||||||||
Schedule of Equity Method Investments | |||||||||
Mortgage notes payable | $ 201,000 | $ 301,000 | |||||||
Repayments of debt | $ 100,000 | ||||||||
Accrued interest percent to be repaid prior to cash distributions | 15.00% | ||||||||
Joint Venture | Tysons Corner LLC | |||||||||
Schedule of Equity Method Investments | |||||||||
Mortgage notes payable | $ 95,000,000 | ||||||||
Effective interest rate (in percent) | 3.43% | ||||||||
Loan funding | $ 90,000,000 | ||||||||
Joint Venture | Tysons Corner LLC | Future advance potential | |||||||||
Schedule of Equity Method Investments | |||||||||
Loan funding | $ 5,000 | ||||||||
Joint Venture | Fashion District Philadelphia | |||||||||
Schedule of Equity Method Investments | |||||||||
Cash distribution, percent | 50.00% | ||||||||
Joint Venture | FlatIron Crossing | |||||||||
Schedule of Equity Method Investments | |||||||||
Repayments of debt | $ 15,000 | ||||||||
Extension term | 1 year | ||||||||
Interest rate on debt | 4.10% | 3.85% | |||||||
Joint Venture | Paradise Valley Mall | |||||||||
Schedule of Equity Method Investments | |||||||||
Ownership percentage | 5.00% | ||||||||
Payments for joint venture | $ 3,819,000 | ||||||||
Joint Venture | The Shops At Atlas Park | Subsequent event | |||||||||
Schedule of Equity Method Investments | |||||||||
Face amount on debt | $ 65,000,000 | ||||||||
Joint Venture | The Shops At Atlas Park | LIBOR | Subsequent event | |||||||||
Schedule of Equity Method Investments | |||||||||
Variable interest rate spread (in percent) | 4.15% | ||||||||
Joint venture partner | Fashion District Philadelphia | |||||||||
Schedule of Equity Method Investments | |||||||||
Cash distribution, percent | 50.00% |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Property, net | $ 6,330,391 | $ 6,694,579 |
Assets | 8,412,226 | 9,184,005 |
Liabilities and partners' capital: | ||
Mortgage notes payable | 4,432,587 | 4,560,810 |
Total liabilities and equity | 8,412,226 | 9,184,005 |
Investments in unconsolidated joint ventures: | ||
Assets—Investments in unconsolidated joint ventures | 1,365,369 | 1,340,647 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (129,517) | (108,381) |
Joint Venture | Investments in Unconsolidated Joint Ventures | ||
Assets: | ||
Property, net | 8,782,003 | 8,721,551 |
Other assets | 806,699 | 774,583 |
Assets | 9,588,702 | 9,496,134 |
Liabilities and partners' capital: | ||
Mortgage notes payable | 6,056,358 | 5,942,478 |
Other liabilities | 399,011 | 397,483 |
Company's capital | 1,693,844 | 1,711,944 |
Outside partners' capital | 1,439,489 | 1,444,229 |
Total liabilities and equity | 9,588,702 | 9,496,134 |
Investments in unconsolidated joint ventures: | ||
Company's capital | 1,693,844 | 1,711,944 |
Basis adjustment | (457,992) | (479,678) |
Investments in unconsolidated joint ventures | 1,235,852 | 1,232,266 |
Assets—Investments in unconsolidated joint ventures | 1,365,369 | 1,340,647 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (129,517) | (108,381) |
Investments in unconsolidated joint ventures | $ 1,235,852 | $ 1,232,266 |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule of Equity Method Investments | |||||
Assets | $ 8,412,226 | $ 8,412,226 | $ 9,184,005 | ||
Liabilities | 5,177,435 | 5,177,435 | 6,738,745 | ||
Joint Venture | |||||
Schedule of Equity Method Investments | |||||
Amortization of difference between cost of investments and book value of underlying equity | 2,768 | $ 3,361 | 7,431 | $ 11,089 | |
Joint Venture | PPR Portfolio | PPR Portfolio | |||||
Schedule of Equity Method Investments | |||||
Assets | 2,804,711 | 2,804,711 | 2,857,757 | ||
Liabilities | $ 1,671,469 | $ 1,671,469 | $ 1,687,042 |
Investments in Unconsolidated_6
Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Leasing revenue | $ 197,135 | $ 175,506 | $ 573,657 | $ 554,981 |
Total revenues | 212,137 | 185,844 | 618,034 | 591,383 |
Expenses: | ||||
Leasing expenses | 6,200 | 5,544 | 18,003 | 19,622 |
Interest expense | 40,336 | 37,184 | 149,146 | 65,292 |
Depreciation and amortization | 75,465 | 78,605 | 231,491 | 241,112 |
Total expenses | 215,904 | 206,633 | 680,983 | 586,913 |
Gain on sale or write down of assets, net | 118,566 | 11,786 | 93,356 | (28,784) |
Net income (loss) | 112,959 | (22,622) | 41,167 | (40,618) |
Company's equity in net (loss) income | (1,733) | (12,513) | 20,212 | (16,988) |
Other | ||||
