MARYLAND (State or other jurisdiction of incorporation or organization) | 95-4448705 (I.R.S. Employer Identification Number) | |
401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401 (Address of principal executive office, including zip code) |
Title of each class | Name of each exchange on which registered | |
Common Stock, $0.01 Par Value | New York Stock Exchange |
Large accelerated filer ý | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Page | ||
• | expectations regarding the Company's growth; |
• | the Company's beliefs regarding its acquisition, redevelopment, development, leasing and operational activities and opportunities, including the performance of its retailers; |
• | the Company's acquisition, disposition and other strategies; |
• | regulatory matters pertaining to compliance with governmental regulations; |
• | the Company's capital expenditure plans and expectations for obtaining capital for expenditures; |
• | the Company's expectations regarding income tax benefits; |
• | the Company's expectations regarding its financial condition or results of operations; and |
• | the Company's expectations for refinancing its indebtedness, entering into and servicing debt obligations and entering into joint venture arrangements. |
Tenant | Primary DBAs | Number of Locations in the Portfolio | % of Total Rents | |||
L Brands, Inc. | Victoria's Secret, Bath and Body Works, PINK | 98 | 2.8 | % | ||
Forever 21, Inc. | Forever 21, XXI Forever, Love21 | 35 | 2.5 | % | ||
The Gap, Inc. | Athleta, Banana Republic, Gap, Gap Kids, Old Navy and others | 60 | 2.1 | % | ||
Foot Locker, Inc. | Champs Sports, Foot Locker, Kids Foot Locker, Lady Foot Locker, Foot Action, House of Hoops and others | 99 | 2.0 | % | ||
Sears Holdings Corporation | Sears | 26 | 1.8 | % | ||
Signet Jewelers Limited | Kay Jewelers, Zales, Piercing Pagoda and others | 106 | 1.7 | % | ||
American Eagle Outfitters, Inc. | American Eagle Outfitters, aerie | 37 | 1.2 | % | ||
Ascena Retail Group, Inc. | Ann Taylor, Loft, Lou & Grey, Lane Bryant, Justice, Dress Barn and others | 83 | 1.2 | % | ||
Express, Inc. | Express, Express / Express Men | 30 | 1.1 | % | ||
Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Chelsea Collective | 14 | 1.1 | % |
For the Years Ended December 31, | Avg. Base Rent Per Sq. Ft.(1)(2) | Avg. Base Rent Per Sq. Ft. on Leases Executed During the Year(2)(3) | Avg. Base Rent Per Sq. Ft. on Leases Expiring During the Year(2)(4) | ||||||||
Consolidated Centers: | |||||||||||
2015 | $ | 52.64 | $ | 53.99 | $ | 49.02 | |||||
2014 | $ | 49.68 | $ | 49.55 | $ | 41.20 | |||||
2013 | $ | 44.51 | $ | 45.06 | $ | 40.00 | |||||
2012 | $ | 40.98 | $ | 44.01 | $ | 38.00 | |||||
2011 | $ | 38.80 | $ | 38.35 | $ | 35.84 | |||||
Unconsolidated Joint Venture Centers (at the Company's pro rata share): | |||||||||||
2015 | $ | 60.74 | $ | 80.18 | $ | 60.85 | |||||
2014 | $ | 63.78 | $ | 82.47 | $ | 64.59 | |||||
2013 | $ | 62.47 | $ | 63.44 | $ | 48.43 | |||||
2012 | $ | 55.64 | $ | 55.72 | $ | 48.74 | |||||
2011 | $ | 53.72 | $ | 50.00 | $ | 38.98 |
For the Years Ended December 31, | Avg. Base Rent Per Sq. Ft.(1)(2) | Avg. Base Rent Per Sq. Ft. on Leases Executed During the Year(2)(3) | Number of Leases Executed During the Year | Avg. Base Rent Per Sq. Ft. on Leases Expiring During the Year(2)(4) | Number of Leases Expiring During the Year | ||||||||||||
Consolidated Centers: | |||||||||||||||||
2015 | $ | 12.72 | $ | 19.87 | 19 | $ | 8.96 | 14 | |||||||||
2014 | $ | 11.26 | $ | 18.28 | 22 | $ | 15.16 | 14 | |||||||||
2013 | $ | 10.94 | $ | 14.61 | 29 | $ | 14.08 | 21 | |||||||||
2012 | $ | 9.34 | $ | 15.54 | 21 | $ | 8.85 | 22 | |||||||||
2011 | $ | 8.42 | $ | 10.87 | 21 | $ | 6.71 | 14 | |||||||||
Unconsolidated Joint Venture Centers (at the Company's pro rata share): | |||||||||||||||||
2015 | $ | 14.48 | $ | 33.00 | 14 | $ | 9.30 | 8 | |||||||||
2014 | $ | 18.51 | $ | 33.62 | 11 | $ | 27.27 | 6 | |||||||||
2013 | $ | 13.36 | $ | 37.45 | 22 | $ | 24.58 | 10 | |||||||||
2012 | $ | 12.52 | $ | 23.25 | 21 | $ | 8.88 | 10 | |||||||||
2011 | $ | 12.50 | $ | 21.43 | 15 | $ | 14.19 | 7 |
(1) | Average base rent per square foot is based on spaces occupied as of December 31 for each of the Centers and gives effect to the terms of each lease in effect, as of such date, including any concessions, abatements and other adjustments or allowances that have been granted to the tenants. |
(2) | Centers under development and redevelopment are excluded from average base rents. As a result, the leases for Broadway Plaza, Fashion Outlets of Niagara Falls USA, Fashion Outlets of Philadelphia, Paradise Valley Mall, SouthPark Mall and Westside Pavilion were excluded for the years ended December 31, 2015 and 2014. The leases for Paradise Valley Mall were excluded for the year ended December 31, 2013. The leases for The Shops at Atlas Park and Southridge Center were excluded for the years ended December 31, 2012 and 2011. |
(3) | The average base rent per square foot on leases executed during the year represents the actual rent paid on a per square foot basis during the first twelve months of the lease. |
(4) | The average base rent per square foot on leases expiring during the year represents the actual rent to be paid on a per square foot basis during the final twelve months of the lease. |
For the Years Ended December 31, | ||||||||||||||
2015 (1) | 2014 (2) | 2013 (3) | 2012 | 2011 | ||||||||||
Consolidated Centers: | ||||||||||||||
Minimum rents | 9.0 | % | 8.7 | % | 8.4 | % | 8.1 | % | 8.2 | % | ||||
Percentage rents | 0.4 | % | 0.4 | % | 0.4 | % | 0.4 | % | 0.5 | % | ||||
Expense recoveries(4) | 4.5 | % | 4.3 | % | 4.5 | % | 4.2 | % | 4.1 | % | ||||
13.9 | % | 13.4 | % | 13.3 | % | 12.7 | % | 12.8 | % | |||||
Unconsolidated Joint Venture Centers: | ||||||||||||||
Minimum rents | 8.1 | % | 8.7 | % | 8.8 | % | 8.9 | % | 9.1 | % | ||||
Percentage rents | 0.4 | % | 0.4 | % | 0.4 | % | 0.4 | % | 0.4 | % | ||||
Expense recoveries(4) | 4.0 | % | 4.5 | % | 4.0 | % | 3.9 | % | 3.9 | % | ||||
12.5 | % | 13.6 | % | 13.2 | % | 13.2 | % | 13.4 | % |
(1) | Flagstaff Mall is excluded for the year ended December 31, 2015. |
(2) | On June 30, 2015, Great Northern Mall was conveyed to the mortgage lender by a deed-in-lieu of foreclosure. Consequently, Great Northern Mall is excluded for the year ended December 31, 2014. |
