Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MACERICH CO | ||
Entity Central Index Key | 912,242 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 143,904,832 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 12.3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Property, net | $ 7,357,310 | $ 8,796,912 |
Cash and cash equivalents | 94,046 | 86,510 |
Restricted cash | 49,951 | 41,389 |
Tenant and other receivables, net | 136,998 | 130,002 |
Deferred charges and other assets, net | 478,058 | 564,291 |
Due from affiliates | 68,227 | 83,928 |
Investments in unconsolidated joint ventures | 1,773,558 | 1,532,552 |
Total assets | 9,958,148 | 11,235,584 |
Mortgage notes payable: | ||
Related parties | 176,442 | 181,069 |
Others | 3,908,976 | 4,427,518 |
Total | 4,085,418 | 4,608,587 |
Bank and other notes payable | 880,482 | 652,163 |
Accounts payable and accrued expenses | 61,316 | 74,398 |
Accrued dividend | 0 | 337,703 |
Other accrued liabilities | 366,165 | 403,281 |
Distributions in excess of investments in unconsolidated joint ventures | 78,626 | 24,457 |
Co-venture obligation | 58,973 | 63,756 |
Total liabilities | 5,530,980 | 6,164,345 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 250,000,000 shares authorized, 143,985,036 and 154,404,986 shares issued and outstanding at December 31, 2016 and 2015, respectively | 1,440 | 1,544 |
Additional paid-in capital | 4,593,229 | 4,926,630 |
Accumulated deficit | (488,782) | (212,760) |
Total stockholders' equity | 4,105,887 | 4,715,414 |
Noncontrolling interests | 321,281 | 355,825 |
Total equity | 4,427,168 | 5,071,239 |
Total liabilities and equity | $ 9,958,148 | $ 11,235,584 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 143,985,036 | 154,404,986 |
Common stock, shares outstanding | 143,985,036 | 154,404,986 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Minimum rents | $ 616,295 | $ 759,603 | $ 633,571 |
Percentage rents | 20,902 | 25,693 | 24,350 |
Tenant recoveries | 305,282 | 415,129 | 361,119 |
Other | 59,328 | 61,470 | 52,226 |
Management Companies | 39,464 | 26,254 | 33,981 |
Total revenues | 1,041,271 | 1,288,149 | 1,105,247 |
Expenses: | |||
Shopping center and operating expenses | 307,623 | 379,815 | 353,505 |
Management Companies' operating expenses | 98,323 | 92,340 | 88,424 |
REIT general and administrative expenses | 28,217 | 29,870 | 29,412 |
Costs related to unsolicited takeover offer | 0 | 25,204 | 0 |
Depreciation and amortization | 348,488 | 464,472 | 378,716 |
Total expenses before interest | 782,651 | 991,701 | 850,057 |
Interest expense: | |||
Related parties | 8,973 | 10,515 | 15,134 |
Other | 154,702 | 201,428 | 175,555 |
Total interest expense | 163,675 | 211,943 | 190,689 |
(Gain) loss on extinguishment of debt, net | (1,709) | (1,487) | 9,551 |
Total expenses | 944,617 | 1,202,157 | 1,050,297 |
Equity in income of unconsolidated joint ventures | 56,941 | 45,164 | 60,626 |
Co-venture expense | (13,382) | (11,804) | (9,490) |
Income tax (expense) benefit | (722) | 3,223 | 4,269 |
Gain on sale or write down of assets, net | 415,348 | 378,248 | 73,440 |
Gain on remeasurement of assets | 0 | 22,089 | 1,423,136 |
Net income | 554,839 | 522,912 | 1,606,931 |
Less net income attributable to noncontrolling interests | 37,844 | 35,350 | 107,889 |
Net income attributable to the Company | $ 516,995 | $ 487,562 | $ 1,499,042 |
Earnings per common share attributable to common stockholders: | |||
Net income attributable to common stockholders (dollars per share) | $ 3.52 | $ 3.08 | $ 10.46 |
Net income attributable to common stockholders (dollars per share) | $ 3.52 | $ 3.08 | $ 10.45 |
Weighted average number of common shares outstanding: | |||
Basic (shares) | 146,599 | 157,916 | 143,144 |
Diluted (shares) | 146,711 | 158,060 | 143,291 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Noncontrolling Interests |
Balance (in shares) at Dec. 31, 2013 | 140,733,683 | |||||
Balance at Dec. 31, 2013 | $ 3,718,717 | $ 3,358,749 | $ 1,407 | $ 3,906,148 | $ (548,806) | $ 359,968 |
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 (in shares) | 168,379 | |||||
Amortization of share and unit-based plans | 34,873 | 34,873 | $ 2 | 34,871 | ||
Employee stock purchases (in shares) | 25,007 | |||||
Employee stock purchases | 1,231 | 1,231 | 1,231 | |||
Stock issued to acquire properties (in shares) | 17,140,845 | |||||
Stock issued to acquire properties | 1,161,274 | 1,161,274 | $ 172 | 1,161,102 | ||
Distributions | (353,495) | (353,495) | (353,495) | |||
Distributions to noncontrolling interests | (32,230) | (32,230) | ||||
Change in noncontrolling interests due to acquisition/disposition of consolidated entities | (97,216) | (3,858) | (3,858) | (93,358) | ||
Conversion of noncontrolling interests to common shares (in shares) | 134,082 | |||||
Conversion of noncontrolling interests to common shares | 0 | 2,410 | $ 1 | 2,409 | (2,410) | |
Redemption of noncontrolling interests | (236) | (157) | (157) | (79) | ||
Adjustment of noncontrolling interests in Operating Partnership | 0 | (59,949) | (59,949) | 59,949 | ||
Balance (in shares) at Dec. 31, 2014 | 158,201,996 | |||||
Balance at Dec. 31, 2014 | 6,039,849 | 5,640,120 | $ 1,582 | 5,041,797 | 596,741 | 399,729 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 522,912 | 487,562 | 487,562 | 35,350 | ||
Amortization of share and unit-based plans (in shares) | 241,186 | |||||
Amortization of share and unit-based plans | 34,375 | 34,375 | $ 2 | 34,373 | ||
Employee stock purchases (in shares) | 23,036 | |||||
Employee stock purchases | 1,512 | 1,512 | 1,512 | |||
Stock repurchase (in shares) | (4,140,788) | |||||
Stock repurchase | (400,144) | (400,144) | $ (41) | (153,602) | (246,501) | |
Distributions | (1,050,562) | (1,050,562) | (1,050,562) | |||
Distributions to noncontrolling interests | (74,677) | (74,677) | ||||
Contributions from noncontrolling interests | 23 | 23 | ||||
Other | (1,593) | (1,593) | (1,593) | |||
Conversion of noncontrolling interests to common shares (in shares) | 79,556 | |||||
Conversion of noncontrolling interests to common shares | 0 | 1,559 | $ 1 | 1,558 | (1,559) | |
Redemption of noncontrolling interests | (456) | (343) | (343) | (113) | ||
Adjustment of noncontrolling interests in Operating Partnership | $ 0 | 2,928 | 2,928 | (2,928) | ||
Balance (in shares) at Dec. 31, 2015 | 154,404,986 | 154,404,986 | ||||
Balance at Dec. 31, 2015 | $ 5,071,239 | 4,715,414 | $ 1,544 | 4,926,630 | (212,760) | 355,825 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 554,839 | 516,995 | 516,995 | 37,844 | ||
Amortization of share and unit-based plans (in shares) | 139,671 | |||||
Amortization of share and unit-based plans | 40,529 | 40,529 | $ 2 | 40,527 | ||
Employee stock purchases (in shares) | 28,147 | |||||
Employee stock purchases | 1,697 | 1,697 | 1,697 | |||
Stock repurchase (in shares) | (11,123,011) | |||||
Stock repurchase | (800,018) | (800,018) | $ (111) | (412,391) | (387,516) | |
Distributions | (405,501) | (405,501) | (405,501) | |||
Distributions to noncontrolling interests | (35,677) | (35,677) | ||||
Contributions from noncontrolling interests | 90 | 90 | ||||
Conversion of noncontrolling interests to common shares (in shares) | 535,243 | |||||
Conversion of noncontrolling interests to common shares | 0 | 12,448 | $ 5 | 12,443 | (12,448) | |
Redemption of noncontrolling interests | (30) | (23) | (23) | (7) | ||
Adjustment of noncontrolling interests in Operating Partnership | $ 0 | 24,346 | 24,346 | (24,346) | ||
Balance (in shares) at Dec. 31, 2016 | 143,985,036 | 143,985,036 | ||||
Balance at Dec. 31, 2016 | $ 4,427,168 | $ 4,105,887 | $ 1,440 | $ 4,593,229 | $ (488,782) | $ 321,281 |
CONSOLIDATED STATEMENTS OF EQU6
CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares | Nov. 12, 2015 | Oct. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Stockholders' Equity [Abstract] | |||||
Distributions paid, per share (in dollars per share) | $ 4.63 | $ 2.51 | |||
Dividends declared for common stock (in dollars per share) | $ 2 | $ 2 | $ 2.75 | $ 6.63 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 554,839 | $ 522,912 | $ 1,606,931 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Gain) loss on early extinguishment of debt, net | (13,737) | (16,066) | 526 |
Gain on sale or write down of assets, net | (415,348) | (378,248) | (73,440) |
Gain on remeasurement of assets | 0 | (22,089) | (1,423,136) |
Depreciation and amortization | 355,358 | 471,320 | 387,785 |
Amortization of net premium on mortgage notes payable | (4,048) | (20,232) | (8,906) |
Amortization of share and unit-based plans | 33,288 | 28,367 | 29,463 |
Straight-line rent adjustment | (5,237) | (7,192) | (5,825) |
Amortization of above and below-market leases | (12,815) | (16,510) | (9,083) |
Provision for doubtful accounts | 3,586 | 4,698 | 3,962 |
Income tax expense (benefit) | 722 | (3,223) | (4,269) |
Equity in income of unconsolidated joint ventures | (56,941) | (45,164) | (60,626) |
Co-venture expense | 13,382 | 11,804 | 9,490 |
Distributions of income from unconsolidated joint ventures | 7,248 | 4,541 | 2,412 |
Changes in assets and liabilities, net of acquisitions and dispositions: | |||
Tenant and other receivables | (7,585) | 1,908 | (12,356) |
Other assets | (20,033) | 13,892 | (15,594) |
Due from affiliates | 15,983 | (7,025) | (1,770) |
Accounts payable and accrued expenses | (8,929) | (4,014) | (123) |
Other accrued liabilities | (22,227) | 698 | (24,735) |
Net cash provided by operating activities | 417,506 | 540,377 | 400,706 |
Cash flows from investing activities: | |||
Acquisition of properties | 0 | (26,250) | (15,233) |
Development, redevelopment, expansion and renovation of properties | (211,616) | (272,334) | (185,412) |
Property improvements | (47,863) | (53,335) | (66,718) |
Cash acquired from acquisitions | 0 | 0 | 28,890 |
Proceeds from note receivable | 3,677 | 1,833 | 4,825 |
Issuance of notes receivable | 0 | 0 | (65,130) |
Deposit on acquisition of property | 0 | (12,500) | 0 |
Deferred leasing costs | (28,074) | (33,902) | (28,019) |
Distributions from unconsolidated joint ventures | 444,095 | 105,640 | 78,222 |
Contributions to unconsolidated joint ventures | (430,428) | (426,186) | (336,621) |
Collections of loans to unconsolidated joint ventures, net | 0 | 0 | 2,756 |
Proceeds from sale of assets | 724,275 | 646,898 | 320,123 |
Restricted cash | (10,953) | (30,888) | 6,526 |
Net cash provided by (used in) investing activities | 443,113 | (101,024) | (255,791) |
Cash flows from financing activities: | |||
Proceeds from mortgages, bank and other notes payable | 3,201,138 | 4,080,671 | 1,204,946 |
Payments on mortgages, bank and other notes payable | (2,437,891) | (3,284,213) | (853,080) |
Deferred financing costs | (10,584) | (11,805) | (1,267) |
Payment of finance deposits, net of refunds received | 0 | (11,138) | 0 |
Proceeds from share and unit-based plans | 1,697 | 1,512 | 1,231 |
Payment of stock issuance costs | 0 | 0 | (5,503) |
Stock repurchases | (800,018) | (400,144) | 0 |
Redemption of noncontrolling interests | (30) | (456) | (236) |
Contributions from noncontrolling interests | 90 | 23 | 0 |
Purchase of noncontrolling interest | 0 | (1,593) | (55,867) |
Settlement of contingent consideration | (10,012) | 0 | (18,667) |
Dividends and distributions | (779,308) | (787,109) | (385,725) |
Distributions to co-venture partner | (18,165) | (23,498) | (15,555) |
Net cash used in financing activities | (853,083) | (437,750) | (129,723) |
Net increase in cash and cash equivalents | 7,536 | 1,603 | 15,192 |
Cash and cash equivalents, beginning of year | 86,510 | 84,907 | 69,715 |
Cash and cash equivalents, end of year | 94,046 | 86,510 | 84,907 |
Supplemental cash flow information: | |||
Cash payments for interest, net of amounts capitalized | 153,838 | 231,106 | 186,877 |
Non-cash investing and financing activities: | |||
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | 49,484 | 52,983 | 83,108 |
Acquisition of property by issuance of common stock | 0 | 0 | 1,166,777 |
Conversion of Operating Partnership Units to common stock | 12,448 | 1,559 | 2,410 |
Accrued dividend | 0 | 337,703 | 0 |
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | 0 | 0 | 1,414,659 |
Mortgage notes payable settled in deed-in-lieu of foreclosure | 37,000 | 34,149 | 0 |
Mortgage notes payable assumed by buyers in sales of properties | 0 | 0 | 31,725 |
Mortgage notes payable assumed by buyer in exchange for investment in unconsolidated joint venture | 997,695 | 1,782,455 | 0 |
Note receivable issued in connection with sale of property | 0 | 0 | 9,603 |
Acquisition of property in exchange for settlement of notes receivable | 0 | 0 | 14,120 |
Acquisition of property in exchange for investment in unconsolidated joint venture | 0 | 76,250 | 15,767 |
Contingent consideration in acquisition of property | 0 | 0 | 10,012 |
Assumption of mortgage notes payable and other liabilities from unconsolidated joint ventures | $ 0 | $ 50,000 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , the Company was the sole general partner of and held a 93% 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 owned by the Company and are collectively referred to herein as the "Management Companies." |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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. On January 1, 2016, the Company adopted Accounting Standards Update (“ASU”) 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which made certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity ("VIE") characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. The Company evaluated the new standard and determined that no change was required to its accounting for variable interest entities. However, under the guidance of the new standard, all of the Company's consolidated joint ventures, including the Operating Partnership, now meet the definition and criteria as VIEs and the Company is the primary beneficiary of each VIE. The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of VIEs. The Operating Partnership's VIEs included the following assets and liabilities: December 31, 2016 2015 Assets: Properties, net $ 307,582 $ 362,129 Other assets 68,863 74,075 Total assets $ 376,445 $ 436,204 Liabilities: Mortgage notes payable $ 133,245 $ 139,767 Other liabilities 75,913 79,984 Total liabilities $ 209,158 $ 219,751 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 $5,237 , $7,192 and $5,825 due to the straight-line rent adjustment during the years ended December 31, 2016 , 2015 and 2014 , 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 Candlestick Center LLC, Corte Madera Village, LLC, Macerich HHF Centers LLC, New River Associates LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures due to the substantive participation rights of the outside partners in these joint ventures and, therefore, accounts for its investments in these joint ventures 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 any below-market fixed rate renewal options. 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. 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. 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, 2016 , 2015 or 2014 . 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: In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, “Revenue From Contracts With Customers,” which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company is evaluating each of its revenue streams and related accounting policies under the standard. Rental revenues and tenant recoveries will be evaluated with the adoption of the new lease accounting standard (discussed below). The Company does not believe ASU 2014-09 will significantly impact its accounting for minimum rents, percentage rents, tenant recoveries and other revenues. The Company expects to adopt this standard on a modified retrospective basis. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. The Company's adoption of ASU 2015-03 on January 1, 2016 resulted in an adjustment of its consolidated balance sheet at December 31, 2015 to reflect the new presentation required by the standard. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. The Company's adoption of this standard on January 1, 2016 did not have an impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption. This standard may also impact the timing, recognition and disclosures related to the Company's tenant recoveries from tenants earned from leasing its operating properties. Under ASU 2016-02, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. The Company is a lessee on ground leases at certain properties and on certain office space leases. ASU 2016-02 will impact the accounting and disclosure requirements for these leases. ASU 2016-02 is effective for the Company under a modified retrospective approach beginning January 1, 2019. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amends the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. The Company's adoption of this standard on January 1, 2017 did not have a significant impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amends the accounting for the statement of cash flows by providing guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company's adoption of this standard on January 1, 2017 did not have a significant impact on its consolidated financial statements. |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2016 | |
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): 2016 2015 2014 Numerator Net Income $ 554,839 $ 522,912 $ 1,606,931 Net income attributable to noncontrolling interests (37,844 ) (35,350 ) (107,889 ) Net income attributable to the Company 516,995 487,562 1,499,042 Allocation of earnings to participating securities (779 ) (1,493 ) (1,576 ) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 516,216 $ 486,069 $ 1,497,466 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 146,599 157,916 143,144 Effect of dilutive securities (1) Share and unit based compensation 112 144 147 Denominator for diluted EPS—weighted average number of common shares outstanding 146,711 158,060 143,291 Earnings per common share—net income attributable to common stockholders: Basic $ 3.52 $ 3.08 $ 10.46 Diluted $ 3.52 $ 3.08 $ 10.45 ____________________________________ (1) Diluted EPS excludes 133,366 , 139,186 and 179,667 convertible preferred units for the years ended December 31, 2016 , 2015 and 2014 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,721,271 and 10,562,154 and 10,079,935 Operating Partnership units ("OP Units") for the years ended December 31, 2016 , 2015 and 2014 , respectively, as their effect was antidilutive. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 was as follows: Joint Venture Ownership %(1) 443 Wabash MAB LLC 45.0 % AM Tysons LLC 50.0 % Biltmore Shopping Center Partners LLC 50.0 % Candlestick Center LLC—Fashion Outlets of San Francisco 50.1 % Coolidge Holding LLC 37.5 % Corte Madera Village, LLC 50.1 % Country Club Plaza KC Partners LLC 50.0 % Fashion Outlets of Philadelphia—Various Entities 50.0 % Jaren Associates #4 12.5 % Kierland Commons Investment LLC 50.0 % Macerich HHF Centers LLC—Various Properties 51.0 % Macerich Northwestern Associates—Broadway Plaza 50.0 % MS Portfolio LLC 50.0 % New River Associates LLC—Arrowhead Towne Center 60.0 % North Bridge Chicago LLC 50.0 % One Scottsdale Investors LLC 50.0 % Pacific Premier Retail LLC—Various Properties 60.0 % Propcor II Associates, LLC—Boulevard Shops 50.0 % Scottsdale Fashion Square Partnership 50.0 % The Market at Estrella Falls LLC 40.1 % TM TRS Holding Company LLC—Valencia Place at Country Club Plaza 50.0 % Tysons Corner LLC 50.0 % Tysons Corner Hotel I LLC 50.0 % Tysons Corner Property Holdings II LLC 50.0 % Tysons Corner Property LLC 50.0 % West Acres Development, LLP 19.0 % Westcor/Gilbert, L.L.C. 50.0 % Westcor/Queen Creek LLC 38.1 % Westcor/Surprise Auto Park LLC 33.3 % WMAP, L.L.C.—Atlas Park, The Shops at 50.0 % _______________________________________________________________________________ (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. The Company has made the following investments and dispositions in unconsolidated joint ventures during the years ended December 31, 2016 , 2015 and 2014 : 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 LLC. 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 to redevelop Fashion Outlets of Philadelphia , a 1,376,000 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 Fashion Outlets of San Francisco , a 500,000 square foot outlet center 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 Fashion Outlets of San Francisco (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 LLC and Queens JV LP, which together owned five Centers: Lakewood Center , a 2,064,000 square foot regional shopping center in Lakewood , California ; Los Cerritos Center , a 1,298,000 square foot regional shopping center in Cerritos , California ; Queens Center , a 963,000 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 1,440,000 square foot regional shopping center in Portland , Oregon (collectively referred to herein as the " PPR 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. The Company has included Stonewood Center and Queens Center in its consolidated financial statements since the date of acquisition (See Note 13 — Acquisitions ) and has included Lakewood Center , Los Cerritos Center and Washington Square in its consolidated financial statements from the date of acquisition until the Company sold a 40% interest in the PPR Portfolio on October 30, 2015 as provided below. 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. On February 17, 2015 , the Company acquired the remaining 50% ownership interest in Inland Center , an 866,000 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 mortgage note payable on the property. 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 Inland Center under the equity method of accounting. Since the date of acquisition, the Company has included Inland Center in its consolidated financial statements (See Note 13 — Acquisitions ). On April 30, 2015 , the Company entered into a 50/50 joint venture with Sears to own nine freestanding stores located at Arrowhead Towne Center , Chandler Fashion Center , Danbury Fair Mall , Deptford Mall , Freehold Raceway Mall , Los Cerritos Center , South Plains Mall , Vintage Faire Mall and Washington Square . The Company invested $150,000 for a 50% ownership interest in the joint venture, which was funded by borrowings under the Company's line of credit. On October 30, 2015 , the Company sold a 40% ownership interest in Pacific Premier Retail LLC (the " PPR Portfolio "), which owns Lakewood Center , a 2,064,000 square foot regional shopping center in Lakewood , California ; Los Cerritos Center , a 1,298,000 square foot regional shopping center in Cerritos , California ; South Plains Mall , a 1,127,000 square foot regional shopping center in Lubbock , Texas ; and Washington Square , a 1,440,000 square foot regional shopping center in Portland , Oregon , for a total sales price of $1,258,643 , resulting in a gain on sale of assets of $311,194 . The sales price was funded by a cash payment of $545,643 and the assumption of a pro rata share of the mortgage and other notes payable on the properties of $713,000 . The Company used the cash proceeds from the sales to pay down its line of credit and for general corporate purposes, which included funding the ASR and Special Dividend (See Note 12 — Stockholders' Equity ). Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in the PPR Portfolio under the equity method of accounting. On January 6, 2016 , the Company sold a 40% ownership interest in Arrowhead Towne Center , a 1,197,000 square foot regional shopping center in Glendale , Arizona , for $289,496 , resulting in a gain on the sale of assets of $101,629 . The sales price was funded by a cash payment of $129,496 and the assumption of a pro rata share of the mortgage note payable on the property of $160,000 . The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See Note 12 — Stockholders' Equity ). Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in Arrowhead Towne Center under the equity method of accounting. On January 14, 2016 , the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall , a 1,039,000 square foot regional shopping center in Deptford , New Jersey ; FlatIron Crossing , a 1,431,000 square foot regional shopping center in Broomfield , Colorado ; and Twenty Ninth Street , an 847,000 square foot regional shopping center in Boulder , Colorado (the " MAC Heitman Portfolio "), for $771,478 , resulting in a gain on the sale of assets of $340,734 . The sales price was funded by a cash payment of $478,608 and the assumption of a pro rata share of the mortgage notes payable on the properties of $292,870 . The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in the MAC Heitman Portfolio under the equity method of accounting. On March 1, 2016 , the Company, through a 50 /50 joint venture, acquired Country Club Plaza , a 1,246,000 square foot regional shopping center in Kansas City , Missouri , for a purchase price of $660,000 . The Company funded its pro rata share of the purchase price of $330,000 from borrowings under its line of credit. On March 28, 2016 , the joint venture placed a $320,000 loan on the property that bears interest at an effective rate of 3.88% and matures on April 1, 2026 . The Company used its pro rata share of the proceeds to pay down its line of credit and for general corporate purposes. 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: 2016 2015 Assets(1): Properties, net $ 9,176,642 $ 6,334,442 Other assets 614,607 507,718 Total assets $ 9,791,249 $ 6,842,160 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 5,224,713 $ 3,607,588 Other liabilities 403,369 355,634 Company's capital 2,279,819 1,585,796 Outside partners' capital 1,883,348 1,293,142 Total liabilities and partners' capital $ 9,791,249 $ 6,842,160 Investment in unconsolidated joint ventures: Company's capital $ 2,279,819 $ 1,585,796 Basis adjustment(3) (584,887 ) (77,701 ) $ 1,694,932 $ 1,508,095 Assets—Investments in unconsolidated joint ventures $ 1,773,558 $ 1,532,552 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (78,626 ) (24,457 ) $ 1,694,932 $ 1,508,095 _______________________________________________________________________________ (1) These amounts include the assets of $3,179,255 and $3,283,702 of Pacific Premier Retail LLC as of December 31, 2016 and 2015 , respectively, and liabilities of $1,887,952 and $1,938,241 of Pacific Premier Retail LLC as of December 31, 2016 and 2015 , respectively. (2) Included in mortgage and other notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $265,863 and $460,872 as of December 31, 2016 and 2015 , 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 $16,898 , $29,372 and $38,113 for the years ended December 31, 2016 , 2015 and 2014 , 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 $17,610 , $5,619 and $5,109 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: Pacific Other Joint Ventures Total Year Ended December 31, 2016 Revenues: Minimum rents $ 129,145 $ 471,139 $ 600,284 Percentage rents 5,437 15,480 20,917 Tenant recoveries 47,856 187,288 235,144 Other 6,303 49,937 56,240 Total revenues 188,741 723,844 912,585 Expenses: Shopping center and operating expenses 39,804 234,704 274,508 Interest expense 64,626 123,043 187,669 Depreciation and amortization 108,880 251,498 360,378 Total operating expenses 213,310 609,245 822,555 Loss on sale of assets — (375 ) (375 ) Net (loss) income $ (24,569 ) $ 114,224 $ 89,655 Company's equity in net (loss) income $ (3,088 ) $ 60,029 $ 56,941 Year Ended December 31, 2015 Revenues: Minimum rents $ 21,172 $ 293,921 $ 315,093 Percentage rents 2,569 13,188 15,757 Tenant recoveries 8,408 129,059 137,467 Other 1,182 33,931 35,113 Total revenues 33,331 470,099 503,430 Expenses: Shopping center and operating expenses 6,852 165,795 172,647 Interest expense 10,448 78,279 88,727 Depreciation and amortization 16,919 133,707 150,626 Total operating expenses 34,219 377,781 412,000 Gain on sale of assets — 9,850 9,850 Loss on early extinguishment of debt — (3 ) (3 ) Net (loss) income $ (888 ) $ 102,165 $ 101,277 Company's equity in net income $ 1,409 $ 43,755 $ 45,164 Pacific Other Joint Ventures Total Year Ended December 31, 2014 Revenues: Minimum rents $ 88,831 $ 299,532 $ 388,363 Percentage rents 2,652 14,509 17,161 Tenant recoveries 40,118 146,623 186,741 Other 4,090 36,615 40,705 Total revenues 135,691 497,279 632,970 Expenses: Shopping center and operating expenses 37,113 178,299 215,412 Interest expense 34,113 102,974 137,087 Depreciation and amortization 29,688 114,715 144,403 Total operating expenses 100,914 395,988 496,902 (Loss) gain on sale of assets (7,044 ) 10,687 3,643 Net income $ 27,733 $ 111,978 $ 139,711 Company's equity in net income $ 9,743 $ 50,883 $ 60,626 _______________________________________________________________________________ (1) These amounts exclude the results of operations from November 14, 2014 to October 29, 2015, as Pacific Premier Retail LLC became wholly-owned as a result of the PPR Queens Portfolio acquisition. Pacific Premier Retail LLC was converted from wholly-owned to an unconsolidated joint venture effective October 30, 2015, as a result of the PPR Portfolio transaction, as discussed above. Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. |
Property, net
Property, net | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, net | Property, net : Property at December 31, 2016 and 2015 consists of the following: 2016 2015 Land $ 1,607,590 $ 1,894,717 Buildings and improvements 6,511,741 7,752,892 Tenant improvements 622,878 637,355 Equipment and furnishings 177,036 169,841 Construction in progress 289,966 234,851 9,209,211 10,689,656 Less accumulated depreciation (1,851,901 ) (1,892,744 ) $ 7,357,310 $ 8,796,912 Depreciation expense for the years ended December 31, 2016 , 2015 and 2014 was $277,270 , $354,977 and $289,178 , respectively. The gain on sale or write down of assets, net for the year ended December 31, 2016 includes a gain of $101,629 on the sale of a 40% ownership interest in Arrowhead Towne Center (See Note 4 — Investments in Unconsolidated Joint Ventures ), $340,734 on the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ), $24,894 on the sale of Capitola Mall (See Note 14 — Dispositions ) and $4,546 on the sale of land. These gains were offset in part by a loss of $39,671 on impairment, a charge of $12,180 from a contingent consideration obligation, a loss of $3,066 on the sale of a former Mervyn's store (See Note 14 — Dispositions ) and $1,538 on the write-off of development costs. The loss on impairment was due to the reduction of the estimated holding periods of Cascade Mall (See Note 22 — Subsequent Events ), Promenade at Casa Grande , The Marketplace at Flagstaff and a freestanding store. The gain on sale or write down of assets, net for the year ended December 31, 2015 includes the gain of $311,194 on the sale of a 40% ownership interest in the PPR Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ), $73,726 on the sale of Panorama Mall (See Note 14 — Dispositions ), $2,336 on the sale of assets and $1,807 on the sale of land offset in part by a loss of $10,633 on impairment and $182 on the write-off of development costs. The loss on impairment was due to the reduction of the estimated holding periods of Flagstaff Mall (See Note 14 — Dispositions ) and a freestanding store. 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 Mervyn's 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 loss on impairment was 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 following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2016 , 2015 and 2014 as described above: Years ended December, 31 Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Unobservable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) 2016 $ 86,100 $ — $ — $ 86,100 2015 $ 33,300 $ — $ — $ 33,300 2014 $ 44,500 $ — $ — $ 44,500 The fair value relating to impairment assessments were based upon a discounted cash flow model that includes all cash inflows and outflows over a specific holding period. Such projected cash flows are comprised of contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Terminal capitalization rates and discount rates utilized in these models are based on a reasonable range of current market rates for each property analyzed. Based upon these inputs, the Company determined that its valuations of properties using a discounted cash flow model are classified within Level 3 of the fair value hierarchy. The following table sets forth quantitative information about the unobservable inputs of the Company’s Level 3 real estate recorded as of December 31, 2016 , 2015 and 2014 : Unobservable Inputs 2016 2015 2014 Terminal capitalization rate 7.0% - 10.0% 9.0% 8.0% - 9.0% Discount rate 8.0% - 15.0% 9.5% 9.0% - 10.5% Market rents per square foot $2.00 - $20.00 $5.00 - $150.00 $6.00 - $160.00 |
Tenant and Other Receivables, n
Tenant and Other Receivables, net | 12 Months Ended |
Dec. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Tenant and Other Receivables, net | Tenant and Other Receivables, net : Included in tenant and other receivables, net is an allowance for doubtful accounts of $1,991 and $3,072 at December 31, 2016 and 2015 , respectively. Also included in tenant and other receivables, net are accrued percentage rents of $9,509 and $10,940 at December 31, 2016 and 2015 , respectively, and a deferred rent receivable due to straight-line rent adjustments of $56,761 and $60,790 at December 31, 2016 and 2015 , 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, 2016 and 2015 was $6,284 and $6,351 , respectively. LSM Note B is collateralized by a trust deed on Lake Square Mall . |
Deferred Charges and Other Asse
Deferred Charges and Other Assets, net | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 consist of the following: 2016 2015 Leasing $ 239,983 $ 248,709 Intangible assets: In-place lease values(1) 140,437 196,969 Leasing commissions and legal costs(1) 32,384 52,000 Above-market leases 181,851 220,847 Deferred tax assets 38,301 38,847 Deferred compensation plan assets 42,711 37,341 Other assets 72,206 70,070 747,873 864,783 Less accumulated amortization(2) (269,815 ) (300,492 ) $ 478,058 $ 564,291 _______________________________ (1) The estimated amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2017 $ 18,700 2018 14,606 2019 12,170 2020 9,221 2021 7,379 Thereafter 21,960 $ 84,036 (2) Accumulated amortization includes $88,785 and $109,453 relating to in-place lease values, leasing commissions and legal costs at December 31, 2016 and 2015 , respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $33,048 , $69,460 and $52,668 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The allocated values of above-market leases and below-market leases consist of the following: 2016 2015 Above-Market Leases Original allocated value $ 181,851 $ 220,847 Less accumulated amortization (57,505 ) (73,520 ) $ 124,346 $ 147,327 Below-Market Leases(1) Original allocated value $ 144,713 $ 227,063 Less accumulated amortization (58,400 ) (101,872 ) $ 86,313 $ 125,191 _______________________________ (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 Market Below Market 2017 $ 14,369 $ 14,094 2018 12,152 13,191 2019 10,087 11,639 2020 8,720 9,146 2021 7,503 6,883 Thereafter 71,515 31,360 $ 124,346 $ 86,313 |
Mortgage Notes Payable
Mortgage Notes Payable | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | Mortgage Notes Payable : Mortgage notes payable at December 31, 2016 and 2015 consist of the following: Carrying Amount of Mortgage Notes(1) 2016 2015 Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Property Pledged as Collateral Related Party Other Related Party Other Arrowhead Towne Center(5) $ — $ — $ — $ 221,194 — $ — — Chandler Fashion Center(6) — 199,833 — 199,766 3.77 % 625 2019 Danbury Fair Mall 107,929 107,928 111,078 111,079 5.53 % 1,538 2020 Deptford Mall(7) — — — 193,337 — — — Deptford Mall(8) — — — 13,999 — — — Fashion Outlets of Chicago(9) — 198,966 — 198,653 2.43 % 378 2020 Fashion Outlets of Niagara Falls USA — 115,762 — 117,708 4.89 % 727 2020 Flagstaff Mall(10) — — — 37,000 — — — FlatIron Crossing(7) — — — 254,075 — — — Freehold Raceway Mall(6) — 220,643 — 224,836 4.20 % 1,132 2018 Fresno Fashion Fair(11) — 323,062 — — 3.67 % 971 2026 Green Acres Mall — 297,798 — 303,960 3.61 % 1,447 2021 Kings Plaza Shopping Center — 456,958 — 466,266 3.67 % 2,229 2019 Northgate Mall(12) — 63,434 — 63,783 3.50 % 206 2017 Oaks, The — 201,235 — 205,555 4.14 % 1,064 2022 Pacific View — 127,311 — 130,108 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place — 219,564 — 224,815 2.99 % 1,004 2018 SanTan Village Regional Center — 127,724 — 130,638 3.14 % 589 2019 Stonewood Center — 99,520 — 105,494 1.80 % 640 2017 Superstition Springs Center(13) — — — 67,749 — — — Towne Mall — 21,570 — 21,956 4.48 % 117 2022 Tucson La Encantada 68,513 — 69,991 — 4.23 % 368 2022 Victor Valley, Mall of — 114,559 — 114,500 4.00 % 380 2024 Vintage Faire Mall — 269,228 — 274,417 3.55 % 1,256 2026 Westside Pavilion — 143,881 — 146,630 4.49 % 783 2022 $ 176,442 $ 3,908,976 $ 181,069 $ 4,427,518 (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, 2016 and 2015 consist of the following: Property Pledged as Collateral 2016 2015 Arrowhead Towne Center $ — $ 8,494 Deptford Mall — (3 ) Fashion Outlets of Niagara Falls USA 3,558 4,486 Stonewood Center 2,349 5,168 Superstition Springs Center — 263 $ 5,907 $ 18,408 The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $12,716 and $16,025 at December 31, 2016 and 2015 , respectively. (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 January 6, 2016 , the Company replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 4.05% and matures on February 1, 2028 , which resulted in a loss of $3,575 on early extinguishment of debt. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the underlying property (See Note 4 — Investments in Unconsolidated Joint Ventures ). (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) On January 14, 2016 , a 49% interest in the loan was assumed by a third party in connection with the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). (8) On March 1, 2016 , the Company paid off in full the loan on the property. (9) The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020 . At December 31, 2016 and 2015 , the total interest rate was 2.43% and 1.84% , respectively. (10) On July 15, 2016 , the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a gain of $5,284 on the extinguishment of debt (See Note 14 — Dispositions ). (11) On October 6, 2016 , the Company placed a new $325,000 loan on the property that bears interest at an effective rate of 3.67% and matures on November 1, 2026 . (12) The loan bore interest at LIBOR plus 2.25% and was to mature on March 1, 2017 . At December 31, 2016 and 2015 , the total interest rate was 3.50% and 3.30% , respectively. On January 18, 2017 , the Company paid off the loan in full in connection with the sale of the underlying property (See Note 22 — Subsequent Events ). (13) On October 14, 2016 , the Company paid off in full the loan on the property. Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. As of December 31, 2016 , all of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. The Company expects all loan maturities during the next twelve months, will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand. Total interest expense capitalized during the years ended December 31, 2016 , 2015 and 2014 was $10,316 , $13,052 and $12,559 , 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, 2016 and 2015 was $4,126,819 and $4,628,781 , 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: Year Ending December 31, 2017 $ 218,562 2018 480,176 2019 796,592 2020 528,456 2021 291,733 Thereafter 1,776,708 4,092,227 Debt premium, net 5,907 Deferred finance cost, net (12,716 ) $ 4,085,418 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, 2016 | |
Debt Disclosure [Abstract] | |
Bank and Other Notes Payable | Bank and Other Notes Payable : Bank and other notes payable at December 31, 2016 and 2015 consist of the following: Line of Credit: The Company has a $1,500,000 revolving line of credit that bore interest at LIBOR plus a spread of 1.38% to 2.0% , depending on the Company's overall leverage level, and was to mature on August 6, 2018. On July 6, 2016 , the Company amended its line of credit. The amended $1,500,000 line of credit bears interest at LIBOR plus a spread of 1.30% to 1.90% , depending on the Company's overall leverage level, and matures on July 6, 2020 with a one -year extension option. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000 . Based on the Company's leverage level as of December 31, 2016 , the borrowing rate on the facility was LIBOR plus 1.45% . As of December 31, 2016 and 2015 , borrowings under the line of credit, were $885,000 and $650,000 , respectively, less unamortized deferred finance costs of $10,039 and $6,967 , respectively, at a total interest rate of 2.40% and 1.95% , respectively. The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2016 and 2015 was $865,921 and $640,260 , 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 bore interest at LIBOR plus a spread of 1.95% to 3.20% , depending on the Company's overall leverage level, and was to mature on December 8, 2018. On October 23, 2015 , the Company paid off in full the term loan, which resulted in a loss of $578 on the early extinguishment of debt. Prasada Note: On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and was to mature on May 30, 2016. The maturity date of the note was extended to May 30, 2021. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At December 31, 2016 and 2015 , the note had a balance of $5,521 and $9,130 , respectively. The estimated fair value (Level 2 measurement) of the note at December 31, 2016 and 2015 was $5,786 and $9,168 , 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, 2016 and 2015 , the Company was in compliance with all applicable financial loan covenants. The future maturities of bank and other notes payable are as follows: Year Ending December 31, 2017 $ 781 2018 823 2019 868 2020 915 2021 887,134 Thereafter — 890,521 Deferred finance cost (10,039 ) $ 880,482 |
Co-Venture Arrangement
Co-Venture Arrangement | 12 Months Ended |
Dec. 31, 2016 | |
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 1,674,000 square foot regional shopping center in Freehold , New Jersey , and Chandler Fashion Center, a 1,319,000 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 $58,973 and $63,756 at December 31, 2016 and 2015 , respectively. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests : The Company allocates net income of the Operating Partnership based on the weighted-average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership periodically to reflect its ownership interest in the Company. The Company had a 93% ownership interest in the Operating Partnership as of December 31, 2016 and 2015 . The remaining 7% limited partnership interest as of December 31, 2016 and 2015 , 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 registered or unregistered 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, 2016 and 2015 , the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $733,141 and $870,625 , 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, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity : Stock Buyback Program: On September 30, 2015 , the Company's Board of Directors authorized the repurchase of up to $1,200,000 of the Company's outstanding common shares over the period ending September 30, 2017 , as market conditions warranted. On November 12, 2015 , the Company entered into an accelerated share repurchase program ("ASR") to repurchase $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,140,788 shares. On January 19, 2016 , the ASR was completed and the Company received delivery of an additional 970,609 shares. The average price of the 5,111,397 shares repurchased under the ASR was $78.26 per share. The ASR was funded from proceeds in connection with the financing and sale of the ownership interest in the PPR Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). On February 17, 2016 , the Company entered into an ASR to repurchase an additional $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,222,193 shares. On April 19, 2016 , the ASR was completed and the Company received delivery of an additional 861,235 shares. The average price of the 5,083,428 shares repurchased under the ASR was $78.69 per share. The ASR was funded from borrowings under the Company's line of credit, which had been recently paid down from the proceeds from the recently completed financings and sale of ownership interests (See Note 4 — Investments in Unconsolidated Joint Ventures ). On May 9, 2016 , the Company entered into an ASR to repurchase the remaining $400,000 of the Company's common stock authorized for repurchase. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 3,964,812 shares. On July 11, 2016 , the ASR was completed and the Company received delivery of an additional 1,104,162 shares. The average price of the 5,068,974 shares repurchased under the ASR was $78.91 per share. The ASR was funded from borrowings under the Company's line of credit, which had been recently paid down from the proceeds from the recently completed financings and sale of ownership interests (See Note 4 — Investments in Unconsolidated Joint Ventures ). Special Dividends: On October 30, 2015, the Company declared two special dividends/distributions ("Special Dividend"), each of $2.00 per share of common stock and per OP Unit. The first Special Dividend was paid on December 8, 2015 to stockholders and OP Unit holders of record on November 12, 2015. The second Special Dividend was paid on January 6, 2016 to common stockholders and OP Unit holders of record on November 12, 2015. The Special Dividends were funded from proceeds in connection with the financing and sale of ownership interests in the PPR Portfolio and Arrowhead Towne Center (See Note 4 — Investments in Unconsolidated Joint Ventures ). At-The-Market Stock Offering Program ("ATM Program"): On August 17, 2012, the Company entered into an equity distribution agreement ("2012 ATM Program") with a number of sales agents 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 2014 ATM Program during the year ended December 31, 2016 . As of December 31, 2016 , $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 14, 2014 , the Company issued 17,140,845 shares of common stock in connection with the acquisition of the PPR 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, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions: 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. 