Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | May 04, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
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, $0.01 Par Value | |
Trading Symbol | MAC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 141,534,987 | |
Entity Central Index Key | 0000912242 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Property, net | $ 6,558,075 | $ 6,643,513 |
Cash and cash equivalents | 652,354 | 100,005 |
Restricted cash | 10,753 | 14,211 |
Tenant and other receivables, net | 133,589 | 144,035 |
Right-of-use assets, net | 143,637 | 148,087 |
Deferred charges and other assets, net | 250,648 | 277,866 |
Due from affiliates | 9,766 | 6,157 |
Investments in unconsolidated joint ventures | 1,540,826 | 1,519,697 |
Total assets | 9,299,648 | 8,853,571 |
LIABILITIES AND EQUITY: | ||
Mortgage notes payable | 4,384,680 | 4,392,599 |
Bank and other notes payable | 1,478,006 | 817,377 |
Accounts payable and accrued expenses | 66,991 | 51,027 |
Lease liabilities | 115,899 | 114,201 |
Other accrued liabilities | 197,040 | 265,595 |
Distributions in excess of investments in unconsolidated joint ventures | 107,156 | 107,902 |
Financing arrangement obligation | 225,516 | 273,900 |
Total liabilities | 6,575,288 | 6,022,601 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.01 par value, 250,000,000 shares authorized, 141,572,289 and 141,407,650 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively | 1,416 | 1,414 |
Additional paid-in capital | 4,590,709 | 4,583,911 |
Accumulated deficit | (2,042,688) | (1,944,012) |
Accumulated other comprehensive loss | (15,446) | (9,051) |
Total stockholders' equity | 2,533,991 | 2,632,262 |
Noncontrolling interests | 190,369 | 198,708 |
Total equity | 2,724,360 | 2,830,970 |
Total liabilities and equity | $ 9,299,648 | $ 8,853,571 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 141,572,289 | 141,407,650 |
Common Stock, shares outstanding | 141,572,289 | 141,407,650 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Leasing revenue | $ 210,721 | $ 211,008 |
Total revenues | 226,952 | 226,522 |
Expenses: | ||
Leasing expenses | 7,425 | 7,505 |
REIT general and administrative expenses | 6,821 | 6,961 |
Depreciation and amortization | 82,213 | 81,468 |
Total expenses before interest | 183,408 | 184,552 |
Interest (income) expense: | ||
Related parties | (44,243) | (10,447) |
Other | 52,317 | 48,804 |
Total interest expense | 8,074 | 38,357 |
Loss on extinguishment of debt, net | 0 | 351 |
Total expenses | 191,482 | 223,260 |
Equity in income of unconsolidated joint ventures | 9,698 | 12,243 |
Income tax benefit (expense) | 266 | (346) |
Loss on sale or write down of assets, net | (36,703) | (6,316) |
Net income | 8,731 | 8,843 |
Less net income attributable to noncontrolling interests | 1,209 | 1,019 |
Net income attributable to the Company | $ 7,522 | $ 7,824 |
Earnings per common share—attributable to common stockholders: | ||
Basic (in dollars per share) | $ 0.05 | $ 0.05 |
Diluted (in dollars per share) | $ 0.05 | $ 0.05 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 141,437 | 141,262 |
Diluted (in shares) | 141,437 | 141,262 |
Other | ||
Revenues: | ||
Revenues | $ 9,258 | $ 5,334 |
Management Companies | ||
Revenues: | ||
Revenues | 6,973 | 10,180 |
Expenses: | ||
Operating expenses | 16,224 | 19,014 |
Shopping center and operating expenses | ||
Expenses: | ||
Operating expenses | $ 70,725 | $ 69,604 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 8,731 | $ 8,843 |
Other comprehensive loss: | ||
Interest rate cap/swap agreements | (6,395) | (2,045) |
Comprehensive income | 2,336 | 6,798 |
Less net income attributable to noncontrolling interests | 1,209 | 1,019 |
Comprehensive income attributable to the Company | $ 1,127 | $ 5,779 |
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 |
Beginning balance (in shares) at Dec. 31, 2018 | 141,221,712 | ||||||
Beginning 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 | 8,843 | 7,824 | 7,824 | 1,019 | |||
Interest rate cap/swap agreements | (2,045) | (2,045) | (2,045) | ||||
Amortization of share and unit-based plans (in shares) | 90,074 | ||||||
Amortization of share and unit-based plans | 6,665 | 6,665 | $ 1 | 6,664 | |||
Distributions declared | (106,053) | (106,053) | (106,053) | ||||
Distributions to noncontrolling interests | (8,343) | (8,343) | |||||
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 | (27) | (15) | (15) | (12) | |||
Adjustment of noncontrolling interests in Operating Partnership | 0 | (697) | (697) | 697 | |||
Ending balance (in shares) at Mar. 31, 2019 | 141,332,786 | ||||||
Ending balance at Mar. 31, 2019 | $ 3,085,269 | 2,854,713 | $ 1,413 | 4,574,600 | (1,714,789) | (6,511) | 230,556 |
Beginning balance (in shares) at Dec. 31, 2019 | 141,407,650 | 141,407,650 | |||||
Beginning balance at Dec. 31, 2019 | $ 2,830,970 | 2,632,262 | $ 1,414 | 4,583,911 | (1,944,012) | (9,051) | 198,708 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 8,731 | 7,522 | 7,522 | 1,209 | |||
Interest rate cap/swap agreements | (6,395) | (6,395) | (6,395) | ||||
Amortization of share and unit-based plans (in shares) | 80,917 | ||||||
Amortization of share and unit-based plans | 5,603 | 5,603 | $ 1 | 5,602 | |||
Distributions declared | (106,198) | (106,198) | (106,198) | ||||
Distributions to noncontrolling interests | (8,474) | (8,474) | |||||
Contributions from noncontrolling interests | 125 | 125 | |||||
Conversion of noncontrolling interests to common shares (in shares) | 83,722 | ||||||
Conversion of noncontrolling interests to common shares | 0 | 5,797 | $ 1 | 5,796 | (5,797) | ||
Redemption of noncontrolling interests | (2) | (1) | (1) | (1) | |||
Adjustment of noncontrolling interests in Operating Partnership | $ 0 | (4,599) | (4,599) | 4,599 | |||
Ending balance (in shares) at Mar. 31, 2020 | 141,572,289 | 141,572,289 | |||||
Ending balance at Mar. 31, 2020 | $ 2,724,360 | $ 2,533,991 | $ 1,416 | $ 4,590,709 | $ (2,042,688) | $ (15,446) | $ 190,369 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Distributions declared, per share (in dollars per share) | $ 0.75 | $ 0.75 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 8,731 | $ 8,843 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on extinguishment of debt, net | 0 | 351 |
Loss on sale or write down of assets, net | 36,703 | 6,316 |
Depreciation and amortization | 83,827 | 83,233 |
Amortization of premium on mortgage notes payable | (229) | (234) |
Amortization of share and unit-based plans | 4,224 | 5,519 |
Straight-line rent and amortization of above and below market leases | (243) | (2,650) |
Provision for doubtful accounts | 913 | 1,826 |
Income tax (benefit) expense | (266) | 346 |
Equity in income of unconsolidated joint ventures | (9,698) | (12,243) |
Distributions of income from unconsolidated joint ventures | 0 | 118 |
Change in fair value of financing arrangement obligation | (48,384) | (14,265) |
Changes in assets and liabilities, net of dispositions: | ||
Tenant and other receivables | 11,673 | 16,867 |
Other assets | 1,037 | 9,284 |
Due from affiliates | (4,766) | 5,148 |
Accounts payable and accrued expenses | 15,937 | 8,715 |
Other accrued liabilities | (49,759) | (18,334) |
Net cash provided by operating activities | 49,700 | 98,840 |
Cash flows from investing activities: | ||
Development, redevelopment, expansion and renovation of properties | (26,406) | (28,256) |
Property improvements | (1,845) | (8,827) |
Proceeds from repayment of notes receivable | 0 | 65,348 |
Deferred leasing costs | (981) | (8,848) |
Distributions from unconsolidated joint ventures | 21,693 | 41,439 |
Contributions to unconsolidated joint ventures | (33,870) | (63,093) |
Proceeds from sale of assets | 0 | 1,015 |
Net cash used in investing activities | (41,409) | (1,222) |
Cash flows from financing activities: | ||
Proceeds from mortgages, bank and other notes payable | 660,000 | 425,000 |
Payments on mortgages, bank and other notes payable | (8,676) | (397,358) |
Deferred financing costs | 0 | (965) |
Proceeds from finance lease | 4,115 | 0 |
Payments on finance leases | (290) | (278) |
Payment of finance deposits | 0 | (4,820) |
Redemption of noncontrolling interests | (2) | (27) |
Contribution from noncontrolling interests | 125 | 0 |
Dividends and distributions | (114,672) | (114,396) |
Net cash provided by (used in) financing activities | 540,600 | (92,844) |
Net increase in cash, cash equivalents and restricted cash | 548,891 | 4,774 |
Cash, cash equivalents and restricted cash, beginning of period | 114,216 | 149,301 |
Cash, cash equivalents and restricted cash, end of period | 663,107 | 154,075 |
Supplemental cash flow information: | ||
Cash payments for interest, net of amounts capitalized | 52,989 | 50,650 |
Non-cash investing and financing transactions: | ||
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | 28,250 | 42,539 |
