The Macerich Company (MAC) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		214,645,240
Entity Central Index Key	0000912242
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS:
Property, net	$ 6,223,984	$ 6,284,206
Cash and cash equivalents	128,244	112,454
Restricted cash	55,933	54,517
Tenant and other receivables, net	159,653	211,361
Right-of-use assets, net	131,547	110,638
Deferred charges and other assets, net	242,890	254,908
Due from affiliates	4,177	0
Investments in unconsolidated joint ventures	1,263,252	1,317,571
Total assets	8,209,680	8,345,655
LIABILITIES AND EQUITY:
Mortgage notes payable	4,414,557	4,423,554
Bank and other notes payable	63,388	104,811
Accounts payable and accrued expenses	58,011	59,228
Due to affiliates	0	327
Lease liabilities	101,236	80,711
Other accrued liabilities	216,935	254,279
Distributions in excess of investments in unconsolidated joint ventures	130,518	127,608
Financing arrangement obligation	121,531	118,988
Total liabilities	5,106,176	5,169,506
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at March 31, 2022 and December 31, 2021, and 214,901,377 and 214,797,057 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	2,148	2,147
Additional paid-in capital	5,493,662	5,488,440
Accumulated deficit	(2,513,179)	(2,443,696)
Accumulated other comprehensive income (loss)	7	(24)
Total stockholders' equity	2,982,638	3,046,867
Noncontrolling interests	120,866	129,282
Total equity	3,103,504	3,176,149
Total liabilities and equity	$ 8,209,680	$ 8,345,655

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	214,901,377	214,797,057
Common Stock, shares outstanding	214,901,377	214,797,057

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Leasing revenue	$ 203,412	$ 179,535
Total revenues	216,144	190,424
Expenses:
Leasing expenses	7,611	5,166
REIT general and administrative expenses	6,862	8,087
Depreciation and amortization	72,856	78,396
Total expenses before interest	177,194	182,647
Interest expense:
Related parties	8,002	1,319
Other	43,859	52,577
Interest expense	51,861	53,896
Total expenses	229,055	236,543
Equity in (loss) income of unconsolidated joint ventures	(29,097)	1,910
Income tax expense	(1,799)	(2,238)
Gain (loss) on sale or write down of assets, net	6,453	(21,283)
Net loss	(37,354)	(67,730)
Less: net loss attributable to noncontrolling interests	(172)	(4,126)
Net loss attributable to the Company	$ (37,182)	$ (63,604)
Loss per common share—attributable to common stockholders:
Basic (in dollars per share)	$ (0.17)	$ (0.40)
Diluted (in dollars per share)	$ (0.17)	$ (0.40)
Weighted average number of common shares outstanding:
Basic (in shares)	214,819	158,580
Diluted (in shares)	214,819	158,580
Other
Revenues:
Revenue	$ 6,327	$ 5,321
Management Companies
Revenues:
Revenue	6,405	5,568
Expenses:
Shopping center and operating expenses	16,945	14,843
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	$ 72,920	$ 76,155

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (37,354)	$ (67,730)
Other comprehensive income:
Interest rate cap/swap agreements	31	2,694
Comprehensive loss	(37,323)	(65,036)
Less: net loss attributable to noncontrolling interests	(172)	(4,126)
Comprehensive loss attributable to the Company	$ (37,151)	$ (60,910)

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, 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
Increase (Decrease) in Stockholders' Equity
Net loss	(67,730)	(63,604)			(63,604)		(4,126)
Interest rate cap agreement	2,694	2,694				2,694
Amortization of share and unit-based plans	5,031	5,031	$ 1	5,030
Amortization of share and unit-based plans (in shares)			94,753
Stock offerings, net	638,144	638,144	$ 460	637,684
Stock offerings, net (in shares)			45,992,318
Distributions paid	(23,332)	(23,332)			(23,332)
Distributions to noncontrolling interests	(3,338)						(3,338)
Contributions from noncontrolling interests	577						577
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	(1)						(1)
Adjustment of noncontrolling interests in Operating Partnership	0	(4,304)		(4,304)			4,304
Ending balance at Mar. 31, 2021	2,997,305	2,833,896	$ 1,971	5,263,994	(2,426,555)	(5,514)	163,409
Ending balance (in shares) at Mar. 31, 2021			197,036,176
Beginning balance at Dec. 31, 2021	$ 3,176,149	3,046,867	$ 2,147	5,488,440	(2,443,696)	(24)	129,282
Beginning balance (in shares) at Dec. 31, 2021	214,797,057		214,797,057
Increase (Decrease) in Stockholders' Equity
Net loss	$ (37,354)	(37,182)			(37,182)		(172)
Interest rate cap agreement	31	31				31
Amortization of share and unit-based plans	6,062	6,062	$ 1	6,061
Amortization of share and unit-based plans (in shares)			104,320
Stock offerings, net	(70)	(70)		(70)
Distributions paid	(32,301)	(32,301)			(32,301)
Distributions to noncontrolling interests	(9,013)						(9,013)
Adjustment of noncontrolling interests in Operating Partnership	0	(769)		(769)			769
Ending balance at Mar. 31, 2022	$ 3,103,504	$ 2,982,638	$ 2,148	$ 5,493,662	$ (2,513,179)	$ 7	$ 120,866
Ending balance (in shares) at Mar. 31, 2022	214,901,377		214,901,377

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 0.15	$ 0.15

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (37,354)	$ (67,730)
Adjustments to reconcile net loss to net cash provided by operating activities:
(Gain) loss on sale or write down of assets, net	(6,453)	21,283
Depreciation and amortization	75,673	80,812
Amortization of share and unit-based plans	4,869	4,030
Straight-line rent and amortization of above and below market leases	1,589	(4,959)
Provision for doubtful accounts	567	3,208
Income tax expense	1,799	2,238
Equity in loss (income) of unconsolidated joint ventures	29,097	(1,910)
Change in fair value of financing arrangement obligation	2,543	(863)
Changes in assets and liabilities, net of dispositions:
Tenant and other receivables	28,098	52,684
Other assets	210	5,969
Due from affiliates	(4,504)	(3,619)
Accounts payable and accrued expenses	790	(7,328)
Other accrued liabilities	(31,480)	(31,596)
Net cash provided by operating activities	65,444	52,219
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(13,377)	(14,819)
Property improvements	(7,022)	(8,653)
Proceeds from repayment of notes receivable	0	1,300
Deferred leasing costs	(372)	(91)
Distributions from unconsolidated joint ventures	40,062	21,341
Contributions to unconsolidated joint ventures	(19,422)	(25,673)
Proceeds from collection of receivable in connection with sale of joint venture property	21,000	0
Proceeds from sale of assets	26,085	100,334
Net cash provided by investing activities	46,954	73,739
Cash flows from financing activities:
Payments on mortgages, bank and other notes payable	(53,237)	(23,986)
Deferred financing costs	0	(3,472)
Payments on finance leases	(571)	(552)
Net (costs) proceeds from stock offerings	(70)	597,007
Redemption of noncontrolling interests	0	(1)
Contribution from noncontrolling interests	0	125
Dividends and distributions	(41,314)	(26,670)
Net cash (used in) provided by financing activities	(95,192)	542,451
Net increase in cash, cash equivalents and restricted cash	17,206	668,409
Cash, cash equivalents and restricted cash, beginning of period	166,971	482,659
Cash, cash equivalents and restricted cash, end of period	184,177	1,151,068
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	46,463	61,041
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	18,881	25,248
Conversion of Operating Partnership Units to common stock	0	22,218
Accrued receivable of net proceeds from stock offering	0	41,137
Lease liabilities recorded in connection with right-of-use assets	$ 24,929	$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, 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	3 Months Ended
	Mar. 31, 2022
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: March 31, December 31, Assets: Property, net $ 453,841 $ 458,964 Other assets 86,961 83,685 Total assets $ 540,802 $ 542,649 Liabilities: Mortgage notes payable $ 413,948 $ 413,925 Other liabilities 56,829 56,947 Total liabilities $ 470,777 $ 470,872 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, 2021. 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, 2021 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 Three Months Ended March 31, 2022 2021 Beginning of period Cash and cash equivalents $ 112,454 $ 465,297 Restricted cash 54,517 17,362 Cash, cash equivalents and restricted cash $ 166,971 $ 482,659 End of period Cash and cash equivalents $ 128,244 $ 1,083,813 Restricted cash 55,933 67,255 Cash, cash equivalents and restricted cash $ 184,177 $ 1,151,068 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 months ended March 31, 2022 and 2021.