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 included contingent consideration based on the financial performance of Fashion Outlets of Chicago at an agreed upon date in 2016. On August 19, 2016 , the Company paid $23,800 in full settlement of the contingent consideration obligation. PPR Queens Portfolio : On November 14, 2014 , the Company acquired the remaining 49% ownership interest in the PPR 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 PPR Queens Portfolio . The following is a summary of the allocation of the fair value of the PPR Queens Portfolio : Property $ 3,711,819 Deferred charges 155,892 Cash and cash equivalents 28,890 Restricted cash 5,113 Tenant receivables 5,438 Other assets 127,244 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 Company determined that the purchase price represented the fair value of the additional ownership interest in the PPR 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 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 Company has included Lakewood Center , Los Cerritos Center and Washington Square in its consolidated financial statements until the Company sold a 40% ownership interest in the PPR Portfolio on October 30, 2015 (See Note 4 — Investments in Unconsolidated Joint Ventures ). The remaining properties of the PPR Queens Portfolio have been included in the Company's consolidated financial statements from the date of acquisition. Inland Center : On February 17, 2015 , the Company acquired the remaining 50% ownership interest in Inland Center 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 . Prior to the acquisition, the Company had accounted for its investment in Inland Center 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 Inland Center . 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 Inland Center : Property $ 91,871 Deferred charges 9,752 Other assets 5,782 Total assets acquired 107,405 Mortgage note payable 50,000 Other accrued liabilities 4,905 Total liabilities assumed 54,905 Fair value of acquired net assets (at 100% ownership) $ 52,500 The Company determined that the purchase price represented the fair value of the additional ownership interest in Inland Center that was acquired. Fair value of existing ownership interest (at 50% ownership) $ 26,250 Carrying value of investment (4,161 ) Gain on remeasurement of assets $ 22,089 The following is the reconciliation of the purchase price to the fair value of the acquired net assets: Purchase price $ 51,250 Less debt assumed (25,000 ) Carrying value of investment 4,161 Gain on remeasurement of assets 22,089 Fair value of acquired net assets (at 100% ownership) $ 52,500 From the date of acquisition, the Company has included Inland Center in its consolidated financial statements. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions : 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 $472 . 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, net ). 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. On June 30, 2015 , the Company conveyed Great Northern Mall , an 895,000 square foot regional shopping center in Clay , New York , to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The loan was nonrecourse to the Company. As a result, the Company recognized a loss on the extinguishment of debt of $1,627 . On November 19, 2015 , the Company sold Panorama Mall , a 312,000 square foot community center in Panorama City , California , for $98,000 , resulting in a gain on the sale of assets of $73,726 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On April 13, 2016 , the Company sold Capitola Mall , a 586,000 square foot regional shopping center in Capitola , California , for $93,000 , resulting in a gain on the sale of assets of $24,894 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On May 31, 2016 , the Company sold a former Mervyn's store in Yuma , Arizona , for $3,200 , resulting in a loss on the sale of assets of $3,066 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On July 15, 2016 , the Company conveyed Flagstaff Mall , a 347,000 square foot regional shopping center in Flagstaff , Arizona , to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The loan was non-recourse to the Company. As a result, the Company recognized a gain on the extinguishment of debt of $5,284 (See Note 8 — Mortgage Notes Payable ). |
Future Rental Revenues
Future Rental Revenues | 12 Months Ended |
Dec. 31, 2016 | |
Leases [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, 2017 $ 536,826 2018 456,976 2019 396,405 2020 349,394 2021 298,641 Thereafter 989,259 $ 3,027,501 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
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 $9,894 , $11,870 and $10,968 for the years ended December 31, 2016 , 2015 and 2014 , respectively. No contingent rent was incurred for the years ended December 31, 2016 , 2015 or 2014 . Minimum future rental payments required under the leases are as follows: Year Ending December 31, 2017 $ 13,712 2018 9,423 2019 7,840 2020 7,848 2021 7,487 Thereafter 193,659 $ 239,969 As of December 31, 2016 , the Company was contingently liable for $61,002 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, 2016 , the Company had $41,906 in outstanding obligations, which it believes will be settled in the next twelve months. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 2014 Management fees $ 17,937 $ 10,064 $ 16,751 Development and leasing fees 13,907 9,615 10,528 $ 31,844 $ 19,679 $ 27,279 Certain mortgage notes on the properties are held by NML (See Note 8 — Mortgage Notes Payable ). Interest expense in connection with these notes was $8,973 , $10,515 and $15,134 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Included in accounts payable and accrued expenses is interest payable to this related party of $736 and $756 at December 31, 2016 and 2015 , respectively. During the year ended December 31, 2014 , 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 for the year ended December 31, 2014 . Due (to) from affiliates includes $(6,809) and $7,467 of (prepaid) unreimbursed costs and fees due (to) from unconsolidated joint ventures under management agreements at December 31, 2016 and 2015 , 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 538,000 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 ). Interest income earned on these notes was $516 for the year ended December 31, 2014 . In addition, due from affiliates at December 31, 2016 and 2015 includes a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and was to mature on May 30, 2016. The maturity date of the note was extended to May 30, 2021. Interest income earned on this note was $366 , $520 and $614 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The balance on this note receivable was $5,593 and $9,252 at December 31, 2016 and 2015 , 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 interest in a development agreement. Also included in due from affiliates is a note receivable from Lennar Corporation that bears interest at LIBOR plus 2% and matures upon the completion of certain milestones in connection with the development of Fashion Outlets of San Francisco (See Note 4 — Investments in Unconsolidated Joint Ventures ). Interest income earned on this note was $2,234 , $1,872 and $206 for the years ended December 31, 2016 , 2015 and 2014, respectively. The balance on this note was $69,443 and $67,209 at December 31, 2016 and 2015 , respectively. Lennar Corporation is considered a related party because it has an ownership interest in Fashion Outlets of San Francisco . |
Share and Unit-Based Plans
Share and Unit-Based Plans | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 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 19,825,428 shares. As of December 31, 2016 , there were 6,791,618 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, 2016 , 2015 and 2014 : 2016 2015 2014 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance at beginning of year 1,612 $ 62.01 9,189 $ 59.25 19,001 $ 56.77 Granted — — — — — — Vested (1,612 ) 62.01 (7,577 ) 58.67 (9,812 ) 54.45 Balance at end of year — $ — 1,612 $ 62.01 9,189 $ 59.25 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 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, 2016 , 2015 and 2014 : 2016 2015 2014 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 132,086 $ 74.58 144,374 $ 59.94 137,318 $ 57.24 Granted 85,601 79.22 77,282 86.53 75,309 60.50 Vested (69,259 ) 71.82 (86,761 ) 61.29 (68,253 ) 55.14 Forfeited — — (2,809 ) 86.72 — — Balance at end of year 148,428 $ 78.53 132,086 $ 74.58 144,374 $ 59.94 SARs: The executives and key employees have up to 10 years from the grant date to exercise the SARs. Upon exercise, the executives and key employees 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. In connection with the payment of the Special Dividend (See Note 12 — Stockholders' Equity ), the compensation committee approved an adjustment to all outstanding SARs. The exercise price and number of outstanding SARs were adjusted such that each SAR had the same fair value to the holder before and after giving effect to the payment of the special dividend. As a result, the 407,823 outstanding SARs on December 8, 2015 with a weighted-average price of $56.49 were adjusted to 417,783 outstanding SARs with a weighted average price of $55.13 and the 417,783 outstanding SARs on January 6, 2016 with a weighted-average price of $55.13 were adjusted to 427,968 outstanding SARs with a weighted average price of $53.85 . The following table summarizes the activity of SARs awards during the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Units Weighted Average Exercise Price Units Weighted Average Exercise Price Units Weighted Average Exercise Price Balance at beginning of year 417,783 $ 55.13 772,639 $ 56.67 1,070,991 $ 56.66 Granted — — — — — — Exercised (143,822 ) 53.73 (364,807 ) 56.86 (298,352 ) 56.63 Special dividend adjustment 10,185 53.88 9,951 55.13 — — Balance at end of year 284,146 $ 53.85 417,783 $ 55.13 772,639 $ 56.67 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 January 1, 2014 , the Company granted 70,042 LTIP Units with a grant date fair value of $58.89 that vested 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. On January 1, 2015 , the Company granted 49,451 LTIP Units with a grant date fair value of $83.41 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2017 . Concurrently, the Company granted 186,450 market-indexed LTIP Units ("2015 LTIP Units") at a grant date fair value of $66.37 per LTIP Unit that vested over a service period ending December 31, 2015 . The 2015 LTIP Units were equally divided between two types of awards. The terms of both types of awards were the same, except one award has an additional 3% absolute Total Return requirement, which if it is not met, then such LTIP Units would not have vested. The grant date fair value of the 2015 LTIP Units assumed a risk free interest rate of 0.25% and an expected volatility of 16.81% . On January 7, 2016 , the compensation committee determined that the 2015 LTIP Units had vested at a 130% 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, 2015 to December 31, 2015 . In addition, the compensation committee determined that the applicable 3% absolute Total Return requirement was exceeded. As a result, an additional 55,934 fully-vested LTIP Units were granted on December 31, 2015 . On March 6, 2015 , the Company granted 132,607 LTIP Units at a fair value of $86.72 per LTIP Unit that were fully vested on the grant date. On January 1, 2016 , the Company granted 58,786 LTIP Units with a grant date fair value of $80.69 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2018 . Concurrently, the Company granted 266,899 market-indexed LTIP Units ("2016 LTIP Units") at a grant date fair value of $53.32 per LTIP Unit that vest over a service period ending December 31, 2018 . The fair value of the 2016 LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.32% and an expected volatility of 20.31% . On March 4, 2016 , the Company granted 154,686 LTIP Units at a fair value of $79.20 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, 2016 , 2015 and 2014 : 2016 2015 2014 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 56,315 $ 73.24 46,695 $ 58.89 — $ — Granted 480,371 65.00 424,442 74.71 725,908 51.71 Vested (214,114 ) 77.45 (414,822 ) 73.13 (679,213 ) 51.22 Forfeited — — — — — — Balance at end of year 322,572 $ 58.18 56,315 $ 73.24 46,695 $ 58.89 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. In connection with the payment of the Special Dividend (See Note 12 — Stockholders' Equity ), the compensation committee approved an adjustment to all outstanding stock options. The exercise price and number of outstanding stock options were adjusted such that each stock option had the same fair value to the holder before and after giving effect to the payment of the Special Dividend. As a result, the 10,068 outstanding stock options on December 8, 2015 with a weighted-average price of $59.57 were adjusted to 10,314 outstanding stock options with a weighted average price of $58.15 and the 10,314 outstanding stock options on January 6, 2016 with a weighted-average price of $58.15 were adjusted to 10,565 outstanding stock options with a weighted average price of $56.77 . The following table summarizes the activity of stock options for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Balance at beginning of year 10,314 $ 58.15 10,068 $ 59.57 10,068 $ 59.57 Granted — — — — — — Exercised — — — — — — Special dividend adjustment 251 56.77 246 58.15 — — Balance at end of year 10,565 $ 56.77 10,314 $ 58.15 10,068 $ 59.57 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, 2016 , there were 178,515 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, 2016 , 2015 and 2014 : 2016 2015 2014 Stock Units Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Balance at beginning of year — $ — 9,269 $ 58.35 17,575 $ 58.66 Granted 21,088 80.21 13,351 78.72 10,747 65.54 Vested (15,243 ) 79.73 (20,162 ) 72.17 (19,053 ) 62.69 Forfeited — — (2,458 ) 55.62 — — Balance at end of year 5,845 $ 81.47 — $ — 9,269 $ 58.35 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, 2016 was 489,138 . Compensation: The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Stock awards $ 20 $ 252 $ 365 Stock units 6,305 6,041 4,689 LTIP units 32,957 26,622 28,598 Stock options 16 16 16 Phantom stock units 1,231 1,444 1,205 $ 40,529 $ 34,375 $ 34,873 The Company capitalized share and unit-based compensation costs of $7,241 , $6,008 and $5,410 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The fair value of the stock awards and stock units that vested during the years ended December 31, 2016 , 2015 and 2014 was $5,644 , $8,794 and $4,685 , respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2016 consisted of $2,397 from LTIP Units, $4,380 from stock units, $11 from stock options and $476 from phantom stock units. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 and 2014 , these matching contributions made by the Company were $3,384 , $3,299 and $3,253 , 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 executives and key employees 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 $1,032 , $933 and $845 to the plans during the years ended December 31, 2016 , 2015 and 2014 , respectively. Contributions are recognized as compensation in the periods they are made. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 and 2014 are as follows: 2016 (1) 2015 (1) 2014 Ordinary income $ 0.94 20.8 % $ 1.20 24.8 % $ 1.92 76.5 % Capital gains 3.60 79.2 % 3.64 75.2 % 0.16 6.4 % Unrecaptured Section 1250 gain — — % — — % 0.05 2.0 % Return of capital — — % — — % 0.38 15.1 % Dividends paid $ 4.54 100.0 % $ 4.84 100.0 % $ 2.51 100.0 % _______________________________________________________________________________ (1) During the year ended December 31, 2015, the Company paid cash dividends of $4.63 per common share. In addition, the Company declared a $2.00 special cash dividend to shareholders of record as of November 12, 2015 which was paid on January 6, 2016 (See Note 12 — Stockholders' Equity ). Pursuant to relevant U.S. tax rules, $0.21 per common share of this dividend is treated as having been paid by the Company on December 31, 2015, and received by each shareholder of record as of November 12, 2015 on December 31, 2015. The balance of the special cash dividend has been included in the amount of dividends paid for the year ended December 31, 2016. 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 provision of the TRSs for the years ended December 31, 2016 , 2015 and 2014 are as follows: 2016 2015 2014 Current $ (176 ) $ — $ — Deferred (546 ) 3,223 4,269 Income tax (expense) benefit $ (722 ) $ 3,223 $ 4,269 The income tax provision of the TRSs for the years ended December 31, 2016 , 2015 and 2014 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows: 2016 2015 2014 Book loss for TRSs $ 5,254 $ 10,681 $ 10,785 Tax at statutory rate on earnings from continuing operations before income taxes $ 1,786 $ 3,632 $ 3,667 Other (2,508 ) (409 ) 602 Income tax (expense) benefit $ (722 ) $ 3,223 $ 4,269 The net operating loss carryforwards are currently scheduled to expire through 2035 , beginning in 2024 . Net deferred tax assets of $38,301 and $38,847 were included in deferred charges and other assets, net at December 31, 2016 and 2015 , respectively. The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2016 and 2015 are summarized as follows: 2016 2015 Net operating loss carryforwards $ 22,335 $ 25,340 Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs 12,720 10,600 Other 3,246 2,907 Net deferred tax assets $ 38,301 $ 38,847 For the years ended December 31, 2016 , 2015 and 2014 there were no unrecognized tax benefits. The tax years 2012 through 2016 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, 2016 | |
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, 2016 and 2015 : 2016 Quarter Ended 2015 Quarter Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 272,000 $ 253,367 $ 259,904 $ 256,000 $ 320,758 $ 326,262 $ 322,794 $ 318,335 Net income attributable to the Company(1) $ 37,128 $ 13,730 $ 45,222 $ 420,915 $ 414,959 $ 33,597 $ 14,395 $ 24,611 Net income attributable to common stockholders per share-basic $ 0.26 $ 0.09 $ 0.31 $ 2.77 $ 2.65 $ 0.21 $ 0.09 $ 0.15 Net income attributable to common stockholders per share-diluted $ 0.26 $ 0.09 $ 0.31 $ 2.76 $ 2.65 $ 0.21 $ 0.09 $ 0.15 _____________________ (1) Net income attributable to the Company for the quarter ended March 31, 2016 includes the gain on sale of assets of $101,629 from the Arrowhead Towne Center transaction (See Note 4 — Investments in Unconsolidated Joint Ventures ) and $340,734 from the MAC Heitman Portfolio transaction (See Note 4 — Investments in Unconsolidated Joint Ventures ). Net income attributable to the Company for the quarter ended December 31, 2015 includes the gain on sale of assets of $311,194 from the sale of the PPR Portfolio transaction (See Note 4 — Investments in Unconsolidated Joint Ventures ) and $73,726 from the sale of Panorama Mall (See Note 14 — Dispositions ). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events : On January 18, 2017 , the Company sold Cascade Mall , a 589,000 square foot regional shopping center in Burlington , Washington ; and Northgate Mall , a 750,000 square foot regional shopping center in San Rafael , California , in a combined transaction for $170,000 . The proceeds were used to payoff the mortgage note payable on Northgate Mall , pay down the Company's line of credit and for general corporate purposes. On February 1, 2017 , the Company's joint venture in West Acres replaced the existing loan on the property with a new $80,000 loan that bears interest at an effective rate of 4.61% and matures on March 1, 2032 . The Company used its share of the excess proceeds to pay down its line of credit and for general corporate purposes. On February 2, 2017 , the Company's joint venture in Kierland Commons entered into a loan commitment with a lender to replace the existing loan on the property with a new $225,000 loan that will bear interest at a fixed rate of 3.95% for ten-year s. The new loan is expected to close in March 2017. The Company expects to use its share of the excess proceeds to pay down its line of credit and for general corporate purposes. On February 9, 2017 , the Company announced a dividend/distribution of $0.71 per share for common stockholders and OP Unit holders of record on February 21, 2017 . All dividends/distributions will be paid 100% in cash on March 3, 2017 . On February 13, 2017 , the Company announced that the Board of Directors has authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares and pursuant to Rule 10b5-1 of the Securities Act of 1934, from time to time as permitted by securities laws and other legal requirements. |
Schedule III-Real Estate and Ac
Schedule III-Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
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 Improvements Equipment and Furnishings Cost Capitalized Subsequent to Acquisition Land Building and Improvements Equipment and Furnishings Construction in Progress Total Accumulated Depreciation Total Cost Net of Accumulated Depreciation Cascade Mall $ 19,253 $ 9,671 $ — $ (8,495 ) $ 12,728 $ 7,616 $ 85 $ — $ 20,429 $ 1,250 $ 19,179 Chandler Fashion Center 24,188 223,143 — 17,987 24,188 235,804 5,326 — 265,318 98,095 167,223 Danbury Fair Mall 130,367 316,951 — 105,275 142,751 402,975 6,682 185 552,593 130,195 422,398 Desert Sky Mall 9,447 37,245 12 4,364 9,082 40,869 1,117 — 51,068 8,534 42,534 Eastland Mall 22,050 151,605 — 9,944 22,066 160,374 1,041 118 183,599 23,376 160,223 Estrella Falls 10,550 — — 69,998 10,747 13,874 — 55,927 80,548 231 80,317 Fashion Outlets of Chicago — — — 259,054 40,575 215,298 3,020 161 259,054 34,610 224,444 Fashion Outlets of Niagara Falls USA 18,581 210,139 — 111,293 22,963 314,797 2,218 35 340,013 50,599 289,414 The Marketplace at Flagstaff — — — 45,887 — 45,885 2 — 45,887 20,613 25,274 Freehold Raceway Mall 164,986 362,841 — 107,159 168,098 460,606 6,281 1 634,986 164,369 470,617 Fresno Fashion Fair 17,966 72,194 — 40,263 17,966 109,817 2,393 247 130,423 49,038 81,385 Green Acres Mall 156,640 321,034 — 161,617 176,464 442,960 7,850 12,017 639,291 57,449 581,842 Inland Center 8,321 83,550 — 22,217 8,280 100,189 23 5,596 114,088 7,298 106,790 Kings Plaza Shopping Center 209,041 485,548 20,000 83,783 198,066 451,167 26,936 122,203 798,372 57,537 740,835 La Cumbre Plaza 18,122 21,492 — 24,017 17,280 45,691 361 299 63,631 22,331 41,300 Macerich Management Co. 1,150 10,475 26,562 42,629 3,878 11,856 64,612 470 80,816 54,147 26,669 MACWH, LP — 25,771 — 17,807 11,557 27,455 — 4,566 43,578 8,411 35,167 Northgate Mall 8,400 34,865 841 104,911 13,414 132,373 3,095 135 149,017 72,362 76,655 NorthPark Mall 7,746 74,661 — 9,852 7,885 83,894 480 — 92,259 14,256 78,003 Oaks, The 32,300 117,156 — 260,689 56,387 350,481 3,031 246 410,145 125,906 284,239 Pacific View 8,697 8,696 — 129,548 7,854 136,674 2,332 81 146,941 63,783 83,158 Paradise Valley Mall 33,445 128,485 — 35,982 39,382 155,283 2,416 831 197,912 69,249 128,663 Promenade at Casa Grande 15,089 — — 61,137 5,382 70,779 65 — 76,226 38,130 38,096 Queens Center 251,474 1,039,922 — 17,307 256,786 1,049,545 2,063 309 1,308,703 58,875 1,249,828 Santa Monica Place 26,400 105,600 — 326,644 48,374 401,826 7,903 541 458,644 100,790 357,854 SanTan Adjacent Land 29,414 — — 7,498 30,506 — — 6,406 36,912 — 36,912 SanTan Village Regional Center 7,827 — — 197,498 6,344 197,552 1,402 27 205,325 82,599 122,726 SouthPark Mall 7,035 38,215 — 24,628 7,479 61,668 408 323 69,878 9,371 60,507 Southridge Center 6,764 — — 20,674 6,422 20,721 130 165 27,438 3,937 23,501 Stonewood Center 4,948 302,527 — 6,344 4,935 308,712 64 108 313,819 19,891 293,928 Superstition Springs Center 10,928 112,718 — 7,214 10,928 119,566 366 — 130,860 11,623 119,237 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 Improvements Equipment and Furnishings Cost Capitalized Subsequent to Acquisition Land Building and Improvements Equipment and Furnishings Construction in Progress Total Accumulated Depreciation Total Cost Net of Accumulated Depreciation Superstition Springs Power Center 1,618 4,420 — 290 1,618 4,627 83 — 6,328 1,739 4,589 Tangerine (Marana), The Shops at 36,158 — — (8,852 ) 16,922 — — 10,384 27,306 — 27,306 The Macerich Partnership, L.P. — 2,534 — 26,237 — 5 10,823 17,943 28,771 2,126 26,645 Towne Mall 6,652 31,184 — 4,587 6,877 35,011 506 29 42,423 13,960 28,463 Tucson La Encantada 12,800 19,699 — 55,372 12,800 74,492 558 21 87,871 40,241 47,630 Valley Mall 16,045 26,098 — 12,048 15,616 37,359 364 852 54,191 6,203 47,988 Valley River Center 24,854 147,715 — 22,820 24,854 168,547 1,969 19 195,389 54,723 140,666 Victor Valley, Mall of 15,700 75,230 — 52,659 20,080 121,458 2,051 — 143,589 44,179 99,410 Vintage Faire Mall 14,902 60,532 — 57,668 17,647 113,955 1,435 65 133,102 66,308 66,794 Westside Pavilion 34,100 136,819 — 72,966 34,100 201,441 5,827 2,517 243,885 100,870 143,015 Wilton Mall 19,743 67,855 — 26,198 19,810 92,834 1,152 — 113,796 32,064 81,732 500 North Michigan Avenue 12,851 55,358 — 9,313 10,991 51,370 205 14,956 77,522 9,699 67,823 Other freestanding stores 5,926 43,180 — 10,153 5,926 52,972 361 — 59,259 19,177 40,082 Other land and development properties 33,795 — — 34,211 31,582 4,241 — 32,183 68,006 1,757 66,249 $ 1,496,273 $ 4,965,128 $ 47,415 $ 2,700,395 $ 1,607,590 $ 7,134,619 $ 177,036 $ 289,966 $ 9,209,211 $ 1,851,901 $ 7,357,310 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, 2016 are as follows: 2016 2015 2014 Balances, beginning of year $ 10,689,656 $ 12,777,882 $ 9,181,338 Additions 254,604 392,575 4,042,409 Dispositions and retirements (1,735,049 ) (2,480,801 ) (445,865 ) Balances, end of year $ 9,209,211 $ 10,689,656 $ 12,777,882 The aggregate gross cost of the property included in the table above for federal income tax purposes was $6,079,675 (unaudited) at December 31, 2016 . The changes in accumulated depreciation for the three years ended December 31, 2016 are as follows: 2016 2015 2014 Balances, beginning of year $ 1,892,744 $ 1,709,992 $ 1,559,572 Additions 277,270 354,977 289,178 Dispositions and retirements (318,113 ) (172,225 ) (138,758 ) Balances, end of year $ 1,851,901 $ 1,892,744 $ 1,709,992 See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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. |