Conversion of Operating Partnership Units to common stock | $ 5,797 | $ 1,005 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020, 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 collectively referred to herein as the "Management Companies." All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies: Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm. The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of consolidated variable interest entities ("VIEs"). The Operating Partnership's consolidated VIEs included the following assets and liabilities: March 31, December 31, Assets: Property, net $ 254,911 $ 254,071 Other assets 26,347 30,049 Total assets $ 281,258 $ 284,120 Liabilities: Mortgage notes payable $ 219,163 $ 219,140 Other liabilities 26,364 32,101 Total liabilities $ 245,527 $ 251,241 All intercompany accounts and transactions have been eliminated in the consolidated financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2019 has been derived from the audited financial statements but does not include all disclosures required by GAAP. The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows: For the Three Months Ended March 31, 2020 2019 Beginning of period Cash and cash equivalents $ 100,005 $ 102,711 Restricted cash 14,211 46,590 Cash, cash equivalents and restricted cash $ 114,216 $ 149,301 End of period Cash and cash equivalents $ 652,354 $ 111,022 Restricted cash 10,753 43,053 Cash, cash equivalents and restricted cash $ 663,107 $ 154,075 COVID-19 Pandemic: On March 11, 2020, the novel coronavirus ("COVID-19") outbreak was declared a pandemic by the World Health Organization. As a result, all of the markets that the Company operates in were subject to stay-at-home orders, and the majority of its properties were temporarily closed in part or completely. The Company has been proactively working with all its stakeholders, including its tenants, lenders and suppliers, to mitigate the impact of the economic shut down. COVID-19 Lease Accounting: |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | Earnings Per Share ("EPS"): The following table reconciles the numerator and denominator used in the computation of EPS for the three months ended March 31, 2020 and 2019 (shares in thousands): For the Three Months Ended March 31, 2020 2019 Numerator Net income $ 8,731 $ 8,843 Less net income attributable to noncontrolling interests (1,209) (1,019) Net income attributable to the Company 7,522 7,824 Allocation of earnings to participating securities (322) (281) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 7,200 $ 7,543 Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 141,437 141,262 EPS—net income attributable to common stockholders Basic and diluted $ 0.05 $ 0.05 (1) Diluted EPS excludes 90,619 convertible preferred partnership units for the three months ended March 31, 2020 and 2019, as their impact was antidilutive. Diluted EPS also excludes 10,477,827 and 10,415,190 Operating Partnership units ("OP Units") for the three months ended March 31, 2020 and 2019, respectively, as their impact was antidilutive. |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2020 | |
Joint Venture | |
Schedule of Equity Method Investments [Line Items] | |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures: The Company has made the following recent financings of its unconsolidated joint ventures: 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: March 31, December 31, Assets(1): Property, net $ 9,414,762 $ 9,424,591 Other assets 752,159 772,116 Total assets $ 10,166,921 $ 10,196,707 Liabilities and partners' capital(1): Mortgage and other notes payable $ 6,125,614 $ 6,144,685 Other liabilities 495,817 565,412 Company's capital 1,916,313 1,904,145 Outside partners' capital 1,629,177 1,582,465 Total liabilities and partners' capital $ 10,166,921 $ 10,196,707 Investments in unconsolidated joint ventures: Company's capital $ 1,916,313 $ 1,904,145 Basis adjustment(2) (482,643) (492,350) $ 1,433,670 $ 1,411,795 Assets—Investments in unconsolidated joint ventures $ 1,540,826 $ 1,519,697 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (107,156) (107,902) $ 1,433,670 $ 1,411,795 (1) These amounts include assets of $2,911,512 and $2,932,401 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2020 and December 31, 2019, respectively, and liabilities of $1,709,593 and $1,732,976 of the PPR Portfolio as of March 31, 2020 and December 31, 2019, 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 $3,999 and $4,539 for the three months ended March 31, 2020 and 2019, respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Three Months Ended March 31, 2020 Revenues: Leasing revenue $ 58,378 $ 172,245 $ 230,623 Other 51 6,888 6,939 Total revenues 58,429 179,133 237,562 Expenses: Shopping center and operating expenses 9,642 61,509 71,151 Leasing expenses 473 1,295 1,768 Interest expense 16,094 38,141 54,235 Depreciation and amortization 28,618 68,360 96,978 Total operating expenses 54,827 169,305 224,132 Net income $ 3,602 $ 9,828 $ 13,430 Company's equity in net income $ 4,721 $ 4,977 $ 9,698 Three Months Ended March 31, 2019 Revenues: Leasing revenue $ 46,020 $ 173,524 $ 219,544 Other 182 12,064 12,246 Total revenues 46,202 185,588 231,790 Expenses: Shopping center and operating expenses 9,672 59,650 69,322 Leasing expenses 467 1,707 2,174 Interest expense 16,951 36,911 53,862 Depreciation and amortization 25,514 64,467 89,981 Total operating expenses 52,604 162,735 215,339 Loss on sale or write down of assets, net (6) (135) (141) Net (loss) income $ (6,408) $ 22,718 $ 16,310 Company's equity in net (loss) income $ (1,199) $ 13,442 $ 12,243 Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
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 $6,395 and $2,045 for the three months ended March 31, 2020 and 2019, respectively. The following derivatives were outstanding at March 31, 2020: Fair Value Property Notional Amount Product LIBOR Rate Maturity March 31, December 31, Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2020 $ — $ — The Macerich Partnership, L.P. $ 400,000 Swaps 2.85 % 9/30/2021 $ (15,446) $ (9,051) 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. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swap. As a result, the Company determined that its interest rate cap and swap valuations in their entirety are classified in Level 2 of the fair value hierarchy. |
Property, net
Property, net | 3 Months Ended |
Mar. 31, 2020 | |
Real Estate [Abstract] | |
Property, net | Property, net: Property, net consists of the following: March 31, December 31, Land $ 1,510,948 $ 1,520,678 Buildings and improvements 6,423,348 6,389,458 Tenant improvements 720,414 726,533 Equipment and furnishings(1) 227,117 230,215 Construction in progress 92,042 126,165 8,973,869 8,993,049 Less accumulated depreciation(1) (2,415,794) (2,349,536) $ 6,558,075 $ 6,643,513 (1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2020 and December 31, 2019 (See Note 8—Leases). Depreciation expense was $72,687 and $70,717 for the three months ended March 31, 2020 and 2019, respectively. The loss on sale or write down of assets, net for the three months ended March 31, 2020 and 2019 consist of the following: For the Three Months Ended March 31, 2020 2019 Write-down of assets(1) $ (36,703) $ (6,850) Land sales — 534 $ (36,703) $ (6,316) (1) Includes impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the three months ended March 31, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amount for the three months ended March 31, 2019 represents the write off of development costs. The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of the impairment losses recorded for the three months ended March 31, 2020, as described above: Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Unobservable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) March 31, 2020 $ 140,000 $ — $ 140,000 $ — The fair values relating to the impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy. |
Tenant and Other Receivables, n
Tenant and Other Receivables, net | 3 Months Ended |
Mar. 31, 2020 | |
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 $5,749 and $4,836 at March 31, 2020 and December 31, 2019, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $1,084 and $9,618 at March 31, 2020 and December 31, 2019, respectively, and a deferred rent receivable due to straight-line rent adjustments of $84,424 and $82,214 at March 31, 2020 and December 31, 2019, respectively. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
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 three months ended March 31, 2020 and 2019: For the Three Months Ended March 31, 2020 2019 Leasing revenue—fixed payments $ 159,557 $ 164,061 Leasing revenue—variable payments 51,164 46,947 $ 210,721 $ 211,008 The following table summarizes the future rental payments to the Company: Twelve months ending March 31, 2021 $ 472,786 2022 395,136 2023 338,346 2024 287,879 2025 226,663 Thereafter 635,939 $ 2,356,749 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 five finance leases that expire at various times through 2024. The following table summarizes the lease costs: For the Three Months Ended March 31, 2020 2019 Operating lease costs $ 3,938 $ 4,347 Finance lease costs: Amortization of ROU assets 475 919 Interest on lease liabilities 142 154 $ 4,555 $ 5,420 The following table summarizes the future rental payments required under the leases: March 31, 2020 December 31, 2019 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2020 $ 13,037 $ 2,043 $ 17,149 $ 2,106 2021 17,004 10,784 17,004 10,441 2022 16,867 2,762 16,867 2,418 2023 11,055 344 11,055 — 2024 9,068 3,085 9,068 — Thereafter 131,347 — 131,347 — Total undiscounted rental payments 198,378 19,018 202,490 14,965 Less imputed interest (100,100) (1,397) (102,085) (1,169) Total lease liabilities $ 98,278 $ 17,621 $ 100,405 $ 13,796 Weighted average remaining term 31.0 years 1.3 years 31.0 years 1.6 years Weighted average incremental borrowing rate 7.7 % 3.2 % 7.7 % 4.2 % |
