Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 06, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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, $0.01 Par Value | |
Trading symbol | MAC | |
Name of each exchange on which registered | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 215,448,177 | |
Entity Central Index Key | 0000912242 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS: | ||
Property, net | $ 5,950,089 | $ 6,127,790 |
Cash and cash equivalents | 111,802 | 100,320 |
Restricted cash | 96,332 | 80,819 |
Tenant and other receivables, net | 152,205 | 183,593 |
Right-of-use assets, net | 120,410 | 126,606 |
Deferred charges and other assets, net | 232,103 | 247,424 |
Investments in unconsolidated joint ventures | 918,540 | 1,224,288 |
Total assets | 7,588,105 | 8,094,139 |
LIABILITIES AND EQUITY: | ||
Mortgage notes payable | 4,166,335 | 4,240,596 |
Bank and other notes payable | 118,635 | 163,117 |
Accounts payable and accrued expenses | 73,923 | 63,107 |
Lease liabilities | 85,726 | 94,911 |
Other accrued liabilities | 312,236 | 318,745 |
Distributions in excess of investments in unconsolidated joint ventures | 195,179 | 121,093 |
Financing arrangement obligation | 137,699 | 143,221 |
Total liabilities | 5,089,733 | 5,144,790 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 500,000,000 shares authorized at September 30, 2023 and December 31, 2022, and 215,655,497 and 215,241,129 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 2,155 | 2,151 |
Additional paid-in capital | 5,519,029 | 5,506,084 |
Accumulated deficit | (3,089,298) | (2,643,094) |
Accumulated other comprehensive income | 556 | 632 |
Total stockholders' equity | 2,432,442 | 2,865,773 |
Noncontrolling interests | 65,930 | 83,576 |
Total equity | 2,498,372 | 2,949,349 |
Total liabilities and partners' capital | 7,588,105 | 8,094,139 |
Related Party | ||
ASSETS: | ||
Due from affiliates | $ 6,624 | $ 3,299 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 215,655,497 | 215,241,129 |
Common Stock, shares outstanding (in shares) | 215,655,497 | 215,241,129 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Leasing revenue | $ 197,305 | $ 195,594 | $ 589,003 | $ 587,596 |
Total revenues | 218,152 | 210,704 | 645,380 | 630,939 |
Expenses: | ||||
Leasing expenses | 8,777 | 8,704 | 26,880 | 24,463 |
REIT general and administrative expenses | 5,910 | 6,779 | 21,692 | 20,082 |
Depreciation and amortization | 70,755 | 72,739 | 212,596 | 218,053 |
Total expenses before interest | 178,313 | 179,469 | 530,813 | 531,182 |
Interest expense (income): | ||||
Interest expense | 53,380 | 52,630 | 147,507 | 157,680 |
Total expenses | 231,693 | 232,099 | 678,320 | 688,862 |
Equity in (loss) income of unconsolidated joint ventures | (107,465) | 6,322 | (176,235) | (16,422) |
Income tax (expense) benefit | (1,672) | 166 | (161) | (963) |
(Loss) gain on sale or write down of assets, net | (149,287) | 1,405 | (135,229) | 6,767 |
Net loss | (271,965) | (13,502) | (344,565) | (68,541) |
Less: net (loss) income attributable to noncontrolling interests | (9,418) | 1,691 | (8,321) | (784) |
Net loss attributable to the Company | $ (262,547) | $ (15,193) | $ (336,244) | $ (67,757) |
Loss per common share—attributable to common stockholders: | ||||
Basic (in dollars per share) | $ (1.22) | $ (0.07) | $ (1.56) | $ (0.32) |
Diluted (in dollars per share) | $ (1.22) | $ (0.07) | $ (1.56) | $ (0.32) |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 215,632 | 215,134 | 215,461 | 214,982 |
Diluted (in shares) | 215,632 | 215,134 | 215,461 | 214,982 |
Related Party | ||||
Revenues: | ||||
Revenue | $ 6,712 | $ 7,043 | $ 19,883 | $ 19,577 |
Interest expense (income): | ||||
Interest expense | 3,418 | 6,473 | (9) | 23,368 |
Nonrelated Party | ||||
Interest expense (income): | ||||
Interest expense | 49,962 | 46,157 | 147,516 | 134,312 |
Other | ||||
Revenues: | ||||
Revenue | 13,403 | 7,503 | 34,143 | 21,911 |
Management Companies | ||||
Revenues: | ||||
Revenue | 7,444 | 7,607 | 22,234 | 21,432 |
Expenses: | ||||
Shopping center and operating expenses | 16,513 | 16,553 | 52,852 | 51,242 |
Management Companies | Related Party | ||||
Revenues: | ||||
Revenue | 4,474 | 4,332 | 12,917 | 13,375 |
Shopping center and operating expenses | ||||
Expenses: | ||||
Shopping center and operating expenses | $ 76,358 | $ 74,694 | $ 216,793 | $ 217,342 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (271,965) | $ (13,502) | $ (344,565) | $ (68,541) |
Other comprehensive (loss) income: | ||||
Interest rate cap agreements | (546) | (3) | (76) | 37 |
Comprehensive loss | (272,511) | (13,505) | (344,641) | (68,504) |
Less: net (loss) income attributable to noncontrolling interests | (9,418) | 1,691 | (8,321) | (784) |
Comprehensive loss attributable to the Company | $ (263,093) | $ (15,196) | $ (336,320) | $ (67,720) |
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 Income (Loss) | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2021 | 214,797,057 | ||||||
Beginning balance at Dec. 31, 2021 | $ 3,176,149 | $ 3,046,867 | $ 2,147 | $ 5,488,440 | $ (2,443,696) | $ (24) | $ 129,282 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net (loss) income | (68,541) | (67,757) | (67,757) | (784) | |||
Interest rate cap agreements | 37 | 37 | 37 | ||||
Amortization of share and unit-based plans (in shares) | 206,564 | ||||||
Amortization of share and unit-based plans | 16,815 | 16,815 | $ 2 | 16,813 | |||
Employee stock purchases (in shares) | 96,942 | ||||||
Employee stock purchases | 960 | 960 | $ 1 | 959 | |||
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 (in shares) | 45,578 | ||||||
Conversion of noncontrolling interests to common shares | 0 | 2,700 | 2,700 | (2,700) | |||
Redemption of noncontrolling interests | (328) | 177 | 177 | (505) | |||
Adjustment of noncontrolling interests in Operating Partnership | 0 | (3,630) | (3,630) | 3,630 | |||
Ending balance (in shares) at Sep. 30, 2022 | 215,146,141 | ||||||
Ending balance at Sep. 30, 2022 | 2,978,145 | 2,899,231 | $ 2,150 | 5,505,307 | (2,608,239) | 13 | 78,914 |
Beginning balance (in shares) at Jun. 30, 2022 | 215,113,342 | ||||||
Beginning balance at Jun. 30, 2022 | 3,056,393 | 2,941,474 | $ 2,150 | 5,500,101 | (2,560,793) | 16 | 114,919 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net (loss) income | (13,502) | (15,193) | (15,193) | 1,691 | |||
Interest rate cap agreements | (3) | (3) | (3) | ||||
Amortization of share and unit-based plans (in shares) | 21,772 | ||||||
Amortization of share and unit-based plans | 5,369 | 5,369 | 5,369 | ||||
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 (in shares) | 11,027 | ||||||
Conversion of noncontrolling interests to common shares | 0 | 622 | 622 | (622) | |||
Adjustment of noncontrolling interests in Operating Partnership | 0 | (753) | (753) | 753 | |||
Ending balance (in shares) at Sep. 30, 2022 | 215,146,141 | ||||||
Ending balance at Sep. 30, 2022 | $ 2,978,145 | 2,899,231 | $ 2,150 | 5,505,307 | (2,608,239) | 13 | 78,914 |
Beginning balance (in shares) at Dec. 31, 2022 | 215,241,129 | 215,241,129 | |||||
Beginning balance at Dec. 31, 2022 | $ 2,949,349 | 2,865,773 | $ 2,151 | 5,506,084 | (2,643,094) | 632 | 83,576 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net (loss) income | (344,565) | (336,244) | (336,244) | (8,321) | |||
Interest rate cap agreements | (76) | (76) | (76) | ||||
Amortization of share and unit-based plans (in shares) | 270,508 | ||||||
Amortization of share and unit-based plans | 13,224 | 13,224 | $ 3 | 13,221 | |||
Employee stock purchases (in shares) | 125,754 | ||||||
Employee stock purchases | 1,021 | 1,021 | $ 1 | 1,020 | |||
Stock offerings, net | (399) | (399) | (399) | ||||
Distributions paid | (109,960) | (109,960) | (109,960) | ||||
Distributions to noncontrolling interests | (10,173) | (10,173) | |||||
Conversion of noncontrolling interests to common shares (in shares) | 18,106 | ||||||
Conversion of noncontrolling interests to common shares | 0 | 828 | 828 | (828) | |||
Redemption of noncontrolling interests | (49) | 35 | 35 | (84) | |||
Adjustment of noncontrolling interests in Operating Partnership | $ 0 | (1,760) | (1,760) | 1,760 | |||
Ending balance (in shares) at Sep. 30, 2023 | 215,655,497 | 215,655,497 | |||||
Ending balance at Sep. 30, 2023 | $ 2,498,372 | 2,432,442 | $ 2,155 | 5,519,029 | (3,089,298) | 556 | 65,930 |
Beginning balance (in shares) at Jun. 30, 2023 | 215,617,797 | ||||||
Beginning balance at Jun. 30, 2023 | 2,809,037 | 2,731,396 | $ 2,154 | 5,518,237 | (2,790,097) | 1,102 | 77,641 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net (loss) income | (271,965) | (262,547) | (262,547) | (9,418) | |||
Interest rate cap agreements | (546) | (546) | (546) | ||||
Amortization of share and unit-based plans (in shares) | 19,594 | ||||||
Amortization of share and unit-based plans | 1,205 | 1,205 | $ 1 | 1,204 | |||
Stock offerings, net | (322) | (322) | (322) | ||||
Distributions paid | (36,654) | (36,654) | (36,654) | ||||
Distributions to noncontrolling interests | (2,334) | (2,334) | |||||
Conversion of noncontrolling interests to common shares (in shares) | 18,106 | ||||||
Conversion of noncontrolling interests to common shares | 0 | 828 | 828 | (828) | |||
Redemption of noncontrolling interests | (49) | 35 | 35 | (84) | |||
Adjustment of noncontrolling interests in Operating Partnership | $ 0 | (953) | (953) | 953 | |||
Ending balance (in shares) at Sep. 30, 2023 | 215,655,497 | 215,655,497 | |||||
Ending balance at Sep. 30, 2023 | $ 2,498,372 | $ 2,432,442 | $ 2,155 | $ 5,519,029 | $ (3,089,298) | $ 556 | $ 65,930 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Distributions declared, per share (in dollars per share) | $ 0.17 | $ 0.15 | $ 0.51 | $ 0.45 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (344,565) | $ (68,541) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Loss (gain) on sale or write down of assets, net | 135,229 | (6,767) |
Depreciation and amortization | 223,735 | 226,136 |
Amortization of share and unit-based plans | 10,880 | 13,420 |
Straight-line rent and amortization of above and below market leases | 50 | 821 |
Recovery of doubtful accounts | (1,873) | (1,585) |
Income tax expense | 161 | 963 |
Equity in loss of unconsolidated joint ventures | 176,235 | 16,422 |
Distributions of income from unconsolidated joint ventures | 280 | 866 |
Change in fair value of financing arrangement obligation | (5,522) | 14,837 |
Changes in assets and liabilities, net of dispositions: | ||
Tenant and other receivables | 29,816 | 19,517 |
Other assets | 14,757 | 5,639 |
Due from affiliates | (3,325) | (9,495) |
Accounts payable and accrued expenses | 14,677 | 8,177 |
Other accrued liabilities | (4,416) | 64,578 |
Net cash provided by operating activities | 246,119 | 284,988 |
Cash flows from investing activities: | ||
Acquisitions of property | (46,687) | (24,544) |
Development, redevelopment, expansion and renovation of properties | (51,678) | (28,180) |
Property improvements | (48,792) | (32,712) |
Deferred leasing costs | (11,765) | (1,974) |
Distributions from unconsolidated joint ventures | 212,108 | 107,255 |
Contributions to unconsolidated joint ventures | (55,578) | (42,963) |
Proceeds from collection of receivable in connection with sale of joint venture property | 0 | 21,000 |
Proceeds from sale of assets | 34,707 | 48,768 |
Net cash provided by investing activities | 32,315 | 46,650 |
Cash flows from financing activities: | ||
Proceeds from mortgages, bank and other notes payable | 314,000 | 130,000 |
Payments on mortgages, bank and other notes payable | (415,065) | (312,630) |
Deferred financing costs | (28,813) | (2,766) |
Payments on finance leases | (2,001) | (1,923) |
Costs from stock offerings | (399) | (152) |
Proceeds from share and unit-based plans | 1,021 | 960 |
Redemption of noncontrolling interests | (49) | (328) |
Contributions from noncontrolling interests | 0 | 2 |
Dividends and distributions | (120,133) | (146,797) |
Net cash used in financing activities | (251,439) | (333,634) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 26,995 | (1,996) |
