The Macerich Company (MAC) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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 each class	Common Stock, $0.01 Par Value
Trading symbol	MAC
Name of each exchange on which registered	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		214,784,758
Entity Central Index Key	0000912242
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS:
Property, net	$ 6,164,795	$ 6,284,206
Cash and cash equivalents	109,991	112,454
Restricted cash	54,984	54,517
Tenant and other receivables, net	170,353	211,361
Right-of-use assets, net	129,025	110,638
Deferred charges and other assets, net	226,341	254,908
Due from affiliates	9,168	0
Investments in unconsolidated joint ventures	1,204,153	1,317,571
Total assets	8,068,810	8,345,655
LIABILITIES AND EQUITY:
Mortgage notes payable	4,259,503	4,423,554
Bank and other notes payable	91,541	104,811
Accounts payable and accrued expenses	65,929	59,228
Due to affiliates	0	327
Lease liabilities	97,679	80,711
Other accrued liabilities	315,393	254,279
Distributions in excess of investments in unconsolidated joint ventures	126,795	127,608
Financing arrangement obligation	133,825	118,988
Total liabilities	5,090,665	5,169,506
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at September 30, 2022 and December 31, 2021, and 215,146,141 and 214,797,057 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	2,150	2,147
Additional paid-in capital	5,505,307	5,488,440
Accumulated deficit	(2,608,239)	(2,443,696)
Accumulated other comprehensive income (loss)	13	(24)
Total stockholders' equity	2,899,231	3,046,867
Noncontrolling interests	78,914	129,282
Total equity	2,978,145	3,176,149
Total liabilities and equity	$ 8,068,810	$ 8,345,655

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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	215,146,141	214,797,057
Common Stock, shares outstanding	215,146,141	214,797,057

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Leasing revenue	$ 195,594	$ 197,135	$ 587,596	$ 573,657
Total revenues	210,704	212,137	630,939	618,034
Expenses:
Leasing expenses	8,704	6,200	24,463	18,003
REIT general and administrative expenses	6,779	7,599	20,082	22,365
Depreciation and amortization	72,739	75,465	218,053	231,491
Total expenses before interest	179,469	174,561	531,182	530,830
Interest expense (income):
Related parties	6,473	(7,708)	23,368	(3,435)
Other	46,157	48,044	134,312	152,581
Interest expense	52,630	40,336	157,680	149,146
Loss on extinguishment of debt			0	1,007
Total expenses	232,099	215,904	688,862	680,983
Equity in income (loss) of unconsolidated joint ventures	6,322	(1,733)	(16,422)	20,212
Income tax benefit (expense)	166	(107)	(963)	(9,452)
Gain on sale or write down of assets, net	1,405	118,566	6,767	93,356
Net (loss) income	(13,502)	112,959	(68,541)	41,167
Less: net income (loss) attributable to noncontrolling interests	1,691	6,257	(784)	9,834
Net (loss) income attributable to the Company	$ (15,193)	$ 106,702	$ (67,757)	$ 31,333
(Loss) income per common share—attributable to common stockholders:
Basic (in dollars per share)	$ (0.07)	$ 0.50	$ (0.32)	$ 0.16
Diluted (in dollars per share)	$ (0.07)	$ 0.50	$ (0.32)	$ 0.16
Weighted average number of common shares outstanding:
Basic (in shares)	215,134	213,214	214,982	192,717
Diluted (in shares)	215,134	213,214	214,982	192,717
Other
Revenues:
Revenue	$ 7,503	$ 8,215	$ 21,911	$ 25,391
Management Companies
Revenues:
Revenue	7,607	6,787	21,432	18,986
Expenses:
Shopping center and operating expenses	16,553	14,601	51,242	44,465
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	$ 74,694	$ 70,696	$ 217,342	$ 214,506

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (13,502)	$ 112,959	$ (68,541)	$ 41,167
Other comprehensive (loss) income:
Interest rate cap/swap agreements	(3)	2,775	37	8,208
Comprehensive (loss) income	(13,505)	115,734	(68,504)	49,375
Less: net income (loss) attributable to noncontrolling interests	1,691	6,257	(784)	9,834
Comprehensive (loss) income attributable to the Company	$ (15,196)	$ 109,477	$ (67,720)	$ 39,541

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) income	41,167	31,333			31,333		9,834
Interest rate cap agreement	8,208	8,208				8,208
Amortization of share and unit-based plans	13,681	13,681	$ 2	13,679
Amortization of share and unit-based plans (in shares)			241,001
Employee stock purchases	595	595	$ 1	594
Employee stock purchases (in shares)			88,107
Stock offerings, net	829,874	829,874	$ 620	829,254
Stock offerings, net (in shares)			62,029,777
Distributions paid	(86,348)	(86,348)			(86,348)
Distributions to noncontrolling interests	(18,166)						(18,166)
Contributions from noncontrolling interests	580						580
Conversion of noncontrolling interests to common shares		22,218	$ 12	22,206			(22,218)
Conversion of noncontrolling interests to common shares (in shares)			1,178,530
Redemption of noncontrolling interests	(60)	(17)		(17)			(43)
Adjustment of noncontrolling interests in Operating Partnership		(1,859)		(1,859)			1,859
Ending balance at Sep. 30, 2021	3,234,791	3,074,734	$ 2,133	5,467,235	(2,394,634)	0	160,057
Ending balance (in shares) at Sep. 30, 2021			213,307,990
Beginning balance at Jun. 30, 2021	3,126,946	2,968,494	$ 2,112	5,438,493	(2,469,336)	(2,775)	158,452
Beginning balance (in shares) at Jun. 30, 2021			211,169,654
Increase (Decrease) in Stockholders' Equity
Net (loss) income	112,959	106,702			106,702		6,257
Interest rate cap agreement	2,775	2,775				2,775
Amortization of share and unit-based plans	4,318	4,318		4,318
Amortization of share and unit-based plans (in shares)			16,320
Stock offerings, net	23,820	23,820	$ 21	23,799
Stock offerings, net (in shares)			2,122,016
Distributions paid	(32,000)	(32,000)			(32,000)
Distributions to noncontrolling interests	(3,972)						(3,972)
Contributions from noncontrolling interests	4						4
Redemption of noncontrolling interests	(59)	(17)		(17)			(42)
Adjustment of noncontrolling interests in Operating Partnership		642		642			(642)
Ending balance at Sep. 30, 2021	3,234,791	3,074,734	$ 2,133	5,467,235	(2,394,634)	0	160,057
Ending balance (in shares) at Sep. 30, 2021			213,307,990
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) income	$ (68,541)	(67,757)			(67,757)		(784)
Interest rate cap agreement	37	37				37
Amortization of share and unit-based plans	16,815	16,815	$ 2	16,813
Amortization of share and unit-based plans (in shares)			206,564
Employee stock purchases	960	960	$ 1	959
Employee stock purchases (in shares)			96,942
Stock offerings, net	(152)	(152)		(152)
Distributions paid	(96,786)	(96,786)			(96,786)
Distributions to noncontrolling interests	(50,011)						(50,011)
Contributions from noncontrolling interests	2						2
Conversion of noncontrolling interests to common shares		2,700		2,700			(2,700)
Conversion of noncontrolling interests to common shares (in shares)			45,578
Redemption of noncontrolling interests	(328)	177		177			(505)
Adjustment of noncontrolling interests in Operating Partnership		(3,630)		(3,630)			3,630
Ending balance at Sep. 30, 2022	$ 2,978,145	2,899,231	$ 2,150	5,505,307	(2,608,239)	13	78,914
Ending balance (in shares) at Sep. 30, 2022	215,146,141		215,146,141
Beginning balance at Jun. 30, 2022	$ 3,056,393	2,941,474	$ 2,150	5,500,101	(2,560,793)	16	114,919
Beginning balance (in shares) at Jun. 30, 2022			215,113,342
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(13,502)	(15,193)			(15,193)		1,691
Interest rate cap agreement	(3)	(3)				(3)
Amortization of share and unit-based plans	5,369	5,369		5,369
Amortization of share and unit-based plans (in shares)			21,772
Stock offerings, net	(32)	(32)		(32)
Distributions paid	(32,253)	(32,253)			(32,253)
Distributions to noncontrolling interests	(37,829)						(37,829)
Contributions from noncontrolling interests	2						2
Conversion of noncontrolling interests to common shares		622		622			(622)
Conversion of noncontrolling interests to common shares (in shares)			11,027
Adjustment of noncontrolling interests in Operating Partnership		(753)		(753)			753
Ending balance at Sep. 30, 2022	$ 2,978,145	$ 2,899,231	$ 2,150	$ 5,505,307	$ (2,608,239)	$ 13	$ 78,914
Ending balance (in shares) at Sep. 30, 2022	215,146,141		215,146,141

