Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-12504 | ||
Entity Registrant Name | MACERICH CO | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 95-4448705 | ||
Entity Address, Address Line One | 401 Wilshire Boulevard, | ||
Entity Address, Address Line Two | Suite 700, | ||
Entity Address, City or Town | Santa Monica, | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90401 | ||
City Area Code | (310) | ||
Local Phone Number | 394-6000 | ||
Title of 12(b) Security | Common Stock, $0.01 Par Value | ||
Trading Symbol | MAC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4.7 | ||
Entity Common Stock, Shares Outstanding | 141,296,774 | ||
Documents Incorporated by Reference | Portions of the proxy statement for the annual stockholders meeting to be held in 2020 are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0000912242 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Property, net | $ 6,643,513 | $ 6,785,776 |
Cash and cash equivalents | 100,005 | 102,711 |
Restricted cash | 14,211 | 46,590 |
Tenant and other receivables, net | 144,035 | 123,492 |
Right-of-use assets, net | 148,087 | |
Deferred charges and other assets, net | 277,866 | 390,403 |
Due from affiliates | 6,157 | 85,181 |
Investments in unconsolidated joint ventures | 1,519,697 | 1,492,655 |
Total assets | 8,853,571 | 9,026,808 |
LIABILITIES AND EQUITY: | ||
Mortgage notes payable | 4,392,599 | 4,073,916 |
Bank and other notes payable | 817,377 | 908,544 |
Accounts payable and accrued expenses | 51,027 | 59,392 |
Lease liabilities | 114,201 | |
Other accrued liabilities | 265,595 | 303,051 |
Distributions in excess of investments in unconsolidated joint ventures | 107,902 | 114,988 |
Financing arrangement obligation | 273,900 | 378,485 |
Total liabilities | 6,022,601 | 5,838,376 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 250,000,000 shares authorized, 141,407,650 and 141,221,712 shares issued and outstanding at December 31, 2019 and 2018, respectively | 1,414 | 1,412 |
Additional paid-in capital | 4,583,911 | 4,567,643 |
Accumulated deficit | (1,944,012) | (1,614,357) |
Accumulated other comprehensive loss | (9,051) | (4,466) |
Total stockholders' equity | 2,632,262 | 2,950,232 |
Noncontrolling interests | 198,708 | 238,200 |
Total equity | 2,830,970 | 3,188,432 |
Total liabilities and equity | $ 8,853,571 | $ 9,026,808 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Par value of common stock (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 141,407,650 | |
Common stock, shares outstanding | 141,407,650 | 141,221,712 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Leasing revenue | $ 858,874 | $ 883,996 | |
Leasing revenue | 883,996 | $ 922,152 | |
Total revenues | 927,462 | 960,351 | 993,662 |
Expenses: | |||
Leasing expense | 29,611 | ||
Leasing expenses | 11,624 | 12,420 | |
REIT general and administrative expenses | 22,634 | 24,160 | 28,240 |
Costs related to shareholder activism | 0 | 19,369 | 0 |
Depreciation and amortization | 330,726 | 327,436 | 335,431 |
Total expenses before interest | 721,313 | 751,969 | 758,982 |
Interest (income) expense: | |||
Related parties | (62,517) | 6,883 | 8,731 |
Other | 200,771 | 176,079 | 163,045 |
Total interest expense | 138,254 | 182,962 | 171,776 |
Loss on extinguishment of debt | 351 | 0 | 0 |
Total expenses | 859,918 | 934,931 | 930,758 |
Equity in income of unconsolidated joint ventures | 48,508 | 71,773 | 85,546 |
Co-venture expense | 0 | 0 | (13,629) |
Income tax (expense) benefit | (1,589) | 3,604 | (15,594) |
(Loss) gain on sale or write down of assets, net | (11,909) | (31,825) | 42,446 |
Net income | 102,554 | 68,972 | 161,673 |
Less net income attributable to noncontrolling interests | 5,734 | 8,952 | 15,543 |
Net income attributable to the Company | $ 96,820 | $ 60,020 | $ 146,130 |
Earnings per common share attributable to common stockholders: | |||
Net income attributable to common stockholders (dollars per share) | $ 0.68 | $ 0.42 | $ 1.02 |
Net income attributable to common stockholders (dollars per share) | $ 0.68 | $ 0.42 | $ 1.02 |
Weighted average number of common shares outstanding: | |||
Basic (shares) | 141,340 | 141,142 | 141,877 |
Diluted (shares) | 141,340 | 141,144 | 141,913 |
Other | |||
Revenues: | |||
Revenues | $ 27,879 | $ 32,875 | $ 28,116 |
Management Companies | |||
Revenues: | |||
Revenues | 40,709 | 43,480 | 43,394 |
Expenses: | |||
Operating expenses | 66,795 | 91,910 | 87,701 |
Shopping center and operating expenses | |||
Expenses: | |||
Operating expenses | $ 271,547 | $ 277,470 | $ 295,190 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 102,554 | $ 68,972 | $ 161,673 |
Other comprehensive loss: | |||
Interest rate cap/swap agreements | (4,585) | (42) | |
Interest rate cap/swap agreements | (4,424) | (42) | |
Comprehensive income | 97,969 | 64,548 | 161,631 |
Less net income attributable to noncontrolling interests | 5,734 | 8,952 | 15,543 |
Comprehensive income attributable to the Company | $ 92,235 | $ 55,596 | $ 146,088 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Balance (in shares) at Dec. 31, 2016 | 143,985,036 | ||||||
Balance at Dec. 31, 2016 | $ 4,427,168 | $ 4,105,887 | $ 1,440 | $ 4,593,229 | $ (488,782) | $ 0 | $ 321,281 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 161,673 | 146,130 | 146,130 | 15,543 | |||
Interest rate cap/swap agreements | (42) | ||||||
Interest rate cap/swap agreements | (42) | (42) | (42) | ||||
Amortization of share and unit-based plans (in shares) | 97,694 | ||||||
Amortization of share and unit-based plans | 37,005 | 37,005 | $ 1 | 37,004 | |||
Employee stock purchases (in shares) | 38,832 | ||||||
Employee stock purchases | 1,868 | 1,868 | 1,868 | ||||
Stock repurchase (in shares) | (3,627,390) | ||||||
Stock repurchases | (221,428) | (221,428) | $ (36) | (135,176) | (86,216) | ||
Distributions | (407,895) | (407,895) | (407,895) | ||||
Distributions to noncontrolling interests | (35,944) | (35,944) | |||||
Contributions from noncontrolling interests | 30 | 30 | |||||
Conversion of noncontrolling interests to common shares (in shares) | 499,813 | ||||||
Conversion of noncontrolling interests to common shares | 0 | 16,797 | $ 5 | 16,792 | (16,797) | ||
Redemption of noncontrolling interests | (920) | (615) | (615) | (305) | |||
Adjustment of noncontrolling interests in Operating Partnership | 0 | (2,613) | (2,613) | 2,613 | |||
Balance (in shares) at Dec. 31, 2017 | 140,993,985 | ||||||
Balance at Dec. 31, 2017 | 3,967,999 | 3,681,578 | $ 1,410 | 4,510,489 | (830,279) | (42) | 286,421 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 68,972 | 60,020 | 60,020 | 8,952 | |||
Interest rate cap/swap agreements | (4,424) | (4,424) | (4,424) | ||||
Amortization of share and unit-based plans (in shares) | 125,723 | ||||||
Amortization of share and unit-based plans | 33,551 | 33,551 | $ 1 | 33,550 | |||
Employee stock purchases (in shares) | 35,293 | ||||||
Employee stock purchases | 1,570 | 1,570 | 1,570 | ||||
Distributions | (419,239) | (419,239) | (419,239) | ||||
Distributions to noncontrolling interests | (34,395) | (34,395) | |||||
Contributions from noncontrolling interests | 16 | 16 | |||||
Conversion of noncontrolling interests to common shares (in shares) | 66,711 | ||||||
Conversion of noncontrolling interests to common shares | 0 | 75 | $ 1 | 74 | (75) | ||
Redemption of noncontrolling interests | (759) | (511) | (511) | (248) | |||
Adjustment of noncontrolling interests in Operating Partnership | 0 | 22,471 | 22,471 | (22,471) | |||
Balance (in shares) at Dec. 31, 2018 | 141,221,712 | ||||||
Balance at Dec. 31, 2018 | 3,188,432 | 2,950,232 | $ 1,412 | 4,567,643 | (1,614,357) | (4,466) | 238,200 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 102,554 | 96,820 | 96,820 | 5,734 | |||
Interest rate cap/swap agreements | (4,585) | (4,585) | (4,585) | ||||
Amortization of share and unit-based plans (in shares) | 106,747 | ||||||
Amortization of share and unit-based plans | 16,723 | 16,723 | $ 1 | 16,722 | |||
Employee stock purchases (in shares) | 58,191 | ||||||
Employee stock purchases | 1,519 | 1,519 | $ 1 | 1,518 | |||
Distributions | (424,272) | (424,272) | (424,272) | ||||
Distributions to noncontrolling interests | (50,262) | (50,262) | |||||
Contributions from noncontrolling interests | 3,131 | 3,131 | |||||
Conversion of noncontrolling interests to common shares (in shares) | 21,000 | ||||||
Conversion of noncontrolling interests to common shares | 0 | 1,005 | 1,005 | (1,005) | |||
Redemption of noncontrolling interests | (67) | (31) | (31) | (36) | |||
Adjustment of noncontrolling interests in Operating Partnership | $ 0 | (2,946) | (2,946) | 2,946 | |||
Balance (in shares) at Dec. 31, 2019 | 141,407,650 | 141,407,650 | |||||
Balance at Dec. 31, 2019 | $ 2,830,970 | $ 2,632,262 | $ 1,414 | $ 4,583,911 | $ (1,944,012) | $ (9,051) | $ 198,708 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared for common stock (in dollars per share) | $ 3 | $ 2.97 | $ 2.87 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 102,554 | $ 68,972 | $ 161,673 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss on extinguishment of debt | 351 | 0 | 0 |
Loss (gain) on sale or write down of assets, net | 11,909 | 31,825 | (42,446) |
Depreciation and amortization | 337,667 | 334,682 | 341,275 |
Amortization of net premium on mortgage notes payable | (929) | (929) | (3,277) |
Amortization of share and unit-based plans | 12,032 | 27,367 | 30,799 |
Straight-line rent and amortization of above and below market leases | (14,009) | (13,701) | (9,561) |
Provision for doubtful accounts | 7,682 | 4,663 | 4,314 |
Income tax expense (benefit) | 1,589 | (3,604) | 15,594 |
Equity in income of unconsolidated joint ventures | (48,508) | (71,773) | (85,546) |
Change in fair value of financing arrangement obligation | (76,640) | (15,225) | 0 |
Co-venture expense | 0 | 0 | 13,629 |
Distributions of income from unconsolidated joint ventures | 934 | 1,959 | 463 |
Changes in assets and liabilities, net of acquisitions and dispositions: | |||
Tenant and other receivables | (9,929) | (13,912) | (6,508) |
Other assets | (9,553) | 8,439 | (4,414) |
Due from affiliates | 13,894 | (3,019) | (13,982) |
Accounts payable and accrued expenses | (237) | (2,159) | (5,822) |
Other accrued liabilities | 26,350 | (9,274) | (9,802) |
Net cash provided by operating activities | 355,157 | 344,311 | 386,389 |
Cash flows from investing activities: | |||
Development, redevelopment, expansion and renovation of properties | (166,791) | (181,089) | (160,343) |
Property improvements | (21,114) | (56,142) | (41,807) |
Proceeds from collection of notes receivable | 68,819 | 1,043 | 7,073 |
Deferred leasing costs | (11,906) | (28,769) | (31,655) |
Distributions from unconsolidated joint ventures | 266,349 | 536,643 | 267,964 |
Contributions to unconsolidated joint ventures | (252,903) | (181,239) | (117,538) |
Proceeds from sale of assets | 5,520 | 85,876 | 255,294 |
Net cash (used in) provided by investing activities | (112,026) | 176,323 | 178,988 |
Cash flows from financing activities: | |||
Proceeds from mortgages, bank and other notes payable | 1,796,000 | 415,000 | 1,430,000 |
Payments on mortgages, bank and other notes payable | (1,567,089) | (469,814) | (1,219,728) |
Deferred financing costs | (7,759) | (275) | (8,500) |
Payment of finance deposits, net of refunds received | 0 | (6,542) | 0 |
Payment on finance arrangement obligation | (27,945) | 0 | 0 |
Payments on finance leases | (1,472) | ||
Proceeds from share and unit-based plans | 1,519 | 1,570 | 1,868 |
Stock repurchases | 0 | 0 | (221,428) |
Redemption of noncontrolling interests | (67) | (759) | (920) |
Contributions from noncontrolling interests | 3,131 | 16 | 30 |
Dividends and distributions | (474,534) | (453,634) | (443,839) |
Distributions to co-venture partner | 0 | 0 | (103,752) |
Net cash used in financing activities | (278,216) | (514,438) | (566,269) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (35,085) | 6,196 | (892) |
Cash, cash equivalents and restricted cash at beginning of year | 149,301 | 143,105 | 143,997 |
Cash, cash equivalents, and restricted cash at end of year | 114,216 | 149,301 | 143,105 |
Supplemental cash flow information: | |||
Cash payments for interest, net of amounts capitalized | 210,026 | 192,254 | 168,493 |
Non-cash investing and financing activities: | |||
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | 32,452 | 50,006 | 43,726 |
Conversion of Operating Partnership Units to common stock | 1,005 | 75 | 16,797 |
Lease liabilities recorded in connection with right-of-use assets | 109,299 | ||
Mortgage notes payable assumed by buyer in exchange for investment in unconsolidated joint venture | 0 | 139,249 | 0 |
Disposition of property in exchange for investments in unconsolidated joint ventures | $ 0 | $ 25,177 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 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, 2019 | |
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. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity ("VIE") 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 VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures. 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, 2019 2018 Assets: Property, net $ 254,071 $ 263,511 Other assets 30,049 23,001 Total assets $ 284,120 $ 286,512 Liabilities: Mortgage notes payable $ 219,140 $ 125,273 Other liabilities 32,101 32,503 Total liabilities $ 251,241 $ 157,776 All intercompany accounts and transactions have been eliminated in the consolidated financial statements. Basis of Presentation: (Continued) The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows: 2019 2018 2017 Beginning of period Cash and cash equivalents $ 102,711 $ 91,038 $ 94,046 Restricted cash 46,590 52,067 49,951 Cash, cash equivalents and restricted cash $ 149,301 $ 143,105 $ 143,997 End of period Cash and cash equivalents $ 100,005 $ 102,711 $ 91,038 Restricted cash 14,211 46,590 52,067 Cash, cash equivalents and restricted cash $ 114,216 $ 149,301 $ 143,105 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 and other agreements. Revenues: Leasing revenue includes minimum rents, percentage rents, tenant recoveries and other leasing income. 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 $10,533, $11,755 and $8,597 due to the straight-line rent adjustment during the years ended December 31, 2019, 2018 and 2017, 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 4% of the gross monthly rental revenue of the properties managed. Property: Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 5 - 40 years Tenant improvements 5 - 7 years Equipment and furnishings 5 - 7 years Capitalization of Costs: The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete. Investment in Unconsolidated Joint Ventures: The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, 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 Acquisitions: (Continued) 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 and capitalizes costs associated with asset acquisitions. 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 leasing 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. Derivative Instruments and Hedging Activities: The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations. 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 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. The Company records its financing arrangement obligation at fair value on a recurring basis with changes in fair value being recorded as interest expense in the Company’s consolidated statements of operations. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including the discount rate, terminal capitalization rate and market rents. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. 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, 2019, 2018 or 2017. 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. Shareholder Activism Costs: During the year ended December 31, 2018, the Company incurred $19,369 in costs associated with activities related to shareholder activism. These costs were primarily for legal and advisory services. Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, “Revenue From Contracts With Customers (ASC 606)," which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The standard 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 the standard specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. The standard applies to the Company's recognition of management companies and other revenues. The Company's adoption of the standard on January 1, 2018 did not have an impact on the pattern of revenue recognition for management companies and other revenues. Additionally, under ASC 606, the Company changed its accounting for its joint venture in Chandler Freehold from a co-venture arrangement to a financing arrangement (See Note 12—Financing Arrangement). Upon adoption of the standard on January 1, 2018, the Company replaced its $31,150 distributions in excess of co-venture obligation with a financing arrangement obligation of $393,709 on its consolidated balance sheets. This resulted in the recognition of a $424,859 increase in the Company’s accumulated deficit as a cumulative effect adjustment under the modified retrospective method of adoption. On January 1, 2019, the Company adopted Accounting Standards Codification ("ASC") 842 "Leases", under the modified retrospective method. The new standard amended the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). In connection with the adoption of the new lease standard, the Company elected to use the transition packages of practical expedients for implementation provided by the FASB, which included (i) relief from re-assessing whether an expired or existing contract meets the definition of a lease, (ii) relief from re-assessing the classification of expired or existing leases at the adoption date, (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized, and (iv) application of the standard as of the adoption date rather than to all periods presented. The new standard requires the Company to reduce leasing revenue for credit losses associated with lease receivables. In addition, straight-line rent receivables are written off when the Company believes there is uncertainty regarding a tenant's ability to complete the term of the lease. As a result, the Company recognized a cumulative effect adjustment of $2,203 upon adoption for the write off of straight-line rent receivables of tenants that were in litigation or bankruptcy. The standard also requires that the provision for bad debts relating to leases be presented as a reduction of leasing revenue. For the years ended December 31, 2018 and 2017, the provision for bad debts is included in shopping center and operating expenses. The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Initial direct costs include the salaries and related costs for employees directly working on leasing activities. Prior to January 1, 2019, these costs were capitalizable and therefore the new lease standard resulted in certain of these costs being expensed as incurred. For comparison purposes, the Company has reclassified leasing expenses that were included in management companies' operating expenses to leasing expenses for the years ended December 31, 2018 and 2017, to conform to the presentation for the year ended December 31, 2019. Upon the adoption of the new standard, the Company elected the practical expedient to not separate non-lease components, most significantly certain common area maintenance recoveries, from the associated lease components, resulting in the Company presenting all revenues associated with leases as leasing revenue on its consolidated statements of operations. For comparison purposes, the Company has reclassified minimum rents, percentage rents, tenant recoveries and other leasing income to leasing revenue for the years ended December 31, 2018 and 2017, to conform to the presentation for the year ended December 31, 2019. The standard requires lessees to classify its leases as either finance or operating leases. The lessee records a right-of-use ("ROU") asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. Upon adoption, the Company recognized initial ROU assets and corresponding lease liabilities of $109,299, representing the discounted value of future lease payments required for leases classified as operating leases. In addition, the Company reclassified $59,736 from deferred charges and other assets, net, $5,978 from accounts payable and accrued expenses and $4,342 from other accrued liabilities, relating to existing intangible assets and straight-line rent liabilities. The Company's lease liabilities were increased at adoption by $15,268 for lease liabilities associated with finance leases that were previously included in other accrued liabilities. See Note 8—Leases, for further disclosure on the Company's adoption of the new standard. Recent Accounting Pronouncements: (Continued) In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” which aims to (i) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (ii) reduce the complexity of and simplify the application of hedge accounting by preparers. The standard is effective for the Company beginning January 1, 2019. The Company's adoption of this standard did not have a significant impact on its consolidated financial statements. |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2019 | |
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): 2019 2018 2017 Numerator Net income $ 102,554 $ 68,972 $ 161,673 Net income attributable to noncontrolling interests (5,734) (8,952) (15,543) Net income attributable to the Company 96,820 60,020 146,130 Allocation of earnings to participating securities (1,190) (1,106) (757) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 95,630 $ 58,914 $ 145,373 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 141,340 141,142 141,877 Effect of dilutive securities (1) Share and unit based compensation — 2 36 Denominator for diluted EPS—weighted average number of common shares outstanding 141,340 141,144 141,913 EPS—net income attributable to common stockholders: Basic $ 0.68 $ 0.42 $ 1.02 Diluted $ 0.68 $ 0.42 $ 1.02 ____________________________________ (1) Diluted EPS excludes 90,619 convertible preferred units for the years ended December 31, 2019, 2018 and 2017, as their impact was antidilutive. Diluted EPS excludes 10,415,291, 10,360,390 and 10,416,321 Operating Partnership units ("OP Units") for the years ended December 31, 2019, 2018 and 2017, respectively, as their effect was antidilutive. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