Cash, cash equivalents and restricted cash, beginning of period | 181,139 | 166,971 |
Cash, cash equivalents and restricted cash, end of period | 208,134 | 164,975 |
Supplemental cash flow information: | ||
Cash payments for interest, net of amounts capitalized | 140,155 | 135,548 |
Non-cash investing and financing transactions: | ||
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | 39,849 | 34,534 |
Conversion of Operating Partnership Units to common stock | 828 | 2,700 |
Assets acquired from unconsolidated joint venture | $ 46,713 | $ 23,554 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023, 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, 2023 | |
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 $ 444,613 $ 452,559 Other assets 94,602 93,102 Total assets $ 539,215 $ 545,661 Liabilities: Mortgage notes payable $ 292,688 $ 323,841 Other liabilities 124,972 135,340 Total liabilities $ 417,660 $ 459,181 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, 2022. 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, 2022 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, 2023 2022 Beginning of period Cash and cash equivalents $ 100,320 $ 112,454 Restricted cash 80,819 54,517 Cash, cash equivalents and restricted cash $ 181,139 $ 166,971 End of period Cash and cash equivalents $ 111,802 $ 109,991 Restricted cash 96,332 54,984 Cash, cash equivalents and restricted cash $ 208,134 $ 164,975 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 (shares in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net loss $ (271,965) $ (13,502) $ (344,565) $ (68,541) Less: net (loss) income attributable to noncontrolling interests (9,418) 1,691 (8,321) (784) Net loss attributable to the Company (262,547) (15,193) (336,244) (67,757) Allocation of earnings to participating securities (213) (211) (655) (642) Numerator for basic and diluted EPS—net loss attributable to common stockholders $ (262,760) $ (15,404) $ (336,899) $ (68,399) Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 215,632 215,134 215,461 214,982 EPS—net loss attributable to common stockholders Basic and diluted $ (1.22) $ (0.07) $ (1.56) $ (0.32) 3. Earnings Per Share ("EPS"): (Continued) (1) Diluted EPS excludes 99,565 convertible preferred partnership units for each of the three months ended September 30, 2023 and 2022 and 99,565 convertible preferred partnership units for each of the nine months ended September 30, 2023 and 2022, as their impact was antidilutive. Diluted EPS also excludes 8,979,065 and 8,620,767 Operating Partnership units ("OP Units") for the three months ended September 30, 2023 and 2022, respectively, and 8,981,061 and 8,653,348 OP Units for the nine months ended September 30, 2023 and 2022, respectively, as their impact was antidilutive. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2023 | |
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 within its unconsolidated joint ventures: 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 ("Seritage"), 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 twelve months ending December 31, 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). On November 14, 2022, the Company's joint venture in Washington Square closed on a four-year maturity date extension for the existing loan to November 1, 2026, including extension options. The Company's joint venture repaid $15,000 ($9,000 at the Company's pro rata share) of the outstanding loan balance. The loan bears interest at SOFR plus 4.0% and is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through November 1, 2024. On March 3, 2023, the Company’s joint venture in Scottsdale Fashion Square replaced the existing $403,931 mortgage loan on the property with a $700,000 loan that bears interest at a fixed rate of 6.21%, is interest only during the entire loan term and matures on March 6, 2028. On April 25, 2023, the Company's joint venture in Deptford Mall closed on a three-year maturity date extension for the existing loan to April 3, 2026, including extension options. The Company's joint venture repaid $10,000 ($5,100 at the Company's pro rata share) of the outstanding loan balance at closing. The interest rate on the loan remains unchanged at 3.73%. Effective May 9, 2023, the Company’s joint venture in Country Club Plaza defaulted on the $295,210 ($147,605 at the Company’s pro rata share) non-recourse loan on the property. The Company’s joint venture is in negotiations with the lender on the terms of this non-recourse loan. During the three months ending September 30, 2023, the joint venture shortened the holding period of the property due to the uncertainty as to the outcome of discussions with the lender. As a result of shortening the holding period, the joint venture estimated the fair value of the asset and recorded an impairment loss. The Company's share of the impairment loss was $107,673 for the three and nine months ended September 30, 2023. On May 18, 2023, the Company acquired Seritage’s remaining 50% ownership interest in the MS Portfolio LLC joint venture that owns five former Sears parcels, for a total purchase price of $46,687. These parcels are located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square. The Company previously recorded an impairment loss of $50,197, at the Company’s share, during the three months ending March 31, 2023 as a result of the joint venture shortening the holding periods on these parcels. Upon the closing of this transaction, the Company recorded an additional loss of $1,166, at the Company’s share, during the three months ending June 30, 2023. Effective as of May 18, 2023, the Company now owns and has consolidated its 100% interest in these five former Sears parcels in its consolidated financial statements (See Note 15—Acquisitions). 4. Investments in Unconsolidated Joint Ventures: (Continued) 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 $ 7,715,987 $ 8,156,632 Other assets 662,274 664,036 Total assets $ 8,378,261 $ 8,820,668 Liabilities and partners' capital(1): Mortgage and other notes payable $ 5,760,372 $ 5,491,250 Other liabilities 466,345 451,511 Company's capital 1,145,464 1,528,348 Outside partners' capital 1,006,080 1,349,559 Total liabilities and partners' capital $ 8,378,261 $ 8,820,668 Investments in unconsolidated joint ventures: Company's capital $ 1,145,464 $ 1,528,348 Basis adjustment(2) (422,103) (425,153) $ 723,361 $ 1,103,195 Assets—Investments in unconsolidated joint ventures $ 918,540 $ 1,224,288 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (195,179) (121,093) $ 723,361 $ 1,103,195 (1) These amounts include assets of $2,642,242 and $2,690,651 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2023 and December 31, 2022, respectively, and liabilities of $1,599,413 and $1,611,661 of the PPR Portfolio as of September 30, 2023 and December 31, 2022, 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 (loss) income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $(2,494) and $2,164 for the three months ended September 30, 2023 and 2022, respectively, and $(13,942) and $7,034 for the nine months ended September 30, 2023 and 2022, respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Three Months Ended September 30, 2023 Revenues: Leasing revenue $ 44,446 $ 173,735 $ 218,181 Other 595 5,724 6,319 Total revenues 45,041 179,459 224,500 Expenses: Shopping center and operating expenses 11,794 64,556 76,350 Leasing expenses 355 1,043 1,398 Interest expense 21,916 51,302 73,218 Depreciation and amortization 22,240 62,388 84,628 Total expenses 56,305 179,289 235,594 Loss on sale or write down of assets, net — (194,601) (194,601) Net loss $ (11,264) $ (194,431) $ (205,695) Company's equity in net loss $ (4,614) $ (102,851) $ (107,465) 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 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, 2023 Revenues: Leasing revenue $ 129,613 $ 505,490 $ 635,103 Other 1,770 14,011 15,781 Total revenues 131,383 519,501 650,884 Expenses: Shopping center and operating expenses 33,469 184,213 217,682 Leasing expenses 1,349 3,968 5,317 Interest expense 65,575 144,386 209,961 Depreciation and amortization 67,446 188,125 255,571 Total expenses 167,839 520,692 688,531 Loss on sale or write down of assets, net — (266,252) (266,252) Net loss $ (36,456) $ (267,443) $ (303,899) Company's equity in net loss $ (15,329) $ (160,906) $ (176,235) 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) |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities: The Company uses interest rate cap agreements to manage the interest rate risk on certain floating rate debt. The Company recorded other comprehensive (loss) income related to the marking-to-market of derivative instruments of $(546) and $(3) for the three months ended September 30, 2023 and 2022, respectively, and $(76) and $37 for the nine months ended September 30, 2023 and 2022, respectively. The entire $(76) in other comprehensive (loss) income at September 30, 2023 is the Company's pro rata share of hedged derivative instruments from certain unconsolidated joint ventures. The following derivatives were outstanding at September 30, 2023: Fair Value Property Designation Notional Amount Product SOFR/LIBOR Rate Maturity September 30, December 31, Santa Monica Place Non-Hedged $ 300,000 Cap 4.00 % 12/9/2023 $ 837 $ 2,576 The Macerich Partnership, L.P. Non-Hedged $ (300,000) Sold Cap 4.00 % 12/9/2023 $ (836) $ (2,567) The above derivatives were valued with an aggregate fair value (Level 2 measurement) and were included in other assets (other accrued liabilities). The fair value of the Company's interest rate derivatives was determined using discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate caps. As a result, the Company determined that its interest rate cap valuations in their entirety are classified in Level 2 of the fair value hierarchy. |
Property, net
Property, net | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, net | Property, net: Property, net consists of the following: September 30, December 31, Land $ 1,383,176 $ 1,425,211 Buildings and improvements 6,125,673 6,378,736 Tenant improvements 734,389 711,007 Equipment and furnishings(1) 185,104 186,767 Construction in progress 427,771 218,859 8,856,113 8,920,580 Less accumulated depreciation(1) (2,906,024) (2,792,790) $ 5,950,089 $ 6,127,790 (1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at September 30, 2023 and December 31, 2022 (See Note 8—Leases). Depreciation expense was $66,390 and $67,631 for the three months ended September 30, 2023 and 2022, respectively, and $199,615 and $202,804 for the nine months ended September 30, 2023 and 2022, respectively. (Loss) gain on sale or write-down of assets, net for the three and nine months ended September 30, 2023 and 2022 consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Gain on property sales, net(1) $ 3,031 $ 313 $ 13,381 $ 386 Loss on write-down of assets(2) (152,798) (5,148) (153,464) (15,006) Gain on land sales, net(1) 480 6,240 4,854 21,387 $ (149,287) $ 1,405 $ (135,229) $ 6,767 (1) See Note 16—Dispositions. (2) Includes impairment losses of $144,656 on Fashion Outlets of Niagara Falls and $7,880 on Towne Mall for the three and nine months ended September 30, 2023. Includes $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 (See Note 10—Mortgage Notes Payable). The remaining amounts for the three and nine months ended September 30, 2023 and 2022 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, 2023 and 2022, 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, 2022 $ 18,250 $ — $ — $ 18,250 September 30, 2023 $ 72,700 $ — $ 9,500 $ 63,200 The fair value (Level 2 measurement) relating to a portion of the 2023 impairment was based on a sales contract and is classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2022 and remaining 2023 impairments were based upon an income approach, using an estimated terminal capitalization rate of 9.5% and 13.0%, respectively, a discount rate of 10.5% and 14.5%, respectively, and market rents per square foot of $12 to $250. 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, 2023 | |