Consolidation of VIE | On January 1, 2016, the Company adopted Accounting Standards Update (“ASU”) 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which made certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity ("VIE") characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. The Company evaluated the new standard and determined that no change was required to its accounting for variable interest entities. However, under the guidance of the new standard, all of the Company's consolidated joint ventures, including the Operating Partnership, now meet the definition and criteria as VIEs and the Company is the primary beneficiary of each VIE. The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of VIEs. |
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: | 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. 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." |
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 Candlestick Center LLC, Corte Madera Village, LLC, Macerich HHF Centers LLC, New River Associates LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures due to the substantive participation rights of the outside partners in these joint ventures and, therefore, accounts for its investments in these joint ventures 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 any below-market fixed rate renewal options. 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. |
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. |
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 . |
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: In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, “Revenue From Contracts With Customers,” which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company is evaluating each of its revenue streams and related accounting policies under the standard. Rental revenues and tenant recoveries will be evaluated with the adoption of the new lease accounting standard (discussed below). The Company does not believe ASU 2014-09 will significantly impact its accounting for minimum rents, percentage rents, tenant recoveries and other revenues. The Company expects to adopt this standard on a modified retrospective basis. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. The Company's adoption of ASU 2015-03 on January 1, 2016 resulted in an adjustment of its consolidated balance sheet at December 31, 2015 to reflect the new presentation required by the standard. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. The Company's adoption of this standard on January 1, 2016 did not have an impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption. This standard may also impact the timing, recognition and disclosures related to the Company's tenant recoveries from tenants earned from leasing its operating properties. Under ASU 2016-02, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. The Company is a lessee on ground leases at certain properties and on certain office space leases. ASU 2016-02 will impact the accounting and disclosure requirements for these leases. ASU 2016-02 is effective for the Company under a modified retrospective approach beginning January 1, 2019. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amends the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. The Company's adoption of this standard on January 1, 2017 did not have a significant impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amends the accounting for the statement of cash flows by providing guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company's adoption of this standard on January 1, 2017 did not have a significant impact on its consolidated financial statements. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule Operating Partnership's VIEs | The Operating Partnership's VIEs included the following assets and liabilities: December 31, 2016 2015 Assets: Properties, net $ 307,582 $ 362,129 Other assets 68,863 74,075 Total assets $ 376,445 $ 436,204 Liabilities: Mortgage notes payable $ 133,245 $ 139,767 Other liabilities 75,913 79,984 Total liabilities $ 209,158 $ 219,751 |
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") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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): 2016 2015 2014 Numerator Net Income $ 554,839 $ 522,912 $ 1,606,931 Net income attributable to noncontrolling interests (37,844 ) (35,350 ) (107,889 ) Net income attributable to the Company 516,995 487,562 1,499,042 Allocation of earnings to participating securities (779 ) (1,493 ) (1,576 ) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 516,216 $ 486,069 $ 1,497,466 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 146,599 157,916 143,144 Effect of dilutive securities (1) Share and unit based compensation 112 144 147 Denominator for diluted EPS—weighted average number of common shares outstanding 146,711 158,060 143,291 Earnings per common share—net income attributable to common stockholders: Basic $ 3.52 $ 3.08 $ 10.46 Diluted $ 3.52 $ 3.08 $ 10.45 ____________________________________ (1) Diluted EPS excludes 133,366 , 139,186 and 179,667 convertible preferred units for the years ended December 31, 2016 , 2015 and 2014 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,721,271 and 10,562,154 and 10,079,935 Operating Partnership units ("OP Units") for the years ended December 31, 2016 , 2015 and 2014 , respectively, as their effect was antidilutive. |
Investments in Unconsolidated34
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 was as follows: Joint Venture Ownership %(1) 443 Wabash MAB LLC 45.0 % AM Tysons LLC 50.0 % Biltmore Shopping Center Partners LLC 50.0 % Candlestick Center LLC—Fashion Outlets of San Francisco 50.1 % Coolidge Holding LLC 37.5 % Corte Madera Village, LLC 50.1 % Country Club Plaza KC Partners LLC 50.0 % Fashion Outlets of Philadelphia—Various Entities 50.0 % Jaren Associates #4 12.5 % Kierland Commons Investment LLC 50.0 % Macerich HHF Centers LLC—Various Properties 51.0 % Macerich Northwestern Associates—Broadway Plaza 50.0 % MS Portfolio LLC 50.0 % New River Associates LLC—Arrowhead Towne Center 60.0 % North Bridge Chicago LLC 50.0 % One Scottsdale Investors LLC 50.0 % Pacific Premier Retail LLC—Various Properties 60.0 % Propcor II Associates, LLC—Boulevard Shops 50.0 % Scottsdale Fashion Square Partnership 50.0 % The Market at Estrella Falls LLC 40.1 % TM TRS Holding Company LLC—Valencia Place at Country Club Plaza 50.0 % Tysons Corner LLC 50.0 % Tysons Corner Hotel I LLC 50.0 % Tysons Corner Property Holdings II LLC 50.0 % Tysons Corner Property LLC 50.0 % West Acres Development, LLP 19.0 % Westcor/Gilbert, L.L.C. 50.0 % Westcor/Queen Creek LLC 38.1 % Westcor/Surprise Auto Park LLC 33.3 % WMAP, L.L.C.—Atlas Park, The Shops at 50.0 % _______________________________________________________________________________ (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. |
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information | Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31: 2016 2015 Assets(1): Properties, net $ 9,176,642 $ 6,334,442 Other assets 614,607 507,718 Total assets $ 9,791,249 $ 6,842,160 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 5,224,713 $ 3,607,588 Other liabilities 403,369 355,634 Company's capital 2,279,819 1,585,796 Outside partners' capital 1,883,348 1,293,142 Total liabilities and partners' capital $ 9,791,249 $ 6,842,160 Investment in unconsolidated joint ventures: Company's capital $ 2,279,819 $ 1,585,796 Basis adjustment(3) (584,887 ) (77,701 ) $ 1,694,932 $ 1,508,095 Assets—Investments in unconsolidated joint ventures $ 1,773,558 $ 1,532,552 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (78,626 ) (24,457 ) $ 1,694,932 $ 1,508,095 _______________________________________________________________________________ (1) These amounts include the assets of $3,179,255 and $3,283,702 of Pacific Premier Retail LLC as of December 31, 2016 and 2015 , respectively, and liabilities of $1,887,952 and $1,938,241 of Pacific Premier Retail LLC as of December 31, 2016 and 2015 , respectively. (2) Included in mortgage and other notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $265,863 and $460,872 as of December 31, 2016 and 2015 , 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 $16,898 , $29,372 and $38,113 for the years ended December 31, 2016 , 2015 and 2014 , 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 $17,610 , $5,619 and $5,109 for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures | Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: Pacific Other Joint Ventures Total Year Ended December 31, 2016 Revenues: Minimum rents $ 129,145 $ 471,139 $ 600,284 Percentage rents 5,437 15,480 20,917 Tenant recoveries 47,856 187,288 235,144 Other 6,303 49,937 56,240 Total revenues 188,741 723,844 912,585 Expenses: Shopping center and operating expenses 39,804 234,704 274,508 Interest expense 64,626 123,043 187,669 Depreciation and amortization 108,880 251,498 360,378 Total operating expenses 213,310 609,245 822,555 Loss on sale of assets — (375 ) (375 ) Net (loss) income $ (24,569 ) $ 114,224 $ 89,655 Company's equity in net (loss) income $ (3,088 ) $ 60,029 $ 56,941 Year Ended December 31, 2015 Revenues: Minimum rents $ 21,172 $ 293,921 $ 315,093 Percentage rents 2,569 13,188 15,757 Tenant recoveries 8,408 129,059 137,467 Other 1,182 33,931 35,113 Total revenues 33,331 470,099 503,430 Expenses: Shopping center and operating expenses 6,852 165,795 172,647 Interest expense 10,448 78,279 88,727 Depreciation and amortization 16,919 133,707 150,626 Total operating expenses 34,219 377,781 412,000 Gain on sale of assets — 9,850 9,850 Loss on early extinguishment of debt — (3 ) (3 ) Net (loss) income $ (888 ) $ 102,165 $ 101,277 Company's equity in net income $ 1,409 $ 43,755 $ 45,164 Pacific Other Joint Ventures Total Year Ended December 31, 2014 Revenues: Minimum rents $ 88,831 $ 299,532 $ 388,363 Percentage rents 2,652 14,509 17,161 Tenant recoveries 40,118 146,623 186,741 Other 4,090 36,615 40,705 Total revenues 135,691 497,279 632,970 Expenses: Shopping center and operating expenses 37,113 178,299 215,412 Interest expense 34,113 102,974 137,087 Depreciation and amortization 29,688 114,715 144,403 Total operating expenses 100,914 395,988 496,902 (Loss) gain on sale of assets (7,044 ) 10,687 3,643 Net income $ 27,733 $ 111,978 $ 139,711 Company's equity in net income $ 9,743 $ 50,883 $ 60,626 _______________________________________________________________________________ (1) These amounts exclude the results of operations from November 14, 2014 to October 29, 2015, as Pacific Premier Retail LLC became wholly-owned as a result of the PPR Queens Portfolio acquisition. Pacific Premier Retail LLC was converted from wholly-owned to an unconsolidated joint venture effective October 30, 2015, as a result of the PPR Portfolio transaction, as discussed above. |
Property, net (Tables)
Property, net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Real Estate Properties | Property at December 31, 2016 and 2015 consists of the following: 2016 2015 Land $ 1,607,590 $ 1,894,717 Buildings and improvements 6,511,741 7,752,892 Tenant improvements 622,878 637,355 Equipment and furnishings 177,036 169,841 Construction in progress 289,966 234,851 9,209,211 10,689,656 Less accumulated depreciation (1,851,901 ) (1,892,744 ) $ 7,357,310 $ 8,796,912 |
Assets Measured on a Nonrecurring Basis | The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2016 , 2015 and 2014 as described above: Years ended December, 31 Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Unobservable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) 2016 $ 86,100 $ — $ — $ 86,100 2015 $ 33,300 $ — $ — $ 33,300 2014 $ 44,500 $ — $ — $ 44,500 |
Quantitative Information, Unobservable Inputs | The following table sets forth quantitative information about the unobservable inputs of the Company’s Level 3 real estate recorded as of December 31, 2016 , 2015 and 2014 : Unobservable Inputs 2016 2015 2014 Terminal capitalization rate 7.0% - 10.0% 9.0% 8.0% - 9.0% Discount rate 8.0% - 15.0% 9.5% 9.0% - 10.5% Market rents per square foot $2.00 - $20.00 $5.00 - $150.00 $6.00 - $160.00 |
Deferred Charges and Other As36
Deferred Charges and Other Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 consist of the following: 2016 2015 Leasing $ 239,983 $ 248,709 Intangible assets: In-place lease values(1) 140,437 196,969 Leasing commissions and legal costs(1) 32,384 52,000 Above-market leases 181,851 220,847 Deferred tax assets 38,301 38,847 Deferred compensation plan assets 42,711 37,341 Other assets 72,206 70,070 747,873 864,783 Less accumulated amortization(2) (269,815 ) (300,492 ) $ 478,058 $ 564,291 _______________________________ (1) The estimated amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2017 $ 18,700 2018 14,606 2019 12,170 2020 9,221 2021 7,379 Thereafter 21,960 $ 84,036 (2) Accumulated amortization includes $88,785 and $109,453 relating to in-place lease values, leasing commissions and legal costs at December 31, 2016 and 2015 , respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $33,048 , $69,460 and $52,668 for the years ended December 31, 2016 , 2015 and 2014 , 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, 2017 $ 18,700 2018 14,606 2019 12,170 2020 9,221 2021 7,379 Thereafter 21,960 $ 84,036 |
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: 2016 2015 Above-Market Leases Original allocated value $ 181,851 $ 220,847 Less accumulated amortization (57,505 ) (73,520 ) $ 124,346 $ 147,327 Below-Market Leases(1) Original allocated value $ 144,713 $ 227,063 Less accumulated amortization (58,400 ) (101,872 ) $ 86,313 $ 125,191 _______________________________ (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 Market Below Market 2017 $ 14,369 $ 14,094 2018 12,152 13,191 2019 10,087 11,639 2020 8,720 9,146 2021 7,503 6,883 Thereafter 71,515 31,360 $ 124,346 $ 86,313 |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Mortgage notes payable | Mortgage notes payable at December 31, 2016 and 2015 consist of the following: Carrying Amount of Mortgage Notes(1) 2016 2015 Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Property Pledged as Collateral Related Party Other Related Party Other Arrowhead Towne Center(5) $ — $ — $ — $ 221,194 — $ — — Chandler Fashion Center(6) — 199,833 — 199,766 3.77 % 625 2019 Danbury Fair Mall 107,929 107,928 111,078 111,079 5.53 % 1,538 2020 Deptford Mall(7) — — — 193,337 — — — Deptford Mall(8) — — — 13,999 — — — Fashion Outlets of Chicago(9) — 198,966 — 198,653 2.43 % 378 2020 Fashion Outlets of Niagara Falls USA — 115,762 — 117,708 4.89 % 727 2020 Flagstaff Mall(10) — — — 37,000 — — — FlatIron Crossing(7) — — — 254,075 — — — Freehold Raceway Mall(6) — 220,643 — 224,836 4.20 % 1,132 2018 Fresno Fashion Fair(11) — 323,062 — — 3.67 % 971 2026 Green Acres Mall — 297,798 — 303,960 3.61 % 1,447 2021 Kings Plaza Shopping Center — 456,958 — 466,266 3.67 % 2,229 2019 Northgate Mall(12) — 63,434 — 63,783 3.50 % 206 2017 Oaks, The — 201,235 — 205,555 4.14 % 1,064 2022 Pacific View — 127,311 — 130,108 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place — 219,564 — 224,815 2.99 % 1,004 2018 SanTan Village Regional Center — 127,724 — 130,638 3.14 % 589 2019 Stonewood Center — 99,520 — 105,494 1.80 % 640 2017 Superstition Springs Center(13) — — — 67,749 — — — Towne Mall — 21,570 — 21,956 4.48 % 117 2022 Tucson La Encantada 68,513 — 69,991 — 4.23 % 368 2022 Victor Valley, Mall of — 114,559 — 114,500 4.00 % 380 2024 Vintage Faire Mall — 269,228 — 274,417 3.55 % 1,256 2026 Westside Pavilion — 143,881 — 146,630 4.49 % 783 2022 $ 176,442 $ 3,908,976 $ 181,069 $ 4,427,518 (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, 2016 and 2015 consist of the following: Property Pledged as Collateral 2016 2015 Arrowhead Towne Center $ — $ 8,494 Deptford Mall — (3 ) Fashion Outlets of Niagara Falls USA 3,558 4,486 Stonewood Center 2,349 5,168 Superstition Springs Center — 263 $ 5,907 $ 18,408 The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $12,716 and $16,025 at December 31, 2016 and 2015 , respectively. (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 January 6, 2016 , the Company replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 4.05% and matures on February 1, 2028 , which resulted in a loss of $3,575 on early extinguishment of debt. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the underlying property (See Note 4 — Investments in Unconsolidated Joint Ventures ). (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) On January 14, 2016 , a 49% interest in the loan was assumed by a third party in connection with the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). (8) On March 1, 2016 , the Company paid off in full the loan on the property. (9) The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020 . At December 31, 2016 and 2015 , the total interest rate was 2.43% and 1.84% , respectively. (10) On July 15, 2016 , the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a gain of $5,284 on the extinguishment of debt (See Note 14 — Dispositions ). (11) On October 6, 2016 , the Company placed a new $325,000 loan on the property that bears interest at an effective rate of 3.67% and matures on November 1, 2026 . (12) The loan bore interest at LIBOR plus 2.25% and was to mature on March 1, 2017 . At December 31, 2016 and 2015 , the total interest rate was 3.50% and 3.30% , respectively. On January 18, 2017 , the Company paid off the loan in full in connection with the sale of the underlying property (See Note 22 — Subsequent Events ). (13) On October 14, 2016 , the Company paid off in full the loan on the property. |
Debt premiums (discounts) on mortgage notes payable | The debt premiums (discounts) as of December 31, 2016 and 2015 consist of the following: Property Pledged as Collateral 2016 2015 Arrowhead Towne Center $ — $ 8,494 Deptford Mall — (3 ) Fashion Outlets of Niagara Falls USA 3,558 4,486 Stonewood Center 2,349 5,168 Superstition Springs Center — 263 $ 5,907 $ 18,408 |
Future maturities of mortgage notes payable | The future maturities of mortgage notes payable are as follows: Year Ending December 31, 2017 $ 218,562 2018 480,176 2019 796,592 2020 528,456 2021 291,733 Thereafter 1,776,708 4,092,227 Debt premium, net 5,907 Deferred finance cost, net (12,716 ) $ 4,085,418 |
Bank and Other Notes Payable (T
Bank and Other Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of future maturities of bank and other notes payable | The future maturities of bank and other notes payable are as follows: Year Ending December 31, 2017 $ 781 2018 823 2019 868 2020 915 2021 887,134 Thereafter — 890,521 Deferred finance cost (10,039 ) $ 880,482 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 the PPR Queens Portfolio : Property $ 3,711,819 Deferred charges 155,892 Cash and cash equivalents 28,890 Restricted cash 5,113 Tenant receivables 5,438 Other assets 127,244 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 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 Inland Center : Property $ 91,871 Deferred charges 9,752 Other assets 5,782 Total assets acquired 107,405 Mortgage note payable 50,000 Other accrued liabilities 4,905 Total liabilities assumed 54,905 Fair value of acquired net assets (at 100% ownership) $ 52,500 |
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 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 following is the reconciliation of the purchase price to the fair value of the acquired net assets: Purchase price $ 51,250 Less debt assumed (25,000 ) Carrying value of investment 4,161 Gain on remeasurement of assets 22,089 Fair value of acquired net assets (at 100% ownership) $ 52,500 The following is the reconciliation of the purchase price to the 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 |
Summary of gain on remeasurement of existing investment | The Company determined that the purchase price represented the fair value of the additional ownership interest in the PPR 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 Company determined that the purchase price represented the fair value of the additional ownership interest in Inland Center that was acquired. Fair value of existing ownership interest (at 50% ownership) $ 26,250 Carrying value of investment (4,161 ) Gain on remeasurement of assets $ 22,089 |
Future Rental Revenues (Tables)
Future Rental Revenues (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of future minimum rental payments by the Company | Under existing non-cancelable operating lease agreements, tenants are committed to pay the following minimum rental payments to the Company: Year Ending December 31, 2017 $ 536,826 2018 456,976 2019 396,405 2020 349,394 2021 298,641 Thereafter 989,259 $ 3,027,501 Minimum future rental payments required under the leases are as follows: Year Ending December 31, 2017 $ 13,712 2018 9,423 2019 7,840 2020 7,848 2021 7,487 Thereafter 193,659 $ 239,969 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments by the Company | Under existing non-cancelable operating lease agreements, tenants are committed to pay the following minimum rental payments to the Company: Year Ending December 31, 2017 $ 536,826 2018 456,976 2019 396,405 2020 349,394 2021 298,641 Thereafter 989,259 $ 3,027,501 Minimum future rental payments required under the leases are as follows: Year Ending December 31, 2017 $ 13,712 2018 9,423 2019 7,840 2020 7,848 2021 7,487 Thereafter 193,659 $ 239,969 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 2014 Management fees $ 17,937 $ 10,064 $ 16,751 Development and leasing fees 13,907 9,615 10,528 $ 31,844 $ 19,679 $ 27,279 |