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 three months ended March 31, 2020 and 2019: For the Three Months Ended March 31, 2020 2019 Leasing revenue—fixed payments $ 159,557 $ 164,061 Leasing revenue—variable payments 51,164 46,947 $ 210,721 $ 211,008 The following table summarizes the future rental payments to the Company: Twelve months ending March 31, 2021 $ 472,786 2022 395,136 2023 338,346 2024 287,879 2025 226,663 Thereafter 635,939 $ 2,356,749 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 five finance leases that expire at various times through 2024. The following table summarizes the lease costs: For the Three Months Ended March 31, 2020 2019 Operating lease costs $ 3,938 $ 4,347 Finance lease costs: Amortization of ROU assets 475 919 Interest on lease liabilities 142 154 $ 4,555 $ 5,420 The following table summarizes the future rental payments required under the leases: March 31, 2020 December 31, 2019 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2020 $ 13,037 $ 2,043 $ 17,149 $ 2,106 2021 17,004 10,784 17,004 10,441 2022 16,867 2,762 16,867 2,418 2023 11,055 344 11,055 — 2024 9,068 3,085 9,068 — Thereafter 131,347 — 131,347 — Total undiscounted rental payments 198,378 19,018 202,490 14,965 Less imputed interest (100,100) (1,397) (102,085) (1,169) Total lease liabilities $ 98,278 $ 17,621 $ 100,405 $ 13,796 Weighted average remaining term 31.0 years 1.3 years 31.0 years 1.6 years Weighted average incremental borrowing rate 7.7 % 3.2 % 7.7 % 4.2 % |
Deferred Charges and Other Asse
Deferred Charges and Other Assets, net | 3 Months Ended |
Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Charges and Other Assets, net | Deferred Charges and Other Assets, net: Deferred charges and other assets, net consist of the following: March 31, December 31, Leasing $ 179,355 $ 202,540 Intangible assets: In-place lease values 66,561 78,171 Leasing commissions and legal costs 18,080 20,518 Above-market leases 56,377 59,916 Deferred tax assets 30,789 30,757 Deferred compensation plan assets 44,458 55,349 Other assets 55,018 60,475 450,638 507,726 Less accumulated amortization(1) (199,990) (229,860) $ 250,648 $ 277,866 (1) Accumulated amortization includes $56,075 and $66,322 relating to in-place lease values, leasing commissions and legal costs at March 31, 2020 and December 31, 2019, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $3,719 and $3,205 for the three months ended March 31, 2020 and 2019, respectively. The allocated values of above-market leases and below-market leases consist of the following: March 31, December 31, Above-Market Leases Original allocated value $ 56,377 $ 59,916 Less accumulated amortization (34,025) (35,737) $ 22,352 $ 24,179 Below-Market Leases(1) Original allocated value $ 80,757 $ 90,790 Less accumulated amortization (45,947) (53,727) $ 34,810 $ 37,063 (1) Below-market leases are included in other accrued liabilities. |
Mortgage Notes Payable
Mortgage Notes Payable | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | Mortgage Notes Payable: Mortgage notes payable at March 31, 2020 and December 31, 2019 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral March 31, 2020 December 31, 2019 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,221 $ 255,174 4.18 % $ 875 2024 Danbury Fair Mall 192,792 194,718 5.53 % 1,538 2020 Fashion Outlets of Chicago 299,132 299,112 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA(6) 105,559 106,398 4.89 % 727 2020 Freehold Raceway Mall(5) 398,420 398,379 3.94 % 1,300 2029 Fresno Fashion Fair 323,708 323,659 3.67 % 971 2026 Green Acres Commons(7) 129,157 128,926 4.29 % 404 2021 Green Acres Mall 275,965 277,747 3.61 % 1,447 2021 Kings Plaza Shopping Center 535,219 535,097 3.71 % 1,629 2030 Oaks, The 185,886 187,142 4.14 % 1,064 2022 Pacific View 117,391 118,202 4.08 % 668 2022 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(8) 298,005 297,817 2.30 % 772 2022 SanTan Village Regional Center 219,163 219,140 4.34 % 788 2029 Towne Mall 20,168 20,284 4.48 % 117 2022 Tucson La Encantada 63,251 63,682 4.23 % 368 2022 Victor Valley, Mall of 114,748 114,733 4.00 % 380 2024 Vintage Faire Mall 250,895 252,389 3.55 % 1,256 2026 $ 4,384,680 $ 4,392,599 (1) The mortgage notes payable also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $15,053 and $16,042 at March 31, 2020 and December 31, 2019, 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) The loan includes unamortized debt premium of $541 and $773 at March 31, 2020 and December 31, 2019, respectively. The debt premium represents 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. (7) The loan bears interest at LIBOR plus 2.15%. At March 31, 2020 and December 31, 2019, the total interest rate was 4.29% and 4.40%, respectively. (8) 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% during the period ending December 9, 2020 (See Note 5—Derivative Instruments and Hedging Activities). At March 31, 2020 and December 31, 2019, the total interest rate was 2.30% and 3.34%, respectively. Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or with cash on hand. Total interest expense capitalized was $1,295 and $2,710 for the three months ended March 31, 2020 and 2019, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at March 31, 2020 and December 31, 2019 was $4,445,146 and $4,427,790, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt. |
Bank and Other Notes Payable
Bank and Other Notes Payable | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Bank and Other Notes Payable | Bank and Other Notes Payable: Bank and other notes payable 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 was to mature on July 6, 2020. On April 8, 2020, the Company exercised its option to extend the maturity of the facility to July 6, 2021. 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 March 31, 2020, 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 March 31, 2020 and December 31, 2019, borrowings under the line of credit were $1,480,000 and $820,000, respectively, less unamortized deferred finance costs of $1,994 and $2,623, respectively, at a total interest rate of 3.11% and 3.92%, respectively. As of March 31, 2020 and December 31, 2019, the Company's availability under the line of credit for additional borrowings was $19,719 and $679,719, respectively, The estimated fair value (Level 2 measurement) of the line of credit at March 31, 2020 and December 31, 2019 was $1,503,246 and $826,280, 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. As of March 31, 2020 and December 31, 2019, the Company was in compliance with all applicable financial loan covenants. |
Financing Arrangement
Financing Arrangement | 3 Months Ended |
Mar. 31, 2020 | |
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 (collectively referred to herein as "Chandler Freehold"). As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the formation of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The Company accounts for its investment in Chandler Freehold as a financing arrangement. The fair value (Level 3 measurement) of the financing arrangement obligation at March 31, 2020 and December 31, 2019 was based upon a terminal capitalization rate of 5.3% and 5.0%, respectively, a discount rate of 6.8% and 6.0%, 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. During the three months ended March 31, 2020 and 2019, the Company incurred interest income in connection with the financing arrangement as follows: For the Three Months Ended March 31, 2020 2019 Distributions of the partner's share of net income $ 1,464 $ 1,897 Distributions in excess of the partner's share of net income 2,677 1,921 Adjustment to fair value of financing arrangement obligation (48,384) (14,265) $ (44,243) $ (10,447) |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2020 | |