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021 (shares in thousands): For the Three Months Ended March 31, 2022 2021 Numerator Net loss $ (37,354) $ (67,730) Less: net loss attributable to noncontrolling interests (172) (4,126) Net loss attributable to the Company (37,182) (63,604) Allocation of earnings to participating securities (223) (214) Numerator for basic and diluted EPS—net loss attributable to common stockholders $ (37,405) $ (63,818) Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 214,819 158,580 EPS—net loss attributable to common stockholders Basic and diluted $ (0.17) $ (0.40) (1) Diluted EPS excludes 99,565 and 103,235 convertible preferred partnership units for the three months ended March 31, 2022 and 2021, respectively, as their impact was antidilutive. Diluted EPS also excludes 8,681,751 and 10,855,707 Operating Partnership units ("OP Units") for the three months ended March 31, 2022 and 2021, respectively, as their impact was antidilutive.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2022
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 or other events of its unconsolidated joint ventures: 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. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 3.0% through November 7, 2023. On December 31, 2021, the Company assigned its joint venture interest in The Shops at North Bridge in Chicago, Illinois to its partner in the joint venture. The assignment included the assumption by the joint venture partner of the Company’s share of the debt owed by the joint venture and no cash consideration was received by the Company. The Company recognized a loss of approximately $28,276 in connection with the assignment. On December 31, 2021, the Company sold its joint venture interest in the undeveloped property at 443 North Wabash Avenue in Chicago, Illinois to its partner in the joint venture for $21,000. The Company recognized an immaterial gain in connection with the sale. On February 2, 2022, the Company’s joint venture in FlatIron Crossing replaced the existing $197,011 loan on the property with a new $175,000 loan that bears interest at the Secured Overnight Financing Rate ("SOFR") plus 3.70% and matures on February 9, 2025, including extension options. The loan is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through February 15, 2024. For the three months ended March 31, 2022, the Company’s joint venture with Seritage Growth Properties (“MS Portfolio LLC”) recorded an impairment loss as a result of shortening the holding periods on certain assets in the joint venture. The Company’s share of the loss was $30,426. Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: March 31, December 31, Assets(1): Property, net $ 8,285,434 $ 8,289,412 Other assets 734,076 750,629 Total assets $ 9,019,510 $ 9,040,041 Liabilities and partners' capital(1): Mortgage and other notes payable $ 5,650,351 $ 5,686,500 Other liabilities 416,675 325,115 Company's capital 1,579,559 1,638,112 Outside partners' capital 1,372,925 1,390,314 Total liabilities and partners' capital $ 9,019,510 $ 9,040,041 Investments in unconsolidated joint ventures: Company's capital $ 1,579,559 $ 1,638,112 Basis adjustment(2) (446,825) (448,149) $ 1,132,734 $ 1,189,963 Assets—Investments in unconsolidated joint ventures $ 1,263,252 $ 1,317,571 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (130,518) (127,608) $ 1,132,734 $ 1,189,963 (1) These amounts include assets of $2,747,217 and $2,789,568 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2022 and December 31, 2021, respectively, and liabilities of $1,653,762 and $1,661,110 of the PPR Portfolio as of March 31, 2022 and December 31, 2021, 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 $2,575 and $2,243 for the three months ended March 31, 2022 and 2021, respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Three Months Ended March 31, 2022 Revenues: Leasing revenue $ 43,850 $ 155,166 $ 199,016 Other 63 7,340 7,403 Total revenues 43,913 162,506 206,419 Expenses: Shopping center and operating expenses 10,719 57,865 68,584 Leasing expenses 469 1,321 1,790 Interest expense 15,372 35,746 51,118 Depreciation and amortization 24,276 65,177 89,453 Total expenses 50,836 160,109 210,945 Loss on sale or write down of assets, net — (58,691) (58,691) Net loss $ (6,923) $ (56,294) $ (63,217) Company's equity in net loss $ (1,792) $ (27,305) $ (29,097) Three Months Ended March 31, 2021 Revenues: Leasing revenue $ 36,771 $ 149,319 $ 186,090 Other 94 16,965 17,059 Total revenues 36,865 166,284 203,149 Expenses: Shopping center and operating expenses 9,365 58,842 68,207 Leasing expenses 403 1,353 1,756 Interest expense 15,803 37,213 53,016 Depreciation and amortization 24,307 66,540 90,847 Total expenses 49,878 163,948 213,826 Gain on sale or write down of assets, net — 54 54 Net (loss) income $ (13,013) $ 2,390 $ (10,623) Company's equity in net (loss) income $ (5,507) $ 7,417 $ 1,910 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	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities: The Company uses an interest rate cap agreement to manage the interest rate risk on certain floating rate debt. The Company recorded other comprehensive income related to the marking-to-market of derivative instruments of $31 and $2,694 for the three months ended March 31, 2022 and 2021, respectively. The following derivative was outstanding at March 31, 2022: Fair Value Property Notional Amount Product LIBOR Rate Maturity March 31, December 31, Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2022 $ 27 $ 6 The above derivative was valued with an aggregate fair value (Level 2 measurement) and was included in other accrued liabilities. The fair value of the Company's interest rate derivative was determined using discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivative, 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 derivative 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 valuation in its entirety is classified in Level 2 of the fair value hierarchy.

Property, net

Property, net	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property, net	Property, net: Property, net consists of the following: March 31, December 31, Land $ 1,433,989 $ 1,441,858 Buildings and improvements 6,341,408 6,306,764 Tenant improvements 690,166 685,242 Equipment and furnishings(1) 190,498 191,266 Construction in progress 191,208 222,420 8,847,269 8,847,550 Less accumulated depreciation(1) (2,623,285) (2,563,344) $ 6,223,984 $ 6,284,206 (1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2022 and December 31, 2021 (See Note 8—Leases). Depreciation expense was $67,786 and $71,664 for the three months ended March 31, 2022 and 2021, respectively. Gain (loss) on sale or write-down of assets, net for the three months ended March 31, 2022 and 2021 consist of the following: For the Three Months Ended March 31, 2022 2021 Gain on property sales, net(1) $ — $ 4,229 Loss on write-down of assets(2) (8,629) (29,608) Gain on land sales, net 15,082 4,096 $ 6,453 $ (21,283) (1) Includes $4,229 of gain related to the sale of Paradise Valley Mall (See Note 15-Dispositions). (2) Includes impairment loss of $5,492 relating to the Company's investment in MS Portfolio LLC (See Note 4-Investments in Unconsolidated Joint Ventures) during the three months ended March 31, 2022 and impairment loss of $27,281 on Estrella Falls during the three months ended March 31, 2021. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three months ended March 31, 2022 and 2021 mainly pertain to the write off of development costs. 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 three months ended March 31, 2022 and 2021, 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) March 31, 2022 $ 830 $ — $ 830 $ — The fair values relating to the 2022 impairment was based on a sales contract and is classified within Level 2 of the fair value hierarchy.

