The Macerich Company (MAC) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		215,750,149
Entity Central Index Key	0000912242
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS:
Property, net	$ 5,838,822	$ 5,900,489
Cash and cash equivalents	120,054	94,936
Restricted cash	105,025	95,358
Tenant and other receivables, net	142,098	183,478
Right-of-use assets, net	116,567	118,664
Deferred charges and other assets, net	249,583	263,068
Investments in unconsolidated joint ventures	785,588	852,764
Total assets	7,363,073	7,513,512
LIABILITIES AND EQUITY:
Mortgage notes payable	4,098,705	4,136,136
Bank and other notes payable	170,494	89,548
Accounts payable and accrued expenses	60,576	64,194
Lease liabilities	81,713	83,989
Other accrued liabilities	301,645	334,742
Distributions in excess of investments in unconsolidated joint ventures	183,870	174,786
Financing arrangement obligation	105,455	102,516
Total liabilities	5,002,458	4,985,911
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at March 31, 2024 and December 31, 2023, and 216,091,693 and 215,976,614 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	2,159	2,158
Additional paid-in capital	5,512,628	5,509,603
Accumulated deficit	(3,227,312)	(3,063,789)
Accumulated other comprehensive loss	(337)	(952)
Total stockholders' equity	2,287,138	2,447,020
Noncontrolling interests	73,477	80,581
Total equity	2,360,615	2,527,601
Total liabilities and partners' capital	7,363,073	7,513,512
Related parties
ASSETS:
Due from affiliates	$ 5,336	$ 4,755

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	216,091,693	215,976,614
Common Stock, shares outstanding (in shares)	216,091,693	215,976,614

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Leasing revenue	$ 191,652	$ 199,045
Total revenues	208,783	214,854
Expenses:
Leasing expenses	10,522	9,656
REIT general and administrative expenses	7,643	6,980
Depreciation and amortization	68,351	71,453
Total expenses before interest	179,902	177,476
Interest expense (income):
Interest expense	52,190	39,423
Total expenses	232,092	216,899
Equity in loss of unconsolidated joint ventures	(73,276)	(61,810)
Income tax benefit	1,224	1,882
(Loss) gain on sale or write down of assets, net	(36,085)	3,779
Net loss	(131,446)	(58,194)
Less: net (loss) income attributable to noncontrolling interests	(4,718)	539
Net loss attributable to the Company	$ (126,728)	$ (58,733)
Loss per common share—attributable to common stockholders:
Basic (in dollars per share)	$ (0.59)	$ (0.27)
Diluted (in dollars per share)	$ (0.59)	$ (0.27)
Weighted average number of common shares outstanding:
Basic (in shares)	216,036	215,291
Diluted (in shares)	216,036	215,291
Related parties
Revenues:
Revenue	$ 7,020	$ 6,259
Interest expense (income):
Interest expense	4,439	(9,407)
Nonrelated Party
Interest expense (income):
Interest expense	47,751	48,830
Other
Revenues:
Revenue	8,902	9,054
Management Companies
Revenues:
Revenue	8,229	6,755
Expenses:
Shopping center and operating expenses	19,199	18,900
Management Companies | Related parties
Revenues:
Revenue	4,448	4,220
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	$ 74,187	$ 70,487

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (131,446)	$ (58,194)
Other comprehensive income:
Interest rate cap agreements	615	120
Comprehensive loss	(130,831)	(58,074)
Less: net (loss) income attributable to noncontrolling interests	(4,718)	539
Comprehensive loss attributable to the Company	$ (126,113)	$ (58,613)

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, 2022			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	(58,194)	(58,733)			(58,733)		539
Interest rate cap agreements	120	120				120
Amortization of share and unit-based plans (in shares)			120,791
Amortization of share and unit-based plans	5,972	5,972	$ 1	5,971
Stock offerings, net	(21)	(21)		(21)
Distributions paid	(36,698)	(36,698)			(36,698)
Distributions to noncontrolling interests	(5,114)						(5,114)
Adjustment of noncontrolling interests in Operating Partnership	0	(521)		(521)			521
Ending balance (in shares) at Mar. 31, 2023			215,361,920
Ending balance at Mar. 31, 2023	$ 2,855,414	2,775,892	$ 2,152	5,511,513	(2,738,525)	752	79,522
Beginning balance (in shares) at Dec. 31, 2023	215,976,614		215,976,614
Beginning balance at Dec. 31, 2023	$ 2,527,601	2,447,020	$ 2,158	5,509,603	(3,063,789)	(952)	80,581
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(131,446)	(126,728)			(126,728)		(4,718)
Interest rate cap agreements	615	615				615
Amortization of share and unit-based plans (in shares)			115,079
Amortization of share and unit-based plans	3,046	3,046	$ 1	3,045
Distributions paid	(36,795)	(36,795)			(36,795)
Distributions to noncontrolling interests	(2,406)						(2,406)
Adjustment of noncontrolling interests in Operating Partnership	$ 0	(20)		(20)			20
Ending balance (in shares) at Mar. 31, 2024	216,091,693		216,091,693
Ending balance at Mar. 31, 2024	$ 2,360,615	$ 2,287,138	$ 2,159	$ 5,512,628	$ (3,227,312)	$ (337)	$ 73,477

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 0.17	$ 0.17

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (131,446)	$ (58,194)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss (gain) on sale or write down of assets, net	36,085	(3,779)
Depreciation and amortization	71,382	75,035
Amortization of share and unit-based plans	2,730	4,895
Straight-line rent and amortization of above and below market leases	3,577	823
Provision for (recovery of) doubtful accounts	2,923	(1,023)
Income tax benefit	(1,224)	(1,882)
Equity in loss of unconsolidated joint ventures	73,276	61,810
Distributions of income from unconsolidated joint ventures	0	280
Change in fair value of financing arrangement obligation	2,939	(11,885)
Changes in assets and liabilities, net of dispositions:
Tenant and other receivables	30,598	22,051
Other assets	474	8,645
Due from affiliates	(581)	(4,592)
Accounts payable and accrued expenses	1,723	1,938
Other accrued liabilities	(31,361)	(13,392)
Net cash provided by operating activities	61,095	80,730
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(26,420)	(19,992)
Property improvements	(7,329)	(14,872)
Deferred leasing costs	(1,495)	(1,217)
Distributions from unconsolidated joint ventures	20,942	162,166
Contributions to unconsolidated joint ventures	(12,686)	(12,938)
Proceeds from sale of assets	11	5,018
Net cash (used in) provided by investing activities	(26,977)	118,165
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	270,000	420,000
Payments on mortgages, bank and other notes payable	(225,244)	(538,664)
Deferred financing costs	(4,273)	(13,251)
Payments on finance leases	(615)	(593)
Costs from stock offerings	0	(21)
Dividends and distributions	(39,201)	(41,812)
Net cash provided by (used in) financing activities	667	(174,341)
Net increase in cash, cash equivalents and restricted cash	34,785	24,554
Cash, cash equivalents and restricted cash, beginning of period	190,294	181,139
Cash, cash equivalents and restricted cash, end of period	225,079	205,693
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	48,707	48,376
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	$ 43,244	$ 34,526

Organization

Organization	3 Months Ended
	Mar. 31, 2024
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 retail centers and community/power shopping centers (the "Centers") located throughout the United States. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of March 31, 2024, the Company was the sole general partner of and held a 96% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies." All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 SanTan Village Regional Center. The Operating Partnership's consolidated VIEs included the following assets and liabilities: March 31, December 31, Assets: Property, net $ 127,144 $ 128,673 Other assets 22,365 22,277 Total assets $ 149,509 $ 150,950 Liabilities: Mortgage notes payable $ 219,527 $ 219,506 Other liabilities 76,368 78,794 Total liabilities $ 295,895 $ 298,300 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, 2023. 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, 2023 has been derived from the audited financial statements but does not include all disclosures required by GAAP. The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows: For the Three Months Ended March 31, 2024 2023 Beginning of period Cash and cash equivalents $ 94,936 $ 100,320 Restricted cash 95,358 80,819 Cash, cash equivalents and restricted cash $ 190,294 $ 181,139 End of period Cash and cash equivalents $ 120,054 $ 112,173 Restricted cash 105,025 93,520 Cash, cash equivalents and restricted cash $ 225,079 $ 205,693 Recent Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU on its consolidated financial statements and disclosures. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate Related Disclosures for Investors, which requires registrants to disclose climate-related information in registration statements and annual reports. The new rules would be effective for annual reporting periods beginning in fiscal year 2025. However, in April 2024, the SEC exercised its discretion to stay these rules pending the completion of judicial review of certain consolidated petitions with the United States Court of Appeals for the Eighth Circuit in connection with these rules. The Company is evaluating the impact of this rule on its consolidated financial statements and disclosures.