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 0.15	$ 0.15	$ 0.45	$ 0.45

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net (loss) income	$ (68,541)	$ 41,167
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Loss on extinguishment of debt	0	1,007
Gain on sale or write down of assets, net	(6,767)	(93,356)
Depreciation and amortization	226,136	241,450
Amortization of share and unit-based plans	13,420	10,868
Straight-line rent and amortization of above and below market leases	821	(9,429)
Recovery of doubtful accounts	(1,585)	(4,269)
Income tax expense	963	9,452
Equity in loss (income) of unconsolidated joint ventures	16,422	(20,212)
Distributions of income from unconsolidated joint ventures	866	48
Change in fair value of financing arrangement obligation	14,837	(12,608)
Changes in assets and liabilities, net of dispositions:
Tenant and other receivables	19,517	77,748
Other assets	5,639	22,133
Due from affiliates	(9,495)	(1,365)
Accounts payable and accrued expenses	8,177	(6,992)
Other accrued liabilities	64,578	(44,009)
Net cash provided by operating activities	284,988	211,633
Cash flows from investing activities:
Acquisitions of property	(24,544)	0
Development, redevelopment, expansion and renovation of properties	(28,180)	(52,788)
Property improvements	(32,712)	(27,906)
Proceeds from repayment of notes receivable	0	1,300
Deferred leasing costs	(1,974)	(1,878)
Distributions from unconsolidated joint ventures	107,255	70,955
Contributions to unconsolidated joint ventures	(42,963)	(56,577)
Proceeds from collection of receivable in connection with sale of joint venture property	21,000	0
Proceeds from sale of assets	48,768	323,018
Net cash provided by investing activities	46,650	256,124
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	130,000	495,000
Payments on mortgages, bank and other notes payable	(312,630)	(1,973,668)
Deferred financing costs	(2,766)	(22,813)
Payments on finance leases	(1,923)	(1,848)
Net (costs) proceeds from stock offerings	(152)	829,874
Proceeds from share and unit-based plans	960	595
Redemption of noncontrolling interests	(328)	(60)
Contributions from noncontrolling interests	2	128
Dividends and distributions	(146,797)	(104,514)
Net cash used in financing activities	(333,634)	(777,306)
Net decrease in cash, cash equivalents and restricted cash	(1,996)	(309,549)
Cash, cash equivalents and restricted cash, beginning of period	166,971	482,659
Cash, cash equivalents and restricted cash, end of period	164,975	173,110
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	135,548	161,474
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	34,534	18,281
Conversion of Operating Partnership Units to common stock	2,700	22,218
Assets acquired from unconsolidated joint venture	$ 23,554	$ 0

Organization

Organization	9 Months Ended
	Sep. 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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: September 30, December 31, Assets: Property, net $ 455,264 $ 458,964 Other assets 91,245 83,685 Total assets $ 546,509 $ 542,649 Liabilities: Mortgage notes payable $ 330,935 $ 413,925 Other liabilities 136,744 56,947 Total liabilities $ 467,679 $ 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 Nine Months Ended September 30, 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 $ 109,991 $ 117,596 Restricted cash 54,984 55,514 Cash, cash equivalents and restricted cash $ 164,975 $ 173,110 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 eliminated across the Company’s markets. COVID-19 Lease Accounting: In April 2020, the Financial Accounting Standards Board issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under Accounting Standards Codification ("ASC") 842, "Leases" ("the lease modification accounting framework"). Under ASC 842, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant or an enforceable right and obligation within the existing lease. The Q&A allows for the bypass of a lease-by-lease analysis, and allows the Company to elect to either apply the lease modification accounting framework or not to all of its lease concessions with similar characteristics and circumstances. The Company has elected to apply the lease modification accounting framework to lease concessions that include the abatement of rent in its consolidated financial statements for the three and nine months ended September 30, 2022 and 2021.

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021 (shares in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Numerator Net (loss) income $ (13,502) $ 112,959 $ (68,541) $ 41,167 Less: net income (loss) attributable to noncontrolling interests 1,691 6,257 (784) 9,834 Net (loss) income attributable to the Company (15,193) 106,702 (67,757) 31,333 Allocation of earnings to participating securities (211) (290) (642) (641) Numerator for basic and diluted EPS—net loss attributable to common stockholders $ (15,404) $ 106,412 $ (68,399) $ 30,692 Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 215,134 213,214 214,982 192,717 EPS—net (loss) income attributable to common stockholders Basic and diluted $ (0.07) $ 0.50 $ (0.32) $ 0.16 (1) Diluted EPS excludes 99,565 and 101,799 convertible preferred partnership units for the three months ended September 30, 2022 and 2021, respectively, and 99,565 and 102,751 convertible preferred partnership units for the nine months ended September 30, 2022 and 2021, respectively, as their impact was antidilutive. Diluted EPS also excludes 8,620,767 and 9,818,917 Operating Partnership units ("OP Units") for the three months ended September 30, 2022 and 2021, respectively, and 8,653,348 and 10,160,575 OP Units for the nine months ended September 30, 2022 and 2021, respectively, as their impact was antidilutive.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 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 16 – 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 $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. On August 2, 2022, the Company acquired the remaining 50% ownership interest in two former Sears parcels (Deptford Mall and Vintage Faire Mall) in MS Portfolio LLC, the Company's joint venture with Seritage Growth Properties, for a total purchase price of approximately $24,544. As a result of this transaction and the shortening of holding periods on certain other assets in the joint venture, an impairment loss was recorded for the nine months ending September 30, 2022. The Company's share of the impairment loss was $27,054. Effective as of August 2, 2022, the Company now owns and has consolidated its 100% interest in these two former Sears parcels in its consolidated financial statements (See Note 15 — Acquisitions). The Company's joint venture in Washington Square expects to close in November 2022 a four Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: September 30, December 31, Assets(1): Property, net $ 8,149,910 $ 8,289,412 Other assets 654,721 750,629 Total assets $ 8,804,631 $ 9,040,041 Liabilities and partners' capital(1): Mortgage and other notes payable $ 5,488,671 $ 5,686,500 Other liabilities 475,780 325,115 Company's capital 1,509,376 1,638,112 Outside partners' capital 1,330,804 1,390,314 Total liabilities and partners' capital $ 8,804,631 $ 9,040,041 Investments in unconsolidated joint ventures: Company's capital $ 1,509,376 $ 1,638,112 Basis adjustment(2) (432,018) (448,149) $ 1,077,358 $ 1,189,963 Assets—Investments in unconsolidated joint ventures $ 1,204,153 $ 1,317,571 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (126,795) (127,608) $ 1,077,358 $ 1,189,963 (1) These amounts include assets of $2,704,552 and $2,789,568 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2022 and December 31, 2021, respectively, and liabilities of $1,640,093 and $1,661,110 of the PPR Portfolio as of September 30, 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 $2,164 and $2,768 for the three months ended September 30, 2022 and 2021, respectively, and $7,034 and $7,431 for the nine months ended September 30, 2022 and 2021, respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Three Months Ended September 30, 2022 Revenues: Leasing revenue $ 44,157 $ 164,518 $ 208,675 Other 151 1,934 2,085 Total revenues 44,308 166,452 210,760 Expenses: Shopping center and operating expenses 10,949 59,450 70,399 Leasing expenses 424 1,203 1,627 Interest expense 15,546 37,556 53,102 Depreciation and amortization 24,269 64,002 88,271 Total expenses 51,188 162,211 213,399 Gain on sale or write down of assets, net — 25,788 25,788 Net (loss) income $ (6,880) $ 30,029 $ 23,149 Company's equity in net income $ 1,851 $ 4,471 $ 6,322 Three Months Ended September 30, 2021 Revenues: Leasing revenue $ 44,304 $ 160,044 $ 204,348 Other 14 6,658 6,672 Total revenues 44,318 166,702 211,020 Expenses: Shopping center and operating expenses 10,078 67,627 77,705 Leasing expenses 332 963 1,295 Interest expense 15,801 36,483 52,284 Depreciation and amortization 24,154 61,734 85,888 Total expenses 50,365 166,807 217,172 Gain on sale or write down of assets, net — 762 762 Net (loss) income $ (6,047) $ 657 $ (5,390) Company's equity in net loss $ (1,390) $ (343) $ (1,733) Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Nine Months Ended September 30, 2022 Revenues: Leasing revenue $ 136,344 $ 488,513 $ 624,857 Other 269 12,040 12,309 Total revenues 136,613 500,553 637,166 Expenses: Shopping center and operating expenses 31,807 172,681 204,488 Leasing expenses 1,258 3,724 4,982 Interest expense 46,299 109,881 156,180 Depreciation and amortization 72,760 195,408 268,168 Total expenses 152,124 481,694 633,818 Loss on sale or write down of assets, net — (30,870) (30,870) Net loss $ (15,511) $ (12,011) $ (27,522) Company's equity in net loss $ (2,354) $ (14,068) $ (16,422) Nine Months Ended September 30, 2021 Revenues: Leasing revenue $ 122,311 $ 459,826 $ 582,137 Other 144 56,508 56,652 Total revenues 122,455 516,334 638,789 Expenses: Shopping center and operating expenses 29,339 183,013 212,352 Leasing expenses 1,106 3,423 4,529 Interest expense 47,438 110,586 158,024 Depreciation and amortization 73,042 192,149 265,191 Total expenses 150,925 489,171 640,096 Gain on sale or write down of assets, net — 581 581 Net (loss) income $ (28,470) $ 27,744 $ (726) Company's equity in net (loss) income $ (10,269) $ 30,481 $ 20,212