Share and Unit-Based Plans (Tab
Share and Unit-Based Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 and 2014 : 2016 2015 2014 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance at beginning of year 1,612 $ 62.01 9,189 $ 59.25 19,001 $ 56.77 Granted — — — — — — Vested (1,612 ) 62.01 (7,577 ) 58.67 (9,812 ) 54.45 Balance at end of year — $ — 1,612 $ 62.01 9,189 $ 59.25 |
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, 2016 , 2015 and 2014 : 2016 2015 2014 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 132,086 $ 74.58 144,374 $ 59.94 137,318 $ 57.24 Granted 85,601 79.22 77,282 86.53 75,309 60.50 Vested (69,259 ) 71.82 (86,761 ) 61.29 (68,253 ) 55.14 Forfeited — — (2,809 ) 86.72 — — Balance at end of year 148,428 $ 78.53 132,086 $ 74.58 144,374 $ 59.94 |
Summary of activity of SARs awards | In connection with the payment of the Special Dividend (See Note 12 — Stockholders' Equity ), the compensation committ |
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, 2016 , 2015 and 2014 : 2016 2015 2014 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 56,315 $ 73.24 46,695 $ 58.89 — $ — Granted 480,371 65.00 424,442 74.71 725,908 51.71 Vested (214,114 ) 77.45 (414,822 ) 73.13 (679,213 ) 51.22 Forfeited — — — — — — Balance at end of year 322,572 $ 58.18 56,315 $ 73.24 46,695 $ 58.89 |
Summary of activity of stock options | The following table summarizes the activity of stock options for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Balance at beginning of year 10,314 $ 58.15 10,068 $ 59.57 10,068 $ 59.57 Granted — — — — — — Exercised — — — — — — Special dividend adjustment 251 56.77 246 58.15 — — Balance at end of year 10,565 $ 56.77 10,314 $ 58.15 10,068 $ 59.57 |
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, 2016 , 2015 and 2014 : 2016 2015 2014 Stock Units Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Balance at beginning of year — $ — 9,269 $ 58.35 17,575 $ 58.66 Granted 21,088 80.21 13,351 78.72 10,747 65.54 Vested (15,243 ) 79.73 (20,162 ) 72.17 (19,053 ) 62.69 Forfeited — — (2,458 ) 55.62 — — Balance at end of year 5,845 $ 81.47 — $ — 9,269 $ 58.35 |
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, 2016 , 2015 and 2014 : 2016 2015 2014 Stock awards $ 20 $ 252 $ 365 Stock units 6,305 6,041 4,689 LTIP units 32,957 26,622 28,598 Stock options 16 16 16 Phantom stock units 1,231 1,444 1,205 $ 40,529 $ 34,375 $ 34,873 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 and 2014 are as follows: 2016 (1) 2015 (1) 2014 Ordinary income $ 0.94 20.8 % $ 1.20 24.8 % $ 1.92 76.5 % Capital gains 3.60 79.2 % 3.64 75.2 % 0.16 6.4 % Unrecaptured Section 1250 gain — — % — — % 0.05 2.0 % Return of capital — — % — — % 0.38 15.1 % Dividends paid $ 4.54 100.0 % $ 4.84 100.0 % $ 2.51 100.0 % _______________________________________________________________________________ (1) During the year ended December 31, 2015, the Company paid cash dividends of $4.63 per common share. In addition, the Company declared a $2.00 special cash dividend to shareholders of record as of November 12, 2015 which was paid on January 6, 2016 (See Note 12 — Stockholders' Equity ). Pursuant to relevant U.S. tax rules, $0.21 per common share of this dividend is treated as having been paid by the Company on December 31, 2015, and received by each shareholder of record as of November 12, 2015 on December 31, 2015. The balance of the special cash dividend has been included in the amount of dividends paid for the year ended December 31, 2016. |
Schedule of income tax provision of TRSs | The income tax provision of the TRSs for the years ended December 31, 2016 , 2015 and 2014 are as follows: 2016 2015 2014 Current $ (176 ) $ — $ — Deferred (546 ) 3,223 4,269 Income tax (expense) benefit $ (722 ) $ 3,223 $ 4,269 |
Reconciliation of income tax provision of the TRSs to the amount computed by applying the federal corporate tax rate | The income tax provision of the TRSs for the years ended December 31, 2016 , 2015 and 2014 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows: 2016 2015 2014 Book loss for TRSs $ 5,254 $ 10,681 $ 10,785 Tax at statutory rate on earnings from continuing operations before income taxes $ 1,786 $ 3,632 $ 3,667 Other (2,508 ) (409 ) 602 Income tax (expense) benefit $ (722 ) $ 3,223 $ 4,269 |
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, 2016 and 2015 are summarized as follows: 2016 2015 Net operating loss carryforwards $ 22,335 $ 25,340 Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs 12,720 10,600 Other 3,246 2,907 Net deferred tax assets $ 38,301 $ 38,847 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 : 2016 Quarter Ended 2015 Quarter Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 272,000 $ 253,367 $ 259,904 $ 256,000 $ 320,758 $ 326,262 $ 322,794 $ 318,335 Net income attributable to the Company(1) $ 37,128 $ 13,730 $ 45,222 $ 420,915 $ 414,959 $ 33,597 $ 14,395 $ 24,611 Net income attributable to common stockholders per share-basic $ 0.26 $ 0.09 $ 0.31 $ 2.77 $ 2.65 $ 0.21 $ 0.09 $ 0.15 Net income attributable to common stockholders per share-diluted $ 0.26 $ 0.09 $ 0.31 $ 2.76 $ 2.65 $ 0.21 $ 0.09 $ 0.15 _____________________ (1) Net income attributable to the Company for the quarter ended March 31, 2016 includes the gain on sale of assets of $101,629 from the Arrowhead Towne Center transaction (See Note 4 — Investments in Unconsolidated Joint Ventures ) and $340,734 from the MAC Heitman Portfolio transaction (See Note 4 — Investments in Unconsolidated Joint Ventures ). Net income attributable to the Company for the quarter ended December 31, 2015 includes the gain on sale of assets of $311,194 from the sale of the PPR Portfolio transaction (See Note 4 — Investments in Unconsolidated Joint Ventures ) and $73,726 from the sale of Panorama Mall (See Note 14 — Dispositions ). |
Organization (Details)
Organization (Details) - entity | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Number of management companies (in entities) | 7 | |
The Macerich Partnership, L.P. | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership interest in operating partnership (as a percent) | 93.00% | 93.00% |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Schedule Operating Partnership's VIEs (Details) - Operating Partnership's VIEs - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Properties, net | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 307,582 | $ 362,129 |
Other assets | ||
Variable Interest Entity [Line Items] | ||
Assets | 68,863 | 74,075 |
Total assets | ||
Variable Interest Entity [Line Items] | ||
Assets | 376,445 | 436,204 |
Mortgage notes payable | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 133,245 | 139,767 |
Other liabilities | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 75,913 | 79,984 |
Total liabilities | ||
Variable Interest Entity [Line Items] | ||
Liabilities | $ 209,158 | $ 219,751 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Increase in minimum rent due to straight-line rent adjustment | $ 5,237 | $ 7,192 | $ 5,825 |
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 Accoun49
Summary of Significant Accounting Policies - Property and Investment in Unconsolidated Joint Ventures (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 [Line Items] | |
Estimated useful lives of assets (in years) | 5 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets (in years) | 40 years |
Tenant improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets (in years) | 5 years |
Tenant improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets (in years) | 7 years |
Equipment and furnishings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets (in years) | 5 years |
Equipment and furnishings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets (in years) | 7 years |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Acquisitions (Details) | 12 Months Ended |
Dec. 31, 2016form | |
Accounting Policies [Abstract] | |
Number of forms of in-place operating lease intangible assets and liabilities | 3 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Deferred Charges and Segment Information (Details) | 12 Months Ended |
Dec. 31, 2016segmentarea | |
Segment Information: | |
Number of business segments | segment | 1 |
Number of geographic areas in which the Company operates | area | 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") (Det
Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator | |||||||||||
Net Income | $ 554,839 | $ 522,912 | $ 1,606,931 | ||||||||
Net income attributable to noncontrolling interests | (37,844) | (35,350) | (107,889) | ||||||||
Net income attributable to the Company | $ 37,128 | $ 13,730 | $ 45,222 | $ 420,915 | $ 414,959 | $ 33,597 | $ 14,395 | $ 24,611 | 516,995 | 487,562 | 1,499,042 |
Allocation of earnings to participating securities | (779) | (1,493) | (1,576) | ||||||||
Numerator for basic and diluted EPS—net income attributable to common stockholders | $ 516,216 | $ 486,069 | $ 1,497,466 | ||||||||
Denominator | |||||||||||
Denominator for basic EPS—weighted average number of common shares outstanding (shares) | 146,599,000 | 157,916,000 | 143,144,000 | ||||||||
Effect of dilutive securities | |||||||||||
Share and unit based compensation (shares) | 112,000 | 144,000 | 147,000 | ||||||||
Denominator for diluted EPS—weighted average number of common shares outstanding (shares) | 146,711,000 | 158,060,000 | 143,291,000 | ||||||||
Earnings per common share—net income attributable to common stockholders: | |||||||||||
Basic (dollars per share) | $ 0.26 | $ 0.09 | $ 0.31 | $ 2.77 | $ 2.65 | $ 0.21 | $ 0.09 | $ 0.15 | $ 3.52 | $ 3.08 | $ 10.46 |
Diluted (dollars per share) | $ 0.26 | $ 0.09 | $ 0.31 | $ 2.76 | $ 2.65 | $ 0.21 | $ 0.09 | $ 0.15 | $ 3.52 | $ 3.08 | $ 10.45 |
Convertible preferred units | |||||||||||
Antidilutive securities | |||||||||||
Antidilutive securities (shares) | 133,366 | 139,186 | 179,667 | ||||||||
Partnership unit | |||||||||||
Antidilutive securities | |||||||||||
Antidilutive securities (shares) | 10,721,271 | 10,562,154 | 10,079,935 |
Investments in Unconsolidated53
Investments in Unconsolidated Joint Ventures - Company Ownership (Details) | Dec. 31, 2016 |
443 Wabash MAB LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 45.00% |
AM Tysons LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Biltmore Shopping Center Partners LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Candlestick Center LLC—Fashion Outlets of San Francisco | |
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% |
Country Club Plaza KC Partners LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Fashion Outlets of Philadelphia—Various 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 HHF Centers LLC—Various Properties | |
Investments in unconsolidated joint ventures: | |
Ownership % | 51.00% |
Macerich Northwestern Associates—Broadway Plaza | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
MS Portfolio LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
New River Associates LLC—Arrowhead Towne Center | |
Investments in unconsolidated joint ventures: | |
Ownership % | 60.00% |
North Bridge Chicago LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
One Scottsdale Investors LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Pacific Premier Retail LLC—Various Properties | |
Investments in unconsolidated joint ventures: | |
Ownership % | 60.00% |
Propcor II Associates, LLC—Boulevard 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 % | 40.10% |
TM TRS Holding Company LLC—Valencia Place at Country Club Plaza | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Tysons Corner LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Tysons Corner Hotel I 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 % | 38.10% |
Westcor/Surprise Auto Park LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 33.30% |
WMAP, L.L.C.—Atlas Park, The Shops at | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Investments in Unconsolidated54
Investments in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands, $ in Thousands | Mar. 28, 2016USD ($) | Mar. 01, 2016USD ($)ft² | Jan. 14, 2016USD ($)ft² | Jan. 06, 2016USD ($)ft² | Oct. 30, 2015USD ($)ft² | Apr. 30, 2015USD ($)store | Feb. 17, 2015USD ($)ft² | Nov. 20, 2014USD ($)ft² | Nov. 14, 2014USD ($)ft²mall | Aug. 28, 2014USD ($)ft² | Jul. 30, 2014USD ($)ft² | Jun. 04, 2014USD ($)ft² | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 13, 2014USD ($)ft² |
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Gain (loss) on sale of assets | $ (375) | $ 9,850 | $ 3,643 | |||||||||||||||
Purchase price paid through assumption of debt by the Company | $ 0 | $ 0 | $ 1,414,659 | |||||||||||||||
Wilshire Boulevard | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 40 | |||||||||||||||||
Percentage of ownership interest sold | 30.00% | |||||||||||||||||
Gain (loss) on sale of assets | $ 9,033 | |||||||||||||||||
Proceeds from sale | 17,100 | |||||||||||||||||
Purchase price funded by cash payment on acquisition | 15,386 | |||||||||||||||||
Purchase price paid through assumption of debt by the Company | $ 1,714 | |||||||||||||||||
PPR Portfolio | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Percentage of ownership interest sold | 40.00% | 40.00% | ||||||||||||||||
Proceeds from sale | $ 1,258,643 | |||||||||||||||||
Purchase price paid through assumption of debt by the Company | 713,000 | |||||||||||||||||
Cash payment | $ 545,643 | |||||||||||||||||
Arrowhead Towne Center | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 1,197 | |||||||||||||||||
Percentage of ownership interest sold | 40.00% | |||||||||||||||||
Gain (loss) on sale of assets | $ 101,629 | |||||||||||||||||
Proceeds from sale | $ 289,496 | |||||||||||||||||
Cash payment | 129,496 | |||||||||||||||||
Assumption of debt | $ 160,000 | |||||||||||||||||
MAC Heitman Portfolio | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Percentage of ownership interest sold | 49.00% | 49.00% | ||||||||||||||||
Joint venture | MAC Heitman Portfolio | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Percentage of ownership interest sold | 49.00% | |||||||||||||||||
Gain (loss) on sale of assets | $ 340,734 | |||||||||||||||||
Proceeds from sale | 771,478 | |||||||||||||||||
Cash payment | 478,608 | |||||||||||||||||
Assumption of debt | $ 292,870 | |||||||||||||||||
Fashion Outlets of Philadelphia | Joint venture | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 1,376 | |||||||||||||||||
Purchase price on acquisition | $ 106,800 | |||||||||||||||||
Joint venture ownership percentage purchased | 50.00% | |||||||||||||||||
Candlestick Point | Joint venture | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 500 | |||||||||||||||||
Candlestick Point | Joint venture | Notes receivable | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Note receivable | $ 65,130 | |||||||||||||||||
Candlestick Point | Joint venture | Notes receivable | LIBOR | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Interest rate (as a percent) | 2.00% | |||||||||||||||||
Lakewood Center | PPR Portfolio | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 2,064 | |||||||||||||||||
Los Cerritos Center | PPR Portfolio | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 1,298 | |||||||||||||||||
Queens Center | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Interest rate (as a percent) | 3.49% | |||||||||||||||||
Washington Square | PPR Portfolio | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 1,440 | |||||||||||||||||
South Plains Mall | PPR Portfolio | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 1,127 | |||||||||||||||||
Deptford Mall | Joint venture | MAC Heitman Portfolio | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 1,039 | |||||||||||||||||
FlatIron Crossing | Joint venture | MAC Heitman Portfolio | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 1,431 | |||||||||||||||||
Twenty Ninth Street | Joint venture | MAC Heitman Portfolio | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 847 | |||||||||||||||||
PPR Queens Portfolio | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Ownership percentage purchased | 49.00% | |||||||||||||||||
Cascade Mall | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Ownership percentage purchased | 49.00% | |||||||||||||||||
Property square footage | ft² | 589 | |||||||||||||||||
Purchase price on acquisition | $ 15,233 | |||||||||||||||||
PPR 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 | mall | 5 | |||||||||||||||||
Equity issued (in shares) | $ 1,166,777 | |||||||||||||||||
PPR Queens Portfolio | PPR Portfolio | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Gain (loss) on sale of assets | $ 311,194 | |||||||||||||||||
PPR Queens Portfolio | Arrowhead Towne Center | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Gain (loss) on sale of assets | $ 101,629 | |||||||||||||||||
PPR Queens Portfolio | Lakewood Center | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 2,064 | |||||||||||||||||
PPR Queens Portfolio | Los Cerritos Center | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 1,298 | |||||||||||||||||
PPR Queens Portfolio | Queens Center | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 963 | |||||||||||||||||
PPR Queens Portfolio | Stonewood Center | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 932 | |||||||||||||||||
PPR Queens Portfolio | Washington Square | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 1,440 | |||||||||||||||||
443 Wabash MAB LLC | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 65 | |||||||||||||||||
Purchase price on acquisition | $ 18,900 | |||||||||||||||||
Joint venture ownership percentage purchased | 45.00% | |||||||||||||||||
Inland Center | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Ownership percentage purchased | 50.00% | |||||||||||||||||
Property square footage | ft² | 866 | |||||||||||||||||
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 | |||||||||||||||||
Sears | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Purchase price on acquisition | $ 150,000 | |||||||||||||||||
Joint venture ownership percentage purchased | 50.00% | |||||||||||||||||
Number of stores | store | 9 | |||||||||||||||||
Country Club Plaza | Joint venture | ||||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||||
Property square footage | ft² | 1,246 | |||||||||||||||||
Purchase price on acquisition | $ 660,000 | |||||||||||||||||
Purchase price paid through assumption of debt by the Company | $ 320,000 | $ 330,000 | ||||||||||||||||
Joint venture ownership percentage | 50.00% | |||||||||||||||||
Interest rate (as a percent) | 3.88% |
Investments in Unconsolidated55
Investments in Unconsolidated Joint Ventures - Financial Results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | |||
Properties, net | $ 9,176,642 | $ 6,334,442 | |
Other assets | 614,607 | 507,718 | |
Total assets | 9,791,249 | 6,842,160 | |
Liabilities and partners' capital: | |||
Mortgage and other notes payable | 5,224,713 | 3,607,588 | |
Other liabilities | 403,369 | 355,634 | |
Company's capital | 2,279,819 | 1,585,796 | |
Outside partners' capital | 1,883,348 | 1,293,142 | |
Total liabilities and partners' capital | 9,791,249 | 6,842,160 | |
Investment in unconsolidated joint ventures: | |||
Company's capital | 2,279,819 | 1,585,796 | |
Basis adjustment | (584,887) | (77,701) | |
Investments in unconsolidated joint ventures | 1,694,932 | 1,508,095 | |
Assets—Investments in unconsolidated joint ventures | 1,773,558 | 1,532,552 | |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (78,626) | (24,457) | |
Investments in unconsolidated joint ventures | 1,694,932 | 1,508,095 | |
Total assets | 9,791,249 | 6,842,160 | |
Amortization of difference between cost of investments and book value of underlying equity | 17,610 | 5,619 | $ 5,109 |
Revenues: | |||
Minimum rents | 600,284 | 315,093 | 388,363 |
Percentage rents | 20,917 | 15,757 | 17,161 |
Tenant recoveries | 235,144 | 137,467 | 186,741 |
Other | 56,240 | 35,113 | 40,705 |
Total revenues | 912,585 | 503,430 | 632,970 |
Expenses: | |||
Shopping center and operating expenses | 274,508 | 172,647 | 215,412 |
Interest expense | 187,669 | 88,727 | 137,087 |
Depreciation and amortization | 360,378 | 150,626 | 144,403 |
Total operating expenses | 822,555 | 412,000 | 496,902 |
Loss on sale of assets | (375) | 9,850 | 3,643 |
Loss on early extinguishment of debt | (3) | ||
Net (loss) income | 89,655 | 101,277 | 139,711 |
Company's equity in net (loss) income | 56,941 | 45,164 | 60,626 |
Pacific Premier Retail LP | |||
Revenues: | |||
Minimum rents | 129,145 | 21,172 | 88,831 |
Percentage rents | 5,437 | 2,569 | 2,652 |
Tenant recoveries | 47,856 | 8,408 | 40,118 |
Other | 6,303 | 1,182 | 4,090 |
Total revenues | 188,741 | 33,331 | 135,691 |
Expenses: | |||
Shopping center and operating expenses | 39,804 | 6,852 | 37,113 |
Interest expense | 64,626 | 10,448 | 34,113 |
Depreciation and amortization | 108,880 | 16,919 | 29,688 |
Total operating expenses | 213,310 | 34,219 | 100,914 |
Loss on sale of assets | 0 | 0 | (7,044) |
Loss on early extinguishment of debt | 0 | ||
Net (loss) income | (24,569) | (888) | 27,733 |
Company's equity in net (loss) income | (3,088) | 1,409 | 9,743 |
Other Joint Ventures | |||
Revenues: | |||
Minimum rents | 471,139 | 293,921 | 299,532 |
Percentage rents | 15,480 | 13,188 | 14,509 |
Tenant recoveries | 187,288 | 129,059 | 146,623 |
Other | 49,937 | 33,931 | 36,615 |
Total revenues | 723,844 | 470,099 | 497,279 |
Expenses: | |||
Shopping center and operating expenses | 234,704 | 165,795 | 178,299 |
Interest expense | 123,043 | 78,279 | 102,974 |
Depreciation and amortization | 251,498 | 133,707 | 114,715 |
Total operating expenses | 609,245 | 377,781 | 395,988 |
Loss on sale of assets | (375) | 9,850 | 10,687 |
Loss on early extinguishment of debt | (3) | ||
Net (loss) income | 114,224 | 102,165 | 111,978 |
Company's equity in net (loss) income | 60,029 | 43,755 | 50,883 |
Northwestern Mutual Life (NML) | |||
Investment in unconsolidated joint ventures: | |||
Mortgage notes payable to affiliate | 265,863 | 460,872 | |
Interest expense on borrowings from related party | 16,898 | 29,372 | $ 38,113 |
Pacific Premier Retail LLC—Various Properties | |||
Assets: | |||
Total assets | 3,179,255 | 3,283,702 | |
Investment in unconsolidated joint ventures: | |||
Total assets | 3,179,255 | 3,283,702 | |
Total liabilities | $ 1,887,952 | $ 1,938,241 |
Property, net - Components of P
Property, net - Components of Property (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 1,607,590 | $ 1,894,717 |
Buildings and improvements | 6,511,741 | 7,752,892 |
Tenant improvements | 622,878 | 637,355 |
Equipment and furnishings | 177,036 | 169,841 |
Construction in progress | 289,966 | 234,851 |
Total | 9,209,211 | 10,689,656 |
Less accumulated depreciation | (1,851,901) | (1,892,744) |
Property, net | $ 7,357,310 | $ 8,796,912 |
Property, net - Narrative (Deta
Property, net - Narrative (Details) $ in Thousands | May 31, 2016USD ($) | Apr. 13, 2016USD ($) | Jan. 06, 2016 | Nov. 19, 2015USD ($) | Oct. 30, 2015 | Aug. 28, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($) |
Property, Plant and Equipment [Abstract] | ||||||||||
Depreciation expense | $ 277,270 | $ 354,977 | $ 289,178 | |||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain (loss) on sale of assets | (375) | 9,850 | 3,643 | |||||||
Gain (loss) on sale or write down of assets, net | 415,348 | 378,248 | $ 73,440 | |||||||
Gain on land sales | 4,546 | |||||||||
Contingent settlement payment | 12,180 | |||||||||
Write-off of development cost | 1,538 | 182 | ||||||||
Impairment of real estate | 10,633 | |||||||||
Flagstaff Mall | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain (loss) on sale or write down of assets, net | (39,671) | |||||||||