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 unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2019 was as follows: Joint Venture Ownership %(1) 443 Wabash MAB LLC 50.0 % AM Tysons LLC 50.0 % Biltmore Shopping Center Partners LLC 50.0 % CAM-CARSON LLC—Los Angeles Premium Outlets 50.0 % Coolidge Holding LLC 37.5 % Corte Madera Village, LLC 50.1 % Country Club Plaza KC Partners LLC 50.0 % Fashion District Philadelphia—Various Entities 50.0 % Goodyear Peripheral LLC 41.7 % HPP-MAC WSP, LLC—One Westside 25.0 % Jaren Associates #4 12.5 % Kierland Commons Investment LLC 50.0 % Macerich HHF Broadway Plaza LLC—Broadway Plaza 50.0 % Macerich HHF Centers LLC—Various Properties 51.0 % 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 % TM TRS Holding Company LLC 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/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, dispositions and financings in unconsolidated joint ventures during the years ended December 31, 2019, 2018 and 2017: On March 17, 2017, the Company's joint venture in Country Club Plaza sold an ownership interest in an office building for $78,000, resulting in a gain on sale of assets of $4,580. The Company's pro rata share of the gain on sale of assets of $2,290 was included in equity in income of unconsolidated joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 14—Stockholders' Equity). On September 18, 2017, the Company's joint venture in Fashion District Philadelphia sold an ownership interest in an office building for $61,500, resulting in a gain on sale of assets of $13,078. The Company's pro rata share of the gain on sale of assets of $6,539 was included in equity in income of unconsolidated joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 14—Stockholders' Equity). On December 14, 2017, the Company’s joint venture in Westcor/Queen Creek LLC sold land for $30,491, resulting in a gain on sale of assets of $14,853. The Company’s share of the gain on sale was $5,436, which was included in equity in income of unconsolidated joint ventures. The Company used its portion of the proceeds to pay down its line of credit and for general corporate purposes. On February 16, 2018, the Company's joint venture in Fashion District Philadelphia sold its ownership interest in an office building for $41,800, resulting in a gain on sale of assets of $5,545. The Company's pro rata share of the gain on the sale of assets of $2,773 was included in equity in income from unconsolidated joint ventures. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On March 1, 2018, the Company formed a 25/75 joint venture with Hudson Pacific Properties, whereby the Company agreed to contribute Westside Pavilion, a 680,000 square foot regional shopping center in Los Angeles, California in exchange for $142,500. From March 1, 2018 to August 31, 2018, the Company accounted for its interest in the property as a collaborative arrangement (See Note 15—Collaborative Arrangement). On August 31, 2018, the Company completed the sale of the 75% ownership interest in the property to Hudson Pacific Properties, resulting in a gain on sale of assets of $46,242. The sales price was funded by a cash payment of $36,903 and the assumption of a pro rata share of the mortgage note payable on the property of $105,597. Concurrent with the sale of the ownership interest, the joint venture defeased the loan on the property by providing $149,175 portfolio of marketable securities as replacement collateral in lieu of the property. The Company funded its $37,294 share of the purchase price of the marketable securities portfolio with the proceeds from the sale of the ownership interest in the property. Upon completion of the sale of the ownership interest in the property, the Company has accounted for its remaining ownership interest in the property, also referred to as One Westside, under the equity method of accounting. On July 6, 2018, the Company’s joint venture in The Market at Estrella Falls, a 298,000 square foot community center in Goodyear, Arizona, sold the property for $49,100, resulting in a gain on sale of assets of $12,598. The Company's share of the gain of $2,996 was included in equity in income from unconsolidated joint ventures. The proceeds were used to pay off the $24,118 mortgage loan payable on the property, settle development obligations and for distributions to the partners. The Company used its share of the net proceeds for general corporate purposes. On September 6, 2018, the Company formed a 50/50 joint venture with Simon Property Group to develop Los Angeles Premium Outlets, a premium outlet center in Carson, California that is planned to open with approximately 400,000 square feet, followed by an additional 165,000 square feet in the second stage. On July 25, 2019, the Company's joint venture in Fashion District Philadelphia amended the existing term loan on the joint venture to allow for additional borrowings up to $100,000 at LIBOR plus 2%. Concurrent with the amendment, the joint venture borrowed an additional $26,000. On August 16, 2019, the joint venture borrowed an additional $25,000. The Company used its share of the additional proceeds to pay down its line of credit and for general corporate purposes. On September 12, 2019, the Company’s joint venture in Tysons Tower placed a new $190,000 loan on the property that bears interest at an effective rate of 3.38% and matures on November 11, 2029. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On December 18, 2019, the Company’s joint venture in One Westside placed a $414,600 construction loan on the redevelopment project.The loan bears interest at LIBOR plus 1.70%, which can be reduced to LIBOR plus 1.50% upon the completion of certain conditions, and matures on December 18, 2024. This loan is expected to fund the joint venture's remaining cost to complete the project. 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: 2019 2018 Assets(1): Property, net $ 9,424,591 $ 9,241,003 Other assets 772,116 703,861 Total assets $ 10,196,707 $ 9,944,864 Liabilities and partners' capital(1): Mortgage and other notes payable $ 6,144,685 $ 6,050,930 Other liabilities 565,412 388,509 Company's capital 1,904,145 1,913,475 Outside partners' capital 1,582,465 1,591,950 Total liabilities and partners' capital $ 10,196,707 $ 9,944,864 Investment in unconsolidated joint ventures: Company's capital $ 1,904,145 $ 1,913,475 Basis adjustment(2) (492,350) (535,808) $ 1,411,795 $ 1,377,667 Assets—Investments in unconsolidated joint ventures 1,519,697 $ 1,492,655 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (107,902) (114,988) $ 1,411,795 $ 1,377,667 _______________________________________________________________________________ (1) These amounts include the assets of $2,932,401 and $3,047,851 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2019 and 2018, respectively, and liabilities of $1,732,976 and $1,859,637 of the PPR Portfolio as of December 31, 2019 and 2018, respectively. (2) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $18,834, $12,793 and $16,562 for the years ended December 31, 2019, 2018 and 2017, respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Year Ended December 31, 2019 Revenues: Leasing revenue $ 187,789 $ 712,860 $ 900,649 Other 1,598 49,184 50,782 Total revenues 189,387 762,044 951,431 Expenses: Shopping center and operating expenses 37,528 250,598 288,126 Leasing expenses 1,598 6,695 8,293 Interest expense 67,354 150,111 217,465 Depreciation and amortization 100,490 273,565 374,055 Total operating expenses 206,970 680,969 887,939 Loss on sale of assets (452) (380) (832) Net (loss) income $ (18,035) $ 80,695 $ 62,660 Company's equity in net (loss) income $ (590) $ 49,098 $ 48,508 Year Ended December 31, 2018 Revenues: Leasing revenue 186,924 727,328 914,252 Other 905 41,420 42,325 Total revenues 187,829 768,748 956,577 Expenses: Shopping center and operating expenses 39,283 246,652 285,935 Interest expense(1) 67,117 145,915 213,032 Depreciation and amortization 97,885 248,778 346,663 Total operating expenses 204,285 641,345 845,630 (Loss) gain on sale of assets (140) 14,471 14,331 Net (loss) income $ (16,596) $ 141,874 $ 125,278 Company's equity in net (loss) income $ (16) $ 71,789 $ 71,773 PPR Portfolio Other Total Year Ended December 31, 2017 Revenues: Leasing revenue $ 190,186 $ 719,406 $ 909,592 Other 1,848 37,018 38,866 Total revenues 192,034 756,424 948,458 Expenses: Shopping center and operating expenses 41,340 243,271 284,611 Interest expense(1) 67,053 131,714 198,767 Depreciation and amortization 101,625 250,921 352,546 Total operating expenses 210,018 625,906 835,924 (Loss) gain on sale of assets (36) 33,861 33,825 Net (loss) income $ (18,020) $ 164,379 $ 146,359 Company's equity in net (loss) income $ (453) $ 85,999 $ 85,546 _______________________________________________________________________________ (1) Interest expense includes $20,197 and $17,898 for the years ended December 31, 2018 and 2017, respectively, related to mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 18—Related Party Transactions). Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. On March 1, 2018, the Company formed a 25/75 joint venture with Hudson Pacific Properties, whereby the Company agreed to contribute One Westside in exchange for a cash payment of $142,500. The Company completed the transfer on August 31, 2018. During the period from March 1, 2018 to August 31, 2018, the Company accounted for the operations of One Westside as a collaborative arrangement. Both partners shared operating control of the property and the Company was reimbursed by the outside partner for 75% of the carrying cost of the property, which were defined in the agreement as operating expenses in excess of revenues, debt service and capital expenditures. Accordingly, the Company reduced minimum rents, percentage rents, tenant recoveries, other revenue, shopping center and operating expenses and interest expense by its partner's 75% share and recorded a receivable due from its partner, which was settled upon completion of the transfer of the property. In addition, the Company was reimbursed by its partner for its 75% share of mortgage loan principal payments and capital expenditures during the period. Since completion of the transfer, the Company has accounted for its investment in One Westside under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities: The Company uses an interest rate cap and four interest rate swap agreements to manage the interest rate risk of its floating rate debt. The Company recorded other comprehensive loss related to the marking-to-market of derivative instruments of $4,585, $4,424 and $42 during the years ended December 31, 2019, 2018 and 2017, respectively. The fair value of the Company's derivatives was $(9,051) and $(4,466) at December 31, 2019 and 2018, respectively. The following derivatives were outstanding at December 31, 2019: Fair Value Property Notional Amount Product LIBOR Rate Maturity December 31, December 31, Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2020 $ — $ (53) The Macerich Partnership, L.P. $ 400,000 Swaps 2.85 % 9/30/2021 $ (9,051) $ (4,413) The above derivative instruments were designated as hedging instruments with an aggregate fair value (Level 2 measurement) and were included in other accrued liabilities. The fair value of the Company's interest rate derivatives was determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. |
Property, net
Property, net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, net | Property, net: Property, net at December 31, 2019 and 2018 consists of the following: 2019 2018 Land $ 1,520,678 $ 1,506,678 Buildings and improvements 6,389,458 6,288,308 Tenant improvements 726,533 678,110 Equipment and furnishings(1) 230,215 206,398 Construction in progress 126,165 199,326 8,993,049 8,878,820 Less accumulated depreciation (2,349,536) (2,093,044) $ 6,643,513 $ 6,785,776 (1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at December 31, 2019 (See Note 8—Leases). Depreciation expense for the years ended December 31, 2019, 2018 and 2017 was $287,846, $275,236 and $277,917, respectively. The (loss) gain on sale or write down of assets, net for the years ended December 31, 2019, 2018 and 2017 consist of the following: 2019 2018 2017 Property sales(1) $ — $ 45,931 $ 74,174 Write-down of assets(2) (16,285) (82,745) (23,154) Land sales 4,376 4,989 1,564 Non-real estate disposition — — (10,138) $ (11,909) $ (31,825) $ 42,446 _______________________________________________________________________________ (1) Property sales during the year ended December 31, 2018 includes a $46,242 gain on the sale of a 75% ownership interest in One Westside (See Note 4—Investments in Unconsolidated Joint Ventures) and a loss of $311 on the sale of Promenade at Casa Grande (See Note 16—Dispositions). Gain on sale of properties during the year ended December 31, 2017 includes a gain of $59,577 on the sale of Cascade Mall and Northgate Mall (See Note 16—Dispositions) and $14,597 on the sale of 500 North Michigan Avenue (See Note 16—Dispositions). (2) Includes impairment losses of $36,338 on SouthPark Mall, $7,907 on La Cumbre Plaza, $7,494 on two freestanding stores, $1,697 on Southridge Center and $1,043 on Promenade at Casa Grande during the year ended December 31, 2018 and $12,036 on Southridge Center and $10,072 on Promenade at Casa Grande during the year ended December 31, 2017. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining balances represent the write off of development costs. The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2018 and 2017 as described above: Years ended December, 31 Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) 2018 $ 104,700 $ — $ 104,700 $ — 2017 $ 38,000 $ — 38,000 $ — |
Tenant and Other Receivables, n
Tenant and Other Receivables, net | 12 Months Ended |
Dec. 31, 2019 | |
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 $4,836 and $2,919 at December 31, 2019 and 2018, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $9,618 and $8,949 at December 31, 2019 and 2018, respectively, and a deferred rent receivable due to straight-line rent adjustments of $82,214 and $72,456 at December 31, 2019 and 2018, respectively. On March 17, 2014, in connection with the sale of Lake Square Mall, a 559,000 square foot regional shopping center in Leesburg, Florida, the Company issued a note receivable for $6,500 that bore interest at an effective rate of 6.5% and was to mature on March 17, 2018. The note was collected in full on October 20, 2017. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases: Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The following table summarizes the components of leasing revenue for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Leasing revenue - fixed payments $ 647,876 $ 659,991 $ 677,503 Leasing revenue - variable payments 210,998 224,005 244,649 $ 858,874 $ 883,996 $ 922,152 The following table summarizes the future rental payments to the Company: 2020 $ 490,510 2021 418,884 2022 364,768 2023 315,868 2024 250,216 Thereafter 741,235 $ 2,581,481 Lessee Leases: The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has four finance leases that expire at various times through 2022. The following table summarizes the lease costs for the the year ended December 31, 2019: Operating lease costs $ 17,070 Finance lease costs: Amortization of ROU assets 1,882 Interest on lease liabilities 596 $ 19,548 The following table summarizes the future rental payments required under the leases as of December 31, 2019: Year ending Operating Finance Leases 2020 $ 17,149 $ 2,106 2021 17,004 10,441 2022 16,867 2,418 2023 11,055 — 2024 9,068 — Thereafter 131,347 — Total undiscounted rental payments 202,490 14,965 Less imputed interest (102,085) (1,169) Total lease liabilities $ 100,405 $ 13,796 The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2019 was 31 and 1.6 years , respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2019 was 7.7% and 4.2%, respectively. |
Leases | Leases: Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The following table summarizes the components of leasing revenue for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Leasing revenue - fixed payments $ 647,876 $ 659,991 $ 677,503 Leasing revenue - variable payments 210,998 224,005 244,649 $ 858,874 $ 883,996 $ 922,152 The following table summarizes the future rental payments to the Company: 2020 $ 490,510 2021 418,884 2022 364,768 2023 315,868 2024 250,216 Thereafter 741,235 $ 2,581,481 Lessee Leases: The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has four finance leases that expire at various times through 2022. The following table summarizes the lease costs for the the year ended December 31, 2019: Operating lease costs $ 17,070 Finance lease costs: Amortization of ROU assets 1,882 Interest on lease liabilities 596 $ 19,548 The following table summarizes the future rental payments required under the leases as of December 31, 2019: Year ending Operating Finance Leases 2020 $ 17,149 $ 2,106 2021 17,004 10,441 2022 16,867 2,418 2023 11,055 — 2024 9,068 — Thereafter 131,347 — Total undiscounted rental payments 202,490 14,965 Less imputed interest (102,085) (1,169) Total lease liabilities $ 100,405 $ 13,796 The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2019 was 31 and 1.6 years , respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2019 was 7.7% and 4.2%, respectively. |
Deferred Charges and Other Asse
Deferred Charges and Other Assets, net | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 consist of the following: 2019 2018 Leasing $ 202,540 $ 226,885 Intangible assets: In-place lease values(1) 78,171 94,966 Leasing commissions and legal costs(1) 20,518 23,508 Above-market leases 59,916 140,889 Deferred tax assets 30,757 32,197 Deferred compensation plan assets 55,349 45,857 Other assets 60,475 75,497 507,726 639,799 Less accumulated amortization(2) (229,860) (249,396) $ 277,866 $ 390,403 _______________________________ (1) The amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2020 $ 7,921 2021 6,255 2022 4,719 2023 3,436 2024 2,276 Thereafter 7,760 $ 32,367 (2) Accumulated amortization includes $66,322 and $72,286 relating to in-place lease values, leasing commissions and legal costs at December 31, 2019 and 2018, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $13,821, $13,635 and $19,958 for the years ended December 31, 2019, 2018 and 2017, respectively. The allocated values of above-market leases and below-market leases consist of the following: 2019 2018 Above-Market Leases Original allocated value $ 59,916 $ 140,889 Less accumulated amortization (35,737) (49,847) $ 24,179 $ 91,042 Below-Market Leases(1) Original allocated value $ 90,790 $ 108,330 Less accumulated amortization (53,727) (56,345) $ 37,063 $ 51,985 _______________________________ (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 amortization of these values for the next five years and thereafter is as follows: Year Ending December 31, Above Below 2020 $ 5,328 $ 6,882 2021 4,677 5,344 2022 4,055 4,374 2023 3,685 3,617 2024 2,691 3,348 Thereafter 3,743 13,498 $ 24,179 $ 37,063 |
Mortgage Notes Payable
Mortgage Notes Payable | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | Mortgage Notes Payable: Mortgage notes payable at December 31, 2019 and 2018 consist of the following: Carrying Amounts of Mortgage Notes(1) Effective Interest Monthly Maturity Property Pledged as Collateral 2019 2018 Chandler Fashion Center(5)(6) $ 255,174 $ 199,972 4.18 % $ 875 2024 Danbury Fair Mall 194,718 202,158 5.53 % 1,538 2020 Fashion Outlets of Chicago(7) 299,112 199,622 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA(8) 106,398 109,651 4.89 % 727 2020 Freehold Raceway Mall(5) 398,379 398,212 3.94 % 1,300 2029 Fresno Fashion Fair 323,659 323,460 3.67 % 971 2026 Green Acres Commons(9) 128,926 128,006 4.40 % 416 2021 Green Acres Mall 277,747 284,686 3.61 % 1,447 2021 Kings Plaza Shopping Center(10) 535,097 437,120 3.71 % 1,629 2030 Oaks, The 187,142 192,037 4.14 % 1,064 2022 Pacific View 118,202 121,362 4.08 % 668 2022 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(11) 297,817 297,069 3.34 % 772 2022 SanTan Village Regional Center(12) 219,140 121,585 4.34 % 788 2029 Towne Mall 20,284 20,733 4.48 % 117 2022 Tucson La Encantada 63,682 65,361 4.23 % 368 2022 Victor Valley, Mall of 114,733 114,675 4.00 % 380 2024 Vintage Faire Mall 252,389 258,207 3.55 % 1,256 2026 $ 4,392,599 $ 4,073,916 (1) 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 $16,042 and $13,053 at December 31, 2019 and 2018, respectively. (2) The interest rate disclosed represents the effective interest rate, including the impact of debt premium and deferred finance costs. (3) The monthly debt service represents the payment of principal and interest. (4) The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met. (5) A 49.9% interest in the loan has been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 12—Financing Arrangement). (6) On June 27, 2019, the Company replaced the existing loan on the property with a new $256,000 loan that bears interest at an effective rate of 4.18% and matures on July 5, 2024. (7) On January 10, 2019, the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at an effective rate of 4.61% and matures on February 1, 2031. (8) The loan includes an unamortized debt premium of $773 and $1,701 at December 31, 2019 and 2018, respectively. The debt premiums represent the excess of the fair value of the loan over the principal value of the loan assumed at acquisition and is amortized into interest expense over the remaining term of the loan in a manner that approximates the effective interest method. (9) The loan bears interest at LIBOR plus 2.15%. At December 31, 2019 and 2018, the total interest rate was 4.40% and 5.06%, respectively. (10) On December 3, 2019, the Company replaced the existing loan on the property with a new $540,000 loan that bears interest at an effective rate of 3.71% and matures on January 1, 2030 . (11) The loan bears interest at LIBOR plus 1.35%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2021 (See Note 5—Derivative Instruments and Hedging Activities). At December 31, 2019 and 2018, the total interest rate was 3.34% and 4.01%, respectively. (12) On June 3, 2019, the Company’s joint venture in SanTan Village Regional Center replaced the existing loan on the property with a new $220,000 loan that bear interest at an effective rate of 4.34% and matures on July 1, 2029. Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. As of December 31, 2019, 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, 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, 2019, 2018 and 2017 was $9,614, $15,422 and $13,160, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2019 and 2018 was $4,427,790 and $4,082,448, 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, 2020 $ 325,133 2021 418,239 2022 674,340 2023 6,895 2024 378,120 Thereafter 2,605,141 4,407,868 Debt premium 773 Deferred finance cost, net (16,042) $ 4,392,599 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, 2019 | |