Revenues: | ||||
Other | 8,215 | 4,334 | 25,391 | 16,595 |
Shopping center and operating expenses | ||||
Expenses: | ||||
Shopping center and operating expenses | 70,696 | 64,680 | 214,506 | 192,538 |
Joint Venture | Investments in Unconsolidated Joint Ventures | ||||
Revenues: | ||||
Leasing revenue | 204,348 | 191,176 | 582,137 | 600,056 |
Total revenues | 211,020 | 197,104 | 638,789 | 612,777 |
Expenses: | ||||
Leasing expenses | 1,295 | 1,143 | 4,529 | 4,033 |
Interest expense | 52,284 | 54,072 | 158,024 | 161,460 |
Depreciation and amortization | 85,888 | 98,703 | 265,191 | 286,341 |
Total expenses | 217,172 | 225,053 | 640,096 | 655,515 |
Gain on sale or write down of assets, net | 762 | (116) | 581 | (129) |
Net income (loss) | (5,390) | (28,065) | (726) | (42,867) |
Company's equity in net (loss) income | (1,733) | (12,513) | 20,212 | (16,988) |
Joint Venture | Investments in Unconsolidated Joint Ventures | Other | ||||
Revenues: | ||||
Other | 6,672 | 5,928 | 56,652 | 12,721 |
Joint Venture | Investments in Unconsolidated Joint Ventures | Shopping center and operating expenses | ||||
Expenses: | ||||
Shopping center and operating expenses | 77,705 | 71,135 | 212,352 | 203,681 |
Joint Venture | Investments in Unconsolidated Joint Ventures | PPR Portfolio | ||||
Revenues: | ||||
Leasing revenue | 44,304 | 36,043 | 122,311 | 133,226 |
Total revenues | 44,318 | 36,300 | 122,455 | 133,785 |
Expenses: | ||||
Leasing expenses | 332 | 266 | 1,106 | 1,031 |
Interest expense | 15,801 | 16,267 | 47,438 | 48,724 |
Depreciation and amortization | 24,154 | 24,819 | 73,042 | 78,000 |
Total expenses | 50,365 | 51,030 | 150,925 | 155,317 |
Gain on sale or write down of assets, net | 0 | (120) | 0 | (120) |
Net income (loss) | (6,047) | (14,850) | (28,470) | (21,652) |
Company's equity in net (loss) income | (1,390) | (6,511) | (10,269) | (5,510) |
Joint Venture | Investments in Unconsolidated Joint Ventures | PPR Portfolio | Other | ||||
Revenues: | ||||
Other | 14 | 257 | 144 | 559 |
Joint Venture | Investments in Unconsolidated Joint Ventures | PPR Portfolio | Shopping center and operating expenses | ||||
Expenses: | ||||
Shopping center and operating expenses | 10,078 | 9,678 | 29,339 | 27,562 |
Joint Venture | Investments in Unconsolidated Joint Ventures | Other Joint Ventures | ||||
Revenues: | ||||
Leasing revenue | 160,044 | 155,133 | 459,826 | 466,830 |
Total revenues | 166,702 | 160,804 | 516,334 | 478,992 |
Expenses: | ||||
Leasing expenses | 963 | 877 | 3,423 | 3,002 |
Interest expense | 36,483 | 37,805 | 110,586 | 112,736 |
Depreciation and amortization | 61,734 | 73,884 | 192,149 | 208,341 |
Total expenses | 166,807 | 174,023 | 489,171 | 500,198 |
Gain on sale or write down of assets, net | 762 | 4 | 581 | (9) |
Net income (loss) | 657 | (13,215) | 27,744 | (21,215) |
Company's equity in net (loss) income | (343) | (6,002) | 30,481 | (11,478) |
Joint Venture | Investments in Unconsolidated Joint Ventures | Other Joint Ventures | Other | ||||
Revenues: | ||||
Other | 6,658 | 5,671 | 56,508 | 12,162 |
Joint Venture | Investments in Unconsolidated Joint Ventures | Other Joint Ventures | Shopping center and operating expenses | ||||
Expenses: | ||||
Shopping center and operating expenses | $ 67,627 | $ 61,457 | $ 183,013 | $ 176,119 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($)derivative | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)derivative | Sep. 30, 2020USD ($) | Apr. 14, 2021USD ($) | Dec. 31, 2020USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||
Number of interest rate swap agreements | derivative | 4 | 4 | ||||
Interest rate cap/swap agreements | $ 2,775 | $ 2,812 | $ 8,208 | $ (1,838) | ||
Swaps | ||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||
Number of interest rate swap agreements | derivative | 4 | 4 | ||||
Swaps | Santa Monica Place | ||||||
Derivatives, Fair Value | ||||||
Outstanding balance to fixed rate | $ 300,000 | $ 300,000 | $ 300,000 | |||
Level 2 measurement | Cap | ||||||
Derivatives, Fair Value | ||||||
Notional Amount | 300,000 | 300,000 | ||||
Fair Value | $ 0 | $ 0 | $ 0 | |||
Level 2 measurement | Cap | LIBOR | ||||||
Derivatives, Fair Value | ||||||
LIBOR Rate | 4.00% | 4.00% | ||||
Level 2 measurement | Swaps | ||||||
Derivatives, Fair Value | ||||||
Notional Amount | $ 400,000 | $ 400,000 | ||||
Fair Value | $ 0 | $ 0 | $ (8,208) | |||