Mervyn's | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of properties | property | 3 | |||||||||
Arrowhead Towne Center | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain (loss) on sale of assets | $ 101,629 | |||||||||
Percentage of ownership interest sold | 40.00% | |||||||||
PPR Portfolio | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Percentage of ownership interest sold | 40.00% | 40.00% | ||||||||
Gain on land sales | 1,807 | |||||||||
Gain on sale of assets | $ 2,336 | |||||||||
Capitola Mall | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain (loss) on sale or write down of assets, net | $ 24,894 | |||||||||
Gain on disposal | $ 24,894 | |||||||||
Mervyn's (former locations) | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain (loss) on sale or write down of assets, net | $ (3,066) | |||||||||
Gain on disposal | $ (3,066) | |||||||||
Panorama Mall | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain on disposal | $ 73,726 | |||||||||
Wilshire Boulevard | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain (loss) on sale of assets | $ 9,033 | |||||||||
Percentage of ownership interest sold | 30.00% | |||||||||
Gain on sale of assets | $ 9,033 | |||||||||
Rotterdam Square, Somersville Towne Center, Lake Square Mall, South Towne Center, Camelback Colonnade and four former Meryvns' stores | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gain (loss) on sale of assets | $ 144,927 | |||||||||
Gain (loss) on sale or write down of assets, net | $ (41,216) | |||||||||
Gain on sale of assets | 1,257 | |||||||||
Loss on write-off of development costs | $ (40,561) |
Property, net - Assets Measured
Property, net - Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value Measurement | $ 86,100 | $ 33,300 | $ 44,500 |
(Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | 0 |
(Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | 0 |
(Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Fair Value Measurement | $ 86,100 | $ 33,300 | $ 44,500 |
Property, net - Quantitative In
Property, net - Quantitative Information, Unobservable Inputs (Details) - (Level 3) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Terminal capitalization rate | 9.00% | ||
Discount rate | 9.50% | ||
Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Terminal capitalization rate | 7.00% | 8.00% | |
Discount rate | 8.00% | 9.00% | |
Market rents per square foot | 2 | 5 | 6 |
Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Terminal capitalization rate | 10.00% | 9.00% | |
Discount rate | 15.00% | 10.50% | |
Market rents per square foot | 20 | 150 | 160 |
Tenant and Other Receivables,60
Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 17, 2014 |
Components of tenant and other receivables, net | |||
Allowance for doubtful accounts | $ 1,991 | $ 3,072 | |
Deferred rent receivables due to straight-line rent adjustments | 56,761 | 60,790 | |
Accrued percentage rents | |||
Components of tenant and other receivables, net | |||
Accounts receivable | 9,509 | 10,940 | |
LSM Note A | |||
Components of tenant and other receivables, net | |||
Notes receivable | $ 6,284 | $ 6,351 | $ 6,500 |
Notes receivable interest rate (as a percent) | 6.50% | ||
LSM Note B | |||
Components of tenant and other receivables, net | |||
Notes receivable | $ 3,103 | ||
Notes receivable interest rate (as a percent) | 5.00% |
Deferred Charges and Other As61
Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Leasing | $ 239,983 | $ 248,709 | |
Intangible assets: | |||
In-place lease values | 140,437 | 196,969 | |
Leasing commissions and legal costs | 32,384 | 52,000 | |
Above-market leases | 181,851 | 220,847 | |
Deferred tax assets | 38,301 | 38,847 | |
Deferred compensation plan assets | 42,711 | 37,341 | |
Other assets | 72,206 | 70,070 | |
Deferred charges and other assets, gross | 747,873 | 864,783 | |
Less accumulated amortization | (269,815) | (300,492) | |
Deferred charges and other assets, net | 478,058 | 564,291 | |
In-place lease values, leasing commissions and legal costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | 88,785 | 109,453 | |
Amortization expense | $ 33,048 | $ 69,460 | $ 52,668 |
Deferred Charges and Other As62
Deferred Charges and Other Assets, net - Schedule of estimated amortization of intangible assets for the next five years and thereafter (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
2,017 | $ 18,700 |
2,018 | 14,606 |
2,019 | 12,170 |
2,020 | 9,221 |
2,021 | 7,379 |
Thereafter | 21,960 |
Allocated value net | $ 84,036 |
Deferred Charges and Other As63
Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Above-Market Leases | ||
Allocated value net | $ 84,036 | |
Above Market | ||
Above-Market Leases | ||
Original allocated value | 181,851 | $ 220,847 |
Less accumulated amortization | (57,505) | (73,520) |
Allocated value net | 124,346 | 147,327 |
Below Market | ||
Below-Market Leases | ||
Original allocated value | 144,713 | 227,063 |
Less accumulated amortization | (58,400) | (101,872) |
Allocated value, net | $ 86,313 | $ 125,191 |
Deferred Charges and Other As64
Deferred Charges and Other Assets, net - Schedule of estimated amortization of allocated values of above and below-market leases for the next five years and thereafter (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Above Market | ||
2,017 | $ 18,700 | |
2,018 | 14,606 | |
2,019 | 12,170 | |
2,020 | 9,221 | |
2,021 | 7,379 | |
Thereafter | 21,960 | |
Allocated value net | 84,036 | |
Above Market | ||
Above Market | ||
2,017 | 14,369 | |
2,018 | 12,152 | |
2,019 | 10,087 | |
2,020 | 8,720 | |
2,021 | 7,503 | |
Thereafter | 71,515 | |
Allocated value net | 124,346 | $ 147,327 |
Below Market | ||
Below Market | ||
2,017 | 14,094 | |
2,018 | 13,191 | |
2,019 | 11,639 | |
2,020 | 9,146 | |
2,021 | 6,883 | |
Thereafter | 31,360 | |
Allocated value, net | $ 86,313 | $ 125,191 |
Mortgage Notes Payable - Schedu
Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | $ 176,442 | $ 181,069 |
Carrying amount of mortgage notes, other | 3,908,976 | 4,427,518 |
Arrowhead Towne Center | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 0 | 221,194 |
Effective interest rate (as a percent) | 0.00% | |
Monthly debt service | $ 0 | |
Chandler Fashion Center | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 199,833 | 199,766 |
Effective interest rate (as a percent) | 3.77% | |
Monthly debt service | $ 625 | |
Danbury Fair Mall | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 107,929 | 111,078 |
Carrying amount of mortgage notes, other | $ 107,928 | 111,079 |
Effective interest rate (as a percent) | 5.53% | |
Monthly debt service | $ 1,538 | |
Deptford Mall One | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 0 | 193,337 |
Effective interest rate (as a percent) | 0.00% | |
Monthly debt service | $ 0 | |
Deptford Mall Two | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 0 | 13,999 |
Effective interest rate (as a percent) | 0.00% | |
Monthly debt service | $ 0 | |
Fashion Outlets of Chicago | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | 198,966 | 198,653 |
Monthly debt service | 378 | |
Fashion Outlets of Niagara Falls USA | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 115,762 | 117,708 |
Effective interest rate (as a percent) | 4.89% | |
Monthly debt service | $ 727 | |
Flagstaff Mall | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 0 | 37,000 |
Effective interest rate (as a percent) | 0.00% | |
Monthly debt service | $ 0 | |
FlatIron Crossing | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 0 | 254,075 |
Effective interest rate (as a percent) | 0.00% | |
Monthly debt service | $ 0 | |
Freehold Raceway Mall | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 220,643 | 224,836 |
Effective interest rate (as a percent) | 4.20% | |
Monthly debt service | $ 1,132 | |
Fresno Fashion Fair | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | 323,062 | 0 |
Monthly debt service | 971 | |
Green Acres Mall | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 297,798 | 303,960 |
Effective interest rate (as a percent) | 3.61% | |
Monthly debt service | $ 1,447 | |
Kings Plaza Shopping Center | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 456,958 | 466,266 |
Effective interest rate (as a percent) | 3.67% | |
Monthly debt service | $ 2,229 | |
Northgate Mall | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 63,434 | 63,783 |
Effective interest rate (as a percent) | 3.50% | |
Monthly debt service | $ 206 | |
Oaks, The | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 201,235 | 205,555 |
Effective interest rate (as a percent) | 4.14% | |
Monthly debt service | $ 1,064 | |
Pacific View | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 127,311 | 130,108 |
Effective interest rate (as a percent) | 4.08% | |
Monthly debt service | $ 668 | |
Queens Center | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 600,000 | 600,000 |
Effective interest rate (as a percent) | 3.49% | |
Monthly debt service | $ 1,744 | |
Santa Monica Place | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 219,564 | 224,815 |
Effective interest rate (as a percent) | 2.99% | |
Monthly debt service | $ 1,004 | |
SanTan Village Regional Center | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 127,724 | 130,638 |
Effective interest rate (as a percent) | 3.14% | |
Monthly debt service | $ 589 | |
Stonewood Center | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 99,520 | 105,494 |
Effective interest rate (as a percent) | 1.80% | |
Monthly debt service | $ 640 | |
Superstition Springs Center | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 0 | 67,749 |
Effective interest rate (as a percent) | 0.00% | |
Monthly debt service | $ 0 | |
Towne Mall | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 21,570 | 21,956 |
Effective interest rate (as a percent) | 4.48% | |
Monthly debt service | $ 117 | |
Tucson La Encantada | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 68,513 | 69,991 |
Carrying amount of mortgage notes, other | $ 0 | 0 |
Effective interest rate (as a percent) | 4.23% | |
Monthly debt service | $ 368 | |
Victor Valley, Mall of | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 114,559 | 114,500 |
Effective interest rate (as a percent) | 4.00% | |
Monthly debt service | $ 380 | |
Vintage Faire Mall | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 269,228 | 274,417 |
Effective interest rate (as a percent) | 3.55% | |
Monthly debt service | $ 1,256 | |
Westside Pavilion | ||
Mortgage loans payable on real estate | ||
Carrying amount of mortgage notes, related party | 0 | 0 |
Carrying amount of mortgage notes, other | $ 143,881 | $ 146,630 |
Effective interest rate (as a percent) | 4.49% | |
Monthly debt service | $ 783 |
Mortgage Notes Payable - Premiu
Mortgage Notes Payable - Premiums and Discounts (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Mortgage loans payable on real estate | ||
Debt premiums (discounts), net | $ 5,907 | $ 18,408 |
Arrowhead Towne Center | ||
Mortgage loans payable on real estate | ||
Debt premiums | 0 | 8,494 |
Deptford Mall One | ||
Mortgage loans payable on real estate | ||
Debt discounts | 0 | (3) |
Fashion Outlets of Niagara Falls USA | ||
Mortgage loans payable on real estate | ||
Debt premiums | 3,558 | 4,486 |
Stonewood Center | ||
Mortgage loans payable on real estate | ||
Debt premiums | 2,349 | 5,168 |
Superstition Springs Center | ||
Mortgage loans payable on real estate | ||
Debt premiums | $ 0 | $ 263 |
Mortgage Notes Payable - Footno
Mortgage Notes Payable - Footnotes (Details) - USD ($) | Jul. 15, 2016 | Jan. 14, 2016 | Jan. 06, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 06, 2016 |
Mortgage loans payable on real estate | |||||||
Unamortized deferred finance costs | $ 12,716,000 | $ 16,025,000 | |||||
Gain (loss) on extinguishment of debt | $ 13,737,000 | $ 16,066,000 | $ (526,000) | ||||
Northgate Mall | |||||||
Mortgage loans payable on real estate | |||||||
Effective interest rate (as a percent) | 3.50% | ||||||
Arrowhead Towne Center | |||||||
Mortgage loans payable on real estate | |||||||
Interest in the loan assumed by a third party (as a percent) | 40.00% | ||||||
Percentage of ownership interest sold | 40.00% | ||||||
MAC Heitman Portfolio | |||||||
Mortgage loans payable on real estate | |||||||
Percentage of ownership interest sold | 49.00% | 49.00% | |||||
MAC Heitman Portfolio | Joint venture | |||||||
Mortgage loans payable on real estate | |||||||
Percentage of ownership interest sold | 49.00% | ||||||
Arrowhead Towne Center | |||||||
Mortgage loans payable on real estate | |||||||
Face amount of debt | $ 400,000,000 | ||||||
Effective interest rate (as a percent) | 4.05% | ||||||
Gain (loss) on extinguishment of debt | $ (3,575,000) | ||||||
Interest in the loan assumed by a third party (as a percent) | 40.00% | ||||||
Chandler Fashion Center | |||||||
Mortgage loans payable on real estate | |||||||
Interest in the loan assumed by a third party (as a percent) | 49.90% | ||||||
Fashion Outlets of Chicago | |||||||
Mortgage loans payable on real estate | |||||||
Effective interest rate (as a percent) | 2.43% | 1.84% | |||||
Variable interest rate spread (as a percent) | 1.50% | ||||||
Flagstaff Mall | |||||||
Mortgage loans payable on real estate | |||||||
Gain (loss) on extinguishment of debt | $ 5,284,000 | ||||||
Fresno Fashion Fair | |||||||
Mortgage loans payable on real estate | |||||||
Face amount of debt | $ 325,000,000 | ||||||
Effective interest rate (as a percent) | 3.67% | ||||||
Northgate Mall | |||||||
Mortgage loans payable on real estate | |||||||
Effective interest rate (as a percent) | 3.30% | ||||||
Variable interest rate spread (as a percent) | 2.25% |
Mortgage Notes Payable - Narrat
Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |||
Interest expense capitalized | $ 10,316 | $ 13,052 | $ 12,559 |
Fair value of mortgage notes payable | $ 4,126,819 | $ 4,628,781 |
Mortgage Notes Payable - Future
Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Mortgage loans payable on real estate | ||
Debt premium, net | $ 5,907 | $ 18,408 |
Deferred finance cost | (12,716) | (16,025) |
Total | 4,085,418 | $ 4,608,587 |
Mortgage notes payable | ||
Mortgage loans payable on real estate | ||
2,017 | 218,562 | |
2,018 | 480,176 | |
2,019 | 796,592 | |
2,020 | 528,456 | |
2,021 | 291,733 | |
Thereafter | 1,776,708 | |
Long term debt including debt premium | 4,092,227 | |
Debt premium, net | 5,907 | |
Total | $ 4,085,418 |
Bank and Other Notes Payable -
Bank and Other Notes Payable - Narrative (Details) - USD ($) | Jul. 06, 2016 | Oct. 23, 2015 | Mar. 29, 2013 | Dec. 08, 2011 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Bank and other notes payable | |||||||
Deferred finance cost | $ (12,716,000) | $ (16,025,000) | |||||
Loss on extinguishment of debt | (13,737,000) | (16,066,000) | $ 526,000 | ||||
Line of Credit | |||||||
Bank and other notes payable | |||||||
Line of credit | 1,500,000,000 | ||||||
Amended line of credit | $ 1,500,000,000 | ||||||
Extension option term | 1 year | ||||||
Maximum contingent borrowing capacity | $ 2,000,000,000 | ||||||
Line of credit | 885,000,000 | 650,000,000 | |||||
Deferred finance cost | $ (10,039,000) | $ (6,967,000) | |||||
Average interest rate (as a percent) | 2.40% | 1.95% | |||||
Line of Credit | Level 2 | |||||||
Bank and other notes payable | |||||||
Fair value of line of credit | $ 865,921,000 | $ 640,260,000 | |||||
Line of Credit | LIBOR | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 1.45% | ||||||
Line of Credit | LIBOR | Low end of range | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 1.30% | 1.38% | |||||
Line of Credit | LIBOR | High end of range | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 1.90% | 2.00% | |||||
Term Loan | |||||||
Bank and other notes payable | |||||||
Debt issued | $ 125,000,000 | ||||||
Loss on extinguishment of debt | $ 578,000 | ||||||
Term Loan | LIBOR | Low end of range | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 1.95% | ||||||
Term Loan | LIBOR | High end of range | |||||||
Bank and other notes payable | |||||||
Variable interest rate spread (as a percent) | 3.20% | ||||||
Prasada Note | |||||||
Bank and other notes payable | |||||||
Debt issued | $ 13,330,000 | ||||||
Interest rate on debt (as a percent) | 5.25% | ||||||
Carrying value of term loan | $ 5,521,000 | 9,130,000 | |||||
Estimated fair value of term loan | $ 5,786,000 | $ 9,168,000 |
Bank and Other Notes Payable 71
Bank and Other Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Mortgage loans payable on real estate | ||
Deferred finance cost | $ (12,716) | $ (16,025) |
Bank and other notes payable | ||
Mortgage loans payable on real estate | ||
2,017 | 781 | |
2,018 | 823 | |
2,019 | 868 | |
2,020 | 915 | |
2,021 | 887,134 | |
Thereafter | 0 | |
Long term debt including debt premium | 890,521 | |
Deferred finance cost | (10,039) | |
Long-term debt | $ 880,482 |
Co-Venture Arrangement (Details
Co-Venture Arrangement (Details) $ / shares in Units, ft² in Thousands, $ in Thousands | Sep. 30, 2009USD ($)ft²$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Co-Venture Arrangement | ||||
Cash proceeds for the overall transaction | $ 724,275 | $ 646,898 | $ 320,123 | |
Co-venture obligation | 58,973 | 63,756 | ||
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) | shares | 935,358 | |||
Exercise price of stock warrants (in dollars per share) | $ / shares | $ 46.68 | |||
Cash proceeds for the overall transaction | $ 174,650 | |||
Proceeds attributed to warrants | 6,496 | |||
Co-venture obligation | $ 168,154 | $ 58,973 | $ 63,756 | |
Freehold Raceway Mall | ||||
Co-Venture Arrangement | ||||
Property square footage | ft² | 1,674 | |||
Chandler Fashion Center | ||||
Co-Venture Arrangement | ||||
Property square footage | ft² | 1,319 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Aug. 20, 2014 | Aug. 17, 2012 | |
Noncontrolling Interest [Line Items] | ||||
Limited partnership interest of the operating partnership (as a percent) | 7.00% | 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 | $ 733,141 | $ 870,625 | ||
The Macerich Partnership, L.P. | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest in operating partnership (as a percent) | 93.00% | 93.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | Jul. 11, 2016shares | May 09, 2016USD ($)shares | Apr. 19, 2016shares | Feb. 17, 2016USD ($)shares | Jan. 19, 2016shares | Nov. 12, 2015USD ($)$ / sharesshares | Oct. 30, 2015dividend$ / shares | Nov. 14, 2014USD ($)shares | Jul. 11, 2016$ / sharesshares | Apr. 19, 2016$ / sharesshares | Jan. 19, 2016$ / sharesshares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)shares | Dec. 31, 2012USD ($)shares | Sep. 30, 2015USD ($) | Aug. 20, 2014USD ($)$ / shares | Aug. 17, 2012USD ($)$ / shares |
Stockholders' Equity Note [Abstract] | |||||||||||||||||||
Authorized amount for stock repurchase program | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | $ 1,200,000,000 | |||||||||||||||
Authorized amount for accelerated stock repurchase program | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||||||||||||
Accelerated share repurchased, number of shares purchased (shares) | shares | 1,104,162 | 3,964,812 | 861,235 | 4,222,193 | 970,609 | 4,140,788 | 5,068,974 | 5,083,428 | 5,111,397 | ||||||||||
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share) | $ / shares | $ 78.91 | $ 78.69 | $ 78.26 | ||||||||||||||||
Number of dividends declared | dividend | 2 | ||||||||||||||||||
Dividends declared for common stock (in dollars per share) | $ / shares | $ 2 | $ 2 | $ 2.75 | $ 6.63 | |||||||||||||||
Par value of common stock (in dollars per share) | $ / shares | $ 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) | shares | 2,456,956 | 2,961,903 | |||||||||||||||||
Proceeds from sale | $ 173,011,000 | $ 177,896,000 | |||||||||||||||||
Net proceeds of stock offering | $ 1,161,274,000 | $ 171,102,000 | $ 175,649,000 | ||||||||||||||||
PPR Queens Portfolio | |||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||
Issuance restricted common stock | $ 1,166,777,000 | ||||||||||||||||||
Common Stock | PPR Queens Portfolio | |||||||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||||||
Restricted common stock issued for acquisition (in shares) | shares | 17,140,845 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Thousands | Aug. 19, 2016 | Oct. 30, 2015 | Feb. 17, 2015 | Nov. 14, 2014 | Oct. 31, 2014 | Jun. 04, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Acquisition | |||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | $ 0 | $ 0 | $ 1,414,659 | ||||||
Contingent settlement payment | $ 12,180 | ||||||||
PPR Portfolio | |||||||||
Acquisition | |||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | $ 713,000 | ||||||||
Percentage of ownership interest sold | 40.00% | 40.00% | |||||||
Cascade Mall | |||||||||
Acquisition | |||||||||
Additional ownership interest (as a percent) | 49.00% | ||||||||
Purchase price | $ 15,233 | ||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | ||||||||
Fashion Outlets of Chicago | Joint venture | |||||||||
Acquisition | |||||||||
Purchase price | $ 69,987 | ||||||||
Purchase price funded by cash payment on acquisition | 55,867 | ||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | $ 14,120 | ||||||||
Contingent settlement payment | $ 23,800 | ||||||||
PPR Queens Portfolio | |||||||||
Acquisition | |||||||||
Additional ownership interest (as a percent) | 49.00% | ||||||||
Purchase price | $ 1,838,886 | ||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | ||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | $ 672,109 | ||||||||
Issuance restricted common stock | $ 1,166,777 | ||||||||
Inland Center | |||||||||
Acquisition | |||||||||
Additional ownership interest (as a percent) | 50.00% | ||||||||
Purchase price | $ 51,250 | ||||||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | ||||||||
Purchase price funded by cash payment on acquisition | $ 26,250 | ||||||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | $ 25,000 |
Acquisitions - Allocation of Fa
Acquisitions - Allocation of Fair Value (Details) - USD ($) $ in Thousands | Feb. 17, 2015 | Nov. 14, 2014 | Jun. 04, 2014 |
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 | ||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | ||
PPR Queens Portfolio | |||
Acquisition | |||
Property | $ 3,711,819 | ||
Deferred charges | 155,892 | ||
Cash and cash equivalents | 28,890 | ||
Restricted cash | 5,113 | ||
Tenant receivables | 5,438 | ||
Other assets | 127,244 | ||
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 | ||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | ||
Inland Center | |||
Acquisition | |||
Property | $ 91,871 | ||
Deferred charges | 9,752 | ||
Other assets | 5,782 | ||
Total assets acquired | 107,405 | ||
Mortgage notes payable | 50,000 | ||
Other accrued liabilities | 4,905 | ||
Total liabilities assumed | 54,905 | ||
Fair value of acquired net assets (at 100% ownership) | $ 52,500 | ||
Ownership percentage at completion of acquisition (as a percent) | 100.00% |
Acquisitions - Reconciliation o
Acquisitions - Reconciliation of Purchase Price to Fair Value (Details) - USD ($) $ in Thousands | Feb. 17, 2015 | Nov. 14, 2014 | Jun. 04, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Acquisition | ||||||
Less debt assumed | $ 0 | $ 0 | $ (1,414,659) | |||
Carrying value of investment | (1,773,558) | (1,532,552) | ||||
Gain on remeasurement of assets | $ 0 | $ 22,089 | $ 1,423,136 | |||
Cascade Mall | ||||||
Acquisition | ||||||
Purchase price | $ 15,233 | |||||
Carrying value of investment | (15,767) | |||||
Fair value of acquired net assets (at 100% ownership) | $ 31,000 | |||||
PPR 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 | |||||
Inland Center | ||||||
Acquisition | ||||||