Debt Disclosure [Abstract] | |
Bank and Other Notes Payable | Bank and Other Notes Payable: Bank and other notes payable at December 31, 2019 and 2018 consist of the following: Line of Credit: The Company has a $1,500,000 revolving line of credit that 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, 2019, the borrowing rate on the facility was LIBOR plus 1.55%. The Company has four interest rate swap agreements that effectively convert a total of $400,000 of the outstanding balance from floating rate debt of LIBOR plus 1.55% to fixed rate debt of 4.30% until September 30, 2021 (See Note 5—Derivative Instruments and Hedging Activities). As of December 31, 2019 and 2018, borrowings under the line of credit, were $820,000 and $910,000, respectively, less unamortized deferred finance costs of $2,623 and $5,145, respectively, at a total interest rate of 3.92% and 4.20%, respectively. As of December 31, 2019 and 2018, the Company's availability under the line of credit for additional borrowings was $679,719 and $589,719, respectively, The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2019 and 2018 was $826,280 and $912,163, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Prasada Note: On March 29, 2013, the Company issued a $13,330 note payable that bore interest at 5.25% and was to mature on May 30, 2021. The note payable was collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. On October 7, 2019, the loan was paid off. At December 31, 2018, the note had a balance of $3,689. The estimated fair value (Level 2 measurement) of the note at December 31, 2018 was $3,690, 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, 2019 and 2018, the Company was in compliance with all applicable financial loan covenants. |
Financing Arrangement
Financing Arrangement | 12 Months Ended |
Dec. 31, 2019 | |
Co-Venture Arrangement [Abstract] | |
Financing Arrangement | Financing Arrangement: On September 30, 2009, the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Chandler Fashion Center, a 1,318,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,673,000 square foot regional shopping center in Freehold, New Jersey, referred to herein as Chandler Freehold. As a result of the Company having certain rights under the agreement to repurchase the assets of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction was initially accounted for as a co-venture 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 net cash proceeds received from the third party less costs allocated to a warrant. The co-venture obligation was increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. Upon adoption of ASC 606 on January 1, 2018, the Company changed its accounting for Chandler Freehold from a co-venture arrangement to a financing arrangement. Accordingly, the Company replaced its $31,150 distributions in excess of co-venture obligation with a financing arrangement liability of $393,709 on its consolidated balance sheets. This resulted in the recognition of a $424,859 increase in the Company’s accumulated deficit as a cumulative effect adjustment under the modified retrospective method of adoption. As a result of adopting ASC 606, the Company no longer records co-venture expense for its partner's share of the income of Chandler Freehold. Under the Financing Arrangement, the Company recognizes interest expense on (i) the changes in fair value of the Financing Arrangement obligation, (ii) any payments to the joint venture partner equal to their pro rata share of net income and (iii) any payments to the joint venture partner less than or in excess of their pro rata share of net income. During the years ended December 31, 2019 and 2018, the Company incurred interest (income) expense in connection with the financing arrangement as follows: 2019 2018 Distributions of the partner's share of net income $ 7,184 $ 9,079 Distributions in excess of the partner's share of net income 6,939 6,376 Adjustment to fair value of financing arrangement obligation (76,640) (15,225) $ (62,517) $ 230 The fair value (Level 3 measurement) of the financing arrangement obligation at December 31, 2019 and 2018 was based upon a terminal capitalization rate of 5.0% and 4.8%, respectively, a discount rate of 6.0% and 5.8%, respectively, and market rents per square foot of $35 to $115. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Distributions to the partner, excluding distributions of excess loan proceeds, and changes in fair value of the financing arrangement obligation are recognized as interest (income) expense in the Company's consolidated statements of operations. On June 27, 2019, the Company replaced the existing mortgage note payable on Chandler Fashion Center with a new $256,000 loan (See Note 10—Mortgage Notes Payable). In connection with the refinancing transaction, the Company distributed $27,945 of the excess loan proceeds to its joint venture partner, which was recorded as a reduction to the financing arrangement obligation. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018. The remaining 7% limited partnership interest as of December 31, 2019 and 2018 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 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, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity: 2017 Stock Buyback Program: On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated share repurchase transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. During the period from February 12, 2017 to December 31, 2017, the Company repurchased a total of 3,627,390 of its common shares for $221,428, representing an average price of $61.01 per share. The Company funded the repurchases from the net proceeds of the sale of Cascade Mall and Northgate Mall (See Note 16—Dispositions), its share of the proceeds from the sale of ownership interests in office buildings at Country Club Plaza and Fashion District Philadelphia (See Note 4—Investments in Unconsolidated Joint Ventures) and from borrowings under its line of credit. There were no repurchases during the years ended December 31, 2019 or 2018. At-The-Market Stock Offering Program ("ATM Program"): On August 20, 2014, the Company entered into an equity distribution agreement with a number of sales agents (the "ATM Program") to issue and sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000. The ATM Program expired by its terms in August 2017. No shares were sold under the ATM Program. |
Collaborative Agreement
Collaborative Agreement | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Collaborative Arrangement | Investments in Unconsolidated Joint Ventures: The following are the Company's direct or indirect investments in various unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2019 was as follows: Joint Venture Ownership %(1) 443 Wabash MAB LLC 50.0 % AM Tysons LLC 50.0 % Biltmore Shopping Center Partners LLC 50.0 % CAM-CARSON LLC—Los Angeles Premium Outlets 50.0 % Coolidge Holding LLC 37.5 % Corte Madera Village, LLC 50.1 % Country Club Plaza KC Partners LLC 50.0 % Fashion District Philadelphia—Various Entities 50.0 % Goodyear Peripheral LLC 41.7 % HPP-MAC WSP, LLC—One Westside 25.0 % Jaren Associates #4 12.5 % Kierland Commons Investment LLC 50.0 % Macerich HHF Broadway Plaza LLC—Broadway Plaza 50.0 % Macerich HHF Centers LLC—Various Properties 51.0 % 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 % TM TRS Holding Company LLC 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/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, dispositions and financings in unconsolidated joint ventures during the years ended December 31, 2019, 2018 and 2017: On March 17, 2017, the Company's joint venture in Country Club Plaza sold an ownership interest in an office building for $78,000, resulting in a gain on sale of assets of $4,580. The Company's pro rata share of the gain on sale of assets of $2,290 was included in equity in income of unconsolidated joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 14—Stockholders' Equity). On September 18, 2017, the Company's joint venture in Fashion District Philadelphia sold an ownership interest in an office building for $61,500, resulting in a gain on sale of assets of $13,078. The Company's pro rata share of the gain on sale of assets of $6,539 was included in equity in income of unconsolidated joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 14—Stockholders' Equity). On December 14, 2017, the Company’s joint venture in Westcor/Queen Creek LLC sold land for $30,491, resulting in a gain on sale of assets of $14,853. The Company’s share of the gain on sale was $5,436, which was included in equity in income of unconsolidated joint ventures. The Company used its portion of the proceeds to pay down its line of credit and for general corporate purposes. On February 16, 2018, the Company's joint venture in Fashion District Philadelphia sold its ownership interest in an office building for $41,800, resulting in a gain on sale of assets of $5,545. The Company's pro rata share of the gain on the sale of assets of $2,773 was included in equity in income from unconsolidated joint ventures. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On March 1, 2018, the Company formed a 25/75 joint venture with Hudson Pacific Properties, whereby the Company agreed to contribute Westside Pavilion, a 680,000 square foot regional shopping center in Los Angeles, California in exchange for $142,500. From March 1, 2018 to August 31, 2018, the Company accounted for its interest in the property as a collaborative arrangement (See Note 15—Collaborative Arrangement). On August 31, 2018, the Company completed the sale of the 75% ownership interest in the property to Hudson Pacific Properties, resulting in a gain on sale of assets of $46,242. The sales price was funded by a cash payment of $36,903 and the assumption of a pro rata share of the mortgage note payable on the property of $105,597. Concurrent with the sale of the ownership interest, the joint venture defeased the loan on the property by providing $149,175 portfolio of marketable securities as replacement collateral in lieu of the property. The Company funded its $37,294 share of the purchase price of the marketable securities portfolio with the proceeds from the sale of the ownership interest in the property. Upon completion of the sale of the ownership interest in the property, the Company has accounted for its remaining ownership interest in the property, also referred to as One Westside, under the equity method of accounting. On July 6, 2018, the Company’s joint venture in The Market at Estrella Falls, a 298,000 square foot community center in Goodyear, Arizona, sold the property for $49,100, resulting in a gain on sale of assets of $12,598. The Company's share of the gain of $2,996 was included in equity in income from unconsolidated joint ventures. The proceeds were used to pay off the $24,118 mortgage loan payable on the property, settle development obligations and for distributions to the partners. The Company used its share of the net proceeds for general corporate purposes. On September 6, 2018, the Company formed a 50/50 joint venture with Simon Property Group to develop Los Angeles Premium Outlets, a premium outlet center in Carson, California that is planned to open with approximately 400,000 square feet, followed by an additional 165,000 square feet in the second stage. On July 25, 2019, the Company's joint venture in Fashion District Philadelphia amended the existing term loan on the joint venture to allow for additional borrowings up to $100,000 at LIBOR plus 2%. Concurrent with the amendment, the joint venture borrowed an additional $26,000. On August 16, 2019, the joint venture borrowed an additional $25,000. The Company used its share of the additional proceeds to pay down its line of credit and for general corporate purposes. On September 12, 2019, the Company’s joint venture in Tysons Tower placed a new $190,000 loan on the property that bears interest at an effective rate of 3.38% and matures on November 11, 2029. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On December 18, 2019, the Company’s joint venture in One Westside placed a $414,600 construction loan on the redevelopment project.The loan bears interest at LIBOR plus 1.70%, which can be reduced to LIBOR plus 1.50% upon the completion of certain conditions, and matures on December 18, 2024. This loan is expected to fund the joint venture's remaining cost to complete the project. 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: 2019 2018 Assets(1): Property, net $ 9,424,591 $ 9,241,003 Other assets 772,116 703,861 Total assets $ 10,196,707 $ 9,944,864 Liabilities and partners' capital(1): Mortgage and other notes payable $ 6,144,685 $ 6,050,930 Other liabilities 565,412 388,509 Company's capital 1,904,145 1,913,475 Outside partners' capital 1,582,465 1,591,950 Total liabilities and partners' capital $ 10,196,707 $ 9,944,864 Investment in unconsolidated joint ventures: Company's capital $ 1,904,145 $ 1,913,475 Basis adjustment(2) (492,350) (535,808) $ 1,411,795 $ 1,377,667 Assets—Investments in unconsolidated joint ventures 1,519,697 $ 1,492,655 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (107,902) (114,988) $ 1,411,795 $ 1,377,667 _______________________________________________________________________________ (1) These amounts include the assets of $2,932,401 and $3,047,851 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2019 and 2018, respectively, and liabilities of $1,732,976 and $1,859,637 of the PPR Portfolio as of December 31, 2019 and 2018, respectively. (2) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $18,834, $12,793 and $16,562 for the years ended December 31, 2019, 2018 and 2017, respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Year Ended December 31, 2019 Revenues: Leasing revenue $ 187,789 $ 712,860 $ 900,649 Other 1,598 49,184 50,782 Total revenues 189,387 762,044 951,431 Expenses: Shopping center and operating expenses 37,528 250,598 288,126 Leasing expenses 1,598 6,695 8,293 Interest expense 67,354 150,111 217,465 Depreciation and amortization 100,490 273,565 374,055 Total operating expenses 206,970 680,969 887,939 Loss on sale of assets (452) (380) (832) Net (loss) income $ (18,035) $ 80,695 $ 62,660 Company's equity in net (loss) income $ (590) $ 49,098 $ 48,508 Year Ended December 31, 2018 Revenues: Leasing revenue 186,924 727,328 914,252 Other 905 41,420 42,325 Total revenues 187,829 768,748 956,577 Expenses: Shopping center and operating expenses 39,283 246,652 285,935 Interest expense(1) 67,117 145,915 213,032 Depreciation and amortization 97,885 248,778 346,663 Total operating expenses 204,285 641,345 845,630 (Loss) gain on sale of assets (140) 14,471 14,331 Net (loss) income $ (16,596) $ 141,874 $ 125,278 Company's equity in net (loss) income $ (16) $ 71,789 $ 71,773 PPR Portfolio Other Total Year Ended December 31, 2017 Revenues: Leasing revenue $ 190,186 $ 719,406 $ 909,592 Other 1,848 37,018 38,866 Total revenues 192,034 756,424 948,458 Expenses: Shopping center and operating expenses 41,340 243,271 284,611 Interest expense(1) 67,053 131,714 198,767 Depreciation and amortization 101,625 250,921 352,546 Total operating expenses 210,018 625,906 835,924 (Loss) gain on sale of assets (36) 33,861 33,825 Net (loss) income $ (18,020) $ 164,379 $ 146,359 Company's equity in net (loss) income $ (453) $ 85,999 $ 85,546 _______________________________________________________________________________ (1) Interest expense includes $20,197 and $17,898 for the years ended December 31, 2018 and 2017, respectively, related to mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 18—Related Party Transactions). Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. On March 1, 2018, the Company formed a 25/75 joint venture with Hudson Pacific Properties, whereby the Company agreed to contribute One Westside in exchange for a cash payment of $142,500. The Company completed the transfer on August 31, 2018. During the period from March 1, 2018 to August 31, 2018, the Company accounted for the operations of One Westside as a collaborative arrangement. Both partners shared operating control of the property and the Company was reimbursed by the outside partner for 75% of the carrying cost of the property, which were defined in the agreement as operating expenses in excess of revenues, debt service and capital expenditures. Accordingly, the Company reduced minimum rents, percentage rents, tenant recoveries, other revenue, shopping center and operating expenses and interest expense by its partner's 75% share and recorded a receivable due from its partner, which was settled upon completion of the transfer of the property. In addition, the Company was reimbursed by its partner for its 75% share of mortgage loan principal payments and capital expenditures during the period. Since completion of the transfer, the Company has accounted for its investment in One Westside under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions: 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, resulting in a gain on the sale of assets of $59,577. The proceeds were used to pay off the mortgage note payable on Northgate Mall and to repurchase shares of the Company's common stock under the 2017 Stock Buyback Program (See Note 14—Stockholders' Equity). On November 16, 2017, the Company sold 500 North Michigan Avenue, a 326,000 square foot office building in Chicago, Illinois for $86,350, resulting in a gain on sale of assets of $14,597. The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes. On May 17, 2018, the Company sold Promenade at Casa Grande, a 761,000 square foot community center in Casa Grande, Arizona, for $26,000, resulting in a loss on sale of assets of $311. The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies: As of December 31, 2019, the Company was contingently liable for $40,814 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, 2019, the Company had $4,194 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, 2019 | |
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: 2019 2018 2017 Management fees $ 18,748 $ 19,752 $ 19,105 Development and leasing fees 16,056 14,412 15,558 $ 34,804 $ 34,164 $ 34,663 Certain mortgage notes on the properties are held by NML. NML was considered a related party due to its ownership interest in Broadway Plaza until it sold its ownership interest in the property to a third party on October 12, 2018. Interest expense in connection with these notes, during the period that NML was a related party, was $6,653 and $8,731 for the years ended December 31, 2018 and 2017, respectively. Interest (income) expense from related party transactions also includes $(62,517) and $230 for the years ended December 31, 2019 and 2018, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement). Due from affiliates includes $6,157 and $6,385 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at December 31, 2019 and 2018, respectively. In addition, due from affiliates at December 31, 2018 included a note receivable from RED/303 LLC ("RED") that bore interest at 5.25% and was to mature on May 30, 2021. Interest income earned on this note was $141, $224 and $268 for the years ended December 31, 2019, 2018 and 2017, respectively. The balance on this note receivable was $3,689 at December 31, 2018. On October 7, 2019, the note was collected in full. RED was considered a related party because it was a partner in a joint venture development project. The note was collateralized by RED's interest in a development agreement. Also included in due from affiliates at December 31, 2018 was a note receivable from Lennar Corporation that bore interest at LIBOR plus 2% and was to mature upon the completion of certain milestones in connection with the planned development of Fashion Outlets of San Francisco. The balance on this note, including interest, was $75,107 at December 31, 2018. As a result of those milestones not being completed, the Company elected to terminate the development agreement and the note was collected in full on February 13, 2019. Interest income earned on this note was $1,112, $3,152 and $2,513 for the years ended December 31, 2019, 2018 and 2017, respectively. Lennar Corporation was considered a related party because it had an ownership interest in the project. |
Share and Unit-based Plans