Level 2 measurement | Swaps | LIBOR | ||||||
Derivatives, Fair Value | ||||||
LIBOR Rate | 2.85% | 2.85% |
Property, net - Components of p
Property, net - Components of property (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Real Estate [Abstract] | ||
Land | $ 1,440,383 | $ 1,538,270 |
Buildings and improvements | 6,312,458 | 6,620,708 |
Tenant improvements | 680,047 | 750,250 |
Equipment and furnishings | 188,960 | 194,231 |
Construction in progress | 226,246 | 153,253 |
Total | 8,848,094 | 9,256,712 |
Less accumulated depreciation | (2,517,703) | (2,562,133) |
Property, net | $ 6,330,391 | $ 6,694,579 |
Property, net - Narrative (Deta
Property, net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Real Estate [Abstract] | ||||
Depreciation expense | $ 68,715 | $ 71,250 | $ 211,139 | $ 216,455 |
Property, Plant, and Equipment
Property, Plant, and Equipment - Schedule of loss on sale or write down of assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment | ||||
Loss on write-down of assets | $ 0 | $ (2,361) | $ (38,362) | $ (42,971) |
Gain (loss) on sale or write down of assets, net | 118,566 | 11,786 | 93,356 | (28,784) |
Paradise Valley Mall | ||||
Property, Plant and Equipment | ||||
Gain on sales | 4,229 | 117,242 | ||
Paradise Valley Mall | ||||
Property, Plant and Equipment | ||||
Loss on write-down of assets | (6,640) | |||
Estrella Falls | ||||
Property, Plant and Equipment | ||||
Loss on write-down of assets | (27,281) | |||
Wilton Mall | ||||
Property, Plant and Equipment | ||||
Loss on write-down of assets | (30,063) | |||
Property | ||||
Property, Plant and Equipment | ||||
Gain on sales | 118,471 | 856 | 111,805 | 856 |
Land | ||||
Property, Plant and Equipment | ||||
Gain on sales | 95 | $ 13,291 | 19,913 | $ 13,331 |
Land | Paradise Valley Mall | ||||
Property, Plant and Equipment | ||||
Gain on sales | $ 1,334 | $ 1,334 |
Property, net - Assets measured
Property, net - Assets measured on a nonrecurring basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | $ 4,720 | $ 140,000 |
Fair value measurements on a nonrecurring basis | Quoted Prices in Active Markets for Identical Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 0 | 0 |
Fair value measurements on a nonrecurring basis | Significant Other Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 4,720 | 140,000 |
Fair value measurements on a nonrecurring basis | Significant Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | $ 0 | $ 0 |
Tenant and Other Receivables,_2
Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Abstract] | ||
Allowance for doubtful accounts | $ 20,477 | $ 37,545 |
Components of tenant and other receivables, net | ||
Deferred rent receivable due to straight-line rent adjustments | 113,346 | 107,003 |
Accrued percentage rents | ||
Components of tenant and other receivables, net | ||
Accounts receivable | $ 6,287 | $ 4,673 |
Leases - Components of leasing
Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Leasing revenue—fixed payments | $ 132,789 | $ 138,843 | $ 395,796 | $ 455,925 |
Leasing revenue—variable payments | 65,984 | 47,220 | 173,592 | 138,304 |
(Provision for) recovery of doubtful accounts, net | (1,638) | (10,557) | 4,269 | (39,248) |
Total leasing revenue | $ 197,135 | $ 175,506 | $ 573,657 | $ 554,981 |
Leases - Summary of minimum ren
Leases - Summary of minimum rental payments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 376,459 |
2023 | 334,825 |
2024 | 281,610 |
2025 | 230,173 |
2026 | 184,369 |
Thereafter | 529,860 |
Total minimum rental payments | $ 1,937,296 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021lease | |
Leases [Abstract] | |
Number of finance leases | 5 |
Leases - Summary of lease costs
Leases - Summary of lease costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease costs | $ 3,398 | $ 3,788 | $ 11,027 | $ 11,427 |
Finance lease costs: | ||||
Amortization of ROU assets | 480 | 477 | 1,436 | 1,428 |
Interest on lease liabilities | 117 | 131 | 460 | 415 |
Total lease cost | $ 3,995 | $ 4,396 | $ 12,923 | $ 13,270 |
Leases - Summary of minimum fut
Leases - Summary of minimum future rental payments required (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2021 | $ 3,937 | |
Year 1 | 14,302 | $ 14,695 |
Year 2 | 8,452 | 14,558 |
Year 3 | 6,471 | 8,746 |
Year 4 | 6,513 | 6,759 |
Year 5 | 6,796 | |
Thereafter | 115,828 | |
Thereafter | 116,660 | |