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 $6,322 and $10,741 at September 30, 2023 and December 31, 2022, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $4,456 and $18,010 at September 30, 2023 and December 31, 2022, respectively, and a deferred rent receivable due to straight-line rent adjustments of $106,780 and $110,155 at September 30, 2023 and December 31, 2022, respectively. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Leasing revenue—fixed payments $ 142,344 $ 139,261 $ 424,097 $ 409,518 Leasing revenue—variable payments 54,735 55,624 163,033 176,493 Recovery of doubtful accounts, net 226 709 1,873 1,585 $ 197,305 $ 195,594 $ 589,003 $ 587,596 The following table summarizes the future rental payments to the Company: Twelve months ending September 30, 2024 $ 407,380 2025 340,531 2026 275,457 2027 211,498 2028 160,525 Thereafter 545,805 $ 1,941,196 Lessee Leases: The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2075, 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 2025. The following table summarizes the lease costs for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease costs $ 3,262 $ 3,788 $ 10,346 $ 11,338 Finance lease costs: Amortization of ROU assets 487 483 1,456 1,446 Interest on lease liabilities 81 100 341 402 $ 3,830 $ 4,371 $ 12,143 $ 13,186 The following table summarizes the future rental payments required under the leases: September 30, 2023 December 31, 2022 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2023 $ 3,173 $ 2,450 $ 12,255 $ 2,450 2024 11,391 9,478 11,563 9,478 2025 11,574 1,400 11,746 1,400 2026 11,691 — 11,864 — 2027 11,862 — 12,035 — Thereafter 83,083 — 109,158 — Total undiscounted rental payments 132,774 13,328 168,621 13,328 Less imputed interest (57,652) (2,724) (86,315) (723) Total lease liabilities $ 75,122 $ 10,604 $ 82,306 $ 12,605 Weighted average remaining term 24.1 years 0.9 years 32.3 years 1.7 years Weighted average incremental borrowing rate 7.1 % 3.6 % 7.4 % 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, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Leasing revenue—fixed payments $ 142,344 $ 139,261 $ 424,097 $ 409,518 Leasing revenue—variable payments 54,735 55,624 163,033 176,493 Recovery of doubtful accounts, net 226 709 1,873 1,585 $ 197,305 $ 195,594 $ 589,003 $ 587,596 The following table summarizes the future rental payments to the Company: Twelve months ending September 30, 2024 $ 407,380 2025 340,531 2026 275,457 2027 211,498 2028 160,525 Thereafter 545,805 $ 1,941,196 Lessee Leases: The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2075, 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 2025. The following table summarizes the lease costs for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease costs $ 3,262 $ 3,788 $ 10,346 $ 11,338 Finance lease costs: Amortization of ROU assets 487 483 1,456 1,446 Interest on lease liabilities 81 100 341 402 $ 3,830 $ 4,371 $ 12,143 $ 13,186 The following table summarizes the future rental payments required under the leases: September 30, 2023 December 31, 2022 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2023 $ 3,173 $ 2,450 $ 12,255 $ 2,450 2024 11,391 9,478 11,563 9,478 2025 11,574 1,400 11,746 1,400 2026 11,691 — 11,864 — 2027 11,862 — 12,035 — Thereafter 83,083 — 109,158 — Total undiscounted rental payments 132,774 13,328 168,621 13,328 Less imputed interest (57,652) (2,724) (86,315) (723) Total lease liabilities $ 75,122 $ 10,604 $ 82,306 $ 12,605 Weighted average remaining term 24.1 years 0.9 years 32.3 years 1.7 years Weighted average incremental borrowing rate 7.1 % 3.6 % 7.4 % 3.7 % |
Deferred Charges and Other Asse
Deferred Charges and Other Assets, net | 9 Months Ended |
Sep. 30, 2023 | |
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 $ 90,413 $ 113,400 Intangible assets: In-place lease values 63,091 63,961 Leasing commissions and legal costs 17,866 17,299 Above-market leases 66,002 71,304 Deferred tax assets 22,952 23,114 Deferred compensation plan assets 57,799 54,353 Other assets 44,172 66,188 362,295 409,619 Less accumulated amortization(1) (130,192) (162,195) $ 232,103 $ 247,424 (1) Accumulated amortization includes $42,903 and $44,362 relating to in-place lease values, leasing commissions and legal costs at September 30, 2023 and December 31, 2022, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,880 and $1,688 for the three months ended September 30, 2023 and 2022, respectively, and $5,665 and $5,019 for the nine months ended September 30, 2023 and 2022, 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 $ 66,002 $ 71,304 Less accumulated amortization (35,480) (35,156) $ 30,522 $ 36,148 Below-Market Leases(1) Original allocated value $ 89,238 $ 97,026 Less accumulated amortization (39,130) (40,797) $ 50,108 $ 56,229 (1) Below-market leases are included in other accrued liabilities. |
Mortgage Notes Payable
Mortgage Notes Payable | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | Mortgage Notes Payable: Mortgage notes payable at September 30, 2023 and December 31, 2022 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral September 30, 2023 December 31, 2022 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,874 $ 255,736 4.18 % $ 875 2024 Danbury Fair Mall(6) 130,134 148,207 8.01 % 1,538 2024 Fashion District Philadelphia(7) 73,205 104,427 9.49 % 546 2024 Fashion Outlets of Chicago 299,415 299,354 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA(8) 86,415 90,514 6.45 % 727 2023 Freehold Raceway Mall(5) 399,002 398,878 3.94 % 1,300 2029 Fresno Fashion Fair 324,404 324,255 3.67 % 971 2026 Green Acres Commons(9) — 125,256 7.14 % 717 2023 Green Acres Mall(10) 358,593 237,372 6.62 % 1,819 2028 Kings Plaza Shopping Center 536,828 536,442 3.71 % 1,629 2030 Oaks, The(11) 152,408 165,934 5.74 % 1,138 2024 Pacific View(12) 70,946 70,855 5.45 % 328 2032 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(13) 297,171 296,521 7.28 % 1,713 2025 SanTan Village Regional Center 219,483 219,414 4.34 % 788 2029 Towne Mall(14) 18,886 18,886 4.48 % 69 2022 Victor Valley, Mall of 114,951 114,908 4.00 % 380 2024 Vintage Faire Mall 228,620 233,637 3.55 % 1,256 2026 $ 4,166,335 $ 4,240,596 (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 $23,023 and $13,830 at September 30, 2023 and December 31, 2022, 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 July 1, 2022, the Company 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. On June 27, 2023, the Company further extended the loan maturity to July 1, 2024. The Company repaid $10,000 of the outstanding loan balance at closing and the amended interest rate was 7.5% as of July 1, 2023 incrementally increasing to 8.0% as of October 1, 2023, 8.5% as of January 1, 2024 and 9.0% as of April 1, 2024. (7) On August 26, 2022 and November 28, 2022, the Company repaid $83,058 and $7,117, respectively, of the outstanding loan balance to satisfy certain loan conditions. On January 20, 2023, the Company repaid $26,107 of the outstanding loan balance and exercised its one-year extension option of the loan to January 22, 2024. The interest rate is SOFR plus 3.60%. (8) Effective October 6, 2023, the loan is in default. The Company is in negotiations with the lender on the terms of this non-recourse loan. (9) On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate was LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears interest at a fixed rate of 5.90% and matures on January 6, 2028. (10) 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. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears interest at a fixed rate of 5.90% and matures on January 6, 2028. (11) 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. On June 5, 2023, the Company repaid $10,000 of the outstanding loan balance. (12) 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. (13) On December 9, 2022, the Company closed on a three-year extension of the loan to December 9, 2025, including extension options. The interest rate remained unchanged at LIBOR plus 1.48%, and has converted to 1-month Term SOFR plus 1.52% effective July 9, 2023. The loan is covered by an interest rate cap agreement that effectively prevented LIBOR from exceeding 4.0% during the period ending December 9, 2023. The interest rate cap agreement was converted to 1-month Term SOFR effective July 9, 2023. (14) The Company has completed transition of the property to a receiver, but is the owner of record as of September 30, 2023 and December 31, 2022. Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or with cash on hand, with the exception of Towne Mall and Fashion Outlets of Niagara Falls as noted above. Total interest expense capitalized was $5,670 and $2,859 for the three months ended September 30, 2023 and 2022, respectively, and $15,364 and $7,151 for the nine months ended September 30, 2023 and 2022, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at September 30, 2023 and December 31, 2022 was $3,780,053 and $3,894,588, 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, 2023 | |
Debt Disclosure [Abstract] | |
Bank and Other Notes Payable | Bank and other notes payable consist of the following: Credit Facility: Previously, the Company had a $525,000 revolving loan facility, which was scheduled to mature on April 14, 2024. On September 11, 2023, the Company and the Operating Partnership entered into an amended and restated credit agreement, which amends and restates their prior credit agreement, and provides for an aggregate $650,000 revolving loan facility that matures on February 1, 2027, with a one-year extension option. The revolving loan facility can be expanded up to $950,000, subject to receipt of lender commitments and other conditions. All obligations under the credit facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The new credit facility bears interest, at the Operating Partnership’s option, at either the base rate (as defined in the credit agreement) or adjusted term SOFR (as defined in the credit agreement) plus, in both cases, an applicable margin. The applicable margin depends on the Company’s overall leverage ratio and ranges from 1.00% to 2.50% over the selected index rate. Adjusted term SOFR is Term SOFR (as defined in the credit agreement) plus 0.10% per annum. As of September 30, 2023, the borrowing rate was SOFR plus a spread of 2.35%. As of September 30, 2023, borrowings under the credit facility were $135,000 less unamortized deferred finance costs of $16,365 for the revolving loan facility at a total effective interest rate of 8.48%. Concurrently with the entry into the amended and restated credit agreement, the Company drew $152,000 of the amount available under the revolving loan facility and used the proceeds to repay in full amounts outstanding under its prior credit facility. As of September 30, 2023, the Company’s availability under the revolving loan facility for additional borrowings was $514,787. The estimated fair value (Level 2 measurement) of borrowings under the credit facility at September 30, 2023 was $138,661 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, 2023 and December 31, 2022, the Company was in compliance with all applicable financial loan covenants. |
Financing Arrangement
Financing Arrangement | 9 Months Ended |
Sep. 30, 2023 | |