(3) | Rotterdam Square was sold on January 15, 2014 and is excluded for the year ended December 31, 2013. |
(4) | Represents real estate tax and common area maintenance charges. |
Year Ending December 31, | Number of Leases Expiring | Approximate GLA of Leases Expiring(1) | % of Total Leased GLA Represented by Expiring Leases(1) | Ending Base Rent per Square Foot of Expiring Leases(1) | % of Base Rent Represented by Expiring Leases(1) | |||||||||||
Consolidated Centers: | ||||||||||||||||
2016 | 393 | 731,849 | 11.34 | % | $ | 48.78 | 10.49 | % | ||||||||
2017 | 357 | 824,590 | 12.78 | % | $ | 52.12 | 12.62 | % | ||||||||
2018 | 345 | 772,130 | 11.97 | % | $ | 50.53 | 11.46 | % | ||||||||
2019 | 303 | 702,569 | 10.89 | % | $ | 50.72 | 10.46 | % | ||||||||
2020 | 280 | 611,689 | 9.48 | % | $ | 52.97 | 9.52 | % | ||||||||
2021 | 227 | 536,588 | 8.32 | % | $ | 50.99 | 8.04 | % | ||||||||
2022 | 174 | 390,142 | 6.05 | % | $ | 51.28 | 5.88 | % | ||||||||
2023 | 185 | 426,900 | 6.62 | % | $ | 53.14 | 6.66 | % | ||||||||
2024 | 194 | 539,346 | 8.36 | % | $ | 58.58 | 9.28 | % | ||||||||
2025 | 186 | 457,029 | 7.08 | % | $ | 64.77 | 8.69 | % | ||||||||
Unconsolidated Joint Venture Centers (at the Company's pro rata share): | ||||||||||||||||
2016 | 170 | 185,299 | 10.75 | % | $ | 61.93 | 10.90 | % | ||||||||
2017 | 143 | 218,004 | 12.64 | % | $ | 53.28 | 11.03 | % | ||||||||
2018 | 147 | 181,029 | 10.50 | % | $ | 65.98 | 11.34 | % | ||||||||
2019 | 123 | 139,910 | 8.11 | % | $ | 68.74 | 9.13 | % | ||||||||
2020 | 119 | 167,101 | 9.69 | % | $ | 60.73 | 9.64 | % | ||||||||
2021 | 116 | 159,557 | 9.25 | % | $ | 58.10 | 8.80 | % | ||||||||
2022 | 82 | 105,232 | 6.10 | % | $ | 57.76 | 5.77 | % | ||||||||
2023 | 86 | 159,188 | 9.23 | % | $ | 54.14 | 8.18 | % | ||||||||
2024 | 80 | 129,629 | 7.52 | % | $ | 62.11 | 7.64 | % | ||||||||
2025 | 86 | 147,929 | 8.58 | % | $ | 64.11 | 9.01 | % |
Year Ending December 31, | Number of Leases Expiring | Approximate GLA of Leases Expiring(1) | % of Total Leased GLA Represented by Expiring Leases(1) | Ending Base Rent per Square Foot of Expiring Leases(1) | % of Base Rent Represented by Expiring Leases(1) | |||||||||||
Consolidated Centers: | ||||||||||||||||
2016 | 8 | 170,312 | 1.32 | % | $ | 19.12 | 1.83 | % | ||||||||
2017 | 34 | 1,056,393 | 8.16 | % | $ | 12.39 | 7.35 | % | ||||||||
2018 | 21 | 870,474 | 6.72 | % | $ | 12.42 | 6.06 | % | ||||||||
2019 | 23 | 954,599 | 7.37 | % | $ | 9.27 | 4.96 | % | ||||||||
2020 | 25 | 890,746 | 6.88 | % | $ | 10.15 | 5.07 | % | ||||||||
2021 | 30 | 1,271,153 | 9.82 | % | $ | 9.67 | 6.90 | % | ||||||||
2022 | 19 | 866,638 | 6.69 | % | $ | 14.82 | 7.21 | % | ||||||||
2023 | 23 | 709,662 | 5.48 | % | $ | 13.82 | 5.50 | % | ||||||||
2024 | 26 | 924,534 | 7.14 | % | $ | 19.61 | 10.17 | % | ||||||||
2025 | 27 | 1,218,896 | 9.41 | % | $ | 19.25 | 13.16 | % | ||||||||
Unconsolidated Joint Venture Centers (at the Company's pro rata share): | ||||||||||||||||
2016 | 1 | 30,000 | 0.75 | % | $ | 28.00 | 1.43 | % | ||||||||
2017 | 15 | 511,735 | 12.82 | % | $ | 7.62 | 6.65 | % | ||||||||
2018 | 14 | 242,725 | 6.08 | % | $ | 9.72 | 4.02 | % | ||||||||
2019 | 10 | 120,855 | 3.03 | % | $ | 31.63 | 6.52 | % | ||||||||
2020 | 19 | 846,975 | 21.22 | % | $ | 11.01 | 15.89 | % | ||||||||
2021 | 13 | 214,310 | 5.37 | % | $ | 15.52 | 5.67 | % | ||||||||
2022 | 6 | 74,051 | 1.86 | % | $ | 28.22 | 3.56 | % | ||||||||
2023 | 8 | 172,496 | 4.32 | % | $ | 20.75 | 6.10 | % | ||||||||
2024 | 14 | 183,173 | 4.59 | % | $ | 34.73 | 10.84 | % | ||||||||
2025 | 17 | 746,305 | 18.70 | % | $ | 13.62 | 17.32 | % |
(1) | The ending base rent per square foot on leases expiring during the period represents the final year minimum rent, on a cash basis, for tenant leases expiring during the year. Currently, 65% of leases have provisions for future consumer price index increases that are not reflected in ending base rent. The leases for Centers currently under development and redevelopment are excluded from this table. |
Name | Number of Anchor Stores | GLA Owned by Anchor | GLA Leased by Anchor | Total GLA Occupied by Anchor | ||||||||
Macy's Inc. | ||||||||||||
Macy's | 41 | 5,013,000 | 2,306,000 | 7,319,000 | ||||||||
Bloomingdale's | 2 | — | 355,000 | 355,000 | ||||||||
43 | 5,013,000 | 2,661,000 | 7,674,000 | |||||||||
JCPenney(1) | 28 | 1,744,000 | 2,253,000 | 3,997,000 | ||||||||
Sears | 26 | 926,000 | 2,868,000 | 3,794,000 | ||||||||
Dillard's | 14 | 2,205,000 | 257,000 | 2,462,000 | ||||||||
Nordstrom | 13 | 739,000 | 1,477,000 | 2,216,000 | ||||||||
Target(2) | 7 | 640,000 | 273,000 | 913,000 | ||||||||
Dick's Sporting Goods(3) | 13 | — | 839,000 | 839,000 | ||||||||
Forever 21 | 7 | 155,000 | 574,000 | 729,000 | ||||||||
The Bon-Ton Stores, Inc. | ||||||||||||
Younkers | 3 | — | 317,000 | 317,000 | ||||||||
Bon-Ton, The | 1 | — | 71,000 | 71,000 | ||||||||
Herberger's | 1 | 188,000 | — | 188,000 | ||||||||
5 | 188,000 | 388,000 | 576,000 | |||||||||
Kohl's | 5 | 89,000 | 356,000 | 445,000 | ||||||||
Hudson Bay Company | ||||||||||||
Lord & Taylor | 3 | 121,000 | 199,000 | 320,000 | ||||||||
Saks Fifth Avenue | 1 | — | 92,000 | 92,000 | ||||||||
4 | 121,000 | 291,000 | 412,000 | |||||||||
Home Depot | 3 | — | 395,000 | 395,000 | ||||||||
Costco | 2 | — | 321,000 | 321,000 | ||||||||
Burlington Coat Factory(4) | 3 | 187,000 | 127,000 | 314,000 | ||||||||
Neiman Marcus | 2 | — | 188,000 | 188,000 | ||||||||
Von Maur | 2 | 187,000 | — | 187,000 | ||||||||
Sports Authority | 4 | — | 177,000 | 177,000 | ||||||||
Walmart | 1 | — | 173,000 | 173,000 | ||||||||
Century 21 | 2 | 171,000 | 171,000 | |||||||||
La Curacao | 1 | — | 165,000 | 165,000 | ||||||||
Boscov's | 1 | — | 161,000 | 161,000 | ||||||||
Belk | 2 | — | 139,000 | 139,000 | ||||||||
Primark(5) | 2 | 137,000 | 137,000 | |||||||||
BJ's Wholesale Club | 1 | — | 123,000 | 123,000 | ||||||||
Lowe's | 1 | — | 114,000 | 114,000 | ||||||||
Mercado de los Cielos | 1 | — | 78,000 | 78,000 | ||||||||
L.L. Bean | 1 | — | 75,000 | 75,000 | ||||||||
Best Buy | 1 | 66,000 | — | 66,000 | ||||||||
Des Moines Area Community College | 1 | 64,000 | — | 64,000 | ||||||||
Barneys New York(6) | 1 | — | 60,000 | 60,000 | ||||||||
Bealls | 1 | — | 40,000 | 40,000 | ||||||||
Vacant Anchors(7) | 2 | — | 200,000 | 200,000 | ||||||||
200 | 12,324,000 | 15,081,000 | 27,405,000 | |||||||||