Total undiscounted rental payments | 155,503 | 168,214 |
Less imputed interest | (86,576) | (94,375) |
Total lease liabilities | $ 68,927 | $ 73,839 |
Weighted average remaining lease term, operating leases | 35 years 10 months 24 days | 34 years 6 months |
Weighted average incremental borrowing rate, operating leases | 7.70% | 7.70% |
Finance Leases | ||
2021 | $ 2,450 | |
Year 1 | 4,461 | $ 10,785 |
Year 2 | 2,043 | 2,762 |
Year 3 | 9,072 | 344 |
Year 4 | 0 | 3,085 |
Year 5 | 0 | |
Thereafter | 0 | |
Thereafter | 0 | |
Total undiscounted rental payments | 18,026 | 16,976 |
Less imputed interest | (3,497) | (599) |
Total lease liabilities | $ 14,529 | $ 16,377 |
Weighted average remaining lease term, finance leases | 2 years 4 months 24 days | 1 year 1 month 6 days |
Weighted average incremental borrowing rate, finance leases | 3.70% | 3.70% |
Deferred Charges and Other As_3
Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||
Leasing | $ 140,245 | $ 140,245 | $ 162,652 | ||
Intangible assets: | |||||
In-place lease values | 66,472 | 66,472 | 74,298 | ||
Leasing commissions and legal costs | 17,810 | 17,810 | 21,096 | ||
Above-market leases | 75,183 | 75,183 | 80,120 | ||
Deferred tax assets | 21,315 | 21,315 | 30,767 | ||
Deferred compensation plan assets | 62,658 | 62,658 | 62,874 | ||
Other assets | 41,946 | 41,946 | 61,553 | ||
Deferred charges and other assets, gross | 425,629 | 425,629 | 493,360 | ||
Less accumulated amortization | (173,608) | (173,608) | (186,401) | ||
Deferred charges and other assets, net | 252,021 | 252,021 | 306,959 | ||
In-place lease values, leasing commissions and legal costs | |||||
Finite-Lived Intangible Assets | |||||
Accumulated amortization for intangible assets | 44,358 | 44,358 | $ 47,249 | ||
Amortization expense for intangible assets | $ 2,262 | $ 1,930 | $ 6,868 | $ 7,645 |
Deferred Charges and Other As_4
Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Above-Market Leases | ||
Above-Market Leases | ||
Original allocated value | $ 75,183 | $ 80,120 |
Less accumulated amortization | (33,426) | (33,271) |
Allocated value net | 41,757 | 46,849 |
Below-Market Leases | ||
Below-Market Leases | ||
Original allocated value | 101,152 | 114,790 |
Less accumulated amortization | (36,665) | (43,656) |
Allocated value net | $ 64,487 | $ 71,134 |
Mortgage Notes Payable - Schedu
Mortgage Notes Payable - Schedule of mortgage notes payable (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Oct. 01, 2021 | Dec. 31, 2020 | |
Mortgage loans payable on real estate | |||
Long-term Debt | $ 4,432,587 | $ 4,560,810 | |
Chandler Fashion Center | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 255,502 | 255,361 | |
Effective Interest Rate (in percent) | 4.18% | ||
Monthly Debt Service | $ 875 | ||
Danbury Fair Mall | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 170,171 | 186,741 | |
Effective Interest Rate (in percent) | 5.71% | ||
Monthly Debt Service | $ 1,538 | ||
Fashion District Philadelphia | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 194,602 | 201,000 | |
Effective Interest Rate (in percent) | 4.00% | ||
Monthly Debt Service | $ 649 | ||
Fashion Outlets of Chicago | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 299,253 | 299,193 | |
Effective Interest Rate (in percent) | 4.61% | ||
Monthly Debt Service | $ 1,145 | ||
Fashion Outlets of Niagara Falls USA | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 97,420 | 101,463 | |
Effective Interest Rate (in percent) | 6.45% | ||
Monthly Debt Service | $ 727 | ||
Freehold Raceway Mall | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 398,671 | 398,545 | |
Effective Interest Rate (in percent) | 3.94% | ||
Monthly Debt Service | $ 1,300 | ||
Fresno Fashion Fair | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 324,006 | 323,857 | |
Effective Interest Rate (in percent) | 3.67% | ||
Monthly Debt Service | $ 971 | ||
Green Acres Commons | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 29,780 | 129,847 | |
Effective Interest Rate (in percent) | 3.10% | ||
Monthly Debt Service | $ 72 | ||
Green Acres Commons - Swapped | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 95,000 | 0 | |
Effective Interest Rate (in percent) | 5.60% | ||
Monthly Debt Service | $ 444 | ||
Green Acres Commons - Swapped | Subsequent event | |||
Mortgage loans payable on real estate | |||
Effective Interest Rate (in percent) | 3.10% | ||