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 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 $(3) and $2,775 for the three months ended September 30, 2022 and 2021, respectively, and $37 and $8,208 for the nine months ended September 30, 2022 and 2021, respectively. The following derivative was outstanding at September 30, 2022: Fair Value Property Notional Amount Product LIBOR Rate Maturity September 30, December 31, Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2022 $ 18 $ 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	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property, net	Property, net: Property, net consists of the following: September 30, December 31, Land $ 1,425,651 $ 1,441,858 Buildings and improvements 6,362,667 6,306,764 Tenant improvements 703,448 685,242 Equipment and furnishings(1) 189,658 191,266 Construction in progress 219,183 222,420 8,900,607 8,847,550 Less accumulated depreciation(1) (2,735,812) (2,563,344) $ 6,164,795 $ 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 September 30, 2022 and December 31, 2021 (See Note 8—Leases). Depreciation expense was $67,631 and $68,715 for the three months ended September 30, 2022 and 2021, respectively, and $202,804 and $211,139 for the nine months ended September 30, 2022 and 2021, respectively. Gain on sale or write-down of assets, net for the three and nine months ended September 30, 2022 and 2021 consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Gain on property sales, net(1) $ 313 $ 118,471 $ 386 $ 111,805 Loss on write-down of assets(2) (5,148) — (15,006) (38,362) Gain on land sales, net 6,240 95 21,387 19,913 $ 1,405 $ 118,566 $ 6,767 $ 93,356 (1) Includes $117,242 and $4,229 of gain related to the sale of La Encantada and Paradise Valley Mall, respectively, during the three and nine months ended September 30, 2021, respectively (See Note 16-Dispositions). (2) Includes impairment loss of $5,471 relating to the Company's investment in MS Portfolio LLC (See Note 4-Investments in Unconsolidated Joint Ventures) and impairment loss of $27,281 on Estrella Falls during the nine months ended September 30, 2022 and 2021, respectively, and $5,140 on Towne Mall during the three and nine months ended September 30, 2022. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three and nine months ended September 30, 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 nine months ended September 30, 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) September 30, 2021 $ 4,720 $ — $ 4,720 $ — September 30, 2022 $ 18,250 $ — $ — $ 18,250 The fair values relating to a portion of the 2021 impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2022 impairment was based upon an income approach, using an estimated terminal capitalization rate, discount rate, and in-place contractual rent and other income. The fair value is sensitive to these significant unobservable inputs.

Tenant and Other Receivables, n

Tenant and Other Receivables, net	9 Months Ended
	Sep. 30, 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 $10,360 and $14,917 at September 30, 2022 and December 31, 2021, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $5,322 and $19,907 at September 30, 2022 and December 31, 2021, respectively, and a deferred rent receivable due to straight-line rent adjustments of $108,758 and $110,969 at September 30, 2022 and December 31, 2021, respectively.

Leases

Leases	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Leasing revenue—fixed payments $ 139,261 $ 132,789 $ 409,518 $ 395,796 Leasing revenue—variable payments 55,624 65,984 176,493 173,592 Recovery of (provision for) doubtful accounts, net 709 (1,638) 1,585 4,269 $ 195,594 $ 197,135 $ 587,596 $ 573,657 The following table summarizes the future rental payments to the Company: Twelve months ending September 30, 2023 $ 374,739 2024 321,265 2025 260,668 2026 209,139 2027 158,821 Thereafter 458,664 $ 1,783,296 Lessee Leases: The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2024. The following table summarizes the lease costs for the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease costs $ 3,788 $ 3,398 $ 11,338 $ 11,027 Finance lease costs: Amortization of ROU assets 483 480 1,446 1,436 Interest on lease liabilities 100 117 402 460 $ 4,371 $ 3,995 $ 13,186 $ 12,923 The following table summarizes the future rental payments required under the leases: September 30, 2022 December 31, 2021 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2022 $ 4,120 $ 2,450 $ 14,302 $ 4,461 2023 12,255 2,450 8,452 2,043 2024 11,563 9,478 6,471 9,072 2025 11,746 1,400 6,513 — 2026 11,864 — 6,470 — Thereafter 121,193 — 109,358 — Total undiscounted rental payments 172,741 15,778 151,566 15,576 Less imputed interest (87,667) (3,173) (85,383) (1,048) Total lease liabilities $ 85,074 $ 12,605 $ 66,183 $ 14,528 Weighted average remaining term 32.1 years 1.9 years 36.3 years 2.1 years Weighted average incremental borrowing rate 7.4 % 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 and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Leasing revenue—fixed payments $ 139,261 $ 132,789 $ 409,518 $ 395,796 Leasing revenue—variable payments 55,624 65,984 176,493 173,592 Recovery of (provision for) doubtful accounts, net 709 (1,638) 1,585 4,269 $ 195,594 $ 197,135 $ 587,596 $ 573,657 The following table summarizes the future rental payments to the Company: Twelve months ending September 30, 2023 $ 374,739 2024 321,265 2025 260,668 2026 209,139 2027 158,821 Thereafter 458,664 $ 1,783,296 Lessee Leases: The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2024. The following table summarizes the lease costs for the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease costs $ 3,788 $ 3,398 $ 11,338 $ 11,027 Finance lease costs: Amortization of ROU assets 483 480 1,446 1,436 Interest on lease liabilities 100 117 402 460 $ 4,371 $ 3,995 $ 13,186 $ 12,923 The following table summarizes the future rental payments required under the leases: September 30, 2022 December 31, 2021 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2022 $ 4,120 $ 2,450 $ 14,302 $ 4,461 2023 12,255 2,450 8,452 2,043 2024 11,563 9,478 6,471 9,072 2025 11,746 1,400 6,513 — 2026 11,864 — 6,470 — Thereafter 121,193 — 109,358 — Total undiscounted rental payments 172,741 15,778 151,566 15,576 Less imputed interest (87,667) (3,173) (85,383) (1,048) Total lease liabilities $ 85,074 $ 12,605 $ 66,183 $ 14,528 Weighted average remaining term 32.1 years 1.9 years 36.3 years 2.1 years Weighted average incremental borrowing rate 7.4 % 3.7 % 7.8 % 3.7 %

Deferred Charges and Other Asse

Deferred Charges and Other Assets, net	9 Months Ended
	Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Charges and Other Assets, net	Deferred Charges and Other Assets, net: Deferred charges and other assets, net consist of the following: September 30, December 31, Leasing $ 113,356 $ 134,887 Intangible assets: In-place lease values 65,082 62,826 Leasing commissions and legal costs 17,377 16,710 Above-market leases 72,659 72,289 Deferred tax assets 22,856 23,406 Deferred compensation plan assets 51,781 68,807 Other assets 42,596 46,319 385,707 425,244 Less accumulated amortization(1) (159,366) (170,336) $ 226,341 $ 254,908 (1) Accumulated amortization includes $43,845 and $43,978 relating to in-place lease values, leasing commissions and legal costs at September 30, 2022 and December 31, 2021, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,688 and $2,262 for the three months ended September 30, 2022 and 2021, respectively, and $5,019 and $6,868 for the nine months ended September 30, 2022 and 2021, respectively. The allocated values of above-market leases and below-market leases consist of the following: September 30, December 31, Above-Market Leases Original allocated value $ 72,659 $ 72,289 Less accumulated amortization (34,901) (32,484) $ 37,758 $ 39,805 Below-Market Leases(1) Original allocated value $ 97,194 $ 99,332 Less accumulated amortization (38,874) (37,122) $ 58,320 $ 62,210 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable: Mortgage notes payable at September 30, 2022 and December 31, 2021 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral September 30, 2022 December 31, 2021 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,689 $ 255,548 4.18 % $ 875 2024 Danbury Fair Mall(6) 150,522 168,037 6.05 % 1,538 2023 Fashion District Philadelphia(7) 111,544 194,602 6.06 % 564 2024 Fashion Outlets of Chicago 299,334 299,274 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA 91,903 95,329 6.45 % 727 2023 Freehold Raceway Mall(5) 398,836 398,711 3.94 % 1,300 2029 Fresno Fashion Fair 324,205 324,056 3.67 % 971 2026 Green Acres Commons(8) 125,161 124,875 5.58 % 555 2023 Green Acres Mall(9) 239,639 246,061 3.94 % 1,447 2023 Kings Plaza Shopping Center 536,313 535,928 3.71 % 1,629 2030 Oaks, The(10) 167,050 176,721 5.49 % 1,138 2024 Pacific View(11) 70,927 111,481 5.45 % 328 2032 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(12) 299,875 299,314 4.54 % 1,073 2022 SanTan Village Regional Center 219,391 219,323 4.34 % 788 2029 Towne Mall(13) 18,934 19,320 4.48 % 117 2022 Victor Valley, Mall of 114,893 114,850 4.00 % 380 2024 Vintage Faire Mall 235,287 240,124 3.55 % 1,256 2026 $ 4,259,503 $ 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 $11,368 and $11,946 at September 30, 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. On July 1, 2022, the Company further extended the loan maturity to July 1, 2023. The interest rate remained unchanged at 5.5%, and the Company repaid $10,000 of the outstanding loan balance at closing. (7) On August 26, 2022, the Company repaid $83,058 of the outstanding loan balance to satisfy certain loan conditions. (8) 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. (9) 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. (10) 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. (11) 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. (12) 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. The Company expects to close in November 2022 a three-year extension at a floating rate of SOFR plus 1.58%, subject to negotiating final loan terms and documentation and customary closing conditions. (13) The Company did not repay the loan on its maturity date, and has begun the process of transferring control of this asset to the loan servicer. 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, with the exception of Towne Mall as noted above. Total interest expense capitalized was $2,859 and $3,102 for the three months ended September 30, 2022 and 2021, respectively, and $7,151 and $6,812 for the nine months ended September 30, 2022 and 2021, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at September 30, 2022 and December 31, 2021 was $4,004,815 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	9 Months Ended
	Sep. 30, 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 September 30, 2022, the borrowing rate was LIBOR plus 2.25%. As of September 30, 2022, borrowings under the facility were $101,000, less unamortized deferred finance costs of $9,459, for the revolving loan facility at a total interest rate of 6.71%. As of September 30, 2022, the Company's availability under the revolving loan facility for additional borrowings was $423,787. 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 16—Dispositions). The estimated fair value (Level 2 measurement) of borrowings under the credit facility at September 30, 2022 was $99,861 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 September 30, 2022 and December 31, 2021, the Company was in compliance with all applicable financial loan covenants.