Tenant and Other Receivables, n

Tenant and Other Receivables, net	3 Months Ended
	Mar. 31, 2022
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 $13,899 and $14,917 at March 31, 2022 and December 31, 2021, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $3,725 and $19,907 at March 31, 2022 and December 31, 2021, respectively, and a deferred rent receivable due to straight-line rent adjustments of $108,926 and $110,969 at March 31, 2022 and December 31, 2021, respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Leasing revenue—fixed payments $ 135,209 $ 131,495 Leasing revenue—variable payments 68,770 51,248 Provision for doubtful accounts, net (567) (3,208) $ 203,412 $ 179,535 The following table summarizes the future rental payments to the Company: Twelve months ending March 31, 2023 $ 366,783 2024 322,512 2025 262,720 2026 214,103 2027 165,702 Thereafter 473,307 $ 1,805,127 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 months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Operating lease costs $ 3,775 $ 3,815 Finance lease costs: Amortization of ROU assets 481 478 Interest on lease liabilities 194 219 $ 4,450 $ 4,512 The following table summarizes the future rental payments required under the leases: March 31, 2022 December 31, 2021 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2023 $ 11,352 $ 4,461 $ 14,302 $ 4,461 2024 11,876 2,043 8,452 2,043 2025 11,054 9,072 6,471 9,072 2026 11,231 — 6,513 — 2027 11,343 — 6,470 — Thereafter 120,534 — 109,358 — Total undiscounted rental payments 177,390 15,576 151,566 15,576 Less imputed interest (90,111) (1,619) (85,383) (1,048) Total lease liabilities $ 87,279 $ 13,957 $ 66,183 $ 14,528 Weighted average remaining term 32.0 years 1.9 years 36.3 years 2.1 years Weighted average incremental borrowing rate 7.3 % 3.7 % 7.8 % 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 months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Leasing revenue—fixed payments $ 135,209 $ 131,495 Leasing revenue—variable payments 68,770 51,248 Provision for doubtful accounts, net (567) (3,208) $ 203,412 $ 179,535 The following table summarizes the future rental payments to the Company: Twelve months ending March 31, 2023 $ 366,783 2024 322,512 2025 262,720 2026 214,103 2027 165,702 Thereafter 473,307 $ 1,805,127 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 months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Operating lease costs $ 3,775 $ 3,815 Finance lease costs: Amortization of ROU assets 481 478 Interest on lease liabilities 194 219 $ 4,450 $ 4,512 The following table summarizes the future rental payments required under the leases: March 31, 2022 December 31, 2021 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2023 $ 11,352 $ 4,461 $ 14,302 $ 4,461 2024 11,876 2,043 8,452 2,043 2025 11,054 9,072 6,471 9,072 2026 11,231 — 6,513 — 2027 11,343 — 6,470 — Thereafter 120,534 — 109,358 — Total undiscounted rental payments 177,390 15,576 151,566 15,576 Less imputed interest (90,111) (1,619) (85,383) (1,048) Total lease liabilities $ 87,279 $ 13,957 $ 66,183 $ 14,528 Weighted average remaining term 32.0 years 1.9 years 36.3 years 2.1 years Weighted average incremental borrowing rate 7.3 % 3.7 % 7.8 % 3.7 %

Deferred Charges and Other Asse

Deferred Charges and Other Assets, net	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Charges and Other Assets, net	Deferred charges and other assets, net consist of the following: March 31, December 31, Leasing $ 112,670 $ 134,887 Intangible assets: In-place lease values 60,975 62,826 Leasing commissions and legal costs 16,433 16,710 Above-market leases 70,481 72,289 Deferred tax assets 22,020 23,406 Deferred compensation plan assets 63,051 68,807 Other assets 47,725 46,319 393,355 425,244 Less accumulated amortization(1) (150,465) (170,336) $ 242,890 $ 254,908 (1) Accumulated amortization includes $43,517 and $43,978 relating to in-place lease values, leasing commissions and legal costs at March 31, 2022 and December 31, 2021, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,667 and $2,203 for the three months ended March 31, 2022 and 2021, respectively. The allocated values of above-market leases and below-market leases consist of the following: March 31, December 31, Above-Market Leases Original allocated value $ 70,481 $ 72,289 Less accumulated amortization (32,259) (32,484) $ 38,222 $ 39,805 Below-Market Leases(1) Original allocated value $ 98,069 $ 99,332 Less accumulated amortization (38,084) (37,122) $ 59,985 $ 62,210 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable

Mortgage Notes Payable	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage notes payable at March 31, 2022 and December 31, 2021 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral March 31, 2022 December 31, 2021 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,595 $ 255,548 4.18 % $ 875 2024 Danbury Fair Mall(6) 165,873 168,037 5.71 % 1,538 2022 Fashion District Philadelphia 194,602 194,602 4.00 % 649 2024 Fashion Outlets of Chicago 299,294 299,274 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA 93,885 95,329 6.45 % 727 2023 Freehold Raceway Mall(5) 398,753 398,711 3.94 % 1,300 2029 Fresno Fashion Fair 324,106 324,056 3.67 % 971 2026 Green Acres Commons(7) 124,971 124,875 3.25 % 311 2023 Green Acres Mall(8) 244,073 246,061 3.94 % 1,447 2023 Kings Plaza Shopping Center 536,056 535,928 3.71 % 1,629 2030 Oaks, The(9) 175,356 176,721 4.14 % 1,064 2024 Pacific View(10) 110,597 111,481 4.07 % 668 2032 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(11) 299,501 299,314 2.12 % 468 2022 SanTan Village Regional Center 219,346 219,323 4.34 % 788 2029 Towne Mall 19,190 19,320 4.48 % 117 2022 Victor Valley, Mall of 114,864 114,850 4.00 % 380 2024 Vintage Faire Mall 238,495 240,124 3.55 % 1,256 2026 $ 4,414,557 $ 4,423,554 (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 $10,706 and $11,946 at March 31, 2022 and December 31, 2021, 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) On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also included a one-year extension option to February 3, 2023 which has been exercised. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing. (9) On May 6, 2022, the Company closed on a two-year extension of the loan to June 5, 2024 at a new fixed interest rate of 5.25%. The Company repaid $5,000 of the outstanding loan balance at closing. (10) On April 29, 2022, the Company closed on a new $72,000 loan with a fixed rate of 5.29% that matures on May 6, 2032. (11) The loan bears interest at LIBOR plus 1.48%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2022. 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 $1,851 and $1,462 for the three months ended March 31, 2022 and 2021, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at March 31, 2022 and December 31, 2021 was $4,250,602 and $4,261,429, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.

Bank and Other Notes Payable

Bank and Other Notes Payable	3 Months Ended
	Mar. 31, 2022
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 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 March 31, 2022, the borrowing rate was LIBOR plus 2.25%. As of March 31, 2022, borrowings under the facility were $76,000, less unamortized deferred finance costs of $12,612, for the revolving loan facility at a total interest rate of 3.76%. As of March 31, 2022, the Company's availability under the revolving loan facility for additional borrowings was $448,719. 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 March 31, 2022 was $72,916 for the revolving loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt. As of March 31, 2022 and December 31, 2021, the Company was in compliance with all applicable financial loan covenants.

Financing Arrangement

Financing Arrangement	3 Months Ended
	Mar. 31, 2022
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 1,319,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,553,000 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 each of March 31, 2022 and December 31, 2021 was based upon a terminal capitalization rate of approximately 5.75%, a discount rate of approximately 7.25% 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 months ended March 31, 2022 and 2021, the Company recognized interest expense (income) in the Company's consolidated statements of operations in connection with the financing arrangement as follows: For the Three Months Ended March 31, 2022 2021 Distributions equal to the partner's share of net income (loss) $ 497 $ (1,232) Distributions in excess of the partner's share of net income 4,962 3,414 Adjustment to fair value of financing arrangement obligation 2,543 (863) $ 8,002 $ 1,319

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2022
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% ownership interest in the Operating Partnership as of each of March 31, 2022 and December 31, 2021. The remaining 4% limited partnership interest as of each of March 31, 2022 and December 31, 2021 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of March 31, 2022 and December 31, 2021, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $131,584 and $147,259, respectively. The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity: 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. The February 2021 ATM Program was fully utilized as of June 30, 2021 and is no longer active. During the three months ended March 31, 2022, the Company did not issue any shares of common stock under the March 2021 ATM Program. As of March 31, 2022, $151,699 remained available to be sold under the March 2021 ATM Program. 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 March 2021 ATM Program. During the three months ended March 31, 2021, the Company issued 45,992,318 shares of common stock under the ATM Programs for aggregate gross proceeds of $609,739 and net proceeds of $597,007 after commissions and other transaction costs. In addition, under the ATM Programs, the Company sold additional common shares at the end of the quarter ending March 31, 2021 for aggregate gross proceeds of $41,977 and net proceeds of $41,137 after commissions, of which the shares settled and the proceeds were received in April 2021. Stock Buyback Program On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program".