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share ("EPS")	Earnings Per Share ("EPS"): The following table reconciles the numerator and denominator used in the computation of EPS for the three months ended March 31, 2024 and 2023 (shares in thousands): For the Three Months Ended March 31, 2024 2023 Numerator Net loss $ (131,446) $ (58,194) Less: net (loss) income attributable to noncontrolling interests (4,718) 539 Net loss attributable to the Company (126,728) (58,733) Allocation of earnings to participating securities (186) (225) Numerator for basic and diluted EPS—net loss attributable to common stockholders $ (126,914) $ (58,958) Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 216,036 215,291 EPS—net loss attributable to common stockholders Basic and diluted $ (0.59) $ (0.27) (1) Diluted EPS excludes 99,565 convertible preferred partnership units for each of the three months ended March 31, 2024 and 2023, as their impact was antidilutive. Diluted EPS also excludes 10,104,663 and 8,978,620 Operating Partnership units ("OP Units") for the three months ended March 31, 2024 and 2023, respectively, as their impact was antidilutive.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2024
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 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. Accordingly, the joint venture shortened the holding period of the property due to the uncertainty as to the outcome of these discussions. As a result of shortening the holding period, the joint venture determined the fair value of the property was less than the carrying value and recorded an impairment loss during 2023. The Company recognized $100,997 as its share of the impairment which was limited to the extent of its investment which has been reduced to zero. On May 18, 2023, the Company acquired Seritage Growth Properties' ("Seritage") 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. As a result of this transaction and the shortening of holding periods, an impairment loss was recorded by the joint venture. The Company's share of the impairment loss was $51,363. 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). On December 4, 2023, the Company's joint venture in Tysons Corner Center replaced the existing $666,465 mortgage loan on the property with a new $710,000 loan that bears interest at a fixed rate of 6.60%, is interest only during the entire loan term and matures on December 6, 2028. On December 27, 2023, the Company’s joint venture in One Westside sold the property, a 680,000 square foot office property in Los Angeles, California for $700,000. The existing $324,632 loan on the property was repaid, and $77,643 of net proceeds were generated at the Company’s 25% ownership share, which were used to reduce the Company’s revolving loan facility. As a result of this transaction, the Company recognized its share of gain on sale of assets of $8,118. On January 10, 2024, the Company's joint venture in Boulevard Shops replaced the existing $23,000 mortgage loan on the property with a new $24,000 loan that bears interest at a variable rate of SOFR plus 2.50%, is interest only during the entire loan term and matures on December 5, 2028. The new loan has a required interest rate cap throughout the term of the loan at a strike rate of 7.5%. The Company has a 50/50 joint venture with Simon Property Group, which was initially formed to develop Los Angeles Premium Outlets, a premium outlet center in Carson, California. In the three months ended March 31, 2024, the Company evaluated its investment and concluded that due to certain conditions, the Company should not continue to invest capital in this development project. As a result, the Company determined the investment was impaired on an other-than-temporary basis and wrote-off its entire investment of $57,686 in the first quarter of 2024 through equity in loss of unconsolidated joint ventures. Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: March 31, December 31, Assets(1): Property, net $ 6,956,051 $ 7,201,941 Other assets 576,535 607,864 Total assets $ 7,532,586 $ 7,809,805 Liabilities and partners' capital(1): Mortgage and other notes payable $ 5,455,824 $ 5,445,411 Other liabilities 431,519 436,179 Company's capital 927,070 1,090,403 Outside partners' capital 718,173 837,812 Total liabilities and partners' capital $ 7,532,586 $ 7,809,805 Investments in unconsolidated joint ventures: Company's capital $ 927,070 $ 1,090,403 Basis adjustment(2) (325,352) (412,425) $ 601,718 $ 677,978 Assets—Investments in unconsolidated joint ventures $ 785,588 $ 852,764 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (183,870) (174,786) $ 601,718 $ 677,978 (1) These amounts include assets of $2,495,812 and $2,613,690 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2024 and December 31, 2023, respectively, and liabilities of $1,571,675 and $1,578,328 of the PPR Portfolio as of March 31, 2024 and December 31, 2023, respectively. 4. Investments in Unconsolidated Joint Ventures: (Continued) (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 the Company's share of net loss. The amortization of this difference was $75,183 and $12,554 for the three months ended March 31, 2024 and 2023, respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Three Months Ended March 31, 2024 Revenues: Leasing revenue $ 43,011 $ 150,061 $ 193,072 Other 315 667 982 Total revenues 43,326 150,728 194,054 Expenses: Shopping center and operating expenses 10,564 57,944 68,508 Leasing expenses 580 1,384 1,964 Interest expense 22,127 51,536 73,663 Depreciation and amortization 21,959 56,195 78,154 Total expenses 55,230 167,059 222,289 Loss on sale or write down of assets, net (100,273) (121,193) (221,466) Net loss $ (112,177) $ (137,524) $ (249,701) Company's equity in net loss $ (5,986) $ (67,290) $ (73,276) Three Months Ended March 31, 2023 Revenues: Leasing revenue $ 43,070 $ 163,368 $ 206,438 Other 680 666 1,346 Total revenues 43,750 164,034 207,784 Expenses: Shopping center and operating expenses 11,406 60,111 71,517 Leasing expenses 570 1,471 2,041 Interest expense 21,810 42,295 64,105 Depreciation and amortization 22,878 62,504 85,382 Total expenses 56,664 166,381 223,045 Loss on sale or write down of assets, net — (70,563) (70,563) Net loss $ (12,914) $ (72,910) $ (85,824) Company's equity in net loss $ (5,516) $ (56,294) $ (61,810) Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2024
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 income related to the marking-to-market of derivative instruments of $615 and $120 for the three months ended March 31, 2024 and 2023, respectively. The amounts in other comprehensive income represent the Company's pro rata share of hedged derivative instruments from certain unconsolidated joint ventures. The following derivatives were outstanding at March 31, 2024 and December 31, 2023: Fair Value Property Designation Notional Amount Product SOFR/LIBOR Rate Maturity March 31, December 31, Santa Monica Place Non-Hedged $ 300,000 Cap 4.00 % 12/9/2024 $ 2,495 $ 2,665 The Macerich Partnership, L.P. Non-Hedged $ (300,000) Sold Cap 4.00 % 12/9/2024 $ (2,491) $ (2,658) 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	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, net	Property, net: Property, net consists of the following: March 31, December 31, Land $ 1,373,767 $ 1,388,345 Buildings and improvements 5,915,516 6,070,367 Tenant improvements 673,214 724,427 Equipment and furnishings(1) 183,762 186,717 Construction in progress 394,616 340,496 8,540,875 8,710,352 Less accumulated depreciation(1) (2,702,053) (2,809,863) $ 5,838,822 $ 5,900,489 (1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2024 and December 31, 2023 (See Note 8—Leases). Depreciation expense was $64,759 and $67,064 for the three months ended March 31, 2024 and 2023, respectively. (Loss) gain on sale or write-down of assets, net for the three months ended March 31, 2024 and 2023 consist of the following: For the Three Months Ended March 31, 2024 2023 Loss on write-down of assets(1) (36,085) (595) Gain on land sales, net(2) — 4,374 $ (36,085) $ 3,779 (1) Includes impairment loss of $35,987 on Santa Monica Place for the three months ended March 31, 2024. The impairment loss was due to the reduction of the estimated holding period of the property (See Note 10—Mortgage Notes Payable). The remaining amounts for the three months ended March 31, 2024 and 2023 mainly pertain to the write off of development costs. (2) See Note 16—Dispositions. The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of the impairment losses recorded for the three months ended March 31, 2024 and 2023, as described above: Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Unobservable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) March 31, 2024 $ 297,600 $ — $ — $ 297,600 The fair value (Level 3 measurement) related to the 2024 impairment is based upon an income approach, using an estimated terminal capitalization rate of 7.3%, a discount rate of 9.0% and market rents per square foot of $20 to $200. The fair value is sensitive to these significant unobservable inputs.