Financing Arrangement

Financing Arrangement	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021 was based upon a terminal capitalization rate of approximately 5.75%, a discount rate at September 30, 2022 and December 31, 2021 of 7.75% and 7.25%, respectively, and market rents per square foot of $35 to $105. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Distributions to the partner, excluding distributions of excess loan proceeds, and changes in fair value of the financing arrangement obligation are recognized as interest (income) expense in the Company's consolidated statements of operations. During the three and nine months ended September 30, 2022 and 2021, the Company recognized interest expense in the Company's consolidated statements of operations in connection with the financing arrangement as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Distributions equal to the partner's share of net (loss) income $ (211) $ (985) $ 39 $ (3,410) Distributions in excess of the partner's share of net income 1,631 3,583 8,492 12,583 Adjustment to fair value of financing arrangement obligation 5,053 (10,306) 14,837 (12,608) $ 6,473 $ (7,708) $ 23,368 $ (3,435)

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021. The remaining 4% limited partnership interest as of September 30, 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 September 30, 2022 and December 31, 2021, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $70,864 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	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2022, the Company did not issue any shares of common stock under the March 2021 ATM Program. As of September 30, 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 nine months ended September 30, 2021, the Company issued 62,029,777 shares of common stock under the ATM Programs for aggregate gross proceeds of $847,875 and net proceeds of $829,874 after commissions and other transaction costs. 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". There were no repurchases under the Stock Buyback Program during the nine months ended September 30, 2022 or 2021.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions: On August 2, 2022, the Company acquired the remaining 50% ownership interest in two former Sears parcels (Deptford Mall and Vintage Faire Mall) in the MS Portfolio LLC joint venture that it did not previously own for a total purchase price of $24,544. Effective as of August 2, 2022, the Company now owns and has consolidated its 100% interest in these two former Sears parcels in its consolidated financial statements. The following is a summary of the allocation of the fair value of the former Sears parcels at Deptford Mall and Vintage Faire Mall: Land $ 6,966 Building and improvements 32,934 Deferred charges 8,075 Other assets (above-market leases) 2,664 Other accrued liabilities (below-market lease) (2,541) Fair value of acquired net assets (at 100% ownership) $ 48,098

Dispositions

Dispositions	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: As of September 30, 2022, the Company was contingently liable for $40,929 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of September 30, 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 September 30, 2022, the Company had $7,131 in outstanding obligations, which it believes will be settled in the next twelve months.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Management fees $ 4,332 $ 4,594 $ 13,375 $ 12,397 Development and leasing fees 2,711 1,747 6,202 4,732 $ 7,043 $ 6,341 $ 19,577 $ 17,129 Interest expense (income) from related party transactions includes $6,473 and $(7,708) for the three months ended September 30, 2022 and 2021, respectively, and $23,368 and $(3,435) for the nine months ended September 30, 2022 and 2021, respectively, in connection with the financing arrangement (See Note 12—Financing Arrangement). Due from (to) affiliates includes $9,168 and $(327) of unreimbursed (prepaid) costs and fees from unconsolidated joint ventures due to (from) the Management Companies at September 30, 2022 and December 31, 2021, respectively.

Share and Unit-Based Plans

Share and Unit-Based Plans	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 (Level 3 measurement) 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 56,334 14.64 204,958 13.45 Vested (17,932) 29.75 (19,362) 14.68 (176,409) 20.02 Forfeited (6,454) 19.42 — — — — Balance at September 30, 2022 2,906,003 $ 14.84 36,972 $ 14.62 295,054 $ 14.58 (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 Forfeited (11,144) 53.82 Balance at September 30, 2022 26,371 $ 54.56 (1) Value represents the weighted average exercise price. The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 LTI Units $ 4,632 $ 3,625 $ 14,035 $ 10,822 Stock units 629 598 2,496 2,577 Phantom stock units 107 95 284 282 $ 5,368 $ 4,318 $ 16,815 $ 13,681

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Current $ — $ — $ — $ — Deferred 166 (107) (963) (9,452) Total benefit (expense) $ 166 $ (107) $ (963) $ (9,452) 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 $22,856 and $23,406 were included in deferred charges and other assets, net at September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events:On October 28, 2022, the Company announced a dividend/distribution of $0.17 per share for common stockholders and OP Unitholders of record on November 9, 2022. All dividends/distributions will be paid 100% in cash on December 2, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of Variable Interest Entities	The Operating Partnership's consolidated VIEs included the following assets and liabilities: September 30, December 31, Assets: Property, net $ 455,264 $ 458,964 Other assets 91,245 83,685 Total assets $ 546,509 $ 542,649 Liabilities: Mortgage notes payable $ 330,935 $ 413,925 Other liabilities 136,744 56,947 Total liabilities $ 467,679 $ 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 Nine Months Ended September 30, 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 $ 109,991 $ 117,596 Restricted cash 54,984 55,514 Cash, cash equivalents and restricted cash $ 164,975 $ 173,110
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 Nine Months Ended September 30, 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 $ 109,991 $ 117,596 Restricted cash 54,984 55,514 Cash, cash equivalents and restricted cash $ 164,975 $ 173,110

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021 (shares in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Numerator Net (loss) income $ (13,502) $ 112,959 $ (68,541) $ 41,167 Less: net income (loss) attributable to noncontrolling interests 1,691 6,257 (784) 9,834 Net (loss) income attributable to the Company (15,193) 106,702 (67,757) 31,333 Allocation of earnings to participating securities (211) (290) (642) (641) Numerator for basic and diluted EPS—net loss attributable to common stockholders $ (15,404) $ 106,412 $ (68,399) $ 30,692 Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 215,134 213,214 214,982 192,717 EPS—net (loss) income attributable to common stockholders Basic and diluted $ (0.07) $ 0.50 $ (0.32) $ 0.16 (1) Diluted EPS excludes 99,565 and 101,799 convertible preferred partnership units for the three months ended September 30, 2022 and 2021, respectively, and 99,565 and 102,751 convertible preferred partnership units for the nine months ended September 30, 2022 and 2021, respectively, as their impact was antidilutive. Diluted EPS also excludes 8,620,767 and 9,818,917 Operating Partnership units ("OP Units") for the three months ended September 30, 2022 and 2021, respectively, and 8,653,348 and 10,160,575 OP Units for the nine months ended September 30, 2022 and 2021, respectively, as their impact was antidilutive.