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: As of March 31, 2022, the Company was contingently liable for $40,997 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of March 31, 2022, $40,680 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 relevant agreement. At March 31, 2022, the Company had $10,351 in outstanding obligations, which it believes will be settled in the next twelve months.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Management fees $ 4,361 $ 3,817 Development and leasing fees 1,383 1,430 $ 5,744 $ 5,247 Interest expense from related party transactions includes $8,002 and $1,319 for the three months ended March 31, 2022 and 2021, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement). Due from (to) affiliates includes $4,177 and $(327) of unreimbursed (prepaid) costs and fees from unconsolidated joint ventures due to (from) the Management Companies at March 31, 2022 and December 31, 2021, respectively.

Share and Unit-Based Plans

Share and Unit-Based Plans	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share and Unit-Based Plans	Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership or form of restricted stock units (together with the LTIP Units the "LTI Units"). 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. LTI Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include market-indexed awards, performance-based awards and service-based awards. The market-indexed LTI Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. The performance-based LTI Units vest over a specified period based on the Company's operational performance over that period. During the three months ended March 31, 2022, the Company granted the following LTI Units: Grant Date Units Type Fair Value per LTI Unit Vest Date 1/1/2022 376,153 Service-based $ 17.28 12/31/2024 1/1/2022 716,545 Performance-based $ 15.77 12/31/2024 1,092,698 The fair value of the service-based LTI Units was determined by the market price of the Company's common stock on the date of grant. The fair value of the performance-based LTI Units granted on January 1, 2022 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk-free interest rate of 0.97% and an expected volatility of 70.83%. The following table summarizes the activity of the non-vested LTI Units, phantom stock units and stock units: LTI Units Phantom Stock Units Stock Units Units Value(1) Units Value(1) Units Value(1) Balance at January 1, 2022 1,837,691 $ 14.14 — $ — 266,505 $ 19.05 Granted 1,092,698 16.29 35,730 16.91 77,935 16.26 Vested (16,467) 29.86 (5,213) 16.56 (88,313) 23.34 Forfeited — — — — — — Balance at March 31, 2022 2,913,922 $ 14.86 30,517 $ 16.97 256,127 $ 16.72 (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, 2022 37,515 $ 54.34 Granted — — Exercised — — Balance at March 31, 2022 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 March 31, 2022 2021 LTI Units $ 4,685 $ 3,611 Stock units 1,291 1,327 Phantom stock units 86 93 $ 6,062 $ 5,031

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Current $ — $ — Deferred (1,799) (2,238) Total expense $ (1,799) $ (2,238) 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 $22,020 and $23,406 were included in deferred charges and other assets, net at March 31, 2022 and December 31, 2021, 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 March 31, 2022, the Company had no valuation allowance recorded. The tax years 2018 through 2020 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events:On May 9, 2022, the Company announced a dividend/distribution of $0.15 per share for common stockholders and OP Unitholders of record on May 20, 2022. All dividends/distributions will be paid 100% in cash on June 3, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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.
Consolidation of VIE	The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of consolidated variable interest entities ("VIEs"),

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Variable Interest Entities	The Operating Partnership's consolidated VIEs included the following assets and liabilities: March 31, December 31, Assets: Property, net $ 453,841 $ 458,964 Other assets 86,961 83,685 Total assets $ 540,802 $ 542,649 Liabilities: Mortgage notes payable $ 413,948 $ 413,925 Other liabilities 56,829 56,947 Total liabilities $ 470,777 $ 470,872 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 Three Months Ended March 31, 2022 2021 Beginning of period Cash and cash equivalents $ 112,454 $ 465,297 Restricted cash 54,517 17,362 Cash, cash equivalents and restricted cash $ 166,971 $ 482,659 End of period Cash and cash equivalents $ 128,244 $ 1,083,813 Restricted cash 55,933 67,255 Cash, cash equivalents and restricted cash $ 184,177 $ 1,151,068
Schedule of Restricted Cash	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 Three Months Ended March 31, 2022 2021 Beginning of period Cash and cash equivalents $ 112,454 $ 465,297 Restricted cash 54,517 17,362 Cash, cash equivalents and restricted cash $ 166,971 $ 482,659 End of period Cash and cash equivalents $ 128,244 $ 1,083,813 Restricted cash 55,933 67,255 Cash, cash equivalents and restricted cash $ 184,177 $ 1,151,068

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021 (shares in thousands): For the Three Months Ended March 31, 2022 2021 Numerator Net loss $ (37,354) $ (67,730) Less: net loss attributable to noncontrolling interests (172) (4,126) Net loss attributable to the Company (37,182) (63,604) Allocation of earnings to participating securities (223) (214) Numerator for basic and diluted EPS—net loss attributable to common stockholders $ (37,405) $ (63,818) Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 214,819 158,580 EPS—net loss attributable to common stockholders Basic and diluted $ (0.17) $ (0.40) (1) Diluted EPS excludes 99,565 and 103,235 convertible preferred partnership units for the three months ended March 31, 2022 and 2021, respectively, as their impact was antidilutive. Diluted EPS also excludes 8,681,751 and 10,855,707 Operating Partnership units ("OP Units") for the three months ended March 31, 2022 and 2021, respectively, as their impact was antidilutive.

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures	Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: March 31, December 31, Assets(1): Property, net $ 8,285,434 $ 8,289,412 Other assets 734,076 750,629 Total assets $ 9,019,510 $ 9,040,041 Liabilities and partners' capital(1): Mortgage and other notes payable $ 5,650,351 $ 5,686,500 Other liabilities 416,675 325,115 Company's capital 1,579,559 1,638,112 Outside partners' capital 1,372,925 1,390,314 Total liabilities and partners' capital $ 9,019,510 $ 9,040,041 Investments in unconsolidated joint ventures: Company's capital $ 1,579,559 $ 1,638,112 Basis adjustment(2) (446,825) (448,149) $ 1,132,734 $ 1,189,963 Assets—Investments in unconsolidated joint ventures $ 1,263,252 $ 1,317,571 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (130,518) (127,608) $ 1,132,734 $ 1,189,963 (1) These amounts include assets of $2,747,217 and $2,789,568 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2022 and December 31, 2021, respectively, and liabilities of $1,653,762 and $1,661,110 of the PPR Portfolio as of March 31, 2022 and December 31, 2021, 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 $2,575 and $2,243 for the three months ended March 31, 2022 and 2021, 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 March 31, 2022 Revenues: Leasing revenue $ 43,850 $ 155,166 $ 199,016 Other 63 7,340 7,403 Total revenues 43,913 162,506 206,419 Expenses: Shopping center and operating expenses 10,719 57,865 68,584 Leasing expenses 469 1,321 1,790 Interest expense 15,372 35,746 51,118 Depreciation and amortization 24,276 65,177 89,453 Total expenses 50,836 160,109 210,945 Loss on sale or write down of assets, net — (58,691) (58,691) Net loss $ (6,923) $ (56,294) $ (63,217) Company's equity in net loss $ (1,792) $ (27,305) $ (29,097) Three Months Ended March 31, 2021 Revenues: Leasing revenue $ 36,771 $ 149,319 $ 186,090 Other 94 16,965 17,059 Total revenues 36,865 166,284 203,149 Expenses: Shopping center and operating expenses 9,365 58,842 68,207 Leasing expenses 403 1,353 1,756 Interest expense 15,803 37,213 53,016 Depreciation and amortization 24,307 66,540 90,847 Total expenses 49,878 163,948 213,826 Gain on sale or write down of assets, net — 54 54 Net (loss) income $ (13,013) $ 2,390 $ (10,623) Company's equity in net (loss) income $ (5,507) $ 7,417 $ 1,910

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following derivative was outstanding at March 31, 2022: Fair Value Property Notional Amount Product LIBOR Rate Maturity March 31, December 31, Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2022 $ 27 $ 6

Property, net (Tables)