Green Acres Mall | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 247,537 | 270,570 | |
Effective Interest Rate (in percent) | 3.94% | ||
Monthly Debt Service | $ 1,447 | ||
Kings Plaza Shopping Center | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 535,799 | 535,413 | |
Effective Interest Rate (in percent) | 3.71% | ||
Monthly Debt Service | $ 1,629 | ||
Oaks, The | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 178,071 | 183,108 | |
Effective Interest Rate (in percent) | 4.14% | ||
Monthly Debt Service | $ 1,064 | ||
Pacific View | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 112,351 | 114,909 | |
Effective Interest Rate (in percent) | 4.08% | ||
Monthly Debt Service | $ 668 | ||
Queens Center | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 600,000 | 600,000 | |
Effective Interest Rate (in percent) | 3.49% | ||
Monthly Debt Service | $ 1,744 | ||
Santa Monica Place - Swapped | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 299,127 | 298,566 | |
Effective Interest Rate (in percent) | 4.58% | ||
Monthly Debt Service | $ 1,082 | ||
Santa Monica Place - Swapped | Subsequent event | |||
Mortgage loans payable on real estate | |||
Effective Interest Rate (in percent) | 1.81% | ||
SanTan Village Regional Center | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 219,300 | 219,233 | |
Effective Interest Rate (in percent) | 4.34% | ||
Monthly Debt Service | $ 788 | ||
Towne Mall | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 19,447 | 19,815 | |
Effective Interest Rate (in percent) | 4.48% | ||
Monthly Debt Service | $ 117 | ||
Tucson La Encantada | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 0 | 62,018 | |
Effective Interest Rate (in percent) | 4.23% | ||
Monthly Debt Service | $ 368 | ||
Victor Valley, Mall of | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 114,835 | 114,791 | |
Effective Interest Rate (in percent) | 4.00% | ||
Monthly Debt Service | $ 380 | ||
Vintage Faire Mall | |||
Mortgage loans payable on real estate | |||
Long-term Debt | $ 241,715 | $ 246,380 | |
Effective Interest Rate (in percent) | 3.55% | ||
Monthly Debt Service | $ 1,256 |
Mortgage Notes Payable - Footno
Mortgage Notes Payable - Footnotes (Details) - USD ($) | Sep. 15, 2021 | Mar. 25, 2021 | Jan. 22, 2021 | Sep. 30, 2021 | Apr. 14, 2021 | Dec. 31, 2020 |
Mortgage loans payable on real estate | ||||||
Unamortized deferred finance costs | $ 13,640,000 | $ 14,085,000 | ||||
Freehold Raceway Mall | ||||||
Mortgage loans payable on real estate | ||||||
Percentage of loan assumed by third party | 49.90% | |||||
Chandler Fashion Center | ||||||
Mortgage loans payable on real estate | ||||||
Percentage of loan assumed by third party | 49.90% | |||||
Danbury Fair Mall | ||||||
Mortgage loans payable on real estate | ||||||
Repayments of debt | $ 10,000 | |||||
Green Acres Commons | ||||||
Mortgage loans payable on real estate | ||||||
Extension term | 2 years | |||||
Repayments of debt | $ 4,680,000 | |||||
Green Acres Commons | LIBOR | ||||||
Mortgage loans payable on real estate | ||||||
Variable rate | 2.75% | |||||
Green Acres Commons - Swapped | Swaps | ||||||
Mortgage loans payable on real estate | ||||||
Outstanding balance to fixed rate | $ 95,000,000 | |||||
Green Acres Mall | ||||||
Mortgage loans payable on real estate | ||||||
Extension term | 1 year | |||||
Repayments of debt | $ 9,000,000 | |||||
Santa Monica Place | Swaps | ||||||
Mortgage loans payable on real estate | ||||||
Outstanding balance to fixed rate | $ 300,000,000 | $ 300,000,000 |
Mortgage Notes Payable - Narrat
Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |||||
Interest expense capitalized | $ 3,102 | $ 1,313 | $ 6,812 | $ 3,969 | |
Fair value of mortgage notes payable | $ 4,349,238 | $ 4,349,238 | $ 4,459,797 |
Bank and Other Notes Payable (D
Bank and Other Notes Payable (Details) | Apr. 14, 2021USD ($) | Sep. 30, 2021USD ($)derivative | Dec. 31, 2020USD ($) | Jun. 30, 2021 |
Mortgage loans payable on real estate | ||||
Unamortized deferred finance costs | $ 13,640,000 | $ 14,085,000 | ||
Number of agreements | derivative | 4 | |||
Swaps | ||||
Mortgage loans payable on real estate | ||||
Outstanding borrowings under the line of credit | $ 400,000,000 | |||
Number of agreements | derivative | 4 | |||
Effective interest rate | 4.50% | |||
Prior revolving line of credit facility | Revolving line of credit | ||||