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 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: September 30, December 31, Assets(1): Property, net $ 8,149,910 $ 8,289,412 Other assets 654,721 750,629 Total assets $ 8,804,631 $ 9,040,041 Liabilities and partners' capital(1): Mortgage and other notes payable $ 5,488,671 $ 5,686,500 Other liabilities 475,780 325,115 Company's capital 1,509,376 1,638,112 Outside partners' capital 1,330,804 1,390,314 Total liabilities and partners' capital $ 8,804,631 $ 9,040,041 Investments in unconsolidated joint ventures: Company's capital $ 1,509,376 $ 1,638,112 Basis adjustment(2) (432,018) (448,149) $ 1,077,358 $ 1,189,963 Assets—Investments in unconsolidated joint ventures $ 1,204,153 $ 1,317,571 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (126,795) (127,608) $ 1,077,358 $ 1,189,963 (1) These amounts include assets of $2,704,552 and $2,789,568 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2022 and December 31, 2021, respectively, and liabilities of $1,640,093 and $1,661,110 of the PPR Portfolio as of September 30, 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 $2,164 and $2,768 for the three months ended September 30, 2022 and 2021, respectively, and $7,034 and $7,431 for the nine months ended September 30, 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 September 30, 2022 Revenues: Leasing revenue $ 44,157 $ 164,518 $ 208,675 Other 151 1,934 2,085 Total revenues 44,308 166,452 210,760 Expenses: Shopping center and operating expenses 10,949 59,450 70,399 Leasing expenses 424 1,203 1,627 Interest expense 15,546 37,556 53,102 Depreciation and amortization 24,269 64,002 88,271 Total expenses 51,188 162,211 213,399 Gain on sale or write down of assets, net — 25,788 25,788 Net (loss) income $ (6,880) $ 30,029 $ 23,149 Company's equity in net income $ 1,851 $ 4,471 $ 6,322 Three Months Ended September 30, 2021 Revenues: Leasing revenue $ 44,304 $ 160,044 $ 204,348 Other 14 6,658 6,672 Total revenues 44,318 166,702 211,020 Expenses: Shopping center and operating expenses 10,078 67,627 77,705 Leasing expenses 332 963 1,295 Interest expense 15,801 36,483 52,284 Depreciation and amortization 24,154 61,734 85,888 Total expenses 50,365 166,807 217,172 Gain on sale or write down of assets, net — 762 762 Net (loss) income $ (6,047) $ 657 $ (5,390) Company's equity in net loss $ (1,390) $ (343) $ (1,733) Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Nine Months Ended September 30, 2022 Revenues: Leasing revenue $ 136,344 $ 488,513 $ 624,857 Other 269 12,040 12,309 Total revenues 136,613 500,553 637,166 Expenses: Shopping center and operating expenses 31,807 172,681 204,488 Leasing expenses 1,258 3,724 4,982 Interest expense 46,299 109,881 156,180 Depreciation and amortization 72,760 195,408 268,168 Total expenses 152,124 481,694 633,818 Loss on sale or write down of assets, net — (30,870) (30,870) Net loss $ (15,511) $ (12,011) $ (27,522) Company's equity in net loss $ (2,354) $ (14,068) $ (16,422) Nine Months Ended September 30, 2021 Revenues: Leasing revenue $ 122,311 $ 459,826 $ 582,137 Other 144 56,508 56,652 Total revenues 122,455 516,334 638,789 Expenses: Shopping center and operating expenses 29,339 183,013 212,352 Leasing expenses 1,106 3,423 4,529 Interest expense 47,438 110,586 158,024 Depreciation and amortization 73,042 192,149 265,191 Total expenses 150,925 489,171 640,096 Gain on sale or write down of assets, net — 581 581 Net (loss) income $ (28,470) $ 27,744 $ (726) Company's equity in net (loss) income $ (10,269) $ 30,481 $ 20,212

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following derivative was outstanding at September 30, 2022: Fair Value Property Notional Amount Product LIBOR Rate Maturity September 30, December 31, Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2022 $ 18 $ 6

Property, net (Tables)

Property, net (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Components of Property, net	Property, net consists of the following: September 30, December 31, Land $ 1,425,651 $ 1,441,858 Buildings and improvements 6,362,667 6,306,764 Tenant improvements 703,448 685,242 Equipment and furnishings(1) 189,658 191,266 Construction in progress 219,183 222,420 8,900,607 8,847,550 Less accumulated depreciation(1) (2,735,812) (2,563,344) $ 6,164,795 $ 6,284,206
Schedule of (Loss) Gain on Sale or Write Down of Assets	Gain on sale or write-down of assets, net for the three and nine months ended September 30, 2022 and 2021 consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Gain on property sales, net(1) $ 313 $ 118,471 $ 386 $ 111,805 Loss on write-down of assets(2) (5,148) — (15,006) (38,362) Gain on land sales, net 6,240 95 21,387 19,913 $ 1,405 $ 118,566 $ 6,767 $ 93,356 (1) Includes $117,242 and $4,229 of gain related to the sale of La Encantada and Paradise Valley Mall, respectively, during the three and nine months ended September 30, 2021, respectively (See Note 16-Dispositions). (2) Includes impairment loss of $5,471 relating to the Company's investment in MS Portfolio LLC (See Note 4-Investments in Unconsolidated Joint Ventures) and impairment loss of $27,281 on Estrella Falls during the nine months ended September 30, 2022 and 2021, respectively, and $5,140 on Towne Mall during the three and nine months ended September 30, 2022. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three and nine months ended September 30, 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 nine months ended September 30, 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) September 30, 2021 $ 4,720 $ — $ 4,720 $ — September 30, 2022 $ 18,250 $ — $ — $ 18,250

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Components of Leasing Revenue	The following table summarizes the components of leasing revenue for the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Leasing revenue—fixed payments $ 139,261 $ 132,789 $ 409,518 $ 395,796 Leasing revenue—variable payments 55,624 65,984 176,493 173,592 Recovery of (provision for) doubtful accounts, net 709 (1,638) 1,585 4,269 $ 195,594 $ 197,135 $ 587,596 $ 573,657
Schedule of Minimum Rental Payments	The following table summarizes the future rental payments to the Company: Twelve months ending September 30, 2023 $ 374,739 2024 321,265 2025 260,668 2026 209,139 2027 158,821 Thereafter 458,664 $ 1,783,296
Schedule of Lease Costs	The following table summarizes the lease costs for the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease costs $ 3,788 $ 3,398 $ 11,338 $ 11,027 Finance lease costs: Amortization of ROU assets 483 480 1,446 1,436 Interest on lease liabilities 100 117 402 460 $ 4,371 $ 3,995 $ 13,186 $ 12,923
Schedule of Minimum Future Rental Payments Required	The following table summarizes the future rental payments required under the leases: September 30, 2022 December 31, 2021 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2022 $ 4,120 $ 2,450 $ 14,302 $ 4,461 2023 12,255 2,450 8,452 2,043 2024 11,563 9,478 6,471 9,072 2025 11,746 1,400 6,513 — 2026 11,864 — 6,470 — Thereafter 121,193 — 109,358 — Total undiscounted rental payments 172,741 15,778 151,566 15,576 Less imputed interest (87,667) (3,173) (85,383) (1,048) Total lease liabilities $ 85,074 $ 12,605 $ 66,183 $ 14,528 Weighted average remaining term 32.1 years 1.9 years 36.3 years 2.1 years Weighted average incremental borrowing rate 7.4 % 3.7 % 7.8 % 3.7 %

Deferred Charges and Other As_2

Deferred Charges and Other Assets, net (Tables)	9 Months Ended
	Sep. 30, 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: September 30, December 31, Leasing $ 113,356 $ 134,887 Intangible assets: In-place lease values 65,082 62,826 Leasing commissions and legal costs 17,377 16,710 Above-market leases 72,659 72,289 Deferred tax assets 22,856 23,406 Deferred compensation plan assets 51,781 68,807 Other assets 42,596 46,319 385,707 425,244 Less accumulated amortization(1) (159,366) (170,336) $ 226,341 $ 254,908 (1) Accumulated amortization includes $43,845 and $43,978 relating to in-place lease values, leasing commissions and legal costs at September 30, 2022 and December 31, 2021, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,688 and $2,262 for the three months ended September 30, 2022 and 2021, respectively, and $5,019 and $6,868 for the nine months ended September 30, 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: September 30, December 31, Above-Market Leases Original allocated value $ 72,659 $ 72,289 Less accumulated amortization (34,901) (32,484) $ 37,758 $ 39,805 Below-Market Leases(1) Original allocated value $ 97,194 $ 99,332 Less accumulated amortization (38,874) (37,122) $ 58,320 $ 62,210 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable	Mortgage notes payable at September 30, 2022 and December 31, 2021 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral September 30, 2022 December 31, 2021 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,689 $ 255,548 4.18 % $ 875 2024 Danbury Fair Mall(6) 150,522 168,037 6.05 % 1,538 2023 Fashion District Philadelphia(7) 111,544 194,602 6.06 % 564 2024 Fashion Outlets of Chicago 299,334 299,274 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA 91,903 95,329 6.45 % 727 2023 Freehold Raceway Mall(5) 398,836 398,711 3.94 % 1,300 2029 Fresno Fashion Fair 324,205 324,056 3.67 % 971 2026 Green Acres Commons(8) 125,161 124,875 5.58 % 555 2023 Green Acres Mall(9) 239,639 246,061 3.94 % 1,447 2023 Kings Plaza Shopping Center 536,313 535,928 3.71 % 1,629 2030 Oaks, The(10) 167,050 176,721 5.49 % 1,138 2024 Pacific View(11) 70,927 111,481 5.45 % 328 2032 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(12) 299,875 299,314 4.54 % 1,073 2022 SanTan Village Regional Center 219,391 219,323 4.34 % 788 2029 Towne Mall(13) 18,934 19,320 4.48 % 117 2022 Victor Valley, Mall of 114,893 114,850 4.00 % 380 2024 Vintage Faire Mall 235,287 240,124 3.55 % 1,256 2026 $ 4,259,503 $ 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 $11,368 and $11,946 at September 30, 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. On July 1, 2022, the Company further extended the loan maturity to July 1, 2023. The interest rate remained unchanged at 5.5%, and the Company repaid $10,000 of the outstanding loan balance at closing. (7) On August 26, 2022, the Company repaid $83,058 of the outstanding loan balance to satisfy certain loan conditions. (8) 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. (9) 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. (10) 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. (11) 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. (12) 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. The Company expects to close in November 2022 a three-year extension at a floating rate of SOFR plus 1.58%, subject to negotiating final loan terms and documentation and customary closing conditions. (13) The Company did not repay the loan on its maturity date, and has begun the process of transferring control of this asset to the loan servicer.