Share and Unit-based Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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, 2019, 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, 2019, there were 6,056,813 shares available for issuance under the 2003 Plan. 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, 2019, 2018 and 2017: 2019 2018 2017 Units Weighted Units Weighted Units Weighted Balance at beginning of year 129,457 $ 64.21 151,355 $ 73.32 148,428 $ 78.53 Granted 160,932 37.44 87,983 58.79 86,827 66.46 Vested (85,157) 62.84 (108,991) 74.04 (81,205) 75.62 Forfeited (5,245) 51.48 (890) 68.81 (2,695) 69.57 Balance at end of year 199,987 $ 43.59 129,457 $ 64.21 151,355 $ 73.32 SARs: Upon exercise, the recipients received unrestricted common shares for the appreciation in value of the SARs from the grant date to the exercise date. The following table summarizes the activity of SARs awards during the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Units Weighted Units Weighted Units Weighted Balance at beginning of year — $ — 235,439 $ 53.83 284,146 $ 53.85 Granted — — — — — Exercised — — (235,439) 53.83 (48,707) 53.95 Balance at end of year — $ — — $ — 235,439 $ 53.83 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 service-based LTIP Units was determined by the market price of the Company's common stock on the date of the grant. 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. The Company has granted the following LTIP units during the years ended December 31, 2019, 2018 and 2017: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2017 66,079 Service-based $ 70.84 12/31/2019 1/1/2017 297,849 Market-indexed $ 47.15 12/31/2019 3/3/2017 134,742 Service-based $ 66.57 3/3/2017 6/1/2017 1,522 Service-based $ 58.31 5/29/2020 6/1/2017 6,714 Market-indexed $ 39.66 5/29/2020 506,906 1/1/2018 65,466 Service-based $ 65.68 12/31/2020 1/1/2018 291,326 Market-indexed $ 44.28 12/31/2020 1/29/2018 13,632 Service-based $ 66.02 2/1/2022 1/29/2018 1,893 Service-based $ 66.02 12/31/2020 1/29/2018 7,775 Market-indexed $ 48.23 12/31/2020 3/2/2018 99,407 Service-based $ 59.04 3/2/2018 4/26/2018 89,637 Service-based $ 55.78 4/26/2018 569,136 1/1/2019 81,732 Service-based $ 43.28 12/31/2021 1/1/2019 250,852 Market-indexed $ 29.25 12/31/2021 9/1/2019 4,393 Service-based $ 28.53 8/31/2022 9/1/2019 6,454 Market-indexed $ 19.42 8/31/2022 343,431 The fair value of the market-indexed LTIP Units (Level 3) were estimated on the date of grant using a Monte Carlo Simulation model that based on the following assumptions: Grant Date Risk Free Interest Rate Expected Volatility 1/1/2017 1.49 % 20.75 % 6/1/2017 1.45 % 21.40 % 1/1/2018 1.98 % 23.38 % 1/29/2018 2.25 % 23.86 % 1/1/2019 2.46 % 23.52 % 9/1/2019 1.42 % 24.91 % The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Units Weighted Units Weighted Units Weighted Balance at beginning of year 661,578 $ 48.38 636,632 $ 52.36 322,572 $ 58.18 Granted 343,431 32.40 569,136 51.78 506,906 55.33 Vested (76,306) 59.27 (253,625) 61.17 (192,846) 69.93 Forfeited (312,484) 46.55 (290,565) 52.58 — — Balance at end of year 616,219 $ 39.04 661,578 $ 48.38 636,632 $ 52.36 Stock Options: On May 30, 2017, the Company granted 25,000 non-qualified stock options with a grant date fair value of $10.02 that vested on May 30, 2019. The Company measured the value of each option awarded using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 30.19%, dividend yield of 4.93%, risk free rate of 2.08%, current value of $57.55 and an expected term of 8 years. The following table summarizes the activity of stock options for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Options Weighted Options Weighted Options Weighted Balance at beginning of year 35,565 $ 57.32 35,565 $ 57.32 10,565 $ 56.77 Granted — — — — 25,000 57.55 Exercised — — — — — — Balance at end of year 35,565 $ 57.32 35,565 $ 57.32 35,565 $ 57.32 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 The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Stock Units Weighted Stock Units Weighted Stock Units Weighted Balance at beginning of year — $ — 4,054 $ 79.82 5,845 $ 81.47 Granted 23,690 40.26 10,380 49.55 8,760 68.93 Vested (16,474) 38.94 (12,193) 54.40 (10,551) 71.69 Forfeited — — (2,241) 77.91 — — Balance at end of year 7,216 $ 43.29 — $ — 4,054 $ 79.82 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, 2019 was 356,822. Compensation: The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Stock units $ 4,598 $ 6,355 $ 6,045 LTIP units 11,372 26,311 30,161 Stock options 51 125 85 Phantom stock units 702 760 714 $ 16,723 $ 33,551 $ 37,005 The Company capitalized share and unit-based compensation costs of $4,691, $6,184 and $6,206 for the years ended December 31, 2019, 2018 and 2017, respectively. The fair value of the stock awards and stock units that vested during the years ended December 31, 2019, 2018 and 2017 was $3,577, $6,479 and $5,257, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2019 consisted of $1,647 from LTIP Units, $2,949 from stock units and $0 from stock options. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [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. This Plan includes The Macerich Company Common Stock Fund as a new investment alternative under the Plan with 650,000 shares of common stock reserved for issuance under the Plan. In accordance with the Plan, 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, 2019, 2018 and 2017, these matching contributions made by the Company were $3,346, $3,422 and $3,481, 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 $814, $813 and $1,069 to the plans during the years ended December 31, 2019, 2018 and 2017, respectively. Contributions are recognized as compensation in the periods they are made. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 2018 and 2017: 2019(1) 2018(1) 2017 Ordinary income $ 1.32 44.2 % $ 1.91 64.3 % $ 1.98 69.0 % Capital gains 0.64 21.2 % 0.05 1.7 % 0.51 17.8 % Unrecaptured Section 1250 gain — — % — — % 0.38 13.2 % Return of capital 1.04 34.6 % 1.01 34.0 % — — % Dividends paid $ 3.00 100.0 % $ 2.97 100.0 % $ 2.87 100.0 % _______________________________________________________________________________ (1) The 2019 and 2018 taxable ordinary dividends are treated as "qualified REIT dividends" for purposes of Internal Revenue Code Section 199A. 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, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Current $ (150) $ 413 $ 185 Deferred (1,439) 3,191 (15,779) Income tax (expense) benefit $ (1,589) $ 3,604 $ (15,594) The income tax provision of the TRSs for the years ended December 31, 2019, 2018 and 2017 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows: 2019 2018 2017 Book (income) loss for TRSs $ (2,062) $ 19,525 $ 2,094 Tax at statutory rate on earnings from continuing operations before income taxes $ (433) $ 4,100 $ 712 Change in tax rates — — (14,189) State taxes (280) 513 109 Other (876) (1,009) (2,226) Income tax (expense) benefit $ (1,589) $ 3,604 $ (15,594) The Tax Cuts and Jobs Act of 2017 (“TCJA”), signed into law on December 22, 2017, adjusted the federal corporate tax income rate to 21%. FASB Accounting Standards Codification Topic 740 requires deferred tax assets and liabilities to be measured at the enacted rate expected to apply when temporary differences are to be realized or settled. Accordingly, the Company remeasured its ending deferred tax asset and reduced the value by $14,189 for the year ended December 31, 2017. Additionally, GAAP requires that all adjustments resulting from tax rate changes be recorded to the income statement. Therefore, the Company recorded a $14,189 deferred tax expense for the year ended December 31, 2017 related to the revaluation of its deferred tax assets and liabilities. The net operating loss ("NOL") carryforwards for NOLs generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2025. Pursuant to the TCJA, NOLs generated in 2018 and subsequent tax years carryforward indefinitely subject to the 80% of taxable income limitation. The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2019 and 2018 are summarized as follows: 2019 2018 Net operating loss carryforwards $ 22,338 $ 25,751 Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs 6,784 4,524 Other 1,635 1,922 Net deferred tax assets $ 30,757 $ 32,197 For the years ended December 31, 2019, 2018 and 2017 there were no unrecognized tax benefits. The tax years 2016 through 2018 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 (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018: 2019 Quarter Ended 2018 Quarter Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 241,841 $ 231,127 $ 227,972 $ 226,522 $ 246,874 $ 242,198 $ 234,545 $ 236,734 Net income (loss) attributable to the Company $ 26,891 $ 46,371 $ 15,734 $ 7,824 $ 11,749 $ 74,028 $ 7,816 $ (33,573) Net income (loss) attributable to common stockholders per share-basic $ 0.19 $ 0.33 $ 0.11 $ 0.05 $ 0.08 $ 0.52 $ 0.05 $ (0.24) Net income (loss) attributable to common stockholders per share-diluted $ 0.19 $ 0.33 $ 0.11 $ 0.05 $ 0.08 $ 0.52 $ 0.05 $ (0.24) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events:On January 31, 2020, the Company announced a dividend/distribution of $0.75 per share for common stockholders and OP Unit holders of record on February 21, 2020. All dividends/distributions will be paid 100% in cash on March 3, 2020. |
Schedule III-Real Estate and Ac
Schedule III-Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate and Accumulated Depreciation Disclosure | Initial Cost to Company Gross Amount at Which Carried at Close of Period Shopping Centers/Entities Land Building and Equipment Cost Capitalized Land Building and Equipment Construction Total Accumulated Total Cost Chandler Fashion Center $ 24,188 $ 223,143 $ — $ 28,847 $ 24,188 $ 245,798 $ 6,192 $ — $ 276,178 $ 119,086 $ 157,092 Danbury Fair Mall 130,367 316,951 — 126,366 142,751 419,228 10,357 1,348 573,684 168,324 405,360 Desert Sky Mall 9,447 37,245 12 5,925 9,082 41,304 2,243 — 52,629 13,348 39,281 Eastland Mall 22,050 151,605 — 11,949 21,400 162,087 2,117 — 185,604 39,109 146,495 Estrella Falls 10,550 — — 72,292 10,524 14,265 — 58,053 82,842 3,083 79,759 Fashion Outlets of Chicago — — — 271,689 40,575 225,564 4,615 935 271,689 69,616 202,073 Fashion Outlets of Niagara Falls USA 18,581 210,139 — 106,071 22,936 309,508 2,284 63 334,791 86,070 248,721 The Marketplace at Flagstaff — — — 45,839 — 45,839 — — 45,839 25,320 20,519 Freehold Raceway Mall 164,986 362,841 — 127,095 168,098 476,605 9,865 354 654,922 206,014 448,908 Fresno Fashion Fair 17,966 72,194 — 49,086 17,966 117,086 2,595 1,599 139,246 59,862 79,384 Green Acres Mall 156,640 321,034 — 192,815 179,274 477,334 10,646 3,235 670,489 133,725 536,764 Inland Center 8,321 83,550 — 30,458 10,291 111,540 351 147 122,329 23,371 98,958 Kings Plaza Shopping Center 209,041 485,548 20,000 278,300 209,041 725,672 55,924 2,252 992,889 123,795 869,094 La Cumbre Plaza 18,122 21,492 — 15,558 13,856 40,054 375 887 55,172 24,311 30,861 Macerich Management Co. 1,150 10,475 26,562 68,215 3,878 17,803 82,502 2,219 106,402 58,890 47,512 MACWH, LP — 25,771 — 13,241 11,557 27,455 — — 39,012 10,542 28,470 NorthPark Mall 7,746 74,661 — 14,270 7,745 88,348 584 — 96,677 24,202 72,475 Oaks, The 32,300 117,156 — 268,713 56,387 357,661 3,581 540 418,169 164,549 253,620 Pacific View 8,697 8,696 — 137,802 7,854 145,604 1,737 — 155,195 76,064 79,131 Paradise Valley Mall 33,445 128,485 — 30,568 36,027 152,420 2,815 1,236 192,498 83,546 108,952 Queens Center 251,474 1,039,922 — 53,224 256,786 1,082,499 5,331 4 1,344,620 150,749 1,193,871 Santa Monica Place 26,400 105,600 — 348,573 48,374 422,736 6,710 2,753 480,573 143,965 336,608 SanTan Adjacent Land 29,414 — — 8,280 26,902 — — 10,792 37,694 — 37,694 SanTan Village Regional Center 7,827 — — 213,089 5,921 213,348 1,647 — 220,916 100,092 120,824 SouthPark Mall 7,035 38,215 — (7,993) 2,899 33,857 447 54 37,257 15,207 22,050 Southridge Center 6,764 — — 8,174 2,295 12,329 139 175 14,938 6,915 8,023 Stonewood Center 4,948 302,527 — 12,002 4,935 314,127 415 — 319,477 50,479 268,998 Superstition Springs Center 10,928 112,718 — 12,350 10,928 124,173 895 — 135,996 24,683 111,313 Superstition Springs Power Center 1,618 4,420 — 349 1,618 4,698 71 — 6,387 2,153 4,234 Tangerine (Marana), The Shops at 36,158 — — (7,622) 16,922 — — 11,614 28,536 — 28,536 The Macerich Partnership, L.P. — 2,534 — 5,107 — 247 7,365 29 7,641 1,220 6,421 See accompanying report of independent registered public accounting firm. Initial Cost to Company Gross Amount at Which Carried at Close of Period Shopping Centers/Entities Land Building and Equipment Cost Capitalized Land Building and Equipment Construction Total Accumulated Total Cost Towne Mall 6,652 31,184 — 5,105 6,877 35,596 369 99 42,941 16,888 26,053 Tucson La Encantada 12,800 19,699 — 58,005 12,800 75,755 732 1,217 90,504 45,861 44,643 Valley Mall 16,045 26,098 — 13,952 15,616 40,188 291 — 56,095 12,395 43,700 Valley River Center 24,854 147,715 — 33,159 24,854 174,489 1,739 4,646 205,728 66,288 139,440 Victor Valley, Mall of 15,700 75,230 — 54,374 20,080 123,291 1,933 — 145,304 58,624 86,680 Vintage Faire Mall 14,902 60,532 — 60,162 17,647 116,161 1,788 — 135,596 75,818 59,778 Wilton Mall 19,743 67,855 — 27,482 19,810 93,935 1,264 71 115,080 44,946 70,134 Other freestanding stores 5,926 31,785 — 11,621 5,927 43,109 296 — 49,332 20,255 29,077 Other land and development properties 33,795 — — 18,383 26,057 4,278 — 21,843 52,178 171 52,007 $ 1,406,580 $ 4,717,020 $ 46,574 $ 2,822,875 $ 1,520,678 $ 7,115,991 $ 230,215 $ 126,165 $ 8,993,049 $ 2,349,536 $ 6,643,513 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, 2019 are as follows: 2019 2018 2017 Balances, beginning of year $ 8,878,820 $ 9,127,533 $ 9,209,211 Additions 176,690 246,719 202,280 Dispositions and retirements (62,461) (495,432) (283,958) Balances, end of year $ 8,993,049 $ 8,878,820 $ 9,127,533 The aggregate cost of the property included in the table above for federal income tax purposes was $8,446,407 (unaudited) at December 31, 2019. The changes in accumulated depreciation for the three years ended December 31, 2019 are as follows: 2019 2018 2017 Balances, beginning of year $ 2,093,044 $ 2,018,303 $ 1,851,901 Additions 287,846 275,236 277,917 Dispositions and retirements (31,354) (200,495) (111,515) Balances, end of year $ 2,349,536 $ 2,093,044 $ 2,018,303 See accompanying report of independent registered public accounting firm. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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. |
Consolidation of VIE | The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of 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 and other agreements. |
Revenues | Revenues: Leasing revenue includes minimum rents, percentage rents, tenant recoveries and other leasing income. 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 $10,533, $11,755 and $8,597 due to the straight-line rent adjustment during the years ended December 31, 2019, 2018 and 2017, 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. |
Property | Property: Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 5 - 40 years Tenant improvements 5 - 7 years Equipment and furnishings 5 - 7 years |
Capitalization of Costs | Capitalization of Costs: The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete. |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures: The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, 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 Acquisitions: (Continued) 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 and capitalizes costs associated with asset acquisitions. 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 leasing 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. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities: The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations. |
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 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 Accounting Standards Update ("ASU") 2014-09, “Revenue From Contracts With Customers (ASC 606)," which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The standard 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 the standard specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. The standard applies to the Company's recognition of management companies and other revenues. The Company's adoption of the standard on January 1, 2018 did not have an impact on the pattern of revenue recognition for management companies and other revenues. Additionally, under ASC 606, the Company changed its accounting for its joint venture in Chandler Freehold from a co-venture arrangement to a financing arrangement (See Note 12—Financing Arrangement). Upon adoption of the standard on January 1, 2018, the Company replaced its $31,150 distributions in excess of co-venture obligation with a financing arrangement obligation of $393,709 on its consolidated balance sheets. This resulted in the recognition of a $424,859 increase in the Company’s accumulated deficit as a cumulative effect adjustment under the modified retrospective method of adoption. On January 1, 2019, the Company adopted Accounting Standards Codification ("ASC") 842 "Leases", under the modified retrospective method. The new standard amended the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). In connection with the adoption of the new lease standard, the Company elected to use the transition packages of practical expedients for implementation provided by the FASB, which included (i) relief from re-assessing whether an expired or existing contract meets the definition of a lease, (ii) relief from re-assessing the classification of expired or existing leases at the adoption date, (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized, and (iv) application of the standard as of the adoption date rather than to all periods presented. The new standard requires the Company to reduce leasing revenue for credit losses associated with lease receivables. In addition, straight-line rent receivables are written off when the Company believes there is uncertainty regarding a tenant's ability to complete the term of the lease. As a result, the Company recognized a cumulative effect adjustment of $2,203 upon adoption for the write off of straight-line rent receivables of tenants that were in litigation or bankruptcy. The standard also requires that the provision for bad debts relating to leases be presented as a reduction of leasing revenue. For the years ended December 31, 2018 and 2017, the provision for bad debts is included in shopping center and operating expenses. The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Initial direct costs include the salaries and related costs for employees directly working on leasing activities. Prior to January 1, 2019, these costs were capitalizable and therefore the new lease standard resulted in certain of these costs being expensed as incurred. For comparison purposes, the Company has reclassified leasing expenses that were included in management companies' operating expenses to leasing expenses for the years ended December 31, 2018 and 2017, to conform to the presentation for the year ended December 31, 2019. Upon the adoption of the new standard, the Company elected the practical expedient to not separate non-lease components, most significantly certain common area maintenance recoveries, from the associated lease components, resulting in the Company presenting all revenues associated with leases as leasing revenue on its consolidated statements of operations. For comparison purposes, the Company has reclassified minimum rents, percentage rents, tenant recoveries and other leasing income to leasing revenue for the years ended December 31, 2018 and 2017, to conform to the presentation for the year ended December 31, 2019. The standard requires lessees to classify its leases as either finance or operating leases. The lessee records a right-of-use ("ROU") asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. Upon adoption, the Company recognized initial ROU assets and corresponding lease liabilities of $109,299, representing the discounted value of future lease payments required for leases classified as operating leases. In addition, the Company reclassified $59,736 from deferred charges and other assets, net, $5,978 from accounts payable and accrued expenses and $4,342 from other accrued liabilities, relating to existing intangible assets and straight-line rent liabilities. The Company's lease liabilities were increased at adoption by $15,268 for lease liabilities associated with finance leases that were previously included in other accrued liabilities. See Note 8—Leases, for further disclosure on the Company's adoption of the new standard. Recent Accounting Pronouncements: (Continued) In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” which aims to (i) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (ii) reduce the complexity of and simplify the application of hedge accounting by preparers. The standard is effective for the Company beginning January 1, 2019. The Company's adoption of this standard did not have a significant impact on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule Operating Partnership's VIEs | The Operating Partnership's VIEs included the following assets and liabilities: December 31, 2019 2018 Assets: Property, net $ 254,071 $ 263,511 Other assets 30,049 23,001 Total assets $ 284,120 $ 286,512 Liabilities: Mortgage notes payable $ 219,140 $ 125,273 Other liabilities 32,101 32,503 Total liabilities $ 251,241 $ 157,776 |
Schedule of Cash and Cash Equivalents | The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows: 2019 2018 2017 Beginning of period Cash and cash equivalents $ 102,711 $ 91,038 $ 94,046 Restricted cash 46,590 52,067 49,951 Cash, cash equivalents and restricted cash $ 149,301 $ 143,105 $ 143,997 End of period Cash and cash equivalents $ 100,005 $ 102,711 $ 91,038 Restricted cash 14,211 46,590 52,067 Cash, cash equivalents and restricted cash $ 114,216 $ 149,301 $ 143,105 |
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 leasing 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, 2019 | |
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): 2019 2018 2017 Numerator Net income $ 102,554 $ 68,972 $ 161,673 Net income attributable to noncontrolling interests (5,734) (8,952) (15,543) Net income attributable to the Company 96,820 60,020 146,130 Allocation of earnings to participating securities (1,190) (1,106) (757) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 95,630 $ 58,914 $ 145,373 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 141,340 141,142 141,877 Effect of dilutive securities (1) Share and unit based compensation — 2 36 Denominator for diluted EPS—weighted average number of common shares outstanding 141,340 141,144 141,913 EPS—net income attributable to common stockholders: Basic $ 0.68 $ 0.42 $ 1.02 Diluted $ 0.68 $ 0.42 $ 1.02 ____________________________________ (1) Diluted EPS excludes 90,619 convertible preferred units for the years ended December 31, 2019, 2018 and 2017, as their impact was antidilutive. Diluted EPS excludes 10,415,291, 10,360,390 and 10,416,321 Operating Partnership units ("OP Units") for the years ended December 31, 2019, 2018 and 2017, respectively, as their effect was antidilutive. |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2019 was as follows: Joint Venture Ownership %(1) 443 Wabash MAB LLC 50.0 % AM Tysons LLC 50.0 % Biltmore Shopping Center Partners LLC 50.0 % CAM-CARSON LLC—Los Angeles Premium Outlets 50.0 % Coolidge Holding LLC 37.5 % Corte Madera Village, LLC 50.1 % Country Club Plaza KC Partners LLC 50.0 % Fashion District Philadelphia—Various Entities 50.0 % Goodyear Peripheral LLC 41.7 % HPP-MAC WSP, LLC—One Westside 25.0 % Jaren Associates #4 12.5 % Kierland Commons Investment LLC 50.0 % Macerich HHF Broadway Plaza LLC—Broadway Plaza 50.0 % Macerich HHF Centers LLC—Various Properties 51.0 % 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 % TM TRS Holding Company LLC 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/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: 2019 2018 Assets(1): Property, net $ 9,424,591 $ 9,241,003 Other assets 772,116 703,861 Total assets $ 10,196,707 $ 9,944,864 Liabilities and partners' capital(1): Mortgage and other notes payable $ 6,144,685 $ 6,050,930 Other liabilities 565,412 388,509 Company's capital 1,904,145 1,913,475 Outside partners' capital 1,582,465 1,591,950 Total liabilities and partners' capital $ 10,196,707 $ 9,944,864 Investment in unconsolidated joint ventures: Company's capital $ 1,904,145 $ 1,913,475 Basis adjustment(2) (492,350) (535,808) $ 1,411,795 $ 1,377,667 Assets—Investments in unconsolidated joint ventures 1,519,697 $ 1,492,655 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (107,902) (114,988) $ 1,411,795 $ 1,377,667 _______________________________________________________________________________ (1) These amounts include the assets of $2,932,401 and $3,047,851 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2019 and 2018, respectively, and liabilities of $1,732,976 and $1,859,637 of the PPR Portfolio as of December 31, 2019 and 2018, respectively. (2) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $18,834, $12,793 and $16,562 for the years ended December 31, 2019, 2018 and 2017, respectively. |