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 1,320,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,549,000 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, 2023 and December 31, 2022 was based upon a terminal capitalization rate of approximately 6.50% and 6.25%, respectively, a discount rate at September 30, 2023 and December 31, 2022 of 8.25% and 7.75%, respectively, and market rents per square foot of $35 to $240. 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 related party interest expense (income) in the Company's consolidated statements of operations. During the three and nine months ended September 30, 2023 and 2022, the Company recognized related party interest expense (income) 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, 2023 2022 2023 2022 Distributions equal to the partner's share of net income (loss) $ 329 $ (211) $ 250 $ 39 Distributions in excess of the partner's share of net income 1,094 1,631 5,263 8,492 Adjustment to fair value of financing arrangement obligation 1,995 5,053 (5,522) 14,837 $ 3,418 $ 6,473 $ (9) $ 23,368 |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests: The Company allocates net (loss) income of the Operating Partnership based on the weighted average ownership interest during the period. The net (loss) 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, 2023 and December 31, 2022. The remaining 4% limited partnership interest as of September 30, 2023 and December 31, 2022 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, 2023 and December 31, 2022, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $102,092 and $103,023, 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, 2023 | |
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, 2023, the Company did not issue any shares of common stock under the March 2021 ATM Program. As of September 30, 2023, $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. 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 14. Stockholders' Equity: (Continued) 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". |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2023 | |
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 On May 18, 2023, the Company acquired Seritage’s remaining 50% ownership interest in the MS Portfolio LLC joint venture that owns five former Sears parcels, for a total purchase price of $46,687. These parcels are located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square. Effective as of May 18, 2023, the Company now owns and has consolidated its 100% interest in these five 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 Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square: Land $ 10,869 Building and improvements 39,359 Construction in progress 38,000 Deferred charges 6,821 Other accrued liabilities (below-market lease) (1,649) Fair value of acquired net assets (at 100% ownership) $ 93,400 |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions On May 2, 2023, the Company sold The Marketplace at Flagstaff, a 268,000 square foot power center in Flagstaff, Arizona, for $23,500, which resulted in a gain on sale of assets of $10,349. The Company used the net proceeds to pay down debt. On July 17, 2023, the Company sold Superstition Springs Power Center, a 204,000 square foot power center in Mesa, Arizona, for $5,634, which resulted in a gain on sale of assets of $1,903. The Company used the net proceeds to pay down debt. For the three and nine months ended September 30, 2023, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $480 and $4,854, respectively. For the three and nine months ended September 30, 2022, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $6,240 and $21,387, respectively. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies: As of September 30, 2023, the Company was contingently liable for $41,031 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of September 30, 2023, $40,818 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, 2023, the Company had $7,128 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, 2023 | |
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, 2023 2022 2023 2022 Management fees $ 4,474 $ 4,332 $ 12,917 $ 13,375 Development and leasing fees 2,238 2,711 6,966 6,202 $ 6,712 $ 7,043 $ 19,883 $ 19,577 Interest expense (income) from related party transactions includes $3,418 and $6,473 for the three months ended September 30, 2023 and 2022, respectively, and $(9) and $23,368 for the nine months ended September 30, 2023 and 2022, respectively, in connection with the financing arrangement (See Note 12—Financing Arrangement). Due from affiliates includes $6,624 and $3,299 of unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies at September 30, 2023 and December 31, 2022, respectively. |
Share and Unit-Based Plans
Share and Unit-Based Plans | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share and Unit-Based Plans | Share and Unit-Based Plans:Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of 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, 2023, the Company granted the following LTI Units: Grant Date Units Type Fair Value per LTI Unit Vest Date 1/1/2023 577,255 Service-based $ 11.26 12/31/2025 1/1/2023 1,030,077 Performance-based $ 10.97 12/31/2025 1,607,332 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, 2023 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a three-year risk-free interest rate of 4.21% and an expected volatility of 74.23%. 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, 2023 2,215,167 $ 12.90 34,039 $ 14.19 295,054 $ 14.58 Granted 1,607,332 11.07 4,938 11.27 246,879 10.89 Vested (13,058) 20.42 (17,650) 13.37 (257,886) 14.12 Forfeited (37,592) 21.28 — — — — Balance at September 30, 2023 3,771,849 $ 12.01 21,327 $ 14.19 284,047 $ 11.79 (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, 2023 26,371 $ 54.56 Granted — — Balance at September 30, 2023 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, 2023 2022 2023 2022 LTI Units $ 826 $ 4,632 $ 10,097 $ 14,035 Stock units 299 629 2,891 2,496 Phantom stock units 80 107 236 284 $ 1,205 $ 5,368 $ 13,224 $ 16,815 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2023 2022 Current $ — $ — $ — $ — Deferred (1,672) 166 (161) (963) Total (expense) benefit $ (1,672) $ 166 $ (161) $ (963) 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 $22,952 and $23,114 were included in deferred charges and other assets, net at September 30, 2023 and December 31, 2022, 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, 2023, the Company had no valuation allowance recorded. The tax years 2019 through 2021 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, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events:On October 27, 2023, the Company announced a dividend/distribution of $0.17 per share for common stockholders and OP Unitholders of record on November 9, 2023. All dividends/distributions will be paid 100% in cash on December 1, 2023. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (262,547) | $ (15,193) | $ (336,244) | $ (67,757) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 | |
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 $ 444,613 $ 452,559 Other assets 94,602 93,102 Total assets $ 539,215 $ 545,661 Liabilities: Mortgage notes payable $ 292,688 $ 323,841 Other liabilities 124,972 135,340 Total liabilities $ 417,660 $ 459,181 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, 2023 2022 Beginning of period Cash and cash equivalents $ 100,320 $ 112,454 Restricted cash 80,819 54,517 Cash, cash equivalents and restricted cash $ 181,139 $ 166,971 End of period Cash and cash equivalents $ 111,802 $ 109,991 Restricted cash 96,332 54,984 Cash, cash equivalents and restricted cash $ 208,134 $ 164,975 |
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, 2023 2022 Beginning of period Cash and cash equivalents $ 100,320 $ 112,454 Restricted cash 80,819 54,517 Cash, cash equivalents and restricted cash $ 181,139 $ 166,971 End of period Cash and cash equivalents $ 111,802 $ 109,991 Restricted cash 96,332 54,984 Cash, cash equivalents and restricted cash $ 208,134 $ 164,975 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 (shares in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net loss $ (271,965) $ (13,502) $ (344,565) $ (68,541) Less: net (loss) income attributable to noncontrolling interests (9,418) 1,691 (8,321) (784) Net loss attributable to the Company (262,547) (15,193) (336,244) (67,757) Allocation of earnings to participating securities (213) (211) (655) (642) Numerator for basic and diluted EPS—net loss attributable to common stockholders $ (262,760) $ (15,404) $ (336,899) $ (68,399) Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 215,632 215,134 215,461 214,982 EPS—net loss attributable to common stockholders Basic and diluted $ (1.22) $ (0.07) $ (1.56) $ (0.32) 3. Earnings Per Share ("EPS"): (Continued) (1) Diluted EPS excludes 99,565 convertible preferred partnership units for each of the three months ended September 30, 2023 and 2022 and 99,565 convertible preferred partnership units for each of the nine months ended September 30, 2023 and 2022, as their impact was antidilutive. Diluted EPS also excludes 8,979,065 and 8,620,767 Operating Partnership units ("OP Units") for the three months ended September 30, 2023 and 2022, respectively, and 8,981,061 and 8,653,348 OP Units for the nine months ended September 30, 2023 and 2022, respectively, as their impact was antidilutive. |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 $ 7,715,987 $ 8,156,632 Other assets 662,274 664,036 Total assets $ 8,378,261 $ 8,820,668 Liabilities and partners' capital(1): Mortgage and other notes payable $ 5,760,372 $ 5,491,250 Other liabilities 466,345 451,511 Company's capital 1,145,464 1,528,348 Outside partners' capital 1,006,080 1,349,559 Total liabilities and partners' capital $ 8,378,261 $ 8,820,668 Investments in unconsolidated joint ventures: Company's capital $ 1,145,464 $ 1,528,348 Basis adjustment(2) (422,103) (425,153) $ 723,361 $ 1,103,195 Assets—Investments in unconsolidated joint ventures $ 918,540 $ 1,224,288 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (195,179) (121,093) $ 723,361 $ 1,103,195 (1) These amounts include assets of $2,642,242 and $2,690,651 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2023 and December 31, 2022, respectively, and liabilities of $1,599,413 and $1,611,661 of the PPR Portfolio as of September 30, 2023 and December 31, 2022, 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 (loss) income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $(2,494) and $2,164 for the three months ended September 30, 2023 and 2022, respectively, and $(13,942) and $7,034 for the nine months ended September 30, 2023 and 2022, 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, 2023 Revenues: Leasing revenue $ 44,446 $ 173,735 $ 218,181 Other 595 5,724 6,319 Total revenues 45,041 179,459 224,500 Expenses: Shopping center and operating expenses 11,794 64,556 76,350 Leasing expenses 355 1,043 1,398 Interest expense 21,916 51,302 73,218 Depreciation and amortization 22,240 62,388 84,628 Total expenses 56,305 179,289 235,594 Loss on sale or write down of assets, net — (194,601) (194,601) Net loss $ (11,264) $ (194,431) $ (205,695) Company's equity in net loss $ (4,614) $ (102,851) $ (107,465) 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 Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Nine Months Ended September 30, 2023 Revenues: Leasing revenue $ 129,613 $ 505,490 $ 635,103 Other 1,770 14,011 15,781 Total revenues 131,383 519,501 650,884 Expenses: Shopping center and operating expenses 33,469 184,213 217,682 Leasing expenses 1,349 3,968 5,317 Interest expense 65,575 144,386 209,961 Depreciation and amortization 67,446 188,125 255,571 Total expenses 167,839 520,692 688,531 Loss on sale or write down of assets, net — (266,252) (266,252) Net loss $ (36,456) $ (267,443) $ (303,899) Company's equity in net loss $ (15,329) $ (160,906) $ (176,235) 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) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following derivatives were outstanding at September 30, 2023: Fair Value Property Designation Notional Amount Product SOFR/LIBOR Rate Maturity September 30, December 31, Santa Monica Place Non-Hedged $ 300,000 Cap 4.00 % 12/9/2023 $ 837 $ 2,576 The Macerich Partnership, L.P. Non-Hedged $ (300,000) Sold Cap 4.00 % 12/9/2023 $ (836) $ (2,567) |
Property, net (Tables)
Property, net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Components of Property, Net | Property, net consists of the following: September 30, December 31, Land $ 1,383,176 $ 1,425,211 Buildings and improvements 6,125,673 6,378,736 Tenant improvements 734,389 711,007 Equipment and furnishings(1) 185,104 186,767 Construction in progress 427,771 218,859 8,856,113 8,920,580 Less accumulated depreciation(1) (2,906,024) (2,792,790) $ 5,950,089 $ 6,127,790 |
