Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MACERICH CO | ||
Entity Central Index Key | 912242 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 158,160,241 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $9.30 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS: | ||
Property, net | $11,067,890 | $7,621,766 |
Cash and cash equivalents | 84,907 | 69,715 |
Restricted cash | 13,530 | 16,843 |
Tenant and other receivables, net | 132,026 | 99,497 |
Deferred charges and other assets, net | 759,061 | 533,058 |
Loans to unconsolidated joint ventures | 0 | 2,756 |
Due from affiliates | 80,232 | 30,132 |
Investments in unconsolidated joint ventures | 984,132 | 701,483 |
Total assets | 13,121,778 | 9,075,250 |
Mortgage notes payable: | ||
Related parties | 289,039 | 269,381 |
Others | 5,115,482 | 4,145,809 |
Total | 5,404,521 | 4,415,190 |
Bank and other notes payable | 887,879 | 167,537 |
Accounts payable and accrued expenses | 115,406 | 76,941 |
Other accrued liabilities | 568,716 | 363,158 |
Distributions in excess of investments in unconsolidated joint ventures | 29,957 | 252,192 |
Co-venture obligation | 75,450 | 81,515 |
Total liabilities | 7,081,929 | 5,356,533 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,201,996 and 140,733,683 shares issued and outstanding at December 31, 2014 and 2013, respectively | 1,582 | 1,407 |
Additional paid-in capital | 5,041,797 | 3,906,148 |
Retained earnings (accumulated deficit) | 596,741 | -548,806 |
Total stockholders' equity | 5,640,120 | 3,358,749 |
Noncontrolling interests | 399,729 | 359,968 |
Total equity | 6,039,849 | 3,718,717 |
Total liabilities and equity | $13,121,778 | $9,075,250 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 158,201,996 | 140,733,683 |
Common stock, shares outstanding | 158,201,996 | 140,733,683 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Minimum rents | $633,571 | $578,113 | $447,321 |
Percentage rents | 24,350 | 23,156 | 21,388 |
Tenant recoveries | 361,119 | 337,772 | 247,593 |
Management Companies | 33,981 | 40,192 | 41,235 |
Other | 52,226 | 50,242 | 39,980 |
Total revenues | 1,105,247 | 1,029,475 | 797,517 |
Expenses: | |||
Shopping center and operating expenses | 353,505 | 329,795 | 251,923 |
Management Companies' operating expenses | 88,424 | 93,461 | 85,610 |
REIT general and administrative expenses | 29,412 | 27,772 | 20,412 |
Depreciation and amortization | 378,716 | 357,165 | 277,621 |
Total expenses before interest | 850,057 | 808,193 | 635,566 |
Interest expense: | |||
Related parties | 15,134 | 15,016 | 15,386 |
Other | 175,555 | 182,231 | 149,006 |
Total interest expense | 190,689 | 197,247 | 164,392 |
Loss (gain) on early extinguishment of debt, net | 9,551 | -1,432 | 0 |
Total expenses | 1,050,297 | 1,004,008 | 799,958 |
Equity in income of unconsolidated joint ventures | 60,626 | 167,580 | 79,281 |
Co-venture expense | -9,490 | -8,864 | -6,523 |
Income tax benefit | 4,269 | 1,692 | 4,159 |
Gain (loss) on sale or write down of assets, net | 73,440 | -78,057 | 28,734 |
Gain on remeasurement of assets | 1,423,136 | 51,205 | 199,956 |
Income from continuing operations | 1,606,931 | 159,023 | 303,166 |
Discontinued operations: | |||
Gain on disposition of assets, net | 0 | 286,414 | 50,811 |
Income from discontinued operations | 0 | 3,522 | 12,412 |
Total income from discontinued operations | 0 | 289,936 | 63,223 |
Net income | 1,606,931 | 448,959 | 366,389 |
Less net income attributable to noncontrolling interests | 107,889 | 28,869 | 28,963 |
Net income attributable to the Company | $1,499,042 | $420,090 | $337,426 |
Earnings per common share attributable to Companybbasic: (in dollars per share) | |||
Income from continuing operations | $10.46 | $1.07 | $2.07 |
Discontinued operations | $0 | $1.94 | $0.44 |
Net income attributable to common stockholders | $10.46 | $3.01 | $2.51 |
Earnings per common share attributable to Companybdiluted: (in dollars per share) | |||
Income from continuing operations | $10.45 | $1.06 | $2.07 |
Discontinued operations | $0 | $1.94 | $0.44 |
Net income attributable to common stockholders | $10.45 | $3 | $2.51 |
Weighted average number of common shares outstanding: (in shares) | |||
Basic | 143,144 | 139,598 | 134,067 |
Diluted | 143,291 | 139,680 | 134,148 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Total Stockholders' Equity | Shares | Additional Paid-in Capital | Accumulated Deficit | Noncontrolling Interests |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2011 | $3,164,651 | $2,813,337 | $1,321 | $3,490,647 | ($678,631) | $351,314 |
Balance (in shares) at Dec. 31, 2011 | 132,153,444 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 366,389 | 337,426 | 337,426 | 28,963 | ||
Amortization of share and unit-based plans | 14,970 | 14,970 | 6 | 14,964 | ||
Amortization of share and unit-based plans (in shares) | 566,717 | |||||
Exercise of stock options | 307 | 307 | 307 | |||
Exercise of stock options (in shares) | 10,800 | |||||
Exercise of stock warrants | -7,371 | -7,371 | -7,371 | |||
Employee stock purchases | 956 | 956 | 956 | |||
Employee stock purchases (in shares) | 20,372 | |||||
Stock offerings, net | 175,649 | 175,649 | 30 | 175,619 | ||
Stock offerings, net (in shares) | 2,961,903 | 2,961,903 | ||||
Stock issued to acquire properties | 30,000 | 30,000 | 5 | 29,995 | ||
Stock issued to acquire property (in shares) | 535,265 | |||||
Distributions paid | -298,536 | -298,536 | -298,536 | |||
Distributions to noncontrolling interests | -30,694 | -30,694 | ||||
Contributions from noncontrolling interests | 605 | 605 | ||||
Other | -589 | -589 | -589 | |||
Conversion of noncontrolling interests to common shares | 26,991 | 13 | 26,978 | -26,991 | ||
Conversion of noncontrolling interests to common shares (in shares) | 1,258,509 | |||||
Redemption of noncontrolling interests | -86 | -58 | -58 | -28 | ||
Adjustment of noncontrolling interests in Operating Partnership | -15,553 | -15,553 | 15,553 | |||
Balance at Dec. 31, 2012 | 3,416,251 | 3,077,529 | 1,375 | 3,715,895 | -639,741 | 338,722 |
Balance (in shares) at Dec. 31, 2012 | 137,507,010 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 448,959 | 420,090 | 420,090 | 28,869 | ||
Amortization of share and unit-based plans | 28,122 | 28,122 | 0 | 28,122 | ||
Amortization of share and unit-based plans (in shares) | 88,039 | |||||
Exercise of stock options | 99 | 99 | 99 | |||
Exercise of stock options (in shares) | 2,700 | |||||
Employee stock purchases | 1,089 | 1,089 | 1,089 | |||
Employee stock purchases (in shares) | 22,112 | |||||
Stock offerings, net | 171,102 | 171,102 | 25 | 171,077 | ||
Stock offerings, net (in shares) | 2,456,956 | 2,456,956 | ||||
Distributions paid | -329,155 | -329,155 | -329,155 | |||
Distributions to noncontrolling interests | -31,202 | -31,202 | ||||
Contributions from noncontrolling interests | 18,079 | 18,079 | ||||
Other | -3,561 | -3,561 | -3,561 | |||
Conversion of noncontrolling interests to common shares | 12,984 | 7 | 12,977 | -12,984 | ||
Conversion of noncontrolling interests to common shares (in shares) | 656,866 | |||||
Redemption of noncontrolling interests | -1,066 | -733 | -733 | -333 | ||
Adjustment of noncontrolling interests in Operating Partnership | -18,817 | -18,817 | 18,817 | |||
Balance at Dec. 31, 2013 | 3,718,717 | 3,358,749 | 1,407 | 3,906,148 | -548,806 | 359,968 |
Balance (in shares) at Dec. 31, 2013 | 140,733,683 | 140,733,683 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 1,606,931 | 1,499,042 | 1,499,042 | 107,889 | ||
Amortization of share and unit-based plans | 34,873 | 34,873 | 2 | 34,871 | ||
Amortization of share and unit-based plans (in shares) | 168,379 | |||||
Employee stock purchases | 1,231 | 1,231 | 1,231 | |||
Employee stock purchases (in shares) | 25,007 | |||||
Stock issued to acquire properties | 1,161,274 | 1,161,274 | 172 | 1,161,102 | ||
Stock issued to acquire property (in shares) | 17,140,845 | |||||
Distributions paid | -353,495 | -353,495 | -353,495 | |||
Distributions to noncontrolling interests | -32,230 | -32,230 | ||||
Other | -97,216 | -3,858 | -3,858 | -93,358 | ||
Conversion of noncontrolling interests to common shares | 2,410 | 1 | 2,409 | -2,410 | ||
Conversion of noncontrolling interests to common shares (in shares) | 134,082 | |||||
Redemption of noncontrolling interests | -236 | -157 | -157 | -79 | ||
Adjustment of noncontrolling interests in Operating Partnership | -59,949 | -59,949 | 59,949 | |||
Balance at Dec. 31, 2014 | $6,039,849 | $5,640,120 | $1,582 | $5,041,797 | $596,741 | $399,729 |
Balance (in shares) at Dec. 31, 2014 | 158,201,996 | 158,201,996 |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Distributions paid, per share (in dollars per share) | $2.51 | $2.36 | $2.23 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $1,606,931 | $448,959 | $366,389 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss (gain) on early extinguishment of debt, net | 526 | -1,432 | 0 |
(Gain) loss on sale or write down of assets, net | -73,440 | 78,057 | -28,734 |
Gain on remeasurement of assets | -1,423,136 | -51,205 | -199,956 |
Gain on disposition of assets, net from discontinued operations | 0 | -286,414 | -50,811 |
Depreciation and amortization | 387,785 | 383,002 | 322,720 |
Amortization of net premium on mortgages, bank and other notes payable | -8,906 | -6,822 | -1,600 |
Amortization of share and unit-based plans | 29,463 | 24,207 | 12,324 |
Straight-line rent adjustment | -5,825 | -7,987 | -6,698 |
Amortization of above and below-market leases | -9,083 | -6,726 | -5,405 |
Provision for doubtful accounts | 3,962 | 4,150 | 3,329 |
Income tax benefit | -4,269 | -1,692 | -4,159 |
Equity in income of unconsolidated joint ventures | -60,626 | -167,580 | -79,281 |
Co-venture expense | 9,490 | 8,864 | 6,523 |
Distributions of income from unconsolidated joint ventures | 2,412 | 8,538 | 29,147 |
Changes in assets and liabilities, net of acquisitions and dispositions: | |||
Tenant and other receivables | -12,356 | -5,482 | -2,554 |
Other assets | -15,594 | 7,761 | -17,094 |
Due from affiliates | -1,770 | 266 | -1,181 |
Accounts payable and accrued expenses | -123 | -747 | 13,430 |
Other accrued liabilities | -24,735 | -5,682 | -5,093 |
Net cash provided by operating activities | 400,706 | 422,035 | 351,296 |
Cash flows from investing activities: | |||
Acquisition of properties | -15,233 | -516,239 | -1,061,851 |
Development, redevelopment, expansion and renovation of properties | -185,412 | -158,682 | -142,210 |
Property improvements | -66,718 | -51,683 | -45,654 |
Cash acquired from acquisitions | 28,890 | 0 | 0 |
Proceeds from note receivable | 4,825 | 8,347 | 0 |
Issuance of notes receivable | -65,130 | -13,330 | -12,500 |
Proceeds from maturities of marketable securities | 0 | 23,769 | 1,378 |
Deposit on acquisition of property | 0 | 0 | -30,000 |
Deferred leasing costs | -28,019 | -27,669 | -30,614 |
Distributions from unconsolidated joint ventures | 78,222 | 618,048 | 322,242 |
Contributions to unconsolidated joint ventures | -336,621 | -97,898 | -95,358 |
Collections of loans to unconsolidated joint ventures, net | 2,756 | 589 | 650 |
Proceeds from sale of assets | 320,123 | 416,077 | 136,707 |
Restricted cash | 6,526 | 70,538 | -6,164 |
Net cash (used in) provided by investing activities | -255,791 | 271,867 | -963,374 |
Cash flows from financing activities: | |||
Proceeds from mortgages, bank and other notes payable | 1,204,946 | 2,572,764 | 3,193,451 |
Payments on mortgages, bank and other notes payable | -853,080 | -3,051,072 | -2,371,890 |
Deferred financing costs | -1,267 | -11,966 | -15,108 |
Proceeds from share and unit-based plans | 1,231 | 1,188 | 1,263 |
Proceeds from stock offerings | 0 | 173,011 | 177,896 |
Payment of stock issuance costs | -5,503 | -1,909 | -2,247 |
Exercise of stock warrants | 0 | 0 | -7,371 |
Redemption of noncontrolling interests | -236 | -1,066 | -86 |
Contributions from noncontrolling interests | 0 | 4,140 | 379 |
Purchase of noncontrolling interest | -55,867 | 0 | 0 |
Payment of contingent consideration | -18,667 | 0 | 0 |
Dividends and distributions | -385,725 | -355,506 | -326,185 |
Distributions to co-venture partner | -15,555 | -19,564 | -39,479 |
Net cash (used in) provided by financing activities | -129,723 | -689,980 | 610,623 |
Net increase (decrease) in cash and cash equivalents | 15,192 | 3,922 | -1,455 |
Cash and cash equivalents, beginning of year | 69,715 | 65,793 | 67,248 |
Cash and cash equivalents, end of year | 84,907 | 69,715 | 65,793 |
Supplemental cash flow information: | |||
Cash payments for interest, net of amounts capitalized | 186,877 | 195,129 | 174,089 |
Non-cash investing and financing activities: | |||
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | 83,108 | 41,334 | 26,322 |
Acquisition of property by issuance of common stock | 1,166,777 | 0 | 30,000 |
Conversion of Operating Partnership Units to common stock | 2,410 | 12,984 | 26,991 |
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 1,414,659 | 257,064 | 420,123 |
Mortgage notes payable settled in deed-in-lieu of foreclosure | 0 | 84,000 | 185,000 |
Mortgage notes payable assumed by buyers in sales of properties | 31,725 | 224,737 | 0 |
Note receivable issued in connection with sale of property | 9,603 | 0 | 0 |
Acquisition of property in exchange for settlement of notes receivable | 14,120 | 0 | 0 |
Acquisition of property in exchange for investment in unconsolidated joint venture | 15,767 | 0 | 0 |
Contingent consideration in acquisition of property | 10,012 | 0 | 0 |
Assumption of mortgage notes payable and other liabilities from unconsolidated joint ventures | 0 | 54,271 | 0 |
Application of deposit to acquire property | $0 | $30,000 | $0 |
Organization
Organization: | 12 Months Ended |
Dec. 31, 2014 | |
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 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 December 31, 2014, the Company was the sole general partner of and held a 94% 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." |
Summary_of_Significant_Account
Summary of Significant Accounting Policies: | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies: | Summary of Significant Accounting Policies: | |
Basis of Presentation: | ||
These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. | ||
Cash and Cash Equivalents and Restricted Cash: | ||
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under loan agreements. | ||
Revenues: | ||
Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." Minimum rents were increased by $5,825, $7,498 and $5,399 due to the straight-line rent adjustment during the years ended December 31, 2014, 2013 and 2012, respectively. 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. | ||
The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. In consideration for these services, the Management Companies receive monthly management fees generally ranging from 1.5% to 5% of the gross monthly rental revenue of the properties managed. | ||
Property: | ||
Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. | ||
Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows: | ||
Buildings and improvements | 5 - 40 years | |
Tenant improvements | 5 - 7 years | |
Equipment and furnishings | 5 - 7 years | |
Capitalization of Costs: | ||
The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete. | ||
Investment in Unconsolidated Joint Ventures: | ||
The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, the Company does not have a controlling financial interest in the joint venture as it shares management control with the partner in the joint venture and, therefore, accounts for its investment in the joint venture using the equity method of accounting. | ||
Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization. | ||
Acquisitions: | ||
The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases are recorded in deferred charges and other assets and amortized over the remaining lease terms plus an estimate of renewal term of the acquired leases. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. The initial allocation of purchase price is based on management's preliminary assessment, which may change when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The purchase price allocation is described as preliminary if it is not yet final. The use of different assumptions in the allocation of the purchase price of the acquired assets and liabilities assumed could affect the timing of recognition of the related revenues and expenses. | ||
The Company immediately expenses costs associated with business combinations as period costs. | ||
Remeasurement gains are recognized when the Company obtains control of an existing equity method investment to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment. | ||
Marketable Securities: | ||
The Company accounted for its investments in marketable debt securities as held-to-maturity securities as the Company had the intent and the ability to hold these securities until maturity. Accordingly, investments in marketable securities were carried at their amortized cost. The discount on marketable securities was amortized into interest income on a straight-line basis over the term of the notes, which approximates the effective interest method. | ||
Deferred Charges: | ||
Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method. | ||
The range of the terms of the agreements is as follows: | ||
Deferred lease costs | 1 - 15 years | |
Deferred financing costs | 1 - 15 years | |
Accounting for Impairment: | ||
The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. | ||
The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary. | ||
Derivative Instruments and Hedging Activities: | ||
The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Ineffective portions, if any, are included in net income (loss). | ||
Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. | ||
If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations. | ||
Share and Unit-based Compensation Plans: | ||
The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For market-indexed LTIP awards, compensation cost is recognized under the graded attribution method. | ||
Income Taxes: | ||
The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any. | ||
Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. 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. | ||
Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods. | ||
Segment Information: | ||
The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States. | ||
Fair Value of Financial Instruments: | ||
The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. | ||
Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||
The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made. | ||
The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and 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. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. | ||
Concentration of Risk: | ||
The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. At various times during the year, the Company had deposits in excess of the FDIC insurance limit. | ||
No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2014, 2013 or 2012. | ||
Reclassifications: | ||
During the year ended December 31, 2014, the Company reported gain on remeasurement of assets as a separate line item in its consolidated statements of operations. The Company reclassified the amounts from the years ended December 31, 2013 and 2012 previously reported in gain (loss) on remeasurement, sale or write down of assets, net line item to conform to the 2014 presentation. | ||
Management Estimates: | ||
The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Recent Accounting Pronouncements: | ||
On April 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-08, which amends the definition of discontinued operations and requires additional disclosures for disposal transactions that do not meet the revised discontinued operations criteria. ASU 2014-08 is required to be adopted for fiscal years beginning after December 15, 2014, with early adoption permitted. The Company's early adoption of this pronouncement on January 1, 2014 did not have a material impact on the Company's consolidated financial statements (See Note 14—Dispositions). |
Earnings_Per_Share_EPS
Earnings Per Share ("EPS"): | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 earnings per share for the years ended December 31 (shares in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator | ||||||||||||
Income from continuing operations | $ | 1,606,931 | $ | 159,023 | $ | 303,166 | ||||||
Income from discontinued operations | — | 289,936 | 63,223 | |||||||||
Net income attributable to noncontrolling interests | (107,889 | ) | (28,869 | ) | (28,963 | ) | ||||||
Net income attributable to the Company | 1,499,042 | 420,090 | 337,426 | |||||||||
Allocation of earnings to participating securities | (1,576 | ) | (397 | ) | (577 | ) | ||||||
Numerator for basic and diluted earnings per share—net income attributable to common stockholders | $ | 1,497,466 | $ | 419,693 | $ | 336,849 | ||||||
Denominator | ||||||||||||
Denominator for basic earnings per share—weighted average number of common shares outstanding | 143,144 | 139,598 | 134,067 | |||||||||
Effect of dilutive securities (1) | ||||||||||||
Stock warrants | — | — | 63 | |||||||||
Share and unit based compensation | 147 | 82 | 18 | |||||||||
Denominator for diluted earnings per share—weighted average number of common shares outstanding | 143,291 | 139,680 | 134,148 | |||||||||
Earnings per common share—basic: | ||||||||||||
Income from continuing operations | $ | 10.46 | $ | 1.07 | $ | 2.07 | ||||||
Discontinued operations | — | 1.94 | 0.44 | |||||||||
Net income attributable to common stockholders | $ | 10.46 | $ | 3.01 | $ | 2.51 | ||||||
Earnings per common share—diluted: | ||||||||||||
Income from continuing operations | $ | 10.45 | $ | 1.06 | $ | 2.07 | ||||||
Discontinued operations | — | 1.94 | 0.44 | |||||||||
Net income attributable to common stockholders | $ | 10.45 | $ | 3 | $ | 2.51 | ||||||
____________________________________ | ||||||||||||
-1 | The convertible senior notes ("Senior Notes") are excluded from diluted EPS for the year ended December 31, 2012 as their effect would be antidilutive. The Senior Notes were paid off in full on March 15, 2012 (See Note 9— Bank and Other Notes Payable). | |||||||||||
Diluted EPS excludes 179,667, 184,304 and 193,945 convertible preferred units for the years ended December 31, 2014, 2013 and 2012, respectively, as their impact was antidilutive. | ||||||||||||
Diluted EPS excludes 10,079,935 and 9,845,602 and 10,870,454 Operating Partnership units ("OP Units") for the years ended December 31, 2014, 2013 and 2012, respectively, as their effect was antidilutive. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Joint Ventures: | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||
Investments in Unconsolidated Joint Ventures: | Investments in Unconsolidated Joint Ventures: | |||||||||||||||||
The following are the Company's direct or indirect investments in various joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2014 was as follows: | ||||||||||||||||||
Joint Venture | Ownership %(1) | |||||||||||||||||
443 Wabash MAB LLC | 45 | % | ||||||||||||||||
Biltmore Shopping Center Partners LLC | 50 | % | ||||||||||||||||
Candlestick Center LLC | 50.1 | % | ||||||||||||||||
Coolidge Holding LLC | 37.5 | % | ||||||||||||||||
Corte Madera Village, LLC | 50.1 | % | ||||||||||||||||
Gallery, The—Various Entities | 50 | % | ||||||||||||||||
Jaren Associates #4 | 12.5 | % | ||||||||||||||||
Kierland Commons Investment LLC | 50 | % | ||||||||||||||||
Macerich Northwestern Associates—Broadway Plaza | 50 | % | ||||||||||||||||
North Bridge Chicago LLC | 50 | % | ||||||||||||||||
One Scottsdale Investors LLC | 50 | % | ||||||||||||||||
Propcor II Associates, LLC—Boulevard Shops | 50 | % | ||||||||||||||||
Scottsdale Fashion Square Partnership | 50 | % | ||||||||||||||||
The Market at Estrella Falls LLC | 39.7 | % | ||||||||||||||||
Tysons Corner LLC | 50 | % | ||||||||||||||||
Tysons Corner Property Holdings II LLC | 50 | % | ||||||||||||||||
Tysons Corner Property LLC | 50 | % | ||||||||||||||||
West Acres Development, LLP | 19 | % | ||||||||||||||||
Westcor/Gilbert, L.L.C. | 50 | % | ||||||||||||||||
Westcor/Queen Creek LLC | 37.9 | % | ||||||||||||||||
Westcor/Surprise Auto Park LLC | 33.3 | % | ||||||||||||||||
WMAP, L.L.C.—Atlas Park | 50 | % | ||||||||||||||||
WM Inland LP(2) | 50 | % | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||
-1 | The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds. | |||||||||||||||||
-2 | On February 17, 2015, the Company acquired the remaining 50% ownership interest that it did not previously own (See Note 22—Subsequent Events). | |||||||||||||||||
The Company has made the following investments and dispositions in unconsolidated joint ventures during the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||
On March 30, 2012, the Company sold its 50% ownership interest in Chandler Village Center, a 273,000 square foot community center in Chandler, Arizona, for a total sales price of $14,795, resulting in a gain of $8,184 that was included in gain (loss) on sale or write down of assets, net during the year ended December 31, 2012. The sales price was funded by a cash payment of $6,045 and the assumption of the Company's share of the mortgage note payable on the property of $8,750. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. | ||||||||||||||||||
On March 30, 2012, the Company sold its 50% ownership interest in Chandler Festival, a 500,000 square foot community center in Chandler, Arizona, for a total sales price of $30,975, resulting in a gain of $12,347 that was included in gain (loss) on sale or write down of assets, net during the year ended December 31, 2012. The sales price was funded by a cash payment of $16,183 and the assumption of the Company's share of the mortgage note payable on the property of $14,792. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. | ||||||||||||||||||
On March 30, 2012, the Company's joint venture in SanTan Village Power Center, a 491,000 square foot community center in Gilbert, Arizona, sold the property for $54,780, resulting in a gain to the joint venture of $23,294. The Company's share of the gain recognized was $11,502, which was included in equity in income of unconsolidated joint ventures, offset in part by $3,565 that was included in net income attributable to noncontrolling interests. The cash proceeds from the sale were used to pay off the $45,000 mortgage loan on the property and the remaining $9,780 was distributed to the partners. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. | ||||||||||||||||||
On May 31, 2012, the Company sold its 50% ownership interest in Chandler Gateway, a 260,000 square foot community center in Chandler, Arizona, for a total sales price of $14,315, resulting in a gain of $3,363 that was included in gain (loss) on sale or write down of assets, net during the year ended December 31, 2012. The sales price was funded by a cash payment of $4,921 and the assumption of the Company's share of the mortgage note payable on the property of $9,394. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. | ||||||||||||||||||
On August 10, 2012, the Company sold its ownership interest in NorthPark Center, a 1,946,000 square foot regional shopping center in Dallas, Texas, for $118,810, resulting in a gain of $24,590 that was included in gain (loss) on sale or write down of assets, net during the year ended December 31, 2012. The Company used the cash proceeds from the sale to pay down its line of credit. | ||||||||||||||||||
On October 3, 2012, the Company acquired the remaining 75% ownership interest in FlatIron Crossing, a 1,434,000 square foot regional shopping center in Broomfield, Colorado, that it did not previously own for $310,397. The purchase price was funded by a cash payment of $195,900 and the assumption of the third party's share of the mortgage note payable on the property of $114,497. Prior to the acquisition, the Company had accounted for its investment in FlatIron Crossing under the equity method of accounting. Since the date of acquisition, the Company has included FlatIron Crossing in its consolidated financial statements (See Note 13—Acquisitions). | ||||||||||||||||||
On October 26, 2012, the Company acquired the remaining 33.3% ownership interest in Arrowhead Towne Center, a 1,198,000 square foot regional shopping center in Glendale, Arizona, that it did not previously own for $144,400. The purchase price was funded by a cash payment of $69,025 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $75,375. Prior to the acquisition, the Company had accounted for its investment in Arrowhead Towne Center under the equity method of accounting. Since the date of acquisition, the Company has included Arrowhead Towne Center in its consolidated financial statements (See Note 13—Acquisitions). | ||||||||||||||||||
On May 29, 2013, the Company's joint venture in Pacific Premier Retail LP sold Redmond Town Center Office, a 582,000 square foot office building in Redmond, Washington, for $185,000, resulting in a gain on the sale of assets of $89,157 to the joint venture. The Company's share of the gain was $44,424, which was included in equity in income of unconsolidated joint ventures during the year ended December 31, 2013. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes. | ||||||||||||||||||
On June 12, 2013, the Company's joint venture in Pacific Premier Retail LP sold Kitsap Mall, an 846,000 square foot regional shopping center in Silverdale, Washington, for $127,000, resulting in a gain on the sale of assets of $55,150 to the joint venture. The Company's share of the gain was $28,127, which was included in equity in income of unconsolidated joint ventures during the year ended December 31, 2013. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes. | ||||||||||||||||||
On August 1, 2013, the Company's joint venture in Pacific Premier Retail LP sold Redmond Town Center, a 695,000 square foot community center in Redmond, Washington, for $127,000, resulting in a gain on the sale of assets of $38,447 to the joint venture. The Company's share of the gain was $18,251, which was included in equity in income of unconsolidated joint ventures during the year ended December 31, 2013. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes. | ||||||||||||||||||
On September 17, 2013, the Company’s joint venture in Camelback Colonnade, a 619,000 square foot community center in Phoenix, Arizona, was restructured. As a result of the restructuring, the Company’s ownership interest in Camelback Colonnade decreased from 73.2% to 67.5%. Prior to the restructuring, the Company had accounted for its investment in Camelback Colonnade under the equity method of accounting due to substantive participation rights held by the outside partners. Upon completion of the restructuring, these substantive participation rights were terminated and the Company obtained voting control of the joint venture. This transaction is referred to herein as the "Camelback Colonnade Restructuring." Since the date of the restructuring, the Company included Camelback Colonnade in its consolidated financial statements (See Note 13—Acquisitions) until its sale on December 29, 2014 (See Note 14—Dispositions). | ||||||||||||||||||
On October 8, 2013, the Company's joint venture in Ridgmar Mall, a 1,273,000 square foot regional shopping center in Fort Worth, Texas, sold the property for $60,900, resulting in a gain of $6,243 to the joint venture. The Company's share of the gain was $3,121, which was included in equity in income from joint ventures for the year ended December 31, 2013. The cash proceeds from the sale were used to pay off the $51,657 mortgage loan on the property and the remaining $9,243, net of closing costs, was distributed to the partners. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes. | ||||||||||||||||||
On October 24, 2013, the Company acquired the remaining 33.3% ownership interest in Superstition Springs Center that it did not previously own for $46,162. The purchase price was funded by a cash payment of $23,662 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $22,500. Prior to the acquisition, the Company had accounted for its investment in Superstition Springs Center under the equity method of accounting. Since the date of acquisition, the Company has included Superstition Springs Center in its consolidated financial statements (See Note 13—Acquisitions). | ||||||||||||||||||
On June 4, 2014, the Company acquired the remaining 49% ownership interest in Cascade Mall, a 589,000 square foot regional shopping center in Burlington, Washington, that it did not previously own for a cash payment of $15,233. The Company purchased Cascade Mall from its joint venture in Pacific Premier Retail LP. The cash payment was funded by borrowings under the Company's line of credit. Prior to the acquisition, the Company had accounted for its investment in Cascade Mall under the equity method of accounting. Since the date of acquisition, the Company has included Cascade Mall in its consolidated financial statements (See Note 13—Acquisitions). | ||||||||||||||||||
On July 30, 2014, the Company formed a joint venture with Pennsylvania Real Estate Investment Trust to redevelop The Gallery, a 1,474,000 square foot regional shopping center in Philadelphia, Pennsylvania. The Company invested $106,800 for a 50% interest in the joint venture, which was funded by borrowings under its line of credit. | ||||||||||||||||||
On August 28, 2014, the Company sold its 30% ownership interest in Wilshire Boulevard, a 40,000 square foot freestanding store in Santa Monica, California, for a total sales price of $17,100, resulting in a gain on the sale of assets of $9,033, which was included in gain (loss) on sale or write down of assets, net. The sales price was funded by a cash payment of $15,386 and the assumption of the Company's share of the mortgage note payable on the property of $1,714. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. | ||||||||||||||||||
On November 13, 2014, the Company formed a joint venture to develop a 500,000 square foot outlet center at Candlestick Point in San Francisco, California. In connection with the formation of the joint venture, the Company issued a note receivable for $65,130 to its joint venture partner that bears interest at LIBOR plus 2.0% and matures upon the completion of certain milestones in connection with the development of Candlestick Point (See Note 17—Related Party Transactions). | ||||||||||||||||||
On November 14, 2014, the Company acquired the remaining 49% ownership interest that it did not previously own in two separate joint ventures, Pacific Premier Retail LP and Queens JV LP, which together owned five Centers: Lakewood Center, a 2,066,000 square foot regional shopping center in Lakewood, California; Los Cerritos Center, a 1,113,000 square foot regional shopping center in Cerritos, California; Queens Center, a 967,000 square foot regional shopping center in Queens, New York; Stonewood Center, a 932,000 square foot regional shopping center in Downey, California; and Washington Square, a 1,441,000 square foot regional shopping center in Portland, Oregon (collectively referred to herein as the "PPRLP Queens Portfolio"). The total consideration of $1,838,886 was funded by the direct issuance of $1,166,777 of common stock of the Company (See Note 12—Stockholders' Equity) and the assumption of the third party's pro rata share of the mortgage notes payable on the properties of $672,109. Prior to the acquisition, the Company had accounted for its investment in these joint ventures under the equity method of accounting. Since the date of acquisition, the Company has included the PPRLP Queens Portfolio in its consolidated financial statements (See Note 13—Acquisitions). | ||||||||||||||||||
On November 20, 2014, the Company purchased a 45% interest in 443 North Wabash Avenue, a 65,000 square foot undeveloped site adjacent to the Company's joint venture in The Shops at North Bridge in Chicago, Illinois, for a cash payment of $18,900. The cash payment was funded by borrowings under the Company's line of credit. | ||||||||||||||||||
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 as of December 31: | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Assets(1): | ||||||||||||||||||
Properties, net | $ | 2,967,878 | $ | 3,435,737 | ||||||||||||||
Other assets | 208,726 | 295,719 | ||||||||||||||||
Total assets | $ | 3,176,604 | $ | 3,731,456 | ||||||||||||||
Liabilities and partners' capital(1): | ||||||||||||||||||
Mortgage notes payable(2) | $ | 2,038,379 | $ | 3,518,215 | ||||||||||||||
Other liabilities | 195,766 | 202,444 | ||||||||||||||||
Company's capital | 489,349 | (25,367 | ) | |||||||||||||||
Outside partners' capital | 453,110 | 36,164 | ||||||||||||||||
Total liabilities and partners' capital | $ | 3,176,604 | $ | 3,731,456 | ||||||||||||||
Investment in unconsolidated joint ventures: | ||||||||||||||||||