Anchors at Centers not owned by the Company(8): | ||||||||||||
Forever 21 | 2 | — | 154,000 | 154,000 | ||||||||
Kohl's | 1 | — | 83,000 | 83,000 | ||||||||
Sports Authority | 1 | — | 41,000 | 41,000 | ||||||||
Total | 204 | 12,324,000 | 15,359,000 | 27,683,000 |
(1) | JCPenney plans to open a new store at Inland Center in Fall 2016. |
(2) | Target closed its store at Promenade at Casa Grande in January 2016. |
(3) | Dick's Sporting Goods plans to open a new store at The Oaks in Fall 2016. |
(4) | Burlington Coat Factory plans to open a store at The Market at Estrella Falls in Fall 2016. |
(5) | Primark plans to open stores at Danbury Fair Mall and Freehold Raceway Mall in Summer 2016. |
(6) | Barneys New York plans to close its store at Scottsdale Fashion Square in Spring 2016. |
(7) | The Company is seeking replacement tenants and/or contemplating redevelopment opportunities for these vacant sites. The Company continues to collect rent under the terms of an agreement regarding one of these two vacant Anchor locations. |
(8) | The Company owns a portfolio of eight stores located at shopping centers not owned by the Company. Of these eight stores, two have been leased to Forever 21, one has been leased to Kohl's, one has been leased to Sports Authority and four have been leased for non-Anchor usage. |
• | Asbestos. The Company has conducted asbestos-containing materials ("ACM") surveys at various locations within the Centers. The surveys indicate that ACMs are present or suspected in certain areas, primarily vinyl floor tiles, mastics, roofing materials, drywall tape and joint compounds. The identified ACMs are generally non-friable, in good condition, and possess low probabilities for disturbance. At certain Centers where ACMs are present or suspected, however, some ACMs have been or may be classified as "friable," and ultimately may require removal under certain conditions. The Company has developed and implemented an operations and maintenance ("O&M") plan to manage ACMs in place. |
• | Underground Storage Tanks. Underground storage tanks ("USTs") are or were present at certain Centers, often in connection with tenant operations at gasoline stations or automotive tire, battery and accessory service centers located at such Centers. USTs also may be or have been present at properties neighboring certain Centers. Some of these tanks have either leaked or are suspected to have leaked. Where leakage has occurred, investigation, remediation, and monitoring costs may be incurred by the Company if responsible current or former tenants, or other responsible parties, are unavailable to pay such costs. |
• | Chlorinated Hydrocarbons. The presence of chlorinated hydrocarbons such as perchloroethylene ("PCE") and its degradation byproducts have been detected at certain Centers, often in connection with tenant dry cleaning operations. Where PCE has been detected, the Company may incur investigation, remediation and monitoring costs if responsible current or former tenants, or other responsible parties, are unavailable to pay such costs. |
• | For taxable years beginning before January 1, 2018, no more than 25% of the value of the Company's assets may consist of stock or securities of one or more TRSs. For taxable years beginning after December 31, 2017, the Act reduces this limit to 20%. |
• | For purposes of the REIT asset tests, the PATH Act provides that debt instruments issued by publicly offered REITs will constitute “real estate assets.” However, unless such a debt instrument is secured by a mortgage or otherwise would have qualified as a real estate asset under prior law, (i) interest income and gain from such a debt instrument is not qualifying income for purposes of the 75% gross income test and (ii) all such debt instruments may represent no more than 25% of the value of the Company's total assets. |
• | For taxable years beginning after December 31, 2015, certain obligations secured by a mortgage on both real property and personal property will be treated as a qualifying real estate asset and give rise to qualifying income for purposes of the 75% gross income test if the fair market value of such personal property does not exceed 15% of the total fair market value of all such property. |
• | A 100% excise tax is imposed on “redetermined TRS service income,” which is income of a TRS attributable to services provided to, or on behalf of its associated REIT and which would otherwise be increased on distribution, apportionment, or allocation under Section 482 of the Code. |
• | For distributions made in taxable years beginning after December 31, 2014, the preferential dividend rules no longer apply to the Company. |
• | Additional exceptions to the rules under the Foreign Investment in Real Property Act (“FIRPTA”) were introduced for non-U.S. persons that constitute “qualified shareholders” (within the meaning of Section 897(k)(3) of the Code) or “qualified foreign pension funds” (within the meaning of Section 897(l)(2) of the Code). |
• | After February 16, 2016, the FIRPTA withholding rate under Section 1445 of the Code for dispositions of U.S. real property interests is increased from 10% to 15%. |
• | The PATH Act increases from 5% to 10% the maximum stock ownership of the REIT that a non-U.S. shareholder may have held to avail itself of the FIRPTA exception for shares regularly traded on an established securities market. |
• | the national economic climate; |
• | the regional and local economy (which may be negatively impacted by rising unemployment, declining real estate values, increased foreclosures, higher taxes, plant closings, industry slowdowns, union activity, adverse weather conditions, natural disasters and other factors); |
• | local real estate conditions (such as an oversupply of, or a reduction in demand for, retail space or retail goods, decreases in rental rates, declining real estate values and the availability and creditworthiness of current and prospective tenants); |
• | decreased levels of consumer spending, consumer confidence, and seasonal spending (especially during the holiday season when many retailers generate a disproportionate amount of their annual sales); |
• | increasing use by customers of e-commerce and online store sites and the impact of internet sales on the demand for retail space; |
• | negative perceptions by retailers or shoppers of the safety, convenience and attractiveness of a Center; |