Property, net (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Components of Property, net	Property, net consists of the following: March 31, December 31, Land $ 1,433,989 $ 1,441,858 Buildings and improvements 6,341,408 6,306,764 Tenant improvements 690,166 685,242 Equipment and furnishings(1) 190,498 191,266 Construction in progress 191,208 222,420 8,847,269 8,847,550 Less accumulated depreciation(1) (2,623,285) (2,563,344) $ 6,223,984 $ 6,284,206
Schedule of Loss on Sale or Write Down of Assets	Gain (loss) on sale or write-down of assets, net for the three months ended March 31, 2022 and 2021 consist of the following: For the Three Months Ended March 31, 2022 2021 Gain on property sales, net(1) $ — $ 4,229 Loss on write-down of assets(2) (8,629) (29,608) Gain on land sales, net 15,082 4,096 $ 6,453 $ (21,283) (1) Includes $4,229 of gain related to the sale of Paradise Valley Mall (See Note 15-Dispositions). (2) Includes impairment loss of $5,492 relating to the Company's investment in MS Portfolio LLC (See Note 4-Investments in Unconsolidated Joint Ventures) during the three months ended March 31, 2022 and impairment loss of $27,281 on Estrella Falls during the three months ended March 31, 2021. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three months ended March 31, 2022 and 2021 mainly pertain to the write off of development costs.
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 three months ended March 31, 2022 and 2021, 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) March 31, 2022 $ 830 $ — $ 830 $ —

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Components of Leasing Revenue	The following table summarizes the components of leasing revenue for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Leasing revenue—fixed payments $ 135,209 $ 131,495 Leasing revenue—variable payments 68,770 51,248 Provision for doubtful accounts, net (567) (3,208) $ 203,412 $ 179,535
Schedule of Minimum Rental Payments	The following table summarizes the future rental payments to the Company: Twelve months ending March 31, 2023 $ 366,783 2024 322,512 2025 262,720 2026 214,103 2027 165,702 Thereafter 473,307 $ 1,805,127
Schedule of Lease Costs	The following table summarizes the lease costs for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Operating lease costs $ 3,775 $ 3,815 Finance lease costs: Amortization of ROU assets 481 478 Interest on lease liabilities 194 219 $ 4,450 $ 4,512
Schedule of Minimum Future Rental Payments Required	The following table summarizes the future rental payments required under the leases: March 31, 2022 December 31, 2021 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2023 $ 11,352 $ 4,461 $ 14,302 $ 4,461 2024 11,876 2,043 8,452 2,043 2025 11,054 9,072 6,471 9,072 2026 11,231 — 6,513 — 2027 11,343 — 6,470 — Thereafter 120,534 — 109,358 — Total undiscounted rental payments 177,390 15,576 151,566 15,576 Less imputed interest (90,111) (1,619) (85,383) (1,048) Total lease liabilities $ 87,279 $ 13,957 $ 66,183 $ 14,528 Weighted average remaining term 32.0 years 1.9 years 36.3 years 2.1 years Weighted average incremental borrowing rate 7.3 % 3.7 % 7.8 % 3.7 %

Deferred Charges and Other As_2

Deferred Charges and Other Assets, net (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Charges and Other Assets, Net	Deferred charges and other assets, net consist of the following: March 31, December 31, Leasing $ 112,670 $ 134,887 Intangible assets: In-place lease values 60,975 62,826 Leasing commissions and legal costs 16,433 16,710 Above-market leases 70,481 72,289 Deferred tax assets 22,020 23,406 Deferred compensation plan assets 63,051 68,807 Other assets 47,725 46,319 393,355 425,244 Less accumulated amortization(1) (150,465) (170,336) $ 242,890 $ 254,908 (1) Accumulated amortization includes $43,517 and $43,978 relating to in-place lease values, leasing commissions and legal costs at March 31, 2022 and December 31, 2021, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,667 and $2,203 for the three months ended March 31, 2022 and 2021, 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: March 31, December 31, Above-Market Leases Original allocated value $ 70,481 $ 72,289 Less accumulated amortization (32,259) (32,484) $ 38,222 $ 39,805 Below-Market Leases(1) Original allocated value $ 98,069 $ 99,332 Less accumulated amortization (38,084) (37,122) $ 59,985 $ 62,210 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable	Mortgage notes payable at March 31, 2022 and December 31, 2021 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral March 31, 2022 December 31, 2021 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,595 $ 255,548 4.18 % $ 875 2024 Danbury Fair Mall(6) 165,873 168,037 5.71 % 1,538 2022 Fashion District Philadelphia 194,602 194,602 4.00 % 649 2024 Fashion Outlets of Chicago 299,294 299,274 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA 93,885 95,329 6.45 % 727 2023 Freehold Raceway Mall(5) 398,753 398,711 3.94 % 1,300 2029 Fresno Fashion Fair 324,106 324,056 3.67 % 971 2026 Green Acres Commons(7) 124,971 124,875 3.25 % 311 2023 Green Acres Mall(8) 244,073 246,061 3.94 % 1,447 2023 Kings Plaza Shopping Center 536,056 535,928 3.71 % 1,629 2030 Oaks, The(9) 175,356 176,721 4.14 % 1,064 2024 Pacific View(10) 110,597 111,481 4.07 % 668 2032 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(11) 299,501 299,314 2.12 % 468 2022 SanTan Village Regional Center 219,346 219,323 4.34 % 788 2029 Towne Mall 19,190 19,320 4.48 % 117 2022 Victor Valley, Mall of 114,864 114,850 4.00 % 380 2024 Vintage Faire Mall 238,495 240,124 3.55 % 1,256 2026 $ 4,414,557 $ 4,423,554 (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 $10,706 and $11,946 at March 31, 2022 and December 31, 2021, 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) On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also included a one-year extension option to February 3, 2023 which has been exercised. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing. (9) On May 6, 2022, the Company closed on a two-year extension of the loan to June 5, 2024 at a new fixed interest rate of 5.25%. The Company repaid $5,000 of the outstanding loan balance at closing. (10) On April 29, 2022, the Company closed on a new $72,000 loan with a fixed rate of 5.29% that matures on May 6, 2032. (11) The loan bears interest at LIBOR plus 1.48%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2022.

Financing Arrangement (Tables)

Financing Arrangement (Tables)	3 Months Ended
	Mar. 31, 2022
Co-Venture Arrangement [Abstract]
Schedule of Financing Arrangement Activity	During the three months ended March 31, 2022 and 2021, the Company recognized interest expense (income) in the Company's consolidated statements of operations in connection with the financing arrangement as follows: For the Three Months Ended March 31, 2022 2021 Distributions equal to the partner's share of net income (loss) $ 497 $ (1,232) Distributions in excess of the partner's share of net income 4,962 3,414 Adjustment to fair value of financing arrangement obligation 2,543 (863) $ 8,002 $ 1,319

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of Fees Charged to Unconsolidated Joint Ventures	The following are fees charged to unconsolidated joint ventures: For the Three Months Ended March 31, 2022 2021 Management fees $ 4,361 $ 3,817 Development and leasing fees 1,383 1,430 $ 5,744 $ 5,247

Share and Unit-Based Plans (Tab

Share and Unit-Based Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of LTI Units Granted	During the three months ended March 31, 2022, the Company granted the following LTI Units: Grant Date Units Type Fair Value per LTI Unit Vest Date 1/1/2022 376,153 Service-based $ 17.28 12/31/2024 1/1/2022 716,545 Performance-based $ 15.77 12/31/2024 1,092,698
Schedule of Activity Of Non-vested LTI Units, Stock Awards, Phantom Stock And Stock Units	The following table summarizes the activity of the non-vested LTI Units, phantom stock units and stock units: LTI Units Phantom Stock Units Stock Units Units Value(1) Units Value(1) Units Value(1) Balance at January 1, 2022 1,837,691 $ 14.14 — $ — 266,505 $ 19.05 Granted 1,092,698 16.29 35,730 16.91 77,935 16.26 Vested (16,467) 29.86 (5,213) 16.56 (88,313) 23.34 Forfeited — — — — — — Balance at March 31, 2022 2,913,922 $ 14.86 30,517 $ 16.97 256,127 $ 16.72 (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, 2022 37,515 $ 54.34 Granted — — Exercised — — Balance at March 31, 2022 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 March 31, 2022 2021 LTI Units $ 4,685 $ 3,611 Stock units 1,291 1,327 Phantom stock units 86 93 $ 6,062 $ 5,031

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Current $ — $ — Deferred (1,799) (2,238) Total expense $ (1,799) $ (2,238)

Organization (Details)

Organization (Details)	3 Months Ended
	Mar. 31, 2022entity
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 (as a percent)	96.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of variable interest entities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Property, net	$ 6,223,984	$ 6,284,206
Total assets	8,209,680	8,345,655
Liabilities:
Mortgage notes payable	4,414,557	4,423,554
Liabilities	5,106,176	5,169,506
Operating Partnership
Assets:
Property, net	453,841	458,964
Other assets	86,961	83,685
Total assets	540,802	542,649
Liabilities:
Mortgage notes payable	413,948	413,925
Other liabilities	56,829	56,947
Liabilities	$ 470,777	$ 470,872