Company's capital | $ | 489,349 | $ | (25,367 | ) | |||||||||||||
Basis adjustment(3) | 464,826 | 474,658 | ||||||||||||||||
$ | 954,175 | $ | 449,291 | |||||||||||||||
Assets—Investments in unconsolidated joint ventures | $ | 984,132 | $ | 701,483 | ||||||||||||||
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (29,957 | ) | (252,192 | ) | ||||||||||||||
$ | 954,175 | $ | 449,291 | |||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||
-1 | These amounts include the assets and liabilities of the following joint ventures as of December 31, 2014 and 2013: | |||||||||||||||||
Pacific | Tysons | |||||||||||||||||
Premier | Corner LLC | |||||||||||||||||
Retail LP | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||
Total Assets | $ | — | $ | 341,931 | ||||||||||||||
Total Liabilities | $ | — | $ | 871,933 | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Total Assets | $ | 775,012 | $ | 356,871 | ||||||||||||||
Total Liabilities | $ | 812,725 | $ | 887,413 | ||||||||||||||
-2 | Certain mortgage notes payable could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of December 31, 2014 and 2013, a total of $33,540 could become recourse debt to the Company. As of December 31, 2014 and 2013, the Company has an indemnity agreement from a joint venture partner for $16,770 of the guaranteed amount. | |||||||||||||||||
Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $606,263 and $712,455 as of December 31, 2014 and 2013, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense incurred on these borrowings amounted to $38,113, $31,549 and $43,732 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||
-3 | The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $5,109, $10,734 and $15,480 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: | ||||||||||||||||||
Pacific | Tysons | Other | Total | |||||||||||||||
Premier | Corner LLC | Joint | ||||||||||||||||
Retail LP | Ventures | |||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Revenues: | ||||||||||||||||||
Minimum rents | $ | 88,831 | $ | 64,521 | $ | 235,011 | $ | 388,363 | ||||||||||
Percentage rents | 2,652 | 2,091 | 12,418 | 17,161 | ||||||||||||||
Tenant recoveries | 40,118 | 47,084 | 99,539 | 186,741 | ||||||||||||||
Other | 4,090 | 3,472 | 33,143 | 40,705 | ||||||||||||||
Total revenues | 135,691 | 117,168 | 380,111 | 632,970 | ||||||||||||||
Expenses: | ||||||||||||||||||
Shopping center and operating expenses | 37,113 | 38,786 | 139,513 | 215,412 | ||||||||||||||
Interest expense | 34,113 | 31,677 | 71,297 | 137,087 | ||||||||||||||
Depreciation and amortization | 29,688 | 19,880 | 94,835 | 144,403 | ||||||||||||||
Total operating expenses | 100,914 | 90,343 | 305,645 | 496,902 | ||||||||||||||
(Loss) gain on sale of assets | (7,044 | ) | — | 10,687 | 3,643 | |||||||||||||
Net income | $ | 27,733 | $ | 26,825 | $ | 85,153 | $ | 139,711 | ||||||||||
Company's equity in net income | $ | 9,743 | $ | 7,080 | $ | 43,803 | $ | 60,626 | ||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Revenues: | ||||||||||||||||||
Minimum rents | $ | 118,164 | $ | 62,072 | $ | 238,488 | $ | 418,724 | ||||||||||
Percentage rents | 4,586 | 2,057 | 12,946 | 19,589 | ||||||||||||||
Tenant recoveries | 52,470 | 45,452 | 106,249 | 204,171 | ||||||||||||||
Other | 5,882 | 3,110 | 36,635 | 45,627 | ||||||||||||||
Total revenues | 181,102 | 112,691 | 394,318 | 688,111 | ||||||||||||||
Expenses: | ||||||||||||||||||
Shopping center and operating expenses | 53,039 | 36,798 | 139,981 | 229,818 | ||||||||||||||
Interest expense | 43,445 | 15,751 | 86,126 | 145,322 | ||||||||||||||
Depreciation and amortization | 39,616 | 18,139 | 89,554 | 147,309 | ||||||||||||||
Total operating expenses | 136,100 | 70,688 | 315,661 | 522,449 | ||||||||||||||
Gain on sale of assets | 182,754 | — | 7,772 | 190,526 | ||||||||||||||
Gain on early extinguishment of debt | — | 14 | — | 14 | ||||||||||||||
Net income | $ | 227,756 | $ | 42,017 | $ | 86,429 | $ | 356,202 | ||||||||||
Company's equity in net income | $ | 110,798 | $ | 15,126 | $ | 41,656 | $ | 167,580 | ||||||||||
Pacific | Tysons | Other | Total | |||||||||||||||
Premier | Corner LLC | Joint | ||||||||||||||||
Retail LP | Ventures | |||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Revenues: | ||||||||||||||||||
Minimum rents | $ | 132,247 | $ | 63,569 | $ | 316,186 | $ | 512,002 | ||||||||||
Percentage rents | 5,390 | 1,929 | 15,768 | 23,087 | ||||||||||||||
Tenant recoveries | 56,397 | 44,225 | 149,546 | 250,168 | ||||||||||||||
Other | 5,650 | 3,341 | 37,248 | 46,239 | ||||||||||||||
Total revenues | 199,684 | 113,064 | 518,748 | 831,496 | ||||||||||||||
Expenses: | ||||||||||||||||||
Shopping center and operating expenses | 59,329 | 35,244 | 192,661 | 287,234 | ||||||||||||||
Interest expense | 52,139 | 11,481 | 136,296 | 199,916 | ||||||||||||||
Depreciation and amortization | 43,031 | 19,798 | 115,168 | 177,997 | ||||||||||||||
Total operating expenses | 154,499 | 66,523 | 444,125 | 665,147 | ||||||||||||||
Gain on sale of assets | 90 | — | 29,211 | 29,301 | ||||||||||||||
Net income | $ | 45,275 | $ | 46,541 | $ | 103,834 | $ | 195,650 | ||||||||||
Company's equity in net income | $ | 23,026 | $ | 17,969 | $ | 38,286 | $ | 79,281 | ||||||||||
Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. |
Property
Property: | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property: | Property: | |||||||
Property at December 31, 2014 and 2013 consists of the following: | ||||||||
2014 | 2013 | |||||||
Land | $ | 2,242,291 | $ | 1,707,005 | ||||
Buildings and improvements | 9,479,337 | 6,555,212 | ||||||
Tenant improvements | 600,436 | 537,754 | ||||||
Equipment and furnishings | 152,554 | 152,198 | ||||||
Construction in progress | 303,264 | 229,169 | ||||||
12,777,882 | 9,181,338 | |||||||
Less accumulated depreciation | (1,709,992 | ) | (1,559,572 | ) | ||||
$ | 11,067,890 | $ | 7,621,766 | |||||
Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $289,178, $269,790 and $216,447, respectively. | ||||||||
The gain on sale or write down of assets, net for the year ended December 31, 2014 includes the gain of $144,927 on the sales of Rotterdam Square, Somersville Towne Center, Lake Square Mall, South Towne Center, Camelback Colonnade and four former Meryvns' stores (See Note 14—Dispositions), $9,033 on the sale of Wilshire Boulevard (See Note 4—Investments in Unconsolidated Joint Ventures) and $1,257 on the sale of assets offset in part by a loss of $41,216 on impairment and $40,561 on the write-off of development costs. The impairment losses were due to the reduction in the estimated holding periods of the long-lived assets of several properties including Great Northern Mall, Cascade Mall, a property adjacent to Fiesta Mall and three former Mervyn's stores sold in 2014 (See Note 14—Dispositions). | ||||||||
The loss on sale or write down of assets, net for the year ended December 31, 2013 includes a loss of $82,197 on impairment and $1,250 on the write-off of development costs offset in part by a gain of $5,390 on the sale of assets. The loss on impairment was due to the reduction in the estimated holding periods of the long-lived assets of Promenade at Casa Grande, Rotterdam Square, Lake Square Mall and Somersville Towne Center. | ||||||||
The gain on sale or write down of assets, net for the year ended December 31, 2012 includes the gain of $48,484 on the sales of Chandler Village Center, Chandler Festival, Chandler Gateway and NorthPark Center (See Note 4—Investments in Unconsolidated Joint Ventures) offset in part by a loss of $19,360 on the write-off of development costs and $390 on the sale of assets. |
Tenant_and_Other_Receivables
Tenant and Other Receivables: | 12 Months Ended |
Dec. 31, 2014 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Tenant and Other Receivables: | Tenant and Other Receivables: |
Included in tenant and other receivables, net is an allowance for doubtful accounts of $3,234 and $2,878 at December 31, 2014 and 2013, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $13,436 and $9,824 at December 31, 2014 and 2013, respectively, and a deferred rent receivable due to straight-line rent adjustments of $57,278 and $53,380 at December 31, 2014 and 2013, respectively. | |
On March 17, 2014, in connection with the sale of Lake Square Mall (See Note 14—Dispositions), the Company issued a note receivable for $6,500 that bears interest at an effective rate of 6.5% and matures on March 17, 2018 ("LSM Note A") and a note receivable for $3,103 that bore interest at 5.0% and was to mature on December 31, 2014 ("LSM Note B"). On September 2, 2014, the balance of LSM Note B was paid in full. The balance of LSM Note A at December 31, 2014 was $6,436 and is collateralized by a trust deed on Lake Square Mall. |
Deferred_Charges_and_Other_Ass
Deferred Charges and Other Assets, net: | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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 at December 31, 2014 and 2013 consist of the following: | |||||||||
2014 | 2013 | ||||||||
Leasing | $ | 239,955 | $ | 223,038 | |||||
Financing | 47,171 | 51,695 | |||||||
Intangible assets: | |||||||||
In-place lease values(1) | 298,825 | 205,651 | |||||||
Leasing commissions and legal costs(1) | 72,432 | 50,594 | |||||||
Above-market leases | 250,810 | 118,770 | |||||||
Deferred tax assets | 35,625 | 31,356 | |||||||
Deferred compensation plan assets | 35,194 | 30,932 | |||||||
Other assets | 66,246 | 65,793 | |||||||
1,046,258 | 777,829 | ||||||||
Less accumulated amortization(2) | (287,197 | ) | (244,771 | ) | |||||
$ | 759,061 | $ | 533,058 | ||||||
_______________________________ | |||||||||
-1 | The estimated amortization of these intangible assets for the next five years and thereafter is as follows: | ||||||||
Year Ending December 31, | |||||||||
2015 | $ | 64,711 | |||||||
2016 | 45,990 | ||||||||
2017 | 31,906 | ||||||||
2018 | 25,760 | ||||||||
2019 | 21,682 | ||||||||
Thereafter | 77,847 | ||||||||
$ | 267,896 | ||||||||
-2 | Accumulated amortization includes $103,361 and $89,141 relating to in-place lease values, leasing commissions and legal costs at December 31, 2014 and 2013, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $52,668, $53,139 and $32,456 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
The allocated values of above-market leases and below-market leases consist of the following: | |||||||||
2014 | 2013 | ||||||||
Above-Market Leases | |||||||||
Original allocated value | $ | 250,810 | $ | 118,770 | |||||
Less accumulated amortization | (59,696 | ) | (46,912 | ) | |||||
$ | 191,114 | $ | 71,858 | ||||||
Below-Market Leases(1) | |||||||||
Original allocated value | $ | 375,033 | $ | 187,537 | |||||
Less accumulated amortization | (93,511 | ) | (79,271 | ) | |||||
$ | 281,522 | $ | 108,266 | ||||||
_______________________________ | |||||||||
-1 | Below‑market leases are included in other accrued liabilities. | ||||||||
The allocated values of above and below-market leases will be amortized into minimum rents on a straight-line basis over the individual remaining lease terms. The estimated amortization of these values for the next five years and thereafter is as follows: | |||||||||
Year Ending December 31, | Above | Below | |||||||
Market | Market | ||||||||
2015 | $ | 26,591 | $ | 37,808 | |||||
2016 | 23,516 | 35,647 | |||||||
2017 | 19,413 | 29,931 | |||||||
2018 | 16,024 | 26,354 | |||||||
2019 | 13,210 | 23,595 | |||||||
Thereafter | 92,360 | 128,187 | |||||||
$ | 191,114 | $ | 281,522 | ||||||
Mortgage_Notes_Payable
Mortgage Notes Payable: | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||
Mortgage Notes Payable: | Mortgage Notes Payable: | ||||||||||||||||||||||||||
Mortgage notes payable at December 31, 2014 and 2013 consist of the following: | |||||||||||||||||||||||||||
Carrying Amount of Mortgage Notes(1) | |||||||||||||||||||||||||||
2014 | 2013 | Effective Interest | Monthly | Maturity | |||||||||||||||||||||||
Rate(2) | Debt | Date(4) | |||||||||||||||||||||||||
Property Pledged as Collateral | Related Party | Other | Related Party | Other | Service(3) | ||||||||||||||||||||||
Arrowhead Towne Center | $ | — | $ | 228,703 | $ | — | $ | 236,028 | 2.76 | % | $ | 1,131 | 2018 | ||||||||||||||
Camelback Colonnade(5) | — | — | — | 49,120 | — | — | — | ||||||||||||||||||||
Chandler Fashion Center(6) | — | 200,000 | — | 200,000 | 3.77 | % | 625 | 2019 | |||||||||||||||||||
Danbury Fair Mall | 114,265 | 114,264 | 117,120 | 117,120 | 5.53 | % | 1,538 | 2020 | |||||||||||||||||||
Deptford Mall | — | 197,815 | — | 201,622 | 3.76 | % | 947 | 2023 | |||||||||||||||||||
Deptford Mall | — | 14,285 | — | 14,551 | 6.46 | % | 101 | 2016 | |||||||||||||||||||
Eastland Mall | — | 168,000 | — | 168,000 | 5.79 | % | 811 | 2016 | |||||||||||||||||||
Fashion Outlets of Chicago(7) | — | 119,329 | — | 91,383 | 2.97 | % | 259 | 2017 | |||||||||||||||||||
Fashion Outlets of Niagara Falls USA | — | 121,376 | — | 124,030 | 4.89 | % | 727 | 2020 | |||||||||||||||||||
Flagstaff Mall | — | 37,000 | — | 37,000 | 5.03 | % | 151 | 2015 | |||||||||||||||||||
FlatIron Crossing | — | 261,494 | — | 268,000 | 3.9 | % | 1,393 | 2021 | |||||||||||||||||||
Freehold Raceway Mall(6) | — | 229,244 | — | 232,900 | 4.2 | % | 1,132 | 2018 | |||||||||||||||||||
Fresno Fashion Fair(8) | — | — | 79,391 | 79,390 | — | — | — | ||||||||||||||||||||
Great Northern Mall(9) | — | 34,494 | — | 35,484 | 6.54 | % | 234 | 2015 | |||||||||||||||||||
Green Acres Mall | — | 313,514 | — | 319,850 | 3.61 | % | 1,447 | 2021 | |||||||||||||||||||
Kings Plaza Shopping Center | — | 480,761 | — | 490,548 | 3.67 | % | 2,229 | 2019 | |||||||||||||||||||
Lakewood Center(10) | — | 253,708 | — | — | 1.8 | % | 1,127 | 2015 | |||||||||||||||||||
Los Cerritos Center(11) | 103,274 | 103,274 | — | — | 1.65 | % | 1,009 | 2018 | |||||||||||||||||||
Northgate Mall(12) | — | 64,000 | — | 64,000 | 3.05 | % | 128 | 2017 | |||||||||||||||||||
Oaks, The | — | 210,197 | — | 214,239 | 4.14 | % | 1,064 | 2022 | |||||||||||||||||||
Pacific View | — | 133,200 | — | 135,835 | 4.08 | % | 668 | 2022 | |||||||||||||||||||
Queens Center(13) | — | 600,000 | — | — | 3.49 | % | 1,744 | 2025 | |||||||||||||||||||
Santa Monica Place | — | 230,344 | — | 235,445 | 2.99 | % | 1,004 | 2018 | |||||||||||||||||||
SanTan Village Regional Center | — | 133,807 | — | 136,629 | 3.14 | % | 589 | 2019 | |||||||||||||||||||
South Plains Mall(14) | — | — | — | 99,833 | — | — | — | ||||||||||||||||||||
Stonewood Center(15) | — | 111,297 | — | — | 1.8 | % | 640 | 2017 | |||||||||||||||||||
Superstition Springs Center(16) | — | 68,079 | — | 68,395 | 1.98 | % | 138 | 2016 | |||||||||||||||||||
Towne Mall | — | 22,607 | — | 22,996 | 4.48 | % | 117 | 2022 | |||||||||||||||||||
Tucson La Encantada | 71,500 | — | 72,870 | — | 4.23 | % | 368 | 2022 | |||||||||||||||||||
Valley Mall | — | 41,368 | — | 42,155 | 5.85 | % | 280 | 2016 | |||||||||||||||||||
Valley River Center | — | 120,000 | — | 120,000 | 5.59 | % | 558 | 2016 | |||||||||||||||||||
Victor Valley, Mall of(17) | — | 115,000 | — | 90,000 | 4 | % | 380 | 2024 | |||||||||||||||||||
Vintage Faire Mall(18) | — | — | — | 99,083 | — | — | — | ||||||||||||||||||||
Washington Square(19) | — | 238,696 | — | — | 1.65 | % | 1,499 | 2016 | |||||||||||||||||||
Westside Pavilion | — | 149,626 | — | 152,173 | 4.49 | % | 783 | 2022 | |||||||||||||||||||
$ | 289,039 | $ | 5,115,482 | $ | 269,381 | $ | 4,145,809 | ||||||||||||||||||||
-1 | The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. | ||||||||||||||||||||||||||
The debt premiums (discounts) as of December 31, 2014 and 2013 consist of the following: | |||||||||||||||||||||||||||
Property Pledged as Collateral | 2014 | 2013 | |||||||||||||||||||||||||
Arrowhead Towne Center | $ | 11,568 | $ | 14,642 | |||||||||||||||||||||||
Camelback Colonnade | — | 2,120 | |||||||||||||||||||||||||
Deptford Mall | (8 | ) | (14 | ) | |||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 5,414 | 6,342 | |||||||||||||||||||||||||
Lakewood Center | 3,708 | — | |||||||||||||||||||||||||
Los Cerritos Center | 17,965 | — | |||||||||||||||||||||||||
Stonewood Center | 7,980 | — | |||||||||||||||||||||||||
Superstition Springs Center | 579 | 895 | |||||||||||||||||||||||||
Valley Mall | (132 | ) | (219 | ) | |||||||||||||||||||||||
Washington Square | 9,847 | — | |||||||||||||||||||||||||
$ | 56,921 | $ | 23,766 | ||||||||||||||||||||||||
-2 | The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) 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 | On December 29, 2014, in connection with the sale of the Company's 67.5% ownership interest in the consolidated joint venture in Camelback Colonnade (See Note 14—Dispositions), a third party assumed the existing loan on the property. As a result, the Company has been discharged from this non-recourse loan. | ||||||||||||||||||||||||||
-6 | A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement). | ||||||||||||||||||||||||||
-7 | The construction loan on the property allows for borrowings of up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At December 31, 2014 and 2013, the total interest rate was 2.97% and 2.96%, respectively. | ||||||||||||||||||||||||||
-8 | On December 22, 2014, the Company paid off in full the loan on the property, which resulted in a loss of $5,796 on the early extinguishment of debt. | ||||||||||||||||||||||||||
-9 | On January 1, 2015, this nonrecourse loan went into maturity default. The Company is working with the loan servicer, which is expected to result in a transition of the property to the loan servicer or a receiver. | ||||||||||||||||||||||||||
-10 | On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Lakewood Center with a fair value of $254,880 that bears interest at an effective rate of 1.80% and matures on June 1, 2015. | ||||||||||||||||||||||||||
-11 | On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Los Cerritos Center with a fair value of $207,528 that bears interest at an effective rate of 1.65% and matures on July 1, 2018. | ||||||||||||||||||||||||||
-12 | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At December 31, 2014 and 2013, the total interest rate was 3.05% and 3.04%, respectively. | ||||||||||||||||||||||||||
-13 | On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Queens Center with a fair value of $600,000 that bears interest at an effective rate of 3.49% and matures on January 1, 2025. | ||||||||||||||||||||||||||
-14 | On February 7, 2014, the Company paid off in full one of the two loans on the property, which resulted in a loss of $359 on the early extinguishment of debt. On November 10, 2014, the Company paid off in full the remaining loan on the property, which resulted in a loss of $163 on the early extinguishment of debt. | ||||||||||||||||||||||||||
-15 | On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Stonewood Center with a fair value of $111,910 that bears interest at an effective rate of 1.80% and matures on November 1, 2017. | ||||||||||||||||||||||||||
-16 | The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At December 31, 2014 and 2013, the total interest rate was 1.98% and 2.00%, respectively. | ||||||||||||||||||||||||||
-17 | On August 28, 2014, the Company replaced the existing loan on the property with a new $115,000 loan that bears interest at an effective rate of 4.00% and matures on September 1, 2024. The replacement of the existing loan resulted in a loss of $47 on the early extinguishment of debt. | ||||||||||||||||||||||||||
-18 | On December 22, 2014, the Company paid off in full the loan on the property, which resulted in a loss of $3,186 on the early extinguishment of debt. | ||||||||||||||||||||||||||
-19 | On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Washington Square with a fair value of $240,341 that bears interest at an effective rate of 1.65% and matures on January 1, 2016. | ||||||||||||||||||||||||||
Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. | |||||||||||||||||||||||||||
Most of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. As of December 31, 2014 and 2013, a total of $73,165 and $77,192, respectively, of the mortgage notes payable could become recourse to the Company. | |||||||||||||||||||||||||||
The Company expects all loan maturities during the next twelve months, except Great Northern Mall, will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand. The mortgage note payable on Great Northern Mall, which went into maturity default on January 1, 2015, is a non-recourse loan. The Company is working with the loan servicer and expects the property will be transferred to the loan servicer or a receiver. | |||||||||||||||||||||||||||
Total interest expense capitalized during the years ended December 31, 2014, 2013 and 2012 was $12,559, $10,829 and $10,703, respectively. | |||||||||||||||||||||||||||
Related party mortgage notes payable are amounts due to affiliates of NML. See Note 17—Related Party Transactions for interest expense associated with loans from NML. | |||||||||||||||||||||||||||
The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2014 and 2013 was $5,455,453 and $4,500,177, 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. | |||||||||||||||||||||||||||
The future maturities of mortgage notes payable are as follows: | |||||||||||||||||||||||||||
2015 | $ | 397,325 | |||||||||||||||||||||||||
2016 | 707,605 | ||||||||||||||||||||||||||
2017 | 353,370 | ||||||||||||||||||||||||||
2018 | 866,413 | ||||||||||||||||||||||||||
2019 | 603,090 | ||||||||||||||||||||||||||
Thereafter | 2,419,797 | ||||||||||||||||||||||||||
5,347,600 | |||||||||||||||||||||||||||
Debt premium, net | 56,921 | ||||||||||||||||||||||||||
$ | 5,404,521 | ||||||||||||||||||||||||||
The future maturities reflected above reflect the extension options that the Company believes will be exercised. |
Bank_and_Other_Notes_Payable
Bank and Other Notes Payable: | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Bank and Other Notes Payable: | ||||
Bank and Other Notes Payable: | Bank and Other Notes Payable: | |||
Bank and other notes payable at December 31, 2014 and 2013 consist of the following: | ||||
Senior Notes: | ||||
On March 16, 2007, the Company issued $950,000 in Senior Notes that matured on March 15, 2012. The Senior Notes bore interest at 3.25%, were payable semiannually, were senior to unsecured debt of the Company and were guaranteed by the Operating Partnership. On March 15, 2012, the Company paid off in full the $439,318 of Senior Notes then outstanding. | ||||
Line of Credit: | ||||
The Company has a $1,500,000 revolving line of credit that initially bore interest at LIBOR plus a spread of 1.75% to 3.0%, depending on the Company's overall leverage levels, and was to mature on May 2, 2015 with a one-year extension option. The line of credit had the ability to be expanded, depending on certain conditions, up to a total facility of $2,000,000 less the outstanding balance of the $125,000 unsecured term loan as described below. | ||||
On August 6, 2013, the Company's line of credit was amended and extended. The amended facility provides for an interest rate of LIBOR plus a spread of 1.38% to 2.0%, depending on the Company's overall leverage levels, and matures on August 6, 2018. Based on the Company's leverage level as of December 31, 2014, the borrowing rate on the facility was LIBOR plus 1.50%. In addition, the line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000 (without giving effect to the $125,000 unsecured term loan described below). | ||||
As of December 31, 2014 and 2013, borrowings under the line of credit were $752,000 and $30,000, respectively, at an average interest rate of 1.89% and 1.85%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2014 and 2013 was $713,989 and $28,214, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. | ||||
Term Loan: | ||||
On December 8, 2011, the Company obtained a $125,000 unsecured term loan under the line of credit that bears interest at LIBOR plus a spread of 1.95% to 3.20%, depending on the Company's overall leverage level, and matures on December 8, 2018. Based on the Company's current leverage levels, the borrowing rate is LIBOR plus 2.20%. As of December 31, 2014 and 2013, the total interest rate was 2.25% and 2.51%, respectively. The estimated fair value (Level 2 measurement) of the term loan at December 31, 2014 and 2013 was $119,780 and $120,802, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. | ||||
Greeley Note: | ||||
On July 27, 2006, concurrent with the sale of Greeley Mall, the Company provided marketable securities to replace Greeley Mall as collateral for the mortgage note payable on the property. As a result of this transaction, the mortgage note payable was reclassified to bank and other notes payable. On September 1, 2013, the loan was paid off in full. | ||||
Prasada Note: | ||||
On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on March 29, 2016. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At December 31, 2014 and 2013, the note had a balance of $10,879 and $12,537, respectively. The estimated fair value (Level 2 measurement) of the note at December 31, 2014 and 2013 was $11,178 and $13,114, respectively, based on current interest rates for comparable notes. 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 collateral for the underlying debt. | ||||
As of December 31, 2014 and 2013, the Company was in compliance with all applicable financial loan covenants. | ||||
The future maturities of bank and other notes payable are as follows: | ||||
2015 | $ | 1,750 | ||
2016 | 9,129 | |||
2018 | 877,000 | |||
$ | 887,879 | |||
CoVenture_Arrangement
Co-Venture Arrangement: | 12 Months Ended |
Dec. 31, 2014 | |
Co-Venture Arrangement: [Abstract] | |
Co-venture Arrangement Disclosure | Co-Venture Arrangement: |
On September 30, 2009, the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Freehold Raceway Mall, a 1,668,000 square foot regional shopping center in Freehold, New Jersey, and Chandler Fashion Center, a 1,320,000 square foot regional shopping center in Chandler, Arizona. As part of this transaction, the Company issued a warrant in favor of the third party to purchase 935,358 shares of common stock of the Company at an exercise price of $46.68 per share (See "Stock Warrants" in Note 12—Stockholders' Equity). The Company received approximately $174,650 in cash proceeds for the overall transaction, of which $6,496 was attributed to the warrants. The Company used the proceeds from this transaction to pay down its line of credit and for general corporate purposes. | |
As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the venture formation, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction has been accounted for as a profit-sharing arrangement, and accordingly the assets, liabilities and operations of the properties remain on the books of the Company and a co-venture obligation was established for the amount of $168,154, representing the net cash proceeds received from the third party less costs allocated to the warrant. The co-venture obligation is increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. The co-venture obligation was $75,450 and $81,515 at December 31, 2014 and 2013, respectively. |
Noncontrolling_Interests
Noncontrolling Interests: | 12 Months Ended |
Dec. 31, 2014 | |
NonControlling Interests: [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests: |
The Company allocates net income of the Operating Partnership based on the weighted-average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 94% and 93% ownership interest in the Operating Partnership as of December 31, 2014 and 2013, respectively. The remaining 6% and 7% limited partnership interest as of December 31, 2014 and 2013, respectively, was owned by certain of the Company's executive officers and directors, certain of their affiliates, and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the ten trading days ending on the respective balance sheet date. Accordingly, as of December 31, 2014 and 2013, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $877,184 and $587,917, respectively. | |
The Company issued common and cumulative 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: | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity: |
Stock Warrants: | |
On September 30, 2009, the Company issued a warrant in connection with its formation of a co-venture to own and operate Freehold Raceway Mall and Chandler Fashion Center (See Note 10—Co-Venture Arrangement). The warrant provided for the purchase of 935,358 shares of the Company's common stock. The warrant was valued at $6,496 and recorded as a credit to additional paid-in capital. The warrant had an exercise price of $46.68 per share, with such price subject to anti-dilutive adjustments. In December 2011, the holders requested a net issue exercise of 311,786 shares of the warrant and the Company elected to deliver a cash payment of $1,278 in exchange for the portion of the warrant exercised. On April 10, 2012, the holders requested a net exercise of an additional 311,786 shares of the warrant and the Company elected to deliver a cash payment of $3,448 in exchange for the portion of the warrant exercised. On October 24, 2012, the holders requested a net exercise of the remaining 311,786 shares of the warrant and the Company elected to deliver a cash payment of $3,923 in exchange for the portion of the warrant exercised. | |
At-The-Market Stock Offering Program ("ATM Program"): | |
On August 17, 2012, the Company entered into an equity distribution agreement ("2012 Distribution Agreement") with a number of sales agents (the "2012 ATM Program") to issue and sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000 (the “2012 ATM Shares”). Sales of the 2012 ATM Shares, could have been made in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an “at the market” offering, which includes sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. The Company agreed to pay each sales agent a commission that was not to exceed, but could have been lower than, 2% of the gross proceeds of the 2012 ATM Shares sold through such sales agent under the 2012 Distribution Agreement. | |
During the year ended December 31, 2012, the Company sold 2,961,903 shares of common stock under the 2012 ATM Program in exchange for aggregate gross proceeds of $177,896 and net proceeds of $175,649 after commissions and other transaction costs. During the year ended December 31, 2013, the Company sold 2,456,956 shares of common stock under the 2012 ATM Program in exchange for aggregate gross proceeds of $173,011 and net proceeds of $171,102 after commissions and other transaction costs. The proceeds from the sales were used to pay down the Company's line of credit. | |
On August 20, 2014, the Company terminated and replaced the 2012 ATM Program with a new ATM Program (the "2014 ATM Program") to sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000 (the "ATM Shares"). The terms of the 2014 ATM Program are substantially the same as the 2012 ATM Program. | |
The Company did not sell any shares under the 2012 ATM Program or the 2014 ATM Program during the year ended December 31, 2014. | |
As of December 31, 2014, $500,000 of the ATM Shares were available to be sold under the 2014 ATM Program. The unsold 2012 ATM Shares are no longer available for issuance. Actual future sales of the ATM Shares under the 2014 ATM Program 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 ATM Shares under the 2014 ATM Program. | |
Stock Issued to Acquire Property: | |
On November 28, 2012, the Company issued 535,265 restricted shares of common stock in connection with the acquisition of Kings Plaza Shopping Center (See Note 13—Acquisitions) for a value of $30,000, based on the closing price of the Company's common stock on the date of the transaction. | |
On November 14, 2014, the Company issued 17,140,845 shares of common stock in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions) for a value of $1,166,777, based on the closing price of the Company's common stock on the date of the transaction. |
Acquisitions
Acquisitions: | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Acquisitions | Acquisitions: | |||||||
Fashion Outlets of Niagara Falls USA: | ||||||||
On July 22, 2011, the Company acquired the Fashion Outlets of Niagara Falls USA, a 686,000 square foot outlet center in Niagara Falls, New York. The purchase and sale agreement included contingent consideration payable to AWE/Talisman, the former owner of the property and a related party (See Note 17—Related Party Transactions), based on the performance of the Fashion Outlets of Niagara Falls USA from the acquisition date through July 21, 2014 that increased the purchase price above the initial $200,000. During the year ended December 31, 2014, the Company paid $18,667 in full settlement of the contingent consideration liability. | ||||||||
500 North Michigan Avenue: | ||||||||
On February 29, 2012, the Company acquired a 326,000 square foot mixed-use retail/office building in Chicago, Illinois ("500 North Michigan Avenue") for $70,925. The purchase price was funded from borrowings under the Company's line of credit. The acquisition was completed in order to gain control over the property adjacent to The Shops at North Bridge. | ||||||||
The following is a summary of the allocation of the fair value of 500 North Michigan Avenue: | ||||||||
Property | $ | 66,033 | ||||||
Deferred charges | 7,450 | |||||||
Other assets | 2,143 | |||||||
Total assets acquired | 75,626 | |||||||
Other accrued liabilities | 4,701 | |||||||
Total liabilities assumed | 4,701 | |||||||
Fair value of acquired net assets | $ | 70,925 | ||||||
The Company determined that the purchase price represented the fair value of the assets acquired and liabilities assumed. | ||||||||
Since the date of acquisition, the Company has included 500 North Michigan Avenue in its consolidated financial statements. | ||||||||
FlatIron Crossing: | ||||||||
On October 3, 2012, the Company acquired the remaining 75% ownership interest in FlatIron Crossing that it did not previously own for $310,397. The acquisition was completed in order to gain 100% ownership and control over this asset. The purchase price was funded by a cash payment of $195,900 and the assumption of the third party's share of the mortgage note payable on the property of $114,497. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of FlatIron Crossing. | ||||||||
The following is a summary of the allocation of the fair value of FlatIron Crossing: | ||||||||
Property | $ | 443,391 | ||||||
Deferred charges | 25,251 | |||||||
Cash and cash equivalents | 3,856 | |||||||
Other assets | 2,101 | |||||||
Total assets acquired | 474,599 | |||||||
Mortgage note payable | 175,720 | |||||||
Accounts payable | 366 | |||||||
Other accrued liabilities | 11,071 | |||||||
Total liabilities assumed | 187,157 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 287,442 | ||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in FlatIron Crossing that was acquired. | ||||||||
Fair value of existing ownership interest (at 25% ownership) | $ | 91,542 | ||||||
Carrying value of investment | (33,382 | ) | ||||||
Prior gain deferral recognized | 26,067 | |||||||
Gain on remeasurement of assets | $ | 84,227 | ||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||
Purchase price | $ | 310,397 | ||||||
Less debt assumed | (114,497 | ) | ||||||
Carrying value of investment | 33,382 | |||||||
Gain on remeasurement of assets | 84,227 | |||||||
Less prior gain deferral | (26,067 | ) | ||||||
Fair value of acquired net assets (at 100% ownership) | $ | 287,442 | ||||||
The prior gain deferral relates to the prior sale of the 75% ownership interest in FlatIron Crossing. Due to certain contractual rights that were afforded to the buyer of the interest, a portion of that gain was deferred. | ||||||||
Since the date of acquisition, the Company has included FlatIron Crossing in its consolidated financial statements. | ||||||||
Arrowhead Towne Center: | ||||||||
On October 26, 2012, the Company acquired the remaining 33.3% ownership interest in Arrowhead Towne Center that it did not previously own for $144,400. The acquisition was completed in order to gain 100% ownership and control over this asset. The purchase price was funded by a cash payment of $69,025 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $75,375. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Arrowhead Towne Center. | ||||||||
The following is a summary of the allocation of the fair value of Arrowhead Towne Center: | ||||||||
Property | $ | 423,349 | ||||||
Deferred charges | 31,500 | |||||||
Restricted cash | 4,009 | |||||||
Tenant receivables | 926 | |||||||
Other assets | 4,234 | |||||||
Total assets acquired | 464,018 | |||||||
Mortgage note payable | 244,403 | |||||||
Accounts payable | 815 | |||||||
Other accrued liabilities | 10,449 | |||||||
Total liabilities assumed | 255,667 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 208,351 | ||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in Arrowhead Towne Center that was acquired. | ||||||||
Fair value of existing ownership interest (at 66.7% ownership) | $ | 139,326 | ||||||