• | acts of violence, including terrorist activities; and |
• | increased costs of maintenance, insurance and operations (including real estate taxes). |
• | our ability to integrate and manage new properties, including increasing occupancy rates and rents at such properties; |
• | the disposal of non-core assets within an expected time frame; and |
• | our ability to raise long-term financing to implement a capital structure at a cost of capital consistent with our business strategy. |
• | Difficulty in replacing or renewing expiring leases with new leases at higher rents; |
• | Decreasing tenant sales as a result of decreased consumer spending which could adversely affect the ability of our tenants to meet their rent obligations and/or result in lower percentage rents; and |
• | An inability to receive reimbursement from our tenants for their share of certain operating expenses, including common area maintenance, real estate taxes and insurance. |
• | we fail to contribute our share of additional capital needed by the property partnerships; or |
• | we default under a partnership agreement for a property partnership or other agreements relating to the property partnerships or the Joint Venture Centers. |
• | have the effect of delaying, deferring or preventing a change in control of us or other transaction without the approval of our board of directors, even if the change in control or other transaction is in the best interests of our stockholders; and |
• | limit the opportunity for our stockholders to receive a premium for their common stock or preferred stock that they might otherwise receive if an investor were attempting to acquire a block of stock in excess of the Ownership Limit or otherwise effect a change in control of us. |
• | advance notice requirements for stockholder nominations of directors and stockholder proposals to be considered at stockholder meetings; |
• | the obligation of our directors to consider a variety of factors with respect to a proposed business combination or other change of control transaction; |
• | the authority of our directors to classify or reclassify unissued shares and cause the Company to issue shares of one or more classes or series of common stock or preferred stock; |
• | the authority of our directors to create and cause the Company to issue rights entitling the holders thereof to purchase shares of stock or other securities from us; and |
• | limitations on the amendment of our Charter and bylaws, the change in control of us, and the liability of our directors and officers. |
• | we will not be allowed a deduction for distributions to stockholders in computing our taxable income; and |
• | we will be subject to U.S. federal income tax on our taxable income at regular corporate rates. |
Count | Company's Ownership(1) | Name of Center/Location(2) | Year of Original Construction/ Acquisition | Year of Most Recent Expansion/ Renovation | Total GLA(3) | Mall and Freestanding GLA | Percentage of Mall and Freestanding GLA Leased | Non-Owned Anchors (3) | Company-Owned Anchors (3) | Sales PSF (4) | |||||||||||||
CONSOLIDATED CENTERS: | |||||||||||||||||||||||
1 | 100% | Arrowhead Towne Center(5) | 1993/2002 | 2015 | 1,197,000 | 389,000 | 95.4 | % | Dillard's, JCPenney, Macy's | Dick's Sporting Goods, Forever 21, Sears | $741 | ||||||||||||
Glendale, Arizona | |||||||||||||||||||||||
2 | 100% | Capitola Mall(6) | 1977/1995 | 1988 | 586,000 | 196,000 | 93.2 | % | Macy's, Sears, Target | Kohl's | $347 | ||||||||||||
Capitola, California | |||||||||||||||||||||||
3 | 100% | Cascade Mall(7) | 1989/1999 | 1998 | 589,000 | 265,000 | 79.4 | % | Target | JCPenney, Macy's, Macy's Men's, Children's & Home | $339 | ||||||||||||
Burlington, Washington | |||||||||||||||||||||||
4 | 50.1% | Chandler Fashion Center | 2001/2002 | - | 1,319,000 | 634,000 | 96.9 | % | Dillard's, Macy's, Nordstrom | Sears | $649 | ||||||||||||
Chandler, Arizona | |||||||||||||||||||||||
5 | 100% | Danbury Fair Mall(8) | 1986/2005 | 2010 | 1,270,000 | 525,000 | 97.4 | % | JCPenney, Macy's | Dick's Sporting Goods, Forever 21, Lord & Taylor, Primark, Sears | $633 | ||||||||||||
Danbury, Connecticut | |||||||||||||||||||||||
6 | 100% | Deptford Mall(9) | 1975/2006 | 1990 | 1,040,000 | 343,000 | 95.3 | % | JCPenney, Macy's | Boscov's, Sears | $580 | ||||||||||||
Deptford, New Jersey | |||||||||||||||||||||||
7 | 100% | Desert Sky Mall | 1981/2002 | 2007 | 893,000 | 282,000 | 97.0 | % | Burlington Coat Factory, Dillard's, Sears | La Curacao, Mercado de los Cielos | $338 | ||||||||||||
Phoenix, Arizona | |||||||||||||||||||||||
8 | 100% | Eastland Mall(6) | 1978/1998 | 1996 | 1,044,000 | 555,000 | 96.8 | % | Dillard's, Macy's | JCPenney | $364 | ||||||||||||
Evansville, Indiana | |||||||||||||||||||||||
9 | 100% | Fashion Outlets of Chicago | 2013/— | - | 537,000 | 537,000 | 97.9 | % | — | — | $734 | ||||||||||||
Rosemont, Illinois | |||||||||||||||||||||||
10 | 100% | FlatIron Crossing(9) | 2000/2002 | 2009 | 1,430,000 | 787,000 | 93.7 | % | Dillard's, Macy's, Nordstrom | Dick's Sporting Goods | $551 | ||||||||||||
Broomfield, Colorado | |||||||||||||||||||||||
11 | 50.1% | Freehold Raceway Mall(8) | 1990/2005 | 2007 | 1,669,000 | 771,000 | 98.7 | % | JCPenney, Lord & Taylor, Macy's, Nordstrom | Dick's Sporting Goods, Primark, Sears | $610 | ||||||||||||
Freehold, New Jersey | |||||||||||||||||||||||
12 | 100% | Fresno Fashion Fair | 1970/1996 | 2006 | 963,000 | 402,000 | 98.1 | % | Macy's Women's & Home | Forever 21, JCPenney, Macy's Men's & Children's | $642 | ||||||||||||
Fresno, California | |||||||||||||||||||||||
13 | 100% | Green Acres Mall(6) | 1956/2013 | 2015 | 1,799,000 | 681,000 | 93.2 | % | — | BJ's Wholesale Club, Century 21, JCPenney, Kohl's, Macy's, Macy's Men's/Furniture Gallery, Sears, Walmart | $643 | ||||||||||||
Valley Stream, New York | |||||||||||||||||||||||
14 | 100% | Inland Center(6)(10) | 1966/2004 | 2004 | 866,000 | 204,000 | 99.0 | % | Macy's, Sears | Forever 21, JC Penney | $510 | ||||||||||||
San Bernardino, California | |||||||||||||||||||||||
15 | 100% | Kings Plaza Shopping Center(6) | 1971/2012 | 2002 | 1,192,000 | 463,000 | 92.3 | % | Macy's | Lowe's, Sears | $720 | ||||||||||||
Brooklyn, New York | |||||||||||||||||||||||
16 | 100% | La Cumbre Plaza(6) | 1967/2004 | 1989 | 491,000 | 174,000 | 93.1 | % | Macy's | Sears | $431 | ||||||||||||