Tenant and Other Receivables, n

Tenant and Other Receivables, net	3 Months Ended
	Mar. 31, 2024
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 $7,267 and $4,824 at March 31, 2024 and December 31, 2023, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $2,457 and $15,076 at March 31, 2024 and December 31, 2023, respectively, and a deferred rent receivable due to straight-line rent adjustments of $102,058 and $105,260 at March 31, 2024 and December 31, 2023, respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases: Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection. The following table summarizes the components of leasing revenue for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Leasing revenue—fixed payments $ 144,715 $ 140,506 Leasing revenue—variable payments 49,860 57,516 (Provision for) recovery of doubtful accounts (2,923) 1,023 $ 191,652 $ 199,045 The following table summarizes the future rental payments to the Company: Twelve months ending March 31, 2025 $ 478,983 2026 400,692 2027 325,776 2028 248,924 2029 195,660 Thereafter 804,126 $ 2,454,161 Lessee Leases: The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2078, 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 months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Operating lease costs $ 3,262 $ 3,794 Finance lease costs: Amortization of ROU assets 488 485 Interest on lease liabilities 142 168 $ 3,892 $ 4,447 The following table summarizes the future rental payments required under the leases: March 31, 2024 December 31, 2023 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2024 $ 8,606 $ 9,478 $ 11,442 $ 9,478 2025 11,626 1,400 11,626 1,400 2026 11,743 — 11,743 — 2027 11,914 — 11,914 — 2028 8,303 — 8,303 — Thereafter 74,831 — 74,831 — Total undiscounted rental payments 127,023 10,878 129,859 10,878 Less imputed interest (55,300) (888) (56,475) (273) Total lease liabilities $ 71,723 $ 9,990 $ 73,384 $ 10,605 Weighted average remaining term 24.2 years 0.5 years 24.1 years 0.7 years Weighted average incremental borrowing rate 7.1 % 3.6 % 7.1 % 3.6 %
Leases	Leases: Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection. The following table summarizes the components of leasing revenue for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Leasing revenue—fixed payments $ 144,715 $ 140,506 Leasing revenue—variable payments 49,860 57,516 (Provision for) recovery of doubtful accounts (2,923) 1,023 $ 191,652 $ 199,045 The following table summarizes the future rental payments to the Company: Twelve months ending March 31, 2025 $ 478,983 2026 400,692 2027 325,776 2028 248,924 2029 195,660 Thereafter 804,126 $ 2,454,161 Lessee Leases: The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2078, 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 months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Operating lease costs $ 3,262 $ 3,794 Finance lease costs: Amortization of ROU assets 488 485 Interest on lease liabilities 142 168 $ 3,892 $ 4,447 The following table summarizes the future rental payments required under the leases: March 31, 2024 December 31, 2023 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2024 $ 8,606 $ 9,478 $ 11,442 $ 9,478 2025 11,626 1,400 11,626 1,400 2026 11,743 — 11,743 — 2027 11,914 — 11,914 — 2028 8,303 — 8,303 — Thereafter 74,831 — 74,831 — Total undiscounted rental payments 127,023 10,878 129,859 10,878 Less imputed interest (55,300) (888) (56,475) (273) Total lease liabilities $ 71,723 $ 9,990 $ 73,384 $ 10,605 Weighted average remaining term 24.2 years 0.5 years 24.1 years 0.7 years Weighted average incremental borrowing rate 7.1 % 3.6 % 7.1 % 3.6 %

Deferred Charges and Other Asse

Deferred Charges and Other Assets, net	3 Months Ended
	Mar. 31, 2024
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: March 31, December 31, Leasing $ 89,043 $ 89,175 Intangible assets: In-place lease values 59,125 59,478 Leasing commissions and legal costs 16,260 16,364 Above-market leases 61,974 66,002 Deferred tax assets 25,248 24,024 Deferred compensation plan assets 67,074 62,755 Other assets 58,869 73,576 377,593 391,374 Less accumulated amortization(1) (128,010) (128,306) $ 249,583 $ 263,068 (1) Accumulated amortization includes $40,856 and $39,540 relating to in-place lease values, leasing commissions and legal costs at March 31, 2024 and December 31, 2023, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,776 and $1,909 for the three months ended March 31, 2024 and 2023, respectively. The allocated values of above-market leases and below-market leases consist of the following: March 31, December 31, Above-Market Leases Original allocated value $ 61,974 $ 66,002 Less accumulated amortization (35,046) (36,926) $ 26,928 $ 29,076 Below-Market Leases(1) Original allocated value $ 84,430 $ 85,174 Less accumulated amortization (38,955) (37,490) $ 45,475 $ 47,684 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable

Mortgage Notes Payable	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable: Mortgage notes payable at March 31, 2024 and December 31, 2023 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral March 31, 2024 December 31, 2023 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,969 $ 255,924 4.18 % $ 875 2024 Danbury Fair Mall(6) 152,233 122,502 6.57 % 836 2034 Fashion District Philadelphia(7) 8,171 70,820 9.70 % 61 2024 Fashion Outlets of Chicago 299,398 299,375 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA(8) 83,252 86,470 6.46 % 727 2026 Freehold Raceway Mall(5) 399,085 399,044 3.94 % 1,300 2029 Fresno Fashion Fair 324,503 324,453 3.67 % 971 2026 Green Acres Mall(9) 359,935 359,264 6.62 % 1,819 2028 Kings Plaza Shopping Center 537,085 536,956 3.71 % 1,629 2030 Oaks, The(10) 150,572 151,496 5.74 % 1,038 2024 Pacific View 71,007 70,976 5.45 % 328 2032 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(11) 297,802 297,474 7.28 % 1,712 2025 SanTan Village Regional Center 219,527 219,506 4.34 % 788 2029 Victor Valley, Mall of 114,981 114,966 4.00 % 380 2024 Vintage Faire Mall 225,185 226,910 3.55 % 1,256 2026 $ 4,098,705 $ 4,136,136 (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 $23,333 and $21,148 at March 31, 2024 and December 31, 2023, 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). On November 16, 2023, the Company acquired the partner's 49.9% interest in Freehold Raceway Mall for $5.6 million and assumed the partner's share of debt. The Company now owns 100% of Freehold Raceway Mall (See Note 15—Acquisitions). (6) On January 25, 2024, the Company replaced the existing loan with a $155,000 loan that bears interest at a fixed rate of 6.39%, is interest only during the majority of the loan term and matures on February 6, 2034. (7) 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 was SOFR plus 3.60%. On January 22, 2024, the Company repaid the majority of the loan balance and the remaining $8,171 matured on April 21, 2024 and was paid in full on April 19, 2024. (8) Effective October 6, 2023, the loan was in default and the Company was in negotiations with the lender on the terms of this non-recourse loan. On March 19, 2024, the Company closed on a three-year extension of the loan to October 6, 2026. The interest rate remained unchanged at 5.90%. (9) 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 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. (11) 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. The interest rate cap agreement has since been extended with a 4% strike rate to December 9, 2024. Effective April 9, 2024, the loan is in default. The Company is in negotiations with the lender on the terms of this non-recourse loan. 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 Santa Monica Place as noted above. Total interest expense capitalized was $5,077 and $4,844 for the three months ended March 31, 2024 and 2023, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at March 31, 2024 and December 31, 2023 was $3,834,621 and $3,863,997, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.

Bank and Other Notes Payable

Bank and Other Notes Payable	3 Months Ended
	Mar. 31, 2024
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 amended and restated 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. 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. 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 March 31, 2024, the borrowing rate was SOFR plus a spread of 2.35%. As of March 31, 2024, borrowings under the credit facility were $185,000 less unamortized deferred finance costs of $14,506 for the revolving loan facility at a total effective interest rate of 8.33%. As of March 31, 2024, the Company’s availability under the revolving loan facility for additional borrowings was $464,921. The estimated fair value (Level 2 measurement) of borrowings under the credit facility at March 31, 2024 was $191,138 for the revolving loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt. As of March 31, 2024 and December 31, 2023, the Company was in compliance with all applicable financial loan covenants.

Financing Arrangement

Financing Arrangement	3 Months Ended
	Mar. 31, 2024
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 1,402,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,546,000 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. On November 16, 2023, the Company acquired the 49.9% ownership interest in Freehold Raceway Mall (See Note 15—Acquisitions). As a result, Freehold Raceway Mall is no longer part of the financing arrangement and is 100% owned by the Company. References to Chandler Freehold after November 16, 2023 shall be deemed to only refer to Chandler Fashion Center. In connection with the acquisition of the 49.9% ownership interest, the Company recorded the $5,587 purchase amount as a reduction to the financing arrangement obligation. The fair value (Level 3 measurement) of the financing arrangement obligation at March 31, 2024 and December 31, 2023 was based upon a terminal capitalization rate of approximately 6.75% and 6.50%, respectively, a discount rate at both March 31, 2024 and December 31, 2023 of 8.00%, and market rents per square foot of $45 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 months ended March 31, 2024 and 2023, 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 March 31, 2024 2023 Distributions equal to the partner's share of net income (loss) $ 800 $ (340) Distributions in excess of the partner's share of net income 700 2,818 Adjustment to fair value of financing arrangement obligation 2,939 (11,885) $ 4,439 $ (9,407)

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. The remaining 4% limited partnership interest as of March 31, 2024 and December 31, 2023 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of March 31, 2024 and December 31, 2023, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $169,859 and $158,157, respectively. The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity: Stock Offerings In connection with the commencement of an “at the market” offering program on March 26, 2021, which is referred to as the “ATM Program,” the Company entered into an equity distribution agreement 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 the ATM Program. During the three months ended March 31, 2024, the Company did not issue any shares of common stock under the ATM Program. As of March 31, 2024, $151,699 remained available to be sold under the 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 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 purchases, privately negotiated transactions, structured or derivative transactions, including accelerated share repurchase transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program".

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions: 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 On November 16, 2023, the Company acquired its joint venture partner's 49.9% ownership interest in Freehold Raceway Mall for $5,587 and assumed its joint venture partner's share of debt. The Company now owns 100% of this property. Prior to November 16, 2023, the Company accounted for its investment in Freehold Raceway Mall as part of a financing arrangement (See Note 12—Financing Arrangement). On December 9, 2023, the Company acquired its joint venture partner's 50% interest in Fashion District Philadelphia for no consideration, and the Company now owns 100% of this property. Prior to December 9, 2023, due to the Company's joint venture partner having no substantive participation rights, the Company accounted for this joint venture as a VIE in its consolidated financial statements (See Note 2—Summary of Significant Accounting Policies).