Carrying value of investment | (23,597 | ) | ||||||
Gain on remeasurement of assets | $ | 115,729 | ||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||
Purchase price | $ | 144,400 | ||||||
Less debt assumed | (75,375 | ) | ||||||
Carrying value of investment | 23,597 | |||||||
Gain on remeasurement of assets | 115,729 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 208,351 | ||||||
Since the date of acquisition, the Company has included Arrowhead Towne Center in its consolidated financial statements. | ||||||||
Kings Plaza Shopping Center: | ||||||||
On November 28, 2012, the Company acquired Kings Plaza Shopping Center, a 1,191,000 square foot regional shopping center in Brooklyn, New York, for a purchase price of $756,000. The purchase price was funded by a cash payment of $726,000 and the issuance of $30,000 in restricted common stock of the Company. The cash payment was provided by the placement of a mortgage note payable on the property that allowed for borrowings of up to $500,000. Concurrent with the acquisition, the Company borrowed $354,000 on the loan. On January 3, 2013, the Company exercised its option to borrow an additional $146,000 on the loan. The acquisition was completed to acquire a prominent center in Brooklyn, New York. | ||||||||
The following is a summary of the allocation of the fair value of Kings Plaza Shopping Center: | ||||||||
Property | $ | 714,589 | ||||||
Deferred charges | 37,371 | |||||||
Other assets | 29,282 | |||||||
Total assets acquired | 781,242 | |||||||
Other accrued liabilities | 25,242 | |||||||
Total liabilities assumed | 25,242 | |||||||
Fair value of acquired net assets | $ | 756,000 | ||||||
The Company determined that the purchase price represented the fair value of the assets acquired and liabilities assumed. | ||||||||
Since the date of acquisition, the Company has included Kings Plaza Shopping Center in its consolidated financial statements. | ||||||||
Green Acres Mall: | ||||||||
On January 24, 2013, the Company acquired Green Acres Mall, a 1,790,000 square foot regional shopping center in Valley Stream, New York, for a purchase price of $500,000. A purchase deposit of $30,000 was funded during the year ended December 31, 2012, and the remaining $470,000 was funded upon closing of the acquisition. The cash payment made at the time of closing was provided by the placement of a mortgage note payable on the property that allowed for borrowings of up to $325,000 and from borrowings under the Company's line of credit. Concurrent with the acquisition, the Company borrowed $100,000 on the loan. On January 31, 2013, the Company exercised its option to borrow the remaining $225,000 on the loan. The acquisition was completed to acquire another prominent shopping center in the New York metropolitan area. | ||||||||
The following is a summary of the allocation of the fair value of Green Acres Mall: | ||||||||
Property | $ | 477,673 | ||||||
Deferred charges | 45,130 | |||||||
Other assets | 19,125 | |||||||
Total assets acquired | 541,928 | |||||||
Other accrued liabilities | 41,928 | |||||||
Total liabilities assumed | 41,928 | |||||||
Fair value of acquired net assets | $ | 500,000 | ||||||
The Company determined that the purchase price represented the fair value of the assets acquired and liabilities assumed. | ||||||||
Since the date of acquisition, the Company has included Green Acres Mall in its consolidated financial statements. | ||||||||
Green Acres Adjacent: | ||||||||
On April 25, 2013, the Company acquired a 19 acre parcel of land adjacent to Green Acres Mall for $22,577. The payment was provided by borrowings from the Company's line of credit. The acquisition was completed to allow for future expansion of Green Acres Mall. | ||||||||
Camelback Colonnade Restructuring: | ||||||||
On September 17, 2013, the Company’s joint venture in Camelback Colonnade was restructured. As a result of the restructuring, the Company’s ownership interest in Camelback Colonnade decreased from 73.2% to 67.5%. Prior to the restructuring, the Company had accounted for its investment in Camelback Colonnade under the equity method of accounting due to substantive participation rights held by the outside partners. Upon completion of the restructuring, these substantive participation rights were terminated and the Company obtained voting control of the joint venture (See Note 4—Investments in Unconsolidated Joint Ventures). | ||||||||
The following is a summary of the allocation of the fair value of Camelback Colonnade: | ||||||||
Property | $ | 98,160 | ||||||
Deferred charges | 8,284 | |||||||
Cash and cash equivalents | 1,280 | |||||||
Restricted cash | 1,139 | |||||||
Tenant receivables | 615 | |||||||
Other assets | 380 | |||||||
Total assets acquired | 109,858 | |||||||
Mortgage note payable | 49,465 | |||||||
Accounts payable | 54 | |||||||
Other accrued liabilities | 4,752 | |||||||
Total liabilities assumed | 54,271 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 55,587 | ||||||
The Company recognized the following remeasurement gain on the Camelback Colonnade Restructuring: | ||||||||
Fair value of existing ownership interest (at 73.2% ownership) | $ | 41,690 | ||||||
Carrying value of investment | (5,349 | ) | ||||||
Gain on remeasurement of assets | $ | 36,341 | ||||||
Since the date of the restructuring, the Company has included Camelback Colonnade in its consolidated financial statements until its sale on December 29, 2014 (See Note 14—Dispositions). | ||||||||
Superstition Springs Center: | ||||||||
On October 24, 2013, the Company acquired the remaining 33.3% ownership interest in Superstition Springs Center that it did not previously own for $46,162. The purchase price was funded by a cash payment of $23,662 and the assumption of the third party's share of the mortgage note payable on the property of $22,500. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Superstition Springs Center. The acquisition was completed in order to gain 100% ownership and control over this asset. | ||||||||
The following is a summary of the allocation of the fair value of Superstition Springs Center: | ||||||||
Property | $ | 114,373 | ||||||
Deferred charges | 12,353 | |||||||
Cash and cash equivalents | 8,894 | |||||||
Tenant receivables | 51 | |||||||
Other assets | 11,535 | |||||||
Total assets acquired | 147,206 | |||||||
Mortgage note payable | 68,448 | |||||||
Accounts payable | 119 | |||||||
Other accrued liabilities | 7,637 | |||||||
Total liabilities assumed | 76,204 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 71,002 | ||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in Superstition Springs Center that was acquired. | ||||||||
Fair value of existing ownership interest (at 66.7% ownership) | $ | 47,340 | ||||||
Carrying value of investment | (32,476 | ) | ||||||
Gain on remeasurement of assets | $ | 14,864 | ||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||
Purchase price | $ | 46,162 | ||||||
Less debt assumed | (22,500 | ) | ||||||
Carrying value of investment | 32,476 | |||||||
Remeasurement gain | 14,864 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 71,002 | ||||||
Since the date of acquisition, the Company has included Superstition Springs Center in its consolidated financial statements. | ||||||||
Cascade Mall: | ||||||||
On June 4, 2014, the Company acquired the remaining 49% ownership interest in Cascade Mall that it did not previously own for $15,233. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Cascade Mall. The acquisition was completed in order to obtain 100% ownership and control over this asset. | ||||||||
The following is a summary of the allocation of the fair value of Cascade Mall: | ||||||||
Property | $ | 28,924 | ||||||
Deferred charges | 6,660 | |||||||
Other assets | 202 | |||||||
Total assets acquired | 35,786 | |||||||
Other accrued liabilities | 4,786 | |||||||
Total liabilities assumed | 4,786 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 31,000 | ||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in Cascade Mall that was acquired. | ||||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||
Purchase price | $ | 15,233 | ||||||
Distributions in excess of investment | 15,767 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 31,000 | ||||||
Since the date of acquisition, the Company has included Cascade Mall in its consolidated financial statements. The property has generated incremental revenue of $4,458 and incremental earnings of $380 during the year ended December 31, 2014. | ||||||||
Fashion Outlets of Chicago: | ||||||||
On October 31, 2014, the Company purchased AWE/Talisman's ownership interest in its consolidated joint venture in Fashion Outlets of Chicago, for $69,987. The purchase price was funded by a cash payment of $55,867 and the settlement of the balance on the Talisman Notes of $14,120 (See Note 17—Related Party Transactions). The cash payment was funded by borrowings under the Company's line of credit. The purchase agreement includes contingent consideration based on the financial performance of Fashion Outlets of Chicago at an agreed upon date in 2016. The Company estimated the fair value of the contingent consideration as of December 31, 2014 to be $10,142, which has been included in other accrued liabilities. As a result of this acquisition, the noncontrolling interest of $76,141 was reversed. | ||||||||
PPRLP Queens Portfolio: | ||||||||
On November 14, 2014, the Company acquired the remaining 49% ownership interest in the PPRLP Queens Portfolio that it did not previously own for $1,838,886. The acquisition was completed in order to gain 100% ownership and control over this portfolio of prominent shopping centers. The purchase price was funded by the assumption of the third party's pro rata share of the mortgage notes payable on the property of $672,109 and the issuance of $1,166,777 in common stock of the Company. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of the PPRLP Queens Portfolio. | ||||||||
The following is a summary of the preliminary allocation of the estimated fair value of the PPRLP Queens Portfolio: | ||||||||
Property | $ | 3,714,982 | ||||||
Deferred charges | 152,250 | |||||||
Cash and cash equivalents | 28,890 | |||||||
Restricted cash | 5,113 | |||||||
Tenant receivables | 5,438 | |||||||
Other assets | 127,723 | |||||||
Total assets acquired | 4,034,396 | |||||||
Mortgage notes payable | 1,414,659 | |||||||
Accounts payable | 5,669 | |||||||
Due to affiliates | 2,680 | |||||||
Other accrued liabilities | 230,210 | |||||||
Total liabilities assumed | 1,653,218 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 2,381,178 | ||||||
The purchase price allocation for the PPRLP Queens Portfolio is based on a preliminary measurement of fair value that is subject to change. The allocation for the PPRLP Queens Portfolio represents the Company's current best estimate of fair value. The Company determined that the purchase price represented the estimated fair value of the additional ownership interest in the PPRLP Queens Portfolio that was acquired. | ||||||||
Fair value of existing ownership interest (at 51% ownership) | $ | 1,214,401 | ||||||
Distributions in excess of investment | 208,735 | |||||||
Gain on remeasurement of assets | $ | 1,423,136 | ||||||
The following is the reconciliation of the purchase price to the estimated fair value of the acquired net assets: | ||||||||
Purchase price | $ | 1,838,886 | ||||||
Less debt assumed | (672,109 | ) | ||||||
Distributions in excess of investment | (208,735 | ) | ||||||
Gain on remeasurement of assets | 1,423,136 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 2,381,178 | ||||||
Since the date of acquisition, the Company has included the PPRLP Queens Portfolio in its consolidated financial statements. The property generated incremental revenue of $40,378 and incremental earnings of $4,285 during the year ended December 31, 2014. | ||||||||
Pro Forma Results of Operations: | ||||||||
The following unaudited pro forma total revenue and income from continuing operations for 2014 and 2013 assumes the 2013 and 2014 property acquisitions took place on January 1, 2013 and assumes that the 2013 and 2012 property acquisitions took place on January 1, 2012: | ||||||||
Total | Income from | |||||||
revenue | continuing operations | |||||||
Supplemental pro forma for the year ended December 31, 2014(1) | $ | 1,287,904 | $ | 1,605,975 | ||||
Supplemental pro forma for the year ended December 31, 2013(1) | $ | 1,311,941 | $ | 104,123 | ||||
Supplemental pro forma for the year ended December 31, 2012(1) | $ | 1,094,559 | $ | 92,193 | ||||
____________________________________ | ||||||||
-1 | This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the acquisitions occurred on January 1, 2013 or 2012, and may not be indicative of future operating results. The Company has excluded remeasurement gains and acquisition costs from these pro forma results as they are considered significant non‑recurring adjustments directly attributable to the acquisitions. |
Dispositions
Dispositions: | 12 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions: | Dispositions: |
In March 2012, the Company recorded an impairment charge of $54,306 related to Valley View Center. As a result of the sale of the property on April 23, 2012, the Company wrote down the carrying value of the long-lived assets to their estimated fair value of $33,450, which was equal to the sales price of the property. On April 23, 2012, the property was sold by a court appointed receiver, which resulted in a gain on the extinguishment of debt of $104,023. | |
On April 30, 2012, the Company sold The Borgata, a 94,000 square foot community center in Scottsdale, Arizona, for $9,150, resulting in a loss on the sale of assets of $1,275. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On May 11, 2012, the Company sold a former Mervyn's store in Montebello, California for $20,750, resulting in a loss on the sale of assets of $407. The Company used the proceeds from the sale for general corporate purposes. | |
On May 17, 2012, the Company sold Hilton Village, an 80,000 square foot community center in Scottsdale, Arizona, for $24,820, resulting in a gain on the sale of assets of $3,127. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On May 31, 2012, the Company conveyed Prescott Gateway, a 584,000 square foot regional shopping center in Prescott, Arizona, to the mortgage note lender by a deed-in-lieu of foreclosure. As a result of the conveyance, the Company recognized a gain on the extinguishment of debt of $16,296. | |
On June 28, 2012, the Company sold Carmel Plaza, a 112,000 square foot community center in Carmel, California, for $52,000, resulting in a gain on the sale of assets of $7,844. The Company used the proceeds from the sale to pay down its line of credit. | |
In December 2012, the Company recognized an impairment charge of $24,555 on Fiesta Mall, a 933,000 square foot regional shopping center in Mesa, Arizona, to write down the carrying value of the long-lived assets to their estimated fair value due to a reduction in the estimated holding period of the property. On September 30, 2013, the Company conveyed Fiesta Mall to the mortgage note lender by a deed-in-lieu of foreclosure. The mortgage loan was non-recourse. As a result of the conveyance, the Company recognized a gain on the extinguishment of debt of $1,252. | |
On May 31, 2013, the Company sold Green Tree Mall, a 793,000 square foot regional shopping center in Clarksville, Indiana, for $79,000, resulting in a gain on the sale of assets of $59,767. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On June 4, 2013, the Company sold Northridge Mall, an 890,000 square foot regional shopping center in Salinas, California, and Rimrock Mall, a 603,000 square foot regional shopping center in Billings, Montana. The properties were sold in a combined transaction for $230,000, resulting in a gain on the sale of assets of $82,151. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On September 11, 2013, the Company sold a former Mervyn's store in Milpitas, California for $12,000, resulting in a loss on the sale of assets of $2,633. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On October 15, 2013, the Company sold a former Mervyn's store in Midland, Texas for $5,700, resulting in a loss on the sale of assets of $2,031. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On October 23, 2013, the Company sold a former Mervyn's store in Grand Junction, Colorado for $5,430, resulting in a gain on the sale of assets of $1,695. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On December 4, 2013, the Company sold a former Mervyn's store in Livermore, California for $10,475, resulting in a loss on the sale of assets of $5,257. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On December 11, 2013, the Company sold Chesterfield Towne Center, a 1,016,000 square foot regional shopping center in Richmond, Virginia, and Centre at Salisbury, an 862,000 square foot regional shopping center in Salisbury, Maryland in a combined transaction for $292,500, resulting in a gain on the sale of assets of $151,467. The sales price was funded by a cash payment of $67,763, the assumption of the $109,737 mortgage note payable on Chesterfield Towne Center and the assumption of the $115,000 mortgage note payable on Centre at Salisbury. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
The Company has classified the results of operations and gain or loss on sale for all of the above dispositions as discontinued operations for the years ended December 31, 2013 and 2012. Revenues from discontinued operations were $54,752 and $94,406 for the years ended December 31, 2013 and 2012, respectively. Total income from discontinued operations, including the gain from disposition of assets, net was $289,936 and $63,223 for the years ended December 31, 2013 and 2012, respectively. | |
On January 1, 2014, the Company adopted ASU 2014-08 (See Note 2—Summary of Significant Accounting Policies). The Company has determined that none of the disposals during the year ended December 31, 2014 represented discontinued operations. As a result, the following dispositions during the year ended December 31, 2014 have been included in gain on sale or write down of assets, net, from continuing operations: | |
On January 15, 2014, the Company sold Rotterdam Square, a 585,000 square foot regional shopping center in Schenectady, New York, for $8,500, resulting in a loss on the sale of assets of $435. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On February 14, 2014, the Company sold Somersville Towne Center, a 348,000 square foot regional shopping center in Antioch, California, for $12,337, resulting in a loss on the sale of assets of $263. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On March 17, 2014, the Company sold Lake Square Mall, a 559,000 square foot regional shopping center in Leesburg, Florida, for $13,280, resulting in a loss on the sale of assets of $876. The sales price was funded by a cash payment of $3,677 and the issuance of two notes receivable totaling $9,603 (See Note 6—Tenant and Other Receivables). The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On July 7, 2014, the Company sold a former Mervyn's store in El Paso, Texas for $3,560, resulting in a loss on the sale of assets of $158. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On August 28, 2014, the Company sold a former Mervyn's store in Thousand Oaks, California for $3,500, resulting in a loss on the sale of assets of $80. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On September 11, 2014, the Company sold a leasehold interest in a former Mervyn's store in Laredo, Texas for $1,200, resulting in a gain on the sale of assets of $315. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On October 10, 2014, the Company sold a former Mervyn's store in Marysville, California for $1,900, resulting in a loss on the sale of assets of $3. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On October 31, 2014, the Company sold South Towne Center, a 1,278,000 square foot regional shopping center in Sandy, Utah, for $205,000, resulting in a gain on the sale of assets of $121,873. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. | |
On December 29, 2014, the Company sold its 67.5% ownership interest in its consolidated joint venture in Camelback Colonnade, a 619,000 square foot community center in Phoenix, Arizona, for $92,898, resulting in a gain on the sale of assets of $24,554. The sales price was funded by a cash payment of $61,173 and the assumption of the Company's share of the mortgage note payable on the property of $31,725. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. As a result of the sale, the Company was discharged of the $47,946 mortgage note payable on the property and $17,217 of noncontrolling interest was reversed. |
Future_Rental_Revenues
Future Rental Revenues: | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Future Rental Revenues [Abstract] | ||||
Future Rental Revenues: | Future Rental Revenues: | |||
Under existing non-cancelable operating lease agreements, tenants are committed to pay the following minimum rental payments to the Company: | ||||
Year Ending December 31, | ||||
2015 | $ | 663,007 | ||
2016 | 572,304 | |||
2017 | 494,380 | |||
2018 | 424,747 | |||
2019 | 358,973 | |||
Thereafter | 1,257,743 | |||
$ | 3,771,154 | |||
Commitments_and_Contingencies
Commitments and Contingencies: | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies: | Commitments and Contingencies: | |||
The Company has certain properties subject to non-cancelable operating ground leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. Ground lease rent expenses were $10,968, $10,579 and $8,681 for the years ended December 31, 2014, 2013 and 2012, respectively. No contingent rent was incurred for the years ended December 31, 2014, 2013 or 2012. | ||||
Minimum future rental payments required under the leases are as follows: | ||||
Year Ending December 31, | ||||
2015 | $ | 15,449 | ||
2016 | 15,472 | |||
2017 | 15,457 | |||
2018 | 11,342 | |||
2019 | 9,821 | |||
Thereafter | 309,369 | |||
$ | 376,910 | |||
As of December 31, 2014, the Company was contingently liable for $18,388 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. 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 December 31, 2014, the Company had $41,205 in outstanding obligations, which it believes will be settled in the next twelve months. |
RelatedParty_Transactions
Related-Party Transactions: | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Management fees | $ | 18,705 | $ | 21,993 | $ | 24,007 | ||||||
Development and leasing fees | 11,822 | 10,859 | 13,165 | |||||||||
$ | 30,527 | $ | 32,852 | $ | 37,172 | |||||||
Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $15,134, $15,016 and $15,386 for the years ended December 31, 2014, 2013 and 2012, respectively. Included in accounts payable and accrued expenses is interest payable to this related party of $1,125 and $1,240 at December 31, 2014 and 2013, respectively. | ||||||||||||
The Company had loans to unconsolidated joint ventures to fund development stage projects prior to construction loan funding. Correspondingly, loan payables in the same amount have been accrued as an obligation by the various joint ventures. Interest income associated with these notes was $164, $281 and $254 for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2013, the balance on these loans was $2,756. There were no loans outstanding at December 31, 2014. | ||||||||||||
Due from affiliates includes $3,869 and $3,822 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at December 31, 2014 and 2013, respectively. | ||||||||||||
Due from affiliates at December 31, 2013 also included two notes receivable from principals of AWE/Talisman ("Talisman Notes") that bore interest at 5.0% and were to mature based on the refinancing or sale of Fashion Outlets of Chicago, a 529,000 square foot outlet center in Rosemont, Illinois, or certain other specified events. AWE/Talisman was considered a related party because it had a 40% noncontrolling ownership interest in Fashion Outlets of Chicago. On October 31, 2014, in connection with the Company's acquisition of AWE/Talisman's ownership interest in Fashion Outlets of Chicago, the balance of the Talisman Notes were settled (See Note 13—Acquisitions). The balance on these notes was $13,603 at December 31, 2013. Interest income earned on these notes was $516 and $625 for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||
In addition, due from affiliates at December 31, 2014 and 2013 includes a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and matures on March 29, 2016. Interest income earned on this note was $614 and $525 for the years ended December 31, 2014 and 2013, respectively. The balance on this note receivable was $11,027 and $12,707 at December 31, 2014 and 2013, respectively. RED is considered a related party because it is a partner in a joint venture development project. The note is collateralized by RED's membership interest in a development agreement. | ||||||||||||
Also included in due from affiliates is a note receivable of $65,336 from Lennar Corporation that bears interest at LIBOR plus 2% and matures upon the completion of certain milestones in connection with the development of Candlestick Point (See Note 4—Investments in Unconsolidated Joint Ventures). Lennar Corporation is considered a related party because it has an ownership interest in Candlestick Point. Interest income earned on the note was $206 for the year ended December 31, 2014. |
Share_and_UnitBased_Plans
Share and Unit-Based Plans: | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Share and Unit-Based Plans: | Share and Unit-based Plans: | ||||||||||||||||||||
The Company has established share and unit-based compensation plans for the purpose of attracting and retaining executive officers, directors and key employees. | |||||||||||||||||||||
2003 Equity Incentive Plan: | |||||||||||||||||||||
The 2003 Equity Incentive Plan ("2003 Plan") authorizes the grant of stock awards, stock options, stock appreciation rights, stock units, stock bonuses, performance-based awards, dividend equivalent rights and OP Units or other convertible or exchangeable units. As of December 31, 2014, stock awards, stock units, LTIP Units (as defined below), stock appreciation rights ("SARs") and stock options have been granted under the 2003 Plan. All stock options or other rights to acquire common stock granted under the 2003 Plan have a term of 10 years or less. These awards were generally granted based on the performance of the Company and the employees. None of the awards have performance requirements other than a service condition of continued employment unless otherwise provided. All awards are subject to restrictions determined by the Company's compensation committee. The aggregate number of shares of common stock that may be issued under the 2003 Plan is 13,825,428 shares. As of December 31, 2014, there were 3,602,672 shares available for issuance under the 2003 Plan. | |||||||||||||||||||||
Stock Awards: | |||||||||||||||||||||
The value of the stock awards was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock awards during the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Balance at beginning of year | 19,001 | $ | 56.77 | 20,924 | $ | 49.36 | 21,130 | $ | 40.68 | ||||||||||||
Granted | — | — | 8,963 | 61.84 | 9,639 | 54.43 | |||||||||||||||
Vested | (9,812 | ) | 54.45 | (10,886 | ) | 46.7 | (9,845 | ) | 35.69 | ||||||||||||
Balance at end of year | 9,189 | $ | 59.25 | 19,001 | $ | 56.77 | 20,924 | $ | 49.36 | ||||||||||||
Stock Units: | |||||||||||||||||||||
The stock units represent the right to receive upon vesting one share of the Company's common stock for one stock unit. The value of the outstanding stock units was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock units during the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Units | Weighted | Units | Weighted | Units | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Balance at beginning of year | 137,318 | $ | 57.24 | 114,677 | $ | 52.19 | 576,340 | $ | 11.71 | ||||||||||||
Granted | 75,309 | 60.5 | 67,920 | 62.01 | 72,322 | 54.43 | |||||||||||||||
Vested | (68,253 | ) | 55.14 | (45,279 | ) | 51.59 | (533,985 | ) | 8.8 | ||||||||||||
Balance at end of year | 144,374 | $ | 59.94 | 137,318 | $ | 57.24 | 114,677 | $ | 52.19 | ||||||||||||
SARs: | |||||||||||||||||||||
The executives have up to 10 years from the grant date to exercise the SARs. Upon exercise, the executives will receive unrestricted common shares for the appreciation in value of the SARs from the grant date to the exercise date. | |||||||||||||||||||||
The Company determined the value of each SAR awarded during the year ended December 31, 2012 to be $9.67 using the Black‑Scholes Option Pricing Model based upon the following assumptions: volatility of 25.85%, dividend yield of 3.69%, risk free rate of 1.20%, current value of $59.57 and an expected term of 8 years. The value of each of the other outstanding SARs was determined at the grant date to be $7.68 based upon the following assumptions: volatility of 22.52%, dividend yield of 5.23%, risk free rate of 3.15%, current value of $61.17 and an expected term of 8 years. The assumptions for volatility and dividend yield were based on the Company's historical experience as a publicly traded company, the current value was based on the closing price on the date of grant and the risk free rate was based upon the interest rate of the 10-year Treasury bond on the date of grant. The following table summarizes the activity of SARs awards during the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Units | Weighted | Units | Weighted | Units | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||
Price | Price | Price | |||||||||||||||||||
Balance at beginning of year | 1,070,991 | $ | 56.66 | 1,164,185 | $ | 56.66 | 1,156,985 | $ | 56.55 | ||||||||||||
Granted | — | — | — | — | 39,932 | 59.57 | |||||||||||||||
Exercised | (298,352 | ) | 56.63 | (93,194 | ) | 56.63 | (32,732 | ) | 56.63 | ||||||||||||
Balance at end of year | 772,639 | $ | 56.67 | 1,070,991 | $ | 56.66 | 1,164,185 | $ | 56.66 | ||||||||||||
Long-Term Incentive Plan Units: | |||||||||||||||||||||
Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards. | |||||||||||||||||||||
The market-indexed LTIP Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per common stock share relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. | |||||||||||||||||||||
The fair value of the market-indexed LTIP Units are estimated on the date of grant using a Monte Carlo Simulation model. The stock price of the Company, along with the stock prices of the group of peer REITs (for market-indexed awards), is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the share price of the Company and the peer group REITs were estimated based on a look-back period. The expected growth rate of the stock prices over the "derived service period" is determined with consideration of the risk free rate as of the grant date. | |||||||||||||||||||||
On February 23, 2012, the Company granted 190,000 market-indexed LTIP Units at a grant date fair value of $37.77 per LTIP Unit. On April 16, 2012, the Company granted 10,000 market-indexed LTIP Units at a grant date fair value of $54.97 per LTIP Unit. The market-indexed LTIP Unit grants vested over a service period ending January 31, 2013. On September 1, 2012, the Company granted 20,000 LTIP Units at a fair value of $59.57 per LTIP Unit that were fully vested on the grant date. On February 11, 2013, the compensation committee determined that the market-indexed LTIP Units granted under the LTIP in 2012 had vested at the 100% level, based on the Company's percentile ranking in terms of Total Return per common stock share compared to the Total Return of a group of peer REITs during the period of February 1, 2012 to January 31, 2013. As a result, the 200,000 market-indexed LTIP Units vested as of January 31, 2013. | |||||||||||||||||||||
On February 15, 2013, the Company granted 332,189 market-indexed LTIP Units ("2013 LTIP Units") at a grant date fair value of $66.58 per LTIP Unit that vested over a service period ending December 31, 2013. On January 16, 2014, the compensation committee determined that the 2013 LTIP Units had vested at the 96% level, based on the Company's percentile ranking in terms of Total Return per common stock share compared to the Total Return of a group of peer REITs during the period of January 1, 2013 to December 31, 2013. As a result, 318,900 LTIP Units vested and 13,289 LTIP Units were forfeited as of December 31, 2013. | |||||||||||||||||||||
On January 1, 2014, the Company granted 70,042 LTIP Units with a grant date fair value of $58.89 that will vest in equal annual installments over a service period ending December 31, 2016. Concurrently, the Company granted 272,930 market-indexed LTIP Units ("2014 LTIP Units") at a grant date fair value of $45.34 per LTIP Unit that vested over a service period ending December 31, 2014. The 2014 LTIP Units were equally divided between two types of awards. The terms of both types of awards were the same, except one award had an additional 3% absolute Total Return requirement, which if it was not met, then such LTIP Units would not have vested. On January 12, 2015, the compensation committee determined that the 2014 LTIP Units had vested at a 150% level, based on the Company's percentile ranking in terms of Total Return per common stock share compared to the Total Return of a group of peer REITs during the period of January 1, 2014 to December 31, 2014. In addition, the compensation committee determined that the applicable 3% absolute Total Return requirement was exceeded. As a result, an additional 136,465 fully-vested LTIP Units were granted on December 31, 2014. | |||||||||||||||||||||
On March 7, 2014, the Company granted 246,471 LTIP Units at a fair value of $60.25 per LTIP Unit that were fully vested on the grant date. | |||||||||||||||||||||
The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Units | Weighted | Units | Weighted | Units | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Balance at beginning of year | — | $ | — | 200,000 | $ | 38.63 | 190,000 | $ | 43.3 | ||||||||||||
Granted | 725,908 | 51.71 | 332,189 | 66.58 | 315,000 | 40.53 | |||||||||||||||
Vested | (679,213 | ) | 51.22 | (518,900 | ) | 55.81 | (305,000 | ) | 44.85 | ||||||||||||
Forfeited | — | — | (13,289 | ) | 66.58 | — | — | ||||||||||||||
Balance at end of year | 46,695 | $ | 58.89 | — | $ | — | 200,000 | $ | 38.63 | ||||||||||||
Stock Options: | |||||||||||||||||||||
The Company measured the value of each option awarded during the year ended December 31, 2012 to be $9.67 using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 25.85%, dividend yield of 3.69%, risk free rate of 1.20%, current value of $59.57 and an expected term of 8 years. The assumptions for volatility and dividend yield were based on the Company's historical experience as a publicly traded company, the current value was based on the closing price on the date of grant and the risk free rate was based upon the interest rate of the 10-year Treasury bond on the date of grant. | |||||||||||||||||||||
The following table summarizes the activity of stock options for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||
Price | Price | Price | |||||||||||||||||||
Balance at beginning of year | 10,068 | $ | 59.57 | 12,768 | $ | 54.69 | 2,700 | $ | 36.51 | ||||||||||||
Granted | — | — | — | — | 10,068 | 59.57 | |||||||||||||||
Exercised | — | — | (2,700 | ) | 36.51 | — | — | ||||||||||||||
Balance at end of year | 10,068 | $ | 59.57 | 10,068 | $ | 59.57 | 12,768 | $ | 54.69 | ||||||||||||
Directors' Phantom Stock Plan: | |||||||||||||||||||||
The Directors' Phantom Stock Plan offers non-employee members of the board of directors ("Directors") the opportunity to defer their cash compensation and to receive that compensation in common stock rather than in cash after termination of service or a predetermined period. Compensation generally includes the annual retainers payable by the Company to the Directors. Deferred amounts are generally credited as units of phantom stock at the beginning of each three-year deferral period by dividing the present value of the deferred compensation by the average fair market value of the Company's common stock at the date of award. Compensation expense related to the phantom stock awards was determined by the amortization of the value of the stock units on a straight-line basis over the applicable service period. The stock units (including dividend equivalents) vest as the Directors' services (to which the fees relate) are rendered. Vested phantom stock units are ultimately paid out in common stock on a one-unit for one-share basis. To the extent elected by a Director, stock units receive dividend equivalents in the form of additional stock units based on the dividend amount paid on the common stock. The aggregate number of phantom stock units that may be granted under the Directors' Phantom Stock Plan is 500,000. As of December 31, 2014, there were 212,947 stock units available for grant under the Directors' Phantom Stock Plan. | |||||||||||||||||||||