Santa Barbara, California | |||||||||||||||||||||||
17 | 100% | Northgate Mall | 1964/1986 | 2010 | 750,000 | 279,000 | 95.3 | % | — | Kohl's, Macy's, Sears | $454 | ||||||||||||
San Rafael, California | |||||||||||||||||||||||
18 | 100% | NorthPark Mall | 1973/1998 | 2001 | 1,051,000 | 401,000 | 85.9 | % | Dillard's, JCPenney, Sears, Von Maur | Younkers | $308 | ||||||||||||
Davenport, Iowa | |||||||||||||||||||||||
19 | 100% | Oaks, The(11) | 1978/2002 | 2009 | 1,145,000 | 587,000 | 97.6 | % | JCPenney, Macy's, Macy's Men's & Home | Nordstrom | $580 | ||||||||||||
Thousand Oaks, California |
Count | Company's Ownership(1) | Name of Center/Location(2) | Year of Original Construction/ Acquisition | Year of Most Recent Expansion/ Renovation | Total GLA(3) | Mall and Freestanding GLA | Percentage of Mall and Freestanding GLA Leased | Non-Owned Anchors (3) | Company-Owned Anchors (3) | Sales PSF (4) | |||||||||||||
20 | 100% | Pacific View | 1965/1996 | 2001 | 1,021,000 | 372,000 | 95.0 | % | JCPenney, Sears, Target | Macy's | $448 | ||||||||||||
Ventura, California | |||||||||||||||||||||||
21 | 100% | Queens Center(6) | 1973/1995 | 2004 | 966,000 | 409,000 | 98.2 | % | JCPenney, Macy's | — | $1,134 | ||||||||||||
Queens, New York | |||||||||||||||||||||||
22 | 100% | Santa Monica Place | 1980/1999 | 2010 | 517,000 | 294,000 | 90.5 | % | — | Bloomingdale's, Nordstrom | $786 | ||||||||||||
Santa Monica, California | |||||||||||||||||||||||
23 | 84.9% | SanTan Village Regional Center | 2007/— | 2009 | 1,031,000 | 624,000 | 96.5 | % | Dillard's, Macy's | Dick's Sporting Goods | $525 | ||||||||||||
Gilbert, Arizona | |||||||||||||||||||||||
24 | 100% | Stonewood Center(6) | 1953/1997 | 1991 | 932,000 | 358,000 | 98.5 | % | — | JCPenney, Kohl's, Macy's, Sears | $544 | ||||||||||||
Downey, California | |||||||||||||||||||||||
25 | 100% | Superstition Springs Center | 1990/2002 | 2002 | 1,040,000 | 388,000 | 94.1 | % | Dillard's, JCPenney, Macy's, Sears | Sports Authority | $369 | ||||||||||||
Mesa, Arizona | |||||||||||||||||||||||
26 | 100% | Towne Mall | 1985/2005 | 1989 | 350,000 | 179,000 | 89.2 | % | — | Belk, JCPenney, Sears | $349 | ||||||||||||
Elizabethtown, Kentucky | |||||||||||||||||||||||
27 | 100% | Tucson La Encantada | 2002/2002 | 2005 | 243,000 | 243,000 | 94.8 | % | — | — | $767 | ||||||||||||
Tucson, Arizona | |||||||||||||||||||||||
28 | 100% | Twenty Ninth Street(6)(9) | 1963/1979 | 2007 | 850,000 | 559,000 | 99.3 | % | Macy's | Home Depot | $626 | ||||||||||||
Boulder, Colorado | |||||||||||||||||||||||
29 | 100% | Valley Mall | 1978/1998 | 1992 | 506,000 | 191,000 | 88.0 | % | Target | Belk, Dick's Sporting Goods, JCPenney | $325 | ||||||||||||
Harrisonburg, Virginia | |||||||||||||||||||||||
30 | 100% | Valley River Center(7) | 1969/2006 | 2007 | 921,000 | 345,000 | 97.4 | % | Macy's | JCPenney, Sports Authority | $465 | ||||||||||||
Eugene, Oregon | |||||||||||||||||||||||
31 | 100% | Victor Valley, Mall of | 1986/2004 | 2012 | 577,000 | 254,000 | 97.9 | % | Macy's | Dick's Sporting Goods, JCPenney, Sears | $520 | ||||||||||||
Victorville, California | |||||||||||||||||||||||
32 | 100% | Vintage Faire Mall | 1977/1996 | 2008 | 1,141,000 | 408,000 | 96.7 | % | Forever 21, Macy's Women's & Children's | Dick's Sporting Goods, JCPenney, Macy's Men's & Home, Sears | $677 | ||||||||||||
Modesto, California | |||||||||||||||||||||||
33 | 100% | Wilton Mall | 1990/2005 | 1998 | 736,000 | 451,000 | 95.2 | % | JCPenney | Bon-Ton, Dick's Sporting Goods, Sears | $295 | ||||||||||||
Saratoga Springs, New York | |||||||||||||||||||||||
Total Consolidated Centers | 30,662,000 | 13,550,000 | 95.3 | % | $579 | ||||||||||||||||||
UNCONSOLIDATED JOINT VENTURE CENTERS: | |||||||||||||||||||||||
34 | 50% | Biltmore Fashion Park | 1963/2003 | 2006 | 516,000 | 211,000 | 99.0 | % | — | Macy's, Saks Fifth Avenue | $835 | ||||||||||||
Phoenix, Arizona | |||||||||||||||||||||||
35 | 50.1% | Corte Madera, Village at | 1985/1998 | 2005 | 460,000 | 224,000 | 97.9 | % | Macy's, Nordstrom | — | $1,475 | ||||||||||||
Corte Madera, California | |||||||||||||||||||||||
36 | 50% | Kierland Commons | 1999/2005 | 2003 | 439,000 | 439,000 | 98.3 | % | — | — | $670 | ||||||||||||
Scottsdale, Arizona | |||||||||||||||||||||||
37 | 60% | Lakewood Center | 1953/1975 | 2008 | 2,075,000 | 967,000 | 96.3 | % | — | Costco, Forever 21, Home Depot, JCPenney, Macy's, Sports Authority, Target | $467 | ||||||||||||
Lakewood, California | |||||||||||||||||||||||
38 | 60% | Los Cerritos Center(6) | 1971/1999 | 2015 | 1,292,000 | 532,000 | 97.2 | % | Macy's, Nordstrom | Dick's Sporting Goods, Forever 21, Sears | $843 | ||||||||||||
Cerritos, California | |||||||||||||||||||||||
39 | 50% | North Bridge, The Shops at(6) | 1998/2008 | - | 660,000 | 400,000 | 99.8 | % | — | Nordstrom | $856 | ||||||||||||
Chicago, Illinois | |||||||||||||||||||||||
40 | 50% | Scottsdale Fashion Square(12) | 1961/2002 | 2015 | 1,811,000 | 790,000 | 97.8 | % | Dillard's | Barneys New York, Dick's Sporting Goods, Macy's, Neiman Marcus, Nordstrom | $745 | ||||||||||||
Scottsdale, Arizona |
Count | Company's Ownership(1) | Name of Center/Location(2) | Year of Original Construction/ Acquisition | Year of Most Recent Expansion/ Renovation | Total GLA(3) | Mall and Freestanding GLA | Percentage of Mall and Freestanding GLA Leased | Non-Owned Anchors (3) | Company-Owned Anchors (3) | Sales PSF (4) | |||||||||||||
41 | 60% | South Plains Mall | 1972/1998 | 1995 | 1,127,000 | 468,000 | 93.5 | % | — | Bealls, Dillard's (two), JCPenney, Sears | $452 | ||||||||||||
Lubbock, Texas | |||||||||||||||||||||||
42 | 50% | Tysons Corner Center | 1968/2005 | 2014 | 1,967,000 | 1,082,000 | 98.9 | % | — | Bloomingdale's, L.L. Bean, Lord & Taylor, Macy's, Nordstrom | $851 | ||||||||||||
Tysons Corner, Virginia | |||||||||||||||||||||||
43 | 60% | Washington Square | 1974/1999 | 2005 | 1,441,000 | 506,000 | 98.4 | % | Macy's | Dick's Sporting Goods, JCPenney, Nordstrom, Sears | $1,125 | ||||||||||||
Portland, Oregon | |||||||||||||||||||||||
44 | 19% | West Acres | 1972/1986 | 2001 | 971,000 | 418,000 | 99.8 | % | Herberger's, Macy's | JCPenney, Sears | $501 | ||||||||||||
Fargo, North Dakota | |||||||||||||||||||||||
Total Unconsolidated Joint Ventures | 12,759,000 | 6,037,000 | 97.8 | % | $763 | ||||||||||||||||||