Purchase price | $ 51,250 | |||||
Less debt assumed | (25,000) | |||||
Carrying value of investment | (4,161) | |||||
Gain on remeasurement of assets | 22,089 | |||||
Fair value of acquired net assets (at 100% ownership) | $ 52,500 |
Acquisitions - Gain (Loss) on R
Acquisitions - Gain (Loss) on Remeasurement (Details) - USD ($) $ in Thousands | Feb. 17, 2015 | Nov. 14, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Acquisition | |||||
Carrying value of investment | $ (1,773,558) | $ (1,532,552) | |||
Gain on remeasurement of assets | $ 0 | $ 22,089 | $ 1,423,136 | ||
PPR 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 | ||||
Fair value of existing ownership interest (as a percent) | 51.00% | ||||
Inland Center | |||||
Acquisition | |||||
Fair value of existing ownership interest | $ 26,250 | ||||
Carrying value of investment | (4,161) | ||||
Gain on remeasurement of assets | $ 22,089 | ||||
Fair value of existing ownership interest (as a percent) | 50.00% |
Dispositions (Details)
Dispositions (Details) ft² in Thousands, $ in Thousands | Jul. 15, 2016USD ($)ft² | May 31, 2016USD ($) | Apr. 13, 2016USD ($)ft² | Nov. 19, 2015USD ($)ft² | Jun. 30, 2015USD ($)ft² | Dec. 29, 2014USD ($)ft² | Oct. 31, 2014USD ($)ft² | Oct. 10, 2014USD ($) | Sep. 11, 2014USD ($) | Aug. 28, 2014USD ($) | Jul. 07, 2014USD ($) | Mar. 17, 2014USD ($)ft²note | Feb. 14, 2014USD ($)ft² | Jan. 15, 2014USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Gain (loss) on extinguishment of debt | $ 13,737 | $ 16,066 | $ (526) | ||||||||||||||
Flagstaff Mall | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Gain (loss) on extinguishment of debt | $ 5,284 | ||||||||||||||||
Rotterdam Square | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Property square footage | ft² | 585 | ||||||||||||||||
Proceeds from sale | $ 8,500 | ||||||||||||||||
Gain (loss) on disposal | $ (472) | ||||||||||||||||
Somersville Town Center | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Property square footage | ft² | 348 | ||||||||||||||||
Proceeds from sale | $ 12,337 | ||||||||||||||||
Gain (loss) on disposal | $ (263) | ||||||||||||||||
Lake Square Mall | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Property square footage | ft² | 559 | ||||||||||||||||
Proceeds from sale | $ 13,280 | ||||||||||||||||
Gain (loss) on disposal | (876) | ||||||||||||||||
Cash payment | $ 3,677 | ||||||||||||||||
Lake Square Mall | Notes receivable | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Number of notes receivable | note | 2 | ||||||||||||||||
Notes receivable | $ 9,603 | ||||||||||||||||
Mervyn's | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Proceeds from sale | $ 1,900 | $ 1,200 | $ 3,500 | $ 3,560 | |||||||||||||
Gain (loss) on disposal | $ (3) | $ 315 | $ (80) | $ (158) | |||||||||||||
South Towne Center | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Property square footage | ft² | 1,278 | ||||||||||||||||
Proceeds from sale | $ 205,000 | ||||||||||||||||
Gain (loss) on disposal | $ 121,873 | ||||||||||||||||
Camelback Colonnade | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Proceeds from sale | $ 92,898 | ||||||||||||||||
Gain (loss) on disposal | 24,554 | ||||||||||||||||
Cash payment | 61,173 | ||||||||||||||||
Assumption of debt | 31,725 | ||||||||||||||||
Debt discharged | 47,946 | ||||||||||||||||
Noncontrollling interest adjustment | $ 17,217 | ||||||||||||||||
Camelback Colonnade | Joint venture | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Property square footage | ft² | 619 | ||||||||||||||||
Ownership interest (as a percent) | 67.50% | ||||||||||||||||
Great Northern Mall | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Property square footage | ft² | 895 | ||||||||||||||||
Great Northern Mall | Great Northern Mall | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Gain (loss) on extinguishment of debt | $ (1,627) | ||||||||||||||||
Panorama Mall | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Property square footage | ft² | 312 | ||||||||||||||||
Proceeds from sale | $ 98,000 | ||||||||||||||||
Gain (loss) on disposal | $ 73,726 | ||||||||||||||||
Capitola Mall | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Property square footage | ft² | 586 | ||||||||||||||||
Proceeds from sale | $ 93,000 | ||||||||||||||||
Gain (loss) on disposal | $ 24,894 | ||||||||||||||||
Mervyn's (former locations) | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Proceeds from sale | $ 3,200 | ||||||||||||||||
Gain (loss) on disposal | $ (3,066) | ||||||||||||||||
Flagstaff Mall | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Property square footage | ft² | 347 |
Future Rental Revenues (Details
Future Rental Revenues (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 536,826 |
2,018 | 456,976 |
2,019 | 396,405 |
2,020 | 349,394 |
2,021 | 298,641 |
Thereafter | 989,259 |
Total | $ 3,027,501 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of future minimum rental payments by the Company (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 13,712 |
2,018 | 9,423 |
2,019 | 7,840 |
2,020 | 7,848 |
2,021 | 7,487 |
Thereafter | 193,659 |
Total minimum future payments | $ 239,969 |
Commitments and Contingencies82
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Ground rent expenses | $ 9,894 | $ 11,870 | $ 10,968 |
Contingent liability under letters of credit | 61,002 | ||
Outstanding obligations under construction agreements | $ 41,906 |
Related-Party Transactions - Sc
Related-Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - Unconsolidated joint ventures and third party managed properties - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Management fees | $ 17,937 | $ 10,064 | $ 16,751 |
Development and leasing fees | 13,907 | 9,615 | 10,528 |
Fees charged to unconsolidated joint ventures | $ 31,844 | $ 19,679 | $ 27,279 |
Related-Party Transactions - Na
Related-Party Transactions - Narrative (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013ft²note | |
Related Party Transaction [Line Items] | ||||
Interest expense, related party | $ 8,973 | $ 10,515 | $ 15,134 | |
Due (to) from affiliates | $ 68,227 | $ 83,928 | ||
Limited partnership interest of the operating partnership (as a percent) | 7.00% | 7.00% | ||
Related Parties Note Receivable, RED Consolidated Holdings, LLC | ||||
Related Party Transaction [Line Items] | ||||
Due (to) from affiliates | $ 5,593 | $ 9,252 | ||
Notes receivable interest rate | 5.25% | |||
Interest earned | $ 366 | 520 | 614 | |
Northwestern Mutual Life (NML) | ||||
Related Party Transaction [Line Items] | ||||
Interest expense payable, related party | 736 | 756 | ||
Unconsolidated joint ventures | ||||
Related Party Transaction [Line Items] | ||||
Interest income, related party | 164 | |||
Due (to) from affiliates | (6,809) | 7,467 | ||
Affiliated entity | ||||
Related Party Transaction [Line Items] | ||||
Limited partnership interest of the operating partnership (as a percent) | 40.00% | |||
Affiliated entity | Fashion Outlets of Chicago | ||||
Related Party Transaction [Line Items] | ||||
Property square footage | ft² | 538 | |||
Affiliated entity | Related parties note receivable, AWE Talisman Company | ||||
Related Party Transaction [Line Items] | ||||
Interest income, related party | 516 | |||
Number of notes receivable | note | 2 | |||
Notes receivable interest rate | 5.00% | |||
Affiliated entity | Notes receivable | Fashion Outlets of San Francisco | ||||
Related Party Transaction [Line Items] | ||||
Interest earned | 2,234 | 1,872 | $ 206 | |
Note receivable | $ 69,443 | $ 67,209 | ||
Affiliated entity | Notes receivable | Fashion Outlets of San Francisco | LIBOR | ||||
Related Party Transaction [Line Items] | ||||
Notes receivable interest rate | 2.00% |
Share and Unit-Based Plans - 20
Share and Unit-Based Plans - 2003 Equity Incentive Plan (Details) - 2003 Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2016shares | |
Share and unit-based plans | |
Term of award (in years) | 10 years |
Maximum shares authorized under plan (shares) | 19,825,428 |
Shares available for issuance under plan (in shares) | 6,791,618 |
Share and Unit-Based Plans - St
Share and Unit-Based Plans - Stock Awards and Stock Units Roll Forward Activity (Details) | 12 Months Ended | ||
Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | |
Stock awards | |||
Shares or Units | |||
Balance at beginning of year (shares) | shares | 1,612 | 9,189 | 19,001 |
Granted (shares) | shares | 0 | 0 | 0 |
Vested (shares) | shares | (1,612) | (7,577) | (9,812) |
Balance at end of year (shares) | shares | 0 | 1,612 | 9,189 |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of year (in dollars per share) | $ / shares | $ 62.01 | $ 59.25 | $ 56.77 |
Granted (in dollars per share) | $ / shares | 0 | 0 | 0 |
Vested (in dollars per share) | $ / shares | 62.01 | 58.67 | 54.45 |
Balance at end of year (in dollars per share) | $ / shares | $ 0 | $ 62.01 | $ 59.25 |
Stock units | |||
Shares or Units | |||
Balance at beginning of year (shares) | shares | 132,086 | 144,374 | 137,318 |
Granted (shares) | shares | 85,601 | 77,282 | 75,309 |
Vested (shares) | shares | (69,259) | (86,761) | (68,253) |
Forfeited (shares) | shares | 0 | (2,809) | 0 |
Balance at end of year (shares) | shares | 148,428 | 132,086 | 144,374 |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of year (in dollars per share) | $ / shares | $ 74.58 | $ 59.94 | $ 57.24 |
Granted (in dollars per share) | $ / shares | 79.22 | 86.53 | 60.50 |
Vested (in dollars per share) | $ / shares | 71.82 | 61.29 | 55.14 |
Forfeited (in dollars per share) | $ / shares | 0 | 86.72 | 0 |
Balance at end of year (in dollars per share) | $ / shares | $ 78.53 | $ 74.58 | $ 59.94 |
Number of common shares into which units can be converted (shares) | 1 |
Share and Unit-Based Plans - SA
Share and Unit-Based Plans - SARs Narrative (Details) - $ / shares | 12 Months Ended | |||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 06, 2016 | Jan. 05, 2016 | Dec. 08, 2015 | Dec. 07, 2015 | Dec. 31, 2013 | |
Share and unit-based plans | ||||||||
Distributions paid, per share (in dollars per share) | $ 4.63 | $ 2.51 | ||||||
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 (in years) | 8 years | |||||||
Stock appreciation units balance (shares) | 284,146 | 417,783 | 772,639 | 427,968 | 417,783 | 407,823 | 1,070,991 | |
Stock appreciation weighted average price (in dollars per share) | $ 53.85 | $ 55.13 | $ 56.67 | $ 53.85 | $ 55.13 | $ 55.13 | $ 56.49 | $ 56.66 |
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 (in years) | 8 years |
Share and Unit-Based Plans - 88
Share and Unit-Based Plans - SARs Roll Forward Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SARs | |||
Units | |||
Balance at beginning of year (shares) | 417,783 | 772,639 | 1,070,991 |
Granted (shares) | 0 | 0 | 0 |
Exercised (shares) | (143,822) | (364,807) | (298,352) |
Special dividend adjustment (shares) | 10,185 | 9,951 | 0 |
Balance at end of year (shares) | 284,146 | 417,783 | 772,639 |
Weighted Average Exercise Price (in dollars per share) | |||
Balance at beginning of year (in dollars per share) | $ 55.13 | $ 56.67 | $ 56.66 |
Granted (in dollars per share) | 0 | 0 | 0 |
Vested (in dollars per share) | 53.73 | 56.86 | 56.63 |
Special dividend adjustment (in dollars per share) | 53.88 | 55.13 | 0 |
Balance at end of year (in dollars per share) | $ 53.85 | $ 55.13 | $ 56.67 |
Stock units | |||
Units | |||
Granted (shares) | 85,601 | 77,282 | 75,309 |
Weighted Average Exercise Price (in dollars per share) | |||
Balance at beginning of year (in dollars per share) | $ 74.58 | $ 59.94 | $ 57.24 |
Granted (in dollars per share) | 79.22 | 86.53 | 60.50 |
Vested (in dollars per share) | 71.82 | 61.29 | 55.14 |
Balance at end of year (in dollars per share) | $ 78.53 | $ 74.58 | $ 59.94 |
Share and Unit-Based Plans - Lo
Share and Unit-Based Plans - Long-Term Incentive Plan Units (Details) | Mar. 04, 2016$ / sharesshares | Jan. 07, 2016 | Jan. 01, 2016$ / sharesshares | Dec. 31, 2015shares | Mar. 06, 2015$ / sharesshares | Jan. 12, 2015 | Jan. 01, 2015$ / sharesshares | Dec. 31, 2014shares | Mar. 07, 2014$ / sharesshares | Jan. 01, 2014$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares |
Stock units | |||||||||||||
Share and unit-based plans | |||||||||||||
Conversion rate | 1 | ||||||||||||
Granted (shares) | 85,601 | 77,282 | 75,309 | ||||||||||
Granted (in dollars per share) | $ / shares | $ 79.22 | $ 86.53 | $ 60.50 | ||||||||||
Vested (shares) | 69,259 | 86,761 | 68,253 | ||||||||||
LTIP units | |||||||||||||
Share and unit-based plans | |||||||||||||
Conversion rate | 1 | ||||||||||||
Granted (shares) | 480,371 | 424,442 | 725,908 | ||||||||||
Granted (in dollars per share) | $ / shares | $ 60.25 | $ 65 | $ 74.71 | $ 51.71 | |||||||||
Level of percentile ranking at which awards vested (as a percent) | 130.00% | 150.00% | |||||||||||
Absolute return requirement (shares) | 3.00% | ||||||||||||
Vested (shares) | 55,934 | 136,465 | 214,114 | 414,822 | 679,213 | ||||||||
Risk free rate (as a percent) | 1.32% | 0.25% | |||||||||||
Volatility rate (as a percent) | 20.31% | 16.81% | |||||||||||
LTIP units | LTIP units that vest in equal installments over a service period ending December 31, 2018 | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (shares) | 58,786 | ||||||||||||
Granted (in dollars per share) | $ / shares | $ 80.69 | ||||||||||||
LTIP units | Market-Indexed LTIP units that vest in equal installments over a service period ending December 31, 2018 | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (shares) | 266,899 | ||||||||||||
Granted (in dollars per share) | $ / shares | $ 53.32 | ||||||||||||
LTIP units | LTIP units that are fully vested on the grant date | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (shares) | 154,686 | ||||||||||||
Granted (in dollars per share) | $ / shares | $ 79.20 | ||||||||||||
LTIP units | 2014 LTIP Units Series 2 | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (shares) | 70,042 | ||||||||||||
Granted (in dollars per share) | $ / shares | $ 58.89 | ||||||||||||
LTIP units | 2014 LTIP Units Series 1 | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (shares) | 246,471 | 272,930 | |||||||||||
Granted (in dollars per share) | $ / shares | $ 45.34 | ||||||||||||
LTIP units | 2015 LTIP Units Series 1 | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (shares) | 49,451 | ||||||||||||
Granted (in dollars per share) | $ / shares | $ 83.41 | ||||||||||||
LTIP units | 2015 LTIP Units Series 2 | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (shares) | 186,450 | ||||||||||||
Granted (in dollars per share) | $ / shares | $ 66.37 | ||||||||||||
LTIP units | 2015 LTIP Units Series 3 | |||||||||||||
Share and unit-based plans | |||||||||||||
Granted (shares) | 132,607 | ||||||||||||
Granted (in dollars per share) | $ / shares | $ 86.72 |
Share and Unit-Based Plans - LT
Share and Unit-Based Plans - LTIP Activity (Details) - LTIP units - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 07, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Units | ||||||
Balance at beginning of year (shares) | 56,315 | 46,695 | 0 | |||
Granted (shares) | 480,371 | 424,442 | 725,908 | |||
Vested (shares) | (55,934) | (136,465) | (214,114) | (414,822) | (679,213) | |
Forfeited (shares) | 0 | 0 | 0 | |||
Balance at end of year (shares) | 56,315 | 46,695 | 322,572 | 56,315 | 46,695 | |
Weighted Average Grant Date Fair Value | ||||||
Balance at beginning of year (in dollars per share) | $ 73.24 | $ 58.89 | $ 0 | |||
Granted (in dollars per share) | $ 60.25 | 65 | 74.71 | 51.71 | ||
Vested (in dollars per share) | 77.45 | 73.13 | 51.22 | |||
Forfeited (in dollars per share) | 0 | 0 | 0 | |||
Balance at end of year (in dollars per share) | $ 73.24 | $ 58.89 | $ 58.18 | $ 73.24 | $ 58.89 |
Share and Unit-Based Plans - 91
Share and Unit-Based Plans - Stock Options Narrative (Details) - Stock options - $ / shares | 12 Months Ended | |||||||
Dec. 31, 2012 | Dec. 31, 2016 | Jan. 06, 2016 | Dec. 31, 2015 | Dec. 09, 2015 | Dec. 08, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | |||||||
Stock options, outstanding, number (shares) | 10,565 | 10,565 | 10,314 | 10,314 | 10,068 | 10,068 | 10,068 | |
Stock options, outstanding, weighted average exercise price (in dollars per share) | $ 56.77 | $ 56.77 | $ 58.15 | $ 58.15 | $ 59.57 | $ 59.57 | $ 59.57 |
Share and Unit-Based Plans - 92
Share and Unit-Based Plans - Stock Option Activity (Details) - Stock options - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Options | |||
Balance at beginning of year (shares) | 10,314 | 10,068 | 10,068 |
Granted (shares) | 0 | 0 | 0 |
Exercised (in shares) | 0 | 0 | 0 |
Special dividend adjustment (shares) | 251 | 246 | 0 |
Balance at end of year (shares) | 10,565 | 10,314 | 10,068 |
Weighted Average Exercise Price (in dollars per share) | |||
Balance at beginning of year (in dollars per share) | $ 58.15 | $ 59.57 | $ 59.57 |
Granted (in dollars per share) | 0 | 0 | 0 |
Exercised (in dollars per share) | 0 | 0 | 0 |
Special dividend adjustment (in dollars per share) | 56.77 | 58.15 | 0 |
Balance at end of year (in dollars per share) | $ 56.77 | $ 58.15 | $ 59.57 |
Share and Unit-Based Plans - Di
Share and Unit-Based Plans - Directors' Phantom Stock Plan (Details) | 12 Months Ended | ||
Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014$ / sharesshares | |
Phantom stock units | |||
Share and unit-based plans | |||
Number of common shares into which units can be converted (shares) | 1 | ||
Units | |||
Balance at beginning of year (shares) | 0 | 9,269 | 17,575 |
Granted (shares) | 21,088 | 13,351 | 10,747 |
Vested (shares) | (15,243) | (20,162) | (19,053) |
Forfeited (shares) | 0 | (2,458) | 0 |
Balance at end of year (shares) | 5,845 | 0 | 9,269 |
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Balance at beginning of year (in dollars per share) | $ / shares | $ 0 | $ 58.35 | $ 58.66 |
Granted (in dollars per share) | $ / shares | 80.21 | 78.72 | 65.54 |
Vested (in dollars per share) | $ / shares | 79.73 | 72.17 | 62.69 |
Forfeited (in dollars per share) | $ / shares | 0 | 55.62 | 0 |
Balance at end of year (in dollars per share) | $ / shares | $ 81.47 | $ 0 | $ 58.35 |
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 (shares) | 1 | ||
Maximum shares authorized under plan (shares) | 500,000 | ||
Shares available for issuance under plan (in shares) | 178,515 |
Share and Unit-Based Plans - Em
Share and Unit-Based Plans - Employee Stock Purchase Plan (Details) - ESPP | 12 Months Ended |
Dec. 31, 2016shares | |
Share and unit-based plans | |
Discount from market price (as a percent) | 15.00% |
Maximum shares authorized under plan (shares) | 750,000 |
Shares available for issuance under plan (in shares) | 489,138 |
Share and Unit-Based Plans - Co
Share and Unit-Based Plans - Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | $ 40,529 | $ 34,375 | $ 34,873 |
Capitalized share and unit-based compensation costs | 7,241 | 6,008 | 5,410 |
Stock awards | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 20 | 252 | 365 |
Stock units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 6,305 | 6,041 | 4,689 |
Unrecognized compensation cost of share and unit-based plans | 4,380 | ||
LTIP units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 32,957 | 26,622 | 28,598 |
Unrecognized compensation cost of share and unit-based plans | 2,397 | ||
Stock options | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 16 | 16 | 16 |
Unrecognized compensation cost of share and unit-based plans | 11 | ||
Phantom stock units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 1,231 | 1,444 | 1,205 |
Unrecognized compensation cost of share and unit-based plans | 476 | ||
Stock awards and units | |||
Share and unit-based plans | |||
Fair value of equity-based awards vested during period | $ 5,644 | $ 8,794 | $ 4,685 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | 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 | $ 3,384 | $ 3,299 | $ 3,253 | ||
Deferred Compensation Plans | |||||
Employee Benefit Plans: | |||||
Employer contribution | $ 1,032 | $ 933 | $ 845 |
Income Taxes - Schedule of comp
Income Taxes - Schedule of components of distributions made to common stockholders on a per share basis (Details) - $ / shares | Nov. 12, 2015 | Oct. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Dividends, dollars per share | |||||
Ordinary income (in dollars per share) | $ 0.94 | $ 1.20 | $ 1.92 | ||
Capital gains (in dollars per share) | 3.60 | 3.64 | 0.16 | ||
Unrecaptured Section 1250 gain (in dollars per share) | 0 | 0 | 0.05 | ||
Return of capital (in dollars per share) | 0 | 0 | 0.38 | ||
Dividends paid for income tax purposes (in dollars per share) | $ 4.54 | $ 4.84 | $ 2.51 | ||
Dividends, percent | |||||
Ordinary income (as a percent) | 20.80% | 24.80% | 76.50% | ||
Capital gains (as a percent) | 79.20% | 75.20% | 6.40% | ||
Unrecaptured Section 1250 gain (as a percent) | 0.00% | 0.00% | 2.00% | ||
Return of capital (as a percent) | 0.00% | 0.00% | 15.10% | ||
Dividends paid (as a percent) | 100.00% | 100.00% | 100.00% | ||
Distributions paid, per share (in dollars per share) | $ 4.63 | $ 2.51 | |||
Leases [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, 2017 $ 536,826 2018 456,976 2019 396,405 2020 349,394 2021 298,641 Thereafter 989,259 $ 3,027,501 Minimum future rental payments required under the leases are as follows: Year Ending December 31, 2017 $ 13,712 2018 9,423 2019 7,840 2020 7,848 2021 7,487 Thereafter 193,659 $ 239,969 | ||||
Dividends declared for common stock (in dollars per share) | $ 2 | $ 2 | $ 2.75 | 6.63 | |
Cash deemed paid (in dollars per share) | $ 0.21 |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income tax benefit of TRSs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current | $ (176) | $ 0 | $ 0 |
Deferred | (546) | 3,223 | 4,269 |
Income tax (expense) benefit | $ (722) | $ 3,223 | $ 4,269 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of income tax benefit (provision) of the TRSs to the amount computed by applying the federal corporate tax rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Book loss for TRSs | $ 5,254 | $ 10,681 | $ 10,785 |
Tax at statutory rate on earnings from continuing operations before income taxes | 1,786 | 3,632 | 3,667 |
Other | (2,508) | (409) | 602 |
Income tax (expense) benefit | $ (722) | $ 3,223 | $ 4,269 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $ 38,301 | $ 38,847 |
Income Taxes - Schedule of tax
Income Taxes - Schedule of tax effects of temporary differences and carryforwards of the TRSs included in net deferred tax assets(Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 22,335 | $ 25,340 |
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs | (12,720) | (10,600) |
Other | 3,246 | 2,907 |
Deferred tax assets | $ 38,301 | $ 38,847 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 14, 2016 | Nov. 19, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Revenues | $ 272,000 | $ 253,367 | $ 259,904 | $ 256,000 | $ 320,758 | $ 326,262 | $ 322,794 | $ 318,335 | $ 1,041,271 | $ 1,288,149 | $ 1,105,247 | ||
Net income attributable to the Company | $ 37,128 | $ 13,730 | $ 45,222 | $ 420,915 | $ 414,959 | $ 33,597 | $ 14,395 | $ 24,611 | $ 516,995 | $ 487,562 | $ 1,499,042 | ||
Net income attributable to common stockholders (dollars per share) | $ 0.26 | $ 0.09 | $ 0.31 | $ 2.77 | $ 2.65 | $ 0.21 | $ 0.09 | $ 0.15 | $ 3.52 | $ 3.08 | $ 10.46 | ||
Net income attributable to common stockholders (dollars per share) | $ 0.26 | $ 0.09 | $ 0.31 | $ 2.76 | $ 2.65 | $ 0.21 | $ 0.09 | $ 0.15 | $ 3.52 | $ 3.08 | $ 10.45 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain (loss) on sale of assets | $ (375) | $ 9,850 | $ 3,643 | ||||||||||