The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Stock Units | Weighted | Stock Units | Weighted | Stock Units | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Balance at beginning of year | 17,575 | $ | 58.66 | — | $ | — | 15,745 | $ | 34.84 | ||||||||||||
Granted | 10,747 | 65.54 | 34,266 | 59.04 | 7,896 | 57.29 | |||||||||||||||
Vested | (19,053 | ) | 62.69 | (16,691 | ) | 59.44 | (22,179 | ) | 45.24 | ||||||||||||
Forfeited | — | — | — | — | (1,462 | ) | 33.74 | ||||||||||||||
Balance at end of year | 9,269 | $ | 58.35 | 17,575 | $ | 58.66 | — | $ | — | ||||||||||||
Employee Stock Purchase Plan ("ESPP"): | |||||||||||||||||||||
The ESPP authorizes eligible employees to purchase the Company's common stock through voluntary payroll deductions made during periodic offering periods. Under the ESPP common stock is purchased at a 15% discount from the lesser of the fair value of common stock at the beginning and end of the offering period. A maximum of 750,000 shares of common stock is available for purchase under the ESPP. The number of shares available for future purchase under the plan at December 31, 2014 was 540,318. | |||||||||||||||||||||
Compensation: | |||||||||||||||||||||
The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Stock awards | $ | 365 | $ | 497 | $ | 598 | |||||||||||||||
Stock units | 4,689 | 3,839 | 3,379 | ||||||||||||||||||
LTIP units | 28,598 | 22,778 | 9,436 | ||||||||||||||||||
SARs | — | — | 583 | ||||||||||||||||||
Stock options | 16 | 16 | 21 | ||||||||||||||||||
Phantom stock units | 1,205 | 992 | 953 | ||||||||||||||||||
$ | 34,873 | $ | 28,122 | $ | 14,970 | ||||||||||||||||
During the year ended December 31, 2012, the Company modified the terms of 20,000 LTIP Units and 54,405 SARs of a former executive officer. As a result of this modification, the Company recognized an additional compensation cost of $1,214 during the year ended December 31, 2012. | |||||||||||||||||||||
The Company capitalized share and unit-based compensation costs of $5,410, $3,915 and $2,646 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
The fair value of the stock awards and stock units that vested during the years ended December 31, 2014, 2013 and 2012 was $4,685, $3,516 and $30,454, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2014 consisted of $2,751 from LTIP Units, $248 from stock awards, $2,843 from stock units, $43 from stock options and $541 from phantom stock units. |
Employee_Benefit_Plans
Employee Benefit Plans: | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans: | Employee Benefit Plans: |
401(k) Plan: | |
The Company has a defined contribution retirement plan that covers its eligible employees (the "Plan"). The Plan is a defined contribution retirement plan covering eligible employees of the Macerich Property Management Company LLC and participating affiliates. The Plan is qualified in accordance with section 401(a) of the Code. Effective January 1, 1995, the Plan was amended to constitute a qualified cash or deferred arrangement under section 401(k) of the Code, whereby employees can elect to defer compensation subject to Internal Revenue Service withholding rules. This Plan was further amended effective as of February 1, 1999 to add The Macerich Company Common Stock Fund as a new investment alternative under the Plan. A total of 150,000 shares of common stock were reserved for issuance under the Plan, which was subsequently increased by an additional 500,000 shares in February 2013. On January 1, 2004, the Plan adopted the "Safe Harbor" provision under Sections 401(k)(12) and 401(m)(11) of the Code. In accordance with adopting these provisions, the Company makes matching contributions equal to 100 percent of the first three percent of compensation deferred by a participant and 50 percent of the next two percent of compensation deferred by a participant. During the years ended December 31, 2014, 2013 and 2012, these matching contributions made by the Company were $3,253, $3,017 and $3,094, respectively. Contributions and matching contributions to the Plan by the plan sponsor and/or participating affiliates are recognized as an expense of the Company in the period that they are made. | |
Deferred Compensation Plans: | |
The Company has established deferred compensation plans under which key executives of the Company may elect to defer receiving a portion of their cash compensation otherwise payable in one calendar year until a later year. The Company may, as determined by the Board of Directors in its sole discretion prior to the beginning of the plan year, credit a participant's account with a matching amount equal to a percentage of the participant's deferral. The Company contributed $845, $843 and $648 to the plans during the years ended December 31, 2014, 2013 and 2012, respectively. Contributions are recognized as compensation in the periods they are made. |
Income_Taxes
Income Taxes: | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income Taxes: | Income Taxes: | ||||||||||||||||||||
For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Ordinary income | $ | 1.92 | 76.5 | % | $ | 1.02 | 43.3 | % | $ | 0.74 | 33.2 | % | |||||||||
Capital gains | 0.16 | 6.4 | % | 1.24 | 52.5 | % | 1.13 | 50.7 | % | ||||||||||||
Unrecaptured Section 1250 gain | 0.05 | 2 | % | 0.1 | 4.2 | % | 0.36 | 16.1 | % | ||||||||||||
Return of capital | 0.38 | 15.1 | % | — | — | % | — | — | % | ||||||||||||
Dividends paid | $ | 2.51 | 100 | % | $ | 2.36 | 100 | % | $ | 2.23 | 100 | % | |||||||||
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 income tax benefit (expense) of the TRSs for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Current | $ | — | $ | (142 | ) | $ | — | ||||||||||||||
Deferred | 4,269 | 1,834 | 4,159 | ||||||||||||||||||
Income tax benefit | $ | 4,269 | $ | 1,692 | $ | 4,159 | |||||||||||||||
Income tax benefit of the TRSs for the years ended December 31, 2014, 2013 and 2012 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Book loss for TRSs | $ | 10,785 | $ | 11,709 | $ | 16,154 | |||||||||||||||
Tax at statutory rate on earnings from continuing operations before income taxes | $ | 3,667 | $ | 3,981 | $ | 5,493 | |||||||||||||||
Other | 602 | (2,289 | ) | (1,334 | ) | ||||||||||||||||
Income tax benefit | $ | 4,269 | $ | 1,692 | $ | 4,159 | |||||||||||||||
The net operating loss carryforwards are currently scheduled to expire through 2034, beginning in 2024. Net deferred tax assets of $35,625 and $31,356 were included in deferred charges and other assets, net at December 31, 2014 and 2013, respectively. The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2014 and 2013 are summarized as follows: | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Net operating loss carryforwards | $ | 24,698 | $ | 26,394 | |||||||||||||||||
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs | 8,201 | 3,673 | |||||||||||||||||||
Other | 2,726 | 1,289 | |||||||||||||||||||
Net deferred tax assets | $ | 35,625 | $ | 31,356 | |||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012 there were no unrecognized tax benefits. | |||||||||||||||||||||
The tax years 2010 through 2014 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 12 months. |
Quarterly_Financial_Data
Quarterly Financial Data: | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited): | Quarterly Financial Data (Unaudited): | |||||||||||||||||||||||||||||||
The following is a summary of quarterly results of operations for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
2014 Quarter Ended | 2013 Quarter Ended | |||||||||||||||||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | 31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||||||||||||||
Revenues | $ | 322,909 | $ | 263,491 | $ | 254,336 | $ | 264,511 | $ | 282,137 | $ | 258,154 | $ | 245,877 | $ | 243,307 | ||||||||||||||||
Net income attributable to the Company(1) | $ | 1,429,221 | $ | 35,914 | $ | 16,088 | $ | 17,819 | $ | 144,878 | $ | 38,123 | $ | 218,997 | $ | 18,092 | ||||||||||||||||
Net income attributable to common stockholders per share-basic | $ | 9.52 | $ | 0.25 | $ | 0.11 | $ | 0.13 | $ | 1.03 | $ | 0.27 | $ | 1.57 | $ | 0.13 | ||||||||||||||||
Net income attributable to common stockholders per share-diluted | $ | 9.51 | $ | 0.25 | $ | 0.11 | $ | 0.13 | $ | 1.03 | $ | 0.27 | $ | 1.57 | $ | 0.13 | ||||||||||||||||
_____________________ | ||||||||||||||||||||||||||||||||
-1 | Net income attributable to the Company for the quarter ended December 31, 2014 includes the gain on remeasurement of assets of $1,423,136 from the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions). The net income attributable to the Company for the quarter ended December 31, 2013 includes the gain of $151,467 on the sale of Chesterfield Towne Center and Centre at Salisbury (See Note 14—Dispositions). |
Subsequent_Events
Subsequent Events: | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events: | Subsequent Events: |
On January 30, 2015, the Company announced a dividend/distribution of $0.65 per share for common stockholders and OP Unit holders of record on February 20, 2015. All dividends/distributions will be paid 100% in cash on March 6, 2015. | |
On February 17, 2015, the Company acquired the remaining 50% ownership interest in Inland Center, a 933,000 square foot regional shopping center in San Bernardino, California, that it did not previously own for $51,250. The purchase price was funded by a cash payment of $26,250 and the assumption of the third party's share of the mortgage note payable on the property of $25,000. Concurrent with the purchase of the joint venture interest, the Company paid off the $50,000 loan on the property. The cash payment was funded by borrowings under the Company's line of credit. | |
On February 19, 2015, the Company closed a $280,000 loan on Vintage Faire Mall that bears interest at a rate of 3.49% and matures on March 6, 2026. |
Schedule_IIIReal_Estate_and_Ac
Schedule III-Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule III-Real Estate and Accumulated Depreciation Disclosure | ||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||
Shopping Centers/Entities | Land | Building and | Equipment | Cost Capitalized | Land | Building and | Equipment | Construction | Total | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||
Improvements | and | Subsequent to | Improvements | and | in Progress | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||
Furnishings | Acquisition | Furnishings | Accumulated | |||||||||||||||||||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||||||||||||||||||||
Arrowhead Towne Center | $ | 36,687 | $ | 386,662 | $ | — | $ | 5,593 | $ | 36,687 | $ | 390,949 | $ | 587 | $ | 719 | $ | 428,942 | $ | 23,749 | $ | 405,193 | ||||||||||||||||||||||
Black Canyon Auto Park | 20,600 | — | — | 11,448 | 32,046 | — | — | 2 | 32,048 | — | 32,048 | |||||||||||||||||||||||||||||||||
Capitola Mall | 20,395 | 59,221 | — | 12,593 | 20,392 | 70,286 | 1,226 | 305 | 92,209 | 30,432 | 61,777 | |||||||||||||||||||||||||||||||||
Cascade Mall | 19,253 | 9,671 | — | (676 | ) | 18,699 | 9,501 | 48 | — | 28,248 | 274 | 27,974 | ||||||||||||||||||||||||||||||||
Chandler Fashion Center | 24,188 | 223,143 | — | 14,269 | 24,188 | 232,306 | 5,106 | — | 261,600 | 82,644 | 178,956 | |||||||||||||||||||||||||||||||||
Danbury Fair Mall | 130,367 | 316,951 | — | 96,784 | 142,751 | 395,362 | 5,942 | 47 | 544,102 | 104,765 | 439,337 | |||||||||||||||||||||||||||||||||
Deptford Mall | 48,370 | 194,250 | — | 45,576 | 61,029 | 224,815 | 2,352 | — | 288,196 | 52,405 | 235,791 | |||||||||||||||||||||||||||||||||
Desert Sky Mall | 9,447 | 37,245 | 12 | 2,246 | 9,082 | 38,853 | 953 | 62 | 48,950 | 5,356 | 43,594 | |||||||||||||||||||||||||||||||||
Eastland Mall | 22,050 | 151,605 | — | 4,906 | 22,066 | 155,715 | 780 | — | 178,561 | 13,815 | 164,746 | |||||||||||||||||||||||||||||||||
Estrella Falls | 10,550 | — | — | 61,328 | 9,405 | — | — | 62,473 | 71,878 | — | 71,878 | |||||||||||||||||||||||||||||||||
Fashion Outlets of Chicago | — | — | — | 250,542 | 40,575 | 207,432 | 2,170 | 365 | 250,542 | 13,988 | 236,554 | |||||||||||||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 18,581 | 210,139 | — | 99,001 | 27,681 | 273,148 | 1,103 | 25,789 | 327,721 | 26,073 | 301,648 | |||||||||||||||||||||||||||||||||
Flagstaff Mall | 5,480 | 31,773 | — | 16,874 | 5,480 | 47,951 | 696 | — | 54,127 | 16,510 | 37,617 | |||||||||||||||||||||||||||||||||
The Marketplace at Flagstaff Mall | — | — | — | 52,830 | — | 52,830 | — | — | 52,830 | 16,372 | 36,458 | |||||||||||||||||||||||||||||||||
FlatIron Crossing | 109,851 | 333,540 | — | 16,821 | 109,851 | 347,830 | 1,514 | 1,017 | 460,212 | 25,877 | 434,335 | |||||||||||||||||||||||||||||||||
Freehold Raceway Mall | 164,986 | 362,841 | — | 97,368 | 168,098 | 452,330 | 4,767 | — | 625,195 | 134,182 | 491,013 | |||||||||||||||||||||||||||||||||
Fresno Fashion Fair | 17,966 | 72,194 | — | 47,132 | 17,966 | 117,511 | 1,754 | 61 | 137,292 | 52,076 | 85,216 | |||||||||||||||||||||||||||||||||
Great Northern Mall | 12,187 | 62,657 | — | (20,870 | ) | 6,981 | 46,704 | 289 | — | 53,974 | 20,693 | 33,281 | ||||||||||||||||||||||||||||||||
Green Acres Mall | 156,640 | 321,034 | — | 41,084 | 156,640 | 331,971 | 3,222 | 26,925 | 518,758 | 24,260 | 494,498 | |||||||||||||||||||||||||||||||||
Kings Plaza Shopping Center | 209,041 | 485,548 | 20,000 | 43,955 | 209,041 | 522,896 | 21,903 | 4,704 | 758,544 | 34,229 | 724,315 | |||||||||||||||||||||||||||||||||
La Cumbre Plaza | 18,122 | 21,492 | — | 24,530 | 17,280 | 46,327 | 345 | 192 | 64,144 | 20,965 | 43,179 | |||||||||||||||||||||||||||||||||
Lakewood Center | 140,928 | 534,952 | — | 1,666 | 140,928 | 536,408 | 210 | — | 677,546 | 2,758 | 674,788 | |||||||||||||||||||||||||||||||||
Los Cerritos Center | 85,670 | 612,803 | — | 2,669 | 85,670 | 555,646 | 76 | 59,750 | 701,142 | 2,572 | 698,570 | |||||||||||||||||||||||||||||||||
Macerich Management Co. | — | 8,685 | 26,562 | 32,910 | 1,967 | 7,608 | 52,504 | 6,078 | 68,157 | 41,308 | 26,849 | |||||||||||||||||||||||||||||||||
MACWH, LP | — | 25,771 | — | 16,017 | 11,557 | 27,455 | — | 2,776 | 41,788 | 6,990 | 34,798 | |||||||||||||||||||||||||||||||||
Northgate Mall | 8,400 | 34,865 | 841 | 103,212 | 13,414 | 130,229 | 3,180 | 495 | 147,318 | 60,674 | 86,644 | |||||||||||||||||||||||||||||||||
NorthPark Mall | 7,746 | 74,661 | — | 5,917 | 7,885 | 79,986 | 441 | 12 | 88,324 | 8,141 | 80,183 | |||||||||||||||||||||||||||||||||
Oaks, The | 32,300 | 117,156 | — | 241,248 | 55,527 | 330,909 | 2,457 | 1,811 | 390,704 | 101,862 | 288,842 | |||||||||||||||||||||||||||||||||
Pacific View | 8,697 | 8,696 | — | 128,517 | 7,854 | 135,586 | 2,470 | — | 145,910 | 54,078 | 91,832 | |||||||||||||||||||||||||||||||||
Panorama Mall | 4,373 | 17,491 | — | 9,719 | 4,857 | 24,328 | 475 | 1,923 | 31,583 | 9,048 | 22,535 | |||||||||||||||||||||||||||||||||
Paradise Valley Mall | 24,565 | 125,996 | — | 42,492 | 35,921 | 154,362 | 2,297 | 473 | 193,053 | 57,816 | 135,237 | |||||||||||||||||||||||||||||||||
See accompanying report of independent registered public accounting firm. | ||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||
Shopping Centers/Entities | Land | Building and | Equipment | Cost Capitalized | Land | Building and | Equipment | Construction | Total | Accumulated | Total Cost | |||||||||||||||||||||||||||||||||
Improvements | and | Subsequent to | Improvements | and | in Progress | Depreciation | Net of | |||||||||||||||||||||||||||||||||||||
Furnishings | Acquisition | Furnishings | Accumulated | |||||||||||||||||||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||||||||||||||||||||
Paradise Village Ground Leases | 8,880 | 2,489 | — | (6,876 | ) | 3,870 | 623 | — | — | 4,493 | 281 | 4,212 | ||||||||||||||||||||||||||||||||
Paradise Village Office Park II | 1,150 | 1,790 | — | 3,222 | 2,300 | 3,583 | 279 | — | 6,162 | 2,158 | 4,004 | |||||||||||||||||||||||||||||||||
Promenade at Casa Grande | 15,089 | — | — | 84,999 | 8,851 | 91,170 | 67 | — | 100,088 | 32,259 | 67,829 | |||||||||||||||||||||||||||||||||
Queens Center | 251,474 | 1,039,922 | — | 243 | 251,474 | 1,039,424 | 104 | 637 | 1,291,639 | 4,476 | 1,287,163 | |||||||||||||||||||||||||||||||||
Santa Monica Place | 26,400 | 105,600 | — | 299,484 | 44,292 | 359,222 | 7,901 | 20,069 | 431,484 | 66,589 | 364,895 | |||||||||||||||||||||||||||||||||
SanTan Adjacent Land | 29,414 | — | — | 6,505 | 30,506 | — | — | 5,413 | 35,919 | — | 35,919 | |||||||||||||||||||||||||||||||||
SanTan Village Regional Center | 7,827 | — | — | 193,020 | 6,344 | 193,478 | 1,025 | — | 200,847 | 71,474 | 129,373 | |||||||||||||||||||||||||||||||||
SouthPark Mall | 7,035 | 38,215 | — | 11,901 | 7,479 | 43,276 | 260 | 6,136 | 57,151 | 3,554 | 53,597 | |||||||||||||||||||||||||||||||||
South Plains Mall | 23,100 | 92,728 | — | 34,152 | 23,100 | 124,678 | 1,732 | 470 | 149,980 | 54,543 | 95,437 | |||||||||||||||||||||||||||||||||
Southridge Center | 6,764 | — | — | 18,670 | 6,514 | 18,828 | 91 | 1 | 25,434 | 1,505 | 23,929 | |||||||||||||||||||||||||||||||||
Stonewood Center | 4,948 | 302,527 | — | 26 | 4,948 | 302,527 | 26 | — | 307,501 | 1,561 | 305,940 | |||||||||||||||||||||||||||||||||
Superstition Springs Center | 10,928 | 112,718 | — | 1,282 | 9,273 | 113,358 | 89 | 2,208 | 124,928 | 3,942 | 120,986 | |||||||||||||||||||||||||||||||||
Superstition Springs Power Center | 1,618 | 4,420 | — | 6 | 1,618 | 4,343 | 83 | — | 6,044 | 1,464 | 4,580 | |||||||||||||||||||||||||||||||||
Tangerine (Marana), The Shops at | 36,158 | — | — | (9,591 | ) | 16,922 | — | — | 9,645 | 26,567 | — | 26,567 | ||||||||||||||||||||||||||||||||
The Macerich Partnership, L.P. | — | 2,534 | — | 9,942 | — | — | 6,301 | 6,175 | 12,476 | 1,971 | 10,505 | |||||||||||||||||||||||||||||||||
Towne Mall | 6,652 | 31,184 | — | 3,796 | 6,877 | 34,308 | 447 | — | 41,632 | 11,668 | 29,964 | |||||||||||||||||||||||||||||||||
Tucson La Encantada | 12,800 | 19,699 | — | 55,378 | 12,800 | 74,580 | 497 | — | 87,877 | 36,868 | 51,009 | |||||||||||||||||||||||||||||||||
Twenty Ninth Street | — | 37,843 | 64 | 210,459 | 23,599 | 223,399 | 1,244 | 124 | 248,366 | 86,659 | 161,707 | |||||||||||||||||||||||||||||||||
Valley Mall | 16,045 | 26,098 | — | 6,829 | 15,616 | 32,996 | 330 | 30 | 48,972 | 3,133 | 45,839 | |||||||||||||||||||||||||||||||||
Valley River Center | 24,854 | 147,715 | — | 20,124 | 24,854 | 166,096 | 1,743 | — | 192,693 | 44,199 | 148,494 | |||||||||||||||||||||||||||||||||
Victor Valley, Mall of | 15,700 | 75,230 | — | 50,537 | 20,080 | 119,247 | 2,140 | — | 141,467 | 34,332 | 107,135 | |||||||||||||||||||||||||||||||||
Vintage Faire Mall | 14,902 | 60,532 | — | 55,147 | 17,647 | 111,432 | 1,502 | — | 130,581 | 56,694 | 73,887 | |||||||||||||||||||||||||||||||||
Washington Square | 89,659 | 652,310 | — | 454 | 89,886 | 650,155 | 151 | 2,231 | 742,423 | 3,016 | 739,407 | |||||||||||||||||||||||||||||||||
Westside Pavilion | 34,100 | 136,819 | — | 70,923 | 34,100 | 201,490 | 5,876 | 376 | 241,842 | 88,683 | 153,159 | |||||||||||||||||||||||||||||||||
Wilton Mall | 19,743 | 67,855 | — | 19,653 | 19,810 | 86,190 | 1,117 | 134 | 107,251 | 24,438 | 82,813 | |||||||||||||||||||||||||||||||||
500 North Michigan Avenue | 12,851 | 55,358 | — | 5,985 | 10,991 | 50,254 | 113 | 12,836 | 74,194 | 5,338 | 68,856 | |||||||||||||||||||||||||||||||||
Mervyn's (former locations) | 10,094 | 68,660 | — | 12,738 | 9,449 | 73,481 | 456 | 8,106 | 91,492 | 19,373 | 72,119 | |||||||||||||||||||||||||||||||||
Other land and development properties | 49,913 | — | — | 34,868 | 37,573 | 14,401 | 113 | 32,694 | 84,781 | 5,902 | 78,879 | |||||||||||||||||||||||||||||||||
$ | 2,105,538 | $ | 7,923,288 | $ | 47,479 | $ | 2,701,577 | $ | 2,242,291 | $ | 10,079,773 | $ | 152,554 | $ | 303,264 | $ | 12,777,882 | $ | 1,709,992 | $ | 11,067,890 | |||||||||||||||||||||||
Depreciation of the Company's investment in buildings and improvements reflected in the consolidated statements of operations are calculated over the estimated useful lives of the asset as follows: | ||||||||||||||||||||||||||||||||||||||||||||
Buildings and improvements | 5 - 40 years | |||||||||||||||||||||||||||||||||||||||||||
Tenant improvements | 5 - 7 years | |||||||||||||||||||||||||||||||||||||||||||
Equipment and furnishings | 5 - 7 years | |||||||||||||||||||||||||||||||||||||||||||
The changes in total real estate assets for the three years ended December 31, 2014 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
Balances, beginning of year | $ | 9,181,338 | $ | 9,012,706 | $ | 7,489,735 | ||||||||||||||||||||||||||||||||||||||
Additions | 4,042,409 | 943,159 | 1,909,530 | |||||||||||||||||||||||||||||||||||||||||
Dispositions and retirements | (445,865 | ) | (774,527 | ) | (386,559 | ) | ||||||||||||||||||||||||||||||||||||||
Balances, end of year | $ | 12,777,882 | $ | 9,181,338 | $ | 9,012,706 | ||||||||||||||||||||||||||||||||||||||
The aggregate gross cost of the property included in the table above for federal income tax purposes was $8,035,421 (unaudited) at December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||
The changes in accumulated depreciation for the three years ended December 31, 2014 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
Balances, beginning of year | $ | 1,559,572 | $ | 1,533,160 | $ | 1,410,692 | ||||||||||||||||||||||||||||||||||||||
Additions | 289,178 | 284,500 | 241,231 | |||||||||||||||||||||||||||||||||||||||||
Dispositions and retirements | (138,758 | ) | (258,088 | ) | (118,763 | ) | ||||||||||||||||||||||||||||||||||||||
Balances, end of year | $ | 1,709,992 | $ | 1,559,572 | $ | 1,533,160 | ||||||||||||||||||||||||||||||||||||||
See accompanying report of independent registered public accounting firm. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies: (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation: | Basis of Presentation: | |
These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. | ||
Cash and Cash Equivalents and Restricted Cash: | Cash and Cash Equivalents and Restricted Cash: | |
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under loan agreements. | ||
Revenues: | Revenues: | |
Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." | ||
Revenues: | ||
Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." | ||
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. | ||
The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. | ||
Property: | Property: | |
Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. | ||
Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows: | ||
Buildings and improvements | 5 - 40 years | |
Tenant improvements | 5 - 7 years | |
Equipment and furnishings | 5 - 7 years | |
Capitalization of Costs: | Capitalization of Costs: | |
The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete. | ||
Investment in Unconsolidated Joint Ventures: | Investment in Unconsolidated Joint Ventures: | |
The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, the Company does not have a controlling financial interest in the joint venture as it shares management control with the partner in the joint venture and, therefore, accounts for its investment in the joint venture using the equity method of accounting. | ||
Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization. | ||
Acquisitions: | Acquisitions: | |
The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases are recorded in deferred charges and other assets and amortized over the remaining lease terms plus an estimate of renewal term of the acquired leases. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. The initial allocation of purchase price is based on management's preliminary assessment, which may change when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The purchase price allocation is described as preliminary if it is not yet final. The use of different assumptions in the allocation of the purchase price of the acquired assets and liabilities assumed could affect the timing of recognition of the related revenues and expenses. | ||
The Company immediately expenses costs associated with business combinations as period costs. | ||
Remeasurement gains are recognized when the Company obtains control of an existing equity method investment to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment. | ||
Marketable Securities: | Marketable Securities: | |
The Company accounted for its investments in marketable debt securities as held-to-maturity securities as the Company had the intent and the ability to hold these securities until maturity. Accordingly, investments in marketable securities were carried at their amortized cost. The discount on marketable securities was amortized into interest income on a straight-line basis over the term of the notes, which approximates the effective interest method. | ||
Deferred Charges: | Deferred Charges: | |
Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method. | ||
The range of the terms of the agreements is as follows: | ||
Deferred lease costs | 1 - 15 years | |
Deferred financing costs | 1 - 15 years | |
Accounting for Impairment: | Accounting for Impairment: | |
The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. | ||
The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary. | ||
Derivative Instruments and Hedging Activities: | Derivative Instruments and Hedging Activities: | |
The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Ineffective portions, if any, are included in net income (loss). | ||
Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. | ||
If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations. | ||
Share and Unit-based Compensation Plans: | Share and Unit-based Compensation Plans: | |
The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For market-indexed LTIP awards, compensation cost is recognized under the graded attribution method. | ||
Income Taxes: | Income Taxes: | |
The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any. | ||
Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. 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. | ||
Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods. | ||
Segment Information: | Segment Information: | |
The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States. | ||
Fair Value of Financial Instruments: | Fair Value of Financial Instruments: | |
The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. | ||
Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||
The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made. | ||
The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and 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. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. | ||
Concentration of Risk: | Concentration of Risk: | |
The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. At various times during the year, the Company had deposits in excess of the FDIC insurance limit. | ||
No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2014, 2013 or 2012. | ||
Reclassifications | Reclassifications: | |
During the year ended December 31, 2014, the Company reported gain on remeasurement of assets as a separate line item in its consolidated statements of operations. The Company reclassified the amounts from the years ended December 31, 2013 and 2012 previously reported in gain (loss) on remeasurement, sale or write down of assets, net line item to conform to the 2014 presentation. | ||
Management Estimates: | Management Estimates: | |
The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Recent Accounting Pronouncements | Recent Accounting Pronouncements: | |
On April 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-08, which amends the definition of discontinued operations and requires additional disclosures for disposal transactions that do not meet the revised discontinued operations criteria. ASU 2014-08 is required to be adopted for fiscal years beginning after December 15, 2014, with early adoption permitted. The Company's early adoption of this pronouncement on January 1, 2014 did not have a material impact on the Company's consolidated financial statements (See Note 14—Dispositions). |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies: (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Schedule of estimated useful lives of property | Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows: | |
Buildings and improvements | 5 - 40 years | |
Tenant improvements | 5 - 7 years | |
Equipment and furnishings | 5 - 7 years | |
Schedule of range of the terms of loan and lease agreements | The range of the terms of the agreements is as follows: | |
Deferred lease costs | 1 - 15 years | |
Deferred financing costs | 1 - 15 years |
Earnings_Per_Share_EPS_Tables
Earnings Per Share ("EPS"): (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
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 earnings per share for the years ended December 31 (shares in thousands): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator | ||||||||||||
Income from continuing operations | $ | 1,606,931 | $ | 159,023 | $ | 303,166 | ||||||
Income from discontinued operations | — | 289,936 | 63,223 | |||||||||
Net income attributable to noncontrolling interests | (107,889 | ) | (28,869 | ) | (28,963 | ) | ||||||
Net income attributable to the Company | 1,499,042 | 420,090 | 337,426 | |||||||||
Allocation of earnings to participating securities | (1,576 | ) | (397 | ) | (577 | ) | ||||||
Numerator for basic and diluted earnings per share—net income attributable to common stockholders | $ | 1,497,466 | $ | 419,693 | $ | 336,849 | ||||||
Denominator | ||||||||||||
Denominator for basic earnings per share—weighted average number of common shares outstanding | 143,144 | 139,598 | 134,067 | |||||||||
Effect of dilutive securities (1) | ||||||||||||
Stock warrants | — | — | 63 | |||||||||
Share and unit based compensation | 147 | 82 | 18 | |||||||||
Denominator for diluted earnings per share—weighted average number of common shares outstanding | 143,291 | 139,680 | 134,148 | |||||||||
Earnings per common share—basic: | ||||||||||||
Income from continuing operations | $ | 10.46 | $ | 1.07 | $ | 2.07 | ||||||
Discontinued operations | — | 1.94 | 0.44 | |||||||||
Net income attributable to common stockholders | $ | 10.46 | $ | 3.01 | $ | 2.51 | ||||||
Earnings per common share—diluted: | ||||||||||||
Income from continuing operations | $ | 10.45 | $ | 1.06 | $ | 2.07 | ||||||
Discontinued operations | — | 1.94 | 0.44 | |||||||||
Net income attributable to common stockholders | $ | 10.45 | $ | 3 | $ | 2.51 | ||||||
____________________________________ | ||||||||||||
-1 | The convertible senior notes ("Senior Notes") are excluded from diluted EPS for the year ended December 31, 2012 as their effect would be antidilutive. The Senior Notes were paid off in full on March 15, 2012 (See Note 9— Bank and Other Notes Payable). | |||||||||||
Diluted EPS excludes 179,667, 184,304 and 193,945 convertible preferred units for the years ended December 31, 2014, 2013 and 2012, respectively, as their impact was antidilutive. | ||||||||||||
Diluted EPS excludes 10,079,935 and 9,845,602 and 10,870,454 Operating Partnership units ("OP Units") for the years ended December 31, 2014, 2013 and 2012, respectively, as their effect was antidilutive. |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Joint Ventures: (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||
Schedule of ownership interest in joint ventures | The following are the Company's direct or indirect investments in various joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2014 was as follows: | |||||||||||||||||
Joint Venture | Ownership %(1) | |||||||||||||||||
443 Wabash MAB LLC | 45 | % | ||||||||||||||||
Biltmore Shopping Center Partners LLC | 50 | % | ||||||||||||||||
Candlestick Center LLC | 50.1 | % | ||||||||||||||||
Coolidge Holding LLC | 37.5 | % | ||||||||||||||||
Corte Madera Village, LLC | 50.1 | % | ||||||||||||||||
Gallery, The—Various Entities | 50 | % | ||||||||||||||||
Jaren Associates #4 | 12.5 | % | ||||||||||||||||
Kierland Commons Investment LLC | 50 | % | ||||||||||||||||
Macerich Northwestern Associates—Broadway Plaza | 50 | % | ||||||||||||||||
North Bridge Chicago LLC | 50 | % | ||||||||||||||||
One Scottsdale Investors LLC | 50 | % | ||||||||||||||||
Propcor II Associates, LLC—Boulevard Shops | 50 | % | ||||||||||||||||
Scottsdale Fashion Square Partnership | 50 | % | ||||||||||||||||
The Market at Estrella Falls LLC | 39.7 | % | ||||||||||||||||
Tysons Corner LLC | 50 | % | ||||||||||||||||
Tysons Corner Property Holdings II LLC | 50 | % | ||||||||||||||||
Tysons Corner Property LLC | 50 | % | ||||||||||||||||
West Acres Development, LLP | 19 | % | ||||||||||||||||
Westcor/Gilbert, L.L.C. | 50 | % | ||||||||||||||||
Westcor/Queen Creek LLC | 37.9 | % | ||||||||||||||||
Westcor/Surprise Auto Park LLC | 33.3 | % | ||||||||||||||||
WMAP, L.L.C.—Atlas Park | 50 | % | ||||||||||||||||
WM Inland LP(2) | 50 | % | ||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||
-1 | The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds. | |||||||||||||||||
-2 | On February 17, 2015, the Company acquired the remaining 50% ownership interest that it did not previously own (See Note 22—Subsequent Events). | |||||||||||||||||
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information | 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 as of December 31: | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Assets(1): | ||||||||||||||||||
Properties, net | $ | 2,967,878 | $ | 3,435,737 | ||||||||||||||
Other assets | 208,726 | 295,719 | ||||||||||||||||
Total assets | $ | 3,176,604 | $ | 3,731,456 | ||||||||||||||
Liabilities and partners' capital(1): | ||||||||||||||||||
Mortgage notes payable(2) | $ | 2,038,379 | $ | 3,518,215 | ||||||||||||||
Other liabilities | 195,766 | 202,444 | ||||||||||||||||
Company's capital | 489,349 | (25,367 | ) | |||||||||||||||
Outside partners' capital | 453,110 | 36,164 | ||||||||||||||||
Total liabilities and partners' capital | $ | 3,176,604 | $ | 3,731,456 | ||||||||||||||
Investment in unconsolidated joint ventures: | ||||||||||||||||||
Company's capital | $ | 489,349 | $ | (25,367 | ) | |||||||||||||
Basis adjustment(3) | 464,826 | 474,658 | ||||||||||||||||
$ | 954,175 | $ | 449,291 | |||||||||||||||
Assets—Investments in unconsolidated joint ventures | $ | 984,132 | $ | 701,483 | ||||||||||||||
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (29,957 | ) | (252,192 | ) | ||||||||||||||
$ | 954,175 | $ | 449,291 | |||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||
-1 | These amounts include the assets and liabilities of the following joint ventures as of December 31, 2014 and 2013: | |||||||||||||||||
Pacific | Tysons | |||||||||||||||||
Premier | Corner LLC | |||||||||||||||||
Retail LP | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||
Total Assets | $ | — | $ | 341,931 | ||||||||||||||
Total Liabilities | $ | — | $ | 871,933 | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Total Assets | $ | 775,012 | $ | 356,871 | ||||||||||||||
Total Liabilities | $ | 812,725 | $ | 887,413 | ||||||||||||||
-2 | Certain mortgage notes payable could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of December 31, 2014 and 2013, a total of $33,540 could become recourse debt to the Company. As of December 31, 2014 and 2013, the Company has an indemnity agreement from a joint venture partner for $16,770 of the guaranteed amount. | |||||||||||||||||
Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $606,263 and $712,455 as of December 31, 2014 and 2013, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense incurred on these borrowings amounted to $38,113, $31,549 and $43,732 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||
-3 | The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $5,109, $10,734 and $15,480 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Assets and liabilities of significant subsidiaries | These amounts include the assets and liabilities of the following joint ventures as of December 31, 2014 and 2013: | |||||||||||||||||
Pacific | Tysons | |||||||||||||||||
Premier | Corner LLC | |||||||||||||||||
Retail LP | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||
Total Assets | $ | — | $ | 341,931 | ||||||||||||||
Total Liabilities | $ | — | $ | 871,933 | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Total Assets | $ | 775,012 | $ | 356,871 | ||||||||||||||
Total Liabilities | $ | 812,725 | $ | 887,413 | ||||||||||||||
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures | Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: | |||||||||||||||||
Pacific | Tysons | Other | Total | |||||||||||||||
Premier | Corner LLC | Joint | ||||||||||||||||
Retail LP | Ventures | |||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Revenues: | ||||||||||||||||||