REGIONAL SHOPPING CENTERS UNDER REDEVELOPMENT | |||||||||||||||||||||||
45 | 50% | Broadway Plaza(6)(13) | 1951/1985 | ongoing | 761,000 | 211,000 | (14) | Macy's | Neiman Marcus, Nordstrom | (14) | |||||||||||||
Walnut Creek, California | |||||||||||||||||||||||
46 | 100% | Fashion Outlets of Niagara Falls USA(15) | 1982/2011 | 2014 | 686,000 | 686,000 | (14) | — | — | (14) | |||||||||||||
Niagara Falls, New York | |||||||||||||||||||||||
47 | 50% | Fashion Outlets of Philadelphia(6)(13) | 1977/2014 | ongoing | 850,000 | 624,000 | (14) | — | Burlington Coat Factory, Century 21 | (14) | |||||||||||||
Philadelphia, Pennsylvania | |||||||||||||||||||||||
48 | 100% | Paradise Valley Mall(15) | 1979/2002 | 2009 | 1,150,000 | 370,000 | (14) | Dillard's, JCPenney, Macy's | Costco, Sears | (14) | |||||||||||||
Phoenix, Arizona | |||||||||||||||||||||||
49 | 100% | SouthPark Mall(15) | 1974/1998 | 2015 | 856,000 | 341,000 | (14) | Dillard's, Von Maur | Dick's Sporting Goods, JCPenney, Younkers | (14) | |||||||||||||
Moline, Illinois | |||||||||||||||||||||||
50 | 100% | Westside Pavilion(15) | 1985/1998 | 2007 | 755,000 | 397,000 | (14) | Macy's | Nordstrom | (14) | |||||||||||||
Los Angeles, California | |||||||||||||||||||||||
50 | Total Regional Shopping Centers | 48,479,000 | 22,216,000 | 96.1 | % | $635 | |||||||||||||||||
COMMUNITY/POWER SHOPPING CENTERS | |||||||||||||||||||||||
1 | 50% | Atlas Park, The Shops at(13) | 2006/2011 | 2013 | 372,000 | 372,000 | 71.6 | % | — | — | — | ||||||||||||
Queens, New York | |||||||||||||||||||||||
2 | 50% | Boulevard Shops(13) | 2001/2002 | 2004 | 185,000 | 185,000 | 96.4 | % | — | — | — | ||||||||||||
Chandler, Arizona | |||||||||||||||||||||||
3 | 40.1% | Estrella Falls, The Market at(13)(16) | 2009/— | 2009 | 219,000 | 219,000 | 95.0 | % | — | — | — | ||||||||||||
Goodyear, Arizona | |||||||||||||||||||||||
4 | 89.4% | Promenade at Casa Grande(15)(17) | 2007/— | 2009 | 909,000 | 431,000 | 90.2 | % | Dillard's, JCPenney, Kohl's, Target | Sports Authority | — | ||||||||||||
Casa Grande, Arizona | |||||||||||||||||||||||
5 | 100% | Southridge Center(15) | 1975/1998 | 2013 | 823,000 | 434,000 | 76.5 | % | Des Moines Area Community College | Sears, Target, Younkers | — | ||||||||||||
Des Moines, Iowa | |||||||||||||||||||||||
6 | 100.0% | Superstition Springs Power Center(15) | 1990/2002 | - | 206,000 | 53,000 | 100.0 | % | Best Buy, Burlington Coat Factory | — | — | ||||||||||||
Mesa, Arizona | |||||||||||||||||||||||
7 | 100% | The Marketplace at Flagstaff(6)(15) | 2007/— | - | 268,000 | 146,000 | 100.0 | % | — | Home Depot | — | ||||||||||||
Flagstaff, Arizona | |||||||||||||||||||||||
7 | Total Community/Power Shopping Centers | 2,982,000 | 1,840,000 | ||||||||||||||||||||
57 | Total before Other Assets | 51,461,000 | 24,056,000 | ||||||||||||||||||||
OTHER ASSETS: | |||||||||||||||||||||||
100% | Various(15)(18) | 477,000 | 199,000 | 100.0 | % | — | Forever 21, Kohl's, Sports Authority | — | |||||||||||||||
100% | 500 North Michigan Avenue(15) | 326,000 | — | 64.2 | % | — | — | — | |||||||||||||||
Chicago, Illinois |
Count | Company's Ownership(1) | Name of Center/Location(2) | Year of Original Construction/ Acquisition | Year of Most Recent Expansion/ Renovation | Total GLA(3) | Mall and Freestanding GLA | Percentage of Mall and Freestanding GLA Leased | Non-Owned Anchors (3) | Company-Owned Anchors (3) | Sales PSF (4) | |||||||||||||
50% | Fashion Outlets of Philadelphia-Offices(6)(13) | 526,000 | — | 100.0 | % | — | — | — | |||||||||||||||
Philadelphia, Pennsylvania | |||||||||||||||||||||||
100% | Paradise Village Ground Leases(15) | 58,000 | — | 65.5 | % | — | — | — | |||||||||||||||
Phoenix, Arizona | |||||||||||||||||||||||
100% | Paradise Village Office Park II(15) | 46,000 | — | — | — | — | — | ||||||||||||||||
Phoenix, Arizona | |||||||||||||||||||||||
50% | Scottsdale Fashion Square-Office(13) | 122,000 | — | — | — | — | — | ||||||||||||||||
Scottsdale, Arizona | |||||||||||||||||||||||
50% | Tysons Corner Center-Office(13) | 175,000 | — | — | — | — | — | ||||||||||||||||
Tysons Corner, Virginia | |||||||||||||||||||||||
50% | Hyatt Regency Tysons Corner Center(13) | 290,000 | — | — | — | — | — | ||||||||||||||||
Tysons Corner, Virginia | |||||||||||||||||||||||
50% | VITA Tysons Corner Center(13) | 510,000 | — | — | — | — | — | ||||||||||||||||
Tysons Corner, Virginia | |||||||||||||||||||||||
50% | Tysons Tower(13) | 527,000 | — | — | — | — | — | ||||||||||||||||
Tysons Corner, Virginia | |||||||||||||||||||||||
Total Other Assets | 3,057,000 | 199,000 | |||||||||||||||||||||
Grand Total | 54,518,000 | 24,255,000 |
(1) | The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company's economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company's actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company's joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds. See “Item 1A.-Risks Related to Our Organizational Structure-Outside partners in Joint Venture Centers result in additional risks to our stockholders.” |
(2) | With respect to 43 Centers, the underlying land controlled by the Company is owned in fee entirely by the Company or, in the case of Joint Venture Centers, by the joint venture property partnership or limited liability company. With respect to the remaining 14 Centers, portions of the underlying land controlled by the Company is owned by third parties and leased to the Company, or the joint venture property partnership or limited liability company, pursuant to long-term ground leases. Under the terms of a typical ground lease, the Company, or the joint venture property partnership or limited liability company, has an option or right of first refusal to purchase the land. The termination dates of the ground leases range from 2016 to 2098. |
(3) | Total GLA includes GLA attributable to Anchors (whether owned or non-owned) and Mall and Freestanding Stores as of December 31, 2015. “Non-owned Anchors” is space not owned by the Company (or, in the case of Joint Venture Centers, by the joint venture property partnership or limited liability company) which is occupied by Anchor tenants. “Company-owned Anchors” is space owned (or leased) by the Company (or, in the case of Joint Venture Centers, by the joint venture property partnership or limited liability company) and leased (or subleased) to Anchor tenants. |