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 at the end of each period to reflect its ownership interest in the Company. The Company had a 93% ownership interest in the Operating Partnership as of March 31, 2020 and December 31, 2019. The remaining 7% limited partnership interest as of March 31, 2020 and December 31, 2019 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of March 31, 2020 and December 31, 2019, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $71,267 and $277,524, respectively. The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity: Stock Dividend On March 16, 2020, the Company announced a dividend/distribution of $0.50 per share for common stockholders and OP Unit holders of record on April 22, 2020. All dividends/distributions will be paid in a combination of cash and shares of the Company's common stock and OP Units, as applicable, on June 3, 2020. The cash component of the dividend will not exceed 20% in aggregate, or $0.10 per share. The Company plans to use the cash savings from the stock dividend to pay down its line of credit and for general corporate purposes. 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 ASR transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program". There were no repurchases under the Stock Buyback Program during the three months ended March 31, 2020 or 2019. At March 31, 2020, there was $278,707 available under the Stock Buyback Program. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies: As of March 31, 2020, 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 agreements. At March 31, 2020, the Company had $7,290 in outstanding obligations, which it believes will be settled in the next twelve months. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions: Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures: For the Three Months Ended March 31, 2020 2019 Management fees $ 4,486 $ 4,481 Development and leasing fees 2,084 3,496 $ 6,570 $ 7,977 Interest income from related party transactions includes $44,243 and $10,447 for the three months ended March 31, 2020 and 2019, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement). Due from affiliates includes $9,766 and $6,157 of unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies as of March 31, 2020 and December 31, 2019, respectively. In addition, due from affiliates 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 $0 and $48 for the three months ended March 31, 2020 and 2019, respectively. On October 7, 2019, the note receivable was collected in full. RED is considered a related party because it is a partner in a joint venture development project. The note was collateralized by RED's membership interest in the development project. |
Share and Unit-Based Plans
Share and Unit-Based Plans | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share and Unit-Based Plans | Share and Unit-Based Plans: Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of 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 share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. During the three months ended March 31, 2020, the Company granted the following LTIP Units: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2020 154,158 Service-based $ 26.92 12/31/2022 1/1/2020 321,940 Market-indexed $ 27.80 12/31/2022 3/1/2020 39,176 Service-based $ 20.42 2/28/2023 3/1/2020 37,592 Market-indexed $ 21.28 2/28/2023 552,866 The fair value of the market-indexed LTIP Units (Level 3) granted on January 1, 2020 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.62% and an expected volatility of 26.08%. The fair value of the market-indexed LTIP Units (Level 3) granted on March 1, 2020 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 0.85% and an expected volatility of 28.34%. The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units: LTIP Units Phantom Stock Units Stock Units Units Value(1) Units Value(1) Units Value(1) Balance at January 1, 2020 616,219 $ 39.04 7,216 $ 43.29 199,987 $ 43.59 Granted 552,866 26.59 12,637 25.02 120,913 19.45 Vested (3,408) 66.02 (6,881) 27.12 (63,849) 52.39 Forfeited — — — — — — Balance at March 31, 2020 1,165,677 $ 33.06 12,972 $ 34.06 257,051 $ 30.05 (1) Value represents the weighted average grant date fair value. The following table summarizes the activity of the stock options outstanding: Stock Options Units Value(1) Balance at January 1, 2020 35,565 $ 57.32 Granted — — Exercised — — Balance at March 31, 2020 35,565 $ 57.32 (1) Value represents the weighted average exercise price. The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended March 31, 2020 2019 LTIP Units $ 3,214 $ 3,714 Stock units 2,202 2,660 Stock options — 51 Phantom stock units 187 240 $ 5,603 $ 6,665 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes: The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC. The income tax provision of the TRSs are as follows: For the Three Months Ended March 31, 2020 2019 Current $ 234 $ — Deferred 32 (346) Total income tax benefit (expense) $ 266 $ (346) The net operating loss ("NOL") carryforwards generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2025. Net deferred tax assets of $30,789 and $30,757 were included in deferred charges and other assets, net at March 31, 2020 and December 31, 2019, respectively. 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 twelve months. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events:On April 8, 2020, the Company exercised its option to extend the maturity of its $1,500,000 revolving line of credit to July 6, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of variable interest entities | The Operating Partnership's consolidated VIEs included the following assets and liabilities: March 31, December 31, Assets: Property, net $ 254,911 $ 254,071 Other assets 26,347 30,049 Total assets $ 281,258 $ 284,120 Liabilities: Mortgage notes payable $ 219,163 $ 219,140 Other liabilities 26,364 32,101 Total liabilities $ 245,527 $ 251,241 All intercompany accounts and transactions have been eliminated in the consolidated financial statements. |
Schedule of Cash and Cash Equivalents | The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows: For the Three Months Ended March 31, 2020 2019 Beginning of period Cash and cash equivalents $ 100,005 $ 102,711 Restricted cash 14,211 46,590 Cash, cash equivalents and restricted cash $ 114,216 $ 149,301 End of period Cash and cash equivalents $ 652,354 $ 111,022 Restricted cash 10,753 43,053 Cash, cash equivalents and restricted cash $ 663,107 $ 154,075 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 EPS for the three months ended March 31, 2020 and 2019 (shares in thousands): For the Three Months Ended March 31, 2020 2019 Numerator Net income $ 8,731 $ 8,843 Less net income attributable to noncontrolling interests (1,209) (1,019) Net income attributable to the Company 7,522 7,824 Allocation of earnings to participating securities (322) (281) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 7,200 $ 7,543 Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 141,437 141,262 EPS—net income attributable to common stockholders Basic and diluted $ 0.05 $ 0.05 (1) Diluted EPS excludes 90,619 convertible preferred partnership units for the three months ended March 31, 2020 and 2019, as their impact was antidilutive. Diluted EPS also excludes 10,477,827 and 10,415,190 Operating Partnership units ("OP Units") for the three months ended March 31, 2020 and 2019, respectively, as their impact was antidilutive. |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Combined and condensed balance sheets of unconsolidated joint ventures | Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: March 31, December 31, Assets(1): Property, net $ 9,414,762 $ 9,424,591 Other assets 752,159 772,116 Total assets $ 10,166,921 $ 10,196,707 Liabilities and partners' capital(1): Mortgage and other notes payable $ 6,125,614 $ 6,144,685 Other liabilities 495,817 565,412 Company's capital 1,916,313 1,904,145 Outside partners' capital 1,629,177 1,582,465 Total liabilities and partners' capital $ 10,166,921 $ 10,196,707 Investments in unconsolidated joint ventures: Company's capital $ 1,916,313 $ 1,904,145 Basis adjustment(2) (482,643) (492,350) $ 1,433,670 $ 1,411,795 Assets—Investments in unconsolidated joint ventures $ 1,540,826 $ 1,519,697 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (107,156) (107,902) $ 1,433,670 $ 1,411,795 (1) These amounts include assets of $2,911,512 and $2,932,401 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2020 and December 31, 2019, respectively, and liabilities of $1,709,593 and $1,732,976 of the PPR Portfolio as of March 31, 2020 and December 31, 2019, 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 $3,999 and $4,539 for the three months ended March 31, 2020 and 2019, 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 Three Months Ended March 31, 2020 Revenues: Leasing revenue $ 58,378 $ 172,245 $ 230,623 Other 51 6,888 6,939 Total revenues 58,429 179,133 237,562 Expenses: Shopping center and operating expenses 9,642 61,509 71,151 Leasing expenses 473 1,295 1,768 Interest expense 16,094 38,141 54,235 Depreciation and amortization 28,618 68,360 96,978 Total operating expenses 54,827 169,305 224,132 Net income $ 3,602 $ 9,828 $ 13,430 Company's equity in net income $ 4,721 $ 4,977 $ 9,698 Three Months Ended March 31, 2019 Revenues: Leasing revenue $ 46,020 $ 173,524 $ 219,544 Other 182 12,064 12,246 Total revenues 46,202 185,588 231,790 Expenses: Shopping center and operating expenses 9,672 59,650 69,322 Leasing expenses 467 1,707 2,174 Interest expense 16,951 36,911 53,862 Depreciation and amortization 25,514 64,467 89,981 Total operating expenses 52,604 162,735 215,339 Loss on sale or write down of assets, net (6) (135) (141) Net (loss) income $ (6,408) $ 22,718 $ 16,310 Company's equity in net (loss) income $ (1,199) $ 13,442 $ 12,243 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The following derivatives were outstanding at March 31, 2020: Fair Value Property Notional Amount Product LIBOR Rate Maturity March 31, December 31, Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2020 $ — $ — The Macerich Partnership, L.P. $ 400,000 Swaps 2.85 % 9/30/2021 $ (15,446) $ (9,051) |
Property, net (Tables)
Property, net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Real Estate [Abstract] | |