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2024
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. The Company did not repay the loan on Towne Mall on its maturity date of November 1, 2022, and completed transition of the property to a receiver. On December 4, 2023, Towne Mall was sold by the receiver for $9,500, resulting in a gain on extinguishment of debt of $8,208. For the three months ended March 31, 2024, the Company did not have any land sales. For the three months ended March 31, 2023, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $4,374. 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	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: As of March 31, 2024, the Company was contingently liable for $40,899 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of March 31, 2024, $40,820 of these letters of credit were secured by restricted cash. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At March 31, 2024, the Company had $12,539 in outstanding obligations, which it believes will be settled in the next twelve months.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions: Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures: For the Three Months Ended March 31, 2024 2023 Management fees $ 4,448 $ 4,220 Development and leasing fees 2,572 2,039 $ 7,020 $ 6,259 Interest expense (income) from related party transactions includes $4,439 and $(9,407) for the three months ended March 31, 2024 and 2023, respectively, in connection with the financing arrangement (See Note 12—Financing Arrangement). Due from affiliates includes $5,336 and $4,755 of unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies at March 31, 2024 and December 31, 2023, respectively.

Share and Unit-Based Plans

Share and Unit-Based Plans	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024, the Company granted the following LTI Units: Grant Date Units Type Fair Value per LTI Unit Vest Date 2/15/2024 305,129 Service-based $ 17.47 12/31/2026 2/15/2024 280,637 Performance-based $ 17.37 12/31/2026 3/1/2024 138,634 Service-based $ 16.41 12/31/2026 3/1/2024 152,346 Service-based $ 16.41 3/1/2027 3/1/2024 76,173 Service-based $ 16.41 3/1/2028 3/1/2024 76,173 Service-based $ 16.41 3/1/2029 3/1/2024 261,124 Performance-based $ 16.18 12/31/2026 1,290,216 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 February 15, 2024 was estimated on the date of grant using a Monte Carlo Simulation model that assumed an approximate three-year risk-free interest rate of 4.28% and an expected volatility of 45.04%. The fair value (Level 3 measurement) of the performance-based LTI Units granted on March 1, 2024 was estimated on the date of grant using a Monte Carlo Simulation model that assumed an approximate three-year risk-free interest rate of 4.25% and an expected volatility of 45.09%. 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, 2024 2,256,847 $ 12.86 17,043 $ 14.19 284,047 $ 11.79 Granted 1,290,216 16.82 1,148 16.69 93,931 15.31 Vested — — (5,385) 14.72 (95,724) 13.18 Balance at March 31, 2024 3,547,063 $ 14.30 12,806 $ 14.19 282,254 $ 12.49 (1) Value represents the weighted average grant date fair value. The following table summarizes the activity of the vested stock options outstanding: Stock Options Units Value(1) Balance at January 1, 2024 26,371 $ 54.56 Granted — — Balance at March 31, 2024 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 March 31, 2024 2023 LTI Units $ 2,176 $ 4,662 Stock units 791 1,232 Phantom stock units 79 78 $ 3,046 $ 5,972

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes: The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC. The income tax provision of the TRSs are as follows: For the Three Months Ended March 31, 2024 2023 Current $ — $ — Deferred 1,224 1,882 Total benefit $ 1,224 $ 1,882 The net operating loss ("NOL") carryforwards generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2031. 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 $25,248 and $24,024 were included in deferred charges and other assets, net at March 31, 2024 and December 31, 2023, respectively. The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of March 31, 2024, the Company had no valuation allowance recorded. The tax years 2020 through 2022 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: On April 26, 2024, the Company announced a dividend/distribution of $0.17 per share for common stockholders and OP Unitholders of record on May 20, 2024. All dividends/distributions will be paid 100% in cash on June 3, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (126,728)	$ (58,733)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
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"), including SanTan Village Regional Center.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU on its consolidated financial statements and disclosures. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate Related Disclosures for Investors, which requires registrants to disclose climate-related information in registration statements and annual reports. The new rules would be effective for annual reporting periods beginning in fiscal year 2025. However, in April 2024, the SEC exercised its discretion to stay these rules pending the completion of judicial review of certain consolidated petitions with the United States Court of Appeals for the Eighth Circuit in connection with these rules. The Company is evaluating the impact of this rule on its consolidated financial statements and disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Variable Interest Entities	The Operating Partnership's consolidated VIEs included the following assets and liabilities: March 31, December 31, Assets: Property, net $ 127,144 $ 128,673 Other assets 22,365 22,277 Total assets $ 149,509 $ 150,950 Liabilities: Mortgage notes payable $ 219,527 $ 219,506 Other liabilities 76,368 78,794 Total liabilities $ 295,895 $ 298,300 All intercompany accounts and transactions have been eliminated in the consolidated financial statements.
Schedule of Cash and Cash Equivalents	The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows: For the Three Months Ended March 31, 2024 2023 Beginning of period Cash and cash equivalents $ 94,936 $ 100,320 Restricted cash 95,358 80,819 Cash, cash equivalents and restricted cash $ 190,294 $ 181,139 End of period Cash and cash equivalents $ 120,054 $ 112,173 Restricted cash 105,025 93,520 Cash, cash equivalents and restricted cash $ 225,079 $ 205,693
Schedule of Restricted Cash	The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows: For the Three Months Ended March 31, 2024 2023 Beginning of period Cash and cash equivalents $ 94,936 $ 100,320 Restricted cash 95,358 80,819 Cash, cash equivalents and restricted cash $ 190,294 $ 181,139 End of period Cash and cash equivalents $ 120,054 $ 112,173 Restricted cash 105,025 93,520 Cash, cash equivalents and restricted cash $ 225,079 $ 205,693

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerator and Denominator Used in Computation of Earnings Per Share	The following table reconciles the numerator and denominator used in the computation of EPS for the three months ended March 31, 2024 and 2023 (shares in thousands): For the Three Months Ended March 31, 2024 2023 Numerator Net loss $ (131,446) $ (58,194) Less: net (loss) income attributable to noncontrolling interests (4,718) 539 Net loss attributable to the Company (126,728) (58,733) Allocation of earnings to participating securities (186) (225) Numerator for basic and diluted EPS—net loss attributable to common stockholders $ (126,914) $ (58,958) Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 216,036 215,291 EPS—net loss attributable to common stockholders Basic and diluted $ (0.59) $ (0.27) (1) Diluted EPS excludes 99,565 convertible preferred partnership units for each of the three months ended March 31, 2024 and 2023, as their impact was antidilutive. Diluted EPS also excludes 10,104,663 and 8,978,620 Operating Partnership units ("OP Units") for the three months ended March 31, 2024 and 2023, respectively, as their impact was antidilutive.

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures	Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: March 31, December 31, Assets(1): Property, net $ 6,956,051 $ 7,201,941 Other assets 576,535 607,864 Total assets $ 7,532,586 $ 7,809,805 Liabilities and partners' capital(1): Mortgage and other notes payable $ 5,455,824 $ 5,445,411 Other liabilities 431,519 436,179 Company's capital 927,070 1,090,403 Outside partners' capital 718,173 837,812 Total liabilities and partners' capital $ 7,532,586 $ 7,809,805 Investments in unconsolidated joint ventures: Company's capital $ 927,070 $ 1,090,403 Basis adjustment(2) (325,352) (412,425) $ 601,718 $ 677,978 Assets—Investments in unconsolidated joint ventures $ 785,588 $ 852,764 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (183,870) (174,786) $ 601,718 $ 677,978 (1) These amounts include assets of $2,495,812 and $2,613,690 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2024 and December 31, 2023, respectively, and liabilities of $1,571,675 and $1,578,328 of the PPR Portfolio as of March 31, 2024 and December 31, 2023, respectively. 4. Investments in Unconsolidated Joint Ventures: (Continued) (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 the Company's share of net loss. The amortization of this difference was $75,183 and $12,554 for the three months ended March 31, 2024 and 2023, respectively.
Schedule of Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures	Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Three Months Ended March 31, 2024 Revenues: Leasing revenue $ 43,011 $ 150,061 $ 193,072 Other 315 667 982 Total revenues 43,326 150,728 194,054 Expenses: Shopping center and operating expenses 10,564 57,944 68,508 Leasing expenses 580 1,384 1,964 Interest expense 22,127 51,536 73,663 Depreciation and amortization 21,959 56,195 78,154 Total expenses 55,230 167,059 222,289 Loss on sale or write down of assets, net (100,273) (121,193) (221,466) Net loss $ (112,177) $ (137,524) $ (249,701) Company's equity in net loss $ (5,986) $ (67,290) $ (73,276) Three Months Ended March 31, 2023 Revenues: Leasing revenue $ 43,070 $ 163,368 $ 206,438 Other 680 666 1,346 Total revenues 43,750 164,034 207,784 Expenses: Shopping center and operating expenses 11,406 60,111 71,517 Leasing expenses 570 1,471 2,041 Interest expense 21,810 42,295 64,105 Depreciation and amortization 22,878 62,504 85,382 Total expenses 56,664 166,381 223,045 Loss on sale or write down of assets, net — (70,563) (70,563) Net loss $ (12,914) $ (72,910) $ (85,824) Company's equity in net loss $ (5,516) $ (56,294) $ (61,810)