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures | Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Year Ended December 31, 2019 Revenues: Leasing revenue $ 187,789 $ 712,860 $ 900,649 Other 1,598 49,184 50,782 Total revenues 189,387 762,044 951,431 Expenses: Shopping center and operating expenses 37,528 250,598 288,126 Leasing expenses 1,598 6,695 8,293 Interest expense 67,354 150,111 217,465 Depreciation and amortization 100,490 273,565 374,055 Total operating expenses 206,970 680,969 887,939 Loss on sale of assets (452) (380) (832) Net (loss) income $ (18,035) $ 80,695 $ 62,660 Company's equity in net (loss) income $ (590) $ 49,098 $ 48,508 Year Ended December 31, 2018 Revenues: Leasing revenue 186,924 727,328 914,252 Other 905 41,420 42,325 Total revenues 187,829 768,748 956,577 Expenses: Shopping center and operating expenses 39,283 246,652 285,935 Interest expense(1) 67,117 145,915 213,032 Depreciation and amortization 97,885 248,778 346,663 Total operating expenses 204,285 641,345 845,630 (Loss) gain on sale of assets (140) 14,471 14,331 Net (loss) income $ (16,596) $ 141,874 $ 125,278 Company's equity in net (loss) income $ (16) $ 71,789 $ 71,773 PPR Portfolio Other Total Year Ended December 31, 2017 Revenues: Leasing revenue $ 190,186 $ 719,406 $ 909,592 Other 1,848 37,018 38,866 Total revenues 192,034 756,424 948,458 Expenses: Shopping center and operating expenses 41,340 243,271 284,611 Interest expense(1) 67,053 131,714 198,767 Depreciation and amortization 101,625 250,921 352,546 Total operating expenses 210,018 625,906 835,924 (Loss) gain on sale of assets (36) 33,861 33,825 Net (loss) income $ (18,020) $ 164,379 $ 146,359 Company's equity in net (loss) income $ (453) $ 85,999 $ 85,546 _______________________________________________________________________________ |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Outstanding | The following derivatives were outstanding at December 31, 2019: Fair Value Property Notional Amount Product LIBOR Rate Maturity December 31, December 31, Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2020 $ — $ (53) The Macerich Partnership, L.P. $ 400,000 Swaps 2.85 % 9/30/2021 $ (9,051) $ (4,413) |
Property, net (Tables)
Property, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Real Estate Properties | Property, net at December 31, 2019 and 2018 consists of the following: 2019 2018 Land $ 1,520,678 $ 1,506,678 Buildings and improvements 6,389,458 6,288,308 Tenant improvements 726,533 678,110 Equipment and furnishings(1) 230,215 206,398 Construction in progress 126,165 199,326 8,993,049 8,878,820 Less accumulated depreciation (2,349,536) (2,093,044) $ 6,643,513 $ 6,785,776 |
Schedule of Loss (Gain) on Sale or Write down of Assets | The (loss) gain on sale or write down of assets, net for the years ended December 31, 2019, 2018 and 2017 consist of the following: 2019 2018 2017 Property sales(1) $ — $ 45,931 $ 74,174 Write-down of assets(2) (16,285) (82,745) (23,154) Land sales 4,376 4,989 1,564 Non-real estate disposition — — (10,138) $ (11,909) $ (31,825) $ 42,446 _______________________________________________________________________________ (1) Property sales during the year ended December 31, 2018 includes a $46,242 gain on the sale of a 75% ownership interest in One Westside (See Note 4—Investments in Unconsolidated Joint Ventures) and a loss of $311 on the sale of Promenade at Casa Grande (See Note 16—Dispositions). Gain on sale of properties during the year ended December 31, 2017 includes a gain of $59,577 on the sale of Cascade Mall and Northgate Mall (See Note 16—Dispositions) and $14,597 on the sale of 500 North Michigan Avenue (See Note 16—Dispositions). (2) Includes impairment losses of $36,338 on SouthPark Mall, $7,907 on La Cumbre Plaza, $7,494 on two freestanding stores, $1,697 on Southridge Center and $1,043 on Promenade at Casa Grande during the year ended December 31, 2018 and $12,036 on Southridge Center and $10,072 on Promenade at Casa Grande during the year ended December 31, 2017. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining balances represent the write off of development costs. |
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, 2018 and 2017 as described above: Years ended December, 31 Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) 2018 $ 104,700 $ — $ 104,700 $ — 2017 $ 38,000 $ — 38,000 $ — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Components of Leasing Revenue | The following table summarizes the components of leasing revenue for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Leasing revenue - fixed payments $ 647,876 $ 659,991 $ 677,503 Leasing revenue - variable payments 210,998 224,005 244,649 $ 858,874 $ 883,996 $ 922,152 |
Schedule of Future Minimum Rental Payments by the Company | The following table summarizes the future rental payments to the Company: 2020 $ 490,510 2021 418,884 2022 364,768 2023 315,868 2024 250,216 Thereafter 741,235 $ 2,581,481 |
Summary of Lease Costs | The following table summarizes the lease costs for the the year ended December 31, 2019: Operating lease costs $ 17,070 Finance lease costs: Amortization of ROU assets 1,882 Interest on lease liabilities 596 $ 19,548 |
Summary of Future Minimum Rental Payments Required | The following table summarizes the future rental payments required under the leases as of December 31, 2019: Year ending Operating Finance Leases 2020 $ 17,149 $ 2,106 2021 17,004 10,441 2022 16,867 2,418 2023 11,055 — 2024 9,068 — Thereafter 131,347 — Total undiscounted rental payments 202,490 14,965 Less imputed interest (102,085) (1,169) Total lease liabilities $ 100,405 $ 13,796 |
Deferred Charges and Other As_2
Deferred Charges and Other Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 consist of the following: 2019 2018 Leasing $ 202,540 $ 226,885 Intangible assets: In-place lease values(1) 78,171 94,966 Leasing commissions and legal costs(1) 20,518 23,508 Above-market leases 59,916 140,889 Deferred tax assets 30,757 32,197 Deferred compensation plan assets 55,349 45,857 Other assets 60,475 75,497 507,726 639,799 Less accumulated amortization(2) (229,860) (249,396) $ 277,866 $ 390,403 _______________________________ (1) The amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2020 $ 7,921 2021 6,255 2022 4,719 2023 3,436 2024 2,276 Thereafter 7,760 $ 32,367 (2) Accumulated amortization includes $66,322 and $72,286 relating to in-place lease values, leasing commissions and legal costs at December 31, 2019 and 2018, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $13,821, $13,635 and $19,958 for the years ended December 31, 2019, 2018 and 2017, respectively. |
Schedule of Estimated Amortization of Intangible Assets for the Next Five Years and Thereafter | The amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2020 $ 7,921 2021 6,255 2022 4,719 2023 3,436 2024 2,276 Thereafter 7,760 $ 32,367 |
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: 2019 2018 Above-Market Leases Original allocated value $ 59,916 $ 140,889 Less accumulated amortization (35,737) (49,847) $ 24,179 $ 91,042 Below-Market Leases(1) Original allocated value $ 90,790 $ 108,330 Less accumulated amortization (53,727) (56,345) $ 37,063 $ 51,985 _______________________________ (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 amortization of these values for the next five years and thereafter is as follows: Year Ending December 31, Above Below 2020 $ 5,328 $ 6,882 2021 4,677 5,344 2022 4,055 4,374 2023 3,685 3,617 2024 2,691 3,348 Thereafter 3,743 13,498 $ 24,179 $ 37,063 |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | Mortgage notes payable at December 31, 2019 and 2018 consist of the following: Carrying Amounts of Mortgage Notes(1) Effective Interest Monthly Maturity Property Pledged as Collateral 2019 2018 Chandler Fashion Center(5)(6) $ 255,174 $ 199,972 4.18 % $ 875 2024 Danbury Fair Mall 194,718 202,158 5.53 % 1,538 2020 Fashion Outlets of Chicago(7) 299,112 199,622 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA(8) 106,398 109,651 4.89 % 727 2020 Freehold Raceway Mall(5) 398,379 398,212 3.94 % 1,300 2029 Fresno Fashion Fair 323,659 323,460 3.67 % 971 2026 Green Acres Commons(9) 128,926 128,006 4.40 % 416 2021 Green Acres Mall 277,747 284,686 3.61 % 1,447 2021 Kings Plaza Shopping Center(10) 535,097 437,120 3.71 % 1,629 2030 Oaks, The 187,142 192,037 4.14 % 1,064 2022 Pacific View 118,202 121,362 4.08 % 668 2022 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(11) 297,817 297,069 3.34 % 772 2022 SanTan Village Regional Center(12) 219,140 121,585 4.34 % 788 2029 Towne Mall 20,284 20,733 4.48 % 117 2022 Tucson La Encantada 63,682 65,361 4.23 % 368 2022 Victor Valley, Mall of 114,733 114,675 4.00 % 380 2024 Vintage Faire Mall 252,389 258,207 3.55 % 1,256 2026 $ 4,392,599 $ 4,073,916 (1) 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 $16,042 and $13,053 at December 31, 2019 and 2018, respectively. (2) The interest rate disclosed represents the effective interest rate, including the impact of debt premium and deferred finance costs. (3) The monthly debt service represents the payment of principal and interest. (4) The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met. (5) A 49.9% interest in the loan has been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 12—Financing Arrangement). (6) On June 27, 2019, the Company replaced the existing loan on the property with a new $256,000 loan that bears interest at an effective rate of 4.18% and matures on July 5, 2024. (7) On January 10, 2019, the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at an effective rate of 4.61% and matures on February 1, 2031. (8) The loan includes an unamortized debt premium of $773 and $1,701 at December 31, 2019 and 2018, respectively. The debt premiums represent the excess of the fair value of the loan over the principal value of the loan assumed at acquisition and is amortized into interest expense over the remaining term of the loan in a manner that approximates the effective interest method. (9) The loan bears interest at LIBOR plus 2.15%. At December 31, 2019 and 2018, the total interest rate was 4.40% and 5.06%, respectively. (10) On December 3, 2019, the Company replaced the existing loan on the property with a new $540,000 loan that bears interest at an effective rate of 3.71% and matures on January 1, 2030 . (11) The loan bears interest at LIBOR plus 1.35%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2021 (See Note 5—Derivative Instruments and Hedging Activities). At December 31, 2019 and 2018, the total interest rate was 3.34% and 4.01%, respectively. (12) On June 3, 2019, the Company’s joint venture in SanTan Village Regional Center replaced the existing loan on the property with a new $220,000 loan that bear interest at an effective rate of 4.34% and matures on July 1, 2029. |
Future Maturities of Mortgage Notes Payable | The future maturities of mortgage notes payable are as follows: Year Ending December 31, 2020 $ 325,133 2021 418,239 2022 674,340 2023 6,895 2024 378,120 Thereafter 2,605,141 4,407,868 Debt premium 773 Deferred finance cost, net (16,042) $ 4,392,599 |
Financing Arrangement (Tables)
Financing Arrangement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Co-Venture Arrangement [Abstract] | |
Financing Arrangement | During the years ended December 31, 2019 and 2018, the Company incurred interest (income) expense in connection with the financing arrangement as follows: 2019 2018 Distributions of the partner's share of net income $ 7,184 $ 9,079 Distributions in excess of the partner's share of net income 6,939 6,376 Adjustment to fair value of financing arrangement obligation (76,640) (15,225) $ (62,517) $ 230 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: 2019 2018 2017 Management fees $ 18,748 $ 19,752 $ 19,105 Development and leasing fees 16,056 14,412 15,558 $ 34,804 $ 34,164 $ 34,663 |
Share and Unit-based Plans (Tab
Share and Unit-based Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
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, 2019, 2018 and 2017: 2019 2018 2017 Units Weighted Units Weighted Units Weighted Balance at beginning of year 129,457 $ 64.21 151,355 $ 73.32 148,428 $ 78.53 Granted 160,932 37.44 87,983 58.79 86,827 66.46 Vested (85,157) 62.84 (108,991) 74.04 (81,205) 75.62 Forfeited (5,245) 51.48 (890) 68.81 (2,695) 69.57 Balance at end of year 199,987 $ 43.59 129,457 $ 64.21 151,355 $ 73.32 |
Summary of Activity of SARs Awards | The following table summarizes the activity of SARs awards during the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Units Weighted Units Weighted Units Weighted Balance at beginning of year — $ — 235,439 $ 53.83 284,146 $ 53.85 Granted — — — — — Exercised — — (235,439) 53.83 (48,707) 53.95 Balance at end of year — $ — — $ — 235,439 $ 53.83 |
Schedule of LTIP Units Granted | The Company has granted the following LTIP units during the years ended December 31, 2019, 2018 and 2017: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2017 66,079 Service-based $ 70.84 12/31/2019 1/1/2017 297,849 Market-indexed $ 47.15 12/31/2019 3/3/2017 134,742 Service-based $ 66.57 3/3/2017 6/1/2017 1,522 Service-based $ 58.31 5/29/2020 6/1/2017 6,714 Market-indexed $ 39.66 5/29/2020 506,906 1/1/2018 65,466 Service-based $ 65.68 12/31/2020 1/1/2018 291,326 Market-indexed $ 44.28 12/31/2020 1/29/2018 13,632 Service-based $ 66.02 2/1/2022 1/29/2018 1,893 Service-based $ 66.02 12/31/2020 1/29/2018 7,775 Market-indexed $ 48.23 12/31/2020 3/2/2018 99,407 Service-based $ 59.04 3/2/2018 4/26/2018 89,637 Service-based $ 55.78 4/26/2018 569,136 1/1/2019 81,732 Service-based $ 43.28 12/31/2021 1/1/2019 250,852 Market-indexed $ 29.25 12/31/2021 9/1/2019 4,393 Service-based $ 28.53 8/31/2022 9/1/2019 6,454 Market-indexed $ 19.42 8/31/2022 343,431 |
Schedule LTIP Units Valuation Assumptions | The fair value of the market-indexed LTIP Units (Level 3) were estimated on the date of grant using a Monte Carlo Simulation model that based on the following assumptions: Grant Date Risk Free Interest Rate Expected Volatility 1/1/2017 1.49 % 20.75 % 6/1/2017 1.45 % 21.40 % 1/1/2018 1.98 % 23.38 % 1/29/2018 2.25 % 23.86 % 1/1/2019 2.46 % 23.52 % 9/1/2019 1.42 % 24.91 % |
Summary of Activity of Stock Options | The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Units Weighted Units Weighted Units Weighted Balance at beginning of year 661,578 $ 48.38 636,632 $ 52.36 322,572 $ 58.18 Granted 343,431 32.40 569,136 51.78 506,906 55.33 Vested (76,306) 59.27 (253,625) 61.17 (192,846) 69.93 Forfeited (312,484) 46.55 (290,565) 52.58 — — Balance at end of year 616,219 $ 39.04 661,578 $ 48.38 636,632 $ 52.36 The following table summarizes the activity of stock options for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Options Weighted Options Weighted Options Weighted Balance at beginning of year 35,565 $ 57.32 35,565 $ 57.32 10,565 $ 56.77 Granted — — — — 25,000 57.55 Exercised — — — — — — Balance at end of year 35,565 $ 57.32 35,565 $ 57.32 35,565 $ 57.32 |
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, 2019, 2018 and 2017: 2019 2018 2017 Stock Units Weighted Stock Units Weighted Stock Units Weighted Balance at beginning of year — $ — 4,054 $ 79.82 5,845 $ 81.47 Granted 23,690 40.26 10,380 49.55 8,760 68.93 Vested (16,474) 38.94 (12,193) 54.40 (10,551) 71.69 Forfeited — — (2,241) 77.91 — — Balance at end of year 7,216 $ 43.29 — $ — 4,054 $ 79.82 |
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, 2019, 2018 and 2017: 2019 2018 2017 Stock units $ 4,598 $ 6,355 $ 6,045 LTIP units 11,372 26,311 30,161 Stock options 51 125 85 Phantom stock units 702 760 714 $ 16,723 $ 33,551 $ 37,005 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 2018 and 2017: 2019(1) 2018(1) 2017 Ordinary income $ 1.32 44.2 % $ 1.91 64.3 % $ 1.98 69.0 % Capital gains 0.64 21.2 % 0.05 1.7 % 0.51 17.8 % Unrecaptured Section 1250 gain — — % — — % 0.38 13.2 % Return of capital 1.04 34.6 % 1.01 34.0 % — — % Dividends paid $ 3.00 100.0 % $ 2.97 100.0 % $ 2.87 100.0 % _______________________________________________________________________________ (1) The 2019 and 2018 taxable ordinary dividends are treated as "qualified REIT dividends" for purposes of Internal Revenue Code Section 199A. |
Schedule of Income Tax Provision of TRSs | The income tax provision of the TRSs for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Current $ (150) $ 413 $ 185 Deferred (1,439) 3,191 (15,779) Income tax (expense) benefit $ (1,589) $ 3,604 $ (15,594) |
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, 2019, 2018 and 2017 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows: 2019 2018 2017 Book (income) loss for TRSs $ (2,062) $ 19,525 $ 2,094 Tax at statutory rate on earnings from continuing operations before income taxes $ (433) $ 4,100 $ 712 Change in tax rates — — (14,189) State taxes (280) 513 109 Other (876) (1,009) (2,226) Income tax (expense) benefit $ (1,589) $ 3,604 $ (15,594) |
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, 2019 and 2018 are summarized as follows: 2019 2018 Net operating loss carryforwards $ 22,338 $ 25,751 Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs 6,784 4,524 Other 1,635 1,922 Net deferred tax assets $ 30,757 $ 32,197 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018: 2019 Quarter Ended 2018 Quarter Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 241,841 $ 231,127 $ 227,972 $ 226,522 $ 246,874 $ 242,198 $ 234,545 $ 236,734 Net income (loss) attributable to the Company $ 26,891 $ 46,371 $ 15,734 $ 7,824 $ 11,749 $ 74,028 $ 7,816 $ (33,573) Net income (loss) attributable to common stockholders per share-basic $ 0.19 $ 0.33 $ 0.11 $ 0.05 $ 0.08 $ 0.52 $ 0.05 $ (0.24) Net income (loss) attributable to common stockholders per share-diluted $ 0.19 $ 0.33 $ 0.11 $ 0.05 $ 0.08 $ 0.52 $ 0.05 $ (0.24) |
Organization (Details)
Organization (Details) - entity | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 Accoun_4
Summary of Significant Accounting Policies - Schedule Operating Partnership's VIEs (Details) - Operating Partnership's VIEs - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, net | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 254,071 | $ 263,511 |
Other assets | ||
Variable Interest Entity [Line Items] | ||
Assets | 30,049 | 23,001 |
Total assets | ||
Variable Interest Entity [Line Items] | ||
Assets | 284,120 | 286,512 |
Mortgage notes payable | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 219,140 | 125,273 |
Other liabilities | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 32,101 | 32,503 |
Total liabilities | ||
Variable Interest Entity [Line Items] | ||
Liabilities | $ 251,241 | $ 157,776 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 100,005 | $ 102,711 | $ 91,038 | $ 94,046 |
Restricted cash | 14,211 | 46,590 | 52,067 | 49,951 |
Cash, cash equivalents and restricted cash | $ 114,216 | $ 149,301 | $ 143,105 | $ 143,997 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Increase in minimum rent due to straight-line rent adjustment | $ 10,533 | $ 11,755 | $ 8,597 |
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 | 4.00% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Property and Investment in Unconsolidated Joint Ventures (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 Accoun_8
Summary of Significant Accounting Policies - Acquisitions (Details) | 12 Months Ended |
Dec. 31, 2019form | |
Accounting Policies [Abstract] | |
Number of forms of in-place operating lease intangible assets and liabilities | 3 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Deferred Charges, Segment Information and Shareholder Activism Costs (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)segmentarea | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Information: | |||
Number of business segments | segment | 1 | ||
Number of geographic areas in which the Company operates | area | 1 | ||
Costs related to shareholder activism | $ | $ 0 | $ 19,369 | $ 0 |
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 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Jan. 01, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing arrangement obligation | $ 273,900 | $ 378,485 | |||
Accumulated deficit | (1,944,012) | (1,614,357) | |||
Cumulative effect of adoption | $ (2,203) | $ (424,859) | $ 6,484 | ||
Right-of-use assets, net | 148,087 | ||||
Total lease liabilities | 100,405 | ||||
Deferred charges and other assets, net | (277,866) | (390,403) | |||
Accounts payable and accrued expenses | 51,027 | 59,392 | |||
Other accrued liabilities | 265,595 | $ 303,051 | |||
Total lease liabilities | $ 13,796 | ||||
Freehold Raceway Mall and Chandler Fashion Center | Joint venture | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Investments in unconsolidated joint ventures | 31,150 | ||||
ASU 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of adoption | (2,203) | ||||
Right-of-use assets, net | 109,299 | ||||
Total lease liabilities | 109,299 | ||||
Deferred charges and other assets, net | 59,736 | ||||
Accounts payable and accrued expenses | (5,978) | ||||
Other accrued liabilities | (4,342) | ||||
Total lease liabilities | $ 15,268 | ||||
ASU 2014-09 | Joint venture | Financing arrangement | Difference between revenue guidance in effect before and after topic 606 | Freehold Raceway Mall and Chandler Fashion Center | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing arrangement obligation | 393,709 | ||||
Accumulated deficit | $ 424,859 |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator | |||||||||||
Net income | $ 102,554 | $ 68,972 | $ 161,673 | ||||||||
Net income attributable to noncontrolling interests | (5,734) | (8,952) | (15,543) | ||||||||
Net income attributable to the Company | $ 26,891 | $ 46,371 | $ 15,734 | $ 7,824 | $ 11,749 | $ 74,028 | $ 7,816 | $ (33,573) | 96,820 | 60,020 | 146,130 |
Allocation of earnings to participating securities | (1,190) | (1,106) | (757) | ||||||||
Numerator for basic and diluted EPS—net income attributable to common stockholders | $ 95,630 | $ 58,914 | $ 145,373 | ||||||||
Denominator | |||||||||||
Denominator for basic EPS—weighted average number of common shares outstanding (shares) | 141,340,000 | 141,142,000 | 141,877,000 | ||||||||
Effect of dilutive securities | |||||||||||
Share and unit based compensation (shares) | 0 | 2,000 | 36,000 | ||||||||
Denominator for diluted EPS—weighted average number of common shares outstanding (shares) | 141,340,000 | 141,144,000 | 141,913,000 | ||||||||
EPS—net income attributable to common stockholders: | |||||||||||
Basic (dollars per share) | $ 0.19 | $ 0.33 | $ 0.11 | $ 0.05 | $ 0.08 | $ 0.52 | $ 0.05 | $ (0.24) | $ 0.68 | $ 0.42 | $ 1.02 |
Diluted (dollars per share) | $ 0.19 | $ 0.33 | $ 0.11 | $ 0.05 | $ 0.08 | $ 0.52 | $ 0.05 | $ (0.24) | $ 0.68 | $ 0.42 | $ 1.02 |
Convertible preferred units | |||||||||||
Antidilutive securities | |||||||||||