Minimum rents | $ | 88,831 | $ | 64,521 | $ | 235,011 | $ | 388,363 | ||||||||||
Percentage rents | 2,652 | 2,091 | 12,418 | 17,161 | ||||||||||||||
Tenant recoveries | 40,118 | 47,084 | 99,539 | 186,741 | ||||||||||||||
Other | 4,090 | 3,472 | 33,143 | 40,705 | ||||||||||||||
Total revenues | 135,691 | 117,168 | 380,111 | 632,970 | ||||||||||||||
Expenses: | ||||||||||||||||||
Shopping center and operating expenses | 37,113 | 38,786 | 139,513 | 215,412 | ||||||||||||||
Interest expense | 34,113 | 31,677 | 71,297 | 137,087 | ||||||||||||||
Depreciation and amortization | 29,688 | 19,880 | 94,835 | 144,403 | ||||||||||||||
Total operating expenses | 100,914 | 90,343 | 305,645 | 496,902 | ||||||||||||||
(Loss) gain on sale of assets | (7,044 | ) | — | 10,687 | 3,643 | |||||||||||||
Net income | $ | 27,733 | $ | 26,825 | $ | 85,153 | $ | 139,711 | ||||||||||
Company's equity in net income | $ | 9,743 | $ | 7,080 | $ | 43,803 | $ | 60,626 | ||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Revenues: | ||||||||||||||||||
Minimum rents | $ | 118,164 | $ | 62,072 | $ | 238,488 | $ | 418,724 | ||||||||||
Percentage rents | 4,586 | 2,057 | 12,946 | 19,589 | ||||||||||||||
Tenant recoveries | 52,470 | 45,452 | 106,249 | 204,171 | ||||||||||||||
Other | 5,882 | 3,110 | 36,635 | 45,627 | ||||||||||||||
Total revenues | 181,102 | 112,691 | 394,318 | 688,111 | ||||||||||||||
Expenses: | ||||||||||||||||||
Shopping center and operating expenses | 53,039 | 36,798 | 139,981 | 229,818 | ||||||||||||||
Interest expense | 43,445 | 15,751 | 86,126 | 145,322 | ||||||||||||||
Depreciation and amortization | 39,616 | 18,139 | 89,554 | 147,309 | ||||||||||||||
Total operating expenses | 136,100 | 70,688 | 315,661 | 522,449 | ||||||||||||||
Gain on sale of assets | 182,754 | — | 7,772 | 190,526 | ||||||||||||||
Gain on early extinguishment of debt | — | 14 | — | 14 | ||||||||||||||
Net income | $ | 227,756 | $ | 42,017 | $ | 86,429 | $ | 356,202 | ||||||||||
Company's equity in net income | $ | 110,798 | $ | 15,126 | $ | 41,656 | $ | 167,580 | ||||||||||
Pacific | Tysons | Other | Total | |||||||||||||||
Premier | Corner LLC | Joint | ||||||||||||||||
Retail LP | Ventures | |||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||
Revenues: | ||||||||||||||||||
Minimum rents | $ | 132,247 | $ | 63,569 | $ | 316,186 | $ | 512,002 | ||||||||||
Percentage rents | 5,390 | 1,929 | 15,768 | 23,087 | ||||||||||||||
Tenant recoveries | 56,397 | 44,225 | 149,546 | 250,168 | ||||||||||||||
Other | 5,650 | 3,341 | 37,248 | 46,239 | ||||||||||||||
Total revenues | 199,684 | 113,064 | 518,748 | 831,496 | ||||||||||||||
Expenses: | ||||||||||||||||||
Shopping center and operating expenses | 59,329 | 35,244 | 192,661 | 287,234 | ||||||||||||||
Interest expense | 52,139 | 11,481 | 136,296 | 199,916 | ||||||||||||||
Depreciation and amortization | 43,031 | 19,798 | 115,168 | 177,997 | ||||||||||||||
Total operating expenses | 154,499 | 66,523 | 444,125 | 665,147 | ||||||||||||||
Gain on sale of assets | 90 | — | 29,211 | 29,301 | ||||||||||||||
Net income | $ | 45,275 | $ | 46,541 | $ | 103,834 | $ | 195,650 | ||||||||||
Company's equity in net income | $ | 23,026 | $ | 17,969 | $ | 38,286 | $ | 79,281 | ||||||||||
Property_Tables
Property: (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Components of property | Property at December 31, 2014 and 2013 consists of the following: | |||||||
2014 | 2013 | |||||||
Land | $ | 2,242,291 | $ | 1,707,005 | ||||
Buildings and improvements | 9,479,337 | 6,555,212 | ||||||
Tenant improvements | 600,436 | 537,754 | ||||||
Equipment and furnishings | 152,554 | 152,198 | ||||||
Construction in progress | 303,264 | 229,169 | ||||||
12,777,882 | 9,181,338 | |||||||
Less accumulated depreciation | (1,709,992 | ) | (1,559,572 | ) | ||||
$ | 11,067,890 | $ | 7,621,766 | |||||
Deferred_Charges_and_Other_Ass1
Deferred Charges and Other Assets, net: (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Schedule of deferred charges and other assets, net | Deferred charges and other assets, net at December 31, 2014 and 2013 consist of the following: | ||||||||
2014 | 2013 | ||||||||
Leasing | $ | 239,955 | $ | 223,038 | |||||
Financing | 47,171 | 51,695 | |||||||
Intangible assets: | |||||||||
In-place lease values(1) | 298,825 | 205,651 | |||||||
Leasing commissions and legal costs(1) | 72,432 | 50,594 | |||||||
Above-market leases | 250,810 | 118,770 | |||||||
Deferred tax assets | 35,625 | 31,356 | |||||||
Deferred compensation plan assets | 35,194 | 30,932 | |||||||
Other assets | 66,246 | 65,793 | |||||||
1,046,258 | 777,829 | ||||||||
Less accumulated amortization(2) | (287,197 | ) | (244,771 | ) | |||||
$ | 759,061 | $ | 533,058 | ||||||
_______________________________ | |||||||||
-1 | The estimated amortization of these intangible assets for the next five years and thereafter is as follows: | ||||||||
Year Ending December 31, | |||||||||
2015 | $ | 64,711 | |||||||
2016 | 45,990 | ||||||||
2017 | 31,906 | ||||||||
2018 | 25,760 | ||||||||
2019 | 21,682 | ||||||||
Thereafter | 77,847 | ||||||||
$ | 267,896 | ||||||||
-2 | Accumulated amortization includes $103,361 and $89,141 relating to in-place lease values, leasing commissions and legal costs at December 31, 2014 and 2013, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $52,668, $53,139 and $32,456 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
Schedule of estimated amortization of intangible assets for the next five years and thereafter | The estimated amortization of these intangible assets for the next five years and thereafter is as follows: | ||||||||
Year Ending December 31, | |||||||||
2015 | $ | 64,711 | |||||||
2016 | 45,990 | ||||||||
2017 | 31,906 | ||||||||
2018 | 25,760 | ||||||||
2019 | 21,682 | ||||||||
Thereafter | 77,847 | ||||||||
$ | 267,896 | ||||||||
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: | ||||||||
2014 | 2013 | ||||||||
Above-Market Leases | |||||||||
Original allocated value | $ | 250,810 | $ | 118,770 | |||||
Less accumulated amortization | (59,696 | ) | (46,912 | ) | |||||
$ | 191,114 | $ | 71,858 | ||||||
Below-Market Leases(1) | |||||||||
Original allocated value | $ | 375,033 | $ | 187,537 | |||||
Less accumulated amortization | (93,511 | ) | (79,271 | ) | |||||
$ | 281,522 | $ | 108,266 | ||||||
_______________________________ | |||||||||
-1 | Below‑market leases are included in other accrued liabilities. | ||||||||
Schedule of estimated amortization of allocated values of above and below-market leases for the next five years and thereafter | The estimated amortization of these values for the next five years and thereafter is as follows: | ||||||||
Year Ending December 31, | Above | Below | |||||||
Market | Market | ||||||||
2015 | $ | 26,591 | $ | 37,808 | |||||
2016 | 23,516 | 35,647 | |||||||
2017 | 19,413 | 29,931 | |||||||
2018 | 16,024 | 26,354 | |||||||
2019 | 13,210 | 23,595 | |||||||
Thereafter | 92,360 | 128,187 | |||||||
$ | 191,114 | $ | 281,522 | ||||||
Mortgage_Notes_Payable_Tables
Mortgage Notes Payable: (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||
Mortgage notes payable | Mortgage notes payable at December 31, 2014 and 2013 consist of the following: | ||||||||||||||||||||||||||
Carrying Amount of Mortgage Notes(1) | |||||||||||||||||||||||||||
2014 | 2013 | Effective Interest | Monthly | Maturity | |||||||||||||||||||||||
Rate(2) | Debt | Date(4) | |||||||||||||||||||||||||
Property Pledged as Collateral | Related Party | Other | Related Party | Other | Service(3) | ||||||||||||||||||||||
Arrowhead Towne Center | $ | — | $ | 228,703 | $ | — | $ | 236,028 | 2.76 | % | $ | 1,131 | 2018 | ||||||||||||||
Camelback Colonnade(5) | — | — | — | 49,120 | — | — | — | ||||||||||||||||||||
Chandler Fashion Center(6) | — | 200,000 | — | 200,000 | 3.77 | % | 625 | 2019 | |||||||||||||||||||
Danbury Fair Mall | 114,265 | 114,264 | 117,120 | 117,120 | 5.53 | % | 1,538 | 2020 | |||||||||||||||||||
Deptford Mall | — | 197,815 | — | 201,622 | 3.76 | % | 947 | 2023 | |||||||||||||||||||
Deptford Mall | — | 14,285 | — | 14,551 | 6.46 | % | 101 | 2016 | |||||||||||||||||||
Eastland Mall | — | 168,000 | — | 168,000 | 5.79 | % | 811 | 2016 | |||||||||||||||||||
Fashion Outlets of Chicago(7) | — | 119,329 | — | 91,383 | 2.97 | % | 259 | 2017 | |||||||||||||||||||
Fashion Outlets of Niagara Falls USA | — | 121,376 | — | 124,030 | 4.89 | % | 727 | 2020 | |||||||||||||||||||
Flagstaff Mall | — | 37,000 | — | 37,000 | 5.03 | % | 151 | 2015 | |||||||||||||||||||
FlatIron Crossing | — | 261,494 | — | 268,000 | 3.9 | % | 1,393 | 2021 | |||||||||||||||||||
Freehold Raceway Mall(6) | — | 229,244 | — | 232,900 | 4.2 | % | 1,132 | 2018 | |||||||||||||||||||
Fresno Fashion Fair(8) | — | — | 79,391 | 79,390 | — | — | — | ||||||||||||||||||||
Great Northern Mall(9) | — | 34,494 | — | 35,484 | 6.54 | % | 234 | 2015 | |||||||||||||||||||
Green Acres Mall | — | 313,514 | — | 319,850 | 3.61 | % | 1,447 | 2021 | |||||||||||||||||||
Kings Plaza Shopping Center | — | 480,761 | — | 490,548 | 3.67 | % | 2,229 | 2019 | |||||||||||||||||||
Lakewood Center(10) | — | 253,708 | — | — | 1.8 | % | 1,127 | 2015 | |||||||||||||||||||
Los Cerritos Center(11) | 103,274 | 103,274 | — | — | 1.65 | % | 1,009 | 2018 | |||||||||||||||||||
Northgate Mall(12) | — | 64,000 | — | 64,000 | 3.05 | % | 128 | 2017 | |||||||||||||||||||
Oaks, The | — | 210,197 | — | 214,239 | 4.14 | % | 1,064 | 2022 | |||||||||||||||||||
Pacific View | — | 133,200 | — | 135,835 | 4.08 | % | 668 | 2022 | |||||||||||||||||||
Queens Center(13) | — | 600,000 | — | — | 3.49 | % | 1,744 | 2025 | |||||||||||||||||||
Santa Monica Place | — | 230,344 | — | 235,445 | 2.99 | % | 1,004 | 2018 | |||||||||||||||||||
SanTan Village Regional Center | — | 133,807 | — | 136,629 | 3.14 | % | 589 | 2019 | |||||||||||||||||||
South Plains Mall(14) | — | — | — | 99,833 | — | — | — | ||||||||||||||||||||
Stonewood Center(15) | — | 111,297 | — | — | 1.8 | % | 640 | 2017 | |||||||||||||||||||
Superstition Springs Center(16) | — | 68,079 | — | 68,395 | 1.98 | % | 138 | 2016 | |||||||||||||||||||
Towne Mall | — | 22,607 | — | 22,996 | 4.48 | % | 117 | 2022 | |||||||||||||||||||
Tucson La Encantada | 71,500 | — | 72,870 | — | 4.23 | % | 368 | 2022 | |||||||||||||||||||
Valley Mall | — | 41,368 | — | 42,155 | 5.85 | % | 280 | 2016 | |||||||||||||||||||
Valley River Center | — | 120,000 | — | 120,000 | 5.59 | % | 558 | 2016 | |||||||||||||||||||
Victor Valley, Mall of(17) | — | 115,000 | — | 90,000 | 4 | % | 380 | 2024 | |||||||||||||||||||
Vintage Faire Mall(18) | — | — | — | 99,083 | — | — | — | ||||||||||||||||||||
Washington Square(19) | — | 238,696 | — | — | 1.65 | % | 1,499 | 2016 | |||||||||||||||||||
Westside Pavilion | — | 149,626 | — | 152,173 | 4.49 | % | 783 | 2022 | |||||||||||||||||||
$ | 289,039 | $ | 5,115,482 | $ | 269,381 | $ | 4,145,809 | ||||||||||||||||||||
-1 | The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. | ||||||||||||||||||||||||||
The debt premiums (discounts) as of December 31, 2014 and 2013 consist of the following: | |||||||||||||||||||||||||||
Property Pledged as Collateral | 2014 | 2013 | |||||||||||||||||||||||||
Arrowhead Towne Center | $ | 11,568 | $ | 14,642 | |||||||||||||||||||||||
Camelback Colonnade | — | 2,120 | |||||||||||||||||||||||||
Deptford Mall | (8 | ) | (14 | ) | |||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 5,414 | 6,342 | |||||||||||||||||||||||||
Lakewood Center | 3,708 | — | |||||||||||||||||||||||||
Los Cerritos Center | 17,965 | — | |||||||||||||||||||||||||
Stonewood Center | 7,980 | — | |||||||||||||||||||||||||
Superstition Springs Center | 579 | 895 | |||||||||||||||||||||||||
Valley Mall | (132 | ) | (219 | ) | |||||||||||||||||||||||
Washington Square | 9,847 | — | |||||||||||||||||||||||||
$ | 56,921 | $ | 23,766 | ||||||||||||||||||||||||
-2 | The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) 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 | On December 29, 2014, in connection with the sale of the Company's 67.5% ownership interest in the consolidated joint venture in Camelback Colonnade (See Note 14—Dispositions), a third party assumed the existing loan on the property. As a result, the Company has been discharged from this non-recourse loan. | ||||||||||||||||||||||||||
-6 | A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement). | ||||||||||||||||||||||||||
-7 | The construction loan on the property allows for borrowings of up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At December 31, 2014 and 2013, the total interest rate was 2.97% and 2.96%, respectively. | ||||||||||||||||||||||||||
-8 | On December 22, 2014, the Company paid off in full the loan on the property, which resulted in a loss of $5,796 on the early extinguishment of debt. | ||||||||||||||||||||||||||
-9 | On January 1, 2015, this nonrecourse loan went into maturity default. The Company is working with the loan servicer, which is expected to result in a transition of the property to the loan servicer or a receiver. | ||||||||||||||||||||||||||
-10 | On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Lakewood Center with a fair value of $254,880 that bears interest at an effective rate of 1.80% and matures on June 1, 2015. | ||||||||||||||||||||||||||
-11 | On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Los Cerritos Center with a fair value of $207,528 that bears interest at an effective rate of 1.65% and matures on July 1, 2018. | ||||||||||||||||||||||||||
-12 | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At December 31, 2014 and 2013, the total interest rate was 3.05% and 3.04%, respectively. | ||||||||||||||||||||||||||
-13 | On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Queens Center with a fair value of $600,000 that bears interest at an effective rate of 3.49% and matures on January 1, 2025. | ||||||||||||||||||||||||||
-14 | On February 7, 2014, the Company paid off in full one of the two loans on the property, which resulted in a loss of $359 on the early extinguishment of debt. On November 10, 2014, the Company paid off in full the remaining loan on the property, which resulted in a loss of $163 on the early extinguishment of debt. | ||||||||||||||||||||||||||
-15 | On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Stonewood Center with a fair value of $111,910 that bears interest at an effective rate of 1.80% and matures on November 1, 2017. | ||||||||||||||||||||||||||
-16 | The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At December 31, 2014 and 2013, the total interest rate was 1.98% and 2.00%, respectively. | ||||||||||||||||||||||||||
-17 | On August 28, 2014, the Company replaced the existing loan on the property with a new $115,000 loan that bears interest at an effective rate of 4.00% and matures on September 1, 2024. The replacement of the existing loan resulted in a loss of $47 on the early extinguishment of debt. | ||||||||||||||||||||||||||
-18 | On December 22, 2014, the Company paid off in full the loan on the property, which resulted in a loss of $3,186 on the early extinguishment of debt. | ||||||||||||||||||||||||||
-19 | On November 14, 2014, in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions), the Company assumed the loan on Washington Square with a fair value of $240,341 that bears interest at an effective rate of 1.65% and matures on January 1, 2016. | ||||||||||||||||||||||||||
Debt premiums (discounts) on mortgage notes payable | The debt premiums (discounts) as of December 31, 2014 and 2013 consist of the following: | ||||||||||||||||||||||||||
Property Pledged as Collateral | 2014 | 2013 | |||||||||||||||||||||||||
Arrowhead Towne Center | $ | 11,568 | $ | 14,642 | |||||||||||||||||||||||
Camelback Colonnade | — | 2,120 | |||||||||||||||||||||||||
Deptford Mall | (8 | ) | (14 | ) | |||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 5,414 | 6,342 | |||||||||||||||||||||||||
Lakewood Center | 3,708 | — | |||||||||||||||||||||||||
Los Cerritos Center | 17,965 | — | |||||||||||||||||||||||||
Stonewood Center | 7,980 | — | |||||||||||||||||||||||||
Superstition Springs Center | 579 | 895 | |||||||||||||||||||||||||
Valley Mall | (132 | ) | (219 | ) | |||||||||||||||||||||||
Washington Square | 9,847 | — | |||||||||||||||||||||||||
$ | 56,921 | $ | 23,766 | ||||||||||||||||||||||||
Future maturities of mortgage notes payable | The future maturities of mortgage notes payable are as follows: | ||||||||||||||||||||||||||
2015 | $ | 397,325 | |||||||||||||||||||||||||
2016 | 707,605 | ||||||||||||||||||||||||||
2017 | 353,370 | ||||||||||||||||||||||||||
2018 | 866,413 | ||||||||||||||||||||||||||
2019 | 603,090 | ||||||||||||||||||||||||||
Thereafter | 2,419,797 | ||||||||||||||||||||||||||
5,347,600 | |||||||||||||||||||||||||||
Debt premium, net | 56,921 | ||||||||||||||||||||||||||
$ | 5,404,521 | ||||||||||||||||||||||||||
Bank_and_Other_Notes_Payable_T
Bank and Other Notes Payable: (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Bank and Other Notes Payable: | ||||
Schedule of future maturities of bank and other notes payable | The future maturities of bank and other notes payable are as follows: | |||
2015 | $ | 1,750 | ||
2016 | 9,129 | |||
2018 | 877,000 | |||
$ | 887,879 | |||
Acquisitions_Tables
Acquisitions: (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the allocation of the fair value of Kings Plaza Shopping Center: | |||||||
Property | $ | 714,589 | ||||||
Deferred charges | 37,371 | |||||||
Other assets | 29,282 | |||||||
Total assets acquired | 781,242 | |||||||
Other accrued liabilities | 25,242 | |||||||
Total liabilities assumed | 25,242 | |||||||
Fair value of acquired net assets | $ | 756,000 | ||||||
The following is a summary of the allocation of the fair value of 500 North Michigan Avenue: | ||||||||
Property | $ | 66,033 | ||||||
Deferred charges | 7,450 | |||||||
Other assets | 2,143 | |||||||
Total assets acquired | 75,626 | |||||||
Other accrued liabilities | 4,701 | |||||||
Total liabilities assumed | 4,701 | |||||||
Fair value of acquired net assets | $ | 70,925 | ||||||
The following is a summary of the allocation of the fair value of Camelback Colonnade: | ||||||||
Property | $ | 98,160 | ||||||
Deferred charges | 8,284 | |||||||
Cash and cash equivalents | 1,280 | |||||||
Restricted cash | 1,139 | |||||||
Tenant receivables | 615 | |||||||
Other assets | 380 | |||||||
Total assets acquired | 109,858 | |||||||
Mortgage note payable | 49,465 | |||||||
Accounts payable | 54 | |||||||
Other accrued liabilities | 4,752 | |||||||
Total liabilities assumed | 54,271 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 55,587 | ||||||
The following is a summary of the allocation of the fair value of Green Acres Mall: | ||||||||
Property | $ | 477,673 | ||||||
Deferred charges | 45,130 | |||||||
Other assets | 19,125 | |||||||
Total assets acquired | 541,928 | |||||||
Other accrued liabilities | 41,928 | |||||||
Total liabilities assumed | 41,928 | |||||||
Fair value of acquired net assets | $ | 500,000 | ||||||
The following is a summary of the preliminary allocation of the estimated fair value of the PPRLP Queens Portfolio: | ||||||||
Property | $ | 3,714,982 | ||||||
Deferred charges | 152,250 | |||||||
Cash and cash equivalents | 28,890 | |||||||
Restricted cash | 5,113 | |||||||
Tenant receivables | 5,438 | |||||||
Other assets | 127,723 | |||||||
Total assets acquired | 4,034,396 | |||||||
Mortgage notes payable | 1,414,659 | |||||||
Accounts payable | 5,669 | |||||||
Due to affiliates | 2,680 | |||||||
Other accrued liabilities | 230,210 | |||||||
Total liabilities assumed | 1,653,218 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 2,381,178 | ||||||
The following is a summary of the allocation of the fair value of Superstition Springs Center: | ||||||||
Property | $ | 114,373 | ||||||
Deferred charges | 12,353 | |||||||
Cash and cash equivalents | 8,894 | |||||||
Tenant receivables | 51 | |||||||
Other assets | 11,535 | |||||||
Total assets acquired | 147,206 | |||||||
Mortgage note payable | 68,448 | |||||||
Accounts payable | 119 | |||||||
Other accrued liabilities | 7,637 | |||||||
Total liabilities assumed | 76,204 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 71,002 | ||||||
The following is a summary of the allocation of the fair value of Cascade Mall: | ||||||||
Property | $ | 28,924 | ||||||
Deferred charges | 6,660 | |||||||
Other assets | 202 | |||||||
Total assets acquired | 35,786 | |||||||
Other accrued liabilities | 4,786 | |||||||
Total liabilities assumed | 4,786 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 31,000 | ||||||
The following is a summary of the allocation of the fair value of FlatIron Crossing: | ||||||||
Property | $ | 443,391 | ||||||
Deferred charges | 25,251 | |||||||
Cash and cash equivalents | 3,856 | |||||||
Other assets | 2,101 | |||||||
Total assets acquired | 474,599 | |||||||
Mortgage note payable | 175,720 | |||||||
Accounts payable | 366 | |||||||
Other accrued liabilities | 11,071 | |||||||
Total liabilities assumed | 187,157 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 287,442 | ||||||
The following is a summary of the allocation of the fair value of Arrowhead Towne Center: | ||||||||
Property | $ | 423,349 | ||||||
Deferred charges | 31,500 | |||||||
Restricted cash | 4,009 | |||||||
Tenant receivables | 926 | |||||||
Other assets | 4,234 | |||||||
Total assets acquired | 464,018 | |||||||
Mortgage note payable | 244,403 | |||||||
Accounts payable | 815 | |||||||
Other accrued liabilities | 10,449 | |||||||
Total liabilities assumed | 255,667 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 208,351 | ||||||
Schedule of reconciliation of the purchase price to the fair value of the acquired net assets | The following is the reconciliation of the purchase price to the estimated fair value of the acquired net assets: | |||||||
Purchase price | $ | 1,838,886 | ||||||
Less debt assumed | (672,109 | ) | ||||||
Distributions in excess of investment | (208,735 | ) | ||||||
Gain on remeasurement of assets | 1,423,136 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 2,381,178 | ||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||
Purchase price | $ | 46,162 | ||||||
Less debt assumed | (22,500 | ) | ||||||
Carrying value of investment | 32,476 | |||||||
Remeasurement gain | 14,864 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 71,002 | ||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||
Purchase price | $ | 144,400 | ||||||
Less debt assumed | (75,375 | ) | ||||||
Carrying value of investment | 23,597 | |||||||
Gain on remeasurement of assets | 115,729 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 208,351 | ||||||
The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | ||||||||
Purchase price | $ | 310,397 | ||||||
Less debt assumed | (114,497 | ) | ||||||
Carrying value of investment | 33,382 | |||||||
Gain on remeasurement of assets | 84,227 | |||||||
Less prior gain deferral | (26,067 | ) | ||||||
Fair value of acquired net assets (at 100% ownership) | $ | 287,442 | ||||||
Summary of gain on remeasurement of existing investment | The following is the reconciliation of the purchase price to the fair value of the acquired net assets: | |||||||
Purchase price | $ | 15,233 | ||||||
Distributions in excess of investment | 15,767 | |||||||
Fair value of acquired net assets (at 100% ownership) | $ | 31,000 | ||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in Arrowhead Towne Center that was acquired. | ||||||||
Fair value of existing ownership interest (at 66.7% ownership) | $ | 139,326 | ||||||
Carrying value of investment | (23,597 | ) | ||||||
Gain on remeasurement of assets | $ | 115,729 | ||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in Superstition Springs Center that was acquired. | ||||||||
Fair value of existing ownership interest (at 66.7% ownership) | $ | 47,340 | ||||||
Carrying value of investment | (32,476 | ) | ||||||
Gain on remeasurement of assets | $ | 14,864 | ||||||
The Company recognized the following remeasurement gain on the Camelback Colonnade Restructuring: | ||||||||
Fair value of existing ownership interest (at 73.2% ownership) | $ | 41,690 | ||||||
Carrying value of investment | (5,349 | ) | ||||||
Gain on remeasurement of assets | $ | 36,341 | ||||||
The Company determined that the purchase price represented the fair value of the additional ownership interest in FlatIron Crossing that was acquired. | ||||||||
Fair value of existing ownership interest (at 25% ownership) | $ | 91,542 | ||||||
Carrying value of investment | (33,382 | ) | ||||||
Prior gain deferral recognized | 26,067 | |||||||
Gain on remeasurement of assets | $ | 84,227 | ||||||
The Company determined that the purchase price represented the estimated fair value of the additional ownership interest in the PPRLP Queens Portfolio that was acquired. | ||||||||
Fair value of existing ownership interest (at 51% ownership) | $ | 1,214,401 | ||||||
Distributions in excess of investment | 208,735 | |||||||
Gain on remeasurement of assets | $ | 1,423,136 | ||||||
Schedule of pro forma total revenue and income continuing operations | The following unaudited pro forma total revenue and income from continuing operations for 2014 and 2013 assumes the 2013 and 2014 property acquisitions took place on January 1, 2013 and assumes that the 2013 and 2012 property acquisitions took place on January 1, 2012: | |||||||
Total | Income from | |||||||
revenue | continuing operations | |||||||
Supplemental pro forma for the year ended December 31, 2014(1) | $ | 1,287,904 | $ | 1,605,975 | ||||
Supplemental pro forma for the year ended December 31, 2013(1) | $ | 1,311,941 | $ | 104,123 | ||||
Supplemental pro forma for the year ended December 31, 2012(1) | $ | 1,094,559 | $ | 92,193 | ||||
____________________________________ | ||||||||
-1 | This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the acquisitions occurred on January 1, 2013 or 2012, and may not be indicative of future operating results. The Company has excluded remeasurement gains and acquisition costs from these pro forma results as they are considered significant non‑recurring adjustments directly attributable to the acquisitions. |
Future_Rental_Revenues_Tables
Future Rental Revenues: (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Future Rental Revenues [Abstract] | ||||
Schedule of future minimum rental payments to be received by the company under non-cancelable operating lease agreements | Under existing non-cancelable operating lease agreements, tenants are committed to pay the following minimum rental payments to the Company: | |||
Year Ending December 31, | ||||
2015 | $ | 663,007 | ||
2016 | 572,304 | |||
2017 | 494,380 | |||
2018 | 424,747 | |||
2019 | 358,973 | |||
Thereafter | 1,257,743 | |||
$ | 3,771,154 | |||
Commitments_and_Contingencies_
Commitments and Contingencies: (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of future minimum rental payments by the Company | Minimum future rental payments required under the leases are as follows: | |||
Year Ending December 31, | ||||
2015 | $ | 15,449 | ||
2016 | 15,472 | |||
2017 | 15,457 | |||
2018 | 11,342 | |||
2019 | 9,821 | |||
Thereafter | 309,369 | |||
$ | 376,910 | |||
RelatedParty_Transactions_Tabl
Related-Party Transactions: (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Schedule of fees charged to unconsolidated joint ventures | The following are fees charged to unconsolidated joint ventures for the years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Management fees | $ | 18,705 | $ | 21,993 | $ | 24,007 | ||||||
Development and leasing fees | 11,822 | 10,859 | 13,165 | |||||||||
$ | 30,527 | $ | 32,852 | $ | 37,172 | |||||||
Share_and_UnitBased_Plans_Tabl
Share and Unit-Based Plans: (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Summary of activity of non-vested stock awards | The following table summarizes the activity of non-vested stock awards during the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Balance at beginning of year | 19,001 | $ | 56.77 | 20,924 | $ | 49.36 | 21,130 | $ | 40.68 | ||||||||||||
Granted | — | — | 8,963 | 61.84 | 9,639 | 54.43 | |||||||||||||||
Vested | (9,812 | ) | 54.45 | (10,886 | ) | 46.7 | (9,845 | ) | 35.69 | ||||||||||||
Balance at end of year | 9,189 | $ | 59.25 | 19,001 | $ | 56.77 | 20,924 | $ | 49.36 | ||||||||||||
Summary of activity of non-vested stock units | The following table summarizes the activity of non-vested stock units during the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Units | Weighted | Units | Weighted | Units | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Balance at beginning of year | 137,318 | $ | 57.24 | 114,677 | $ | 52.19 | 576,340 | $ | 11.71 | ||||||||||||
Granted | 75,309 | 60.5 | 67,920 | 62.01 | 72,322 | 54.43 | |||||||||||||||
Vested | (68,253 | ) | 55.14 | (45,279 | ) | 51.59 | (533,985 | ) | 8.8 | ||||||||||||
Balance at end of year | 144,374 | $ | 59.94 | 137,318 | $ | 57.24 | 114,677 | $ | 52.19 | ||||||||||||
Summary of activity of SARs awards | The following table summarizes the activity of SARs awards during the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Units | Weighted | Units | Weighted | Units | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||
Price | Price | Price | |||||||||||||||||||
Balance at beginning of year | 1,070,991 | $ | 56.66 | 1,164,185 | $ | 56.66 | 1,156,985 | $ | 56.55 | ||||||||||||
Granted | — | — | — | — | 39,932 | 59.57 | |||||||||||||||
Exercised | (298,352 | ) | 56.63 | (93,194 | ) | 56.63 | (32,732 | ) | 56.63 | ||||||||||||
Balance at end of year | 772,639 | $ | 56.67 | 1,070,991 | $ | 56.66 | 1,164,185 | $ | 56.66 | ||||||||||||
Summary of activity of non-vested LTIP Units | The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Units | Weighted | Units | Weighted | Units | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Balance at beginning of year | — | $ | — | 200,000 | $ | 38.63 | 190,000 | $ | 43.3 | ||||||||||||
Granted | 725,908 | 51.71 | 332,189 | 66.58 | 315,000 | 40.53 | |||||||||||||||
Vested | (679,213 | ) | 51.22 | (518,900 | ) | 55.81 | (305,000 | ) | 44.85 | ||||||||||||
Forfeited | — | — | (13,289 | ) | 66.58 | — | — | ||||||||||||||
Balance at end of year | 46,695 | $ | 58.89 | — | $ | — | 200,000 | $ | 38.63 | ||||||||||||
Summary of activity of stock options | The following table summarizes the activity of stock options for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||
Price | Price | Price | |||||||||||||||||||
Balance at beginning of year | 10,068 | $ | 59.57 | 12,768 | $ | 54.69 | 2,700 | $ | 36.51 | ||||||||||||
Granted | — | — | — | — | 10,068 | 59.57 | |||||||||||||||
Exercised | — | — | (2,700 | ) | 36.51 | — | — | ||||||||||||||
Balance at end of year | 10,068 | $ | 59.57 | 10,068 | $ | 59.57 | 12,768 | $ | 54.69 | ||||||||||||
Summary of activity of non-vested phantom stock units | The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Stock Units | Weighted | Stock Units | Weighted | Stock Units | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Balance at beginning of year | 17,575 | $ | 58.66 | — | $ | — | 15,745 | $ | 34.84 | ||||||||||||
Granted | 10,747 | 65.54 | 34,266 | 59.04 | 7,896 | 57.29 | |||||||||||||||
Vested | (19,053 | ) | 62.69 | (16,691 | ) | 59.44 | (22,179 | ) | 45.24 | ||||||||||||
Forfeited | — | — | — | — | (1,462 | ) | 33.74 | ||||||||||||||
Balance at end of year | 9,269 | $ | 58.35 | 17,575 | $ | 58.66 | — | $ | — | ||||||||||||
Compensation cost under the share and unit-based plans | The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Stock awards | $ | 365 | $ | 497 | $ | 598 | |||||||||||||||
Stock units | 4,689 | 3,839 | 3,379 | ||||||||||||||||||
LTIP units | 28,598 | 22,778 | 9,436 | ||||||||||||||||||
SARs | — | — | 583 | ||||||||||||||||||
Stock options | 16 | 16 | 21 | ||||||||||||||||||
Phantom stock units | 1,205 | 992 | 953 | ||||||||||||||||||
$ | 34,873 | $ | 28,122 | $ | 14,970 | ||||||||||||||||
Income_Taxes_Tables
Income Taxes: (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Schedule of components of distributions made to common stockholders on a per share basis | The following table details the components of the distributions, on a per share basis, for the years ended December 31: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Ordinary income | $ | 1.92 | 76.5 | % | $ | 1.02 | 43.3 | % | $ | 0.74 | 33.2 | % | |||||||||
Capital gains | 0.16 | 6.4 | % | 1.24 | 52.5 | % | 1.13 | 50.7 | % | ||||||||||||
Unrecaptured Section 1250 gain | 0.05 | 2 | % | 0.1 | 4.2 | % | 0.36 | 16.1 | % | ||||||||||||
Return of capital | 0.38 | 15.1 | % | — | — | % | — | — | % | ||||||||||||
Dividends paid | $ | 2.51 | 100 | % | $ | 2.36 | 100 | % | $ | 2.23 | 100 | % | |||||||||
Schedule of income tax benefit of TRSs | The income tax benefit (expense) of the TRSs for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Current | $ | — | $ | (142 | ) | $ | — | ||||||||||||||
Deferred | 4,269 | 1,834 | 4,159 | ||||||||||||||||||
Income tax benefit | $ | 4,269 | $ | 1,692 | $ | 4,159 | |||||||||||||||
Reconciliation of income tax benefit (provision) of the TRSs to the amount computed by applying the federal corporate tax rate | Income tax benefit of the TRSs for the years ended December 31, 2014, 2013 and 2012 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Book loss for TRSs | $ | 10,785 | $ | 11,709 | $ | 16,154 | |||||||||||||||
Tax at statutory rate on earnings from continuing operations before income taxes | $ | 3,667 | $ | 3,981 | $ | 5,493 | |||||||||||||||
Other | 602 | (2,289 | ) | (1,334 | ) | ||||||||||||||||
Income tax benefit | $ | 4,269 | $ | 1,692 | $ | 4,159 | |||||||||||||||
Schedule of tax effects of temporary differences and carryforwards of the TRSs included in net deferred tax assets | The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2014 and 2013 are summarized as follows: | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Net operating loss carryforwards | $ | 24,698 | $ | 26,394 | |||||||||||||||||
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs | 8,201 | 3,673 | |||||||||||||||||||
Other | 2,726 | 1,289 | |||||||||||||||||||
Net deferred tax assets | $ | 35,625 | $ | 31,356 | |||||||||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data: (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Summary of quarterly results of operations | The following is a summary of quarterly results of operations for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
2014 Quarter Ended | 2013 Quarter Ended | |||||||||||||||||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | 31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||||||||||||||||||
Revenues | $ | 322,909 | $ | 263,491 | $ | 254,336 | $ | 264,511 | $ | 282,137 | $ | 258,154 | $ | 245,877 | $ | 243,307 | ||||||||||||||||
Net income attributable to the Company(1) | $ | 1,429,221 | $ | 35,914 | $ | 16,088 | $ | 17,819 | $ | 144,878 | $ | 38,123 | $ | 218,997 | $ | 18,092 | ||||||||||||||||
Net income attributable to common stockholders per share-basic | $ | 9.52 | $ | 0.25 | $ | 0.11 | $ | 0.13 | $ | 1.03 | $ | 0.27 | $ | 1.57 | $ | 0.13 | ||||||||||||||||
Net income attributable to common stockholders per share-diluted | $ | 9.51 | $ | 0.25 | $ | 0.11 | $ | 0.13 | $ | 1.03 | $ | 0.27 | $ | 1.57 | $ | 0.13 | ||||||||||||||||
_____________________ | ||||||||||||||||||||||||||||||||
-1 | Net income attributable to the Company for the quarter ended December 31, 2014 includes the gain on remeasurement of assets of $1,423,136 from the acquisition of the PPRLP Queens Portfolio (See Note 13—Acquisitions). The net income attributable to the Company for the quarter ended December 31, 2013 includes the gain of $151,467 on the sale of Chesterfield Towne Center and Centre at Salisbury (See Note 14—Dispositions). |
Organization_Details
Organization: (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
entity | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Number of management companies (in entities) | 7 | |
The Macerich Partnership, L.P. | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership interest in operating partnership (as a percent) | 94.00% | 93.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies: Revenues (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||
Increase in minimum rent due to straight-line rent adjustment | $5,825 | $7,498 | $5,399 |
Minimum | |||
Revenues | |||
Management fees as a percentage of gross monthly rental revenue | 1.50% | ||
Maximum | |||
Revenues | |||
Management fees as a percentage of gross monthly rental revenue | 5.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies: Investment in Unconsolidated Joint Ventures (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Investment in unconsolidated joint ventures | |
Threshold ownership percentage above which to use equity method of accounting only if no controlling financial interest | 50.00% |
Buildings and improvements | Minimum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 5 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 40 years |
Tenant improvements | Minimum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 5 years |
Tenant improvements | Maximum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 7 years |