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 128,244	$ 112,454	$ 1,083,813	$ 465,297
Restricted cash	55,933	54,517	67,255	17,362
Cash, cash equivalents and restricted cash	$ 184,177	$ 166,971	$ 1,151,068	$ 482,659

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net loss	$ (37,354)	$ (67,730)
Less: net loss attributable to noncontrolling interests	(172)	(4,126)
Net loss attributable to the Company	(37,182)	(63,604)
Allocation of earnings to participating securities	(223)	(214)
Allocation of earnings to participating securities	(223)	(214)
Net income (loss) attributable to the Company	(37,405)	(63,818)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$ (37,405)	$ (63,818)
Denominator
Basic (in shares)	214,819,000	158,580,000
Diluted (in shares)	214,819,000	158,580,000
EPS—net loss attributable to common stockholders
Basic (in dollars per share)	$ (0.17)	$ (0.40)
Diluted (in dollars per share)	$ (0.17)	$ (0.40)
Convertible non-participating preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities excluded from Diluted EPS (in shares)	99,565	103,235
Partnership unit
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities excluded from Diluted EPS (in shares)	8,681,751	10,855,707

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Narrative (Details) - USD ($)	Feb. 02, 2022	Dec. 31, 2021	Oct. 26, 2021	Mar. 29, 2021	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments
Impairment loss					$ 8,629,000	$ 29,608,000
MS Portfolio LLC
Schedule of Equity Method Investments
Impairment loss					$ 30,426,000
Paradise Valley Mall | Joint Venture
Schedule of Equity Method Investments
Ownership percentage (as a percent)				5.00%
Payments for joint venture				$ 3,819,000
The Shops At Atlas Park | Joint Venture
Schedule of Equity Method Investments
Debt issued			$ 65,000,000
The Shops At Atlas Park | Joint Venture | LIBOR
Schedule of Equity Method Investments
Variable interest rate spread (as a percent)			4.15%
Interest rate cap (as a percent)			3.00%
North Bridge,Chicago Illinois | Joint Venture
Schedule of Equity Method Investments
Loss on Investments		$ 28,276,000
Proceeds from divestiture of interest in joint venture		$ 21,000,000
FlatIron Crossing | Joint Venture
Schedule of Equity Method Investments
Debt issued	$ 175,000
Repayments of debt	$ 197,011,000
FlatIron Crossing | Joint Venture | SOFR
Schedule of Equity Method Investments
Variable interest rate spread (as a percent)	3.70%
Interest rate cap (as a percent)	4.00%

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Property, net	$ 6,223,984	$ 6,284,206
Total assets	8,209,680	8,345,655
Liabilities and partners' capital:
Mortgage notes payable	4,414,557	4,423,554
Total liabilities and equity	8,209,680	8,345,655
Investments in unconsolidated joint ventures:
Assets—Investments in unconsolidated joint ventures	1,263,252	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(130,518)	(127,608)
Joint Venture | Investments in Unconsolidated Joint Ventures
Assets:
Property, net	8,285,434	8,289,412
Other assets	734,076	750,629
Total assets	9,019,510	9,040,041
Liabilities and partners' capital:
Mortgage notes payable	5,650,351	5,686,500
Other liabilities	416,675	325,115
Company's capital	1,579,559	1,638,112
Outside partners' capital	1,372,925	1,390,314
Total liabilities and equity	9,019,510	9,040,041
Investments in unconsolidated joint ventures:
Company's capital	1,579,559	1,638,112
Basis adjustment	(446,825)	(448,149)
Investments in unconsolidated joint ventures	1,132,734	1,189,963
Assets—Investments in unconsolidated joint ventures	1,263,252	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(130,518)	(127,608)
Investments in unconsolidated joint ventures	$ 1,132,734	$ 1,189,963

Investments in Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of Equity Method Investments
Total assets	$ 8,209,680		$ 8,345,655
Liabilities	5,106,176		5,169,506
Joint Venture
Schedule of Equity Method Investments
Amortization of difference between cost of investments and book value of underlying equity	2,575	$ 2,243
Joint Venture | Pacific Premier Retail LLC—Various Properties | PPR Portfolio
Schedule of Equity Method Investments
Total assets	2,747,217		2,789,568
Liabilities	$ 1,653,762		$ 1,661,110

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
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Leasing revenue	$ 203,412	$ 179,535
Total revenues	216,144	190,424
Expenses:
Leasing expenses	7,611	5,166
Interest expense	51,861	53,896
Depreciation and amortization	72,856	78,396
Total expenses	229,055	236,543
Loss on sale or write down of assets, net	6,453	(21,283)
Net loss	(37,354)	(67,730)
Company's equity in net loss	(29,097)	1,910
Other
Revenues:
Other	6,327	5,321
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	72,920	76,155
Joint Venture | Investments in Unconsolidated Joint Ventures
Revenues:
Leasing revenue	199,016	186,090
Total revenues	206,419	203,149
Expenses:
Leasing expenses	1,790	1,756
Interest expense	51,118	53,016
Depreciation and amortization	89,453	90,847
Total expenses	210,945	213,826
Loss on sale or write down of assets, net	(58,691)	54
Net loss	(63,217)	(10,623)
Company's equity in net loss	(29,097)	1,910
Joint Venture | Investments in Unconsolidated Joint Ventures | Other
Revenues:
Other	7,403	17,059
Joint Venture | Investments in Unconsolidated Joint Ventures | Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	68,584	68,207
Joint Venture | Investments in Unconsolidated Joint Ventures | PPR Portfolio
Revenues:
Leasing revenue	43,850	36,771
Total revenues	43,913	36,865
Expenses:
Leasing expenses	469	403
Interest expense	15,372	15,803
Depreciation and amortization	24,276	24,307
Total expenses	50,836	49,878
Loss on sale or write down of assets, net	0	0
Net loss	(6,923)	(13,013)
Company's equity in net loss	(1,792)	(5,507)
Joint Venture | Investments in Unconsolidated Joint Ventures | PPR Portfolio | Other
Revenues:
Other	63	94
Joint Venture | Investments in Unconsolidated Joint Ventures | PPR Portfolio | Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	10,719	9,365
Joint Venture | Investments in Unconsolidated Joint Ventures | Other Joint Ventures
Revenues:
Leasing revenue	155,166	149,319
Total revenues	162,506	166,284
Expenses:
Leasing expenses	1,321	1,353
Interest expense	35,746	37,213
Depreciation and amortization	65,177	66,540
Total expenses	160,109	163,948
Loss on sale or write down of assets, net	(58,691)	54
Net loss	(56,294)	2,390
Company's equity in net loss	(27,305)	7,417
Joint Venture | Investments in Unconsolidated Joint Ventures | Other Joint Ventures | Other
Revenues:
Other	7,340	16,965
Joint Venture | Investments in Unconsolidated Joint Ventures | Other Joint Ventures | Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	$ 57,865	$ 58,842

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Other comprehensive income (loss) related to mark to market of derivatives	$ 31	$ 2,694

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - Level 2 measurement - Cap - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value
Notional Amount	$ 300,000
LIBOR Rate	4.00%
Fair Value	$ 27	$ 6

Property, net - Components of p

Property, net - Components of property (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate Investment Property, Net [Abstract]
Land	$ 1,433,989	$ 1,441,858
Buildings and improvements	6,341,408	6,306,764
Tenant improvements	690,166	685,242
Equipment and furnishings	190,498	191,266
Construction in progress	191,208	222,420
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	8,847,269	8,847,550
Less accumulated depreciation	(2,623,285)	(2,563,344)
Property, net	$ 6,223,984	$ 6,284,206

Property, net - Narrative (Deta

Property, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 67,786	$ 71,664

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
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment
Loss on write-down of assets	$ (8,629)	$ (29,608)
Gain (loss) on sale or write down of assets, net	6,453	(21,283)
Paradise Valley Mall
Property, Plant and Equipment
Gain on sales	4,229
MS Portfolio LLC
Property, Plant and Equipment
Loss on write-down of assets	(5,492)
Estrella Falls
Property, Plant and Equipment
Loss on write-down of assets		(27,281)
Property
Property, Plant and Equipment
Gain on sales	0	4,229
Land
Property, Plant and Equipment
Gain on sales	$ 15,082	$ 4,096