Antidilutive securities (shares) | 90,619 | 90,619 | 90,619 | ||||||||
Partnership unit | |||||||||||
Antidilutive securities | |||||||||||
Antidilutive securities (shares) | 10,415,291 | 10,360,390 | 10,416,321 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures - Company Ownership (Details) | Dec. 31, 2019 |
443 Wabash MAB LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
AM Tysons LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Biltmore Shopping Center Partners LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
CAM-CARSON LLC—Los Angeles Premium Outlets | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
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 District Philadelphia—Various Entities | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Goodyear Peripheral LLC | |
Investments in unconsolidated joint ventures: | |
Ownership % | 41.70% |
HPP-MAC WSP, LLC—One Westside | |
Investments in unconsolidated joint ventures: | |
Ownership % | 25.00% |
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 Broadway Plaza LLC—Broadway Plaza | |
Investments in unconsolidated joint ventures: | |
Ownership % | 50.00% |
Macerich HHF Centers LLC—Various Properties | |
Investments in unconsolidated joint ventures: | |
Ownership % | 51.00% |
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% |
TM TRS Holding Company LLC | |
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/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 Unconsolidated_4
Investments in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands, $ in Thousands | Dec. 18, 2019USD ($) | Aug. 16, 2019USD ($) | Jul. 25, 2019USD ($) | Aug. 31, 2018USD ($) | Jul. 06, 2018USD ($)ft² | Feb. 16, 2018USD ($) | Dec. 14, 2017USD ($) | Sep. 18, 2017USD ($) | Mar. 17, 2017USD ($) | Aug. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 12, 2019USD ($) | Sep. 06, 2018ft² | Mar. 01, 2018ft² |
Investments in unconsolidated joint ventures: | ||||||||||||||||
Ownership percentage | 25.00% | |||||||||||||||
Proceeds received in disposition of property | $ 0 | $ 25,177 | $ 0 | |||||||||||||
Outside partner interest of the operating partnership | 75.00% | |||||||||||||||
Proceeds from sale | $ 142,500 | |||||||||||||||
Replacement collateral | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Proceeds from sale | 37,294 | |||||||||||||||
Country Club Plaza | Office building | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Gain on sale of assets | $ 2,290 | |||||||||||||||
Fashion District Philadelphia—Various Entities | Office building | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Gain on sale of assets | $ 2,773 | $ 6,539 | ||||||||||||||
Westcor/Queen Creek LLC | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Gain on land sales | $ 5,436 | |||||||||||||||
The Market at Estrella Falls LLC | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Gain on sale of assets | $ 2,996 | |||||||||||||||
Joint venture | Replacement collateral | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Portfolio of marketable securities | 149,175 | $ 149,175 | ||||||||||||||
Joint venture | Los Angeles Premium Outlets | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Ownership percentage | 5000.00% | |||||||||||||||
Property area (in square feet) | ft² | 400 | |||||||||||||||
Joint venture | Los Angeles Premium Outlets | Simon Property Group | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Ownership percentage | 50.00% | |||||||||||||||
Joint venture | Los Angeles Premium Outlets, second stage | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Property area (in square feet) | ft² | 165 | |||||||||||||||
Joint venture | Tysons Tower | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Mortgage loan | $ 190,000 | |||||||||||||||
Interest rate (as a percent) | 3.38% | |||||||||||||||
Joint venture | HPP-MAC WSP, LLC—One Westside | Redevelopment construction loan | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Debt issued | $ 414,600 | |||||||||||||||
Joint venture | HPP-MAC WSP, LLC—One Westside | LIBOR | Redevelopment construction loan | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Variable interest rate spread (as a percent) | 1.70% | |||||||||||||||
Variable interest rate spread, contingent (as a percent) | 1.50% | |||||||||||||||
Joint venture | Westside Pavilion | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Ownership percentage | 75.00% | |||||||||||||||
Property area (in square feet) | ft² | 680 | |||||||||||||||
Joint venture | Westside Pavilion | Hudson Pacific Properties | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Ownership percentage | 25.00% | |||||||||||||||
Joint venture | Fashion District Philadelphia—Various Entities | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Maximum additional borrowings | $ 100,000 | |||||||||||||||
Debt issued | $ 25,000 | $ 26,000 | ||||||||||||||
Joint venture | Fashion District Philadelphia—Various Entities | LIBOR | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Variable interest rate spread (as a percent) | 2.00% | |||||||||||||||
Joint venture | Country Club Plaza | Office building | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Proceeds from sale of building | 78,000 | |||||||||||||||
Gain on sale of assets | $ 4,580 | |||||||||||||||
Joint venture | Fashion District Philadelphia—Various Entities | Office building | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Proceeds from sale of building | 41,800 | 61,500 | ||||||||||||||
Gain on sale of assets | $ 5,545 | $ 13,078 | ||||||||||||||
Joint venture | Westcor/Queen Creek LLC | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Proceeds from sale of land | 30,491 | |||||||||||||||
Gain on land sales | $ 14,853 | |||||||||||||||
Joint venture | Westside Pavilion | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Gain on sale of assets | $ 46,242 | $ 46,242 | ||||||||||||||
Proceeds received in disposition of property | $ 142,500 | |||||||||||||||
Outside partner interest of the operating partnership | 75.00% | 75.00% | 75.00% | |||||||||||||
Proceeds from sale | $ 36,903 | |||||||||||||||
Assumption of debt | $ 105,597 | |||||||||||||||
Joint venture | The Market at Estrella Falls LLC | ||||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||||
Gain on sale of assets | $ 12,598 | |||||||||||||||
Property area (in square feet) | ft² | 298 | |||||||||||||||
Proceeds from sale | $ 49,100 | |||||||||||||||
Pay off of mortgage loans | $ 24,118 |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures - Financial Results (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment in unconsolidated joint ventures: | |||
Assets—Investments in unconsolidated joint ventures | $ 1,519,697 | $ 1,492,655 | |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (107,902) | (114,988) | |
Revenues: | |||
Leasing revenue | 858,874 | 883,996 | |
Leasing revenue | $ 909,592 | ||
Other | 38,866 | ||
Total revenues | 948,458 | ||
Expenses: | |||
Shopping center and operating expenses | 284,611 | ||
Interest expense | 198,767 | ||
Depreciation and amortization | 352,546 | ||
Total operating expenses | 835,924 | ||
Loss on sale of assets | 33,825 | ||
Net (loss) income | 146,359 | ||
Company's equity in net (loss) income | 48,508 | 71,773 | 85,546 |
PPR Portfolio | |||
Revenues: | |||
Leasing revenue | 190,186 | ||
Other | 1,848 | ||
Total revenues | 192,034 | ||
Expenses: | |||
Shopping center and operating expenses | 41,340 | ||
Interest expense | 67,053 | ||
Depreciation and amortization | 101,625 | ||
Total operating expenses | 210,018 | ||
Loss on sale of assets | (36) | ||
Net (loss) income | (18,020) | ||
Company's equity in net (loss) income | (453) | ||
Other Joint Ventures | |||
Revenues: | |||
Leasing revenue | 719,406 | ||
Other | 37,018 | ||
Total revenues | 756,424 | ||
Expenses: | |||
Shopping center and operating expenses | 243,271 | ||
Interest expense | 131,714 | ||
Depreciation and amortization | 250,921 | ||
Total operating expenses | 625,906 | ||
Loss on sale of assets | 33,861 | ||
Net (loss) income | 164,379 | ||
Company's equity in net (loss) income | 85,999 | ||
Joint venture | |||
Assets: | |||
Property, net | 9,424,591 | 9,241,003 | |
Other assets | 772,116 | 703,861 | |
Total assets | 10,196,707 | 9,944,864 | |
Liabilities and partners' capital: | |||
Mortgage and other notes payable | 6,144,685 | 6,050,930 | |
Other liabilities | 565,412 | 388,509 | |
Company's capital | 1,904,145 | 1,913,475 | |
Outside partners' capital | 1,582,465 | 1,591,950 | |
Total liabilities and partners' capital | 10,196,707 | 9,944,864 | |
Investment in unconsolidated joint ventures: | |||
Company's capital | 1,904,145 | 1,913,475 | |
Basis adjustment | (492,350) | (535,808) | |
Investments in unconsolidated joint ventures | 1,411,795 | 1,377,667 | |
Assets—Investments in unconsolidated joint ventures | 1,519,697 | 1,492,655 | |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (107,902) | (114,988) | |
Investments in unconsolidated joint ventures | 1,411,795 | 1,377,667 | |
Total assets | 10,196,707 | 9,944,864 | |
Amortization of difference between cost of investments and book value of underlying equity | 18,834 | 12,793 | 16,562 |
Revenues: | |||
Leasing revenue | 900,649 | 914,252 | |
Other | 50,782 | 42,325 | |
Total revenues | 951,431 | 956,577 | |
Expenses: | |||
Shopping center and operating expenses | 288,126 | 285,935 | |
Leasing expenses | 8,293 | ||
Interest expense | 217,465 | 213,032 | |
Depreciation and amortization | 374,055 | 346,663 | |
Total operating expenses | 887,939 | 845,630 | |
Loss on sale of assets | (832) | 14,331 | |
Net (loss) income | 62,660 | 125,278 | |
Company's equity in net (loss) income | 48,508 | 71,773 | |
Joint venture | PPR Portfolio | |||
Revenues: | |||
Leasing revenue | 187,789 | 186,924 | |
Other | 1,598 | 905 | |
Total revenues | 189,387 | 187,829 | |
Expenses: | |||
Shopping center and operating expenses | 37,528 | 39,283 | |
Leasing expenses | 1,598 | ||
Interest expense | 67,354 | 67,117 | |
Depreciation and amortization | 100,490 | 97,885 | |
Total operating expenses | 206,970 | 204,285 | |
Loss on sale of assets | (452) | (140) | |
Net (loss) income | (18,035) | (16,596) | |
Company's equity in net (loss) income | (590) | (16) | |
Joint venture | Other Joint Ventures | |||
Revenues: | |||
Leasing revenue | 712,860 | 727,328 | |
Other | 49,184 | 41,420 | |
Total revenues | 762,044 | 768,748 | |
Expenses: | |||
Shopping center and operating expenses | 250,598 | 246,652 | |
Leasing expenses | 6,695 | ||
Interest expense | 150,111 | 145,915 | |
Depreciation and amortization | 273,565 | 248,778 | |
Total operating expenses | 680,969 | 641,345 | |
Loss on sale of assets | (380) | 14,471 | |
Net (loss) income | 80,695 | 141,874 | |
Company's equity in net (loss) income | 49,098 | 71,789 | |
Joint venture | PPR Portfolios | |||
Assets: | |||
Total assets | 2,932,401 | 3,047,851 | |
Investment in unconsolidated joint ventures: | |||
Total assets | 2,932,401 | 3,047,851 | |
Total liabilities | $ 1,732,976 | 1,859,637 | |
Affiliated entity | Northwestern Mutual Life (NML) | |||
Expenses: | |||
Interest expense on borrowings from related party | $ 20,197 | $ 17,898 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)derivative | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Number of interest rate swap agreements | derivative | 4 | ||
Interest rate cap/swap agreements | $ (4,585) | $ (42) | |
Interest rate cap/swap agreements | $ (4,424) | $ (42) | |
Derivatives, Fair Value [Line Items] | |||
Fair Value | $ (9,051) | (4,466) | |
Interest rate swap | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Number of interest rate swap agreements | derivative | 4 | ||
Level 2 | Interest rate cap | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 300,000 | ||
LIBOR Rate | 4.00% | ||
Fair Value | $ 0 | (53) | |
Level 2 | Interest rate swap | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 400,000 | ||
LIBOR Rate | 2.85% | ||
Fair Value | $ (9,051) | $ (4,413) |
Property, net - Components of P
Property, net - Components of Property (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 1,520,678 | $ 1,506,678 |
Buildings and improvements | 6,389,458 | 6,288,308 |
Tenant improvements | 726,533 | 678,110 |
Equipment and furnishings | 230,215 | 206,398 |
Construction in progress | 126,165 | 199,326 |
Total | 8,993,049 | 8,878,820 |
Less accumulated depreciation | (2,349,536) | (2,093,044) |
Property, net | $ 6,643,513 | $ 6,785,776 |
Property, net - Narrative (Deta
Property, net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 287,846 | $ 275,236 | $ 277,917 |
Property, net - Schedule of Los
Property, net - Schedule of Loss (Gain) on Sale or Write down of Assets (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Nov. 16, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 01, 2018 |
Property, Plant and Equipment [Line Items] | ||||||
Write-down of assets | $ (16,285) | $ (82,745) | $ (23,154) | |||
(Loss) gain on sale or write down of assets, net | (11,909) | (31,825) | 42,446 | |||
Outside partner interest of the operating partnership | 75.00% | |||||
Impairment losses | (16,285) | (82,745) | (23,154) | |||
Promenade at Casa Grande | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Write-down of assets | (1,043) | (10,072) | ||||
Gain on disposal | (311) | |||||
Impairment losses | (1,043) | (10,072) | ||||
South Park Mall | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Write-down of assets | (36,338) | |||||
Impairment losses | (36,338) | |||||
La Cumbre Plaza | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Write-down of assets | (7,907) | |||||
Impairment losses | (7,907) | |||||
Two freestanding stores | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Write-down of assets | (7,494) | |||||
Impairment losses | (7,494) | |||||
Southridge Center | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Write-down of assets | (1,697) | (12,036) | ||||
Impairment losses | (1,697) | (12,036) | ||||
Westside Pavilion | Joint venture | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gain on sale of assets | $ 46,242 | $ 46,242 | ||||
Outside partner interest of the operating partnership | 75.00% | 75.00% | ||||
Cascade and Northgate Malls | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gain on disposal | 59,577 | |||||
500 North Michigan Avenue | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gain on disposal | $ 14,597 | |||||
Property | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gain on sale of assets | 0 | $ 45,931 | 74,174 | |||
Land | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Gain on sale of assets | 4,376 | 4,989 | 1,564 | |||
Non-real estate | ||||||
Property, Plant and Equipment [Line Items] | ||||||
(Loss) gain on sale or write down of assets, net | $ 0 | $ 0 | $ (10,138) |
Property, net - Assets Measured
Property, net - Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value Measurement | $ 104,700 | $ 38,000 |
(Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value Measurement | 0 | 0 |
(Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value Measurement | 104,700 | 38,000 |
(Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value Measurement | $ 0 | $ 0 |
Tenant and Other Receivables,_2
Tenant and Other Receivables, net (Details) ft² in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 17, 2014USD ($)ft² |
Components of tenant and other receivables, net | |||
Allowance for doubtful accounts | $ 4,836 | $ 2,919 | |
Deferred rent receivables due to straight-line rent adjustments | 82,214 | 72,456 | |
Lake Square Mall | |||
Components of tenant and other receivables, net | |||
Property area (in square feet) | ft² | 559 | ||
Accrued percentage rents | |||
Components of tenant and other receivables, net | |||
Accounts receivable | $ 9,618 | $ 8,949 | |
LSM Note | |||
Components of tenant and other receivables, net | |||
Notes receivable | $ 6,500 | ||
Notes receivable interest rate (as a percent) | 6.50% |
Leases - Components of leasing
Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Leasing revenue - fixed payments | $ 647,876 | ||
Leasing revenue - fixed payments | $ 659,991 | $ 677,503 | |
Leasing revenue - variable payments | 210,998 | ||
Leasing revenue - variable payments | 224,005 | 244,649 | |
Leasing revenue | $ 858,874 | ||
Leasing revenue | $ 883,996 | $ 922,152 |
Leases - Summary of Minimum Ren
Leases - Summary of Minimum Rental Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 490,510 |
2021 | 418,884 |
2022 | 364,768 |
2023 | 315,868 |
2024 | 250,216 |
Thereafter | 741,235 |
Total | $ 2,581,481 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019lease | |
Leases [Abstract] | |
Number of finance leases | 4 |
Weighted average remaining lease term, operating leases | 31 years |
Weighted average remaining lease term, finance leases | 1 year 7 months 6 days |
Weighted average incremental borrowing rate, operating leases | 7.70% |
Weighted average incremental borrowing rate, finance leases | 4.20% |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease costs | $ 17,070 |
Finance lease costs: | |
Amortization of ROU assets | 1,882 |
Interest on lease liabilities | 596 |
Total lease cost | $ 19,548 |
Leases - Summary of minimum fut
Leases - Summary of minimum future rental payments required (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 17,149 |
2021 | 17,004 |
2022 | 16,867 |
2023 | 11,055 |
2024 | 9,068 |
Thereafter | 131,347 |
Total undiscounted rental payments | 202,490 |
Less imputed interest | (102,085) |
Total lease liabilities | 100,405 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2020 | 2,106 |
2021 | 10,441 |
2022 | 2,418 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Total undiscounted rental payments | 14,965 |
Less imputed interest | (1,169) |
Total lease liabilities | $ 13,796 |
Deferred Charges and Other As_3
Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Leasing | $ 202,540 | $ 226,885 | |
Intangible assets: | |||
In-place lease values | 78,171 | 94,966 | |
Leasing commissions and legal costs | 20,518 | 23,508 | |
Above-market leases | 59,916 | 140,889 | |
Deferred tax assets | 30,757 | 32,197 | |
Deferred compensation plan assets | 55,349 | 45,857 | |
Other assets | 60,475 | 75,497 | |
Deferred charges and other assets, gross | 507,726 | 639,799 | |
Less accumulated amortization | (229,860) | (249,396) | |
Deferred charges and other assets, net | 277,866 | 390,403 | |
In-place lease values, leasing commissions and legal costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | 66,322 | 72,286 | |
Amortization expense | $ 13,821 | $ 13,635 | $ 19,958 |
Deferred Charges and Other As_4
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, 2019USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
2020 | $ 7,921 |
2021 | 6,255 |
2022 | 4,719 |
2023 | 3,436 |
2024 | 2,276 |
Thereafter | 7,760 |
Allocated value net | $ 32,367 |
Deferred Charges and Other As_5
Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Above-Market Leases | ||
Allocated value net | $ 32,367 | |
Above Market | ||
Above-Market Leases | ||
Original allocated value | 59,916 | $ 140,889 |
Less accumulated amortization | (35,737) | (49,847) |
Allocated value net | 24,179 | 91,042 |
Below Market | ||
Below-Market Leases | ||
Original allocated value | 90,790 | 108,330 |
Less accumulated amortization | (53,727) | (56,345) |
Allocated value, net | $ 37,063 | $ 51,985 |
Deferred Charges and Other As_6
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, 2019 | Dec. 31, 2018 |
Above Market | ||
2020 | $ 7,921 | |
2021 | 6,255 | |
2022 | 4,719 | |
2023 | 3,436 | |
2024 | 2,276 | |
Thereafter | 7,760 | |
Allocated value net | 32,367 | |
Above Market | ||
Above Market | ||
2020 | 5,328 | |
2021 | 4,677 | |
2022 | 4,055 | |
2023 | 3,685 | |
2024 | 2,691 | |
Thereafter | 3,743 | |
Allocated value net | 24,179 | $ 91,042 |
Below Market | ||
Below Market | ||
2019 | 6,882 | |
2020 | 5,344 | |
2021 | 4,374 | |
2022 | 3,617 | |
2023 | 3,348 | |
Thereafter | 13,498 | |
Allocated value, net | $ 37,063 | $ 51,985 |
Mortgage Notes Payable - Schedu
Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Jun. 27, 2019 | Jan. 10, 2019 | Dec. 31, 2018 | |
Mortgage loans payable on real estate | ||||
Carrying amount of mortgage notes, other | $ 4,392,599 | $ 4,073,916 | ||
Chandler Fashion Center | ||||
Mortgage loans payable on real estate | ||||
Carrying amount of mortgage notes, other | $ 255,174 | 199,972 | ||
Effective interest rate (as a percent) | 4.18% | 4.18% | ||
Monthly debt service | $ 875 | |||
Danbury Fair Mall | ||||
Mortgage loans payable on real estate | ||||
Carrying amount of mortgage notes, other | $ 194,718 | 202,158 | ||
Effective interest rate (as a percent) | 5.53% | |||
Monthly debt service | $ 1,538 | |||
Fashion Outlets of Chicago | ||||
Mortgage loans payable on real estate | ||||
Carrying amount of mortgage notes, other | $ 299,112 | 199,622 | ||
Effective interest rate (as a percent) | 4.61% | 4.61% | ||
Monthly debt service | $ 1,145 | |||
Fashion Outlets of Niagara Falls USA | ||||
Mortgage loans payable on real estate | ||||
Carrying amount of mortgage notes, other | $ 106,398 | 109,651 | ||
Effective interest rate (as a percent) | 4.89% | |||
Monthly debt service | $ 727 | |||
Freehold Raceway Mall | ||||
Mortgage loans payable on real estate | ||||
Carrying amount of mortgage notes, other | $ 398,379 | 398,212 | ||
Effective interest rate (as a percent) | 3.94% | |||
Monthly debt service | $ 1,300 | |||
Fresno Fashion Fair | ||||
Mortgage loans payable on real estate | ||||
Carrying amount of mortgage notes, other | $ 323,659 | 323,460 | ||
Effective interest rate (as a percent) | 3.67% | |||
Monthly debt service | $ 971 | |||
Green Acres Commons | ||||
Mortgage loans payable on real estate | ||||
Carrying amount of mortgage notes, other | $ 128,926 | $ 128,006 | ||
Effective interest rate (as a percent) | 4.40% | 5.06% | ||
Monthly debt service | $ 416 | |||
Green Acres Mall | ||||
Mortgage loans payable on real estate | ||||
Carrying amount of mortgage notes, other | $ 277,747 | $ 284,686 | ||
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, other | $ 535,097 | 437,120 | ||
Effective interest rate (as a percent) | 3.71% | |||
Monthly debt service | $ 1,629 | |||
Oaks, The | ||||
Mortgage loans payable on real estate | ||||
Carrying amount of mortgage notes, other | $ 187,142 | 192,037 | ||
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, other | $ 118,202 | 121,362 | ||
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, 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, other | $ 297,817 | 297,069 | ||
Effective interest rate (as a percent) | 3.34% | |||
Monthly debt service | $ 772 | |||
SanTan Village Regional Center | ||||
Mortgage loans payable on real estate | ||||
Carrying amount of mortgage notes, other | $ 219,140 | 121,585 | ||
Effective interest rate (as a percent) | 4.34% | |||