Schedule of Gain (Loss) on Sale or Write-Down of Assets | (Loss) gain on sale or write-down of assets, net for the three and nine months ended September 30, 2023 and 2022 consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Gain on property sales, net(1) $ 3,031 $ 313 $ 13,381 $ 386 Loss on write-down of assets(2) (152,798) (5,148) (153,464) (15,006) Gain on land sales, net(1) 480 6,240 4,854 21,387 $ (149,287) $ 1,405 $ (135,229) $ 6,767 (1) See Note 16—Dispositions. (2) Includes impairment losses of $144,656 on Fashion Outlets of Niagara Falls and $7,880 on Towne Mall for the three and nine months ended September 30, 2023. Includes $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 (See Note 10—Mortgage Notes Payable). The remaining amounts for the three and nine months ended September 30, 2023 and 2022 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, 2023 and 2022, 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, 2022 $ 18,250 $ — $ — $ 18,250 September 30, 2023 $ 72,700 $ — $ 9,500 $ 63,200 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Leasing revenue—fixed payments $ 142,344 $ 139,261 $ 424,097 $ 409,518 Leasing revenue—variable payments 54,735 55,624 163,033 176,493 Recovery of doubtful accounts, net 226 709 1,873 1,585 $ 197,305 $ 195,594 $ 589,003 $ 587,596 |
Schedule of Minimum Rental Payments | The following table summarizes the future rental payments to the Company: Twelve months ending September 30, 2024 $ 407,380 2025 340,531 2026 275,457 2027 211,498 2028 160,525 Thereafter 545,805 $ 1,941,196 |
Schedule of Lease Costs | The following table summarizes the lease costs for the three and nine months ended September 30, 2023 and 2022: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease costs $ 3,262 $ 3,788 $ 10,346 $ 11,338 Finance lease costs: Amortization of ROU assets 487 483 1,456 1,446 Interest on lease liabilities 81 100 341 402 $ 3,830 $ 4,371 $ 12,143 $ 13,186 |
Schedule of Minimum Future Rental Payments Required | The following table summarizes the future rental payments required under the leases: September 30, 2023 December 31, 2022 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2023 $ 3,173 $ 2,450 $ 12,255 $ 2,450 2024 11,391 9,478 11,563 9,478 2025 11,574 1,400 11,746 1,400 2026 11,691 — 11,864 — 2027 11,862 — 12,035 — Thereafter 83,083 — 109,158 — Total undiscounted rental payments 132,774 13,328 168,621 13,328 Less imputed interest (57,652) (2,724) (86,315) (723) Total lease liabilities $ 75,122 $ 10,604 $ 82,306 $ 12,605 Weighted average remaining term 24.1 years 0.9 years 32.3 years 1.7 years Weighted average incremental borrowing rate 7.1 % 3.6 % 7.4 % 3.7 % |
Schedule of Finance Lease, Fiscal Year Maturity | The following table summarizes the future rental payments required under the leases: September 30, 2023 December 31, 2022 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2023 $ 3,173 $ 2,450 $ 12,255 $ 2,450 2024 11,391 9,478 11,563 9,478 2025 11,574 1,400 11,746 1,400 2026 11,691 — 11,864 — 2027 11,862 — 12,035 — Thereafter 83,083 — 109,158 — Total undiscounted rental payments 132,774 13,328 168,621 13,328 Less imputed interest (57,652) (2,724) (86,315) (723) Total lease liabilities $ 75,122 $ 10,604 $ 82,306 $ 12,605 Weighted average remaining term 24.1 years 0.9 years 32.3 years 1.7 years Weighted average incremental borrowing rate 7.1 % 3.6 % 7.4 % 3.7 % |
Deferred Charges and Other As_2
Deferred Charges and Other Assets, net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 $ 90,413 $ 113,400 Intangible assets: In-place lease values 63,091 63,961 Leasing commissions and legal costs 17,866 17,299 Above-market leases 66,002 71,304 Deferred tax assets 22,952 23,114 Deferred compensation plan assets 57,799 54,353 Other assets 44,172 66,188 362,295 409,619 Less accumulated amortization(1) (130,192) (162,195) $ 232,103 $ 247,424 (1) Accumulated amortization includes $42,903 and $44,362 relating to in-place lease values, leasing commissions and legal costs at September 30, 2023 and December 31, 2022, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,880 and $1,688 for the three months ended September 30, 2023 and 2022, respectively, and $5,665 and $5,019 for the nine months ended September 30, 2023 and 2022, 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 $ 66,002 $ 71,304 Less accumulated amortization (35,480) (35,156) $ 30,522 $ 36,148 Below-Market Leases(1) Original allocated value $ 89,238 $ 97,026 Less accumulated amortization (39,130) (40,797) $ 50,108 $ 56,229 (1) Below-market leases are included in other accrued liabilities. |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Mortgage notes payable at September 30, 2023 and December 31, 2022 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral September 30, 2023 December 31, 2022 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,874 $ 255,736 4.18 % $ 875 2024 Danbury Fair Mall(6) 130,134 148,207 8.01 % 1,538 2024 Fashion District Philadelphia(7) 73,205 104,427 9.49 % 546 2024 Fashion Outlets of Chicago 299,415 299,354 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA(8) 86,415 90,514 6.45 % 727 2023 Freehold Raceway Mall(5) 399,002 398,878 3.94 % 1,300 2029 Fresno Fashion Fair 324,404 324,255 3.67 % 971 2026 Green Acres Commons(9) — 125,256 7.14 % 717 2023 Green Acres Mall(10) 358,593 237,372 6.62 % 1,819 2028 Kings Plaza Shopping Center 536,828 536,442 3.71 % 1,629 2030 Oaks, The(11) 152,408 165,934 5.74 % 1,138 2024 Pacific View(12) 70,946 70,855 5.45 % 328 2032 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(13) 297,171 296,521 7.28 % 1,713 2025 SanTan Village Regional Center 219,483 219,414 4.34 % 788 2029 Towne Mall(14) 18,886 18,886 4.48 % 69 2022 Victor Valley, Mall of 114,951 114,908 4.00 % 380 2024 Vintage Faire Mall 228,620 233,637 3.55 % 1,256 2026 $ 4,166,335 $ 4,240,596 (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 $23,023 and $13,830 at September 30, 2023 and December 31, 2022, 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 July 1, 2022, the Company 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. On June 27, 2023, the Company further extended the loan maturity to July 1, 2024. The Company repaid $10,000 of the outstanding loan balance at closing and the amended interest rate was 7.5% as of July 1, 2023 incrementally increasing to 8.0% as of October 1, 2023, 8.5% as of January 1, 2024 and 9.0% as of April 1, 2024. (7) On August 26, 2022 and November 28, 2022, the Company repaid $83,058 and $7,117, respectively, of the outstanding loan balance to satisfy certain loan conditions. On January 20, 2023, the Company repaid $26,107 of the outstanding loan balance and exercised its one-year extension option of the loan to January 22, 2024. The interest rate is SOFR plus 3.60%. (8) Effective October 6, 2023, the loan is in default. The Company is in negotiations with the lender on the terms of this non-recourse loan. (9) On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate was LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears interest at a fixed rate of 5.90% and matures on January 6, 2028. (10) 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. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears interest at a fixed rate of 5.90% and matures on January 6, 2028. (11) 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. On June 5, 2023, the Company repaid $10,000 of the outstanding loan balance. (12) 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. (13) On December 9, 2022, the Company closed on a three-year extension of the loan to December 9, 2025, including extension options. The interest rate remained unchanged at LIBOR plus 1.48%, and has converted to 1-month Term SOFR plus 1.52% effective July 9, 2023. The loan is covered by an interest rate cap agreement that effectively prevented LIBOR from exceeding 4.0% during the period ending December 9, 2023. The interest rate cap agreement was converted to 1-month Term SOFR effective July 9, 2023. (14) The Company has completed transition of the property to a receiver, but is the owner of record as of September 30, 2023 and December 31, 2022. |
Financing Arrangement (Tables)
Financing Arrangement (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Co-Venture Arrangement [Abstract] | |
Schedule of Financing Arrangement Activity | During the three and nine months ended September 30, 2023 and 2022, the Company recognized related party interest expense (income) 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, 2023 2022 2023 2022 Distributions equal to the partner's share of net income (loss) $ 329 $ (211) $ 250 $ 39 Distributions in excess of the partner's share of net income 1,094 1,631 5,263 8,492 Adjustment to fair value of financing arrangement obligation 1,995 5,053 (5,522) 14,837 $ 3,418 $ 6,473 $ (9) $ 23,368 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule 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 The following is a summary of the allocation of the fair value of the former Sears parcels at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square: Land $ 10,869 Building and improvements 39,359 Construction in progress 38,000 Deferred charges 6,821 Other accrued liabilities (below-market lease) (1,649) Fair value of acquired net assets (at 100% ownership) $ 93,400 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2023 2022 Management fees $ 4,474 $ 4,332 $ 12,917 $ 13,375 Development and leasing fees 2,238 2,711 6,966 6,202 $ 6,712 $ 7,043 $ 19,883 $ 19,577 |
Share and Unit-Based Plans (Tab
Share and Unit-Based Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of LTI Units Granted | During the nine months ended September 30, 2023, the Company granted the following LTI Units: Grant Date Units Type Fair Value per LTI Unit Vest Date 1/1/2023 577,255 Service-based $ 11.26 12/31/2025 1/1/2023 1,030,077 Performance-based $ 10.97 12/31/2025 1,607,332 |
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, 2023 2,215,167 $ 12.90 34,039 $ 14.19 295,054 $ 14.58 Granted 1,607,332 11.07 4,938 11.27 246,879 10.89 Vested (13,058) 20.42 (17,650) 13.37 (257,886) 14.12 Forfeited (37,592) 21.28 — — — — Balance at September 30, 2023 3,771,849 $ 12.01 21,327 $ 14.19 284,047 $ 11.79 (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, 2023 26,371 $ 54.56 Granted — — Balance at September 30, 2023 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, 2023 2022 2023 2022 LTI Units $ 826 $ 4,632 $ 10,097 $ 14,035 Stock units 299 629 2,891 2,496 Phantom stock units 80 107 236 284 $ 1,205 $ 5,368 $ 13,224 $ 16,815 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2023 2022 Current $ — $ — $ — $ — Deferred (1,672) 166 (161) (963) Total (expense) benefit $ (1,672) $ 166 $ (161) $ (963) |
Organization (Details)
Organization (Details) - entity | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
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, 2023 | Dec. 31, 2022 |
Assets: | ||
Property, net | $ 5,950,089 | $ 6,127,790 |
Total assets | 7,588,105 | 8,094,139 |
Liabilities: | ||
Mortgage notes payable | 4,166,335 | 4,240,596 |
Total liabilities | 5,089,733 | 5,144,790 |
Operating Partnership | ||
Assets: | ||
Property, net | 444,613 | 452,559 |
Other assets | 94,602 | 93,102 |
Total assets | 539,215 | 545,661 |
Liabilities: | ||
Mortgage notes payable | 292,688 | 323,841 |
Other liabilities | 124,972 | 135,340 |
Total liabilities | $ 417,660 | $ 459,181 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ||||
Cash and cash equivalents | $ 111,802 | $ 100,320 | $ 109,991 | $ 112,454 |
Restricted cash | 96,332 | 80,819 | 54,984 | 54,517 |
Cash, cash equivalents and restricted cash | $ 208,134 | $ 181,139 | $ 164,975 | $ 166,971 |
Earnings Per Share ("EPS") - Sc
Earnings Per Share ("EPS") - Schedule of Reconciliation of Numerator and Denominator Used in Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator | ||||
Net loss | $ (271,965) | $ (13,502) | $ (344,565) | $ (68,541) |
Less: net (loss) income attributable to noncontrolling interests | (9,418) | 1,691 | (8,321) | (784) |