Financing Arrangement (Tables)

Financing Arrangement (Tables)	9 Months Ended
	Sep. 30, 2022
Co-Venture Arrangement [Abstract]
Schedule of Financing Arrangement Activity	During the three and nine months ended September 30, 2022 and 2021, the Company recognized interest expense in the Company's consolidated statements of operations in connection with the financing arrangement as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Distributions equal to the partner's share of net (loss) income $ (211) $ (985) $ 39 $ (3,410) Distributions in excess of the partner's share of net income 1,631 3,583 8,492 12,583 Adjustment to fair value of financing arrangement obligation 5,053 (10,306) 14,837 (12,608) $ 6,473 $ (7,708) $ 23,368 $ (3,435)

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Summary of Allocation of Fair Value	The following is a summary of the allocation of the fair value of the former Sears parcels at Deptford Mall and Vintage Faire Mall: Land $ 6,966 Building and improvements 32,934 Deferred charges 8,075 Other assets (above-market leases) 2,664 Other accrued liabilities (below-market lease) (2,541) Fair value of acquired net assets (at 100% ownership) $ 48,098

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Management fees $ 4,332 $ 4,594 $ 13,375 $ 12,397 Development and leasing fees 2,711 1,747 6,202 4,732 $ 7,043 $ 6,341 $ 19,577 $ 17,129

Share and Unit-Based Plans (Tab

Share and Unit-Based Plans (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of LTI Units Granted	During the nine months ended September 30, 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 56,334 14.64 204,958 13.45 Vested (17,932) 29.75 (19,362) 14.68 (176,409) 20.02 Forfeited (6,454) 19.42 — — — — Balance at September 30, 2022 2,906,003 $ 14.84 36,972 $ 14.62 295,054 $ 14.58 (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 Forfeited (11,144) 53.82 Balance at September 30, 2022 26,371 $ 54.56 (1) Value represents the weighted average exercise price.
Schedule of Compensation Cost Under The Share And Unit-based Plans	The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 LTI Units $ 4,632 $ 3,625 $ 14,035 $ 10,822 Stock units 629 598 2,496 2,577 Phantom stock units 107 95 284 282 $ 5,368 $ 4,318 $ 16,815 $ 13,681

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Current $ — $ — $ — $ — Deferred 166 (107) (963) (9,452) Total benefit (expense) $ 166 $ (107) $ (963) $ (9,452)

Organization (Details)

Organization (Details) - entity	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
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%	96%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of variable interest entities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Property, net	$ 6,164,795	$ 6,284,206
Total assets	8,068,810	8,345,655
Liabilities:
Mortgage notes payable	4,259,503	4,423,554
Total liabilities	5,090,665	5,169,506
Operating Partnership
Assets:
Property, net	455,264	458,964
Other assets	91,245	83,685
Total assets	546,509	542,649
Liabilities:
Mortgage notes payable	330,935	413,925
Other liabilities	136,744	56,947
Total liabilities	$ 467,679	$ 470,872

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 109,991	$ 112,454	$ 117,596	$ 465,297
Restricted cash	54,984	54,517	55,514	17,362
Cash, cash equivalents and restricted cash	$ 164,975	$ 166,971	$ 173,110	$ 482,659

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net (loss) income	$ (13,502)	$ 112,959	$ (68,541)	$ 41,167
Less: net income (loss) attributable to noncontrolling interests	1,691	6,257	(784)	9,834
Net (loss) income attributable to the Company	(15,193)	106,702	(67,757)	31,333
Allocation of earnings to participating securities	(211)	(290)	(642)	(641)
Allocation of earnings to participating securities	(211)	(290)	(642)	(641)
Net income (loss) attributable to the Company	(15,404)	106,412	(68,399)	30,692
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$ (15,404)	$ 106,412	$ (68,399)	$ 30,692
Denominator
Basic (in shares)	215,134,000	213,214,000	214,982,000	192,717,000
Diluted (in shares)	215,134,000	213,214,000	214,982,000	192,717,000
EPS—net (loss) income attributable to common stockholders
Basic (in dollars per share)	$ (0.07)	$ 0.50	$ (0.32)	$ 0.16
Diluted (in dollars per share)	$ (0.07)	$ 0.50	$ (0.32)	$ 0.16
Convertible non-participating preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities excluded from Diluted EPS (in shares)	99,565	101,799	99,565	102,751
Partnership unit
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities excluded from Diluted EPS (in shares)	8,620,767	9,818,917	8,653,348	10,160,575

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Narrative (Details) - USD ($) $ in Thousands						1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 02, 2022	Feb. 02, 2022	Dec. 31, 2021	Oct. 26, 2021	Mar. 29, 2021	Nov. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Aug. 01, 2022
Schedule of Equity Method Investments
Impairment loss							$ 5,148	$ 0	$ 15,006	$ 38,362
Sears South Plains
Schedule of Equity Method Investments
Ownership percentage at completion of acquisition (as a percent)	100%		100%
Joint Venture | Sears South Plains
Schedule of Equity Method Investments
Impairment loss									$ 27,054
Purchase price	$ 24,544
Joint Venture | Sears South Plains | Third Party
Schedule of Equity Method Investments
Ownership percentage (as a percent)											50%
Paradise Valley Mall | Joint Venture
Schedule of Equity Method Investments
Ownership percentage (as a percent)					5%
Payments for joint venture					$ 3,819
The Shops At Atlas Park | Joint Venture
Schedule of Equity Method Investments
Debt issued				$ 65,000
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%
North Bridge,Chicago Illinois | Joint Venture
Schedule of Equity Method Investments
Loss on Investments			$ 28,276
Proceeds from divestiture of interest in joint venture			$ 21,000
FlatIron Crossing | Joint Venture
Schedule of Equity Method Investments
Debt issued		$ 175
Repayments of debt		$ 197,011
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%
Washington Square | Joint Venture | Subsequent Events | Forecast
Schedule of Equity Method Investments
Debt issued						$ 519,848
Extension term (in years)						4 years
Washington Square | Joint Venture | SOFR | Subsequent Events | Forecast
Schedule of Equity Method Investments
Variable interest rate spread (as a percent)						4%

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Property, net	$ 6,164,795	$ 6,284,206
Total assets	8,068,810	8,345,655
Liabilities and partners' capital:
Mortgage notes payable	4,259,503	4,423,554
Total liabilities and equity	8,068,810	8,345,655
Investments in unconsolidated joint ventures:
Assets—Investments in unconsolidated joint ventures	1,204,153	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(126,795)	(127,608)
Joint Venture
Assets:
Property, net	8,149,910	8,289,412
Other assets	654,721	750,629
Total assets	8,804,631	9,040,041
Liabilities and partners' capital:
Mortgage notes payable	5,488,671	5,686,500
Other liabilities	475,780	325,115
Company's capital	1,509,376	1,638,112
Outside partners' capital	1,330,804	1,390,314
Total liabilities and equity	8,804,631	9,040,041
Investments in unconsolidated joint ventures:
Company's capital	1,509,376	1,638,112
Basis adjustment	(432,018)	(448,149)
Investments in unconsolidated joint ventures	1,077,358	1,189,963
Assets—Investments in unconsolidated joint ventures	1,204,153	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(126,795)	(127,608)
Investments in unconsolidated joint ventures	$ 1,077,358	$ 1,189,963