Equipment and furnishings | Minimum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 5 years |
Equipment and furnishings | Maximum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 7 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies: Acquisitions (Details) | 12 Months Ended |
Dec. 31, 2014 | |
form | |
Accounting Policies [Abstract] | |
Number of forms of in-place operating lease intangible assets and liabilities | 3 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies: Deferred Charges and Segment Information (Details) | 12 Months Ended |
Dec. 31, 2014 | |
segment | |
area | |
Segment Information: | |
Number of business segments | 1 |
Number of geographic areas in which the Company operates | 1 |
Minimum | |
Deferred Charges: | |
Deferred lease costs, amortization period (in years) | 1 year |
Deferred financing costs, amortization period (in years) | 1 year |
Maximum | |
Deferred Charges: | |
Deferred lease costs, amortization period (in years) | 15 years |
Deferred financing costs, amortization period (in years) | 15 years |
Earnings_Per_Share_EPS_Details
Earnings Per Share ("EPS"): (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator | |||||||||||
Income from continuing operations | $1,606,931 | $159,023 | $303,166 | ||||||||
Income from discontinued operations | 0 | 289,936 | 63,223 | ||||||||
Net income attributable to noncontrolling interests | -107,889 | -28,869 | -28,963 | ||||||||
Net income attributable to the Company | 1,429,221 | 35,914 | 16,088 | 17,819 | 144,878 | 38,123 | 218,997 | 18,092 | 1,499,042 | 420,090 | 337,426 |
Allocation of earnings to participating securities | -1,576 | -397 | -577 | ||||||||
Numerator for basic and diluted earnings per sharebnet income attributable to common stockholders - basic | 1,497,466 | 419,693 | 336,849 | ||||||||
Numerator for basic and diluted earnings per sharebnet income attributable to common stockholders - diluted | $1,497,466 | $419,693 | $336,849 | ||||||||
Denominator | |||||||||||
Denominator for basic earnings per sharebweighted average number of common shares outstanding | 143,144 | 139,598 | 134,067 | ||||||||
Effect of dilutive securities | |||||||||||
Stock warrants | 0 | 0 | 63 | ||||||||
Share and unit based compensation | 147 | 82 | 18 | ||||||||
Denominator for diluted earnings per sharebweighted average number of common shares outstanding | 143,291 | 139,680 | 134,148 | ||||||||
Earnings per common sharebbasic: (in dollars per share) | |||||||||||
Income from continuing operations | $10.46 | $1.07 | $2.07 | ||||||||
Discontinued operations | $0 | $1.94 | $0.44 | ||||||||
Net income attributable to common stockholders (in dollars per share) | $9.52 | $0.25 | $0.11 | $0.13 | $1.03 | $0.27 | $1.57 | $0.13 | $10.46 | $3.01 | $2.51 |
Earnings per common sharebdiluted: (in dollars per share) | |||||||||||
Income from continuing operations | $10.45 | $1.06 | $2.07 | ||||||||
Discontinued operations | $0 | $1.94 | $0.44 | ||||||||
Net income attributable to common stockholders (in dollars per share) | $9.51 | $0.25 | $0.11 | $0.13 | $1.03 | $0.27 | $1.57 | $0.13 | $10.45 | $3 | $2.51 |
Earnings_Per_Share_EPS_Narrati
Earnings Per Share ("EPS"): Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Convertible preferred units | |||
Antidilutive securities | |||
Antidilutive securities (in shares) | 179,667 | 184,304 | 193,945 |
Partnership unit | |||
Antidilutive securities | |||
Antidilutive securities (in shares) | 10,079,935 | 9,845,602 | 10,870,454 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Joint Ventures: Company Ownership (Details) | Dec. 31, 2014 |
443 Wabash MAB LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 45.00% |
Biltmore Shopping Center Partners LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Candlestick Center LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.10% |
Coolidge Holding LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 37.50% |
Corte Madera Village, LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.10% |
Gallery, ThebVarious Entities | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Jaren Associates 4 | |
Investments in unconsolidated joint ventures: | |
Ownership % | 12.50% |
Kierland Commons Investment LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Macerich Northwestern AssociatesbBroadway Plaza | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
North Bridge Chicago LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
One Scottsdale Investors LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Propcor II Associates, LLCbBoulevard Shops | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Scottsdale Fashion Square Partnership | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
The Market at Estrella Falls LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 39.70% |
Tysons Corner LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Tysons Corner Property Holdings II LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Tysons Corner Property LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
West Acres Development, LLP | |
Investments in unconsolidated joint ventures: | |
Ownership % | 19.00% |
Westcor/Gilbert, L.L.C. | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Westcor/Queen Creek LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 37.90% |
Westcor/Surprise Auto Park LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 33.30% |
WMAP, L.L.C.bAtlas Park | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
WM Inland LP(2) | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Joint Ventures: Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 08, 2013 | Aug. 28, 2014 | Dec. 29, 2014 | Mar. 30, 2012 | 31-May-12 | Aug. 10, 2012 | Jun. 12, 2013 | Jul. 31, 2013 | 29-May-13 | Jul. 30, 2014 | Oct. 26, 2012 | Oct. 24, 2013 | Oct. 03, 2012 | Jun. 04, 2014 | Nov. 14, 2014 | Nov. 20, 2014 | Feb. 17, 2015 | Sep. 17, 2013 | Sep. 16, 2013 | Nov. 13, 2014 |
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | mall | sqft | sqft | ||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Purchase price paid through assumption of debt by the Company | $1,414,659 | $257,064 | $420,123 | ||||||||||||||||||||
(Loss) gain on sale of assets | 3,643 | 190,526 | 29,301 | ||||||||||||||||||||
Proceeds from sale of assets | 320,123 | 416,077 | 136,707 | ||||||||||||||||||||
Mortgage notes payable settled in deed-in-lieu of foreclosure | 0 | 84,000 | 185,000 | ||||||||||||||||||||
Payments on mortgages, bank and other notes payable | 853,080 | 3,051,072 | 2,371,890 | ||||||||||||||||||||
Distributions to Co-venture Partner | 15,555 | 19,564 | 39,479 | ||||||||||||||||||||
Ridgmar Mall | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 1,273,000 | ||||||||||||||||||||||
(Loss) gain on sale of assets | 6,243 | ||||||||||||||||||||||
Gain recognized on sale | 3,121 | ||||||||||||||||||||||
Proceeds from sale | 60,900 | ||||||||||||||||||||||
Payments on mortgages, bank and other notes payable | 51,657 | ||||||||||||||||||||||
Distributions to Co-venture Partner | 9,243 | ||||||||||||||||||||||
Cascade Mall | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 589,000 | ||||||||||||||||||||||
Wilshire Boulevard | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 40,000 | ||||||||||||||||||||||
Purchase price funded by cash payment on acquisition | 15,386 | ||||||||||||||||||||||
Purchase price paid through assumption of debt by the Company | 1,714 | ||||||||||||||||||||||
(Loss) gain on sale of assets | 9,033 | 9,033 | |||||||||||||||||||||
Percentage of ownership interest sold | 30.00% | ||||||||||||||||||||||
Proceeds from sale | 17,100 | ||||||||||||||||||||||
Camelback Colonnade | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 619,000 | ||||||||||||||||||||||
Ownership percentage purchased | 67.50% | ||||||||||||||||||||||
Ownership percentage in joint ventures | 73.20% | ||||||||||||||||||||||
Proceeds from sale | 92,898 | ||||||||||||||||||||||
Chandler Village Center, LLC | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 273,000 | ||||||||||||||||||||||
Percentage of ownership interest sold | 50.00% | ||||||||||||||||||||||
Consideration received on sale of joint venture interest | 14,795 | ||||||||||||||||||||||
Gain on sale of investments in unconsolidated entity | 8,184 | ||||||||||||||||||||||
Proceeds from sale of assets | 6,045 | ||||||||||||||||||||||
Mortgage notes payable settled in deed-in-lieu of foreclosure | 8,750 | ||||||||||||||||||||||
Chandler Festival | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 500,000 | ||||||||||||||||||||||
Percentage of ownership interest sold | 50.00% | ||||||||||||||||||||||
Consideration received on sale of joint venture interest | 30,975 | ||||||||||||||||||||||
Gain on sale of investments in unconsolidated entity | 12,347 | ||||||||||||||||||||||
Proceeds from sale of assets | 16,183 | ||||||||||||||||||||||
Mortgage notes payable settled in deed-in-lieu of foreclosure | 14,792 | ||||||||||||||||||||||
Chandler Gateway | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 260,000 | ||||||||||||||||||||||
Percentage of ownership interest sold | 50.00% | ||||||||||||||||||||||
Consideration received on sale of joint venture interest | 14,315 | ||||||||||||||||||||||
Gain on sale of investments in unconsolidated entity | 3,363 | ||||||||||||||||||||||
Proceeds from sale of assets | 4,921 | ||||||||||||||||||||||
Mortgage notes payable settled in deed-in-lieu of foreclosure | 9,394 | ||||||||||||||||||||||
Kierland Commons Investment LLC | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Ownership percentage in joint ventures | 50.00% | ||||||||||||||||||||||
NorthPark Center | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 1,946,000 | ||||||||||||||||||||||
Consideration received on sale of joint venture interest | 118,810 | ||||||||||||||||||||||
Gain on sale of investments in unconsolidated entity | 24,590 | ||||||||||||||||||||||
Pacific Premier Retail LP | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
(Loss) gain on sale of assets | -7,044 | 182,754 | 90 | ||||||||||||||||||||
SanTan Village Power Center | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 491,000 | ||||||||||||||||||||||
(Loss) gain on sale of assets | 23,294 | ||||||||||||||||||||||
Loan paid off | 45,000 | ||||||||||||||||||||||
Proceeds from sale of property | 54,780 | ||||||||||||||||||||||
Cash distributed to the partners | 9,780 | ||||||||||||||||||||||
Gain recognized on sale | 11,502 | ||||||||||||||||||||||
Gain included in net income attributable to noncontrolling interest | -3,565 | ||||||||||||||||||||||
Kitsap Mall | Pacific Premier Retail LP | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 846,000 | ||||||||||||||||||||||
(Loss) gain on sale of assets | 55,150 | ||||||||||||||||||||||
Proceeds from sale of property | 127,000 | ||||||||||||||||||||||
Gain recognized on sale | 28,127 | ||||||||||||||||||||||
Redmond Town Center | Pacific Premier Retail LP | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 695,000 | 582,000 | |||||||||||||||||||||
(Loss) gain on sale of assets | 38,447 | 89,157 | |||||||||||||||||||||
Proceeds from sale of property | 127,000 | 185,000 | |||||||||||||||||||||
Gain recognized on sale | 18,251 | 44,424 | |||||||||||||||||||||
The Gallery | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 1,474,000 | ||||||||||||||||||||||
Purchase price on acquisition | 106,800 | ||||||||||||||||||||||
Joint Venture Ownership Percentage Purchased | 50.00% | ||||||||||||||||||||||
Candlestick Point | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 500,000 | ||||||||||||||||||||||
Candlestick Point | Notes Receivable | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Note receivable | 65,130 | ||||||||||||||||||||||
Description of variable rate | LIBOR | ||||||||||||||||||||||
Candlestick Point | Notes Receivable | LIBOR | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Interest rate (as a percent) | 2.00% | ||||||||||||||||||||||
Arrowhead Towne Center | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 1,198,000 | ||||||||||||||||||||||
Ownership percentage purchased | 33.30% | ||||||||||||||||||||||
Purchase price on acquisition | 144,400 | ||||||||||||||||||||||
Purchase price funded by cash payment on acquisition | 69,025 | ||||||||||||||||||||||
Purchase price paid through assumption of debt by the Company | 75,375 | ||||||||||||||||||||||
Superstition Springs Land I | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Ownership percentage purchased | 33.30% | ||||||||||||||||||||||
Purchase price on acquisition | 46,162 | ||||||||||||||||||||||
Purchase price funded by cash payment on acquisition | 23,662 | ||||||||||||||||||||||
Purchase price paid through assumption of debt by the Company | 22,500 | ||||||||||||||||||||||
FlatIron Crossing | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 1,434,000 | ||||||||||||||||||||||
Ownership percentage purchased | 75.00% | 75.00% | |||||||||||||||||||||
Purchase price on acquisition | 310,397 | ||||||||||||||||||||||
Purchase price funded by cash payment on acquisition | 195,900 | ||||||||||||||||||||||
Purchase price paid through assumption of debt by the Company | 114,497 | ||||||||||||||||||||||
Cascade Mall | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Ownership percentage purchased | 49.00% | ||||||||||||||||||||||
Purchase price on acquisition | 15,233 | ||||||||||||||||||||||
PPRLP Queens Portfolio | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Ownership percentage purchased | 49.00% | ||||||||||||||||||||||
Purchase price on acquisition | 1,838,886 | ||||||||||||||||||||||
Purchase price paid through assumption of debt by the Company | 672,109 | ||||||||||||||||||||||
Number of shopping centers | 5 | ||||||||||||||||||||||
Equity issued (in shares) | 1,166,777 | ||||||||||||||||||||||
PPRLP Queens Portfolio | Lakewood Center | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 2,066,000 | ||||||||||||||||||||||
PPRLP Queens Portfolio | Los Cerritos Center | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 1,113,000 | ||||||||||||||||||||||
PPRLP Queens Portfolio | Queens Center | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 967,000 | ||||||||||||||||||||||
PPRLP Queens Portfolio | Stonewood Center | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 932,000 | ||||||||||||||||||||||
PPRLP Queens Portfolio | Washington Square | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 1,441,000 | ||||||||||||||||||||||
443 Wabash MAB LLC | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 65,000 | ||||||||||||||||||||||
Purchase price on acquisition | 18,900 | ||||||||||||||||||||||
Joint Venture Ownership Percentage Purchased | 45.00% | ||||||||||||||||||||||
Subsequent Event | Inland Center | |||||||||||||||||||||||
Investments in unconsolidated joint ventures: | |||||||||||||||||||||||
Property square footage | 933,000 | ||||||||||||||||||||||
Ownership percentage purchased | 50.00% | ||||||||||||||||||||||
Purchase price on acquisition | 51,250 | ||||||||||||||||||||||
Purchase price funded by cash payment on acquisition | 26,250 | ||||||||||||||||||||||
Purchase price paid through assumption of debt by the Company | 25,000 | ||||||||||||||||||||||
Loan paid off | $50,000 |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Joint Ventures: Financial Results (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | |||
Properties, net | $2,967,878 | $3,435,737 | |
Other assets | 208,726 | 295,719 | |
Total assets | 3,176,604 | 3,731,456 | |
Liabilities and partners' capital: | |||
Mortgage notes payable | 2,038,379 | 3,518,215 | |
Other liabilities | 195,766 | 202,444 | |
Company's capital | 489,349 | -25,367 | |
Outside partners' capital | 453,110 | 36,164 | |
Total liabilities and partners' capital | 3,176,604 | 3,731,456 | |
Investment in unconsolidated joint ventures: | |||
Company's capital | 489,349 | -25,367 | |
Basis adjustment | 464,826 | 474,658 | |
Investments in unconsolidated joint ventures | 954,175 | 449,291 | |
AssetsbInvestments in unconsolidated joint ventures | 984,132 | 701,483 | |
LiabilitiesbDistributions in excess of investments in unconsolidated joint ventures | -29,957 | -252,192 | |
Mortgage notes payable that could become recourse debt to the Company | 33,540 | 35,540 | |
Indemnity of guaranteed amount | 16,770 | 16,770 | |
Amortization of difference between cost of investments and book value of underlying equity | 5,109 | 10,734 | 15,480 |
Revenues: | |||
Minimum rents | 388,363 | 418,724 | 512,002 |
Percentage rents | 17,161 | 19,589 | 23,087 |
Tenant recoveries | 186,741 | 204,171 | 250,168 |
Other | 40,705 | 45,627 | 46,239 |
Total revenues | 632,970 | 688,111 | 831,496 |
Expenses: | |||
Shopping center and operating expenses | 215,412 | 229,818 | 287,234 |
Interest expense | 137,087 | 145,322 | 199,916 |
Depreciation and amortization | 144,403 | 147,309 | 177,997 |
Total operating expenses | 496,902 | 522,449 | 665,147 |
(Loss) gain on sale of assets | 3,643 | 190,526 | 29,301 |
Gain on early extinguishment of debt | 14 | ||
Net income | 139,711 | 356,202 | 195,650 |
Company's equity in net income | 60,626 | 167,580 | 79,281 |
Northwestern Mutual Life (NML) | |||
Investment in unconsolidated joint ventures: | |||
Mortgage notes payable to affiliate | 606,263 | 712,455 | |
Interest expense on borrowings from related party | 38,113 | 31,549 | 43,732 |
Pacific Premier Retail LP | |||
Assets: | |||
Total assets | 0 | 775,012 | |
Investment in unconsolidated joint ventures: | |||
Total liabilities | 0 | 812,725 | |
Revenues: | |||
Minimum rents | 88,831 | 118,164 | 132,247 |
Percentage rents | 2,652 | 4,586 | 5,390 |
Tenant recoveries | 40,118 | 52,470 | 56,397 |
Other | 4,090 | 5,882 | 5,650 |
Total revenues | 135,691 | 181,102 | 199,684 |
Expenses: | |||
Shopping center and operating expenses | 37,113 | 53,039 | 59,329 |
Interest expense | 34,113 | 43,445 | 52,139 |
Depreciation and amortization | 29,688 | 39,616 | 43,031 |
Total operating expenses | 100,914 | 136,100 | 154,499 |
(Loss) gain on sale of assets | -7,044 | 182,754 | 90 |
Gain on early extinguishment of debt | 0 | ||
Net income | 27,733 | 227,756 | 45,275 |
Company's equity in net income | 9,743 | 110,798 | 23,026 |
Tysons Corner LLC | |||
Assets: | |||
Total assets | 341,931 | 356,871 | |
Investment in unconsolidated joint ventures: | |||
Total liabilities | 871,933 | 887,413 | |
Revenues: | |||
Minimum rents | 64,521 | 62,072 | 63,569 |
Percentage rents | 2,091 | 2,057 | 1,929 |
Tenant recoveries | 47,084 | 45,452 | 44,225 |
Other | 3,472 | 3,110 | 3,341 |
Total revenues | 117,168 | 112,691 | 113,064 |
Expenses: | |||
Shopping center and operating expenses | 38,786 | 36,798 | 35,244 |
Interest expense | 31,677 | 15,751 | 11,481 |
Depreciation and amortization | 19,880 | 18,139 | 19,798 |
Total operating expenses | 90,343 | 70,688 | 66,523 |
(Loss) gain on sale of assets | 0 | 0 | 0 |
Gain on early extinguishment of debt | 14 | ||
Net income | 26,825 | 42,017 | 46,541 |
Company's equity in net income | 7,080 | 15,126 | 17,969 |
Other Joint Ventures | |||
Revenues: | |||
Minimum rents | 235,011 | 238,488 | 316,186 |
Percentage rents | 12,418 | 12,946 | 15,768 |
Tenant recoveries | 99,539 | 106,249 | 149,546 |
Other | 33,143 | 36,635 | 37,248 |
Total revenues | 380,111 | 394,318 | 518,748 |
Expenses: | |||
Shopping center and operating expenses | 139,513 | 139,981 | 192,661 |
Interest expense | 71,297 | 86,126 | 136,296 |
Depreciation and amortization | 94,835 | 89,554 | 115,168 |
Total operating expenses | 305,645 | 315,661 | 444,125 |
(Loss) gain on sale of assets | 10,687 | 7,772 | 29,211 |
Gain on early extinguishment of debt | 0 | ||
Net income | 85,153 | 86,429 | 103,834 |
Company's equity in net income | $43,803 | $41,656 | $38,286 |
Property_Details
Property: (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Land | $2,242,291 | $1,707,005 | |
Buildings and improvements | 9,479,337 | 6,555,212 | |
Tenant improvements | 600,436 | 537,754 | |
Equipment and furnishings | 152,554 | 152,198 | |
Construction in progress | 303,264 | 229,169 | |
Total | 12,777,882 | 9,181,338 | |
Less accumulated depreciation | -1,709,992 | -1,559,572 | |
Property, net | 11,067,890 | 7,621,766 | |
Depreciation expense | $289,178 | $269,790 | $216,447 |
Property_Narrative_Details
Property: Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 28, 2014 |
Acquisition | ||||
Gain (loss) on sale or write down of assets, net | $73,440 | ($78,057) | $28,734 | |
(Loss) gain on sale of assets | 3,643 | 190,526 | 29,301 | |
Gain (Loss) on sale of assets | 1,257 | 5,390 | -390 | |
Loss on write-off of development costs | -19,360 | |||
Write-off of Development Cost | -40,561 | -1,250 | ||
Impairment charge | -41,216 | -82,197 | ||
Various Properties | ||||
Acquisition | ||||
(Loss) gain on sale of assets | 144,927 | |||
Wilshire Boulevard | ||||
Acquisition | ||||
(Loss) gain on sale of assets | 9,033 | 9,033 | ||
Chandler Village Center, Chandler Festival, Chandler Gateway and NorthPark Center | ||||
Acquisition | ||||
Gain (Loss) on sale of assets | $48,484 | |||
Mervyn's | ||||
Acquisition | ||||
Number of properties | 3 |
Tenant_and_Other_Receivables_D
Tenant and Other Receivables: (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 17, 2014 |
In Thousands, unless otherwise specified | |||
Components of tenant and other receivables, net | |||
Allowance for doubtful accounts | $3,234 | $2,878 | |
Deferred rent receivables due to straight-line rent adjustments | 57,278 | 53,380 | |
Accrued percentage rents | |||
Components of tenant and other receivables, net | |||
Accounts receivable | 13,436 | 9,824 | |
Note Receivable1 | |||
Components of tenant and other receivables, net | |||
Notes receivable interest rate (as a percent) | 6.46% | ||
Notes receivable | 6,436 | 6,500 | |
Note Receivable2 | |||
Components of tenant and other receivables, net | |||
Notes receivable interest rate (as a percent) | 5.00% | ||
Notes receivable | $3,103 |
Deferred_Charges_and_Other_Ass2
Deferred Charges and Other Assets, net: (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Leasing | $239,955 | $223,038 | |
Financing | 47,171 | 51,695 | |
Intangible assets: | |||
In-place lease values | 298,825 | 205,651 | |
Leasing commissions and legal costs | 72,432 | 50,594 | |
Above-market leases | 250,810 | 118,770 | |
Deferred tax assets | 35,625 | 31,356 | |
Deferred compensation plan assets | 35,194 | 30,932 | |
Other assets | 66,246 | 65,793 | |
Deferred charges and other assets, gross | 1,046,258 | 777,829 | |
Less accumulated amortization | -287,197 | -244,771 | |
Deferred charges and other assets, net | 759,061 | 533,058 | |
Accumulated amortization for in-place lease values, leasing commissions and legal costs | 103,361 | 89,141 | |
Amortization expense for intangible assets | $52,668 | $53,139 | $32,456 |
Recovered_Sheet1
Deferred Charges And Other Assets, net: Estimated Amortization (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Above-Market Leases | ||
Less accumulated amortization | ($103,361) | ($89,141) |
Allocated value net | 267,896 | |
Below-Market Leases | ||
Original allocated value | 375,033 | 187,537 |
Less accumulated amortization | -93,511 | -79,271 |
Allocated value, net | 281,522 | 108,266 |
Above Market | ||
2015 | 64,711 | |
2016 | 45,990 | |
2017 | 31,906 | |
2018 | 25,760 | |
2019 | 21,682 | |
Thereafter | 77,847 | |
Allocated value net | 267,896 | |
Below Market | ||
2015 | 37,808 | |
2016 | 35,647 | |
2017 | 29,931 | |
2018 | 26,354 | |
2019 | 23,595 | |
Thereafter | 128,187 | |
Allocated value, net | 281,522 | 108,266 |
Above Market | ||
Above-Market Leases | ||
Original allocated value | 250,810 | 118,770 |
Less accumulated amortization | -59,696 | -46,912 |
Allocated value net | 191,114 | 71,858 |
Above Market | ||
2015 | 26,591 | |
2016 | 23,516 | |
2017 | 19,413 | |
2018 | 16,024 | |
2019 | 13,210 | |
Thereafter | 92,360 | |
Allocated value net | $191,114 | $71,858 |
Mortgage_Notes_Payable_Details
Mortgage Notes Payable: (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 14, 2014 | Sep. 30, 2009 | Dec. 22, 2014 | Jan. 03, 2013 | Nov. 10, 2014 | Feb. 07, 2014 | Aug. 28, 2014 | |
loan | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | $289,039,000 | $269,381,000 | ||||||||
Others | 5,115,482,000 | 4,145,809,000 | ||||||||
Debt premiums (discounts), net | 56,921,000 | 23,766,000 | ||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 1,414,659,000 | 257,064,000 | 420,123,000 | |||||||
Loss (gain) on early extinguishment of debt, net | 526,000 | -1,432,000 | 0 | |||||||
Probable recourse amount | 73,165,000 | 77,192,000 | ||||||||
Interest expense capitalized | 12,559,000 | 10,829,000 | 10,703,000 | |||||||
Fair value of mortgage notes payable | 5,455,453,000 | 4,500,177,000 | ||||||||
PPRLP Queens Portfolio | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 672,109,000 | |||||||||
Freehold Raceway Mall and Chandler Fashion Center | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Interest in the loan assumed by a third party (as a percent) | 49.90% | |||||||||
Ownership interest (as a percent) | 49.90% | |||||||||
Arrowhead Towne Center | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 228,703,000 | 236,028,000 | ||||||||
Effective Interest Rate (as a percent) | 2.76% | |||||||||
Monthly Debt Service | 1,131,000 | |||||||||
Debt premiums | 11,568,000 | 14,642,000 | ||||||||
Camelback Colonnade | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 0 | 49,120,000 | ||||||||
Effective Interest Rate (as a percent) | 0.00% | |||||||||
Monthly Debt Service | 0 | |||||||||
Debt premiums | 0 | 2,120,000 | ||||||||
Chandler Fashion Center | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 200,000,000 | 200,000,000 | ||||||||
Effective Interest Rate (as a percent) | 3.77% | |||||||||
Monthly Debt Service | 625,000 | |||||||||
Danbury Fair Mall | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 114,265,000 | 117,120,000 | ||||||||
Others | 114,264,000 | 117,120,000 | ||||||||
Effective Interest Rate (as a percent) | 5.53% | |||||||||
Monthly Debt Service | 1,538,000 | |||||||||
Deptford Mall One | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 197,815,000 | 201,622,000 | ||||||||
Effective Interest Rate (as a percent) | 3.76% | |||||||||
Monthly Debt Service | 947,000 | |||||||||
Debt discounts | -8,000 | -14,000 | ||||||||
Deptford Mall Two | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 14,285,000 | 14,551,000 | ||||||||
Effective Interest Rate (as a percent) | 6.46% | |||||||||
Monthly Debt Service | 101,000 | |||||||||
Eastland Mall | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 168,000,000 | 168,000,000 | ||||||||
Effective Interest Rate (as a percent) | 5.79% | |||||||||
Monthly Debt Service | 811,000 | |||||||||
Fashion Outlets of Chicago | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 119,329,000 | 91,383,000 | ||||||||
Effective Interest Rate (as a percent) | 2.97% | 2.96% | ||||||||
Monthly Debt Service | 259,000 | |||||||||
Debt issued | 140,000,000 | |||||||||
Reference rate for variable interest rate | LIBOR | |||||||||
Interest rate spread over basis (as a percent) | 2.50% | |||||||||
Fashion Outlets of Niagara Falls USA | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 121,376,000 | 124,030,000 | ||||||||
Effective Interest Rate (as a percent) | 4.89% | |||||||||
Monthly Debt Service | 727,000 | |||||||||
Debt premiums | 5,414,000 | 6,342,000 | ||||||||
Flagstaff Mall | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 37,000,000 | 37,000,000 | ||||||||
Effective Interest Rate (as a percent) | 5.03% | |||||||||
Monthly Debt Service | 151,000 | |||||||||
FlatIron Crossing | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 261,494,000 | 268,000,000 | ||||||||
Effective Interest Rate (as a percent) | 3.90% | |||||||||
Monthly Debt Service | 1,393,000 | |||||||||
Freehold Raceway Mall | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 229,244,000 | 232,900,000 | ||||||||
Effective Interest Rate (as a percent) | 4.20% | |||||||||
Monthly Debt Service | 1,132,000 | |||||||||
Fresno Fashion Fair | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 79,391,000 | ||||||||
Others | 0 | 79,390,000 | ||||||||
Effective Interest Rate (as a percent) | 0.00% | |||||||||
Monthly Debt Service | 0 | |||||||||
Loss (gain) on early extinguishment of debt, net | 5,796,000 | |||||||||
Great Northern Mall | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 34,494,000 | 35,484,000 | ||||||||
Effective Interest Rate (as a percent) | 6.54% | |||||||||
Monthly Debt Service | 234,000 | |||||||||
Green Acres Mall Mortgage | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 313,514,000 | 319,850,000 | ||||||||
Effective Interest Rate (as a percent) | 3.61% | |||||||||
Monthly Debt Service | 1,447,000 | |||||||||
Kings Plaza Shopping Center | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 480,761,000 | 490,548,000 | ||||||||
Effective Interest Rate (as a percent) | 3.67% | |||||||||
Monthly Debt Service | 2,229,000 | |||||||||
Debt issued | 146,000,000 | |||||||||
Lakewood Center | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 253,708,000 | 0 | ||||||||
Monthly Debt Service | 1,127,000 | |||||||||
Debt premiums | 3,708,000 | 0 | ||||||||
Lakewood Center | PPRLP Queens Portfolio | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Effective Interest Rate (as a percent) | 1.80% | |||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 254,880,000 | |||||||||
Los Cerritos Center Mortgage | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 103,274,000 | 0 | ||||||||
Others | 103,274,000 | 0 | ||||||||
Monthly Debt Service | 1,009,000 | |||||||||
Debt premiums | 17,965,000 | 0 | ||||||||
Los Cerritos Center Mortgage | PPRLP Queens Portfolio | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Effective Interest Rate (as a percent) | 1.65% | |||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 207,528,000 | |||||||||
Northgate Mall | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 64,000,000 | 64,000,000 | ||||||||
Effective Interest Rate (as a percent) | 3.05% | 3.04% | ||||||||
Monthly Debt Service | 128,000 | |||||||||
Reference rate for variable interest rate | LIBOR | |||||||||
Interest rate spread over basis (as a percent) | 2.25% | |||||||||
Oaks, The | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 210,197,000 | 214,239,000 | ||||||||
Effective Interest Rate (as a percent) | 4.14% | |||||||||
Monthly Debt Service | 1,064,000 | |||||||||
Pacific View | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 133,200,000 | 135,835,000 | ||||||||
Effective Interest Rate (as a percent) | 4.08% | |||||||||
Monthly Debt Service | 668,000 | |||||||||
Queens Center | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 600,000,000 | 0 | ||||||||
Monthly Debt Service | 1,744,000 | |||||||||
Queens Center | PPRLP Queens Portfolio | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Effective Interest Rate (as a percent) | 3.49% | |||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 600,000,000 | |||||||||
Santa Monica Place | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 230,344,000 | 235,445,000 | ||||||||
Effective Interest Rate (as a percent) | 2.99% | |||||||||
Monthly Debt Service | 1,004,000 | |||||||||
SanTan Village Regional Center | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 133,807,000 | 136,629,000 | ||||||||
Effective Interest Rate (as a percent) | 3.14% | |||||||||
Monthly Debt Service | 589,000 | |||||||||
South Plains Mall | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 0 | 99,833,000 | ||||||||
Effective Interest Rate (as a percent) | 0.00% | |||||||||
Number of loans | 2 | |||||||||
Monthly Debt Service | 0 | |||||||||
Loss (gain) on early extinguishment of debt, net | 163,000 | 359,000 | ||||||||
Stonewood Center Mortgage | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 111,297,000 | 0 | ||||||||
Monthly Debt Service | 640,000 | |||||||||
Debt premiums | 7,980,000 | 0 | ||||||||
Stonewood Center Mortgage | PPRLP Queens Portfolio | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Effective Interest Rate (as a percent) | 1.80% | |||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 111,910,000 | |||||||||
Superstition Springs Center | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 68,079,000 | 68,395,000 | ||||||||
Effective Interest Rate (as a percent) | 1.98% | 2.00% | ||||||||
Monthly Debt Service | 138,000 | |||||||||
Debt premiums | 579,000 | 895,000 | ||||||||
Reference rate for variable interest rate | LIBOR | |||||||||
Interest rate spread over basis (as a percent) | 2.30% | |||||||||
Towne Mall | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 22,607,000 | 22,996,000 | ||||||||
Effective Interest Rate (as a percent) | 4.48% | |||||||||
Monthly Debt Service | 117,000 | |||||||||
Tucson La Encantada | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 71,500,000 | 72,870,000 | ||||||||
Others | 0 | 0 | ||||||||
Effective Interest Rate (as a percent) | 4.23% | |||||||||
Monthly Debt Service | 368,000 | |||||||||
Valley Mall | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 41,368,000 | 42,155,000 | ||||||||
Effective Interest Rate (as a percent) | 5.85% | |||||||||
Monthly Debt Service | 280,000 | |||||||||
Debt discounts | -132,000 | -219,000 | ||||||||
Valley River Center | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 120,000,000 | 120,000,000 | ||||||||
Effective Interest Rate (as a percent) | 5.59% | |||||||||
Monthly Debt Service | 558,000 | |||||||||
Victor Valley, Mall | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 115,000,000 | 90,000,000 | ||||||||
Effective Interest Rate (as a percent) | 4.00% | |||||||||
Monthly Debt Service | 380,000 | |||||||||
Loss (gain) on early extinguishment of debt, net | -47,000 | |||||||||
Vintage Faire Mall | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 0 | 99,083,000 | ||||||||
Effective Interest Rate (as a percent) | 0.00% | |||||||||
Monthly Debt Service | 0 | |||||||||
Loss (gain) on early extinguishment of debt, net | 3,186,000 | |||||||||
Washington Square | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 238,696,000 | 0 | ||||||||
Monthly Debt Service | 1,499,000 | |||||||||
Debt premiums | 9,847,000 | 0 | ||||||||
Washington Square | PPRLP Queens Portfolio | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Effective Interest Rate (as a percent) | 1.65% | |||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 240,341,000 | |||||||||
Westside Pavilion | ||||||||||
Mortgage loans payable on real estate | ||||||||||
Carrying amount of mortgage notes, related party | 0 | 0 | ||||||||
Others | 149,626,000 | 152,173,000 | ||||||||
Effective Interest Rate (as a percent) | 4.49% | |||||||||
Monthly Debt Service | $783,000 |
Mortgage_Notes_Payable_Future_
Mortgage Notes Payable: Future Maturities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Future maturities of mortgage notes payable | ||
Debt premium, net | $56,921 | $23,766 |
Total | 5,404,521 | 4,415,190 |
Mortgage notes payable | ||
Future maturities of mortgage notes payable | ||
2015 | 397,325 | |
2016 | 707,605 | |
2017 | 353,370 | |
2017 | 866,413 | |
2019 | 603,090 | |
Thereafter | 2,419,797 | |
Long term debt including debt premium | 5,347,600 | |
Debt premium, net | 56,921 | |
Total | $5,404,521 |
Bank_and_Other_Notes_Payable_D
Bank and Other Notes Payable: (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Mar. 15, 2012 | Mar. 16, 2007 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 08, 2011 | Mar. 29, 2013 | Aug. 06, 2013 | |
Senior Notes | |||||||
Bank and other notes payable | |||||||
Debt issued | $950,000,000 | ||||||
Interest rate on debt (as a percent) | 3.25% | ||||||
Repayment of notes | 439,318,000 | ||||||
Line of Credit | |||||||
Bank and other notes payable | |||||||
Term of extension (in years) | 1 year | ||||||
Maximum borrowing capacity | 2,000,000,000 | ||||||
Line of credit | 1,500,000,000 | ||||||
Reference rate for variable interest rate | LIBOR | ||||||
Line of credit | 752,000,000 | 30,000,000 | |||||
Average interest rate (as a percent) | 1.89% | 1.85% | |||||
Fair value of line of credit | 713,989,000 | 28,214,000 | |||||
Unsecured term loan | |||||||
Bank and other notes payable | |||||||
Debt issued | 125,000,000 | 125,000,000 | |||||
Reference rate for variable interest rate | LIBOR | ||||||
Interest rate (as a percent) | 2.25% | 2.51% | |||||
Estimated fair value of term loan | 119,780,000 | 120,802,000 | |||||
Prasada Note | |||||||
Bank and other notes payable | |||||||
Debt issued | 13,330,000 | ||||||
Interest rate on debt (as a percent) | 5.25% | ||||||
Estimated fair value of term loan | 11,178,000 | 13,114,000 | |||||
Carrying value of term loan | $10,879,000 | $12,537,000 | |||||
LIBOR | Line of Credit | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 1.50% | ||||||
LIBOR | Line of Credit | Low end of range | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 1.75% | 1.38% | |||||
LIBOR | Line of Credit | High end of range | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 3.00% | 2.00% | |||||