Property, net - Assets measured

Property, net - Assets measured on a nonrecurring basis (Details) - Fair value measurements on a nonrecurring basis $ in Thousands	Mar. 31, 2022USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	$ 830
Quoted Prices in Active Markets for Identical Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	0
Significant Other Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	830
Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	$ 0

Tenant and Other Receivables,_2

Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Loans and Leases Receivable Disclosure [Abstract]
Allowance for doubtful accounts	$ 13,899	$ 14,917
Components of tenant and other receivables, net
Deferred rent receivable due to straight-line rent adjustments	108,926	110,969
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 3,725	$ 19,907

Leases - Components of leasing

Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Leasing revenue—fixed payments	$ 135,209	$ 131,495
Leasing revenue—variable payments	68,770	51,248
Provision for doubtful accounts, net	(567)	(3,208)
Total leasing revenue	$ 203,412	$ 179,535

Leases - Summary of minimum ren

Leases - Summary of minimum rental payments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Twelve months ending March 31,
2023	$ 366,783
2024	322,512
2025	262,720
2026	214,103
2027	165,702
Thereafter	473,307
Total minimum rental payments	$ 1,805,127

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Mar. 31, 2022lease
Leases [Abstract]
Number of finance leases	5

Leases - Summary of lease costs

Leases - Summary of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease costs	$ 3,775	$ 3,815
Finance lease costs:
Amortization of ROU assets	481	478
Interest on lease liabilities	194	219
Total lease cost	$ 4,450	$ 4,512

Leases - Summary of minimum fut

Leases - Summary of minimum future rental payments required (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating Leases For the Rolling 12 Months
2023	$ 11,352
2024	11,876
2025	11,054
2026	11,231
2027	11,343
Thereafter	120,534
Operating Leases
2023		$ 14,302
2024		8,452
2025		6,471
2026		6,513
2027		6,470
Thereafter		109,358
Total undiscounted rental payments	177,390	151,566
Less imputed interest	(90,111)	(85,383)
Total lease liabilities	$ 87,279	$ 66,183
Weighted average remaining lease term, operating leases (in years)	32 years	36 years 3 months 18 days
Weighted average incremental borrowing rate, operating leases (as a percent)	7.30%	7.80%
Finance Leases For the Rolling 12 Months
2023	$ 4,461
2024	2,043
2025	9,072
2026	0
2027	0
Thereafter	0
Finance Leases
2023		$ 4,461
2024		2,043
2025		9,072
2026		0
2027		0
Thereafter		0
Total undiscounted rental payments	15,576	15,576
Less imputed interest	(1,619)	(1,048)
Total lease liabilities	$ 13,957	$ 14,528
Weighted average remaining lease term, finance leases (in years)	1 year 10 months 24 days	2 years 1 month 6 days
Weighted average incremental borrowing rate, finance leases (as a percent)	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
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 112,670		$ 134,887
Intangible assets:
In-place lease values	60,975		62,826
Leasing commissions and legal costs	16,433		16,710
Above-market leases	70,481		72,289
Deferred tax assets	22,020		23,406
Deferred compensation plan assets	63,051		68,807
Other assets	47,725		46,319
Deferred charges and other assets, gross	393,355		425,244
Less accumulated amortization	(150,465)		(170,336)
Deferred charges and other assets, net	242,890		254,908
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets
Accumulated amortization for intangible assets	43,517		$ 43,978
Amortization expense for intangible assets	$ 1,667	$ 2,203

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	Mar. 31, 2022	Dec. 31, 2021
Above-Market Leases
Above-Market Leases
Original allocated value	$ 70,481	$ 72,289
Less accumulated amortization	(32,259)	(32,484)
Allocated value net	38,222	39,805
Below-Market Leases
Below-Market Leases
Original allocated value	98,069	99,332
Less accumulated amortization	(38,084)	(37,122)
Allocated value net	$ 59,985	$ 62,210

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of mortgage notes payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 4,414,557	$ 4,423,554
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 255,595	255,548
Effective Interest Rate (as a percent)	4.18%
Monthly Debt Service	$ 875
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 165,873	168,037
Effective Interest Rate (as a percent)	5.71%
Monthly Debt Service	$ 1,538
Fashion District Philadelphia
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 194,602	194,602
Effective Interest Rate (as a percent)	4.00%
Monthly Debt Service	$ 649
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 299,294	299,274
Effective Interest Rate (as a percent)	4.61%
Monthly Debt Service	$ 1,145
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 93,885	95,329
Effective Interest Rate (as a percent)	6.45%
Monthly Debt Service	$ 727
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 398,753	398,711
Effective Interest Rate (as a percent)	3.94%
Monthly Debt Service	$ 1,300
Fresno Fashion Fair
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 324,106	324,056
Effective Interest Rate (as a percent)	3.67%
Monthly Debt Service	$ 971
Green Acres Commons
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 124,971	124,875
Effective Interest Rate (as a percent)	3.25%
Monthly Debt Service	$ 311
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 244,073	246,061
Effective Interest Rate (as a percent)	3.94%
Monthly Debt Service	$ 1,447
Kings Plaza Shopping Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 536,056	535,928
Effective Interest Rate (as a percent)	3.71%
Monthly Debt Service	$ 1,629
Oaks, The
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 175,356	176,721
Effective Interest Rate (as a percent)	4.14%
Monthly Debt Service	$ 1,064
Pacific View
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 110,597	111,481
Effective Interest Rate (as a percent)	4.07%
Monthly Debt Service	$ 668
Queens Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 600,000	600,000
Effective Interest Rate (as a percent)	3.49%
Monthly Debt Service	$ 1,744
Santa Monica Place - Swapped
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 299,501	299,314
Effective Interest Rate (as a percent)	2.12%
Monthly Debt Service	$ 468
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 219,346	219,323
Effective Interest Rate (as a percent)	4.34%
Monthly Debt Service	$ 788
Towne Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 19,190	19,320
Effective Interest Rate (as a percent)	4.48%
Monthly Debt Service	$ 117
Victor Valley, Mall of
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 114,864	114,850
Effective Interest Rate (as a percent)	4.00%
Monthly Debt Service	$ 380
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 238,495	$ 240,124
Effective Interest Rate (as a percent)	3.55%
Monthly Debt Service	$ 1,256

Mortgage Notes Payable - Footno

Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands	May 06, 2022	Apr. 29, 2022	Sep. 15, 2021	Mar. 25, 2021	Jan. 22, 2021	Mar. 31, 2022	Dec. 31, 2021
Mortgage loans payable on real estate
Unamortized deferred finance costs						$ 10,706	$ 11,946
Chandler Fashion Center
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)						49.90%
Freehold Raceway Mall
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)						49.90%
Danbury Fair Mall
Mortgage loans payable on real estate
Repayments of debt			$ 10
Green Acres Commons
Mortgage loans payable on real estate
Repayments of debt				$ 4,680
Extension term (in years)				2 years
Green Acres Commons | LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)				2.75%
Green Acres Mall
Mortgage loans payable on real estate
Repayments of debt					$ 9,000
Extension term (in years)					1 year
Oaks, The | Subsequent event
Mortgage loans payable on real estate
Repayments of debt	$ 5
Extension term (in years)	2 years
Interest rate on debt (as a percent)	5.25%
Pacific View | Subsequent event
Mortgage loans payable on real estate
Interest rate on debt (as a percent)		5.29%
Proceeds from mortgages, bank and other notes payable		$ 72
Santa Monica Place | LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)						1.48%
Interest rate cap (as a percent)						4.00%

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest expense capitalized	$ 1,851	$ 1,462
Fair value of mortgage notes payable	$ 4,250,602		$ 4,261,429