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following derivatives were outstanding at March 31, 2024 and December 31, 2023: Fair Value Property Designation Notional Amount Product SOFR/LIBOR Rate Maturity March 31, December 31, Santa Monica Place Non-Hedged $ 300,000 Cap 4.00 % 12/9/2024 $ 2,495 $ 2,665 The Macerich Partnership, L.P. Non-Hedged $ (300,000) Sold Cap 4.00 % 12/9/2024 $ (2,491) $ (2,658)

Property, net (Tables)

Property, net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Components of Property, Net	Property, net consists of the following: March 31, December 31, Land $ 1,373,767 $ 1,388,345 Buildings and improvements 5,915,516 6,070,367 Tenant improvements 673,214 724,427 Equipment and furnishings(1) 183,762 186,717 Construction in progress 394,616 340,496 8,540,875 8,710,352 Less accumulated depreciation(1) (2,702,053) (2,809,863) $ 5,838,822 $ 5,900,489
Schedule of Gain (Loss) on Sale or Write-Down of Assets	(Loss) gain on sale or write-down of assets, net for the three months ended March 31, 2024 and 2023 consist of the following: For the Three Months Ended March 31, 2024 2023 Loss on write-down of assets(1) (36,085) (595) Gain on land sales, net(2) — 4,374 $ (36,085) $ 3,779 (1) Includes impairment loss of $35,987 on Santa Monica Place for the three months ended March 31, 2024. The impairment loss was due to the reduction of the estimated holding period of the property (See Note 10—Mortgage Notes Payable). The remaining amounts for the three months ended March 31, 2024 and 2023 mainly pertain to the write off of development costs. (2) See Note 16—Dispositions.
Schedule of Assets Measured on a Nonrecurring Basis	The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of the impairment losses recorded for the three months ended March 31, 2024 and 2023, as described above: Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Unobservable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) March 31, 2024 $ 297,600 $ — $ — $ 297,600

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Components of Leasing Revenue	The following table summarizes the components of leasing revenue for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Leasing revenue—fixed payments $ 144,715 $ 140,506 Leasing revenue—variable payments 49,860 57,516 (Provision for) recovery of doubtful accounts (2,923) 1,023 $ 191,652 $ 199,045
Schedule of Minimum Rental Payments	The following table summarizes the future rental payments to the Company: Twelve months ending March 31, 2025 $ 478,983 2026 400,692 2027 325,776 2028 248,924 2029 195,660 Thereafter 804,126 $ 2,454,161
Schedule of Lease Costs	The following table summarizes the lease costs for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 Operating lease costs $ 3,262 $ 3,794 Finance lease costs: Amortization of ROU assets 488 485 Interest on lease liabilities 142 168 $ 3,892 $ 4,447
Schedule of Minimum Future Rental Payments Required	The following table summarizes the future rental payments required under the leases: March 31, 2024 December 31, 2023 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2024 $ 8,606 $ 9,478 $ 11,442 $ 9,478 2025 11,626 1,400 11,626 1,400 2026 11,743 — 11,743 — 2027 11,914 — 11,914 — 2028 8,303 — 8,303 — Thereafter 74,831 — 74,831 — Total undiscounted rental payments 127,023 10,878 129,859 10,878 Less imputed interest (55,300) (888) (56,475) (273) Total lease liabilities $ 71,723 $ 9,990 $ 73,384 $ 10,605 Weighted average remaining term 24.2 years 0.5 years 24.1 years 0.7 years Weighted average incremental borrowing rate 7.1 % 3.6 % 7.1 % 3.6 %
Schedule of Finance Lease, Fiscal Year Maturity	The following table summarizes the future rental payments required under the leases: March 31, 2024 December 31, 2023 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2024 $ 8,606 $ 9,478 $ 11,442 $ 9,478 2025 11,626 1,400 11,626 1,400 2026 11,743 — 11,743 — 2027 11,914 — 11,914 — 2028 8,303 — 8,303 — Thereafter 74,831 — 74,831 — Total undiscounted rental payments 127,023 10,878 129,859 10,878 Less imputed interest (55,300) (888) (56,475) (273) Total lease liabilities $ 71,723 $ 9,990 $ 73,384 $ 10,605 Weighted average remaining term 24.2 years 0.5 years 24.1 years 0.7 years Weighted average incremental borrowing rate 7.1 % 3.6 % 7.1 % 3.6 %

Deferred Charges and Other As_2

Deferred Charges and Other Assets, net (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Charges and Other Assets, Net	Deferred charges and other assets, net consist of the following: March 31, December 31, Leasing $ 89,043 $ 89,175 Intangible assets: In-place lease values 59,125 59,478 Leasing commissions and legal costs 16,260 16,364 Above-market leases 61,974 66,002 Deferred tax assets 25,248 24,024 Deferred compensation plan assets 67,074 62,755 Other assets 58,869 73,576 377,593 391,374 Less accumulated amortization(1) (128,010) (128,306) $ 249,583 $ 263,068 (1) Accumulated amortization includes $40,856 and $39,540 relating to in-place lease values, leasing commissions and legal costs at March 31, 2024 and December 31, 2023, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,776 and $1,909 for the three months ended March 31, 2024 and 2023, respectively.
Schedule of Allocated Values of Above-Market Leases and Below-Market Leases	The allocated values of above-market leases and below-market leases consist of the following: March 31, December 31, Above-Market Leases Original allocated value $ 61,974 $ 66,002 Less accumulated amortization (35,046) (36,926) $ 26,928 $ 29,076 Below-Market Leases(1) Original allocated value $ 84,430 $ 85,174 Less accumulated amortization (38,955) (37,490) $ 45,475 $ 47,684 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Mortgage notes payable at March 31, 2024 and December 31, 2023 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral March 31, 2024 December 31, 2023 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,969 $ 255,924 4.18 % $ 875 2024 Danbury Fair Mall(6) 152,233 122,502 6.57 % 836 2034 Fashion District Philadelphia(7) 8,171 70,820 9.70 % 61 2024 Fashion Outlets of Chicago 299,398 299,375 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA(8) 83,252 86,470 6.46 % 727 2026 Freehold Raceway Mall(5) 399,085 399,044 3.94 % 1,300 2029 Fresno Fashion Fair 324,503 324,453 3.67 % 971 2026 Green Acres Mall(9) 359,935 359,264 6.62 % 1,819 2028 Kings Plaza Shopping Center 537,085 536,956 3.71 % 1,629 2030 Oaks, The(10) 150,572 151,496 5.74 % 1,038 2024 Pacific View 71,007 70,976 5.45 % 328 2032 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(11) 297,802 297,474 7.28 % 1,712 2025 SanTan Village Regional Center 219,527 219,506 4.34 % 788 2029 Victor Valley, Mall of 114,981 114,966 4.00 % 380 2024 Vintage Faire Mall 225,185 226,910 3.55 % 1,256 2026 $ 4,098,705 $ 4,136,136 (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 $23,333 and $21,148 at March 31, 2024 and December 31, 2023, 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). On November 16, 2023, the Company acquired the partner's 49.9% interest in Freehold Raceway Mall for $5.6 million and assumed the partner's share of debt. The Company now owns 100% of Freehold Raceway Mall (See Note 15—Acquisitions). (6) On January 25, 2024, the Company replaced the existing loan with a $155,000 loan that bears interest at a fixed rate of 6.39%, is interest only during the majority of the loan term and matures on February 6, 2034. (7) 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 was SOFR plus 3.60%. On January 22, 2024, the Company repaid the majority of the loan balance and the remaining $8,171 matured on April 21, 2024 and was paid in full on April 19, 2024. (8) Effective October 6, 2023, the loan was in default and the Company was in negotiations with the lender on the terms of this non-recourse loan. On March 19, 2024, the Company closed on a three-year extension of the loan to October 6, 2026. The interest rate remained unchanged at 5.90%. (9) 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 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. (11) 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. The interest rate cap agreement has since been extended with a 4% strike rate to December 9, 2024. Effective April 9, 2024, the loan is in default. The Company is in negotiations with the lender on the terms of this non-recourse loan.