Mortgage loans payable on real estate | ||||
Total interest rate | 2.73% | |||
Prior revolving line of credit facility | Line of Credit | Level 2 measurement | ||||
Mortgage loans payable on real estate | ||||
Fair value of outstanding line of credit | $ 1,485,598,000 | |||
Line of Credit | New Credit Agreement | ||||
Mortgage loans payable on real estate | ||||
Borrowing capacity | $ 700,000,000 | |||
Outstanding borrowings under the line of credit | $ 130,000,000 | |||
Unamortized deferred finance costs | 15,748,000 | |||
Availability for additional borrowing | $ 394,719,000 | |||
Line of Credit | New Credit Agreement | LIBOR | ||||
Mortgage loans payable on real estate | ||||
Borrowing rate | 2.25% | |||
Line of Credit | New Credit Agreement | Minimum | LIBOR | ||||
Mortgage loans payable on real estate | ||||
Variable interest rate spread (in percent) | 2.25% | |||
Line of Credit | New Credit Agreement | Maximum | LIBOR | ||||
Mortgage loans payable on real estate | ||||
Variable interest rate spread (in percent) | 3.25% | |||
Line of Credit | Revolving Loan Facility Matures On April 14, 2023 | Revolving line of credit | ||||
Mortgage loans payable on real estate | ||||
Borrowing capacity | $ 525,000,000 | |||
Debt instrument term | 1 year | |||
Expanded line of credit facility (up to) | $ 800,000,000 | |||
Draws | 320,000,000 | |||
Total interest rate | 3.69% | |||
Line of Credit | Revolving Loan Facility Matures On April 14, 2023 | Revolving line of credit | Level 2 measurement | ||||
Mortgage loans payable on real estate | ||||
Fair value of outstanding line of credit | $ 129,937,000 | |||
Line of Credit | Prior revolving line of credit facility | ||||
Mortgage loans payable on real estate | ||||
Repayments of debt | 985,000,000 | |||
Borrowing rate | 1.65% | |||
Line of Credit | Prior revolving line of credit facility | Revolving line of credit | ||||
Mortgage loans payable on real estate | ||||
Borrowing capacity | 1,500,000,000 | |||
Outstanding borrowings under the line of credit | $ 1,480,000,000 | |||
Unamortized deferred finance costs | 2,460,000 | |||
Availability for additional borrowing | $ 19,719,000 | |||
Maximum contingent borrowing capacity | $ 2,000,000,000 | |||
Line of Credit | Prior revolving line of credit facility | Revolving line of credit | Minimum | LIBOR | ||||
Mortgage loans payable on real estate | ||||
Variable interest rate spread (in percent) | 1.30% | |||
Line of Credit | Prior revolving line of credit facility | Revolving line of credit | Maximum | LIBOR | ||||
Mortgage loans payable on real estate | ||||
Variable interest rate spread (in percent) | 1.90% | |||
Term Loan | Term Loan Facility Matures On April 14, 2024 | ||||
Mortgage loans payable on real estate | ||||
Borrowing capacity | 175,000,000 | |||
Draws | $ 175,000,000 |
Financing Arrangement - Narrati
Financing Arrangement - Narrative (Details) ft² in Thousands | Sep. 30, 2009ft² | Sep. 30, 2021$ / ft² | Dec. 31, 2020$ / ft² |
Schedule of Joint Ventures | |||
Terminal capitalization rate | 5.75% | 5.50% | |
Discount rate | 7.25% | 7.00% | |
Financing Arrangement | Minimum | |||
Schedule of Joint Ventures | |||
Market rent per square foot | $ / ft² | 35 | 35 | |
Financing Arrangement | Maximum | |||
Schedule of Joint Ventures | |||
Market rent per square foot | $ / ft² | 105 | 105 | |
Financing Arrangement | Chandler Freehold | |||
Schedule of Joint Ventures | |||
Percentage of loan assumed by third party | 49.90% | ||
Financing Arrangement | Chandler Fashion Center | |||
Schedule of Joint Ventures | |||
Property area (in square feet) | ft² | 1,318 | ||
Financing Arrangement | Freehold Raceway Mall | |||
Schedule of Joint Ventures | |||
Property area (in square feet) | ft² | 1,552 |
Financing Arrangement - Financi
Financing Arrangement - Financing arrangement activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Joint Ventures | ||||
Interest (income) expense | $ (7,708) | $ (15,502) | $ (3,435) | $ (92,552) |
Joint Venture | Financing Arrangement | ||||
Schedule of Joint Ventures | ||||
Distributions equal to the partner's share of net (loss) income | (985) | (398) | (3,410) | 885 |
Distributions in excess of the partner's share of net income | 3,583 | 398 | 12,583 | 3,356 |
Adjustment to fair value of financing arrangement obligation | (10,306) | (15,502) | (12,608) | (96,793) |