Bank and Other Notes Payable (D

Bank and Other Notes Payable (Details) - USD ($)	Apr. 14, 2021	Mar. 31, 2022	Dec. 31, 2021
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 10,706,000	$ 11,946,000
Line of Credit | New Credit Agreement
Mortgage loans payable on real estate
Borrowing capacity	$ 700,000,000
Outstanding borrowings under the line of credit		76,000,000
Unamortized deferred finance costs		12,612,000
Availability for additional borrowing		$ 448,719,000
Line of Credit | New Credit Agreement | LIBOR
Mortgage loans payable on real estate
Borrowing rate (as a percent)		2.25%
Line of Credit | New Credit Agreement | Minimum | LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)	2.25%
Line of Credit | New Credit Agreement | Maximum | LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a 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 (in years)	1 year
Expanded line of credit facility (up to)	$ 800,000,000
Draws	320,000,000
Interest rate (as a percent)		3.76%
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		$ 72,916,000
Line of Credit | Prior revolving line of credit facility
Mortgage loans payable on real estate
Repayments of debt	985,000,000
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	Mar. 31, 2022$ / ft²	Dec. 31, 2021$ / ft²
Schedule of Joint Ventures
Terminal capitalization rate (as a percent)		5.75%	5.75%
Discount rate (as a percent)		7.25%	7.25%
Financing Arrangement | Minimum
Schedule of Joint Ventures
Market rent per square foot (in square feet) | $ / ft²		35	35
Financing Arrangement | Maximum
Schedule of Joint Ventures
Market rent per square foot (in square feet) | $ / ft²		105	105
Financing Arrangement | Chandler Fashion Center
Schedule of Joint Ventures
Percentage of loan assumed by third party (as a percent)	49.90%
Property area (in square feet) | ft²	1,319
Financing Arrangement | Freehold Raceway Mall
Schedule of Joint Ventures
Percentage of loan assumed by third party (as a percent)	49.90%
Property area (in square feet) | ft²	1,553

Financing Arrangement - Financi

Financing Arrangement - Financing arrangement activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Joint Ventures
Interest (income) expense	$ 8,002	$ 1,319
Joint Venture | Financing Arrangement
Schedule of Joint Ventures
Distributions equal to the partner's share of net income (loss)	497	(1,232)
Distributions in excess of the partner's share of net income	4,962	3,414
Adjustment to fair value of financing arrangement obligation	2,543	(863)
Interest (income) expense	$ 8,002	$ 1,319

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Noncontrolling Interest
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Number of trading days used to calculate redemption value (in days)	10 days
Redemption value of outstanding OP Units not owned by the Company	$ 131,584	$ 147,259
The Macerich Partnership, L.P.
Noncontrolling Interest
Ownership interest in operating partnership (as a percent)	96.00%
Limited partnership interest of the operating partnership (as a percent)	4.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Mar. 26, 2021	Feb. 01, 2021	Feb. 12, 2017
Class of Stock [Line Items]
Authorized repurchase amount (up to)						$ 500,000,000
Stock repurchased (in shares)		0	0
ATM Programs
Class of Stock [Line Items]
Authorized repurchase amount (up to)		$ 1,000,000,000
Number of shares issued in transaction (in shares)			45,992,318
Net proceeds from stock offerings			$ 609,739,000
Proceeds from issuance net of common stock			$ 597,007,000
ATM Programs | Subsequent event
Class of Stock [Line Items]
Net proceeds from stock offerings	$ 41,977,000
Proceeds from issuance net of common stock	$ 41,137,000
March 2021 ATM Program
Class of Stock [Line Items]
Authorized repurchase amount (up to)				$ 500,000,000
Shares available for sale		$ 151,699,000
February 2021 ATM Program
Class of Stock [Line Items]
Authorized repurchase amount (up to)					$ 500,000,000

Dispositions (Details)

Dispositions (Details) - USD ($) $ in Thousands	Sep. 17, 2021	Mar. 29, 2021	Mar. 31, 2022	Mar. 31, 2021
Discontinued Operations:
Proceeds from sale of assets			$ 26,085	$ 100,334
Repayments of debt	$ 100,142		53,237	23,986
Land
Discontinued Operations:
Gain on sale of land			15,082	4,096
Land
Discontinued Operations:
Gain on sale of land			15,082	$ 4,096
Paradise Valley Mall
Discontinued Operations:
Gain on sale of land			$ 4,229
Sold | Paradise Valley Mall
Discontinued Operations:
Gain on sale of assets		$ 100,000
Ownership percentage (as a percent)		5.00%
Sold | Paradise Valley Mall | Land
Discontinued Operations:
Gain on sale of assets		$ 5,563
Sold | Tucson La Encantada in Tucson, Arizona
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	Mar. 31, 2022USD ($)
Other Commitments [Line Items]
Contingent liability under letters of credit	$ 40,997
Outstanding obligations under construction agreements	10,351
Secured by restricted cash | Letter of Credit
Other Commitments [Line Items]
Contingent liability under letters of credit	$ 40,680

Related Party Transactions - Sc

Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Management fees
Related Party Transaction
Other	$ 6,405	$ 5,568
Unconsolidated Joint Ventures and Third Party Managed Properties
Related Party Transaction
Other	5,744	5,247
Unconsolidated Joint Ventures and Third Party Managed Properties | Management fees
Related Party Transaction
Other	4,361	3,817
Unconsolidated Joint Ventures and Third Party Managed Properties | Development and leasing fees
Related Party Transaction
Other	$ 1,383	$ 1,430

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction
Related party interest (income) expense	$ 8,002	$ 1,319
Due from affiliates	4,177		$ 0
Due to affiliates	0		(327)
Joint Venture | Financing Arrangement
Related Party Transaction
Related party interest (income) expense	8,002	$ 1,319
Unconsolidated Joint Ventures
Related Party Transaction
Due from affiliates	$ 4,177
Due to affiliates			$ (327)

Share and Unit-Based Plans - Na

Share and Unit-Based Plans - Narrative (Details) $ in Thousands	Jan. 01, 2022	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Capitalized share and unit-based compensation costs		$ 1,193	$ 1,001
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		$ 1,508
LTI Units
Share-based Compensation Arrangement by Share-based Payment Award
Conversion rate of shares		1
Unrecognized compensation cost of share and unit-based plans		$ 17,724
LTI Units | January 1, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate (as a percent)	0.97%
Volatility (as a percent)	70.83%
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost of share and unit-based plans		$ 0

Share and Unit-Based Plans - LT

Share and Unit-Based Plans - LTI units granted (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
LTI Units
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	1,092,698
Granted (in dollars per share) | $ / shares	$ 16.29
January 1, 2022 | Service-based | First vesting period
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	376,153
Granted (in dollars per share) | $ / shares	$ 17.28
January 1, 2022 | Performance-based | First vesting period
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	716,545
Granted (in dollars per share) | $ / shares	$ 15.77

Share and Unit-Based Plans - No

Share and Unit-Based Plans - Nonvested equity awards (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
LTI Units
Units
Balance at beginning of period (in shares) | shares	1,837,691
Granted (in shares) | shares	1,092,698
Vested (in shares) | shares	(16,467)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	2,913,922
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 14.14
Granted (in dollars per share) | $ / shares	16.29
Vested (in dollars per share) | $ / shares	29.86
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 14.86
Phantom Stock Units
Units
Balance at beginning of period (in shares) | shares	0
Granted (in shares) | shares	35,730
Vested (in shares) | shares	(5,213)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	30,517
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	16.91
Vested (in dollars per share) | $ / shares	16.56
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 16.97
Stock Units
Units
Balance at beginning of period (in shares) | shares	266,505
Granted (in shares) | shares	77,935
Vested (in shares) | shares	(88,313)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	256,127
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 19.05
Granted (in dollars per share) | $ / shares	16.26
Vested (in dollars per share) | $ / shares	23.34
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 16.72

Share and Unit-Based Plans - SA

Share and Unit-Based Plans - SARs (Details) - Stock options	3 Months Ended
	Mar. 31, 2022$ / 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
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	$ 6,062	$ 5,031
LTI Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	4,685	3,611
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	1,291	1,327
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	$ 86	$ 93

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Benefit of TRSs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Current	$ 0	$ 0
Deferred	(1,799)	(2,238)
Total expense	$ (1,799)	$ (2,238)

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 22,020,000	$ 23,406,000
Valuation allowance	$ 0

Subsequent Events (Details)

Subsequent Events (Details)	May 09, 2022$ / shares
Subsequent event
Subsequent events
Dividend declared (in dollars per share)	$ 0.15