Financing Arrangement (Tables)

Financing Arrangement (Tables)	3 Months Ended
	Mar. 31, 2024
Co-Venture Arrangement [Abstract]
Schedule of Financing Arrangement Activity	During the three months ended March 31, 2024 and 2023, 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 March 31, 2024 2023 Distributions equal to the partner's share of net income (loss) $ 800 $ (340) Distributions in excess of the partner's share of net income 700 2,818 Adjustment to fair value of financing arrangement obligation 2,939 (11,885) $ 4,439 $ (9,407)

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2024
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 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)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Fees Charged to Unconsolidated Joint Ventures	The following are fees charged to unconsolidated joint ventures: For the Three Months Ended March 31, 2024 2023 Management fees $ 4,448 $ 4,220 Development and leasing fees 2,572 2,039 $ 7,020 $ 6,259

Share and Unit-Based Plans (Tab

Share and Unit-Based Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of LTI Units Granted	During the three months ended March 31, 2024, the Company granted the following LTI Units: Grant Date Units Type Fair Value per LTI Unit Vest Date 2/15/2024 305,129 Service-based $ 17.47 12/31/2026 2/15/2024 280,637 Performance-based $ 17.37 12/31/2026 3/1/2024 138,634 Service-based $ 16.41 12/31/2026 3/1/2024 152,346 Service-based $ 16.41 3/1/2027 3/1/2024 76,173 Service-based $ 16.41 3/1/2028 3/1/2024 76,173 Service-based $ 16.41 3/1/2029 3/1/2024 261,124 Performance-based $ 16.18 12/31/2026 1,290,216
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, 2024 2,256,847 $ 12.86 17,043 $ 14.19 284,047 $ 11.79 Granted 1,290,216 16.82 1,148 16.69 93,931 15.31 Vested — — (5,385) 14.72 (95,724) 13.18 Balance at March 31, 2024 3,547,063 $ 14.30 12,806 $ 14.19 282,254 $ 12.49 (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 vested stock options outstanding: Stock Options Units Value(1) Balance at January 1, 2024 26,371 $ 54.56 Granted — — Balance at March 31, 2024 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 March 31, 2024 2023 LTI Units $ 2,176 $ 4,662 Stock units 791 1,232 Phantom stock units 79 78 $ 3,046 $ 5,972

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Benefit of TRSs	The income tax provision of the TRSs are as follows: For the Three Months Ended March 31, 2024 2023 Current $ — $ — Deferred 1,224 1,882 Total benefit $ 1,224 $ 1,882

Organization (Details)

Organization (Details) - entity	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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	Mar. 31, 2024	Dec. 31, 2023
Assets:
Property, net	$ 5,838,822	$ 5,900,489
Total assets	7,363,073	7,513,512
Liabilities:
Mortgage notes payable	4,098,705	4,136,136
Total liabilities	5,002,458	4,985,911
Operating Partnership
Assets:
Property, net	127,144	128,673
Other assets	22,365	22,277
Total assets	149,509	150,950
Liabilities:
Mortgage notes payable	219,527	219,506
Other liabilities	76,368	78,794
Total liabilities	$ 295,895	$ 298,300

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 120,054	$ 94,936	$ 112,173	$ 100,320
Restricted cash	105,025	95,358	93,520	80,819
Cash, cash equivalents and restricted cash	$ 225,079	$ 190,294	$ 205,693	$ 181,139

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
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net loss	$ (131,446)	$ (58,194)
Less: net (loss) income attributable to noncontrolling interests	(4,718)	539
Net loss attributable to the Company	(126,728)	(58,733)
Allocation of earnings to participating securities	(186)	(225)
Allocation of earnings to participating securities	(186)	(225)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	(126,914)	(58,958)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$ (126,914)	$ (58,958)
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding (in shares)	216,036,000	215,291,000
Denominator for diluted EPS—weighted average number of common shares outstanding (in shares)	216,036,000	215,291,000
EPS—net loss attributable to common stockholders
Basic (in dollars per share)	$ (0.59)	$ (0.27)
Diluted (in dollars per share)	$ (0.59)	$ (0.27)
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
Partnership Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities excluded from Diluted EPS (in shares)	10,104,663	8,978,620

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands

3 Months Ended

12 Months Ended

Jan. 10, 2024 USD ($)

Dec. 27, 2023 USD ($) ft²

Dec. 04, 2023 USD ($)

May 18, 2023 USD ($) property

Apr. 25, 2023 USD ($)

Mar. 03, 2023 USD ($)

Mar. 31, 2024 USD ($)

Mar. 31, 2023 USD ($)

Dec. 31, 2023 USD ($)

Nov. 16, 2023

May 09, 2023 USD ($)

May 17, 2018 property

Schedule of Equity Method Investments

Impairment loss

$ 36,085,000

$ 595,000

Ownership percentage (as a percent)

49.90%

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 | Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square

Schedule of Equity Method Investments

Impairment loss

$ 51,363,000

Purchase price

$ 46,687,000

Number of properties (property) | property

5

Ownership percentage at completion of acquisition (as a percent)

100%

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%

Scottsdale Fashion Square | Joint Venture

Schedule of Equity Method Investments

Repayments of debt

$ 403,931,000

Debt issued

$ 700,000,000

Interest rate on debt (as a percent)

6.21%

Deptford Mall

Schedule of Equity Method Investments

Repayments of debt

$ 5,100,000

Deptford Mall | Joint Venture

Schedule of Equity Method Investments

Repayments of debt

$ 10,000,000

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

$ 147,605,000

Country Club Plaza | Joint Venture

Schedule of Equity Method Investments

Debt instrument, default amount

$ 295,210,000

Impairment loss

$ 100,997,000

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

Tysons Corner LLC | Joint Venture

Schedule of Equity Method Investments

Repayments of debt

$ 666,465,000

Debt issued

$ 710,000,000

Tysons Corner LLC | Joint Venture | Fixed Rate Residential Mortgage

Schedule of Equity Method Investments

Interest rate on debt (as a percent)

6.60%

Office Property in Los Angeles

Schedule of Equity Method Investments

Repayments of debt

$ 324,632,000

Proceeds from sale of building

$ 77,643,000

Ownership percentage (as a percent)

25%

Loss (gain) on sale or write down of assets, net

$ 8,118,000

Office Property in Los Angeles | Joint Venture

Schedule of Equity Method Investments

Property area (in square feet) | ft²

680,000

Proceeds from sale of building

$ 700,000,000

Propcor II Associates, LLC Boulevard Shops | Joint Venture

Schedule of Equity Method Investments

Repayments of debt

$ 23,000,000

Debt issued

$ 24,000,000

Interest rate cap (as a percent)

7.50%

Propcor II Associates, LLC Boulevard Shops | Joint Venture | SOFR

Schedule of Equity Method Investments

Variable interest rate spread (as a percent)

2.50%

Development of Premium Outlets in Los Angeles

Schedule of Equity Method Investments

Impairment loss

$ 57,686,000

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Property, net	$ 5,838,822	$ 5,900,489
Total assets	7,363,073	7,513,512
Liabilities and partners' capital:
Mortgage and other notes payable	4,098,705	4,136,136
Total liabilities and partners' capital	7,363,073	7,513,512
Investments in unconsolidated joint ventures:
Assets—Investments in unconsolidated joint ventures	785,588	852,764
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(183,870)	(174,786)
Joint Venture
Assets:
Property, net	6,956,051	7,201,941
Other assets	576,535	607,864
Total assets	7,532,586	7,809,805
Liabilities and partners' capital:
Mortgage and other notes payable	5,455,824	5,445,411
Other liabilities	431,519	436,179
Company's capital	927,070	1,090,403
Outside partners' capital	718,173	837,812
Total liabilities and partners' capital	7,532,586	7,809,805
Investments in unconsolidated joint ventures:
Company's capital	927,070	1,090,403
Basis adjustment	(325,352)	(412,425)
Basic adjustment	601,718	677,978
Assets—Investments in unconsolidated joint ventures	785,588	852,764
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(183,870)	(174,786)
Investments in unconsolidated joint ventures	$ 601,718	$ 677,978

Investments in Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments
Total assets	$ 7,363,073		$ 7,513,512
Liabilities	5,002,458		4,985,911
Joint Venture
Schedule of Equity Method Investments
Total assets	7,532,586		7,809,805
Amortization of difference between cost of investments and book value of underlying equity	(75,183)	$ (12,554)
Joint Venture | Pacific Premier Retail LLC—Various Properties
Schedule of Equity Method Investments
Total assets	2,495,812		2,613,690
Liabilities	$ 1,571,675		$ 1,578,328

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
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Leasing revenue	$ 191,652	$ 199,045
Total revenues	208,783	214,854
Expenses:
Leasing expenses	10,522	9,656
Depreciation and amortization	68,351	71,453
Total expenses	232,092	216,899
Loss on sale or write down of assets, net	(36,085)	3,779
Net loss	(131,446)	(58,194)
Company's equity in net loss	(73,276)	(61,810)
Other
Revenues:
Other	8,902	9,054
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	74,187	70,487
Joint Venture
Revenues:
Leasing revenue	193,072	206,438
Total revenues	194,054	207,784
Expenses:
Leasing expenses	1,964	2,041
Interest expense	73,663	64,105
Depreciation and amortization	78,154	85,382
Total expenses	222,289	223,045
Loss on sale or write down of assets, net	(221,466)	(70,563)
Net loss	(249,701)	(85,824)
Company's equity in net loss	(73,276)	(61,810)
Joint Venture | PPR Portfolio
Revenues:
Leasing revenue	43,011	43,070
Total revenues	43,326	43,750
Expenses:
Leasing expenses	580	570
Interest expense	22,127	21,810
Depreciation and amortization	21,959	22,878
Total expenses	55,230	56,664
Loss on sale or write down of assets, net	(100,273)	0
Net loss	(112,177)	(12,914)
Company's equity in net loss	(5,986)	(5,516)
Joint Venture | Other Joint Ventures
Revenues:
Leasing revenue	150,061	163,368
Total revenues	150,728	164,034
Expenses:
Leasing expenses	1,384	1,471
Interest expense	51,536	42,295
Depreciation and amortization	56,195	62,504
Total expenses	167,059	166,381
Loss on sale or write down of assets, net	(121,193)	(70,563)
Net loss	(137,524)	(72,910)
Company's equity in net loss	(67,290)	(56,294)
Joint Venture | Other
Revenues:
Other	982	1,346
Joint Venture | Other | PPR Portfolio
Revenues:
Other	315	680
Joint Venture | Other | Other Joint Ventures
Revenues:
Other	667	666
Joint Venture | Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	68,508	71,517
Joint Venture | Shopping center and operating expenses | PPR Portfolio
Expenses:
Shopping center and operating expenses	10,564	11,406
Joint Venture | Shopping center and operating expenses | Other Joint Ventures
Expenses:
Shopping center and operating expenses	$ 57,944	$ 60,111