Arrowhead Towne Center | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain (loss) on sale of assets | $ 101,629 | ||||||||||||
Arrowhead Towne Center | PPR Queens Portfolio | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain (loss) on sale of assets | $ 101,629 | ||||||||||||
PPR Portfolio | PPR Queens Portfolio | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain (loss) on sale of assets | $ 311,194 | ||||||||||||
Panorama Mall | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain on disposal | $ 73,726 | ||||||||||||
Joint venture | MAC Heitman Portfolio | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain (loss) on sale of assets | $ 340,734 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, ft² in Thousands | Feb. 09, 2017$ / shares | Feb. 02, 2017USD ($) | Jan. 18, 2017USD ($)ft² | Nov. 12, 2015USD ($)$ / shares | Oct. 30, 2015$ / shares | Dec. 31, 2016$ / shares | Dec. 31, 2015$ / shares | Feb. 13, 2017USD ($) | Feb. 01, 2017USD ($) | May 09, 2016USD ($) | Feb. 17, 2016USD ($) | Sep. 30, 2015USD ($) |
Subsequent events | ||||||||||||
Dividends declared for common stock (in dollars per share) | $ / shares | $ 2 | $ 2 | $ 2.75 | $ 6.63 | ||||||||
Authorized amount for stock repurchase program | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | $ 1,200,000,000 | ||||||||
Subsequent event | ||||||||||||
Subsequent events | ||||||||||||
Dividends declared for common stock (in dollars per share) | $ / shares | $ 0.71 | |||||||||||
Authorized amount for stock repurchase program | $ 500,000,000 | |||||||||||
Subsequent event | West Acres | Loans payable | ||||||||||||
Subsequent events | ||||||||||||
Face amount of debt | $ 80,000,000 | |||||||||||
Effective interest rate (as a percent) | 4.61% | |||||||||||
Subsequent event | Kierland Commons | Loans payable | ||||||||||||
Subsequent events | ||||||||||||
Face amount of debt | $ 225,000,000 | |||||||||||
Interest rate on debt (as a percent) | 3.95% | |||||||||||
Debt term (years) | 10 years | |||||||||||
Subsequent event | Cascade Mall | ||||||||||||
Subsequent events | ||||||||||||
Property square footage | ft² | 589 | |||||||||||
Subsequent event | Northgate Mall | ||||||||||||
Subsequent events | ||||||||||||
Property square footage | ft² | 750 | |||||||||||
Subsequent event | Cascade and Northgate Malls | ||||||||||||
Subsequent events | ||||||||||||
Proceeds from sale | $ 170,000,000 |
Schedule III-Real Estate and104
Schedule III-Real Estate and Accumulated Depreciation - Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Initial Cost to Company | ||||
Land | $ 1,496,273 | |||
Building and Improvements | 4,965,128 | |||
Equipment and Furnishings | 47,415 | |||
Cost Capitalized Subsequent to Acquisition | 2,700,395 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,607,590 | |||
Building and Improvements | 7,134,619 | |||
Equipment and Furnishings | 177,036 | $ 169,841 | ||
Construction in Progress | 289,966 | 234,851 | ||
Total | 9,209,211 | 10,689,656 | $ 12,777,882 | $ 9,181,338 |
Accumulated Depreciation | 1,851,901 | $ 1,892,744 | $ 1,709,992 | $ 1,559,572 |
Total Cost Net of Accumulated Depreciation | 7,357,310 | |||
Cascade Mall | ||||
Initial Cost to Company | ||||
Land | 19,253 | |||
Building and Improvements | 9,671 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | (8,495) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 12,728 | |||
Building and Improvements | 7,616 | |||
Equipment and Furnishings | 85 | |||
Construction in Progress | 0 | |||
Total | 20,429 | |||
Accumulated Depreciation | 1,250 | |||
Total Cost Net of Accumulated Depreciation | 19,179 | |||
Chandler Fashion Center | ||||
Initial Cost to Company | ||||
Land | 24,188 | |||
Building and Improvements | 223,143 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 17,987 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 24,188 | |||
Building and Improvements | 235,804 | |||
Equipment and Furnishings | 5,326 | |||
Construction in Progress | 0 | |||
Total | 265,318 | |||
Accumulated Depreciation | 98,095 | |||
Total Cost Net of Accumulated Depreciation | 167,223 | |||
Danbury Fair Mall | ||||
Initial Cost to Company | ||||
Land | 130,367 | |||
Building and Improvements | 316,951 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 105,275 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 142,751 | |||
Building and Improvements | 402,975 | |||
Equipment and Furnishings | 6,682 | |||
Construction in Progress | 185 | |||
Total | 552,593 | |||
Accumulated Depreciation | 130,195 | |||
Total Cost Net of Accumulated Depreciation | 422,398 | |||
Desert Sky Mall | ||||
Initial Cost to Company | ||||
Land | 9,447 | |||
Building and Improvements | 37,245 | |||
Equipment and Furnishings | 12 | |||
Cost Capitalized Subsequent to Acquisition | 4,364 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 9,082 | |||
Building and Improvements | 40,869 | |||
Equipment and Furnishings | 1,117 | |||
Construction in Progress | 0 | |||
Total | 51,068 | |||
Accumulated Depreciation | 8,534 | |||
Total Cost Net of Accumulated Depreciation | 42,534 | |||
Eastland Mall | ||||
Initial Cost to Company | ||||
Land | 22,050 | |||
Building and Improvements | 151,605 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9,944 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 22,066 | |||
Building and Improvements | 160,374 | |||
Equipment and Furnishings | 1,041 | |||
Construction in Progress | 118 | |||
Total | 183,599 | |||
Accumulated Depreciation | 23,376 | |||
Total Cost Net of Accumulated Depreciation | 160,223 | |||
Estrella Falls | ||||
Initial Cost to Company | ||||
Land | 10,550 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 69,998 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,747 | |||
Building and Improvements | 13,874 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 55,927 | |||
Total | 80,548 | |||
Accumulated Depreciation | 231 | |||
Total Cost Net of Accumulated Depreciation | 80,317 | |||
Fashion Outlets of Chicago | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 259,054 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 40,575 | |||
Building and Improvements | 215,298 | |||
Equipment and Furnishings | 3,020 | |||
Construction in Progress | 161 | |||
Total | 259,054 | |||
Accumulated Depreciation | 34,610 | |||
Total Cost Net of Accumulated Depreciation | 224,444 | |||
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 | 111,293 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 22,963 | |||
Building and Improvements | 314,797 | |||
Equipment and Furnishings | 2,218 | |||
Construction in Progress | 35 | |||
Total | 340,013 | |||
Accumulated Depreciation | 50,599 | |||
Total Cost Net of Accumulated Depreciation | 289,414 | |||
The Marketplace at Flagstaff | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 45,887 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 45,885 | |||
Equipment and Furnishings | 2 | |||
Construction in Progress | 0 | |||
Total | 45,887 | |||
Accumulated Depreciation | 20,613 | |||
Total Cost Net of Accumulated Depreciation | 25,274 | |||
Freehold Raceway Mall | ||||
Initial Cost to Company | ||||
Land | 164,986 | |||
Building and Improvements | 362,841 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 107,159 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 168,098 | |||
Building and Improvements | 460,606 | |||
Equipment and Furnishings | 6,281 | |||
Construction in Progress | 1 | |||
Total | 634,986 | |||
Accumulated Depreciation | 164,369 | |||
Total Cost Net of Accumulated Depreciation | 470,617 | |||
Fresno Fashion Fair | ||||
Initial Cost to Company | ||||
Land | 17,966 | |||
Building and Improvements | 72,194 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 40,263 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 17,966 | |||
Building and Improvements | 109,817 | |||
Equipment and Furnishings | 2,393 | |||
Construction in Progress | 247 | |||
Total | 130,423 | |||
Accumulated Depreciation | 49,038 | |||
Total Cost Net of Accumulated Depreciation | 81,385 | |||
Green Acres Mall | ||||
Initial Cost to Company | ||||
Land | 156,640 | |||
Building and Improvements | 321,034 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 161,617 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 176,464 | |||
Building and Improvements | 442,960 | |||
Equipment and Furnishings | 7,850 | |||
Construction in Progress | 12,017 | |||
Total | 639,291 | |||
Accumulated Depreciation | 57,449 | |||
Total Cost Net of Accumulated Depreciation | 581,842 | |||
Inland Center | ||||
Initial Cost to Company | ||||
Land | 8,321 | |||
Building and Improvements | 83,550 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 22,217 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 8,280 | |||
Building and Improvements | 100,189 | |||
Equipment and Furnishings | 23 | |||
Construction in Progress | 5,596 | |||
Total | 114,088 | |||
Accumulated Depreciation | 7,298 | |||
Total Cost Net of Accumulated Depreciation | 106,790 | |||
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 | 83,783 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 198,066 | |||
Building and Improvements | 451,167 | |||
Equipment and Furnishings | 26,936 | |||
Construction in Progress | 122,203 | |||
Total | 798,372 | |||
Accumulated Depreciation | 57,537 | |||
Total Cost Net of Accumulated Depreciation | 740,835 | |||
La Cumbre Plaza | ||||
Initial Cost to Company | ||||
Land | 18,122 | |||
Building and Improvements | 21,492 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 24,017 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 17,280 | |||
Building and Improvements | 45,691 | |||
Equipment and Furnishings | 361 | |||
Construction in Progress | 299 | |||
Total | 63,631 | |||
Accumulated Depreciation | 22,331 | |||
Total Cost Net of Accumulated Depreciation | 41,300 | |||
Macerich Management Co. | ||||
Initial Cost to Company | ||||
Land | 1,150 | |||
Building and Improvements | 10,475 | |||
Equipment and Furnishings | 26,562 | |||
Cost Capitalized Subsequent to Acquisition | 42,629 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,878 | |||
Building and Improvements | 11,856 | |||
Equipment and Furnishings | 64,612 | |||
Construction in Progress | 470 | |||
Total | 80,816 | |||
Accumulated Depreciation | 54,147 | |||
Total Cost Net of Accumulated Depreciation | 26,669 | |||
MACWH, LP | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 25,771 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 17,807 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 11,557 | |||
Building and Improvements | 27,455 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 4,566 | |||
Total | 43,578 | |||
Accumulated Depreciation | 8,411 | |||
Total Cost Net of Accumulated Depreciation | 35,167 | |||
Northgate Mall | ||||
Initial Cost to Company | ||||
Land | 8,400 | |||
Building and Improvements | 34,865 | |||
Equipment and Furnishings | 841 | |||
Cost Capitalized Subsequent to Acquisition | 104,911 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 13,414 | |||
Building and Improvements | 132,373 | |||
Equipment and Furnishings | 3,095 | |||
Construction in Progress | 135 | |||
Total | 149,017 | |||
Accumulated Depreciation | 72,362 | |||
Total Cost Net of Accumulated Depreciation | 76,655 | |||
NorthPark Mall | ||||
Initial Cost to Company | ||||
Land | 7,746 | |||
Building and Improvements | 74,661 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9,852 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,885 | |||
Building and Improvements | 83,894 | |||
Equipment and Furnishings | 480 | |||
Construction in Progress | 0 | |||
Total | 92,259 | |||
Accumulated Depreciation | 14,256 | |||
Total Cost Net of Accumulated Depreciation | 78,003 | |||
The Oaks | ||||
Initial Cost to Company | ||||
Land | 32,300 | |||
Building and Improvements | 117,156 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 260,689 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 56,387 | |||
Building and Improvements | 350,481 | |||
Equipment and Furnishings | 3,031 | |||
Construction in Progress | 246 | |||
Total | 410,145 | |||
Accumulated Depreciation | 125,906 | |||
Total Cost Net of Accumulated Depreciation | 284,239 | |||
Pacific View | ||||
Initial Cost to Company | ||||
Land | 8,697 | |||
Building and Improvements | 8,696 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 129,548 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,854 | |||
Building and Improvements | 136,674 | |||
Equipment and Furnishings | 2,332 | |||
Construction in Progress | 81 | |||
Total | 146,941 | |||
Accumulated Depreciation | 63,783 | |||
Total Cost Net of Accumulated Depreciation | 83,158 | |||
Paradise Valley Mall | ||||
Initial Cost to Company | ||||
Land | 33,445 | |||
Building and Improvements | 128,485 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 35,982 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 39,382 | |||
Building and Improvements | 155,283 | |||
Equipment and Furnishings | 2,416 | |||
Construction in Progress | 831 | |||
Total | 197,912 | |||
Accumulated Depreciation | 69,249 | |||
Total Cost Net of Accumulated Depreciation | 128,663 | |||
Promenade at Casa Grande | ||||
Initial Cost to Company | ||||
Land | 15,089 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 61,137 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,382 | |||
Building and Improvements | 70,779 | |||
Equipment and Furnishings | 65 | |||
Construction in Progress | 0 | |||
Total | 76,226 | |||
Accumulated Depreciation | 38,130 | |||
Total Cost Net of Accumulated Depreciation | 38,096 | |||
Queens Center | ||||
Initial Cost to Company | ||||
Land | 251,474 | |||
Building and Improvements | 1,039,922 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 17,307 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 256,786 | |||
Building and Improvements | 1,049,545 | |||
Equipment and Furnishings | 2,063 | |||
Construction in Progress | 309 | |||
Total | 1,308,703 | |||
Accumulated Depreciation | 58,875 | |||
Total Cost Net of Accumulated Depreciation | 1,249,828 | |||
Santa Monica Place | ||||
Initial Cost to Company | ||||
Land | 26,400 | |||
Building and Improvements | 105,600 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 326,644 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 48,374 | |||
Building and Improvements | 401,826 | |||
Equipment and Furnishings | 7,903 | |||
Construction in Progress | 541 | |||
Total | 458,644 | |||
Accumulated Depreciation | 100,790 | |||
Total Cost Net of Accumulated Depreciation | 357,854 | |||
San Tan Adjacent Land | ||||
Initial Cost to Company | ||||
Land | 29,414 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 7,498 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 30,506 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 6,406 | |||
Total | 36,912 | |||
Accumulated Depreciation | 0 | |||
Total Cost Net of Accumulated Depreciation | 36,912 | |||
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 | 197,498 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,344 | |||
Building and Improvements | 197,552 | |||
Equipment and Furnishings | 1,402 | |||
Construction in Progress | 27 | |||
Total | 205,325 | |||
Accumulated Depreciation | 82,599 | |||
Total Cost Net of Accumulated Depreciation | 122,726 | |||
South Park Mall | ||||
Initial Cost to Company | ||||
Land | 7,035 | |||
Building and Improvements | 38,215 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 24,628 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,479 | |||
Building and Improvements | 61,668 | |||
Equipment and Furnishings | 408 | |||
Construction in Progress | 323 | |||
Total | 69,878 | |||
Accumulated Depreciation | 9,371 | |||
Total Cost Net of Accumulated Depreciation | 60,507 | |||
Southridge Mall | ||||
Initial Cost to Company | ||||
Land | 6,764 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 20,674 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,422 | |||
Building and Improvements | 20,721 | |||
Equipment and Furnishings | 130 | |||
Construction in Progress | 165 | |||
Total | 27,438 | |||
Accumulated Depreciation | 3,937 | |||
Total Cost Net of Accumulated Depreciation | 23,501 | |||
Stonewood Center | ||||
Initial Cost to Company | ||||
Land | 4,948 | |||
Building and Improvements | 302,527 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 6,344 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,935 | |||
Building and Improvements | 308,712 | |||
Equipment and Furnishings | 64 | |||
Construction in Progress | 108 | |||
Total | 313,819 | |||
Accumulated Depreciation | 19,891 | |||
Total Cost Net of Accumulated Depreciation | 293,928 | |||
Superstition Springs Center | ||||
Initial Cost to Company | ||||
Land | 10,928 | |||
Building and Improvements | 112,718 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 7,214 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,928 | |||
Building and Improvements | 119,566 | |||
Equipment and Furnishings | 366 | |||
Construction in Progress | 0 | |||
Total | 130,860 | |||
Accumulated Depreciation | 11,623 | |||
Total Cost Net of Accumulated Depreciation | 119,237 | |||
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 | 290 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,618 | |||
Building and Improvements | 4,627 | |||
Equipment and Furnishings | 83 | |||
Construction in Progress | 0 | |||
Total | 6,328 | |||
Accumulated Depreciation | 1,739 | |||
Total Cost Net of Accumulated Depreciation | 4,589 | |||
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 | (8,852) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 16,922 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 10,384 | |||
Total | 27,306 | |||
Accumulated Depreciation | 0 | |||
Total Cost Net of Accumulated Depreciation | 27,306 | |||
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 | 26,237 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 5 | |||
Equipment and Furnishings | 10,823 | |||
Construction in Progress | 17,943 | |||
Total | 28,771 | |||
Accumulated Depreciation | 2,126 | |||
Total Cost Net of Accumulated Depreciation | 26,645 | |||
Towne Mall | ||||
Initial Cost to Company | ||||
Land | 6,652 | |||
Building and Improvements | 31,184 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 4,587 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,877 | |||
Building and Improvements | 35,011 | |||
Equipment and Furnishings | 506 | |||
Construction in Progress | 29 | |||
Total | 42,423 | |||
Accumulated Depreciation | 13,960 | |||
Total Cost Net of Accumulated Depreciation | 28,463 | |||
Tucson La Encantada | ||||
Initial Cost to Company | ||||
Land | 12,800 | |||
Building and Improvements | 19,699 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 55,372 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 12,800 | |||
Building and Improvements | 74,492 | |||
Equipment and Furnishings | 558 | |||
Construction in Progress | 21 | |||
Total | 87,871 | |||
Accumulated Depreciation | 40,241 | |||
Total Cost Net of Accumulated Depreciation | 47,630 | |||
Valley Mall | ||||
Initial Cost to Company | ||||
Land | 16,045 | |||
Building and Improvements | 26,098 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 12,048 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 15,616 | |||
Building and Improvements | 37,359 | |||
Equipment and Furnishings | 364 | |||
Construction in Progress | 852 | |||
Total | 54,191 | |||
Accumulated Depreciation | 6,203 | |||
Total Cost Net of Accumulated Depreciation | 47,988 | |||
Valley River Center | ||||
Initial Cost to Company | ||||
Land | 24,854 | |||
Building and Improvements | 147,715 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 22,820 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 24,854 | |||
Building and Improvements | 168,547 | |||
Equipment and Furnishings | 1,969 | |||
Construction in Progress | 19 | |||
Total | 195,389 | |||
Accumulated Depreciation | 54,723 | |||
Total Cost Net of Accumulated Depreciation | 140,666 | |||
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 | 52,659 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 20,080 | |||
Building and Improvements | 121,458 | |||
Equipment and Furnishings | 2,051 | |||
Construction in Progress | 0 | |||
Total | 143,589 | |||
Accumulated Depreciation | 44,179 | |||
Total Cost Net of Accumulated Depreciation | 99,410 | |||
Vintage Faire Mall | ||||
Initial Cost to Company | ||||
Land | 14,902 | |||
Building and Improvements | 60,532 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 57,668 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 17,647 | |||
Building and Improvements | 113,955 | |||
Equipment and Furnishings | 1,435 | |||
Construction in Progress | 65 | |||
Total | 133,102 | |||
Accumulated Depreciation | 66,308 | |||
Total Cost Net of Accumulated Depreciation | 66,794 | |||
Westside Pavilion | ||||
Initial Cost to Company | ||||
Land | 34,100 | |||
Building and Improvements | 136,819 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 72,966 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 34,100 | |||
Building and Improvements | 201,441 | |||
Equipment and Furnishings | 5,827 | |||
Construction in Progress | 2,517 | |||
Total | 243,885 | |||
Accumulated Depreciation | 100,870 | |||
Total Cost Net of Accumulated Depreciation | 143,015 | |||
Wilton Mall | ||||
Initial Cost to Company | ||||
Land | 19,743 | |||
Building and Improvements | 67,855 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 26,198 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 19,810 | |||
Building and Improvements | 92,834 | |||
Equipment and Furnishings | 1,152 | |||
Construction in Progress | 0 | |||
Total | 113,796 | |||
Accumulated Depreciation | 32,064 | |||
Total Cost Net of Accumulated Depreciation | 81,732 | |||
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 | 9,313 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,991 | |||
Building and Improvements | 51,370 | |||
Equipment and Furnishings | 205 | |||
Construction in Progress | 14,956 | |||
Total | 77,522 | |||
Accumulated Depreciation | 9,699 | |||
Total Cost Net of Accumulated Depreciation | 67,823 | |||
Other freestanding stores | ||||
Initial Cost to Company | ||||
Land | 5,926 | |||
Building and Improvements | 43,180 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 10,153 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,926 | |||
Building and Improvements | 52,972 | |||
Equipment and Furnishings | 361 | |||
Construction in Progress | 0 | |||
Total | 59,259 | |||
Accumulated Depreciation | 19,177 | |||
Total Cost Net of Accumulated Depreciation | 40,082 | |||
Other land and development properties | ||||
Initial Cost to Company | ||||
Land | 33,795 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 34,211 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 31,582 | |||
Building and Improvements | 4,241 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 32,183 | |||
Total | 68,006 | |||
Accumulated Depreciation | 1,757 | |||
Total Cost Net of Accumulated Depreciation | $ 66,249 |
Schedule III-Real Estate and105
Schedule III-Real Estate and Accumulated Depreciation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in total real estate assets | |||
Balances, beginning of year | $ 10,689,656 | $ 12,777,882 | $ 9,181,338 |
Additions | 254,604 | 392,575 | 4,042,409 |
Dispositions and retirements | (1,735,049) | (2,480,801) | (445,865) |
Balances, end of year | 9,209,211 | 10,689,656 | 12,777,882 |
Aggregate gross cost of the property for federal income tax purposes | 6,079,675 | ||
Changes in accumulated depreciation | |||
Balances, beginning of year | 1,892,744 | 1,709,992 | 1,559,572 |
Additions | 277,270 | 354,977 | 289,178 |
Dispositions and retirements | (318,113) | (172,225) | (138,758) |
Balances, end of year | $ 1,851,901 | $ 1,892,744 | $ 1,709,992 |
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 |