Investments in Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments
Total assets	$ 8,068,810		$ 8,068,810		$ 8,345,655
Liabilities	5,090,665		5,090,665		5,169,506
Joint Venture
Schedule of Equity Method Investments
Total assets	8,804,631		8,804,631		9,040,041
Amortization of difference between cost of investments and book value of underlying equity	2,164	$ 2,768	7,034	$ 7,431
Joint Venture | Pacific Premier Retail LLC—Various Properties
Schedule of Equity Method Investments
Total assets	2,704,552		2,704,552		2,789,568
Liabilities	$ 1,640,093		$ 1,640,093		$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Leasing revenue	$ 195,594	$ 197,135	$ 587,596	$ 573,657
Total revenues	210,704	212,137	630,939	618,034
Expenses:
Leasing expenses	8,704	6,200	24,463	18,003
Interest expense	52,630	40,336	157,680	149,146
Depreciation and amortization	72,739	75,465	218,053	231,491
Total expenses	232,099	215,904	688,862	680,983
Gain (loss) on sale or write down of assets, net	1,405	118,566	6,767	93,356
Net (loss) income	(13,502)	112,959	(68,541)	41,167
Company's equity in net (loss) income	6,322	(1,733)	(16,422)	20,212
Other
Revenues:
Other	7,503	8,215	21,911	25,391
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	74,694	70,696	217,342	214,506
Joint Venture
Revenues:
Leasing revenue	208,675	204,348	624,857	582,137
Total revenues	210,760	211,020	637,166	638,789
Expenses:
Leasing expenses	1,627	1,295	4,982	4,529
Interest expense	53,102	52,284	156,180	158,024
Depreciation and amortization	88,271	85,888	268,168	265,191
Total expenses	213,399	217,172	633,818	640,096
Gain (loss) on sale or write down of assets, net	25,788	762	(30,870)	581
Net (loss) income	23,149	(5,390)	(27,522)	(726)
Company's equity in net (loss) income	6,322	(1,733)	(16,422)	20,212
Joint Venture | PPR Portfolio
Revenues:
Leasing revenue	44,157	44,304	136,344	122,311
Total revenues	44,308	44,318	136,613	122,455
Expenses:
Leasing expenses	424	332	1,258	1,106
Interest expense	15,546	15,801	46,299	47,438
Depreciation and amortization	24,269	24,154	72,760	73,042
Total expenses	51,188	50,365	152,124	150,925
Gain (loss) on sale or write down of assets, net	0	0	0	0
Net (loss) income	(6,880)	(6,047)	(15,511)	(28,470)
Company's equity in net (loss) income	1,851	(1,390)	(2,354)	(10,269)
Joint Venture | Other Joint Ventures
Revenues:
Leasing revenue	164,518	160,044	488,513	459,826
Total revenues	166,452	166,702	500,553	516,334
Expenses:
Leasing expenses	1,203	963	3,724	3,423
Interest expense	37,556	36,483	109,881	110,586
Depreciation and amortization	64,002	61,734	195,408	192,149
Total expenses	162,211	166,807	481,694	489,171
Gain (loss) on sale or write down of assets, net	25,788	762	(30,870)	581
Net (loss) income	30,029	657	(12,011)	27,744
Company's equity in net (loss) income	4,471	(343)	(14,068)	30,481
Joint Venture | Other
Revenues:
Other	2,085	6,672	12,309	56,652
Joint Venture | Other | PPR Portfolio
Revenues:
Other	151	14	269	144
Joint Venture | Other | Other Joint Ventures
Revenues:
Other	1,934	6,658	12,040	56,508
Joint Venture | Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	70,399	77,705	204,488	212,352
Joint Venture | Shopping center and operating expenses | PPR Portfolio
Expenses:
Shopping center and operating expenses	10,949	10,078	31,807	29,339
Joint Venture | Shopping center and operating expenses | Other Joint Ventures
Expenses:
Shopping center and operating expenses	$ 59,450	$ 67,627	$ 172,681	$ 183,013

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Other comprehensive income (loss) related to mark to market of derivatives	$ (3)	$ 2,775	$ 37	$ 8,208

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - Level 2 measurement - Cap - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value
Notional Amount	$ 300,000
LIBOR Rate	4%
Fair Value	$ 18	$ 6

Property, net - Components of p

Property, net - Components of property (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization	$ 8,900,607	$ 8,847,550
Less accumulated depreciation	(2,735,812)	(2,563,344)
Property, net	6,164,795	6,284,206
Land
Property, Plant and Equipment
Property, Plant and Equipment, Gross	1,425,651	1,441,858
Buildings and improvements
Property, Plant and Equipment
Property, Plant and Equipment, Gross	6,362,667	6,306,764
Tenant improvements
Property, Plant and Equipment
Property, Plant and Equipment, Gross	703,448	685,242
Equipment and furnishing
Property, Plant and Equipment
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization	189,658	191,266
Construction in progress
Property, Plant and Equipment
Property, Plant and Equipment, Gross	$ 219,183	$ 222,420

Property, net - Narrative (Deta

Property, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 67,631	$ 68,715	$ 202,804	$ 211,139

Property, Plant, and Equipment

Property, Plant, and Equipment - Schedule of (loss) gain on sale or write down of assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment
Loss on write-down of assets	$ (5,148)	$ 0	$ (15,006)	$ (38,362)
Gain (loss) on sale or write down of assets, net	1,405	118,566	6,767	93,356
Paradise Valley Mall
Property, Plant and Equipment
Gain (loss) on sales				4,229
Estrella Falls
Property, Plant and Equipment
Loss on write-down of assets			(27,281)	(27,281)
La Encantada
Property, Plant and Equipment
Gain (loss) on sales		117,242
MS Portfolio LLC
Property, Plant and Equipment
Loss on write-down of assets			(5,471)
Towne Mall
Property, Plant and Equipment
Loss on write-down of assets	(5,140)		(5,140)
Property
Property, Plant and Equipment
Gain (loss) on sales	313	118,471	386	111,805
Land
Property, Plant and Equipment
Gain (loss) on sales	$ 6,240	$ 95	$ 21,387	$ 19,913

Property, net - Assets measured

Property, net - Assets measured on a nonrecurring basis (Details) - Fair value measurements on a nonrecurring basis - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	$ 18,250	$ 4,720
Quoted Prices in Active Markets for Identical Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	0	0
Significant Other Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	0	4,720
Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	$ 18,250	$ 0

Tenant and Other Receivables,_2

Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Loans and Leases Receivable Disclosure [Abstract]
Allowance for doubtful accounts	$ 10,360	$ 14,917
Components of tenant and other receivables, net
Deferred rent receivable due to straight-line rent adjustments	108,758	110,969
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 5,322	$ 19,907

Leases - Components of leasing

Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Leasing revenue—fixed payments	$ 139,261	$ 132,789	$ 409,518	$ 395,796
Leasing revenue—variable payments	55,624	65,984	176,493	173,592
Recovery of (provision for) doubtful accounts, net	709	(1,638)	1,585	4,269
Total leasing revenue	$ 195,594	$ 197,135	$ 587,596	$ 573,657

Leases - Summary of minimum ren

Leases - Summary of minimum rental payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Twelve months ending September 30,
2023	$ 374,739
2024	321,265
2025	260,668
2026	209,139
2027	158,821
Thereafter	458,664
Total minimum rental payments	$ 1,783,296

Leases - Narrative (Details)

Leases - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 lease
Leases [Abstract]
Number of finance leases	5

Leases - Summary of lease costs

Leases - Summary of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease costs	$ 3,788	$ 3,398	$ 11,338	$ 11,027
Finance lease costs:
Amortization of ROU assets	483	480	1,446	1,436
Interest on lease liabilities	100	117	402	460
Total lease cost	$ 4,371	$ 3,995	$ 13,186	$ 12,923

Leases - Summary of minimum fut

Leases - Summary of minimum future rental payments required (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating Leases For the Rolling 12 Months
2022	$ 4,120
2023	12,255
2024	11,563
2025	11,746
2026	11,864
Thereafter	121,193
Operating Leases
2022		$ 14,302
2023		8,452
2024		6,471
2025		6,513
2026		6,470
Thereafter		109,358
Total undiscounted rental payments	172,741	151,566
Less imputed interest	(87,667)	(85,383)
Total lease liabilities	$ 85,074	$ 66,183
Weighted average remaining lease term, operating leases (in years)	32 years 1 month 6 days	36 years 3 months 18 days
Weighted average incremental borrowing rate, operating leases (as a percent)	7.40%	7.80%
Finance Leases For the Rolling 12 Months
2022	$ 2,450
2023	2,450
2024	9,478
2025	1,400
2026	0
Thereafter	0
Finance Leases
2022		$ 4,461
2023		2,043
2024		9,072
2025		0
2026		0
Thereafter		0
Total undiscounted rental payments	15,778	15,576
Less imputed interest	(3,173)	(1,048)
Total lease liabilities	$ 12,605	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 113,356		$ 113,356		$ 134,887
Intangible assets:
In-place lease values	65,082		65,082		62,826
Leasing commissions and legal costs	17,377		17,377		16,710
Above-market leases	72,659		72,659		72,289
Deferred tax assets	22,856		22,856		23,406
Deferred compensation plan assets	51,781		51,781		68,807
Other assets	42,596		42,596		46,319
Deferred charges and other assets, gross	385,707		385,707		425,244
Less accumulated amortization	(159,366)		(159,366)		(170,336)
Deferred charges and other assets, net	226,341		226,341		254,908
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets
Accumulated amortization for intangible assets	43,845		43,845		$ 43,978
Amortization expense for intangible assets	$ 1,688	$ 2,262	$ 5,019	$ 6,868

Deferred Charges and Other As_4

Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Above-Market Leases
Above-Market Leases
Original allocated value	$ 72,659	$ 72,289
Less accumulated amortization	(34,901)	(32,484)
Allocated value net	37,758	39,805
Below-Market Leases
Below-Market Leases
Original allocated value	97,194	99,332
Less accumulated amortization	(38,874)	(37,122)
Allocated value net	$ 58,320	$ 62,210