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) from derivative instrument recorded in OCI	$ 615	$ 120

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - Level 2 Measurement - Cap - Non-Hedged - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Santa Monica Place
Derivatives, Fair Value
Notional Amount	$ 300,000
SOFR/LIBOR Rate	4%
Fair Value	$ 2,495	$ 2,665
The Macerich Partnership, L.P.
Derivatives, Fair Value
Notional Amount	$ 300,000
SOFR/LIBOR Rate	4%
Fair Value	$ (2,491)	$ (2,658)

Property, net - Schedule of Com

Property, net - Schedule of Components of Property, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment
Equipment and furnishings	$ 183,762	$ 186,717
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization	8,540,875	8,710,352
Less accumulated depreciation	(2,702,053)	(2,809,863)
Property, net	5,838,822	5,900,489
Land
Property, Plant and Equipment
Property, plant and equipment, gross	1,373,767	1,388,345
Buildings and improvements
Property, Plant and Equipment
Property, plant and equipment, gross	5,915,516	6,070,367
Tenant improvements
Property, Plant and Equipment
Property, plant and equipment, gross	673,214	724,427
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, gross	$ 394,616	$ 340,496

Property, net - Narrative (Deta

Property, net - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / ft²	Mar. 31, 2023 USD ($)
Property, Plant and Equipment
Depreciation expense | $	$ 64,759	$ 67,064
Measurement Input, Cap Rate | Valuation, Income Approach
Property, Plant and Equipment
Other real estate owned, measurement input	0.073
Measurement Input, Discount Rate | Valuation, Income Approach
Property, Plant and Equipment
Other real estate owned, measurement input	0.090
Measurement Input, Market Rents Per Square Foot | Valuation, Income Approach | Minimum
Property, Plant and Equipment
Other real estate owned, measurement input	20
Measurement Input, Market Rents Per Square Foot | Valuation, Income Approach | Maximum
Property, Plant and Equipment
Other real estate owned, measurement input	200

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
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment
Loss on write-down of assets	$ (36,085)	$ (595)
Gain (loss) on sale or write down of assets, net	(36,085)	3,779
Santa Monica Place
Property, Plant and Equipment
Loss on write-down of assets	(35,987)
Gain On Land Sales, Net
Property, Plant and Equipment
Gain on land sales, net	$ 0	$ 4,374

Property, net - Schedule of Ass

Property, net - Schedule of Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring $ in Thousands	Mar. 31, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	$ 297,600
(Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	0
(Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	0
(Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	$ 297,600

Tenant and Other Receivables,_2

Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 7,267	$ 4,824
Deferred rent receivable due to straight-line rent adjustments	102,058	105,260
Accrued Percentage Rents
Components of tenant and other receivables, net
Accounts receivable	$ 2,457	$ 15,076

Leases - Schedule of Components

Leases - Schedule of Components of Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Leasing revenue—fixed payments	$ 144,715	$ 140,506
Leasing revenue—variable payments	49,860	57,516
(Provision for) recovery of doubtful accounts	(2,923)	1,023
Total leasing revenue	$ 191,652	$ 199,045

Leases - Schedule of Minimum Re

Leases - Schedule of Minimum Rental Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Twelve months ending March 31,
2025	$ 478,983
2026	400,692
2027	325,776
2028	248,924
2029	195,660
Thereafter	804,126
Total minimum rental payments	$ 2,454,161

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 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
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease costs	$ 3,262	$ 3,794
Finance lease costs:
Amortization of ROU assets	488	485
Interest on lease liabilities	142	168
Total lease cost	$ 3,892	$ 4,447

Leases - Schedule of Minimum Fu

Leases - Schedule of Minimum Future Rental Payments Required (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Leases For the Rolling 12 Months
2024	$ 8,606
2025	11,626
2026	11,743
2027	11,914
2028	8,303
Thereafter	74,831
Operating Leases
2024		$ 11,442
2025		11,626
2026		11,743
2027		11,914
2027		8,303
Thereafter		74,831
Total undiscounted rental payments	127,023	129,859
Less imputed interest	(55,300)	(56,475)
Total lease liabilities	$ 71,723	$ 73,384
Weighted average remaining lease term, operating leases (in years)	24 years 2 months 12 days	24 years 1 month 6 days
Weighted average incremental borrowing rate, operating leases (as a percent)	7.10%	7.10%
Finance Leases For the Rolling 12 Months
2024	$ 9,478
2025	1,400
2026	0
2027	0
2028	0
Thereafter	0
Finance Leases
2024		$ 9,478
2025		1,400
2026		0
2027		0
2027		0
Thereafter		0
Total undiscounted rental payments	10,878	10,878
Less imputed interest	(888)	(273)
Total lease liabilities	$ 9,990	$ 10,605
Weighted average remaining lease term, finance leases (in years)	6 months	8 months 12 days
Weighted average incremental borrowing rate, finance leases (as a percent)	3.60%	3.60%

Deferred Charges and Other As_3

Deferred Charges and Other Assets, net - Schedule of Deferred Charges and Other Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 89,043		$ 89,175
Intangible assets:
In-place lease values	59,125		59,478
Leasing commissions and legal costs	16,260		16,364
Above-market leases	61,974		66,002
Deferred tax assets	25,248		24,024
Deferred compensation plan assets	67,074		62,755
Other assets	58,869		73,576
Deferred charges and other assets, gross	377,593		391,374
Less accumulated amortization	(128,010)		(128,306)
Deferred charges and other assets, net	249,583		263,068
In-place Lease Values, Leasing Commissions And Legal Costs
Finite-Lived Intangible Assets
Accumulated amortization for intangible assets	40,856		$ 39,540
Amortization expense for intangible assets	$ 1,776	$ 1,909

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	Mar. 31, 2024	Dec. 31, 2023
Below-Market Leases
Original allocated value	$ 84,430	$ 85,174
Less accumulated amortization	(38,955)	(37,490)
Allocated value net	45,475	47,684
Above-Market Leases
Above-Market Leases
Original allocated value	61,974	66,002
Less accumulated amortization	(35,046)	(36,926)
Allocated value net	$ 26,928	$ 29,076

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 4,098,705	$ 4,136,136
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 255,969	255,924
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	$ 152,233	122,502
Effective Interest Rate (as a percent)	6.57%
Monthly Debt Service	$ 836
Fashion District Philadelphia
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 8,171	70,820
Effective Interest Rate (as a percent)	9.70%
Monthly Debt Service	$ 61
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 299,398	299,375
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	$ 83,252	86,470
Effective Interest Rate (as a percent)	6.46%
Monthly Debt Service	$ 727
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 399,085	399,044
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	$ 324,503	324,453
Effective Interest Rate (as a percent)	3.67%
Monthly Debt Service	$ 971
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 359,935	359,264
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	$ 537,085	536,956
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	$ 150,572	151,496
Effective Interest Rate (as a percent)	5.74%
Monthly Debt Service	$ 1,038
Pacific View
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 71,007	70,976
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	$ 297,802	297,474
Effective Interest Rate (as a percent)	7.28%
Monthly Debt Service	$ 1,712
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 219,527	219,506
Effective Interest Rate (as a percent)	4.34%
Monthly Debt Service	$ 788
Victor Valley, Mall of
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 114,981	114,966
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	$ 225,185	$ 226,910
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

3 Months Ended

Mar. 19, 2024

Jan. 25, 2024

Nov. 16, 2023

Oct. 06, 2023

Jul. 09, 2023

Jun. 05, 2023

Jan. 20, 2023

Jan. 03, 2023

Dec. 09, 2022

May 06, 2022

Mar. 31, 2024

Mar. 31, 2023

Apr. 21, 2024

Dec. 31, 2023

Mortgage loans payable on real estate

Unamortized deferred finance costs

$ 23,333

$ 21,148

Payments to acquire interest in joint venture

12,686

$ 12,938

Mortgage notes payable

$ 4,098,705

$ 4,136,136

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%

Ownership percentage (as a percent)

49.90%

Payments to acquire interest in joint venture

$ 5,600

Ownership percentage at completion of acquisition (as a percent)

100%

Danbury Fair Mall

Mortgage loans payable on real estate

Interest rate on debt (as a percent)