Monthly debt service | $ 788 | |||
Towne Mall | ||||
Mortgage loans payable on real estate | ||||
Carrying amount of mortgage notes, other | $ 20,284 | 20,733 | ||
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, other | $ 63,682 | 65,361 | ||
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, other | $ 114,733 | 114,675 | ||
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, other | $ 252,389 | $ 258,207 | ||
Effective interest rate (as a percent) | 3.55% | |||
Monthly debt service | $ 1,256 |
Mortgage Notes Payable - Footno
Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 03, 2019 | Jun. 27, 2019 | Jun. 03, 2019 | Feb. 13, 2019 | Jan. 10, 2019 | Dec. 31, 2018 | |
Mortgage loans payable on real estate | |||||||
Unamortized deferred finance costs | $ 16,042 | $ 13,053 | |||||
Chandler Fashion Center | |||||||
Mortgage loans payable on real estate | |||||||
Mortgage loan | $ 256,000 | ||||||
Effective interest rate (as a percent) | 4.18% | 4.18% | |||||
Fashion Outlets of Chicago | |||||||
Mortgage loans payable on real estate | |||||||
Mortgage loan | $ 300,000 | ||||||
Effective interest rate (as a percent) | 4.61% | 4.61% | |||||
Green Acres Commons | |||||||
Mortgage loans payable on real estate | |||||||
Effective interest rate (as a percent) | 4.40% | 5.06% | |||||
Kings Plaza Shopping Center | |||||||
Mortgage loans payable on real estate | |||||||
Mortgage loan | $ 540,000 | ||||||
Effective interest rate (as a percent) | 3.71% | ||||||
Santa Monica Place | |||||||
Mortgage loans payable on real estate | |||||||
Effective interest rate (as a percent) | 3.34% | ||||||
SanTan Village Regional Center | |||||||
Mortgage loans payable on real estate | |||||||
Effective interest rate (as a percent) | 4.34% | ||||||
Freehold Raceway Mall and Chandler Fashion Center | Joint venture | |||||||
Mortgage loans payable on real estate | |||||||
Interest in the loan assumed by a third party (as a percent) | 49.90% | ||||||
Fashion Outlets of Niagara Falls USA | |||||||
Mortgage loans payable on real estate | |||||||
Debt premiums | $ 773 | $ 1,701 | |||||
Green Acres Commons | |||||||
Mortgage loans payable on real estate | |||||||
Variable interest rate spread (as a percent) | 2.15% | ||||||
Santa Monica Place | |||||||
Mortgage loans payable on real estate | |||||||
Effective interest rate (as a percent) | 4.01% | ||||||
Variable interest rate spread (as a percent) | 1.35% | ||||||
Santa Monica Place | Maximum | Interest rate cap | |||||||
Mortgage loans payable on real estate | |||||||
Variable interest rate spread (as a percent) | 4.00% | ||||||
SanTan Village Regional Center | |||||||
Mortgage loans payable on real estate | |||||||
Mortgage loan | $ 220,000 | $ 220,000 |
Mortgage Notes Payable - Narrat
Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Interest expense capitalized | $ 9,614 | $ 15,422 | $ 13,160 |
Fair value of mortgage notes payable | $ 4,427,790 | $ 4,082,448 |
Mortgage Notes Payable - Future
Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Mortgage loans payable on real estate | ||
Deferred finance cost, net | $ (16,042) | $ (13,053) |
Mortgage notes payable | 4,392,599 | $ 4,073,916 |
Mortgage notes payable | ||
Mortgage loans payable on real estate | ||
2020 | 325,133 | |
2021 | 418,239 | |
2022 | 674,340 | |
2023 | 6,895 | |
2024 | 378,120 | |
Thereafter | 2,605,141 | |
Long term debt including debt premium | 4,407,868 | |
Debt premium | 773 | |
Deferred finance cost, net | (16,042) | |
Mortgage notes payable | $ 4,392,599 |
Bank and Other Notes Payable -
Bank and Other Notes Payable - Narrative (Details) | Mar. 29, 2013USD ($) | Dec. 31, 2019USD ($)derivativeextension_period | Dec. 31, 2018USD ($) |
Bank and other notes payable | |||
Number of extension options | extension_period | 1 | ||
Number of interest rate swap agreements | derivative | 4 | ||
Unamortized deferred finance costs | $ 16,042,000 | $ 13,053,000 | |
Availability for additional borrowings | $ 679,719,000 | 589,719,000 | |
Interest rate swap | |||
Bank and other notes payable | |||
Number of interest rate swap agreements | derivative | 4 | ||
Interest rate swap | Level 2 | |||
Bank and other notes payable | |||
Line of credit | $ 400,000,000 | ||
Line of Credit | |||
Bank and other notes payable | |||
Line of credit | 820,000,000 | 910,000,000 | |
Unamortized deferred finance costs | $ 2,623,000 | $ 5,145,000 | |
Average interest rate (as a percent) | 3.92% | 4.20% | |
Line of Credit | Level 2 | |||
Bank and other notes payable | |||
Fair value of line of credit | $ 826,280,000 | $ 912,163,000 | |
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 | 3,689,000 | ||
Estimated fair value of term loan | $ 3,690,000 | ||
LIBOR | Line of Credit | |||
Bank and other notes payable | |||
Variable interest rate spread (as a percent) | 1.55% | ||
Revolving line of credit | |||
Bank and other notes payable | |||
Line of credit | $ 1,500,000,000 | ||
Maximum contingent borrowing capacity | $ 2,000,000,000 | ||
Revolving line of credit | Line of Credit | Interest rate swap | |||
Bank and other notes payable | |||
Effective interest rate | 4.30% | ||
Revolving line of credit | LIBOR | Low end of range | |||
Bank and other notes payable | |||
Variable interest rate spread (as a percent) | 1.30% | ||
Revolving line of credit | LIBOR | High end of range | |||
Bank and other notes payable | |||
Variable interest rate spread (as a percent) | 1.90% |
Financing Arrangement - Narrati
Financing Arrangement - Narrative (Details) ft² in Thousands, $ in Thousands | Jun. 27, 2019USD ($) | Sep. 30, 2009ft² | Dec. 31, 2019USD ($)$ / ft² | Dec. 31, 2018USD ($)$ / ft² | Dec. 31, 2017USD ($) | Jan. 01, 2018USD ($) |
Distributions of the partner's share of net income | ||||||
Financing arrangement obligation | $ 273,900 | $ 378,485 | ||||
Accumulated deficit | $ (1,944,012) | $ (1,614,357) | ||||
Terminal capitalization rate | 5.00% | 4.80% | ||||
Discount rate | 6.00% | 5.80% | ||||
Distributions in excess of loan proceeds | $ 27,945 | $ 27,945 | $ 0 | $ 0 | ||
Freehold Raceway Mall and Chandler Fashion Center | Joint venture | ||||||
Distributions of the partner's share of net income | ||||||
Investments in unconsolidated joint ventures | $ 31,150 | |||||
Chandler Fashion Center | ||||||
Distributions of the partner's share of net income | ||||||
Mortgage loan | $ 256,000 | |||||
Financing arrangement | Minimum | ||||||
Distributions of the partner's share of net income | ||||||
Market rent per square foot | 35 | 35 | ||||
Financing arrangement | Maximum | ||||||
Distributions of the partner's share of net income | ||||||
Market rent per square foot | $ / ft² | 115 | 115 | ||||
Financing arrangement | ASU 2014-09 | Difference between revenue guidance in effect before and after topic 606 | Freehold Raceway Mall and Chandler Fashion Center | Joint venture | ||||||
Distributions of the partner's share of net income | ||||||
Financing arrangement obligation | 393,709 | |||||
Accumulated deficit | 424,859 | |||||
Financing arrangement | Freehold Raceway Mall and Chandler Fashion Center | ||||||
Distributions of the partner's share of net income | ||||||
Ownership interest (as a percent) | 49.90% | |||||
Financing arrangement | Chandler Fashion Center | ||||||
Distributions of the partner's share of net income | ||||||
Property area (in square feet) | ft² | 1,318 | |||||
Financing arrangement | Freehold Raceway Mall | ||||||
Distributions of the partner's share of net income | ||||||
Property area (in square feet) | ft² | 1,673 | |||||
Joint venture | Freehold Raceway Mall and Chandler Fashion Center | ||||||
Distributions of the partner's share of net income | ||||||
Investments in unconsolidated joint ventures | $ 31,150 |
Financing Arrangement - Financi
Financing Arrangement - Financing Arrangement Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Distributions of the partner's share of net income | ||||
Total incurred interest (income) expense | $ (62,517) | $ 6,883 | $ 8,731 | |
Financing arrangement | Joint venture | ||||
Distributions of the partner's share of net income | ||||
Distributions of the partner's share of net income | $ 7,184 | 9,079 | ||
Distributions in excess of the partner's share of net income | 6,939 | 6,376 | ||
Adjustment to fair value of financing arrangement obligation | (76,640) | (15,225) | ||
Total incurred interest (income) expense | $ (62,517) | $ (62,517) | $ 230 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Aug. 20, 2014 | |
Noncontrolling Interest [Line Items] | |||
Par value of common stock (in dollars per share) | $ 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 | $ 277,524 | $ 448,116 | |
The Macerich Partnership, L.P. | |||
Noncontrolling Interest [Line Items] | |||
Ownership interest in operating partnership (as a percent) | 93.00% | 93.00% | |
Limited partnership interest of the operating partnership (as a percent) | 7.00% | 7.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 11 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 12, 2017 | Aug. 20, 2014 | |
Stockholders' Equity Note [Abstract] | |||||
Authorized amount for stock repurchase program | $ 500,000,000 | ||||
Repurchased shares (in shares) | 3,627,390 | ||||
Repurchased shares | $ 221,428,000 | ||||
Repurchased shares (in dollars per share) | $ 61.01 | ||||
Par value of common stock (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Maximum price of common stock available to be issued | $ 500,000,000 |
Collaborative Agreement (Detail
Collaborative Agreement (Details) - USD ($) $ in Thousands | Aug. 31, 2018 | Aug. 31, 2018 | Mar. 01, 2018 |
Equity Method Investments and Joint Ventures [Abstract] | |||
Ownership percentage | 25.00% | ||
Outside partner interest of the operating partnership | 75.00% | ||
Proceeds from sale | $ 142,500 | ||
Reimbursement percent | 75.00% |
Dispositions (Details)
Dispositions (Details) ft² in Thousands, $ in Thousands | Aug. 31, 2018USD ($) | May 17, 2018USD ($)ft² | Nov. 16, 2017USD ($)ft² | Jan. 18, 2017USD ($)ft² | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale | $ 142,500 | ||||||
(Loss) gain on sale or write down of assets, net | $ (11,909) | $ (31,825) | $ 42,446 | ||||
Cascade Mall | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Property area (in square feet) | ft² | 589 | ||||||
Northgate Mall | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Property area (in square feet) | ft² | 750 | ||||||
Cascade and Northgate Malls | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale | $ 170,000 | ||||||
Gain (loss) on disposal | $ 59,577 | ||||||
500 North Michigan Avenue | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Property area (in square feet) | ft² | 326 | ||||||
Proceeds from sale | $ 86,350 | ||||||
Gain (loss) on disposal | $ 14,597 | ||||||
Promenade at Casa Grande | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Property area (in square feet) | ft² | 761 | ||||||
Proceeds from sale | $ 26,000 | ||||||
(Loss) gain on sale or write down of assets, net | $ (311) |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent liability under letters of credit | $ 40,814 |
Outstanding obligations under construction agreements | $ 4,194 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Management fees | |||
Related Party Transaction [Line Items] | |||
Management fees | $ 40,709 | $ 43,480 | $ 43,394 |
Unconsolidated joint ventures and third party managed properties | |||
Related Party Transaction [Line Items] | |||
Management fees | 34,804 | 34,164 | 34,663 |
Unconsolidated joint ventures and third party managed properties | Management fees | |||
Related Party Transaction [Line Items] | |||
Management fees | 18,748 | 19,752 | 19,105 |
Unconsolidated joint ventures and third party managed properties | Development and leasing fees | |||
Related Party Transaction [Line Items] | |||
Management fees | $ 16,056 | $ 14,412 | $ 15,558 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||||
Interest (income) expense from related party transactions | $ (62,517) | $ 6,883 | $ 8,731 | |
Due (to) from affiliates | $ 6,157 | 6,157 | 85,181 | |
Related Parties Note Receivable, RED Consolidated Holdings, LLC | ||||
Related Party Transaction [Line Items] | ||||
Due (to) from affiliates | $ 3,689 | |||
Notes receivable interest rate | 5.25% | |||
Interest earned | 141 | $ 224 | 268 | |
Joint venture | Financing arrangement | ||||
Related Party Transaction [Line Items] | ||||
Interest (income) expense from related party transactions | (62,517) | (62,517) | 230 | |
Unconsolidated joint ventures | ||||
Related Party Transaction [Line Items] | ||||
Due (to) from affiliates | $ 6,157 | 6,157 | 6,385 | |
Affiliated entity | Northwestern Mutual Life (NML) | ||||
Related Party Transaction [Line Items] | ||||
Interest expense, related party | 6,653 | 8,731 | ||
Affiliated entity | Notes receivable | Fashion Outlets of San Francisco | ||||
Related Party Transaction [Line Items] | ||||
Interest earned | $ 1,112 | 3,152 | $ 2,513 | |
Note receivable | $ 75,107 | |||
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, 2019shares | |
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) | 6,056,813 |
Share and Unit-based Plans - St
Share and Unit-based Plans - Stock Units Roll Forward Activity (Details) - Stock units | 12 Months Ended | ||
Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |||
Number of common shares into which units can be converted (shares) | 1 | ||
Shares or Units | |||
Balance at beginning of year (shares) | shares | 129,457 | 151,355 | 148,428 |
Granted (shares) | shares | 160,932 | 87,983 | 86,827 |
Vested (shares) | shares | (85,157) | (108,991) | (81,205) |
Forfeited (shares) | shares | (5,245) | (890) | (2,695) |
Balance at end of year (shares) | shares | 199,987 | 129,457 | 151,355 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Balance at beginning of year (in dollars per share) | $ / shares | $ 64.21 | $ 73.32 | $ 78.53 |
Granted (in dollars per share) | $ / shares | 37.44 | 58.79 | 66.46 |
Vested (in dollars per share) | $ / shares | 62.84 | 74.04 | 75.62 |
Forfeited (in dollars per share) | $ / shares | 51.48 | 68.81 | 69.57 |
Balance at end of year (in dollars per share) | $ / shares | $ 43.59 | $ 64.21 | $ 73.32 |
Share and Unit-based Plans - SA
Share and Unit-based Plans - SARs Roll Forward Activity (Details) - SARs - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Units | |||
Balance at beginning of year (shares) | 0 | 235,439 | 284,146 |
Granted (shares) | 0 | 0 | 0 |
Exercised (shares) | 0 | (235,439) | (48,707) |
Balance at end of year (shares) | 0 | 0 | 235,439 |
Weighted Average Exercise Price (in dollars per share) | |||
Balance at beginning of year (in dollars per share) | $ 0 | $ 53.83 | $ 53.85 |
Granted (in dollars per share) | 0 | 0 | |
Vested (in dollars per share) | 0 | 53.83 | 53.95 |
Balance at end of year (in dollars per share) | $ 0 | $ 0 | $ 53.83 |
Share and Unit-based Plans - Lo
Share and Unit-based Plans - Long-Term Incentive Plan Units Narrative (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Stock units | |
Share and unit-based plans | |
Conversion rate | 1 |
LTIP units | |
Share and unit-based plans | |
Conversion rate | 1 |
Share and Unit-based Plans - Sc
Share and Unit-based Plans - Schedule of LTIP Grants (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
LTIP units | |||
Share and unit-based plans | |||
Granted (shares) | 343,431 | 569,136 | 506,906 |
Granted (in dollars per share) | $ 32.40 | $ 51.78 | $ 55.33 |
Service-based | |||
Share and unit-based plans | |||
Granted (shares) | 343,431 | 569,136 | 506,906 |
January 1, 2017 | Service-based | First vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 66,079 | ||
Granted (in dollars per share) | $ 70.84 | ||
January 1, 2017 | Market-indexed | First vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 297,849 | ||
Granted (in dollars per share) | $ 47.15 | ||
March 3, 2017 | Service-based | Second vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 134,742 | ||
Granted (in dollars per share) | $ 66.57 | ||
June 1, 2017 | Service-based | Third vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 1,522 | ||
Granted (in dollars per share) | $ 58.31 | ||
June 1, 2017 | Market-indexed | Third vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 6,714 | ||
Granted (in dollars per share) | $ 39.66 | ||
January 1, 2018 | Service-based | First vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 65,466 | ||
Granted (in dollars per share) | $ 65.68 | ||
January 1, 2018 | Market-indexed | First vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 291,326 | ||
Granted (in dollars per share) | $ 44.28 | ||
January 29, 2018 | Service-based | First vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 1,893 | ||
Granted (in dollars per share) | $ 66.02 | ||
January 29, 2018 | Service-based | Second vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 13,632 | ||
Granted (in dollars per share) | $ 66.02 | ||
January 29, 2018 | Market-indexed | First vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 7,775 | ||
Granted (in dollars per share) | $ 48.23 | ||
March 2, 2018 | Service-based | Third vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 99,407 | ||
Granted (in dollars per share) | $ 59.04 | ||
April 26, 2018 | Service-based | Fourth vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 89,637 | ||
Granted (in dollars per share) | $ 55.78 | ||
January 1, 2019 | Service-based | First vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 81,732 | ||
Granted (in dollars per share) | $ 43.28 | ||
January 1, 2019 | Market-indexed | First vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 250,852 | ||
Granted (in dollars per share) | $ 29.25 | ||
September 1, 2019 | Service-based | First vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 4,393 | ||
Granted (in dollars per share) | $ 28.53 | ||
September 1, 2019 | Market-indexed | First vesting period | |||
Share and unit-based plans | |||
Granted (shares) | 6,454 | ||
Granted (in dollars per share) | $ 19.42 |
Share and Unit-based Plans - _2
Share and Unit-based Plans - Schedule LTIP Units Valuation Assumptions (Details) - LTIP units | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
January 1, 2017 | |||
Share and unit-based plans | |||
Risk Free Interest Rate | 1.49% | ||
Expected Volatility | 20.75% | ||
June 1, 2017 | |||
Share and unit-based plans | |||
Risk Free Interest Rate | 1.45% | ||
Expected Volatility | 21.40% | ||
January 1, 2018 | |||
Share and unit-based plans | |||
Risk Free Interest Rate | 1.98% | ||
Expected Volatility | 23.38% | ||
January 29, 2018 | |||
Share and unit-based plans | |||
Risk Free Interest Rate | 2.25% | ||
Expected Volatility | 23.86% | ||
January 1, 2019 | |||
Share and unit-based plans | |||
Risk Free Interest Rate | 2.46% | ||
Expected Volatility | 23.52% | ||
September 1, 2019 | |||
Share and unit-based plans | |||
Risk Free Interest Rate | 1.42% | ||
Expected Volatility | 24.91% |
Share and Unit-based Plans - LT
Share and Unit-based Plans - LTIP Activity (Details) - LTIP units - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Units | |||
Balance at beginning of year (shares) | 661,578 | 636,632 | 322,572 |
Granted (shares) | 343,431 | 569,136 | 506,906 |
Vested (shares) | (76,306) | (253,625) | (192,846) |
Forfeited (shares) | (312,484) | (290,565) | 0 |
Balance at end of year (shares) | 616,219 | 661,578 | 636,632 |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of year (in dollars per share) | $ 48.38 | $ 52.36 | $ 58.18 |
Granted (in dollars per share) | 32.40 | 51.78 | 55.33 |
Vested (in dollars per share) | 59.27 | 61.17 | 69.93 |
Forfeited (in dollars per share) | 46.55 | 52.58 | 0 |
Balance at end of year (in dollars per share) | $ 39.04 | $ 48.38 | $ 52.36 |
Share and Unit-based Plans - _3
Share and Unit-based Plans - Stock Options Narrative (Details) - Non-qualified stock options | May 30, 2017$ / sharesshares |
Share and unit-based plans | |
Granted (shares) | shares | 25,000 |
Granted (in dollars per share) | $ 10.02 |
Expected volatility | 30.19% |
Dividend yield (as a percent) | 4.93% |
Risk free rate | 2.08% |
Share price (in dollars per share) | $ 57.55 |
Expected term (in years) | 8 years |
Share and Unit-based Plans - _4
Share and Unit-based Plans - Stock Option Activity (Details) - Stock options - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Options | |||
Balance at beginning of year (shares) | 35,565 | 35,565 | 10,565 |
Granted (shares) | 0 | 0 | 25,000 |
Exercised (in shares) | 0 | 0 | 0 |
Balance at end of year (shares) | 35,565 | 35,565 | 35,565 |
Weighted Average Exercise Price (in dollars per share) | |||
Balance at beginning of year (in dollars per share) | $ 57.32 | $ 57.32 | $ 56.77 |
Granted (in dollars per share) | 0 | 0 | 57.55 |
Exercised (in dollars per share) | 0 | 0 | 0 |
Balance at end of year (in dollars per share) | $ 57.32 | $ 57.32 | $ 57.32 |
Share and Unit-based Plans - Di
Share and Unit-based Plans - Directors' Phantom Stock Plan (Details) | 12 Months Ended | ||
Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / 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 | 4,054 | 5,845 |
Granted (shares) | 23,690 | 10,380 | 8,760 |
Vested (shares) | (16,474) | (12,193) | (10,551) |
Forfeited (shares) | 0 | (2,241) | 0 |
Balance at end of year (shares) | 7,216 | 0 | 4,054 |
Weighted Average Grant Date Fair Value (in dollars per share) | |||
Balance at beginning of year (in dollars per share) | $ / shares | $ 0 | $ 79.82 | $ 81.47 |
Granted (in dollars per share) | $ / shares | 40.26 | 49.55 | 68.93 |
Vested (in dollars per share) | $ / shares | 38.94 | 54.40 | 71.69 |
Forfeited (in dollars per share) | $ / shares | 0 | 77.91 | 0 |
Balance at end of year (in dollars per share) | $ / shares | $ 43.29 | $ 0 | $ 79.82 |
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) | 134,638 |
Share and Unit-based Plans - Em
Share and Unit-based Plans - Employee Stock Purchase Plan (Details) - ESPP | 12 Months Ended |
Dec. 31, 2019shares | |
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) | 356,822 |
Share and Unit-based Plans - Co
Share and Unit-based Plans - Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | $ 16,723 | $ 33,551 | $ 37,005 |
Capitalized share and unit-based compensation costs | 4,691 | 6,184 | 6,206 |
Stock units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 4,598 | 6,355 | 6,045 |
Unrecognized compensation cost of share and unit-based plans | 2,949 | ||
LTIP units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 11,372 | 26,311 | 30,161 |
Unrecognized compensation cost of share and unit-based plans | 1,647 | ||
Stock options | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 51 | 125 | 85 |
Unrecognized compensation cost of share and unit-based plans | 0 | ||
Phantom stock units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 702 | 760 | 714 |
Stock awards and units | |||
Share and unit-based plans | |||