Components of property | Property, net consists of the following: March 31, December 31, Land $ 1,510,948 $ 1,520,678 Buildings and improvements 6,423,348 6,389,458 Tenant improvements 720,414 726,533 Equipment and furnishings(1) 227,117 230,215 Construction in progress 92,042 126,165 8,973,869 8,993,049 Less accumulated depreciation(1) (2,415,794) (2,349,536) $ 6,558,075 $ 6,643,513 |
Schedule of Loss (Gain) on Sale or Write down of Assets | The loss on sale or write down of assets, net for the three months ended March 31, 2020 and 2019 consist of the following: For the Three Months Ended March 31, 2020 2019 Write-down of assets(1) $ (36,703) $ (6,850) Land sales — 534 $ (36,703) $ (6,316) (1) Includes impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the three months ended March 31, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amount for the three months ended March 31, 2019 represents 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 the impairment losses recorded for the three months ended March 31, 2020, as described above: Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Unobservable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) March 31, 2020 $ 140,000 $ — $ 140,000 $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Components of leasing revenue | The following table summarizes the components of leasing revenue for the three months ended March 31, 2020 and 2019: For the Three Months Ended March 31, 2020 2019 Leasing revenue—fixed payments $ 159,557 $ 164,061 Leasing revenue—variable payments 51,164 46,947 $ 210,721 $ 211,008 |
Summary of minimum rental payments | The following table summarizes the future rental payments to the Company: Twelve months ending March 31, 2021 $ 472,786 2022 395,136 2023 338,346 2024 287,879 2025 226,663 Thereafter 635,939 $ 2,356,749 |
Summary of lease costs | The following table summarizes the lease costs: For the Three Months Ended March 31, 2020 2019 Operating lease costs $ 3,938 $ 4,347 Finance lease costs: Amortization of ROU assets 475 919 Interest on lease liabilities 142 154 $ 4,555 $ 5,420 |
Summarizes of minimum future rental payments required | The following table summarizes the future rental payments required under the leases: March 31, 2020 December 31, 2019 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2020 $ 13,037 $ 2,043 $ 17,149 $ 2,106 2021 17,004 10,784 17,004 10,441 2022 16,867 2,762 16,867 2,418 2023 11,055 344 11,055 — 2024 9,068 3,085 9,068 — Thereafter 131,347 — 131,347 — Total undiscounted rental payments 198,378 19,018 202,490 14,965 Less imputed interest (100,100) (1,397) (102,085) (1,169) Total lease liabilities $ 98,278 $ 17,621 $ 100,405 $ 13,796 Weighted average remaining term 31.0 years 1.3 years 31.0 years 1.6 years Weighted average incremental borrowing rate 7.7 % 3.2 % 7.7 % 4.2 % |
Deferred Charges and Other As_2
Deferred Charges and Other Assets, net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of deferred charges and other assets, net | Deferred charges and other assets, net consist of the following: March 31, December 31, Leasing $ 179,355 $ 202,540 Intangible assets: In-place lease values 66,561 78,171 Leasing commissions and legal costs 18,080 20,518 Above-market leases 56,377 59,916 Deferred tax assets 30,789 30,757 Deferred compensation plan assets 44,458 55,349 Other assets 55,018 60,475 450,638 507,726 Less accumulated amortization(1) (199,990) (229,860) $ 250,648 $ 277,866 (1) Accumulated amortization includes $56,075 and $66,322 relating to in-place lease values, leasing commissions and legal costs at March 31, 2020 and December 31, 2019, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $3,719 and $3,205 for the three months ended March 31, 2020 and 2019, respectively. |
Allocated values of above-market leases and below-market leases | The allocated values of above-market leases and below-market leases consist of the following: March 31, December 31, Above-Market Leases Original allocated value $ 56,377 $ 59,916 Less accumulated amortization (34,025) (35,737) $ 22,352 $ 24,179 Below-Market Leases(1) Original allocated value $ 80,757 $ 90,790 Less accumulated amortization (45,947) (53,727) $ 34,810 $ 37,063 (1) Below-market leases are included in other accrued liabilities. |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Mortgage notes payable | Mortgage notes payable at March 31, 2020 and December 31, 2019 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral March 31, 2020 December 31, 2019 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,221 $ 255,174 4.18 % $ 875 2024 Danbury Fair Mall 192,792 194,718 5.53 % 1,538 2020 Fashion Outlets of Chicago 299,132 299,112 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA(6) 105,559 106,398 4.89 % 727 2020 Freehold Raceway Mall(5) 398,420 398,379 3.94 % 1,300 2029 Fresno Fashion Fair 323,708 323,659 3.67 % 971 2026 Green Acres Commons(7) 129,157 128,926 4.29 % 404 2021 Green Acres Mall 275,965 277,747 3.61 % 1,447 2021 Kings Plaza Shopping Center 535,219 535,097 3.71 % 1,629 2030 Oaks, The 185,886 187,142 4.14 % 1,064 2022 Pacific View 117,391 118,202 4.08 % 668 2022 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(8) 298,005 297,817 2.30 % 772 2022 SanTan Village Regional Center 219,163 219,140 4.34 % 788 2029 Towne Mall 20,168 20,284 4.48 % 117 2022 Tucson La Encantada 63,251 63,682 4.23 % 368 2022 Victor Valley, Mall of 114,748 114,733 4.00 % 380 2024 Vintage Faire Mall 250,895 252,389 3.55 % 1,256 2026 $ 4,384,680 $ 4,392,599 (1) The mortgage notes payable also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $15,053 and $16,042 at March 31, 2020 and December 31, 2019, 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) The loan includes unamortized debt premium of $541 and $773 at March 31, 2020 and December 31, 2019, respectively. The debt premium represents 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. (7) The loan bears interest at LIBOR plus 2.15%. At March 31, 2020 and December 31, 2019, the total interest rate was 4.29% and 4.40%, respectively. (8) 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% during the period ending December 9, 2020 (See Note 5—Derivative Instruments and Hedging Activities). At March 31, 2020 and December 31, 2019, the total interest rate was 2.30% and 3.34%, respectively. |
Financing Arrangement (Tables)
Financing Arrangement (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Co-Venture Arrangement [Abstract] | |
Financing arrangement activity | During the three months ended March 31, 2020 and 2019, the Company incurred interest income in connection with the financing arrangement as follows: For the Three Months Ended March 31, 2020 2019 Distributions of the partner's share of net income $ 1,464 $ 1,897 Distributions in excess of the partner's share of net income 2,677 1,921 Adjustment to fair value of financing arrangement obligation (48,384) (14,265) $ (44,243) $ (10,447) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of fees charged to unconsolidated joint ventures | The following are fees charged to unconsolidated joint ventures: For the Three Months Ended March 31, 2020 2019 Management fees $ 4,486 $ 4,481 Development and leasing fees 2,084 3,496 $ 6,570 $ 7,977 |
Share and Unit-Based Plans (Tab
Share and Unit-Based Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of LTIP Units Granted | During the three months ended March 31, 2020, the Company granted the following LTIP Units: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2020 154,158 Service-based $ 26.92 12/31/2022 1/1/2020 321,940 Market-indexed $ 27.80 12/31/2022 3/1/2020 39,176 Service-based $ 20.42 2/28/2023 3/1/2020 37,592 Market-indexed $ 21.28 2/28/2023 552,866 |
Summary of activity of non-vested LTIP Units, stock awards, phantom stock and stock units | The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units: LTIP Units Phantom Stock Units Stock Units Units Value(1) Units Value(1) Units Value(1) Balance at January 1, 2020 616,219 $ 39.04 7,216 $ 43.29 199,987 $ 43.59 Granted 552,866 26.59 12,637 25.02 120,913 19.45 Vested (3,408) 66.02 (6,881) 27.12 (63,849) 52.39 Forfeited — — — — — — Balance at March 31, 2020 1,165,677 $ 33.06 12,972 $ 34.06 257,051 $ 30.05 (1) Value represents the weighted average grant date fair value. |
Summary of activity of SARs and stock options outstanding | The following table summarizes the activity of the stock options outstanding: Stock Options Units Value(1) Balance at January 1, 2020 35,565 $ 57.32 Granted — — Exercised — — Balance at March 31, 2020 35,565 $ 57.32 (1) Value represents the weighted average exercise price. |
Compensation cost under the share and unit-based plans | The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended March 31, 2020 2019 LTIP Units $ 3,214 $ 3,714 Stock units 2,202 2,660 Stock options — 51 Phantom stock units 187 240 $ 5,603 $ 6,665 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax benefit of TRSs | The income tax provision of the TRSs are as follows: For the Three Months Ended March 31, 2020 2019 Current $ 234 $ — Deferred 32 (346) Total income tax benefit (expense) $ 266 $ (346) |
Organization (Details)
Organization (Details) - entity | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
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 | 93.00% | 93.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of variable interest entities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Assets | $ 9,299,648 | $ 8,853,571 |