(4) | Sales per square foot are based on reports by retailers leasing Mall Stores and Freestanding Stores for the trailing twelve months for tenants which have occupied such stores for a minimum of twelve months. Sales per square foot are also based on tenants 10,000 square feet and under for Regional Shopping Centers. |
(5) | On January 6, 2016, the Company sold a 40% ownership interest in the property (See "Item 1. Business—Recent Developments—Acquisitions and Dispositions"). |
(6) | Portions of the land on which the Center is situated are subject to one or more long-term ground leases. |
(7) | These Centers have a vacant Anchor location. The Company is seeking replacement tenants and/or contemplating redevelopment opportunities for these vacant sites. The Company continues to collect rent under the terms of an agreement regarding one of these two vacant Anchor locations. |
(8) | Primark plans to open stores at Danbury Fair Mall and Freehold Raceway Mall in Summer 2016. |
(9) | On January 14, 2016, the Company sold a 49% ownership interest in the property (See "Item 1. Business—Recent Developments—Acquisitions and Dispositions"). |
(10) | JCPenney plans to open a new store at Inland Center in Fall 2016. |
(11) | Dick's Sporting Goods plans to open a new store at The Oaks in Fall 2016. |
(12) | Barneys New York plans to close its store at Scottsdale Fashion Square in Spring 2016. |
(13) | Included in Unconsolidated Joint Venture Centers. |
(14) | Tenant spaces have been intentionally held off the market and remain vacant because of redevelopment plans. As a result, the Company believes the percentage of mall and freestanding GLA leased and the sales per square foot at this redevelopment property are not meaningful data. |
(15) | Included in Consolidated Centers. |
(16) | Burlington Coat Factory plans to open a store at The Market at Estrella Falls in Fall 2016. |
(17) | Target closed its store at Promenade at Casa Grande in January 2016. |
(18) | The Company owns a portfolio of eight stores located at shopping centers not owned by the Company. Of these eight stores, two have been leased to Forever 21, one has been leased to Kohl's, one has been leased to Sports Authority and four have been leased for non-Anchor usage. With respect to five of the eight stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining three stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases. Under the terms of a typical building or ground lease, the Company pays rent for the use of the building or land and is generally responsible for all costs and expenses associated with the building and improvements. In some cases, the Company has an option or right of first refusal to purchase the land. The termination dates of the ground leases range from 2018 to 2027. |
Property Pledged as Collateral | Fixed or Floating | Carrying Amount(1) | Effective Interest Rate(2) | Annual Debt Service(3) | Maturity Date(4) | Balance Due on Maturity | Earliest Date Notes Can Be Defeased or Be Prepaid | ||||||||||||||
Consolidated Centers: | |||||||||||||||||||||
Arrowhead Towne Center(5) | Fixed | $ | 221,194 | 2.76 | % | $ | 13,572 | 10/5/18 | $ | 199,487 | Any Time | ||||||||||
Chandler Fashion Center(6) | Fixed | 200,000 | 3.77 | % | 7,500 | 7/1/19 | 200,000 | Any Time | |||||||||||||
Danbury Fair Mall(7) | Fixed | 222,497 | 5.53 | % | 18,456 | 10/1/20 | 188,854 | Any Time | |||||||||||||
Deptford Mall(8) | Fixed | 193,861 | 3.76 | % | 11,364 | 4/3/23 | 160,294 | Any Time | |||||||||||||
Deptford Mall(9) | Fixed | 14,001 | 6.46 | % | 1,212 | 6/1/16 | 13,877 | Any Time | |||||||||||||
Fashion Outlets of Chicago(10) | Floating | 200,000 | 1.84 | % | 3,492 | 3/31/20 | 200,000 | Any Time | |||||||||||||
Fashion Outlets of Niagara Falls USA | Fixed | 118,615 | 4.89 | % | 8,724 | 10/6/20 | 103,810 | Any Time | |||||||||||||
Flagstaff Mall(11) | Fixed | 37,000 | 8.97 | % | 1,836 | 11/1/15 | 37,000 | Any Time | |||||||||||||
FlatIron Crossing(8) | Fixed | 254,733 | 3.90 | % | 16,716 | 1/5/21 | 216,740 | Any Time | |||||||||||||
Freehold Raceway Mall(6) | Fixed | 225,094 | 4.20 | % | 13,584 | 1/1/18 | 216,258 | Any Time | |||||||||||||
Green Acres Mall | Fixed | 306,954 | 3.61 | % | 17,364 | 2/3/21 | 269,922 | Any Time | |||||||||||||
Kings Plaza Shopping Center | Fixed | 470,627 | 3.67 | % | 26,748 | 12/3/19 | 427,423 | Any Time | |||||||||||||
Northgate Mall(12) | Floating | 64,000 | 3.30 | % | 1,716 | 3/1/17 | 64,000 | Any Time | |||||||||||||
Oaks, The | Fixed | 205,986 | 4.14 | % | 12,768 | 6/5/22 | 174,311 | Any Time | |||||||||||||
Pacific View | Fixed | 130,458 | 4.08 | % | 8,016 | 4/1/22 | 110,597 | 4/12/2017 | |||||||||||||
Queens Center | Fixed | 600,000 | 3.49 | % | 20,928 | 1/1/25 | 600,000 | Any Time | |||||||||||||
Santa Monica Place | Fixed | 225,089 | 2.99 | % | 12,048 | 1/3/18 | 214,118 | Any Time | |||||||||||||
SanTan Village Regional Center | Fixed | 130,898 | 3.14 | % | 7,068 | 6/1/19 | 120,238 | Any Time | |||||||||||||
Stonewood Center | Fixed | 105,494 | 1.80 | % | 7,680 | 11/1/17 | 94,471 | Any Time | |||||||||||||
Superstition Springs Center(13) | Floating | 67,763 | 2.17 | % | 1,788 | 10/28/16 | 67,500 | Any Time | |||||||||||||
Towne Mall | Fixed | 22,200 | 4.48 | % | 1,404 | 11/1/22 | 18,886 | Any Time | |||||||||||||
Tucson La Encantada(14) | Fixed | 70,070 | 4.23 | % | 4,416 | 3/1/22 | 59,788 | Any Time | |||||||||||||
Victor Valley, Mall of | Fixed | 115,000 | 4.00 | % | 4,560 | 9/1/24 | 115,000 | 10/22/16 | |||||||||||||
Vintage Faire Mall(15) | Fixed | 276,117 | 3.55 | % | 15,060 | 3/6/26 | 211,507 | 3/26/2017 | |||||||||||||
Westside Pavilion | Fixed | 146,961 | 4.49 | % | 9,396 | 10/1/22 | 125,489 | Any Time | |||||||||||||
$ | 4,624,612 |
Property Pledged as Collateral | Fixed or Floating | Carrying Amount(1) | Effective Interest Rate(2) | Annual Debt Service(3) | Maturity Date(4) | Balance Due on Maturity | Earliest Date Notes Can Be Defeased or Be Prepaid | ||||||||||||
Unconsolidated Joint Venture Centers (at Company's Pro Rata Share): | |||||||||||||||||||
Atlas Park, The Shops at(50.0%)(16) | Floating | 24,146 | 2.56 | % | 602 | 10/22/2020 | 24,146 | Any Time | |||||||||||
Boulevard Shops(50.0%)(17) | Floating | 9,772 | 2.12 | % | 379 | 12/16/2018 | 9,133 | Any Time | |||||||||||