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of mortgage notes payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 4,259,503	$ 4,423,554
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 255,689	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	$ 150,522	168,037
Effective Interest Rate (as a percent)	6.05%
Monthly Debt Service	$ 1,538
Fashion District Philadelphia
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 111,544	194,602
Effective Interest Rate (as a percent)	6.06%
Monthly Debt Service	$ 564
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 299,334	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	$ 91,903	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	$ 398,836	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	$ 324,205	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	$ 125,161	124,875
Effective Interest Rate (as a percent)	5.58%
Monthly Debt Service	$ 555
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 239,639	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	$ 536,313	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	$ 167,050	176,721
Effective Interest Rate (as a percent)	5.49%
Monthly Debt Service	$ 1,138
Pacific View
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 70,927	111,481
Effective Interest Rate (as a percent)	5.45%
Monthly Debt Service	$ 328
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	$ 299,875	299,314
Effective Interest Rate (as a percent)	4.54%
Monthly Debt Service	$ 1,073
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 219,391	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	$ 18,934	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	$ 114,893	114,850
Effective Interest Rate (as a percent)	4%
Monthly Debt Service	$ 380
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 235,287	$ 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								9 Months Ended
	Aug. 26, 2022	Jul. 01, 2022	May 06, 2022	Apr. 29, 2022	Sep. 15, 2021	Mar. 25, 2021	Jan. 22, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Mortgage loans payable on real estate
Unamortized deferred finance costs								$ 11,368		$ 11,946
Proceeds from mortgages, bank and other notes payable								$ 130,000	$ 495,000
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		$ 10,000			$ 10,000
Interest rate on debt (as a percent)		5.50%
Fashion District Philadelphia
Mortgage loans payable on real estate
Repayments of debt	$ 83,058
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
Mortgage loans payable on real estate
Repayments of debt			$ 5,000
Interest rate on debt (as a percent)			5.25%
Extension term (in years)			2 years
Pacific View
Mortgage loans payable on real estate
Interest rate on debt (as a percent)				5.29%
Proceeds from mortgages, bank and other notes payable				$ 72,000
Santa Monica Place
Mortgage loans payable on real estate
Extension term (in years)								3 years
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%
Santa Monica Place | SOFR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)								1.58%

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest expense capitalized	$ 2,859	$ 3,102	$ 7,151	$ 6,812
Fair value of mortgage notes payable	$ 4,004,815		$ 4,004,815		$ 4,261,429

Bank and Other Notes Payable (D

Bank and Other Notes Payable (Details) - USD ($)		9 Months Ended
	Apr. 14, 2021	Sep. 30, 2022	Dec. 31, 2021
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 11,368,000	$ 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		101,000,000
Unamortized deferred finance costs		9,459,000
Availability for additional borrowing		$ 423,787,000
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)		6.71%
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		$ 99,861,000
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, 2009 ft²	Sep. 30, 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)		7.75%	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Joint Ventures
Interest (income) expense	$ 6,473	$ (7,708)	$ 23,368	$ (3,435)
Joint Venture | Financing Arrangement
Schedule of Joint Ventures
Distributions equal to the partner's share of net (loss) income	(211)	(985)	39	(3,410)
Distributions in excess of the partner's share of net income	1,631	3,583	8,492	12,583
Adjustment to fair value of financing arrangement obligation	5,053	(10,306)	14,837	(12,608)
Interest (income) expense	$ 6,473	$ (7,708)	$ 23,368	$ (3,435)

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 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	$ 70,864	$ 147,259
The Macerich Partnership, L.P.
Noncontrolling Interest
Ownership interest in operating partnership (as a percent)	96%	96%
Limited partnership interest of the operating partnership (as a percent)	4%	4%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 26, 2021	Feb. 01, 2021	Feb. 12, 2017
Class of Stock
Authorized repurchase amount (up to)					$ 500,000,000
Stock repurchased (in shares)	0	0
ATM Programs
Class of Stock
Authorized repurchase amount (up to)	$ 1,000,000,000
Number of shares issued in transaction (in shares)		62,029,777
Net proceeds from stock offerings		$ 847,875,000
Proceeds from issuance net of common stock		$ 829,874,000
March 2021 ATM Program
Class of Stock
Authorized repurchase amount (up to)			$ 500,000,000
Shares available for sale	$ 151,699,000
February 2021 ATM Program
Class of Stock
Authorized repurchase amount (up to)				$ 500,000,000

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - Sears South Plains - USD ($) $ in Thousands	Aug. 02, 2022	Aug. 01, 2022	Dec. 31, 2021
Acquisition
Ownership percentage at completion of acquisition (as a percent)	100%		100%
Joint Venture
Acquisition
Purchase price	$ 24,544
Joint Venture | Third Party
Acquisition
Ownership percentage (as a percent)		50%

Acquisitions - Allocation of Fa

Acquisitions - Allocation of Fair Value (Details) - Sears South Plains - USD ($) $ in Thousands	Aug. 02, 2022	Dec. 31, 2021
Acquisition
Land	$ 6,966
Building and improvements	32,934
Deferred charges	8,075
Other assets (above-market leases)	2,664
Other accrued liabilities (below-market lease)	(2,541)
Fair value of acquired net assets (at 100% ownership)	$ 48,098
Ownership percentage at completion of acquisition (as a percent)	100%	100%

Dispositions (Details)

Dispositions (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Sep. 17, 2021	Mar. 29, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Discontinued Operations:
Proceeds from sale of assets					$ 48,768	$ 323,018
Repayments of debt	$ 100,142				312,630	1,973,668
Land
Discontinued Operations:
Gain on sale of land			$ 6,240	$ 95	21,387	19,913
Land
Discontinued Operations:
Gain on sale of land			$ 6,240	$ 95	$ 21,387	$ 19,913
Sold | Paradise Valley Mall
Discontinued Operations:
Gain on sale of assets		$ 100,000
Ownership percentage (as a percent)		5%
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	Sep. 30, 2022 USD ($)
Other Commitments
Contingent liability under letters of credit	$ 40,929
Outstanding obligations under construction agreements	7,131
Secured by restricted cash | Letter of Credit
Other Commitments
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Management fees
Related Party Transaction
Other	$ 7,607	$ 6,787	$ 21,432	$ 18,986
Unconsolidated Joint Ventures and Third Party Managed Properties
Related Party Transaction
Other	7,043	6,341	19,577	17,129
Unconsolidated Joint Ventures and Third Party Managed Properties | Management fees
Related Party Transaction
Other	4,332	4,594	13,375	12,397
Unconsolidated Joint Ventures and Third Party Managed Properties | Development and leasing fees
Related Party Transaction
Other	$ 2,711	$ 1,747	$ 6,202	$ 4,732

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction
Related party interest (income) expense	$ 6,473	$ (7,708)	$ 23,368	$ (3,435)
Due from affiliates	9,168		9,168		$ 0
Due to affiliates	0		0		(327)
Joint Venture | Financing Arrangement
Related Party Transaction
Related party interest (income) expense	6,473	$ (7,708)	23,368	$ (3,435)
Unconsolidated Joint Ventures
Related Party Transaction
Due from affiliates	$ 9,168		$ 9,168
Due to affiliates					$ (327)

Share and Unit-Based Plans - Na

Share and Unit-Based Plans - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 01, 2022	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Capitalized share and unit-based compensation costs		$ 1,101	$ 910	$ 3,395	$ 2,813
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		1,794		$ 1,794
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		8,375		$ 8,375
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		$ 0

Share and Unit-Based Plans - LT

Share and Unit-Based Plans - LTI units granted (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
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)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
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	(17,932)
Forfeited (in shares) | shares	(6,454)
Balance at end of period (in shares) | shares	2,906,003
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	29.75
Forfeited (in dollars per share) | $ / shares	19.42
Balance at end of period (in dollars per share) | $ / shares	$ 14.84
Phantom Stock Units
Units
Balance at beginning of period (in shares) | shares	0
Granted (in shares) | shares	56,334
Vested (in shares) | shares	(19,362)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	36,972
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	14.64
Vested (in dollars per share) | $ / shares	14.68
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 14.62
Stock Units
Units
Balance at beginning of period (in shares) | shares	266,505
Granted (in shares) | shares	204,958
Vested (in shares) | shares	(176,409)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	295,054
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 19.05
Granted (in dollars per share) | $ / shares	13.45
Vested (in dollars per share) | $ / shares	20.02
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 14.58

Share and Unit-Based Plans - Op

Share and Unit-Based Plans - Options Rollforward (Details) - Stock options	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Units
Balance at beginning of period (in shares) | shares	37,515
Forfeited (in shares) | shares	(11,144)
Balance at end of period (in shares) | shares	26,371
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 54.34
Forfeited (in dollars per share) | $ / shares	53.82
Balance at end of period (in dollars per share) | $ / shares	$ 54.56

Share and Unit-Based Plans - Co

Share and Unit-Based Plans - Compensation cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	$ 5,368	$ 4,318	$ 16,815	$ 13,681
LTI Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	4,632	3,625	14,035	10,822
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	629	598	2,496	2,577
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	$ 107	$ 95	$ 284	$ 282

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Benefit of TRSs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Current	$ 0	$ 0	$ 0	$ 0
Deferred	166	(107)	(963)	(9,452)
Total benefit (expense)	$ 166	$ (107)	$ (963)	$ (9,452)

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 22,856,000	$ 23,406,000
Valuation allowance	$ 0

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 28, 2022 $ / shares
Subsequent Events
Subsequent Events
Dividend declared (in dollars per share)	$ 0.17