Liabilities | 6,575,288 | 6,022,601 |
Operating Partnership | ||
Variable Interest Entity [Line Items] | ||
Assets | 281,258 | 284,120 |
Liabilities | 245,527 | 251,241 |
Operating Partnership | Property, net | ||
Variable Interest Entity [Line Items] | ||
Assets | 254,911 | 254,071 |
Operating Partnership | Other assets | ||
Variable Interest Entity [Line Items] | ||
Assets | 26,347 | 30,049 |
Operating Partnership | Mortgage notes payable | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 219,163 | 219,140 |
Operating Partnership | Other liabilities | ||
Variable Interest Entity [Line Items] | ||
Liabilities | $ 26,364 | $ 32,101 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 652,354 | $ 100,005 | $ 111,022 | $ 102,711 |
Restricted cash | 10,753 | 14,211 | 43,053 | 46,590 |
Cash, cash equivalents and restricted cash | $ 663,107 | $ 114,216 | $ 154,075 | $ 149,301 |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator | ||
Net income | $ 8,731 | $ 8,843 |
Less net income attributable to noncontrolling interests | (1,209) | (1,019) |
Net income attributable to the Company | 7,522 | 7,824 |
Allocation of earnings to participating securities | (322) | (281) |
Numerator for basic and diluted EPS—net income attributable to common stockholders | $ 7,200 | $ 7,543 |
Denominator | ||
Denominator for basic and diluted EPS—weighted average number of common shares outstanding (in shares) | 141,437,000 | 141,262,000 |
EPS—net income attributable to common stockholders | ||
Basic and diluted (in dollars per share) | $ 0.05 | $ 0.05 |
Convertible non-participating preferred units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from Diluted EPS (in shares) | 90,619 | 90,619 |
Partnership unit | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from Diluted EPS (in shares) | 10,477,827 | 10,415,190 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures - Narrative (Details) - Joint Venture - USD ($) $ in Thousands | Dec. 18, 2019 | Aug. 16, 2019 | Jul. 25, 2019 | Sep. 12, 2019 |
Fashion District Philadelphia | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Additional borrowings | $ 100,000 | |||
Interest rate spread over basis | 2.00% | |||
Amount of additional borrowing | $ 25,000 | $ 26,000 | ||
Tysons Tower | ||||
Schedule of Equity Method Investments [Line Items] | ||||
New loan | $ 190,000 | |||
Effective interest rate | 3.38% | |||
HPP-MAC WSP, LLC—One Westside [Member] | Redevelopment Construction Loan [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amount of additional borrowing | $ 414,600 | |||
HPP-MAC WSP, LLC—One Westside [Member] | Redevelopment Construction Loan [Member] | LIBOR | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Interest rate spread over basis | 1.70% | |||
Variable interest rate spread, contingent (as a percent) | 1.50% |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investments in unconsolidated joint ventures: | ||
Assets—Investments in unconsolidated joint ventures | $ 1,540,826 | $ 1,519,697 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (107,156) | (107,902) |
Joint Venture | ||
Assets: | ||
Property, net | 9,414,762 | 9,424,591 |
Other assets | 752,159 | 772,116 |
Total assets | 10,166,921 | 10,196,707 |
Liabilities and partners' capital: | ||
Mortgage and other notes payable | 6,125,614 | 6,144,685 |
Other liabilities | 495,817 | 565,412 |
Company's capital | 1,916,313 | 1,904,145 |
Outside partners' capital | 1,629,177 | 1,582,465 |
Total liabilities and partners' capital | 10,166,921 | 10,196,707 |
Investments in unconsolidated joint ventures: | ||
Company's capital | 1,916,313 | 1,904,145 |
Basis adjustment | (482,643) | (492,350) |
Investments in unconsolidated joint ventures | 1,433,670 | 1,411,795 |
Assets—Investments in unconsolidated joint ventures | 1,540,826 | 1,519,697 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (107,156) | (107,902) |
Investments in unconsolidated joint ventures | $ 1,433,670 | $ 1,411,795 |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - Joint Venture - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Total assets | $ 10,166,921 | $ 10,196,707 | |
Amortization of difference between cost of investments and book value of underlying equity | 3,999 | $ 4,539 | |
PPR Portfolio | |||
Schedule of Equity Method Investments [Line Items] | |||
Total assets | 2,911,512 | 2,932,401 | |
Total liabilities | $ 1,709,593 | $ 1,732,976 |
Investments in Unconsolidated_6
Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of unconsolidated joint ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Leasing revenue | $ 210,721 | $ 211,008 |
Expenses: | ||
Company's equity in net income | 9,698 | 12,243 |
Joint Venture | ||
Revenues: | ||
Leasing revenue | 230,623 | 219,544 |
Other | 6,939 | 12,246 |
Total revenues | 237,562 | 231,790 |
Expenses: | ||
Shopping center and operating expenses | 71,151 | 69,322 |
Leasing expenses | 1,768 | 2,174 |
Interest expense | 54,235 | 53,862 |
Depreciation and amortization | 96,978 | 89,981 |
Total operating expenses | 224,132 | 215,339 |
Loss on sale or write down of assets, net | (141) | |
Net income | 13,430 | 16,310 |
Company's equity in net income | 9,698 | 12,243 |
Joint Venture | PPR Portfolio | ||
Revenues: | ||
Leasing revenue | 58,378 | 46,020 |
Other | 51 | 182 |
Total revenues | 58,429 | 46,202 |
Expenses: | ||
Shopping center and operating expenses | 9,642 | 9,672 |
Leasing expenses | 473 | 467 |
Interest expense | 16,094 | 16,951 |
Depreciation and amortization | 28,618 | 25,514 |
Total operating expenses | 54,827 | 52,604 |
Loss on sale or write down of assets, net | (6) | |
Net income | 3,602 | (6,408) |
Company's equity in net income | 4,721 | (1,199) |
Joint Venture | Other Joint Ventures | ||
Revenues: | ||
Leasing revenue | 172,245 | 173,524 |
Other | 6,888 | 12,064 |
Total revenues | 179,133 | 185,588 |
Expenses: | ||
Shopping center and operating expenses | 61,509 | 59,650 |
Leasing expenses | 1,295 | 1,707 |
Interest expense | 38,141 | 36,911 |
Depreciation and amortization | 68,360 | 64,467 |
Total operating expenses | 169,305 | 162,735 |
Loss on sale or write down of assets, net | (135) | |
Net income | 9,828 | 22,718 |
Company's equity in net income | $ 4,977 | $ 13,442 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Interest rate cap/swap agreements | $ (6,395) | $ (2,045) | |
Level 2 measurement | Cap | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 300,000 | ||
LIBOR Rate | 4.00% | ||
Fair Value | $ 0 | $ 0 | |
Level 2 measurement | Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 400,000 | ||
LIBOR Rate | 2.85% | ||
Fair Value | $ (15,446) | $ (9,051) |
Property, net - Components of p
Property, net - Components of property (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Real Estate [Abstract] | ||
Land | $ 1,510,948 | $ 1,520,678 |
Buildings and improvements | 6,423,348 | 6,389,458 |
Tenant improvements | 720,414 | 726,533 |
Equipment and furnishings | 227,117 | 230,215 |
Construction in progress | 92,042 | 126,165 |
Total | 8,973,869 | 8,993,049 |
Less accumulated depreciation | (2,415,794) | (2,349,536) |
Property, net | $ 6,558,075 | $ 6,643,513 |
Property, net - Narrative (Deta
Property, net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Real Estate [Abstract] | ||
Depreciation expense | $ 72,687 | $ 70,717 |
Property, Plant, and Equipment
Property, Plant, and Equipment - Schedule of Loss (Gain) on Sale or Write down of Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Write-down of assets | $ (36,703) | $ (6,850) |
(Loss) gain on sale or write down of assets, net | (36,703) | (6,316) |
Wilton Mall | ||
Property, Plant and Equipment [Line Items] | ||
Write-down of assets | (30,063) | |
Paradise Valley Mall | ||
Property, Plant and Equipment [Line Items] | ||
Write-down of assets | (6,640) | |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Gain on sale | $ 0 | $ 534 |
Property, net - Assets measured
Property, net - Assets measured on a nonrecurring basis (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | $ 140,000 |
Fair value measurements on a nonrecurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | 0 |
Fair value measurements on a nonrecurring basis | Significant Other Unobservable Inputs (Level 2) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | 140,000 |
Fair value measurements on a nonrecurring basis | Significant Unobservable Inputs (Level 3) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | $ 0 |
Tenant and Other Receivables,_2
Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Abstract] | ||
Allowance for doubtful accounts | $ (5,749) | $ (4,836) |
Components of tenant and other receivables, net | ||
Deferred rent receivable due to straight-line rent adjustments | 84,424 | 82,214 |
Accrued percentage rents | ||
Components of tenant and other receivables, net | ||
Accounts receivable | $ 1,084 | $ 9,618 |
Leases - Components of leasing
Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Leasing revenue—fixed payments | $ 159,557 | $ 164,061 |
Leasing revenue—variable payments | 51,164 | 46,947 |
Total leasing revenue | $ 210,721 | $ 211,008 |
Leases - Summary of minimum ren
Leases - Summary of minimum rental payments (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 472,786 |
2022 | 395,136 |
2023 | 338,346 |