Net loss attributable to the Company | (262,547) | (15,193) | (336,244) | (67,757) |
Allocation of earnings to participating securities | (213) | (211) | (655) | (642) |
Allocation of earnings to participating securities | (213) | (211) | (655) | (642) |
Numerator for basic and diluted EPS—net loss attributable to common stockholders | (262,760) | (15,404) | (336,899) | (68,399) |
Numerator for basic and diluted EPS—net loss attributable to common stockholders | $ (262,760) | $ (15,404) | $ (336,899) | $ (68,399) |
Denominator | ||||
Denominator for basic EPS—weighted average number of common shares outstanding (in shares) | 215,632,000 | 215,134,000 | 215,461,000 | 214,982,000 |
Denominator for diluted EPS—weighted average number of common shares outstanding (in shares) | 215,632,000 | 215,134,000 | 215,461,000 | 214,982,000 |
EPS—net loss attributable to common stockholders | ||||
Basic (in dollars per share) | $ (1.22) | $ (0.07) | $ (1.56) | $ (0.32) |
Diluted (in dollars per share) | $ (1.22) | $ (0.07) | $ (1.56) | $ (0.32) |
Convertible Non-participating Preferred Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Securities excluded from Diluted EPS (in shares) | 99,565 | 99,565 | 99,565 | 99,565 |
Partnership Unit | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Securities excluded from Diluted EPS (in shares) | 8,979,065 | 8,620,767 | 8,981,061 | 8,653,348 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||||||
May 18, 2023 USD ($) property | Apr. 25, 2023 USD ($) | Mar. 03, 2023 USD ($) | Nov. 14, 2022 USD ($) | Aug. 02, 2022 USD ($) property | Feb. 02, 2022 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | May 09, 2023 USD ($) | Aug. 01, 2022 property | May 17, 2018 property | |
Schedule of Equity Method Investments | |||||||||||||||
Impairment loss | $ 152,798 | $ 5,148 | $ 153,464 | $ 15,006 | |||||||||||
Sears Deptford Mall And Vintage Faire Mall | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Purchase price | $ 24,544 | ||||||||||||||
Ownership percentage at completion of acquisition (as a percent) | 100% | ||||||||||||||
Number of properties (property) | property | 2 | ||||||||||||||
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Ownership percentage at completion of acquisition (as a percent) | 100% | ||||||||||||||
Joint Venture | Sears South Plains | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Impairment loss | $ 27,054 | ||||||||||||||
Joint Venture | Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Purchase price | $ 46,687 | ||||||||||||||
Impairment loss | $ 50,197 | ||||||||||||||
Ownership percentage at completion of acquisition (as a percent) | 100% | ||||||||||||||
Loss on acquisition of real estate | $ 1,166 | ||||||||||||||
Number of properties (property) | property | 5 | ||||||||||||||
Joint Venture | Third Party | Sears Deptford Mall And Vintage Faire Mall | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Ownership percentage (as a percent) | 50% | ||||||||||||||
Joint Venture | Third Party | Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Ownership percentage (as a percent) | 50% | ||||||||||||||
FlatIron Crossing | Joint Venture | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Repayments of debt | $ 197,011 | ||||||||||||||
Debt issued | $ 175,000 | ||||||||||||||
FlatIron Crossing | Joint Venture | SOFR | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Variable interest rate spread (as a percent) | 3.70% | ||||||||||||||
Interest rate cap (as a percent) | 4% | ||||||||||||||
Washington Square | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Repayments of debt | $ 9,000 | ||||||||||||||
Washington Square | Joint Venture | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Repayments of debt | $ 15,000 | ||||||||||||||
Extension term (in years) | 4 years | ||||||||||||||
Washington Square | Joint Venture | SOFR | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Variable interest rate spread (as a percent) | 4% | ||||||||||||||
Scottsdale Fashion Square | Joint Venture | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Repayments of debt | $ 403,931 | ||||||||||||||
Debt issued | $ 700,000 | ||||||||||||||
Interest rate on debt (as a percent) | 6.21% | ||||||||||||||
Deptford Mall | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Repayments of debt | $ 5,100 | ||||||||||||||
Deptford Mall | Joint Venture | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Repayments of debt | $ 10,000 | ||||||||||||||
Debt instrument term (in years) | 3 years | ||||||||||||||
Deptford Mall | Joint Venture | SOFR | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Interest rate on debt (as a percent) | 3.73% | ||||||||||||||
Country Club Plaza | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Debt instrument, default amount | $ 147,605 | ||||||||||||||
Country Club Plaza | Joint Venture | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Impairment loss | $ 107,673 | $ 107,673 | |||||||||||||
Debt instrument, default amount | $ 295,210 | ||||||||||||||
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square | Joint Venture | Seritage | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Number of properties (property) | property | 5 | ||||||||||||||
Sears Deptford Mall And Vintage Faire Mall | Joint Venture | Seritage | |||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||
Number of properties (property) | property | 2 |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures - Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Property, net | $ 5,950,089 | $ 6,127,790 |
Total assets | 7,588,105 | 8,094,139 |
Liabilities and partners' capital: | ||
Mortgage and other notes payable | 4,166,335 | 4,240,596 |
Total liabilities and partners' capital | 7,588,105 | 8,094,139 |
Investments in unconsolidated joint ventures: | ||
Assets—Investments in unconsolidated joint ventures | 918,540 | 1,224,288 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (195,179) | (121,093) |
Joint Venture | ||
Assets: | ||
Property, net | 7,715,987 | 8,156,632 |
Other assets | 662,274 | 664,036 |
Total assets | 8,378,261 | 8,820,668 |
Liabilities and partners' capital: | ||
Mortgage and other notes payable | 5,760,372 | 5,491,250 |
Other liabilities | 466,345 | 451,511 |
Company's capital | 1,145,464 | 1,528,348 |
Outside partners' capital | 1,006,080 | 1,349,559 |
Total liabilities and partners' capital | 8,378,261 | 8,820,668 |
Investments in unconsolidated joint ventures: | ||
Company's capital | 1,145,464 | 1,528,348 |
Basis adjustment | (422,103) | (425,153) |
Basic adjustment | 723,361 | 1,103,195 |
Assets—Investments in unconsolidated joint ventures | 918,540 | 1,224,288 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (195,179) | (121,093) |
Investments in unconsolidated joint ventures | $ 723,361 | $ 1,103,195 |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments | |||||
Total assets | $ 7,588,105 | $ 7,588,105 | $ 8,094,139 | ||
Liabilities | 5,089,733 | 5,089,733 | 5,144,790 | ||
Joint Venture | |||||
Schedule of Equity Method Investments | |||||
Total assets | 8,378,261 | 8,378,261 | 8,820,668 | ||
Amortization of difference between cost of investments and book value of underlying equity | (2,494) | $ 2,164 | (13,942) | $ 7,034 | |
Joint Venture | Pacific Premier Retail LLC—Various Properties | |||||
Schedule of Equity Method Investments | |||||
Total assets | 2,642,242 | 2,642,242 | 2,690,651 | ||
Liabilities | $ 1,599,413 | $ 1,599,413 | $ 1,611,661 |
Investments in Unconsolidated_6
Investments in Unconsolidated Joint Ventures - Schedule of Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Leasing revenue | $ 197,305 | $ 195,594 | $ 589,003 | $ 587,596 |
Total revenues | 218,152 | 210,704 | 645,380 | 630,939 |
Expenses: | ||||
Leasing expenses | 8,777 | 8,704 | 26,880 | 24,463 |
Depreciation and amortization | 70,755 | 72,739 | 212,596 | 218,053 |
Total expenses | 231,693 | 232,099 | 678,320 | 688,862 |
Gain on sale or write down of assets, net | (149,287) | 1,405 | (135,229) | 6,767 |
Net (loss) income | (271,965) | (13,502) | (344,565) | (68,541) |
Company's equity in net income | (107,465) | 6,322 | (176,235) | (16,422) |
Other | ||||
Revenues: | ||||
Other | 13,403 | 7,503 | 34,143 | 21,911 |
Shopping center and operating expenses | ||||
Expenses: | ||||
Shopping center and operating expenses | 76,358 | 74,694 | 216,793 | 217,342 |
Joint Venture | ||||
Revenues: | ||||
Leasing revenue | 218,181 | 208,675 | 635,103 | 624,857 |
Total revenues | 224,500 | 210,760 | 650,884 | 637,166 |
Expenses: | ||||
Leasing expenses | 1,398 | 1,627 | 5,317 | 4,982 |
Interest expense | 73,218 | 53,102 | 209,961 | 156,180 |
Depreciation and amortization | 84,628 | 88,271 | 255,571 | 268,168 |
Total expenses | 235,594 | 213,399 | 688,531 | 633,818 |
Gain on sale or write down of assets, net | (194,601) | 25,788 | (266,252) | (30,870) |
Net (loss) income | (205,695) | 23,149 | (303,899) | (27,522) |
Company's equity in net income | (107,465) | 6,322 | (176,235) | (16,422) |
Joint Venture | PPR Portfolio | ||||
Revenues: | ||||
Leasing revenue | 44,446 | 44,157 | 129,613 | 136,344 |
Total revenues | 45,041 | 44,308 | 131,383 | 136,613 |
Expenses: | ||||
Leasing expenses | 355 | 424 | 1,349 | 1,258 |
Interest expense | 21,916 | 15,546 | 65,575 | 46,299 |
Depreciation and amortization | 22,240 | 24,269 | 67,446 | 72,760 |
Total expenses | 56,305 | 51,188 | 167,839 | 152,124 |
Gain on sale or write down of assets, net | 0 | 0 | 0 | 0 |
Net (loss) income | (11,264) | (6,880) | (36,456) | (15,511) |
Company's equity in net income | (4,614) | 1,851 | (15,329) | (2,354) |
Joint Venture | Other Joint Ventures | ||||
Revenues: | ||||
Leasing revenue | 173,735 | 164,518 | 505,490 | 488,513 |
Total revenues | 179,459 | 166,452 | 519,501 | 500,553 |
Expenses: | ||||
Leasing expenses | 1,043 | 1,203 | 3,968 | 3,724 |
Interest expense | 51,302 | 37,556 | 144,386 | 109,881 |
Depreciation and amortization | 62,388 | 64,002 | 188,125 | 195,408 |
Total expenses | 179,289 | 162,211 | 520,692 | 481,694 |
Gain on sale or write down of assets, net | (194,601) | 25,788 | (266,252) | (30,870) |
Net (loss) income | (194,431) | 30,029 | (267,443) | (12,011) |
Company's equity in net income | (102,851) | 4,471 | (160,906) | (14,068) |
Joint Venture | Other | ||||
Revenues: | ||||
Other | 6,319 | 2,085 | 15,781 | 12,309 |
Joint Venture | Other | PPR Portfolio | ||||
Revenues: | ||||
Other | 595 | 151 | 1,770 | 269 |
Joint Venture | Other | Other Joint Ventures | ||||
Revenues: | ||||
Other | 5,724 | 1,934 | 14,011 | 12,040 |
Joint Venture | Shopping center and operating expenses | ||||
Expenses: | ||||
Shopping center and operating expenses | 76,350 | 70,399 | 217,682 | 204,488 |
Joint Venture | Shopping center and operating expenses | PPR Portfolio | ||||
Expenses: | ||||
Shopping center and operating expenses | 11,794 | 10,949 | 33,469 | 31,807 |
Joint Venture | Shopping center and operating expenses | Other Joint Ventures | ||||
Expenses: | ||||
Shopping center and operating expenses | $ 64,556 | $ 59,450 | $ 184,213 | $ 172,681 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Gain (loss) from derivative instrument recorded in OCI | $ (546) | $ (3) | $ (76) | $ 37 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - Level 2 Measurement - Cap - Non-Hedged - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Santa Monica Place | ||
Derivatives, Fair Value | ||
Notional Amount | $ 300,000 | |
SOFR/LIBOR Rate | 4% | |
Fair Value | $ 837 | $ 2,576 |
The Macerich Partnership, L.P. | ||
Derivatives, Fair Value | ||
Notional Amount | $ 300,000 | |
SOFR/LIBOR Rate | 4% | |
Fair Value | $ (836) | $ (2,567) |
Property, net - Schedule of Com
Property, net - Schedule of Components of Property, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment | ||
Equipment and furnishings | $ 185,104 | $ 186,767 |
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | 8,856,113 | 8,920,580 |
Less accumulated depreciation | (2,906,024) | (2,792,790) |
Property, net | 5,950,089 | 6,127,790 |
Land | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 1,383,176 | 1,425,211 |