6.39%

Debt issued

$ 155,000

Fashion District Philadelphia

Mortgage loans payable on real estate

Repayments of debt

$ 26,107

Extension term (in years)

1 year

Fashion District Philadelphia | Subsequent Event

Mortgage loans payable on real estate

Mortgage notes payable

$ 8,171

Fashion District Philadelphia | SOFR

Mortgage loans payable on real estate

Interest rate on debt (as a percent)

3.60%

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

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

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%

Interest rate cap (as a percent)

4%

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%

Fashion Outlets at Niagara Falls USA

Mortgage loans payable on real estate

Extension term (in years)

3 years

Variable interest rate spread (as a percent)

5.90%

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest expense capitalized	$ 5,077	$ 4,844
Fair value of mortgage notes payable	$ 3,834,621		$ 3,863,997

Bank and Other Notes Payable (D

Bank and Other Notes Payable (Details) - USD ($)			3 Months Ended
	Sep. 11, 2023	Apr. 14, 2021	Mar. 31, 2024	Dec. 31, 2023
Mortgage loans payable on real estate
Unamortized deferred finance costs			$ 23,333,000	$ 21,148,000
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			185,000,000
Unamortized deferred finance costs			$ 14,506,000
Interest rate (as a percent)			8.33%
Availability for additional borrowing			$ 464,921,000
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			$ 191,138,000
Revolving Loan Facility Matures On February 1, 2027 | Revolving Line of Credit | SOFR
Mortgage loans payable on real estate
Debt instrument, increase rate (as a percent)			0.10%
Variable interest rate spread (as a percent)			2.35%
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
Term Loan | Revolving Loan Facility Matures On February 1, 2027
Mortgage loans payable on real estate
Proceeds from lines of credit	$ 152,000

Financing Arrangement - Narrati

Financing Arrangement - Narrative (Details) ft² in Thousands, $ in Thousands	Nov. 16, 2023 USD ($)	Sep. 30, 2009 ft²	Mar. 31, 2024 $ / ft²	Dec. 31, 2023 $ / ft²
Schedule of Joint Ventures
Ownership percentage (as a percent)	49.90%
Discount rate (as a percent)	100%		8%	8%
Terminal capitalization rate (as a percent)			6.75%	6.50%
Freehold Raceway Mall | Joint Venture
Schedule of Joint Ventures
Purchase price | $	$ 5,587
Financing Arrangement
Schedule of Joint Ventures
Ownership percentage (as a percent)	49.90%
Financing Arrangement | Minimum
Schedule of Joint Ventures
Market rent per square foot (in square feet) | $ / ft²			45	45
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		1,402
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		1,546

Financing Arrangement - Schedul

Financing Arrangement - Schedule of Financing arrangement activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Joint Ventures
Interest (income) expense	$ 52,190	$ 39,423
Related parties
Schedule of Joint Ventures
Interest (income) expense	4,439	(9,407)
Related parties | Financing Arrangement
Schedule of Joint Ventures
Distributions equal to the partner's share of net income (loss)	800	(340)
Distributions in excess of the partner's share of net income	700	2,818
Adjustment to fair value of financing arrangement obligation	2,939	(11,885)
Interest (income) expense	$ 4,439	$ (9,407)

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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	$ 169,859	$ 158,157
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 ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2022	Mar. 26, 2021	Feb. 12, 2017
Class of Stock
Authorized repurchase amount (up to)				$ 500,000,000
Stock repurchased (in shares)	0	0
ATM Program
Class of Stock
Authorized repurchase amount (up to)			$ 500,000,000
Shares available for sale	$ 151,699,000

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Thousands	Nov. 16, 2023 USD ($)	May 18, 2023 USD ($) property	Dec. 09, 2023	May 17, 2018 property
Acquisition
Ownership percentage (as a percent)	49.90%
Freehold Raceway Mall
Acquisition
Ownership percentage at completion of acquisition (as a percent)	100%
Fashion District Philadelphia
Acquisition
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
Ownership percentage at completion of acquisition (as a percent)		100%
Joint Venture | Freehold Raceway Mall
Acquisition
Purchase price | $	$ 5,587
Joint Venture | Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square | Seritage
Acquisition
Number of properties (property) | property				5
Joint Venture | Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square
Acquisition
Number of properties (property) | property		5
Purchase price | $		$ 46,687
Ownership percentage at completion of acquisition (as a percent)		100%
Joint Venture | Third Party | Freehold Raceway Mall
Acquisition
Ownership percentage (as a percent)	49.90%
Joint Venture | Third Party | Fashion District Philadelphia
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) - Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square $ in Thousands	May 18, 2023 USD ($)
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
	Dec. 04, 2023 USD ($)	Jul. 17, 2023 USD ($) ft²	May 02, 2023 USD ($) ft²	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Discontinued Operations:
Proceeds from sale of assets				$ 11	$ 5,018
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
Towne Mall | Sold
Discontinued Operations:
Proceeds from sale of assets	$ 9,500
Loss on extinguishment of debt	$ 8,208
Land
Discontinued Operations:
Gain on sale or write down of assets, net					$ 4,374

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Contingencies
Contingent liability under letters of credit	$ 40,899
Outstanding obligations under construction agreements	12,539
Secured by Restricted Cash
Contingencies
Contingent liability under letters of credit	$ 40,820

Related Party Transactions - Sc

Related Party Transactions - Schedule of Fees Charged to Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Management fees
Related Party Transaction
Revenue	$ 8,229	$ 6,755
Related parties
Related Party Transaction
Revenue	7,020	6,259
Related parties | Management fees
Related Party Transaction
Revenue	4,448	4,220
Related parties | Development and leasing fees
Related Party Transaction
Revenue	$ 2,572	$ 2,039

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction
Interest (income) expense	$ 52,190	$ 39,423
Related parties
Related Party Transaction
Interest (income) expense	4,439	$ (9,407)
Due from affiliates	$ 5,336		$ 4,755

Share and Unit-Based Plans - Na

Share and Unit-Based Plans - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 15, 2024	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate (as a percent)	4.28%	4.25%
Volatility (as a percent)	45.04%	45.09%
Capitalized share and unit-based compensation costs			$ 316	$ 1,077
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Conversion rate of shares			1
Unrecognized compensation cost of share and unit-based plans		$ 2,155	$ 2,155
LTI Units
Share-based Compensation Arrangement by Share-based Payment Award
Conversion rate of shares			1
Unrecognized compensation cost of share and unit-based plans		22,617	$ 22,617
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost of share and unit-based plans		$ 182	$ 182

Share and Unit-Based Plans - Sc

Share and Unit-Based Plans - Schedule of LTI Units Granted (Details) - First Vesting Period	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Service-based | February 15, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	305,129
Granted (in dollars per share) | $ / shares	$ 17.47
Service-based | March 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	138,634
Granted (in dollars per share) | $ / shares	$ 16.41
Performance-based | February 15, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	280,637
Granted (in dollars per share) | $ / shares	$ 17.37
Performance-based | March 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	261,124
Granted (in dollars per share) | $ / shares	$ 16.18
Service-based | March 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	152,346
Granted (in dollars per share) | $ / shares	$ 16.41
Service-based | March 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	76,173
Granted (in dollars per share) | $ / shares	$ 16.41
Service-based | March 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	76,173
Granted (in dollars per share) | $ / shares	$ 16.41

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)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
LTI Units
Units
Balance at beginning of period (in shares) | shares	2,256,847
Granted (in shares) | shares	1,290,216
Vested (in shares) | shares	0
Balance at end of period (in shares) | shares	3,547,063
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 12.86
Granted (in dollars per share) | $ / shares	16.82
Vested (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 14.30
Phantom Stock Units
Units
Balance at beginning of period (in shares) | shares	17,043
Granted (in shares) | shares	1,148
Vested (in shares) | shares	(5,385)
Balance at end of period (in shares) | shares	12,806
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 14.19
Granted (in dollars per share) | $ / shares	16.69
Vested (in dollars per share) | $ / shares	14.72
Balance at end of period (in dollars per share) | $ / shares	$ 14.19
Stock Units
Units
Balance at beginning of period (in shares) | shares	284,047
Granted (in shares) | shares	93,931
Vested (in shares) | shares	(95,724)
Balance at end of period (in shares) | shares	282,254
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 11.79
Granted (in dollars per share) | $ / shares	15.31
Vested (in dollars per share) | $ / shares	13.18
Balance at end of period (in dollars per share) | $ / shares	$ 12.49

Share and Unit-Based Plans - _3

Share and Unit-Based Plans - Schedule of Vested Stock Options Rollforward (Details) - Stock options	3 Months Ended
	Mar. 31, 2024 $ / 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
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	$ 3,046	$ 5,972
LTI Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	2,176	4,662
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	791	1,232
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	$ 79	$ 78

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Benefit of TRSs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Current	$ 0	$ 0
Deferred	1,224	1,882
Total benefit	$ 1,224	$ 1,882

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 25,248,000	$ 24,024,000
Valuation allowance	$ 0

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 26, 2024 $ / shares
Subsequent Event
Subsequent Events
Dividend declared (in dollars per share)	$ 0.17