2024 | 287,879 |
2025 | 226,663 |
Thereafter | 635,939 |
Total minimum rental payments | $ 2,356,749 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 3 Months Ended |
Mar. 31, 2020lease | |
Leases [Abstract] | |
Number of finance leases | 5 |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating lease costs | $ 3,938 | $ 4,347 |
Finance lease costs: | ||
Amortization of ROU assets | 475 | 919 |
Interest on lease liabilities | 142 | 154 |
Total lease cost | $ 4,555 | $ 5,420 |
Leases - Summary of minimum fut
Leases - Summary of minimum future rental payments required (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2020 | $ 13,037 | $ 17,149 |
2020 | 17,004 | 17,004 |
2021 | 16,867 | 16,867 |
2022 | 11,055 | 11,055 |
2023 | 9,068 | 9,068 |
Thereafter | 131,347 | 131,347 |
Total undiscounted rental payments | 198,378 | 202,490 |
Less imputed interest | (100,100) | (102,085) |
Total lease liabilities | $ 98,278 | $ 100,405 |
Weighted average remaining lease term, operating leases | 31 years | 31 years |
Weighted average incremental borrowing rate, operating leases | 7.70% | 7.70% |
Finance Leases | ||
2020 | $ 2,043 | $ 2,106 |
2020 | 10,784 | 10,441 |
2021 | 2,762 | 2,418 |
2022 | 344 | 0 |
2023 | 3,085 | 0 |
Thereafter | 0 | 0 |
Total undiscounted rental payments | 19,018 | 14,965 |
Less imputed interest | (1,397) | (1,169) |
Total lease liabilities | $ 17,621 | $ 13,796 |
Weighted average remaining lease term, finance leases | 1 year 3 months 18 days | 1 year 7 months 6 days |
Weighted average incremental borrowing rate, finance leases | 3.20% | 4.20% |
Deferred Charges and Other As_3
Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Leasing | $ 179,355 | $ 202,540 | |
Intangible assets: | |||
In-place lease values | 66,561 | 78,171 | |
Leasing commissions and legal costs | 18,080 | 20,518 | |
Above-market leases | 56,377 | 59,916 | |
Deferred tax assets | 30,789 | 30,757 | |
Deferred compensation plan assets | 44,458 | 55,349 | |
Other assets | 55,018 | 60,475 | |
Deferred charges and other assets, gross | 450,638 | 507,726 | |
Less accumulated amortization | (199,990) | (229,860) | |
Deferred charges and other assets, net | 250,648 | 277,866 | |
In-place lease values, leasing commissions and legal costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization for intangible assets | 56,075 | $ 66,322 | |
Amortization expense for intangible assets | $ 3,719 | $ 3,205 |
Deferred Charges and Other As_4
Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Above-Market Leases | ||
Above-Market Leases | ||
Original allocated value | $ 56,377 | $ 59,916 |
Less accumulated amortization | (34,025) | (35,737) |
Allocated value net | 22,352 | 24,179 |
Below-Market Leases | ||
Below-Market Leases | ||
Original allocated value | 80,757 | 90,790 |
Less accumulated amortization | (45,947) | (53,727) |
Allocated value net | $ 34,810 | $ 37,063 |
Mortgage Notes Payable - Schedu
Mortgage Notes Payable - Schedule of mortgage notes payable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 4,384,680 | $ 4,392,599 |
Chandler Fashion Center | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 255,221 | 255,174 |
Effective interest rate | 4.18% | |
Monthly Debt Service | $ 875 | |
Danbury Fair Mall | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 192,792 | 194,718 |
Effective interest rate | 5.53% | |
Monthly Debt Service | $ 1,538 | |
Fashion Outlets of Chicago | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 299,132 | 299,112 |
Effective interest rate | 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 | $ 105,559 | 106,398 |
Effective interest rate | 4.89% | |
Monthly Debt Service | $ 727 | |
Freehold Raceway Mall | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 398,420 | 398,379 |
Effective interest rate | 3.94% | |
Monthly Debt Service | $ 1,300 | |
Fresno Fashion Fair | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 323,708 | 323,659 |
Effective interest rate | 3.67% | |
Monthly Debt Service | $ 971 | |
Green Acres Commons | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 129,157 | $ 128,926 |
Effective interest rate | 4.29% | 4.40% |
Monthly Debt Service | $ 404 | |
Green Acres Mall | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 275,965 | $ 277,747 |
Effective interest rate | 3.61% | |
Monthly Debt Service | $ 1,447 | |
Kings Plaza Shopping Center | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 535,219 | 535,097 |
Effective interest rate | 3.71% | |
Monthly Debt Service | $ 1,629 | |
Oaks, The | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 185,886 | 187,142 |
Effective interest rate | 4.14% | |
Monthly Debt Service | $ 1,064 | |
Pacific View | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 117,391 | 118,202 |
Effective interest rate | 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 | 3.49% | |
Monthly Debt Service | $ 1,744 | |
Santa Monica Place | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 298,005 | 297,817 |
Effective interest rate | 2.30% | |
Monthly Debt Service | $ 772 | |
SanTan Village Regional Center | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 219,163 | 219,140 |
Effective interest rate | 4.34% | |
Monthly Debt Service | $ 788 | |
Towne Mall | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 20,168 | 20,284 |
Effective interest rate | 4.48% | |
Monthly Debt Service | $ 117 | |
Tucson La Encantada | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 63,251 | 63,682 |
Effective interest rate | 4.23% | |
Monthly Debt Service | $ 368 | |
Victor Valley, Mall of | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 114,748 | 114,733 |
Effective interest rate | 4.00% | |
Monthly Debt Service | $ 380 | |
Vintage Faire Mall | ||
Mortgage loans payable on real estate | ||
Carrying Amount of Mortgage Notes, Other | $ 250,895 | $ 252,389 |
Effective interest rate | 3.55% | |
Monthly Debt Service | $ 1,256 |
Mortgage Notes Payable - Footno
Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Mortgage loans payable on real estate | ||
Unamortized deferred finance costs | $ 15,053 | $ 16,042 |
Green Acres Commons | ||
Mortgage loans payable on real estate | ||
Effective interest rate | 4.29% | 4.40% |
Chandler Freehold | ||
Mortgage loans payable on real estate | ||
Percentage of loan assumed by third party | 49.90% | |
Fashion Outlets of Niagara Falls USA | ||
Mortgage loans payable on real estate | ||
Debt premiums | $ 541 | $ 773 |
Green Acres Commons | ||
Mortgage loans payable on real estate | ||
Interest rate spread over basis | 2.15% | |
Santa Monica Place | ||
Mortgage loans payable on real estate | ||
Interest rate spread over basis | 1.35% | |
Effective interest rate | 2.30% | 3.34% |
Santa Monica Place | Maximum | Cap | ||
Mortgage loans payable on real estate | ||
Interest rate spread over basis | 4.00% |
Mortgage Notes Payable - Narrat
Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |||
Interest expense capitalized | $ 1,295 | $ 2,710 | |
Fair value of mortgage notes payable | $ 4,445,146 | $ 4,427,790 |
Bank and Other Notes Payable (D
Bank and Other Notes Payable (Details) | Mar. 29, 2013USD ($) | Mar. 31, 2020USD ($)derivative | Dec. 31, 2019USD ($) |
Mortgage loans payable on real estate | |||
Unamortized deferred finance costs | $ 15,053,000 | $ 16,042,000 | |
Availability for additional borrowing | $ 19,719,000 | 679,719,000 | |
Swaps | |||
Mortgage loans payable on real estate | |||
Number of agreements | derivative | 4 | ||
Swaps | Level 2 measurement | |||
Mortgage loans payable on real estate | |||
Outstanding borrowings under the line of credit | $ 400,000,000 | ||
Line of Credit | |||
Mortgage loans payable on real estate | |||
Outstanding borrowings under the line of credit | 1,480,000,000 | 820,000,000 | |
Unamortized deferred finance costs | $ 1,994,000 | $ 2,623,000 | |
Line of credit, average interest rate | 3.11% | 3.92% | |
Line of Credit | Level 2 measurement | |||
Mortgage loans payable on real estate | |||
Fair value of outstanding line of credit | $ 1,503,246,000 | $ 826,280,000 | |
Prasada Note | |||
Mortgage loans payable on real estate | |||
Amount of additional borrowing | $ 13,330,000 | ||
Interest rate on debt | 5.25% | ||
LIBOR | Line of Credit | |||
Mortgage loans payable on real estate | |||
Interest rate spread over basis | 1.55% | ||
Revolving line of credit | |||
Mortgage loans payable on real estate | |||
Maximum contingent borrowing capacity | $ 2,000,000,000 | ||
Revolving line of credit | Line of Credit | Swaps | |||
Mortgage loans payable on real estate | |||
Effective interest rate | 4.30% | ||
Revolving line of credit | LIBOR | Low end of range | |||
Mortgage loans payable on real estate | |||
Interest rate spread over basis | 1.30% | ||
Revolving line of credit | LIBOR | High end of range | |||
Mortgage loans payable on real estate | |||
Interest rate spread over basis | 1.90% |
Financing Arrangement - Narrati
Financing Arrangement - Narrative (Details) ft² in Thousands, $ in Thousands | Jun. 27, 2019USD ($) | Sep. 30, 2009ft² | Mar. 31, 2020$ / ft² | Dec. 31, 2019$ / ft² |
Schedule of Joint Ventures [Line Items] | ||||
Terminal capitalization rate | 5.30% | 5.00% | ||
Discount rate | 6.80% | 6.00% | ||
Distributions, pro rata share of the excess loan proceeds | $ | $ 27,945 | |||
Chandler Fashion Center | ||||