Interest (income) expense | $ (7,708) | $ (15,502) | $ (3,435) | $ (92,552) |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Subsidiary of Limited Liability Company or Limited Partnership | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Number of trading days used to calculate redemption value | 10 days | |
Redemption value of outstanding OP Units not owned by the Company | $ 171,749 | $ 117,602 |
The Macerich Partnership, L.P. | ||
Subsidiary of Limited Liability Company or Limited Partnership | ||
Ownership interest in operating partnership | 96.00% | 93.00% |
Limited partnership interest of the operating partnership | 4.00% | 7.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Mar. 16, 2021 | Jun. 03, 2020 | May 22, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 26, 2021 | Feb. 01, 2021 | Feb. 12, 2017 |
Class of Stock [Line Items] | ||||||||||
Stock dividend (in shares) | 7,759,280 | |||||||||
Dividend declared (in dollars per share) | $ 0.50 | |||||||||
Cash portion of dividend | 20.00% | |||||||||
Distributions declared, per share (in dollars per share) | $ 0.10 | $ 0.15 | $ 0.15 | $ 0.45 | $ 1 | |||||
Stock portion of dividend | 80.00% | |||||||||
Volume weighted average trading price (in dollars per share) | $ 7.2956 | |||||||||
Authorized repurchase amount | $ 500,000,000 | |||||||||
ATM Programs | ||||||||||
Class of Stock [Line Items] | ||||||||||
Authorized repurchase amount | $ 1,000,000 | $ 1,000,000 | ||||||||
Number of shares issued in transaction (in shares) | 62,029,777 | |||||||||
Net proceeds from stock offerings | $ 847,875,000 | |||||||||
Proceeds from issuance net of common stock | 829,874,000 | |||||||||
Additional shares available for sale (in shares) | $ 152,125 | $ 152,125 | ||||||||
February 2021 ATM Program | ||||||||||
Class of Stock [Line Items] | ||||||||||
Authorized repurchase amount | $ 500,000 | |||||||||
March 2021 ATM Program | ||||||||||
Class of Stock [Line Items] | ||||||||||
Authorized repurchase amount | $ 500,000 |
Dispositions (Details)
Dispositions (Details) - USD ($) $ in Thousands | Sep. 17, 2021 | Mar. 29, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Discontinued Operations: | ||||
Proceeds from sale of assets | $ 323,018 | $ 16,315 | ||
Repayments of debt | $ 100,142 | $ 1,973,668 | $ 20,830 | |
Paradise Valley Mall | Sold | ||||
Discontinued Operations: | ||||
Gain on sale of assets | $ 100,000 | |||
Gain on sale of land | $ 5,563 | |||
Ownership percentage | 5.00% | |||
Tucson La Encantada in Tucson, Arizona | Sold | ||||
Discontinued Operations: | ||||
Gain on sale of assets | 117,242 | |||
Proceeds from sale of assets | $ 165,250 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Other Commitments [Line Items] | |
Contingent liability under letters of credit | $ 40,915 |
Outstanding obligations under construction agreements | 2,920 |
Secured by restricted cash | Letter of Credit | |
Other Commitments [Line Items] | |
Contingent liability under letters of credit | $ 40,600 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Management fees | ||||
Related Party Transaction | ||||
Other | $ 6,787 | $ 6,004 | $ 18,986 | $ 19,807 |
Unconsolidated Joint Ventures and Third Party Managed Properties | ||||
Related Party Transaction | ||||
Other | 6,341 | 5,728 | 17,129 | 18,904 |
Unconsolidated Joint Ventures and Third Party Managed Properties | Management fees | ||||
Related Party Transaction | ||||
Other | 4,594 | 4,285 | 12,397 | 13,066 |
Unconsolidated Joint Ventures and Third Party Managed Properties | Development and leasing fees | ||||
Related Party Transaction | ||||
Other | $ 1,747 | $ 1,443 | $ 4,732 | $ 5,838 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction | |||||
Related party interest (income) expense | $ (7,708) | $ (15,502) | $ (3,435) | $ (92,552) | |
Due from affiliates | 2,977 | 2,977 | $ 1,612 | ||
Joint Venture | Financing Arrangement | |||||
Related Party Transaction | |||||
Related party interest (income) expense | (7,708) | $ (15,502) | (3,435) | $ (92,552) | |
Unconsolidated Joint Ventures | |||||
Related Party Transaction | |||||
Due from affiliates | $ 2,977 | $ 2,977 | $ 1,612 |
Share and Unit-Based Plans - Na
Share and Unit-Based Plans - Narrative (Details) $ in Thousands | Jan. 01, 2020 | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Capitalized share and unit-based compensation costs | $ 910 | $ 626 | $ 2,813 | $ 2,946 | |
Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Conversion rate of shares | 1 | ||||
Unrecognized compensation cost of share and unit-based plans | 2,097 | $ 2,097 | |||
LTIP Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Conversion rate of shares | 1 | ||||
Unrecognized compensation cost of share and unit-based plans | 8,235 | $ 8,235 | |||
LTIP Units | January 1, 2021 | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Risk free interest rate | 0.17% | ||||
Volatility | 62.82% | ||||
Phantom Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Unrecognized compensation cost of share and unit-based plans | $ 77 | $ 77 |
Share and Unit-Based Plans - LT
Share and Unit-Based Plans - LTIP units granted (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Granted (in shares) | 1,581,451 |
Service-based | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Granted (in shares) | 576,378 |
Fair value per LTIP unit (in dollars per share) | $ / shares | $ 10.67 |
Market-indexed | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Granted (in shares) | 1,005,073 |
Fair value per LTIP unit (in dollars per share) | $ / shares | $ 9.85 |
Share and Unit-Based Plans - No
Share and Unit-Based Plans - Nonvested equity awards (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Units | |
Granted (in shares) | 1,581,451 |
LTIP Units | |
Units | |
Balance at beginning of period (in shares) | 784,052 |
Granted (in shares) | 1,581,451 |
Vested (in shares) | (17,931) |
Forfeited (in shares) | 0 |
Balance at end of period (in shares) | 2,347,572 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 28.11 |
Granted (in dollars per share) | $ / shares | 10.15 |
Vested (in dollars per share) | $ / shares | 29.75 |
Forfeited (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 16 |
Phantom Stock Units | |
Units | |
Balance at beginning of period (in shares) | 4,662 |
Granted (in shares) | 16,577 |
Vested (in shares) | (16,710) |
Forfeited (in shares) | 0 |
Balance at end of period (in shares) | 4,529 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 35.35 |
Granted (in dollars per share) | $ / shares | 11.74 |
Vested (in dollars per share) | $ / shares | 16.87 |
Forfeited (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 17.10 |
Stock Units | |
Units | |
Balance at beginning of period (in shares) | 309,845 |
Granted (in shares) | 167,356 |
Vested (in shares) | (209,709) |
Forfeited (in shares) | (987) |
Balance at end of period (in shares) | 266,505 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 21.47 |
Granted (in dollars per share) | $ / shares | 14.58 |
Vested (in dollars per share) | $ / shares | 19.04 |
Forfeited (in dollars per share) | $ / shares | 22.12 |
Balance at end of period (in dollars per share) | $ / shares | $ 19.05 |
Share and Unit-Based Plans - SA
Share and Unit-Based Plans - SARs (Details) - Stock options | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Units | |
Balance at beginning of period (in shares) | shares | 37,515 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 37,515 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 54.34 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 54.34 |
Share and Unit-Based Plans - Co
Share and Unit-Based Plans - Compensation cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Compensation cost under share and unit-based plans | $ 4,318 | $ 4,123 | $ 13,681 | $ 13,936 |
LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Compensation cost under share and unit-based plans | 3,625 | 3,354 | 10,822 | 9,918 |
Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Compensation cost under share and unit-based plans | 598 | 684 | 2,577 | 3,580 |
Phantom Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Compensation cost under share and unit-based plans | $ 95 | $ 85 | $ 282 | $ 438 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Current | $ 0 | $ 0 | $ 0 | $ 439,000 | |
Deferred | (107,000) | (1,106,000) | (9,452,000) | 245,000 | |
Total income tax (expense) benefit | (107,000) | $ (1,106,000) | (9,452,000) | $ 684,000 | |
Net deferred tax assets | 21,315,000 | 21,315,000 | $ 30,767,000 | ||
Valuation allowance | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Oct. 28, 2021 | Mar. 16, 2021 |
Subsequent events | ||
Dividend declared (in dollars per share) | $ 0.50 | |
Subsequent event | ||
Subsequent events | ||
Dividend declared (in dollars per share) | $ 0.15 |