LIBOR | Unsecured term loan | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 2.20% | ||||||
LIBOR | Unsecured term loan | Low end of range | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 1.95% | ||||||
LIBOR | Unsecured term loan | High end of range | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 3.20% |
Bank_and_Other_Notes_Payable_F
Bank and Other Notes Payable: Future Maturities (Details) (Notes Payable to Bank and Other Notes Payable, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Notes Payable to Bank and Other Notes Payable | |
Future maturities of bank and other notes payable | |
2015 | $1,750 |
2016 | 9,129 |
2018 | 877,000 |
Long term debt including debt premium | $887,879 |
CoVenture_Arrangement_Details
Co-Venture Arrangement: (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2009 |
Co-Venture Arrangement: | ||||
Cash proceeds for the overall transaction | $320,123 | $416,077 | $136,707 | |
Co-venture obligation | 75,450 | 81,515 | ||
Freehold Raceway Mall and Chandler Fashion Center | ||||
Co-Venture Arrangement: | ||||
Ownership interest (as a percent) | 49.90% | |||
Warrant in favor of the third party to purchase shares of common stock (in shares) | 935,358 | |||
Exercise price of stock warrants (in dollars per share) | $46.68 | |||
Cash proceeds for the overall transaction | 174,650 | |||
Proceeds attributed to warrants | 6,496 | |||
Co-venture obligation | $168,154 | |||
Freehold Raceway Mall | ||||
Co-Venture Arrangement: | ||||
Property square footage | 1,668,000 | |||
Chandler Fashion Center | ||||
Co-Venture Arrangement: | ||||
Property square footage | 1,320,000 |
Noncontrolling_Interests_Detai
Noncontrolling Interests: (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Aug. 20, 2014 | Dec. 31, 2013 | Aug. 17, 2012 |
Noncontrolling Interest [Line Items] | ||||
Limited partnership interest of the operating partnership (as a percent) | 6.00% | 7.00% | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | $0.01 |
Number of trading days used to calculate redemption value | 10 days | |||
Redemption value of outstanding OP Units not owned by the Company | $877,184 | $587,917 | ||
The Macerich Partnership, L.P. | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest in operating partnership (as a percent) | 94.00% | 93.00% |
Stockholders_Equity_Stock_Warr
Stockholders' Equity: Stock Warrants: (Details) (Freehold Raceway Mall and Chandler Fashion Center, USD $) | 0 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 24, 2012 | Apr. 10, 2012 | Sep. 30, 2009 | Dec. 31, 2011 |
Freehold Raceway Mall and Chandler Fashion Center | ||||
Stock Warrants: | ||||
Aggregate number of common shares available for purchase under warrants (in shares) | 935,358 | |||
Value of stock warrants | $6,496 | |||
Exercise price of stock warrants (in dollars per share) | $46.68 | |||
Exercise of stock warrants | $3,923 | $3,448 | $1,278 | |
Number of common shares available for purchase under warrant (in shares) | 311,786 | 311,786 | 311,786 |
Stockholders_Equity_Stock_Offe
Stockholders' Equity: Stock Offerings: (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Nov. 28, 2012 | Nov. 14, 2014 | Dec. 31, 2014 | Aug. 20, 2014 | Aug. 17, 2012 | |
Stock Offerings: | |||||||
Par value of common stock (in dollars per share) | $0.01 | $0.01 | $0.01 | $0.01 | |||
Maximum price of common stock available to be issued | $500,000,000 | $500,000,000 | $500,000,000 | ||||
Maximum commission to sales agent (as a percent) | 2.00% | ||||||
Total stock offering (in shares) | 2,456,956 | 2,961,903 | |||||
Proceeds from sale | 173,011,000 | 177,896,000 | |||||
Net proceeds of stock offering | 171,102,000 | 175,649,000 | |||||
Kings Plaza | |||||||
Stock Offerings: | |||||||
Issuance restricted common stock | 30,000,000 | ||||||
PPRLP Queens Portfolio | |||||||
Stock Offerings: | |||||||
Issuance restricted common stock | $1,166,777,000 | ||||||
Restricted Stock | Kings Plaza | |||||||
Stock Offerings: | |||||||
Restricted common stock issued for acquisition (in shares) | 535,265 | ||||||
Shares | PPRLP Queens Portfolio | |||||||
Stock Offerings: | |||||||
Restricted common stock issued for acquisition (in shares) | 17,140,845 |
Acquisitions_Narrative_Details
Acquisitions: Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 03, 2013 | Jul. 22, 2011 | Feb. 29, 2012 | Oct. 03, 2012 | Oct. 26, 2012 | Nov. 28, 2012 | Jan. 31, 2013 | Jan. 24, 2013 | Apr. 25, 2013 | Oct. 24, 2013 | Jun. 04, 2014 | Nov. 14, 2014 | Oct. 31, 2014 | Sep. 17, 2013 | Sep. 16, 2013 | |
sqft | sqft | sqft | sqft | sqft | sqft | acre | sqft | |||||||||||
Acquisition | ||||||||||||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | $1,414,659,000 | $257,064,000 | $420,123,000 | |||||||||||||||
Deposits paid | 0 | 0 | 30,000,000 | |||||||||||||||
Kings Plaza Shopping Center | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Placement of mortgage note on the property | 146,000,000 | |||||||||||||||||
Camelback Colonnade | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Property square footage | 619,000 | |||||||||||||||||
Ownership Percentage | 73.20% | |||||||||||||||||
Additional ownership interest (as a percent) | 67.50% | |||||||||||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||||||||||||||||
Fashion Outlets of Niagara | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Property square footage | 686,000 | |||||||||||||||||
Purchase price | 200,000,000 | |||||||||||||||||
Fair value of contingent consideration | 18,667,000 | |||||||||||||||||
500 North Michigan Avenue: | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Property square footage | 326,000 | |||||||||||||||||
Purchase price | 70,925,000 | |||||||||||||||||
FlatIron Crossing | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Property square footage | 1,434,000 | |||||||||||||||||
Purchase price | 310,397,000 | |||||||||||||||||
Purchase price funded by cash payment on acquisition | 195,900,000 | |||||||||||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 114,497,000 | |||||||||||||||||
Additional ownership interest (as a percent) | 75.00% | 75.00% | ||||||||||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||||||||||||||||
Arrowhead Towne Center | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Property square footage | 1,198,000 | |||||||||||||||||
Purchase price | 144,400,000 | |||||||||||||||||
Purchase price funded by cash payment on acquisition | 69,025,000 | |||||||||||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 75,375,000 | |||||||||||||||||
Additional ownership interest (as a percent) | 33.30% | |||||||||||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||||||||||||||||
Kings Plaza | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Property square footage | 1,191,000 | |||||||||||||||||
Purchase price | 756,000,000 | |||||||||||||||||
Purchase price funded by cash payment on acquisition | 726,000,000 | |||||||||||||||||
Issuance restricted common stock | 30,000,000 | |||||||||||||||||
Face amount of debt | 500,000,000 | |||||||||||||||||
Placement of mortgage note on the property | 354,000,000 | |||||||||||||||||
Green Acres Mall | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Property square footage | 1,790,000 | |||||||||||||||||
Purchase price | 500,000,000 | |||||||||||||||||
Face amount of debt | 325,000,000 | |||||||||||||||||
Placement of mortgage note on the property | 225,000,000 | 100,000,000 | ||||||||||||||||
Deposits paid | 30,000,000 | |||||||||||||||||
Purchase price, balance remaining after deposit | 470,000,000 | |||||||||||||||||
Green Acres Adjacent | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Property square footage | 19 | |||||||||||||||||
Purchase price | 22,577,000 | |||||||||||||||||
Superstition Springs Land I | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Purchase price | 46,162,000 | |||||||||||||||||
Purchase price funded by cash payment on acquisition | 23,662,000 | |||||||||||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 22,500,000 | |||||||||||||||||
Additional ownership interest (as a percent) | 33.30% | |||||||||||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||||||||||||||||
Cascade Mall | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Purchase price | 15,233,000 | |||||||||||||||||
Incremental revenue generated from acquired property | 4,458,000 | |||||||||||||||||
Incremental earnings (loss) of acquired property | 380,000 | |||||||||||||||||
Additional ownership interest (as a percent) | 49.00% | |||||||||||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||||||||||||||||
PPRLP Queens Portfolio | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Purchase price | 1,838,886,000 | |||||||||||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 672,109,000 | |||||||||||||||||
Issuance restricted common stock | 1,166,777,000 | |||||||||||||||||
Incremental revenue generated from acquired property | 40,378,000 | |||||||||||||||||
Incremental earnings (loss) of acquired property | 4,285,000 | |||||||||||||||||
Additional ownership interest (as a percent) | 49.00% | |||||||||||||||||
Affiliated Entity | Fashion Outlets of Chicago | ||||||||||||||||||
Acquisition | ||||||||||||||||||
Property square footage | 529,000 | |||||||||||||||||
Purchase price | 69,987,000 | |||||||||||||||||
Fair value of contingent consideration | 10,142,000 | |||||||||||||||||
Noncontrolling interest adjustment | 76,141,000 | |||||||||||||||||
Purchase price funded by cash payment on acquisition | 55,867,000 | |||||||||||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | $14,120,000 |
Acquisitions_Allocation_of_Fai
Acquisitions: Allocation of Fair Value (Details) (USD $) | Feb. 29, 2012 | Oct. 03, 2012 | Oct. 26, 2012 | Nov. 28, 2012 | Jan. 24, 2013 | Sep. 17, 2013 | Oct. 24, 2013 | Jun. 04, 2014 | Nov. 14, 2014 |
In Thousands, unless otherwise specified | |||||||||
500 North Michigan Avenue: | |||||||||
Acquisition | |||||||||
Property | $66,033 | ||||||||
Deferred charges | 7,450 | ||||||||
Other assets | 2,143 | ||||||||
Total assets acquired | 75,626 | ||||||||
Other accrued liabilities | 4,701 | ||||||||
Total liabilities assumed | 4,701 | ||||||||
Fair value of acquired net assets (at 100% ownership) | 70,925 | ||||||||
FlatIron Crossing | |||||||||
Acquisition | |||||||||
Property | 443,391 | ||||||||
Deferred charges | 25,251 | ||||||||
Cash and cash equivalents | 3,856 | ||||||||
Other assets | 2,101 | ||||||||
Total assets acquired | 474,599 | ||||||||
Mortgage notes payable | 175,720 | ||||||||
Accounts payable | 366 | ||||||||
Other accrued liabilities | 11,071 | ||||||||
Total liabilities assumed | 187,157 | ||||||||
Fair value of acquired net assets (at 100% ownership) | 287,442 | ||||||||
Arrowhead Towne Center | |||||||||
Acquisition | |||||||||
Property | 423,349 | ||||||||
Deferred charges | 31,500 | ||||||||
Restricted cash | 4,009 | ||||||||
Tenant receivables | 926 | ||||||||
Other assets | 4,234 | ||||||||
Total assets acquired | 464,018 | ||||||||
Mortgage notes payable | 244,403 | ||||||||
Accounts payable | 815 | ||||||||
Other accrued liabilities | 10,449 | ||||||||
Total liabilities assumed | 255,667 | ||||||||
Fair value of acquired net assets (at 100% ownership) | 208,351 | ||||||||
Kings Plaza | |||||||||
Acquisition | |||||||||
Property | 714,589 | ||||||||
Deferred charges | 37,371 | ||||||||
Other assets | 29,282 | ||||||||
Total assets acquired | 781,242 | ||||||||
Other accrued liabilities | 25,242 | ||||||||
Total liabilities assumed | 25,242 | ||||||||
Fair value of acquired net assets (at 100% ownership) | 756,000 | ||||||||
Green Acres Mall | |||||||||
Acquisition | |||||||||
Property | 477,673 | ||||||||
Deferred charges | 45,130 | ||||||||
Other assets | 19,125 | ||||||||
Total assets acquired | 541,928 | ||||||||
Other accrued liabilities | 41,928 | ||||||||
Total liabilities assumed | 41,928 | ||||||||
Fair value of acquired net assets (at 100% ownership) | 500,000 | ||||||||
Camelback Colonnade | |||||||||
Acquisition | |||||||||
Property | 98,160 | ||||||||
Deferred charges | 8,284 | ||||||||
Cash and cash equivalents | 1,280 | ||||||||
Restricted cash | 1,139 | ||||||||
Tenant receivables | 615 | ||||||||
Other assets | 380 | ||||||||
Total assets acquired | 109,858 | ||||||||
Mortgage notes payable | 49,465 | ||||||||
Accounts payable | 54 | ||||||||
Other accrued liabilities | 4,752 | ||||||||
Total liabilities assumed | 54,271 | ||||||||
Fair value of acquired net assets (at 100% ownership) | 55,587 | ||||||||
Superstition Springs Land I | |||||||||
Acquisition | |||||||||
Property | 114,373 | ||||||||
Deferred charges | 12,353 | ||||||||
Cash and cash equivalents | 8,894 | ||||||||
Tenant receivables | 51 | ||||||||
Other assets | 11,535 | ||||||||
Total assets acquired | 147,206 | ||||||||
Mortgage notes payable | 68,448 | ||||||||
Accounts payable | 119 | ||||||||
Other accrued liabilities | 7,637 | ||||||||
Total liabilities assumed | 76,204 | ||||||||
Fair value of acquired net assets (at 100% ownership) | 71,002 | ||||||||
Cascade Mall | |||||||||
Acquisition | |||||||||
Property | 28,924 | ||||||||
Deferred charges | 6,660 | ||||||||
Other assets | 202 | ||||||||
Total assets acquired | 35,786 | ||||||||
Other accrued liabilities | 4,786 | ||||||||
Total liabilities assumed | 4,786 | ||||||||
Fair value of acquired net assets (at 100% ownership) | 31,000 | ||||||||
PPRLP Queens Portfolio | |||||||||
Acquisition | |||||||||
Property | 3,714,982 | ||||||||
Deferred charges | 152,250 | ||||||||
Cash and cash equivalents | 28,890 | ||||||||
Restricted cash | 5,113 | ||||||||
Tenant receivables | 5,438 | ||||||||
Other assets | 127,723 | ||||||||
Total assets acquired | 4,034,396 | ||||||||
Mortgage notes payable | 1,414,659 | ||||||||
Accounts payable | 5,669 | ||||||||
Due to affiliates | 2,680 | ||||||||
Other accrued liabilities | 230,210 | ||||||||
Total liabilities assumed | 1,653,218 | ||||||||
Fair value of acquired net assets (at 100% ownership) | $2,381,178 |
Acquisitions_Gain_Loss_on_Reme
Acquisitions: Gain (Loss) on Remeasurement (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 03, 2012 | Oct. 26, 2012 | Sep. 17, 2013 | Oct. 24, 2013 | Nov. 14, 2014 |
Acquisition | ||||||||
Carrying value of investment | ($984,132) | ($701,483) | ||||||
Gain on remeasurement of assets | 1,423,136 | 51,205 | 199,956 | |||||
FlatIron Crossing | ||||||||
Acquisition | ||||||||
Fair value of existing ownership interest | 91,542 | |||||||
Carrying value of investment | -33,382 | |||||||
Prior gain deferral recognized | 26,067 | |||||||
Gain on remeasurement of assets | 84,227 | |||||||
Arrowhead Towne Center | ||||||||
Acquisition | ||||||||
Fair value of existing ownership interest | 139,326 | |||||||
Carrying value of investment | -23,597 | |||||||
Gain on remeasurement of assets | 115,729 | |||||||
Camelback Colonnade | ||||||||
Acquisition | ||||||||
Fair value of existing ownership interest | 41,690 | |||||||
Carrying value of investment | -5,349 | |||||||
Gain on remeasurement of assets | 36,341 | |||||||
Superstition Springs Land I | ||||||||
Acquisition | ||||||||
Fair value of existing ownership interest | 47,340 | |||||||
Carrying value of investment | -32,476 | |||||||
Gain on remeasurement of assets | 14,864 | |||||||
PPRLP Queens Portfolio | ||||||||
Acquisition | ||||||||
Fair value of existing ownership interest | 1,214,401 | |||||||
Carrying value of investment | -208,735 | |||||||
Gain on remeasurement of assets | $1,423,136 |
Acquisitions_Percentage_Owners
Acquisitions: Percentage Ownership (Details) | Oct. 03, 2012 | Oct. 26, 2012 | Jun. 04, 2014 | Oct. 24, 2013 | Sep. 16, 2013 | Nov. 14, 2014 |
FlatIron Crossing | ||||||
Acquisition | ||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||||
Fair value of existing ownership interest (as a percent) | 25.00% | |||||
Arrowhead Towne Center | ||||||
Acquisition | ||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||||
Fair value of existing ownership interest (as a percent) | 66.70% | |||||
Cascade Mall | ||||||
Acquisition | ||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||||
Superstition Springs Land I | ||||||
Acquisition | ||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||||
Fair value of existing ownership interest (as a percent) | 66.70% | |||||
Camelback Colonnade | ||||||
Acquisition | ||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||||
Fair value of existing ownership interest (as a percent) | 73.20% | |||||
PPRLP Queens Portfolio | ||||||
Acquisition | ||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||||
Fair value of existing ownership interest (as a percent) | 51.00% |
Acquisitions_Reconciliation_of
Acquisitions: Reconciliation of Purchase Price to Fair Value (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 03, 2012 | Oct. 26, 2012 | Oct. 24, 2013 | Jun. 04, 2014 | Nov. 14, 2014 |
Acquisition | ||||||||
Less debt assumed | ($1,414,659) | ($257,064) | ($420,123) | |||||
Carrying value of investment | -984,132 | -701,483 | ||||||
Gain on remeasurement of assets | 1,423,136 | 51,205 | 199,956 | |||||
FlatIron Crossing | ||||||||
Acquisition | ||||||||
Purchase price | 310,397 | |||||||
Less debt assumed | -114,497 | |||||||
Carrying value of investment | -33,382 | |||||||
Gain on remeasurement of assets | 84,227 | |||||||
Less prior gain deferral | -26,067 | |||||||
Fair value of acquired net assets (at 100% ownership) | 287,442 | |||||||
Arrowhead Towne Center | ||||||||
Acquisition | ||||||||
Purchase price | 144,400 | |||||||
Less debt assumed | -75,375 | |||||||
Carrying value of investment | -23,597 | |||||||
Gain on remeasurement of assets | 115,729 | |||||||
Fair value of acquired net assets (at 100% ownership) | 208,351 | |||||||
Superstition Springs Land I | ||||||||
Acquisition | ||||||||
Purchase price | 46,162 | |||||||
Less debt assumed | -22,500 | |||||||
Carrying value of investment | -32,476 | |||||||
Gain on remeasurement of assets | 14,864 | |||||||
Fair value of acquired net assets (at 100% ownership) | 71,002 | |||||||
Cascade Mall | ||||||||
Acquisition | ||||||||
Purchase price | 15,233 | |||||||
Carrying value of investment | -15,767 | |||||||
Fair value of acquired net assets (at 100% ownership) | 31,000 | |||||||
PPRLP Queens Portfolio | ||||||||
Acquisition | ||||||||
Purchase price | 1,838,886 | |||||||
Less debt assumed | -672,109 | |||||||
Carrying value of investment | -208,735 | |||||||
Gain on remeasurement of assets | 1,423,136 | |||||||
Fair value of acquired net assets (at 100% ownership) | $2,381,178 |
Acquisitions_Pro_Forma_Informa
Acquisitions: Pro Forma Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | |||
Total revenue | $1,287,904 | $1,311,941 | $1,094,559 |
Income from continuing operations | $1,605,975 | $104,123 | $92,193 |
Dispositions_Details
Dispositions: (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2009 | Dec. 11, 2013 | Dec. 29, 2014 | Oct. 10, 2014 | Sep. 11, 2014 | Aug. 28, 2014 | Jul. 07, 2014 | Dec. 04, 2013 | Oct. 23, 2013 | Oct. 15, 2013 | Sep. 11, 2013 | 11-May-12 | Apr. 23, 2012 | Mar. 31, 2012 | Apr. 30, 2012 | 17-May-12 | 31-May-12 | Jun. 28, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | 31-May-13 | Jun. 04, 2013 | Jan. 15, 2014 | Feb. 14, 2014 | Mar. 17, 2014 | Oct. 31, 2014 | Sep. 17, 2013 | Dec. 31, 2011 |
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | |||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Gain (loss) from sale | $0 | $286,414 | $50,811 | ||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | -526 | 1,432 | 0 | ||||||||||||||||||||||||||||
Revenues from discontinued operations | 54,752 | 94,406 | |||||||||||||||||||||||||||||
Gain (loss) income from discontinued operations | 0 | 289,936 | 63,223 | ||||||||||||||||||||||||||||
Freehold Raceway Mall and Chandler Fashion Center | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Ownership interest (as a percent) | 49.90% | ||||||||||||||||||||||||||||||
Chesterfield Towne Center | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Gain (loss) from sale | 151,467 | ||||||||||||||||||||||||||||||
Camelback Colonnade | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Proceeds from sale | 92,898 | ||||||||||||||||||||||||||||||
Gain (loss) from sale | 24,554 | ||||||||||||||||||||||||||||||
Property square footage | 619,000 | ||||||||||||||||||||||||||||||
Cash payment | 61,173 | ||||||||||||||||||||||||||||||
Assumption of debt | 31,725 | ||||||||||||||||||||||||||||||
Debt discharged | 47,946 | ||||||||||||||||||||||||||||||
Noncontrollling interest adjustment | 17,217 | ||||||||||||||||||||||||||||||
Camelback Colonnade | Freehold Raceway Mall and Chandler Fashion Center | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Ownership interest (as a percent) | 67.50% | ||||||||||||||||||||||||||||||
Mervyn's | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Proceeds from sale | 1,900 | 1,200 | 3,500 | 3,560 | 10,475 | 5,430 | 5,700 | 12,000 | 20,750 | ||||||||||||||||||||||
Gain (loss) from sale | -3 | 315 | -80 | -158 | -5,257 | 1,695 | -2,031 | -2,633 | -407 | ||||||||||||||||||||||
Valley View Mall | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Impairment charge | 54,306 | ||||||||||||||||||||||||||||||
Long-lived assets written off to fair value | 33,450 | ||||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | 104,023 | ||||||||||||||||||||||||||||||
The Borgata | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Proceeds from sale | 9,150 | ||||||||||||||||||||||||||||||
Gain (loss) from sale | -1,275 | ||||||||||||||||||||||||||||||
Property square footage | 94,000 | ||||||||||||||||||||||||||||||
Hilton Village | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Proceeds from sale | 24,820 | ||||||||||||||||||||||||||||||
Gain (loss) from sale | 3,127 | ||||||||||||||||||||||||||||||
Property square footage | 80,000 | ||||||||||||||||||||||||||||||
Prescott Gateway | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Property square footage | 584,000 | ||||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | 16,296 | ||||||||||||||||||||||||||||||
Carmel Plaza | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Proceeds from sale | 52,000 | ||||||||||||||||||||||||||||||
Gain (loss) from sale | 7,844 | ||||||||||||||||||||||||||||||
Property square footage | 112,000 | ||||||||||||||||||||||||||||||
Fiesta Mall | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Impairment charge | 24,555 | ||||||||||||||||||||||||||||||
Property square footage | 933,000 | 933,000 | |||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | 1,252 | ||||||||||||||||||||||||||||||
Green Tree Mall | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Proceeds from sale | 79,000 | ||||||||||||||||||||||||||||||
Gain (loss) from sale | 59,767 | ||||||||||||||||||||||||||||||
Property square footage | 793,000 | ||||||||||||||||||||||||||||||
Northridge Mall | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Property square footage | 890,000 | ||||||||||||||||||||||||||||||
Rimrock Mall | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Property square footage | 603,000 | ||||||||||||||||||||||||||||||
Rimrock Mall and Nortridge Mall | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Proceeds from sale | 230,000 | ||||||||||||||||||||||||||||||
Gain (loss) from sale | 82,151 | ||||||||||||||||||||||||||||||
Chesterfield Towne Center | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Property square footage | 1,016,000 | ||||||||||||||||||||||||||||||
Cash payment | 67,763 | ||||||||||||||||||||||||||||||
Assumption of debt | 109,737 | ||||||||||||||||||||||||||||||
Centre at Salisbury | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Proceeds from sale | 292,500 | ||||||||||||||||||||||||||||||
Property square footage | 862,000 | ||||||||||||||||||||||||||||||
Assumption of debt | 115,000 | ||||||||||||||||||||||||||||||
Rotterdam Square | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Proceeds from sale | 8,500 | ||||||||||||||||||||||||||||||
Gain (loss) from sale | -435 | ||||||||||||||||||||||||||||||
Property square footage | 585,000 | ||||||||||||||||||||||||||||||
Somersville Town Center | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Proceeds from sale | 12,337 | ||||||||||||||||||||||||||||||
Gain (loss) from sale | -263 | ||||||||||||||||||||||||||||||
Property square footage | 348,000 | ||||||||||||||||||||||||||||||
Lake Square Mall | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Proceeds from sale | 13,280 | ||||||||||||||||||||||||||||||
Gain (loss) from sale | -876 | ||||||||||||||||||||||||||||||
Property square footage | 559,000 | ||||||||||||||||||||||||||||||
Cash payment | 3,677 | ||||||||||||||||||||||||||||||
South Towne Center | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Proceeds from sale | 205,000 | ||||||||||||||||||||||||||||||
Gain (loss) from sale | 121,873 | ||||||||||||||||||||||||||||||
Property square footage | 1,278,000 | ||||||||||||||||||||||||||||||
Notes Receivable | Lake Square Mall | |||||||||||||||||||||||||||||||
Discontinued Operations: | |||||||||||||||||||||||||||||||
Notes receivable | $9,603 | ||||||||||||||||||||||||||||||
Number of notes receivable | 2 |
Future_Rental_Revenues_Details
Future Rental Revenues: (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Rental Revenues [Abstract] | |
2015 | $663,007 |
2016 | 572,304 |
2017 | 494,380 |
2018 | 424,747 |
2019 | 358,973 |
Thereafter | 1,257,743 |
Total | $3,771,154 |
Commitments_and_Contingencies_1
Commitments and Contingencies: (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Ground rent expenses | $10,968 | $10,579 | $8,681 |
Minimum future rental payments | |||
2015 | 15,449 | ||
2016 | 15,472 | ||
2017 | 15,457 | ||
2018 | 11,342 | ||
2019 | 9,821 | ||
Thereafter | 309,369 | ||
Total | 376,910 | ||
Contingent Liabilities | |||
Contingent liability under letters of credit | 18,388 | ||
Outstanding obligations under construction agreements | $41,205 |
RelatedParty_Transactions_Deta
Related-Party Transactions: (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 13, 2014 |
sqft | ||||
Related party transactions | ||||
Interest expense, related party | $15,134 | $15,016 | $15,386 | |
Loans to unconsolidated joint ventures | 0 | 2,756 | ||
Due from affiliates | 80,232 | 30,132 | ||
Limited partnership interest of the operating partnership (as a percent) | 6.00% | 7.00% | ||
Related Parties Note Receivable, RED Consolidated Holdings, LLC | ||||
Related party transactions | ||||
Interest income, related party | 614 | 525 | ||
Due from affiliates | 11,027 | 12,707 | ||
Notes receivable interest rate | 5.25% | |||
Unconsolidated joint ventures | ||||
Related party transactions | ||||
Interest income, related party | 164 | 281 | 254 | |
Due from affiliates | 3,869 | 3,822 | ||
Northwestern Mutual Life (NML) | ||||
Related party transactions | ||||
Interest expense payable, related party | 1,125 | 1,240 | ||
Unconsolidated joint ventures and third-party managed properties | ||||
Related party transactions | ||||
Management Fees | 18,705 | 21,993 | 24,007 | |
Development and Leasing Fees | 11,822 | 10,859 | 13,165 | |
Fees charged to unconsolidated joint ventures and third-party managed properties | 30,527 | 32,852 | 37,172 | |
Affiliated Entity | ||||
Related party transactions | ||||
Limited partnership interest of the operating partnership (as a percent) | 40.00% | |||
Affiliated Entity | Related Parties Note Receivable, AWE Talisman Company | ||||
Related party transactions | ||||
Interest income, related party | 516 | 625 | ||
Notes receivable interest rate | 5.00% | |||
Number of notes receivable | 2 | |||
Carrying value of term loan | 13,603 | |||
Fashion Outlets of Chicago | Affiliated Entity | ||||
Related party transactions | ||||
Property square footage | 529,000 | |||
Candlestick Point | ||||
Related party transactions | ||||
Property square footage | 500,000 | |||
Candlestick Point | Notes Receivable | ||||
Related party transactions | ||||
Note receivable | 65,130 | |||
Description of variable rate | LIBOR | |||
Candlestick Point | Affiliated Entity | Notes Receivable | ||||
Related party transactions | ||||
Note receivable | 65,336 | |||
Description of variable rate | LIBOR | |||
Interest earned | $206 | |||
LIBOR | Candlestick Point | Affiliated Entity | Notes Receivable | ||||
Related party transactions | ||||
Notes receivable interest rate | 2.00% |
Share_and_UnitBased_Plans_2003
Share and Unit-Based Plans: 2003 Equity Incentive Plan (Details) (2003 Equity Incentive Plan) | 12 Months Ended |
Dec. 31, 2014 | |
2003 Equity Incentive Plan | |
Share and unit-based plans | |
Term of award (in years) | 10 years |
Maximum shares authorized under plan (in shares) | 13,825,428 |
Shares available for issuance under plan (in shares) | 3,602,672 |
Share_and_UnitBased_Plans_Stoc
Share and Unit-Based Plans: Stock Awards and Stock Units Roll Forward Activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock awards | |||
Shares or Units | |||
Balance at beginning of year | 19,001 | 20,924 | 21,130 |
Granted | 0 | 8,963 | 9,639 |
Vested | -9,812 | -10,886 | -9,845 |
Balance at end of year | 9,189 | 19,001 | 20,924 |
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Balance at beginning of year | $56.77 | $49.36 | $40.68 |
Granted | $0 | $61.84 | $54.43 |
Vested | $54.45 | $46.70 | $35.69 |
Balance at end of year | $59.25 | $56.77 | $49.36 |
Stock units | |||
Shares or Units | |||
Balance at beginning of year | 137,318 | 114,677 | 576,340 |
Granted | 75,309 | 67,920 | 72,322 |
Vested | -68,253 | -45,279 | -533,985 |
Balance at end of year | 144,374 | 137,318 | 114,677 |
Number of common shares into which units can be converted (in shares) | 1 | ||
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Balance at beginning of year | $57.24 | $52.19 | $11.71 |
Granted | $60.50 | $62.01 | $54.43 |
Vested | $55.14 | $51.59 | $8.80 |
Balance at end of year | $59.94 | $57.24 | $52.19 |
Share_and_UnitBased_Plans_SARs
Share and Unit-Based Plans: SARs Narrative (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
SARs | |
Share and unit-based plans | |
Term of award (in years) | 10 years |
Grant date of award (in dollars per share) | $9.67 |
Volatility rate (as a percent) | 25.85% |
Dividend yield (as a percent) | 3.69% |
Risk free rate (as a percent) | 1.20% |
Current value (in dollars per share) | $59.57 |
Expected term | 8 years |
SARS granted prior to 2012 | |
Share and unit-based plans | |
Grant date of award (in dollars per share) | $7.68 |
Volatility rate (as a percent) | 22.52% |
Dividend yield (as a percent) | 5.23% |
Risk free rate (as a percent) | 3.15% |
Current value (in dollars per share) | $61.17 |
Expected term | 8 years |
Share_and_UnitBased_Plans_SARs1
Share and Unit-Based Plans: SARs Roll Forward Activity (Details) (SARs, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SARs | |||
Units | |||
Balance at beginning of year | 1,070,991 | 1,164,185 | 1,156,985 |
Granted | 0 | 0 | 39,932 |
Exercised | -298,352 | -93,194 | -32,732 |
Balance at end of year | 772,639 | 1,070,991 | 1,164,185 |
Weighted Average Exercise Price (in dollars per share) | |||
Balance at beginning of year | $56.66 | $56.66 | $56.55 |
Granted | $0 | $0 | $59.57 |
Vested | $56.63 | $56.63 | $56.63 |
Balance at end of year | $56.67 | $56.66 | $56.66 |
Share_and_UnitBased_Plans_Long
Share and Unit-Based Plans: Long-Term Incentive Plan Units (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 11, 2013 | Jan. 31, 2013 | Jan. 16, 2013 | Jan. 12, 2015 | Mar. 07, 2014 | Sep. 01, 2013 | Feb. 15, 2013 | Apr. 16, 2012 | Feb. 23, 2012 | Dec. 31, 2013 | |
Stock units | |||||||||||||
Share and unit-based plans | |||||||||||||
Conversion rate | 1 | ||||||||||||
Granted (in shares) | 75,309 | 67,920 | 72,322 | ||||||||||
Granted (in shares) | $60.50 | $62.01 | $54.43 | ||||||||||
Vested (in shares) | 68,253 | 45,279 | 533,985 | ||||||||||
LTIP units | |||||||||||||
Share and unit-based plans | |||||||||||||
Conversion rate | 1 | ||||||||||||
Granted (in shares) | 725,908 | 332,189 | 315,000 | ||||||||||
Granted (in shares) | $51.71 | $66.58 | $40.53 | ||||||||||
Absolute return requirement (in shares) | 3.00% | ||||||||||||
Level of percentile ranking at which awards vested (as a percent) | 100.00% | 96.00% | |||||||||||
Vested (in shares) | 679,213 | 518,900 | 305,000 | 200,000 | 318,900 | ||||||||
Forfeited (in shares) | 0 | 13,289 | 0 | 13,289 | |||||||||
LTIP units | Subsequent Event | |||||||||||||
Share and unit-based plans | |||||||||||||
Level of percentile ranking at which awards vested (as a percent) | 150.00% | ||||||||||||
Long Term Incentive Plan, Market Indexed | |||||||||||||
Share and unit-based plans | |||||||||||||
Vested (in shares) | 136,465 | ||||||||||||
Executive Officer | LTIP units | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (in shares) | 20,000 | 332,189 | 10,000 | 190,000 | |||||||||
Granted (in shares) | $60.25 | $59.57 | $66.58 | $54.97 | $37.77 | ||||||||
Executive Officer | LTIP units | 2014 LTIP Units Series 1 | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (in shares) | 246,471 | 272,930 | |||||||||||
Granted (in shares) | $45.34 | ||||||||||||
Executive Officer | LTIP units | 2014 LTIP Units Series 2 | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (in shares) | 70,042 | ||||||||||||
Granted (in shares) | $58.89 |
Share_and_UnitBased_Plans_LTIP
Share and Unit-Based Plans: LTIP Activity (Details) (LTIP units, USD $) | 0 Months Ended | 12 Months Ended | |||
Jan. 31, 2013 | Jan. 16, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
LTIP units | |||||
Units | |||||
Balance at beginning of year | 0 | 200,000 | 190,000 | ||
Granted | 725,908 | 332,189 | 315,000 | ||
Vested | -200,000 | -318,900 | -679,213 | -518,900 | -305,000 |
Forfeited | -13,289 | 0 | -13,289 | 0 | |
Balance at end of year | 46,695 | 0 | 200,000 | ||
Weighted Average Grant Date Fair Value (in dollars per share) | |||||
Balance at beginning of year | $0 | $38.63 | $43.30 | ||
Granted | $51.71 | $66.58 | $40.53 | ||
Vested | $51.22 | $55.81 | $44.85 | ||
Forfeited | $0 | $66.58 | $0 | ||
Balance at end of year | $58.89 | $0 | $38.63 |
Share_and_UnitBased_Plans_Stoc1
Share and Unit-Based Plans: Stock Options Narrative (Details) (Stock options, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Stock options | |
Share and unit-based plans | |
Grant date of award (in dollars per share) | $9.67 |
Volatility rate (as a percent) | 25.85% |
Dividend yield (as a percent) | 3.69% |
Risk free rate (as a percent) | 1.20% |
Current value (in dollars per share) | $59.57 |
Expected term (in years) | 8 years |
Share_and_UnitBased_Plans_Stoc2
Share and Unit-Based Plans: Stock Option Activity (Details) (Stock options, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock options | |||
Options | |||
Balance at beginning of year | 10,068 | 12,768 | 2,700 |
Granted | 0 | 0 | 10,068 |
Exercised | 0 | -2,700 | 0 |
Balance at end of year | 10,068 | 10,068 | 12,768 |
Weighted Average Exercise Price (in dollars per share) | |||
Balance at beginning of year | $59.57 | $54.69 | $36.51 |
Granted | $0 | $0 | $59.57 |
Exercised | $0 | $36.51 | $0 |
Balance at end of year | $59.57 | $59.57 | $54.69 |
Share_and_UnitBased_Plans_Dire
Share and Unit-Based Plans: Directors' Phantom Stock Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Phantom stock units | |||
Share and unit-based plans | |||
Number of common shares into which units can be converted (in shares) | 1 | ||
Units | |||
Balance at beginning of year | 17,575 | 0 | 15,745 |
Granted | 10,747 | 34,266 | 7,896 |
Vested | -19,053 | -16,691 | -22,179 |
Forfeited | 0 | 0 | -1,462 |
Balance at end of year | 9,269 | 17,575 | 0 |
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Balance at beginning of year | $58.66 | $0 | $34.84 |
Granted | $65.54 | $59.04 | $57.29 |
Vested | $62.69 | $59.44 | $45.24 |
Forfeited | $0 | $0 | $33.74 |
Balance at end of year | $58.35 | $58.66 | $0 |
Director's Phantom Stock Plan | |||
Share and unit-based plans | |||
Deferral period for grant of units (in years) | 3 years | ||
Number of common shares into which units can be converted (in shares) | 1 | ||
Maximum shares authorized under plan (in shares) | 500,000 | ||
Shares available for issuance under plan (in shares) | 212,947 |
Share_and_UnitBased_Plans_Empl
Share and Unit-Based Plans: Employee Stock Purchase Plan (Details) (Employee Stock Purchase Plan) | 12 Months Ended |
Dec. 31, 2014 | |
Employee Stock Purchase Plan | |
Share and unit-based plans | |
Discount from market price (as a percent) | 15.00% |
Maximum shares authorized under plan (in shares) | 750,000 |
Shares available for issuance under plan (in shares) | 540,318 |
Share_and_UnitBased_Plans_Comp
Share and Unit-Based Plans: Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | $34,873 | $28,122 | $14,970 |
Additional compensation cost from modified terms of awards due to employee separations | 1,214 | ||
Capitalized share and unit-based compensation costs | 5,410 | 3,915 | 2,646 |
Stock awards | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 365 | 497 | 598 |
Unrecognized compensation cost of share and unit-based plans | 248 | ||
Stock units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 4,689 | 3,839 | 3,379 |