Schedule of Joint Ventures [Line Items] | ||||
Additional borrowing | $ | $ 256,000 | |||
Financing Arrangement | Minimum | ||||
Schedule of Joint Ventures [Line Items] | ||||
Market rent per square foot | $ / ft² | 35 | 35 | ||
Financing Arrangement | Maximum | ||||
Schedule of Joint Ventures [Line Items] | ||||
Market rent per square foot | $ / ft² | 115 | 115 | ||
Financing Arrangement | Chandler Freehold | ||||
Schedule of Joint Ventures [Line Items] | ||||
Percentage of loan assumed by third party | 49.90% | |||
Financing Arrangement | Chandler Fashion Center | ||||
Schedule of Joint Ventures [Line Items] | ||||
Property area (in square feet) | ft² | 1,318 | |||
Financing Arrangement | Freehold Raceway Mall | ||||
Schedule of Joint Ventures [Line Items] | ||||
Property area (in square feet) | ft² | 1,673 |
Financing Arrangement - Financi
Financing Arrangement - Financing Arrangement Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Joint Ventures [Line Items] | ||
Interest income (expense) | $ (44,243) | $ (10,447) |
Joint Venture | Financing Arrangement | ||
Schedule of Joint Ventures [Line Items] | ||
Distributions of the partner's share of net income | 1,464 | 1,897 |
Distributions in excess of the partner's share of net income | 2,677 | 1,921 |
Adjustment to fair value of financing arrangement obligation | (48,384) | (14,265) |
Interest income (expense) | $ (44,243) | $ (10,447) |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Common stock, par value (in dollars per share) | $ 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 | $ 71,267 | $ 277,524 |
The Macerich Partnership, L.P. | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership interest in operating partnership | 93.00% | 93.00% |
Limited partnership interest of the operating partnership | 7.00% | 7.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Mar. 16, 2020 | Mar. 31, 2020 | Feb. 12, 2017 |
Stockholders' Equity Note [Abstract] | |||
Dividend declared (in dollars per share) | $ 0.50 | ||
Maximum cash dividend rate | 20.00% | ||
Maximum cash dividend declared (in dollars per share) | $ 0.10 | ||
Authorized repurchase amount | $ 500,000,000 | ||
Remaining authorized repurchase amount | $ 278,707,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent liability under letters of credit | $ 40,814 |
Outstanding obligations under construction agreements | $ 7,290 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Management fees | ||
Related Party Transaction [Line Items] | ||
Revenues | $ 6,973 | $ 10,180 |
Unconsolidated Joint Ventures and Third Party Managed Properties | ||
Related Party Transaction [Line Items] | ||
Revenues | 6,570 | 7,977 |
Unconsolidated Joint Ventures and Third Party Managed Properties | Management fees | ||
Related Party Transaction [Line Items] | ||
Revenues | 4,486 | 4,481 |
Unconsolidated Joint Ventures and Third Party Managed Properties | Development and leasing fees | ||
Related Party Transaction [Line Items] | ||
Revenues | $ 2,084 | $ 3,496 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Related party interest income | $ (44,243,000) | $ (10,447,000) | |
Due from affiliates | $ 9,766,000 | $ 6,157,000 | |
Related parties note receivable, RED Consolidated Holdings, LLC | |||
Related Party Transaction [Line Items] | |||
Note receivable, interest rate | 5.25% | 5.25% | |
Interest income, related party | $ 0 | 48,000 | |
Joint Venture | Financing Arrangement | |||
Related Party Transaction [Line Items] | |||
Related party interest income | (44,243,000) | (10,447,000) | |
Unconsolidated Joint Ventures | |||
Related Party Transaction [Line Items] | |||
Due from affiliates | 9,766,000 | $ 6,157,000 | |
Affiliated Entity | Notes Receivable | Fashion Outlets of San Francisco | |||
Related Party Transaction [Line Items] | |||
Interest income, related party | $ 0 | $ 1,112,000 | |
Affiliated Entity | Notes Receivable | Fashion Outlets of San Francisco | LIBOR | |||
Related Party Transaction [Line Items] | |||
Note receivable, interest rate | 2.00% |
Share and Unit-Based Plans - Na
Share and Unit-Based Plans - Narrative (Details) $ in Thousands | Mar. 01, 2020 | Jan. 01, 2020 | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Capitalized share and unit-based compensation costs | $ 1,379 | $ 1,146 | ||
Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Conversion rate of shares | 1 | |||
Unrecognized compensation cost of share and unit-based plans | $ 3,113 | |||
LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Conversion rate of shares | 1 | |||
Unrecognized compensation cost of share and unit-based plans | $ 13,133 | |||
LTIP Units | January 1, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk free interest rate | 1.62% | |||
Volatility | 26.08% | |||
LTIP Units | March 1, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk free interest rate | 0.85% | |||
Volatility | 28.34% | |||
Phantom Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost of share and unit-based plans | $ 442 |
Share and Unit-Based Plans - LT
Share and Unit-Based Plans - LTIP units granted (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in shares) | 552,866 |
January 1, 2020 | Long Term Incentive Plan, Service-based [Member] | First vesting period | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in shares) | 154,158 |
Fair value per LTIP unit (in dollars per share) | $ / shares | $ 26.92 |
January 1, 2020 | Long Term Incentive Plan, Market-based [Member] | First vesting period | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in shares) | 321,940 |
Fair value per LTIP unit (in dollars per share) | $ / shares | $ 27.80 |
March 1, 2020 | Long Term Incentive Plan, Service-based [Member] | Second vesting period | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in shares) | 39,176 |
Fair value per LTIP unit (in dollars per share) | $ / shares | $ 20.42 |
March 1, 2020 | Long Term Incentive Plan, Market-based [Member] | Second vesting period | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in shares) | 37,592 |
Fair value per LTIP unit (in dollars per share) | $ / shares | $ 21.28 |
Share and Unit-Based Plans - No
Share and Unit-Based Plans - Nonvested equity awards (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Units | |
Granted (in shares) | 552,866 |
LTIP Units | |
Units | |
Balance at beginning of period (in shares) | 616,219 |
Granted (in shares) | 552,866 |
Vested (in shares) | (3,408) |
Forfeited (in shares) | 0 |
Balance at end of period (in shares) | 1,165,677 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 39.04 |
Granted (in dollars per share) | $ / shares | 26.59 |
Vested (in dollars per share) | $ / shares | 66.02 |
Forfeited (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 33.06 |
Phantom Stock Units | |
Units | |
Balance at beginning of period (in shares) | 7,216 |
Granted (in shares) | 12,637 |
Vested (in shares) | (6,881) |
Forfeited (in shares) | 0 |
Balance at end of period (in shares) | 12,972 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 43.29 |
Granted (in dollars per share) | $ / shares | 25.02 |
Vested (in dollars per share) | $ / shares | 27.12 |
Forfeited (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 34.06 |
Stock Units | |
Units | |
Balance at beginning of period (in shares) | 199,987 |
Granted (in shares) | 120,913 |
Vested (in shares) | (63,849) |
Forfeited (in shares) | 0 |
Balance at end of period (in shares) | 257,051 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 43.59 |
Granted (in dollars per share) | $ / shares | 19.45 |
Vested (in dollars per share) | $ / shares | 52.39 |
Forfeited (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 30.05 |
Share and Unit-Based Plans - SA
Share and Unit-Based Plans - SARs (Details) - Stock options | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Units | |
Balance at beginning of period (in shares) | shares | 35,565 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 35,565 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 57.32 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 0 |
Balance at end of period (in dollars per share) | $ / shares | $ 57.32 |
Share and Unit-Based Plans - Co
Share and Unit-Based Plans - Compensation cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost under share and unit-based plans | $ 5,603 | $ 6,665 |
LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost under share and unit-based plans | 3,214 | 3,714 |
Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost under share and unit-based plans | 2,202 | 2,660 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost under share and unit-based plans | 0 | 51 |
Phantom Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost under share and unit-based plans | $ 187 | $ 240 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 234 | $ 0 | |
Deferred | 32 | (346) | |
Total income tax benefit (expense) | 266 | $ (346) | |
Net deferred tax assets | $ 30,789 | $ 30,757 |
Subsequent Events (Details)
Subsequent Events (Details) | Apr. 08, 2020USD ($) |
Subsequent event | Revolving line of credit | |
Subsequent events | |
Revolving line of credit | $ 1,500,000,000 |
Uncategorized Items - mac-20200
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (2,203,000) |
Parent [Member] | ||
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 | $ (2,203,000) |