Fair value of equity-based awards vested during period | $ 3,577 | $ 6,479 | $ 5,257 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
The Plan | |||
Employee Benefit Plans: | |||
Number of common stock shares reserved for issuance (in shares) | 650,000 | ||
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 | $ 3,346 | $ 3,422 | $ 3,481 |
Deferred Compensation Plans | |||
Employee Benefit Plans: | |||
Employer contribution | $ 814 | $ 813 | $ 1,069 |
Income Taxes - Schedule of comp
Income Taxes - Schedule of components of distributions made to common stockholders on a per share basis (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends, dollars per share | |||
Ordinary income (in dollars per share) | $ 1.32 | $ 1.91 | $ 1.98 |
Capital gains (in dollars per share) | 0.64 | 0.05 | 0.51 |
Unrecaptured Section 1250 gain (in dollars per share) | 0 | 0 | 0.38 |
Return of capital (in dollars per share) | 1.04 | 1.01 | 0 |
Dividends paid for income tax purposes (in dollars per share) | $ 3 | $ 2.97 | $ 2.87 |
Dividends, percent | |||
Ordinary income (as a percent) | 44.20% | 64.30% | 69.00% |
Capital gains (as a percent) | 21.20% | 1.70% | 17.80% |
Unrecaptured Section 1250 gain (as a percent) | 0.00% | 0.00% | 13.20% |
Return of capital (as a percent) | 34.60% | 34.00% | 0.00% |
Dividends paid (as a percent) | 100.00% | 100.00% | 100.00% |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income tax benefit of TRSs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Current | $ (150) | $ 413 | $ 185 |
Deferred | (1,439) | 3,191 | (15,779) |
Income tax (expense) benefit | $ (1,589) | $ 3,604 | $ (15,594) |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Book (income) loss for TRSs | $ (2,062) | $ 19,525 | $ 2,094 |
Tax at statutory rate on earnings from continuing operations before income taxes | (433) | 4,100 | 712 |
Change in tax rates | 0 | 0 | (14,189) |
State taxes | (280) | 513 | 109 |
Other | (876) | (1,009) | (2,226) |
Income tax (expense) benefit | $ (1,589) | $ 3,604 | $ (15,594) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Remeasured ending deferred tax asset | $ 14,189 |
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, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 22,338 | $ 25,751 |
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs | 6,784 | 4,524 |
Other | 1,635 | 1,922 |
Deferred tax assets | $ 30,757 | $ 32,197 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 241,841 | $ 231,127 | $ 227,972 | $ 226,522 | $ 246,874 | $ 242,198 | $ 234,545 | $ 236,734 | $ 927,462 | $ 960,351 | $ 993,662 |
Net income attributable to the Company | $ 26,891 | $ 46,371 | $ 15,734 | $ 7,824 | $ 11,749 | $ 74,028 | $ 7,816 | $ (33,573) | $ 96,820 | $ 60,020 | $ 146,130 |
Net income attributable to common stockholders (dollars per share) | $ 0.19 | $ 0.33 | $ 0.11 | $ 0.05 | $ 0.08 | $ 0.52 | $ 0.05 | $ (0.24) | $ 0.68 | $ 0.42 | $ 1.02 |
Net income attributable to common stockholders (dollars per share) | $ 0.19 | $ 0.33 | $ 0.11 | $ 0.05 | $ 0.08 | $ 0.52 | $ 0.05 | $ (0.24) | $ 0.68 | $ 0.42 | $ 1.02 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Jan. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent events | ||||
Dividends declared for common stock (in dollars per share) | $ 3 | $ 2.97 | $ 2.87 | |
Subsequent event | ||||
Subsequent events | ||||
Dividends declared for common stock (in dollars per share) | $ 0.75 |
Schedule III-Real Estate and _2
Schedule III-Real Estate and Accumulated Depreciation - Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Initial Cost to Company | ||||
Land | $ 1,406,580 | |||
Building and Improvements | 4,717,020 | |||
Equipment and Furnishings | 46,574 | |||
Cost Capitalized Subsequent to Acquisition | 2,822,875 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,520,678 | |||
Building and Improvements | 7,115,991 | |||
Equipment and Furnishings | 230,215 | $ 206,398 | ||
Construction in Progress | 126,165 | 199,326 | ||
Total | 8,993,049 | 8,878,820 | $ 9,127,533 | $ 9,209,211 |
Accumulated Depreciation | 2,349,536 | $ 2,093,044 | $ 2,018,303 | $ 1,851,901 |
Total Cost Net of Accumulated Depreciation | 6,643,513 | |||
Chandler Fashion Center | ||||
Initial Cost to Company | ||||
Land | 24,188 | |||
Building and Improvements | 223,143 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 28,847 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 24,188 | |||
Building and Improvements | 245,798 | |||
Equipment and Furnishings | 6,192 | |||
Construction in Progress | 0 | |||
Total | 276,178 | |||
Accumulated Depreciation | 119,086 | |||
Total Cost Net of Accumulated Depreciation | 157,092 | |||
Danbury Fair Mall | ||||
Initial Cost to Company | ||||
Land | 130,367 | |||
Building and Improvements | 316,951 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 126,366 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 142,751 | |||
Building and Improvements | 419,228 | |||
Equipment and Furnishings | 10,357 | |||
Construction in Progress | 1,348 | |||
Total | 573,684 | |||
Accumulated Depreciation | 168,324 | |||
Total Cost Net of Accumulated Depreciation | 405,360 | |||
Desert Sky Mall | ||||
Initial Cost to Company | ||||
Land | 9,447 | |||
Building and Improvements | 37,245 | |||
Equipment and Furnishings | 12 | |||
Cost Capitalized Subsequent to Acquisition | 5,925 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 9,082 | |||
Building and Improvements | 41,304 | |||
Equipment and Furnishings | 2,243 | |||
Construction in Progress | 0 | |||
Total | 52,629 | |||
Accumulated Depreciation | 13,348 | |||
Total Cost Net of Accumulated Depreciation | 39,281 | |||
Eastland Mall | ||||
Initial Cost to Company | ||||
Land | 22,050 | |||
Building and Improvements | 151,605 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 11,949 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 21,400 | |||
Building and Improvements | 162,087 | |||
Equipment and Furnishings | 2,117 | |||
Construction in Progress | 0 | |||
Total | 185,604 | |||
Accumulated Depreciation | 39,109 | |||
Total Cost Net of Accumulated Depreciation | 146,495 | |||
Estrella Falls | ||||
Initial Cost to Company | ||||
Land | 10,550 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 72,292 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,524 | |||
Building and Improvements | 14,265 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 58,053 | |||
Total | 82,842 | |||
Accumulated Depreciation | 3,083 | |||
Total Cost Net of Accumulated Depreciation | 79,759 | |||
Fashion Outlets of Chicago | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 271,689 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 40,575 | |||
Building and Improvements | 225,564 | |||
Equipment and Furnishings | 4,615 | |||
Construction in Progress | 935 | |||
Total | 271,689 | |||
Accumulated Depreciation | 69,616 | |||
Total Cost Net of Accumulated Depreciation | 202,073 | |||
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 | 106,071 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 22,936 | |||
Building and Improvements | 309,508 | |||
Equipment and Furnishings | 2,284 | |||
Construction in Progress | 63 | |||
Total | 334,791 | |||
Accumulated Depreciation | 86,070 | |||
Total Cost Net of Accumulated Depreciation | 248,721 | |||
The Marketplace at Flagstaff | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 45,839 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 45,839 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 0 | |||
Total | 45,839 | |||
Accumulated Depreciation | 25,320 | |||
Total Cost Net of Accumulated Depreciation | 20,519 | |||
Freehold Raceway Mall | ||||
Initial Cost to Company | ||||
Land | 164,986 | |||
Building and Improvements | 362,841 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 127,095 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 168,098 | |||
Building and Improvements | 476,605 | |||
Equipment and Furnishings | 9,865 | |||
Construction in Progress | 354 | |||
Total | 654,922 | |||
Accumulated Depreciation | 206,014 | |||
Total Cost Net of Accumulated Depreciation | 448,908 | |||
Fresno Fashion Fair | ||||
Initial Cost to Company | ||||
Land | 17,966 | |||
Building and Improvements | 72,194 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 49,086 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 17,966 | |||
Building and Improvements | 117,086 | |||
Equipment and Furnishings | 2,595 | |||
Construction in Progress | 1,599 | |||
Total | 139,246 | |||
Accumulated Depreciation | 59,862 | |||
Total Cost Net of Accumulated Depreciation | 79,384 | |||
Green Acres Mall | ||||
Initial Cost to Company | ||||
Land | 156,640 | |||
Building and Improvements | 321,034 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 192,815 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 179,274 | |||
Building and Improvements | 477,334 | |||
Equipment and Furnishings | 10,646 | |||
Construction in Progress | 3,235 | |||
Total | 670,489 | |||
Accumulated Depreciation | 133,725 | |||
Total Cost Net of Accumulated Depreciation | 536,764 | |||
Inland Center | ||||
Initial Cost to Company | ||||
Land | 8,321 | |||
Building and Improvements | 83,550 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 30,458 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,291 | |||
Building and Improvements | 111,540 | |||
Equipment and Furnishings | 351 | |||
Construction in Progress | 147 | |||
Total | 122,329 | |||
Accumulated Depreciation | 23,371 | |||
Total Cost Net of Accumulated Depreciation | 98,958 | |||
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 | 278,300 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 209,041 | |||
Building and Improvements | 725,672 | |||
Equipment and Furnishings | 55,924 | |||
Construction in Progress | 2,252 | |||
Total | 992,889 | |||
Accumulated Depreciation | 123,795 | |||
Total Cost Net of Accumulated Depreciation | 869,094 | |||
La Cumbre Plaza | ||||
Initial Cost to Company | ||||
Land | 18,122 | |||
Building and Improvements | 21,492 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 15,558 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 13,856 | |||
Building and Improvements | 40,054 | |||
Equipment and Furnishings | 375 | |||
Construction in Progress | 887 | |||
Total | 55,172 | |||
Accumulated Depreciation | 24,311 | |||
Total Cost Net of Accumulated Depreciation | 30,861 | |||
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 | 68,215 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 3,878 | |||
Building and Improvements | 17,803 | |||
Equipment and Furnishings | 82,502 | |||
Construction in Progress | 2,219 | |||
Total | 106,402 | |||
Accumulated Depreciation | 58,890 | |||
Total Cost Net of Accumulated Depreciation | 47,512 | |||
MACWH, LP | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 25,771 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 13,241 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 11,557 | |||
Building and Improvements | 27,455 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 0 | |||
Total | 39,012 | |||
Accumulated Depreciation | 10,542 | |||
Total Cost Net of Accumulated Depreciation | 28,470 | |||
NorthPark Mall | ||||
Initial Cost to Company | ||||
Land | 7,746 | |||
Building and Improvements | 74,661 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 14,270 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,745 | |||
Building and Improvements | 88,348 | |||
Equipment and Furnishings | 584 | |||
Construction in Progress | 0 | |||
Total | 96,677 | |||
Accumulated Depreciation | 24,202 | |||
Total Cost Net of Accumulated Depreciation | 72,475 | |||
The Oaks | ||||
Initial Cost to Company | ||||
Land | 32,300 | |||
Building and Improvements | 117,156 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 268,713 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 56,387 | |||
Building and Improvements | 357,661 | |||
Equipment and Furnishings | 3,581 | |||
Construction in Progress | 540 | |||
Total | 418,169 | |||
Accumulated Depreciation | 164,549 | |||
Total Cost Net of Accumulated Depreciation | 253,620 | |||
Pacific View | ||||
Initial Cost to Company | ||||
Land | 8,697 | |||
Building and Improvements | 8,696 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 137,802 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 7,854 | |||
Building and Improvements | 145,604 | |||
Equipment and Furnishings | 1,737 | |||
Construction in Progress | 0 | |||
Total | 155,195 | |||
Accumulated Depreciation | 76,064 | |||
Total Cost Net of Accumulated Depreciation | 79,131 | |||
Paradise Valley Mall | ||||
Initial Cost to Company | ||||
Land | 33,445 | |||
Building and Improvements | 128,485 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 30,568 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 36,027 | |||
Building and Improvements | 152,420 | |||
Equipment and Furnishings | 2,815 | |||
Construction in Progress | 1,236 | |||
Total | 192,498 | |||
Accumulated Depreciation | 83,546 | |||
Total Cost Net of Accumulated Depreciation | 108,952 | |||
Queens Center | ||||
Initial Cost to Company | ||||
Land | 251,474 | |||
Building and Improvements | 1,039,922 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 53,224 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 256,786 | |||
Building and Improvements | 1,082,499 | |||
Equipment and Furnishings | 5,331 | |||
Construction in Progress | 4 | |||
Total | 1,344,620 | |||
Accumulated Depreciation | 150,749 | |||
Total Cost Net of Accumulated Depreciation | 1,193,871 | |||
Santa Monica Place | ||||
Initial Cost to Company | ||||
Land | 26,400 | |||
Building and Improvements | 105,600 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 348,573 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 48,374 | |||
Building and Improvements | 422,736 | |||
Equipment and Furnishings | 6,710 | |||
Construction in Progress | 2,753 | |||
Total | 480,573 | |||
Accumulated Depreciation | 143,965 | |||
Total Cost Net of Accumulated Depreciation | 336,608 | |||
San Tan Adjacent Land | ||||
Initial Cost to Company | ||||
Land | 29,414 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 8,280 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 26,902 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 10,792 | |||
Total | 37,694 | |||
Accumulated Depreciation | 0 | |||
Total Cost Net of Accumulated Depreciation | 37,694 | |||
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 | 213,089 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,921 | |||
Building and Improvements | 213,348 | |||
Equipment and Furnishings | 1,647 | |||
Construction in Progress | 0 | |||
Total | 220,916 | |||
Accumulated Depreciation | 100,092 | |||
Total Cost Net of Accumulated Depreciation | 120,824 | |||
South Park Mall | ||||
Initial Cost to Company | ||||
Land | 7,035 | |||
Building and Improvements | 38,215 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | (7,993) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,899 | |||
Building and Improvements | 33,857 | |||
Equipment and Furnishings | 447 | |||
Construction in Progress | 54 | |||
Total | 37,257 | |||
Accumulated Depreciation | 15,207 | |||
Total Cost Net of Accumulated Depreciation | 22,050 | |||
Southridge Mall | ||||
Initial Cost to Company | ||||
Land | 6,764 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 8,174 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 2,295 | |||
Building and Improvements | 12,329 | |||
Equipment and Furnishings | 139 | |||
Construction in Progress | 175 | |||
Total | 14,938 | |||
Accumulated Depreciation | 6,915 | |||
Total Cost Net of Accumulated Depreciation | 8,023 | |||
Stonewood Center | ||||
Initial Cost to Company | ||||
Land | 4,948 | |||
Building and Improvements | 302,527 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 12,002 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 4,935 | |||
Building and Improvements | 314,127 | |||
Equipment and Furnishings | 415 | |||
Construction in Progress | 0 | |||
Total | 319,477 | |||
Accumulated Depreciation | 50,479 | |||
Total Cost Net of Accumulated Depreciation | 268,998 | |||
Superstition Springs Center | ||||
Initial Cost to Company | ||||
Land | 10,928 | |||
Building and Improvements | 112,718 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 12,350 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 10,928 | |||
Building and Improvements | 124,173 | |||
Equipment and Furnishings | 895 | |||
Construction in Progress | 0 | |||
Total | 135,996 | |||
Accumulated Depreciation | 24,683 | |||
Total Cost Net of Accumulated Depreciation | 111,313 | |||
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 | 349 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 1,618 | |||
Building and Improvements | 4,698 | |||
Equipment and Furnishings | 71 | |||
Construction in Progress | 0 | |||
Total | 6,387 | |||
Accumulated Depreciation | 2,153 | |||
Total Cost Net of Accumulated Depreciation | 4,234 | |||
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 | (7,622) | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 16,922 | |||
Building and Improvements | 0 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 11,614 | |||
Total | 28,536 | |||
Accumulated Depreciation | 0 | |||
Total Cost Net of Accumulated Depreciation | 28,536 | |||
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 | 5,107 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 247 | |||
Equipment and Furnishings | 7,365 | |||
Construction in Progress | 29 | |||
Total | 7,641 | |||
Accumulated Depreciation | 1,220 | |||
Total Cost Net of Accumulated Depreciation | 6,421 | |||
Towne Mall | ||||
Initial Cost to Company | ||||
Land | 6,652 | |||
Building and Improvements | 31,184 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 5,105 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 6,877 | |||
Building and Improvements | 35,596 | |||
Equipment and Furnishings | 369 | |||
Construction in Progress | 99 | |||
Total | 42,941 | |||
Accumulated Depreciation | 16,888 | |||
Total Cost Net of Accumulated Depreciation | 26,053 | |||
Tucson La Encantada | ||||
Initial Cost to Company | ||||
Land | 12,800 | |||
Building and Improvements | 19,699 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 58,005 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 12,800 | |||
Building and Improvements | 75,755 | |||
Equipment and Furnishings | 732 | |||
Construction in Progress | 1,217 | |||
Total | 90,504 | |||
Accumulated Depreciation | 45,861 | |||
Total Cost Net of Accumulated Depreciation | 44,643 | |||
Valley Mall | ||||
Initial Cost to Company | ||||
Land | 16,045 | |||
Building and Improvements | 26,098 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 13,952 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 15,616 | |||
Building and Improvements | 40,188 | |||
Equipment and Furnishings | 291 | |||
Construction in Progress | 0 | |||
Total | 56,095 | |||
Accumulated Depreciation | 12,395 | |||
Total Cost Net of Accumulated Depreciation | 43,700 | |||
Valley River Center | ||||
Initial Cost to Company | ||||
Land | 24,854 | |||
Building and Improvements | 147,715 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 33,159 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 24,854 | |||
Building and Improvements | 174,489 | |||
Equipment and Furnishings | 1,739 | |||
Construction in Progress | 4,646 | |||
Total | 205,728 | |||
Accumulated Depreciation | 66,288 | |||
Total Cost Net of Accumulated Depreciation | 139,440 | |||
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 | 54,374 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 20,080 | |||
Building and Improvements | 123,291 | |||
Equipment and Furnishings | 1,933 | |||
Construction in Progress | 0 | |||
Total | 145,304 | |||
Accumulated Depreciation | 58,624 | |||
Total Cost Net of Accumulated Depreciation | 86,680 | |||
Vintage Faire Mall | ||||
Initial Cost to Company | ||||
Land | 14,902 | |||
Building and Improvements | 60,532 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 60,162 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 17,647 | |||
Building and Improvements | 116,161 | |||
Equipment and Furnishings | 1,788 | |||
Construction in Progress | 0 | |||
Total | 135,596 | |||
Accumulated Depreciation | 75,818 | |||
Total Cost Net of Accumulated Depreciation | 59,778 | |||
Wilton Mall | ||||
Initial Cost to Company | ||||
Land | 19,743 | |||
Building and Improvements | 67,855 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 27,482 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 19,810 | |||
Building and Improvements | 93,935 | |||
Equipment and Furnishings | 1,264 | |||
Construction in Progress | 71 | |||
Total | 115,080 | |||
Accumulated Depreciation | 44,946 | |||
Total Cost Net of Accumulated Depreciation | 70,134 | |||
Other freestanding stores | ||||
Initial Cost to Company | ||||
Land | 5,926 | |||
Building and Improvements | 31,785 | |||
Equipment and Furnishings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 11,621 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 5,927 | |||
Building and Improvements | 43,109 | |||
Equipment and Furnishings | 296 | |||
Construction in Progress | 0 | |||
Total | 49,332 | |||
Accumulated Depreciation | 20,255 | |||
Total Cost Net of Accumulated Depreciation | 29,077 | |||
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 | 18,383 | |||
Gross Amount at Which Carried at Close of Period | ||||
Land | 26,057 | |||
Building and Improvements | 4,278 | |||
Equipment and Furnishings | 0 | |||
Construction in Progress | 21,843 | |||
Total | 52,178 | |||
Accumulated Depreciation | 171 | |||
Total Cost Net of Accumulated Depreciation | $ 52,007 |
Schedule III-Real Estate and _3
Schedule III-Real Estate and Accumulated Depreciation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in total real estate assets | |||
Balances, beginning of year | $ 8,878,820 | $ 9,127,533 | $ 9,209,211 |
Additions | 176,690 | 246,719 | 202,280 |
Dispositions and retirements | (62,461) | (495,432) | (283,958) |
Balances, end of year | 8,993,049 | 8,878,820 | 9,127,533 |
Aggregate gross cost of the property for federal income tax purposes | 8,446,407 | ||
Changes in accumulated depreciation | |||
Balances, beginning of year | 2,093,044 | 2,018,303 | 1,851,901 |
Additions | 287,846 | 275,236 | 277,917 |
Dispositions and retirements | (31,354) | (200,495) | (111,515) |
Balances, end of year | $ 2,349,536 | $ 2,093,044 | $ 2,018,303 |
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 |
Uncategorized Items - mac-20191
Label | Element | Value |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 6,484,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (424,859,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (2,203,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 6,484,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (2,203,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (424,859,000) |