Unrecognized compensation cost of share and unit-based plans | 2,843 | ||
LTIP units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 28,598 | 22,778 | 9,436 |
Number of awards with modified terms due to separation agreement | 20,000 | ||
Unrecognized compensation cost of share and unit-based plans | 2,751 | ||
SARs | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 0 | 0 | 583 |
Number of awards with modified terms due to separation agreement | 54,405 | ||
Stock awards and units | |||
Share and unit-based plans | |||
Fair value of equity-based awards vested during period | 4,685 | 3,516 | 30,454 |
Stock options | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 16 | 16 | 21 |
Unrecognized compensation cost of share and unit-based plans | 43 | ||
Phantom stock units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 1,205 | 992 | 953 |
Unrecognized compensation cost of share and unit-based plans | $541 |
Employee_Benefit_Plans_Details
Employee Benefit Plans: (Details) (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Feb. 01, 1999 |
401(k) Plan | |||||
Employee Benefit Plans: | |||||
Number of common stock shares reserved for issuance (in shares) | 150,000 | ||||
Number of additional common stock shares reserved for issuance (in shares) | 500,000 | ||||
Employer match of employee contributions of first 3% of eligible compensation (as a percent) | 100.00% | ||||
Percentage of eligible compensation, matched 100% by employer (as a percent) | 3.00% | ||||
Employer match of employee contributions of next 2% of eligible compensation (as a percent) | 50.00% | ||||
Percentage of eligible compensation, matched 50% by employer (as a percent) | 2.00% | ||||
Employer contribution | $3,253 | $3,017 | $3,094 | ||
Deferred Compensation Plans | |||||
Employee Benefit Plans: | |||||
Employer contribution | $845 | $843 | $648 |
Income_Taxes_Details
Income Taxes: (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock dividend distribution | |||
Ordinary income (in dollars per share) | $1.92 | $1.02 | $0.74 |
Capital gains (in dollars per share) | $0.16 | $1.24 | $1.13 |
Unrecaptured Section 1250 gain (in dollars per share) | $0.05 | $0.10 | $0.36 |
Return of capital (in dollars per share) | $0.38 | $0 | $0 |
Dividends paid (in dollars per share) | $2.51 | $2.36 | $2.23 |
Ordinary income (as a percent) | 76.50% | 43.30% | 33.20% |
Capital gains (as a percent) | 6.40% | 52.50% | 50.70% |
Unrecaptured Section 1250 gain (as a percent) | 2.00% | 4.20% | 16.10% |
Return of capital (as a percent) | 15.10% | 0.00% | 0.00% |
Dividends paid (as a percent) | 100.00% | 100.00% | 100.00% |
Income tax benefit | |||
Current | $0 | ($142) | $0 |
Deferred | 4,269 | 1,834 | 4,159 |
Income tax benefit | 4,269 | 1,692 | 4,159 |
Reconciliation of income tax benefit (provision) of the TRSs | |||
Book loss for TRSs | 10,785 | 11,709 | 16,154 |
Tax at statutory rate on earnings from continuing operations before income taxes | 3,667 | 3,981 | 5,493 |
Other | 602 | -2,289 | -1,334 |
Income tax benefit | 4,269 | 1,692 | 4,159 |
Components of net deferred tax assets | |||
Net operating loss carryforwards | 24,698 | 26,394 | |
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs | 8,201 | 3,673 | |
Other | 2,726 | 1,289 | |
Deferred tax assets | $35,625 | $31,356 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data: (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 14, 2014 | Dec. 11, 2013 |
Quarterly Financial Data (Unaudited) | |||||||||||||
Revenues | $322,909 | $263,491 | $254,336 | $264,511 | $282,137 | $258,154 | $245,877 | $243,307 | $1,105,247 | $1,029,475 | $797,517 | ||
Net income (loss) attributable to common stockholders | 1,429,221 | 35,914 | 16,088 | 17,819 | 144,878 | 38,123 | 218,997 | 18,092 | 1,499,042 | 420,090 | 337,426 | ||
Net income (loss) attributable to common stockholders per share-basic (in dollars per share) | $9.52 | $0.25 | $0.11 | $0.13 | $1.03 | $0.27 | $1.57 | $0.13 | $10.46 | $3.01 | $2.51 | ||
Net income (loss) attributable to common stockholders per share-diluted (in dollars per share) | $9.51 | $0.25 | $0.11 | $0.13 | $1.03 | $0.27 | $1.57 | $0.13 | $10.45 | $3 | $2.51 | ||
Remeasurement gain on acquisition of additional interest | 1,423,136 | 51,205 | 199,956 | ||||||||||
Gain (loss) from sale | 0 | 286,414 | 50,811 | ||||||||||
PPRLP Queens Portfolio | |||||||||||||
Quarterly Financial Data (Unaudited) | |||||||||||||
Remeasurement gain on acquisition of additional interest | 1,423,136 | ||||||||||||
Chesterfield Towne Center | |||||||||||||
Quarterly Financial Data (Unaudited) | |||||||||||||
Gain (loss) from sale | $151,467 |
Subsequent_Events_Details
Subsequent Events: (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 30, 2015 | Feb. 17, 2015 | Feb. 19, 2015 | |
Subsequent events | ||||||
Purchase price paid through assumption of debt by the Company | $1,414,659,000 | $257,064,000 | $420,123,000 | |||
Related parties | 289,039,000 | 269,381,000 | ||||
Subsequent Event | ||||||
Subsequent events | ||||||
Dividend/distribution for common stockholders and OP Unit holders (in dollars per share) | $0.65 | |||||
Subsequent Event | Vintage Faire Mall | ||||||
Subsequent events | ||||||
Related parties | 280,000 | |||||
Interest rate (as a percent) | 3.49% | |||||
Inland Center | Subsequent Event | ||||||
Subsequent events | ||||||
Additional ownership interest (as a percent) | 50.00% | |||||
Property square footage | 933,000 | |||||
Purchase price on acquisition | 51,250,000 | |||||
Purchase price funded by cash payment on acquisition | 26,250,000 | |||||
Purchase price paid through assumption of debt by the Company | 25,000,000 | |||||
Loan paid off | $50,000,000 |
Schedule_IIIReal_Estate_and_Ac1
Schedule III-Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Initial Cost to Company | ||||
Land | $2,105,538 | |||
Building and Improvements | 7,923,288 | |||
Equipment and Furnishings | 47,479 | |||
Cost Capitalized Subsequent to Acquisition | 2,701,577 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,242,291 | |||
Buildings and Improvements | 10,079,773 | |||
Equipment and furnishings | 152,554 | 152,198 | ||
Construction in progress | 303,264 | 229,169 | ||
SEC Schedule III, Real Estate, Gross | 12,777,882 | 9,181,338 | 9,012,706 | 7,489,735 |
Accumulated Depreciation | 1,709,992 | 1,559,572 | 1,533,160 | 1,410,692 |
SEC Schedule III, Real Estate Investment Property, Net | 11,067,890 | |||
Arrowhead Towne Center | ||||
Initial Cost to Company | ||||
Land | 36,687 | |||
Building and Improvements | 386,662 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 5,593 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 36,687 | |||
Buildings and Improvements | 390,949 | |||
Equipment and furnishings | 587 | |||
Construction in progress | 719 | |||
SEC Schedule III, Real Estate, Gross | 428,942 | |||
Accumulated Depreciation | 23,749 | |||
SEC Schedule III, Real Estate Investment Property, Net | 405,193 | |||
Black Canyon Auto Park | ||||
Initial Cost to Company | ||||
Land | 20,600 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 11,448 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 32,046 | |||
Buildings and Improvements | 0 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 2 | |||
SEC Schedule III, Real Estate, Gross | 32,048 | |||
Accumulated Depreciation | 0 | |||
SEC Schedule III, Real Estate Investment Property, Net | 32,048 | |||
Capitola Mall | ||||
Initial Cost to Company | ||||
Land | 20,395 | |||
Building and Improvements | 59,221 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 12,593 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 20,392 | |||
Buildings and Improvements | 70,286 | |||
Equipment and furnishings | 1,226 | |||
Construction in progress | 305 | |||
SEC Schedule III, Real Estate, Gross | 92,209 | |||
Accumulated Depreciation | 30,432 | |||
SEC Schedule III, Real Estate Investment Property, Net | 61,777 | |||
Cascade Mall | ||||
Initial Cost to Company | ||||
Land | 19,253 | |||
Building and Improvements | 9,671 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | -676 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 18,699 | |||
Buildings and Improvements | 9,501 | |||
Equipment and furnishings | 48 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 28,248 | |||
Accumulated Depreciation | 274 | |||
SEC Schedule III, Real Estate Investment Property, Net | 27,974 | |||
Chandler Fashion Center | ||||
Initial Cost to Company | ||||
Land | 24,188 | |||
Building and Improvements | 223,143 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 14,269 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 24,188 | |||
Buildings and Improvements | 232,306 | |||
Equipment and furnishings | 5,106 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 261,600 | |||
Accumulated Depreciation | 82,644 | |||
SEC Schedule III, Real Estate Investment Property, Net | 178,956 | |||
Danbury Fair Mall | ||||
Initial Cost to Company | ||||
Land | 130,367 | |||
Building and Improvements | 316,951 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 96,784 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 142,751 | |||
Buildings and Improvements | 395,362 | |||
Equipment and furnishings | 5,942 | |||
Construction in progress | 47 | |||
SEC Schedule III, Real Estate, Gross | 544,102 | |||
Accumulated Depreciation | 104,765 | |||
SEC Schedule III, Real Estate Investment Property, Net | 439,337 | |||
Deptford Mall | ||||
Initial Cost to Company | ||||
Land | 48,370 | |||
Building and Improvements | 194,250 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 45,576 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 61,029 | |||
Buildings and Improvements | 224,815 | |||
Equipment and furnishings | 2,352 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 288,196 | |||
Accumulated Depreciation | 52,405 | |||
SEC Schedule III, Real Estate Investment Property, Net | 235,791 | |||
Desert Sky Mall | ||||
Initial Cost to Company | ||||
Land | 9,447 | |||
Building and Improvements | 37,245 | |||
Equipment and Furnishings | 12 | |||
Cost Capitalized Subsequent to Acquisition | 2,246 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 9,082 | |||
Buildings and Improvements | 38,853 | |||
Equipment and furnishings | 953 | |||
Construction in progress | 62 | |||
SEC Schedule III, Real Estate, Gross | 48,950 | |||
Accumulated Depreciation | 5,356 | |||
SEC Schedule III, Real Estate Investment Property, Net | 43,594 | |||
Eastland Mall | ||||
Initial Cost to Company | ||||
Land | 22,050 | |||
Building and Improvements | 151,605 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 4,906 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 22,066 | |||
Buildings and Improvements | 155,715 | |||
Equipment and furnishings | 780 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 178,561 | |||
Accumulated Depreciation | 13,815 | |||
SEC Schedule III, Real Estate Investment Property, Net | 164,746 | |||
Estrella Falls | ||||
Initial Cost to Company | ||||
Land | 10,550 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 61,328 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 9,405 | |||
Buildings and Improvements | 0 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 62,473 | |||
SEC Schedule III, Real Estate, Gross | 71,878 | |||
Accumulated Depreciation | 0 | |||
SEC Schedule III, Real Estate Investment Property, Net | 71,878 | |||
Fashion Outlets of Chicago | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 250,542 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 40,575 | |||
Buildings and Improvements | 207,432 | |||
Equipment and furnishings | 2,170 | |||
Construction in progress | 365 | |||
SEC Schedule III, Real Estate, Gross | 250,542 | |||
Accumulated Depreciation | 13,988 | |||
SEC Schedule III, Real Estate Investment Property, Net | 236,554 | |||
Fashion Outlets of Niagara Falls USA | ||||
Initial Cost to Company | ||||
Land | 18,581 | |||
Building and Improvements | 210,139 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 99,001 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 27,681 | |||
Buildings and Improvements | 273,148 | |||
Equipment and furnishings | 1,103 | |||
Construction in progress | 25,789 | |||
SEC Schedule III, Real Estate, Gross | 327,721 | |||
Accumulated Depreciation | 26,073 | |||
SEC Schedule III, Real Estate Investment Property, Net | 301,648 | |||
Flagstaff Mall | ||||
Initial Cost to Company | ||||
Land | 5,480 | |||
Building and Improvements | 31,773 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 16,874 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,480 | |||
Buildings and Improvements | 47,951 | |||
Equipment and furnishings | 696 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 54,127 | |||
Accumulated Depreciation | 16,510 | |||
SEC Schedule III, Real Estate Investment Property, Net | 37,617 | |||
Flagstaff Mall, The Marketplace at | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 52,830 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 52,830 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 52,830 | |||
Accumulated Depreciation | 16,372 | |||
SEC Schedule III, Real Estate Investment Property, Net | 36,458 | |||
FlatIron Crossing | ||||
Initial Cost to Company | ||||
Land | 109,851 | |||
Building and Improvements | 333,540 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 16,821 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 109,851 | |||
Buildings and Improvements | 347,830 | |||
Equipment and furnishings | 1,514 | |||
Construction in progress | 1,017 | |||
SEC Schedule III, Real Estate, Gross | 460,212 | |||
Accumulated Depreciation | 25,877 | |||
SEC Schedule III, Real Estate Investment Property, Net | 434,335 | |||
Freehold Raceway Mall | ||||
Initial Cost to Company | ||||
Land | 164,986 | |||
Building and Improvements | 362,841 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 97,368 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 168,098 | |||
Buildings and Improvements | 452,330 | |||
Equipment and furnishings | 4,767 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 625,195 | |||
Accumulated Depreciation | 134,182 | |||
SEC Schedule III, Real Estate Investment Property, Net | 491,013 | |||
Fresno Fashion Fair | ||||
Initial Cost to Company | ||||
Land | 17,966 | |||
Building and Improvements | 72,194 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 47,132 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 17,966 | |||
Buildings and Improvements | 117,511 | |||
Equipment and furnishings | 1,754 | |||
Construction in progress | 61 | |||
SEC Schedule III, Real Estate, Gross | 137,292 | |||
Accumulated Depreciation | 52,076 | |||
SEC Schedule III, Real Estate Investment Property, Net | 85,216 | |||
Great Northern Mall | ||||
Initial Cost to Company | ||||
Land | 12,187 | |||
Building and Improvements | 62,657 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | -20,870 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,981 | |||
Buildings and Improvements | 46,704 | |||
Equipment and furnishings | 289 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 53,974 | |||
Accumulated Depreciation | 20,693 | |||
SEC Schedule III, Real Estate Investment Property, Net | 33,281 | |||
Green Acres Mall | ||||
Initial Cost to Company | ||||
Land | 156,640 | |||
Building and Improvements | 321,034 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 41,084 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 156,640 | |||
Buildings and Improvements | 331,971 | |||
Equipment and furnishings | 3,222 | |||
Construction in progress | 26,925 | |||
SEC Schedule III, Real Estate, Gross | 518,758 | |||
Accumulated Depreciation | 24,260 | |||
SEC Schedule III, Real Estate Investment Property, Net | 494,498 | |||
Kings Plaza Shopping Center | ||||
Initial Cost to Company | ||||
Land | 209,041 | |||
Building and Improvements | 485,548 | |||
Equipment and Furnishings | 20,000 | |||
Cost Capitalized Subsequent to Acquisition | 43,955 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 209,041 | |||
Buildings and Improvements | 522,896 | |||
Equipment and furnishings | 21,903 | |||
Construction in progress | 4,704 | |||
SEC Schedule III, Real Estate, Gross | 758,544 | |||
Accumulated Depreciation | 34,229 | |||
SEC Schedule III, Real Estate Investment Property, Net | 724,315 | |||
La Cumbre Plaza | ||||
Initial Cost to Company | ||||
Land | 18,122 | |||
Building and Improvements | 21,492 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 24,530 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 17,280 | |||
Buildings and Improvements | 46,327 | |||
Equipment and furnishings | 345 | |||
Construction in progress | 192 | |||
SEC Schedule III, Real Estate, Gross | 64,144 | |||
Accumulated Depreciation | 20,965 | |||
SEC Schedule III, Real Estate Investment Property, Net | 43,179 | |||
Lakewood Center | ||||
Initial Cost to Company | ||||
Land | 140,928 | |||
Building and Improvements | 534,952 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 1,666 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 140,928 | |||
Buildings and Improvements | 536,408 | |||
Equipment and furnishings | 210 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 677,546 | |||
Accumulated Depreciation | 2,758 | |||
SEC Schedule III, Real Estate Investment Property, Net | 674,788 | |||
Los Cerritos Center | ||||
Initial Cost to Company | ||||
Land | 85,670 | |||
Building and Improvements | 612,803 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 2,669 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 85,670 | |||
Buildings and Improvements | 555,646 | |||
Equipment and furnishings | 76 | |||
Construction in progress | 59,750 | |||
SEC Schedule III, Real Estate, Gross | 701,142 | |||
Accumulated Depreciation | 2,572 | |||
SEC Schedule III, Real Estate Investment Property, Net | 698,570 | |||
Macerich Management Co. | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,685 | |||
Equipment and Furnishings | 26,562 | |||
Cost Capitalized Subsequent to Acquisition | 32,910 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,967 | |||
Buildings and Improvements | 7,608 | |||
Equipment and furnishings | 52,504 | |||
Construction in progress | 6,078 | |||
SEC Schedule III, Real Estate, Gross | 68,157 | |||
Accumulated Depreciation | 41,308 | |||
SEC Schedule III, Real Estate Investment Property, Net | 26,849 | |||
MACWH, LP | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 25,771 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 16,017 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 11,557 | |||
Buildings and Improvements | 27,455 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 2,776 | |||
SEC Schedule III, Real Estate, Gross | 41,788 | |||
Accumulated Depreciation | 6,990 | |||
SEC Schedule III, Real Estate Investment Property, Net | 34,798 | |||
Northgate Mall | ||||
Initial Cost to Company | ||||
Land | 8,400 | |||
Building and Improvements | 34,865 | |||
Equipment and Furnishings | 841 | |||
Cost Capitalized Subsequent to Acquisition | 103,212 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 13,414 | |||
Buildings and Improvements | 130,229 | |||
Equipment and furnishings | 3,180 | |||
Construction in progress | 495 | |||
SEC Schedule III, Real Estate, Gross | 147,318 | |||
Accumulated Depreciation | 60,674 | |||
SEC Schedule III, Real Estate Investment Property, Net | 86,644 | |||
NorthPark Mall | ||||
Initial Cost to Company | ||||
Land | 7,746 | |||
Building and Improvements | 74,661 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 5,917 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,885 | |||
Buildings and Improvements | 79,986 | |||
Equipment and furnishings | 441 | |||
Construction in progress | 12 | |||
SEC Schedule III, Real Estate, Gross | 88,324 | |||
Accumulated Depreciation | 8,141 | |||
SEC Schedule III, Real Estate Investment Property, Net | 80,183 | |||
SouthPark Mall | ||||
Initial Cost to Company | ||||
Land | 7,035 | |||
Building and Improvements | 38,215 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 11,901 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,479 | |||
Buildings and Improvements | 43,276 | |||
Equipment and furnishings | 260 | |||
Construction in progress | 6,136 | |||
SEC Schedule III, Real Estate, Gross | 57,151 | |||
Accumulated Depreciation | 3,554 | |||
SEC Schedule III, Real Estate Investment Property, Net | 53,597 | |||
South Plains Mall | ||||
Initial Cost to Company | ||||
Land | 23,100 | |||
Building and Improvements | 92,728 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 34,152 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 23,100 | |||
Buildings and Improvements | 124,678 | |||
Equipment and furnishings | 1,732 | |||
Construction in progress | 470 | |||
SEC Schedule III, Real Estate, Gross | 149,980 | |||
Accumulated Depreciation | 54,543 | |||
SEC Schedule III, Real Estate Investment Property, Net | 95,437 | |||
Southridge Mall | ||||
Initial Cost to Company | ||||
Land | 6,764 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 18,670 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,514 | |||
Buildings and Improvements | 18,828 | |||
Equipment and furnishings | 91 | |||
Construction in progress | 1 | |||
SEC Schedule III, Real Estate, Gross | 25,434 | |||
Accumulated Depreciation | 1,505 | |||
SEC Schedule III, Real Estate Investment Property, Net | 23,929 | |||
Stonewood Center | ||||
Initial Cost to Company | ||||
Land | 4,948 | |||
Building and Improvements | 302,527 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 26 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,948 | |||
Buildings and Improvements | 302,527 | |||
Equipment and furnishings | 26 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 307,501 | |||
Accumulated Depreciation | 1,561 | |||
SEC Schedule III, Real Estate Investment Property, Net | 305,940 | |||
Superstition Springs Center | ||||
Initial Cost to Company | ||||
Land | 10,928 | |||
Building and Improvements | 112,718 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 1,282 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 9,273 | |||
Buildings and Improvements | 113,358 | |||
Equipment and furnishings | 89 | |||
Construction in progress | 2,208 | |||
SEC Schedule III, Real Estate, Gross | 124,928 | |||
Accumulated Depreciation | 3,942 | |||
SEC Schedule III, Real Estate Investment Property, Net | 120,986 | |||
Superstition Springs Power Center | ||||
Initial Cost to Company | ||||
Land | 1,618 | |||
Building and Improvements | 4,420 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 6 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,618 | |||
Buildings and Improvements | 4,343 | |||
Equipment and furnishings | 83 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 6,044 | |||
Accumulated Depreciation | 1,464 | |||
SEC Schedule III, Real Estate Investment Property, Net | 4,580 | |||
Tangerine (Marana), The Shops at | ||||
Initial Cost to Company | ||||
Land | 36,158 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | -9,591 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 16,922 | |||
Buildings and Improvements | 0 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 9,645 | |||
SEC Schedule III, Real Estate, Gross | 26,567 | |||
Accumulated Depreciation | 0 | |||
SEC Schedule III, Real Estate Investment Property, Net | 26,567 | |||
The Macerich Partnership, L.P. | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 2,534 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9,942 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Equipment and furnishings | 6,301 | |||
Construction in progress | 6,175 | |||
SEC Schedule III, Real Estate, Gross | 12,476 | |||
Accumulated Depreciation | 1,971 | |||
SEC Schedule III, Real Estate Investment Property, Net | 10,505 | |||
Towne Mall | ||||
Initial Cost to Company | ||||
Land | 6,652 | |||
Building and Improvements | 31,184 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 3,796 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,877 | |||
Buildings and Improvements | 34,308 | |||
Equipment and furnishings | 447 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 41,632 | |||
Accumulated Depreciation | 11,668 | |||
SEC Schedule III, Real Estate Investment Property, Net | 29,964 | |||
Tucson La Encantada | ||||
Initial Cost to Company | ||||
Land | 12,800 | |||
Building and Improvements | 19,699 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 55,378 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 12,800 | |||
Buildings and Improvements | 74,580 | |||
Equipment and furnishings | 497 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 87,877 | |||
Accumulated Depreciation | 36,868 | |||
SEC Schedule III, Real Estate Investment Property, Net | 51,009 | |||
Twenty Ninth Street | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 37,843 | |||
Equipment and Furnishings | 64 | |||
Cost Capitalized Subsequent to Acquisition | 210,459 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 23,599 | |||
Buildings and Improvements | 223,399 | |||
Equipment and furnishings | 1,244 | |||
Construction in progress | 124 | |||
SEC Schedule III, Real Estate, Gross | 248,366 | |||
Accumulated Depreciation | 86,659 | |||
SEC Schedule III, Real Estate Investment Property, Net | 161,707 | |||
Valley Mall | ||||
Initial Cost to Company | ||||
Land | 16,045 | |||
Building and Improvements | 26,098 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 6,829 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 15,616 | |||
Buildings and Improvements | 32,996 | |||
Equipment and furnishings | 330 | |||
Construction in progress | 30 | |||
SEC Schedule III, Real Estate, Gross | 48,972 | |||
Accumulated Depreciation | 3,133 | |||
SEC Schedule III, Real Estate Investment Property, Net | 45,839 | |||
500 North Michigan Avenue | ||||
Initial Cost to Company | ||||
Land | 12,851 | |||
Building and Improvements | 55,358 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 5,985 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,991 | |||
Buildings and Improvements | 50,254 | |||
Equipment and furnishings | 113 | |||
Construction in progress | 12,836 | |||
SEC Schedule III, Real Estate, Gross | 74,194 | |||
Accumulated Depreciation | 5,338 | |||
SEC Schedule III, Real Estate Investment Property, Net | 68,856 | |||
The Oaks [Member] | ||||
Initial Cost to Company | ||||
Land | 32,300 | |||
Building and Improvements | 117,156 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 241,248 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 55,527 | |||
Buildings and Improvements | 330,909 | |||
Equipment and furnishings | 2,457 | |||
Construction in progress | 1,811 | |||
SEC Schedule III, Real Estate, Gross | 390,704 | |||
Accumulated Depreciation | 101,862 | |||
SEC Schedule III, Real Estate Investment Property, Net | 288,842 | |||
Pacific View | ||||
Initial Cost to Company | ||||
Land | 8,697 | |||
Building and Improvements | 8,696 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 128,517 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,854 | |||
Buildings and Improvements | 135,586 | |||
Equipment and furnishings | 2,470 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 145,910 | |||
Accumulated Depreciation | 54,078 | |||
SEC Schedule III, Real Estate Investment Property, Net | 91,832 | |||
Panorama Mall | ||||
Initial Cost to Company | ||||
Land | 4,373 | |||
Building and Improvements | 17,491 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9,719 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,857 | |||
Buildings and Improvements | 24,328 | |||
Equipment and furnishings | 475 | |||
Construction in progress | 1,923 | |||
SEC Schedule III, Real Estate, Gross | 31,583 | |||
Accumulated Depreciation | 9,048 | |||
SEC Schedule III, Real Estate Investment Property, Net | 22,535 | |||
Paradise Valley Mall | ||||
Initial Cost to Company | ||||
Land | 24,565 | |||
Building and Improvements | 125,996 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 42,492 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 35,921 | |||
Buildings and Improvements | 154,362 | |||
Equipment and furnishings | 2,297 | |||
Construction in progress | 473 | |||
SEC Schedule III, Real Estate, Gross | 193,053 | |||
Accumulated Depreciation | 57,816 | |||
SEC Schedule III, Real Estate Investment Property, Net | 135,237 | |||
Paradise Village Ground Leases | ||||
Initial Cost to Company | ||||
Land | 8,880 | |||
Building and Improvements | 2,489 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | -6,876 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,870 | |||
Buildings and Improvements | 623 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 4,493 | |||
Accumulated Depreciation | 281 | |||
SEC Schedule III, Real Estate Investment Property, Net | 4,212 | |||
Paradise Village office Park II | ||||
Initial Cost to Company | ||||
Land | 1,150 | |||
Building and Improvements | 1,790 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 3,222 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,300 | |||
Buildings and Improvements | 3,583 | |||
Equipment and furnishings | 279 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 6,162 | |||
Accumulated Depreciation | 2,158 | |||
SEC Schedule III, Real Estate Investment Property, Net | 4,004 | |||
Promenade at Casa Grande | ||||
Initial Cost to Company | ||||
Land | 15,089 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 84,999 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 8,851 | |||
Buildings and Improvements | 91,170 | |||
Equipment and furnishings | 67 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 100,088 | |||
Accumulated Depreciation | 32,259 | |||
SEC Schedule III, Real Estate Investment Property, Net | 67,829 | |||
Queens Center | ||||
Initial Cost to Company | ||||
Land | 251,474 | |||
Building and Improvements | 1,039,922 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 243 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 251,474 | |||
Buildings and Improvements | 1,039,424 | |||
Equipment and furnishings | 104 | |||
Construction in progress | 637 | |||
SEC Schedule III, Real Estate, Gross | 1,291,639 | |||
Accumulated Depreciation | 4,476 | |||
SEC Schedule III, Real Estate Investment Property, Net | 1,287,163 | |||
Santa Monica Place | ||||
Initial Cost to Company | ||||
Land | 26,400 | |||
Building and Improvements | 105,600 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 299,484 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 44,292 | |||
Buildings and Improvements | 359,222 | |||
Equipment and furnishings | 7,901 | |||
Construction in progress | 20,069 | |||
SEC Schedule III, Real Estate, Gross | 431,484 | |||
Accumulated Depreciation | 66,589 | |||
SEC Schedule III, Real Estate Investment Property, Net | 364,895 | |||
San Tan Adjacent Land | ||||
Initial Cost to Company | ||||
Land | 29,414 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 6,505 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 30,506 | |||
Buildings and Improvements | 0 | |||
Equipment and furnishings | 0 | |||
Construction in progress | 5,413 | |||
SEC Schedule III, Real Estate, Gross | 35,919 | |||
Accumulated Depreciation | 0 | |||
SEC Schedule III, Real Estate Investment Property, Net | 35,919 | |||
San Tan Village Regional Center | ||||
Initial Cost to Company | ||||
Land | 7,827 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 193,020 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,344 | |||
Buildings and Improvements | 193,478 | |||
Equipment and furnishings | 1,025 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 200,847 | |||
Accumulated Depreciation | 71,474 | |||
SEC Schedule III, Real Estate Investment Property, Net | 129,373 | |||
Valley River Center | ||||
Initial Cost to Company | ||||
Land | 24,854 | |||
Building and Improvements | 147,715 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 20,124 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 24,854 | |||
Buildings and Improvements | 166,096 | |||
Equipment and furnishings | 1,743 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 192,693 | |||
Accumulated Depreciation | 44,199 | |||
SEC Schedule III, Real Estate Investment Property, Net | 148,494 | |||
Victor Valley, Mall of | ||||
Initial Cost to Company | ||||
Land | 15,700 | |||
Building and Improvements | 75,230 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 50,537 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 20,080 | |||
Buildings and Improvements | 119,247 | |||
Equipment and furnishings | 2,140 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 141,467 | |||
Accumulated Depreciation | 34,332 | |||
SEC Schedule III, Real Estate Investment Property, Net | 107,135 | |||
Vintage Faire Mall | ||||
Initial Cost to Company | ||||
Land | 14,902 | |||
Building and Improvements | 60,532 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 55,147 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 17,647 | |||
Buildings and Improvements | 111,432 | |||
Equipment and furnishings | 1,502 | |||
Construction in progress | 0 | |||
SEC Schedule III, Real Estate, Gross | 130,581 | |||
Accumulated Depreciation | 56,694 | |||
SEC Schedule III, Real Estate Investment Property, Net | 73,887 | |||
Washington Square | ||||
Initial Cost to Company | ||||
Land | 89,659 | |||
Building and Improvements | 652,310 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 454 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 89,886 | |||
Buildings and Improvements | 650,155 | |||
Equipment and furnishings | 151 | |||
Construction in progress | 2,231 | |||
SEC Schedule III, Real Estate, Gross | 742,423 | |||
Accumulated Depreciation | 3,016 | |||
SEC Schedule III, Real Estate Investment Property, Net | 739,407 | |||
Westside Pavilion | ||||
Initial Cost to Company | ||||
Land | 34,100 | |||
Building and Improvements | 136,819 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 70,923 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 34,100 | |||
Buildings and Improvements | 201,490 | |||
Equipment and furnishings | 5,876 | |||
Construction in progress | 376 | |||
SEC Schedule III, Real Estate, Gross | 241,842 | |||
Accumulated Depreciation | 88,683 | |||
SEC Schedule III, Real Estate Investment Property, Net | 153,159 | |||
Wilton Mall Member | ||||
Initial Cost to Company | ||||
Land | 19,743 | |||
Building and Improvements | 67,855 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 19,653 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 19,810 | |||
Buildings and Improvements | 86,190 | |||
Equipment and furnishings | 1,117 | |||
Construction in progress | 134 | |||
SEC Schedule III, Real Estate, Gross | 107,251 | |||
Accumulated Depreciation | 24,438 | |||
SEC Schedule III, Real Estate Investment Property, Net | 82,813 | |||
Mervyn's | ||||
Initial Cost to Company | ||||
Land | 10,094 | |||
Building and Improvements | 68,660 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 12,738 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 9,449 | |||
Buildings and Improvements | 73,481 | |||
Equipment and furnishings | 456 | |||
Construction in progress | 8,106 | |||
SEC Schedule III, Real Estate, Gross | 91,492 | |||
Accumulated Depreciation | 19,373 | |||
SEC Schedule III, Real Estate Investment Property, Net | 72,119 | |||
Other Assets and Development Properties | ||||
Initial Cost to Company | ||||
Land | 49,913 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 34,868 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 37,573 | |||
Buildings and Improvements | 14,401 | |||
Equipment and furnishings | 113 | |||
Construction in progress | 32,694 | |||
SEC Schedule III, Real Estate, Gross | 84,781 | |||
Accumulated Depreciation | 5,902 | |||
SEC Schedule III, Real Estate Investment Property, Net | $78,879 |
Schedule_IIIReal_Estate_and_Ac2
Schedule III-Real Estate and Accumulated Depreciation (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Aggregate gross cost of the property for federal income tax purposes | $8,035,421 | ||
Changes in total real estate assets | |||
Balances, beginning of year | 9,181,338 | 9,012,706 | 7,489,735 |
Additions | 4,042,409 | 943,159 | 1,909,530 |
Dispositions and retirements | -445,865 | -774,527 | -386,559 |
Balances, end of year | 12,777,882 | 9,181,338 | 9,012,706 |
Changes in accumulated depreciation | |||
Balances, beginning of year | 1,559,572 | 1,533,160 | 1,410,692 |
Additions | 289,178 | 284,500 | 241,231 |
Dispositions and retirements | -138,758 | -258,088 | -118,763 |
Balances, end of year | $1,709,992 | $1,559,572 | $1,533,160 |
Buildings and improvements | Minimum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 5 years | ||
Buildings and improvements | Maximum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 40 years | ||
Tenant improvements | Minimum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 5 years | ||
Tenant improvements | Maximum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 7 years | ||
Equipment and furnishings | Minimum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 5 years | ||
Equipment and furnishings | Maximum | |||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Estimated useful lives of assets | 7 years |