Buildings and improvements | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 6,125,673 | 6,378,736 |
Tenant improvements | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 734,389 | 711,007 |
Construction in progress | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | $ 427,771 | $ 218,859 |
Property, net - Narrative (Deta
Property, net - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) $ / ft² | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) $ / ft² | Sep. 30, 2022 USD ($) | Dec. 31, 2022 $ / ft² | |
Property, Plant and Equipment | |||||
Depreciation expense | $ | $ 66,390 | $ 67,631 | $ 199,615 | $ 202,804 | |
Measurement Input, Cap Rate | Valuation, Income Approach | |||||
Property, Plant and Equipment | |||||
Other real estate owned, measurement input | 0.095 | 0.095 | 0.130 | ||
Measurement Input, Discount Rate | Valuation, Income Approach | |||||
Property, Plant and Equipment | |||||
Other real estate owned, measurement input | 0.105 | 0.105 | 0.145 | ||
Measurement Input, Market Rents Per Square Foot | Valuation, Income Approach | |||||
Property, Plant and Equipment | |||||
Other real estate owned, measurement input | $ / ft² | 12 | 12 | 250 |
Property, Plant, and Equipment
Property, Plant, and Equipment - Schedule of Gain (Loss) on Sale or Write-Down of Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment | ||||
Loss on write-down of assets(2) | $ (152,798) | $ (5,148) | $ (153,464) | $ (15,006) |
Gain (loss) on sale or write down of assets, net | (149,287) | 1,405 | (135,229) | 6,767 |
Fashion Outlet of Niagara Falls | ||||
Property, Plant and Equipment | ||||
Loss on write-down of assets(2) | (144,656) | (144,656) | ||
Towne Mall | ||||
Property, Plant and Equipment | ||||
Loss on write-down of assets(2) | (7,880) | (5,140) | (7,880) | (5,140) |
Building | ||||
Property, Plant and Equipment | ||||
Gain on land sales, net | 3,031 | 313 | 13,381 | 386 |
Gain On Land Sales, Net | ||||
Property, Plant and Equipment | ||||
Gain on land sales, net | $ 480 | $ 6,240 | $ 4,854 | $ 21,387 |
Property, net - Schedule of Ass
Property, net - Schedule of Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total Fair Value Measurement | $ 72,700 | $ 18,250 |
(Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total Fair Value Measurement | 0 | 0 |
(Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total Fair Value Measurement | 9,500 | 0 |
(Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total Fair Value Measurement | $ 63,200 | $ 18,250 |
Tenant and Other Receivables,_2
Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Components of tenant and other receivables, net | ||
Allowance for doubtful accounts | $ 6,322 | $ 10,741 |
Deferred rent receivable due to straight-line rent adjustments | 106,780 | 110,155 |
Accrued Percentage Rents | ||
Components of tenant and other receivables, net | ||
Accounts receivable | $ 4,456 | $ 18,010 |
Leases - Schedule of Components
Leases - Schedule of Components of Leasing Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Leasing revenue—fixed payments | $ 142,344 | $ 139,261 | $ 424,097 | $ 409,518 |
Leasing revenue—variable payments | 54,735 | 55,624 | 163,033 | 176,493 |
Recovery of doubtful accounts, net | 226 | 709 | 1,873 | 1,585 |
Total leasing revenue | $ 197,305 | $ 195,594 | $ 589,003 | $ 587,596 |
Leases - Schedule of Minimum Re
Leases - Schedule of Minimum Rental Payments (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Twelve months ending September 30, | |
2024 | $ 407,380 |
2025 | 340,531 |
2026 | 275,457 |
2027 | 211,498 |
2028 | 160,525 |
Thereafter | 545,805 |
Total minimum rental payments | $ 1,941,196 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 9 Months Ended |
Sep. 30, 2023 lease | |
Leases [Abstract] | |
Number of finance leases | 5 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease costs | $ 3,262 | $ 3,788 | $ 10,346 | $ 11,338 |
Finance lease costs: | ||||
Amortization of ROU assets | 487 | 483 | 1,456 | 1,446 |
Interest on lease liabilities | 81 | 100 | 341 | 402 |
Total lease cost | $ 3,830 | $ 4,371 | $ 12,143 | $ 13,186 |
Leases - Schedule of Minimum Fu
Leases - Schedule of Minimum Future Rental Payments Required (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Operating Leases For the Rolling 12 Months | ||
2023 | $ 3,173 | |
2024 | 11,391 | |
2025 | 11,574 | |
2026 | 11,691 | |
2027 | 11,862 | |
Thereafter | 83,083 | |
Operating Leases | ||
2024 | $ 12,255 | |
2025 | 11,563 | |
2026 | 11,746 | |
2027 | 11,864 | |
2027 | 12,035 | |
Thereafter | 109,158 | |
Total undiscounted rental payments | 132,774 | 168,621 |
Less imputed interest | (57,652) | (86,315) |
Total lease liabilities | $ 75,122 | $ 82,306 |
Weighted average remaining lease term, operating leases (in years) | 24 years 1 month 6 days | 32 years 3 months 18 days |
Weighted average incremental borrowing rate, operating leases (as a percent) | 7.10% | 7.40% |
Finance Leases For the Rolling 12 Months | ||
2023 | $ 2,450 | |
2024 | 9,478 | |
2025 | 1,400 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Finance Leases | ||
2024 | $ 2,450 | |
2025 | 9,478 | |
2026 | 1,400 | |
2027 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total undiscounted rental payments | 13,328 | 13,328 |
Less imputed interest | (2,724) | (723) |
Total lease liabilities | $ 10,604 | $ 12,605 |
Weighted average remaining lease term, finance leases (in years) | 10 months 24 days | 1 year 8 months 12 days |
Weighted average incremental borrowing rate, finance leases (as a percent) | 3.60% | 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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||
Leasing | $ 90,413 | $ 90,413 | $ 113,400 | ||
Intangible assets: | |||||
In-place lease values | 63,091 | 63,091 | 63,961 | ||
Leasing commissions and legal costs | 17,866 | 17,866 | 17,299 | ||
Above-market leases | 66,002 | 66,002 | 71,304 | ||
Deferred tax assets | 22,952 | 22,952 | 23,114 | ||
Deferred compensation plan assets | 57,799 | 57,799 | 54,353 | ||
Other assets | 44,172 | 44,172 | 66,188 | ||
Deferred charges and other assets, gross | 362,295 | 362,295 | 409,619 | ||
Less accumulated amortization | (130,192) | (130,192) | (162,195) | ||
Deferred charges and other assets, net | 232,103 | 232,103 | 247,424 | ||
In-place Lease Values, Leasing Commissions And Legal Costs | |||||
Finite-Lived Intangible Assets | |||||
Accumulated amortization for intangible assets | 42,903 | 42,903 | $ 44,362 | ||
Amortization expense for intangible assets | $ 1,880 | $ 1,688 | $ 5,665 | $ 5,019 |
Deferred Charges and Other As_4
Deferred Charges and Other Assets, net - Schedule of Allocated Values of Above-Market Leases and Below-Market Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Below-Market Leases | ||
Original allocated value | $ 89,238 | $ 97,026 |
Less accumulated amortization | (39,130) | (40,797) |
Allocated value net | 50,108 | 56,229 |
Above-Market Leases | ||
Above-Market Leases | ||
Original allocated value | 66,002 | 71,304 |
Less accumulated amortization | (35,480) | (35,156) |
Allocated value net | $ 30,522 | $ 36,148 |
Mortgage Notes Payable - Schedu
Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes | $ 4,166,335 | $ 4,240,596 |
Chandler Fashion Center | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes | $ 255,874 | 255,736 |
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 | $ 130,134 | 148,207 |
Effective Interest Rate (as a percent) | 8.01% | |
Monthly Debt Service | $ 1,538 | |
Fashion District Philadelphia | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes | $ 73,205 | 104,427 |
Effective Interest Rate (as a percent) | 9.49% | |
Monthly Debt Service | $ 546 | |
Fashion Outlets of Chicago | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes | $ 299,415 | 299,354 |
Effective Interest Rate (as a percent) | 4.61% | |
Monthly Debt Service | $ 1,145 | |
Fashion Outlets at Niagara Falls USA | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes | $ 86,415 | 90,514 |
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 | $ 399,002 | 398,878 |
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 | $ 324,404 | 324,255 |
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 | $ 0 | 125,256 |
Effective Interest Rate (as a percent) | 7.14% | |
Monthly Debt Service | $ 717 | |
Green Acres Mall | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes | $ 358,593 | 237,372 |
Effective Interest Rate (as a percent) | 6.62% | |
Monthly Debt Service | $ 1,819 | |
Kings Plaza Shopping Center | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes | $ 536,828 | 536,442 |
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 | $ 152,408 | 165,934 |
Effective Interest Rate (as a percent) | 5.74% | |
Monthly Debt Service | $ 1,138 | |
Pacific View | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes | $ 70,946 | 70,855 |
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 | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes | $ 297,171 | 296,521 |
Effective Interest Rate (as a percent) | 7.28% | |
Monthly Debt Service | $ 1,713 | |
SanTan Village Regional Center | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes | $ 219,483 | 219,414 |
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 | $ 18,886 | 18,886 |
Effective Interest Rate (as a percent) | 4.48% | |
Monthly Debt Service | $ 69 | |
Victor Valley, Mall of | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes | $ 114,951 | 114,908 |
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 | $ 228,620 | $ 233,637 |
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 | ||||||||||||||||||
Jul. 09, 2023 | Jul. 01, 2023 | Jun. 05, 2023 | Jan. 20, 2023 | Jan. 03, 2023 | Dec. 09, 2022 | Nov. 28, 2022 | Aug. 26, 2022 | Jul. 01, 2022 | May 06, 2022 | Apr. 29, 2022 | Mar. 25, 2021 | Jan. 22, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Apr. 01, 2024 | Jan. 01, 2024 | Oct. 01, 2023 | Dec. 31, 2022 | |
Mortgage loans payable on real estate | |||||||||||||||||||
Unamortized deferred finance costs | $ 23,023 | $ 13,830 | |||||||||||||||||
Proceeds from mortgages, bank and other notes payable | $ 314,000 | $ 130,000 | |||||||||||||||||
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 | |||||||||||||||||||
Interest rate on debt (as a percent) | 7.50% | 5.50% | |||||||||||||||||
Repayments of debt | $ 10,000 | $ 10,000 | |||||||||||||||||
Danbury Fair Mall | Forecast | |||||||||||||||||||
Mortgage loans payable on real estate | |||||||||||||||||||
Interest rate on debt (as a percent) | 9% | 8.50% | 8% | ||||||||||||||||
Fashion District Philadelphia | |||||||||||||||||||
Mortgage loans payable on real estate | |||||||||||||||||||
Repayments of debt | $ 26,107 | $ 7,117 | $ 83,058 | ||||||||||||||||
Extension term (in years) | 1 year | ||||||||||||||||||
Fashion District Philadelphia | SOFR | |||||||||||||||||||
Mortgage loans payable on real estate | |||||||||||||||||||
Interest rate on debt (as a percent) | 3.60% | ||||||||||||||||||
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 And Commons | |||||||||||||||||||
Mortgage loans payable on real estate | |||||||||||||||||||
Interest rate on debt (as a percent) | 5.90% | ||||||||||||||||||
Repayments of debt | $ 370 | ||||||||||||||||||
Extension term (in years) | 5 years | ||||||||||||||||||
Variable interest rate spread (as a percent) | 5.90% | ||||||||||||||||||
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 | |||||||||||||||||||
Interest rate on debt (as a percent) | 5.25% | ||||||||||||||||||
Repayments of debt | $ 10,000 | $ 5,000 | |||||||||||||||||
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 | SOFR | |||||||||||||||||||
Mortgage loans payable on real estate | |||||||||||||||||||
Variable interest rate spread (as a percent) | 1.52% | ||||||||||||||||||
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% |
Mortgage Notes Payable - Narrat
Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |||||
Interest expense capitalized | $ 5,670 | $ 2,859 | $ 15,364 | $ 7,151 | |
Fair value of mortgage notes payable | $ 3,780,053 | $ 3,780,053 | $ 3,894,588 |
Bank and Other Notes Payable (D
Bank and Other Notes Payable (Details) - USD ($) | 9 Months Ended | |||
Sep. 11, 2023 | Apr. 14, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | |
Mortgage loans payable on real estate | ||||
Unamortized deferred finance costs | $ 23,023,000 | $ 13,830,000 | ||
Revolving Loan Facility Matures On February 1, 2027 | Revolving Line of Credit | ||||
Mortgage loans payable on real estate | ||||
Extension term (in years) | 1 year | |||
Expanded line of credit facility (up to) | $ 950,000,000 | |||
Outstanding borrowings under the line of credit | 135,000,000 | |||
Unamortized deferred finance costs | $ 16,365,000 | |||
Interest rate (as a percent) | 8.48% | |||
Availability for additional borrowing | $ 514,787,000 | |||
Proceeds from lines of credit | 152,000,000 | |||
Revolving Loan Facility Matures On February 1, 2027 | Revolving Line of Credit | Level 2 Measurement | ||||
Mortgage loans payable on real estate | ||||
Fair value of outstanding line of credit | $ 138,661,000 | |||
Revolving Loan Facility Matures On February 1, 2027 | Revolving Line of Credit | SOFR | ||||
Mortgage loans payable on real estate | ||||
Variable interest rate spread (as a percent) | 2.35% | |||
Debt instrument, increase rate (as a percent) | 0.10% | |||
Revolving Loan Facility Matures On February 1, 2027 | Revolving Line of Credit | Minimum | SOFR | ||||
Mortgage loans payable on real estate | ||||
Debt instrument, leverage ratio requirement | 1% | |||
Revolving Loan Facility Matures On February 1, 2027 | Revolving Line of Credit | Maximum | SOFR | ||||
Mortgage loans payable on real estate | ||||
Debt instrument, leverage ratio requirement | 2.50% | |||
Line of Credit | Revolving Loan Facility Matures On April 14, 2024 | Revolving Line of Credit | ||||
Mortgage loans payable on real estate | ||||
Borrowing capacity | $ 525,000,000 | |||
Line of Credit | Revolving Loan Facility Matures On February 1, 2027 | Revolving Line of Credit | ||||
Mortgage loans payable on real estate | ||||
Borrowing capacity | $ 650,000,000 |
Financing Arrangement - Narrati
Financing Arrangement - Narrative (Details) ft² in Thousands | Sep. 30, 2009 ft² | Sep. 30, 2023 $ / ft² | Dec. 31, 2022 $ / ft² |
Schedule of Joint Ventures | |||
Terminal capitalization rate (as a percent) | 6.50% | 6.25% | |
Discount rate (as a percent) | 8.25% | 7.75% | |
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 | 240 | 240 | |
Financing Arrangement | Chandler Fashion Center | |||
Schedule of Joint Ventures | |||
Percentage of loan assumed by third party (as a percent) | 49.90% | ||
Financing Arrangement | Chandler Fashion Center And Freehold Raceway Mall | |||
Schedule of Joint Ventures | |||
Property area (in square feet) | ft² | 1,320 | ||
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 | 1,549 |
Financing Arrangement - Schedul
Financing Arrangement - Schedule of Financing arrangement activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Joint Ventures | ||||
Interest (income) expense | $ 53,380 | $ 52,630 | $ 147,507 | $ 157,680 |
Related Party | ||||
Schedule of Joint Ventures | ||||
Interest (income) expense | 3,418 | 6,473 | (9) | 23,368 |
Related Party | Financing Arrangement | ||||
Schedule of Joint Ventures | ||||
Distributions equal to the partner's share of net income (loss) | 329 | (211) | 250 | 39 |
Distributions in excess of the partner's share of net income | 1,094 | 1,631 | 5,263 | 8,492 |
Adjustment to fair value of financing arrangement obligation | 1,995 | 5,053 | (5,522) | 14,837 |
Interest (income) expense | $ 3,418 | $ 6,473 | $ (9) | $ 23,368 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
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 | $ 102,092 | $ 103,023 |
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, 2023 | Sep. 30, 2022 | 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 | ||||
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) $ in Thousands | May 18, 2023 USD ($) property | Aug. 02, 2022 USD ($) property |
Sears Deptford Mall And Vintage Faire Mall | ||
Acquisition | ||
Purchase price | $ | $ 24,544 | |
Ownership percentage at completion of acquisition (as a percent) | 100% | |
Number of properties (property) | property | 2 | |
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square | ||
Acquisition | ||
Ownership percentage at completion of acquisition (as a percent) | 100% | |
Joint Venture | Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square | ||
Acquisition | ||
Purchase price | $ | $ 46,687 | |
Ownership percentage at completion of acquisition (as a percent) | 100% | |
Number of properties (property) | property | 5 | |
Joint Venture | Third Party | Sears Deptford Mall And Vintage Faire Mall | ||
Acquisition | ||
Ownership percentage (as a percent) | 50% | |
Joint Venture | Third Party | Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square | ||
Acquisition | ||
Ownership percentage (as a percent) | 50% |
Acquisitions - Schedule of Allo
Acquisitions - Schedule of Allocation of Fair Value (Details) - USD ($) $ in Thousands | May 18, 2023 | Aug. 02, 2022 |
Sears Deptford Mall And Vintage Faire Mall | ||
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% | |
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square | ||
Acquisition | ||
Land | $ 10,869 | |
Building and improvements | 39,359 | |
Construction in progress | 38,000 | |
Deferred charges | 6,821 | |
Other accrued liabilities (below-market lease) | (1,649) | |
Fair value of acquired net assets (at 100% ownership) | $ 93,400 | |
Ownership percentage at completion of acquisition (as a percent) | 100% |
Dispositions (Details)
Dispositions (Details) ft² in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jul. 17, 2023 USD ($) ft² | May 02, 2023 USD ($) ft² | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Discontinued Operations: | ||||||
Proceeds from sale of assets | $ 34,707 | $ 48,768 | ||||
Square Foot Power Center, Flagstaff Arizona | Sold | ||||||
Discontinued Operations: | ||||||
Property area (in square feet) | ft² | 268 | |||||
Proceeds from sale of assets | $ 23,500 | |||||
Gain on sale of assets | $ 10,349 | |||||
Superstition Springs Power Center | Sold | ||||||
Discontinued Operations: | ||||||
Property area (in square feet) | ft² | 204 | |||||
Proceeds from sale of assets | $ 5,634 | |||||
Gain on sale of assets | $ 1,903 | |||||
Land | ||||||
Discontinued Operations: | ||||||
Gain on sale or write down of assets, net | $ 480 | $ 6,240 | $ 4,854 | $ 21,387 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Contingencies | |
Contingent liability under letters of credit | $ 41,031 |
Outstanding obligations under construction agreements | 7,128 |
Secured by Restricted Cash | |
Contingencies | |
Contingent liability under letters of credit | $ 40,818 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Management fees | ||||
Related Party Transaction | ||||
Revenue | $ 7,444 | $ 7,607 | $ 22,234 | $ 21,432 |
Related Party | ||||
Related Party Transaction | ||||
Revenue | 6,712 | 7,043 | 19,883 | 19,577 |
Related Party | Management fees | ||||
Related Party Transaction | ||||
Revenue | 4,474 | 4,332 | 12,917 | 13,375 |
Related Party | Development and leasing fees | ||||
Related Party Transaction | ||||
Revenue | $ 2,238 | $ 2,711 | $ 6,966 | $ 6,202 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction | |||||
Interest (income) expense | $ 53,380 | $ 52,630 | $ 147,507 | $ 157,680 | |
Related Party | |||||
Related Party Transaction | |||||
Interest (income) expense | 3,418 | $ 6,473 | (9) | $ 23,368 | |
Due from affiliates | $ 6,624 | $ 6,624 | $ 3,299 |
Share and Unit-Based Plans - Na
Share and Unit-Based Plans - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Capitalized share and unit-based compensation costs | $ 190 | $ 1,101 | $ 2,344 | $ 3,395 |
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 | 1,991 | $ 1,991 | ||
LTI Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Conversion rate of shares | 1 | |||
Risk free interest rate (as a percent) | 4.21% | |||
Volatility (as a percent) | 74.23% | |||
Unrecognized compensation cost of share and unit-based plans | 7,624 | $ 7,624 | ||
Phantom Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Unrecognized compensation cost of share and unit-based plans | $ 303 | $ 303 |
Share and Unit-Based Plans - Sc
Share and Unit-Based Plans - Schedule of LTI Units Granted (Details) - First Vesting Period | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Service-based | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Granted (in shares) | shares | 577,255 |
Granted (in dollars per share) | $ / shares | $ 11.26 |
Performance-based | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Granted (in shares) | shares | 1,030,077 |
Granted (in dollars per share) | $ / shares | $ 10.97 |
Share and Unit-Based Plans - _2
Share and Unit-Based Plans - Schedule of Activity of Non-vested LTI Units, Stock Awards, Phantom Stock and Stock Units (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
LTI Units | |
Units | |
Balance at beginning of period (in shares) | shares | 2,215,167 |
Granted (in shares) | shares | 1,607,332 |
Vested (in shares) | shares | (13,058) |
Forfeited (in shares) | shares | (37,592) |
Balance at end of period (in shares) | shares | 3,771,849 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 12.90 |
Granted (in dollars per share) | $ / shares | 11.07 |
Vested (in dollars per share) | $ / shares | 20.42 |
Forfeited (in dollars per share) | $ / shares | 21.28 |
Balance at end of period (in dollars per share) | $ / shares | $ 12.01 |
Phantom Stock Units | |
Units | |
Balance at beginning of period (in shares) | shares | 34,039 |
Granted (in shares) | shares | 4,938 |
Vested (in shares) | shares | (17,650) |
Forfeited (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 21,327 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 14.19 |
Granted (in dollars per share) | $ / shares | 11.27 |
Vested (in dollars per share) | $ / shares | 13.37 |
Forfeited (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 14.19 |
Stock Units | |
Units | |
Balance at beginning of period (in shares) | shares | 295,054 |
Granted (in shares) | shares | 246,879 |
Vested (in shares) | shares | (257,886) |
Forfeited (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 284,047 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 14.58 |
Granted (in dollars per share) | $ / shares | 10.89 |
Vested (in dollars per share) | $ / shares | 14.12 |
Forfeited (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 11.79 |
Share and Unit-Based Plans - _3
Share and Unit-Based Plans - Schedule of Options Rollforward (Details) - Stock options | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Units | |
Balance at beginning of period (in shares) | shares | 26,371 |
Granted (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 26,371 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 54.56 |
Granted (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 54.56 |
Share and Unit-Based Plans - _4
Share and Unit-Based Plans - Schedule of Compensation Cost under the Share and Unit-based Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Compensation cost under share and unit-based plans | $ 1,205 | $ 5,368 | $ 13,224 | $ 16,815 |
LTI Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Compensation cost under share and unit-based plans | 826 | 4,632 | 10,097 | 14,035 |
Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Compensation cost under share and unit-based plans | 299 | 629 | 2,891 | 2,496 |
Phantom Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Compensation cost under share and unit-based plans | $ 80 | $ 107 | $ 236 | $ 284 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Current | $ 0 | $ 0 | $ 0 | $ 0 |
Deferred | (1,672) | 166 | (161) | (963) |
Total (expense) benefit | $ (1,672) | $ 166 | $ (161) | $ (963) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $ 22,952,000 | $ 23,114,000 |
Valuation allowance | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) | Oct. 27, 2023 $ / shares |
Subsequent Events | |
Subsequent Events | |
Dividend declared (in dollars per share) | $ 0.17 |