Corte Madera, The Village at(50.1%) | Fixed | 37,198 | 7.27 | % | 3,265 | 11/1/2016 | 36,696 | Any Time | |||||||||||
Estrella Falls, The Market at(40.1%)(18) | Floating | 10,420 | 2.34 | % | 210 | 2/5/2020 | 10,087 | Any Time | |||||||||||
Kierland Commons(50.0%)(19) | Floating | 66,205 | 2.38 | % | 2,356 | 1/2/2018 | 64,281 | Any Time | |||||||||||
Lakewood Center(60.0%)(20) | Fixed | 228,953 | 4.15 | % | 13,144 | 6/1/2026 | 185,306 | 8/6/17 | |||||||||||
Los Cerritos Center(60.0%)(21) | Fixed | 315,000 | 4.00 | % | 12,600 | 11/1/2027 | 278,711 | 11/1/21 | |||||||||||
North Bridge, The Shops at(50.0%)(14) | Fixed | 94,884 | 7.52 | % | 8,601 | 6/15/2016 | 94,258 | Any Time | |||||||||||
Scottsdale Fashion Square(50.0%) | Fixed | 247,823 | 3.02 | % | 13,281 | 4/3/2023 | 201,331 | Any Time | |||||||||||
South Plains Mall(60.0%)(22) | Fixed | 120,000 | 4.22 | % | 5,065 | 11/6/2025 | 120,000 | 10/23/18 | |||||||||||
Tysons Corner Center(50.0%)(23) | Fixed | 408,017 | 4.13 | % | 24,643 | 1/1/2024 | 333,233 | Any Time | |||||||||||
Washington Square(60.0%)(24) | Fixed | 330,000 | 3.65 | % | 12,045 | 11/1/2022 | 311,348 | 11/1/18 | |||||||||||
West Acres(19.0%) | Fixed | 10,613 | 6.41 | % | 1,069 | 10/1/2016 | 10,315 | Any Time | |||||||||||
$ | 1,903,031 |
(1) | The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions. The debt premiums (discounts) are being amortized into interest expense over the term of the related debt in a manner which approximates the effective interest method. |
Property Pledged as Collateral | |||
Consolidated Centers | |||
Arrowhead Towne Center | $ | 8,494 | |
Deptford Mall | (3 | ) | |
Fashion Outlets of Niagara Falls USA | 4,486 | ||
Stonewood Center | 5,168 | ||
Superstition Springs Center | 263 | ||
$ | 18,408 | ||
Unconsolidated Joint Venture Center (at Company's Pro Rata Share) | |||
Lakewood Center | $ | (14,750 | ) |
(2) | The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs. |
(3) | The annual debt service represents the annual payment of principal and interest. |
(4) | The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met. |
(5) | On January 6, 2016, the Company replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 4.05% and matures on February 1, 2028. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the underlying property (See "Item 1. Business—Recent Developments—Acquisitions and Dispositions"). |
(6) | A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement. |
(7) | Northwestern Mutual Life ("NML") is the lender of 50% of the loan. NML is considered a related party as it is a joint venture partner with the Company in Broadway Plaza. |
(8) | On January 14, 2016, a 49% interest in the loan was assumed by a third party in connection with the sale of a 49% ownership interest in the MAC Heitman Portfolio (See "Item 1. Business—Recent Developments—Acquisitions and Dispositions"). |
(9) | The Company expects to pay off this loan on March 1, 2016. |
(10) | On March 3, 2015, the Company amended the loan on the property. The amended $200,000 loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. |
(11) | On November 1, 2015, this nonrecourse loan went into maturity default. The Company is working with the loan servicer, which is expected to result in a transition of the property to the loan servicer or a receiver. |
(12) | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. |
(13) | The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. |
(14) | NML is the lender of this loan. |
(15) | On February 19, 2015, the Company placed a $280,000 loan on the property that bears interest at an effective rate of 3.55% and matures on March 6, 2026. |
(16) | On October 28, 2015, the Company's joint venture in The Shops at Atlas Park placed a $57,751 loan on the property that bears interest at LIBOR plus 2.25% and matures on October 22, 2020, including two one-year extension options. |
(17) | The loan bears interest at LIBOR plus 1.75% and matures on December 16, 2018, including two one-year extension options. |
(18) | On February 3, 2015, the Company's joint venture in The Market at Estrella Falls replaced the existing loan on the property with a new $26,500 loan that bears interest at LIBOR plus 1.70% and matures on February 5, 2020, including a one-year extension option. |
(19) | The loan bears interest at LIBOR plus 1.9% and matures on January 2, 2018, including a one-year extension option. |
(20) | On March 2, 2015, the Company paid off in full the loan on the property. On May 12, 2015, the Company placed a new $410,000 loan on the property that bears interest at an effective rate of 4.15% and matures on June 1, 2026. On October 30, 2015, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See "Item 1. Business—Recent Developments—Acquisitions and Dispositions"). |
(21) | On October 30, 2015, the Company replaced the existing loan on the property with a new $525,000 loan that bears interest at an effective rate of 4.00% and matures on November 1, 2027. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See "Item 1. Business—Recent Developments—Acquisitions and Dispositions"). |
(22) | On October 23, 2015, the Company placed a $200,000 loan on the property that bears interest at an effective rate of 4.22% and matures on November 6, 2025, On October 30, 2015, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See "Item 1. Business—Recent Developments—Acquisitions and Dispositions"). |
(23) | NML is the lender of 33.3% of the loan. |
(24) | On October 5, 2015, the Company paid off in full the existing loan on the property. On October 29, 2015, the Company placed a new $550,000 loan on the property that bears interest at an effective rate of 3.65% and matures on November 1, 2022. On October 30, 2015, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See "Item 1. Business—Recent Developments—Acquisitions and Dispositions"). |
Market Quotation Per Share | ||||||||||||||||
Dividends (1) | ||||||||||||||||
Quarter Ended | High | Low | Declared | Paid | ||||||||||||
March 31, 2015 | $ | 95.93 | $ | 81.61 | $ | 0.65 | $ | 0.65 | ||||||||
June 30, 2015 | $ | 86.31 | $ | 74.51 | $ | 0.65 | $ | 0.65 | ||||||||
September 30, 2015 | $ | 81.52 | $ | 71.98 | $ | 0.65 | $ | 0.65 | ||||||||
December 31, 2015 | $ | 86.29 | $ | 74.55 | $ | 4.68 | $ | 2.68 | ||||||||
March 31, 2014 | $ | 62.41 | $ | 55.21 | $ | 0.62 | $ | 0.62 | ||||||||
June 30, 2014 | $ | 68.28 | $ | 61.66 | $ | 0.62 | $ | 0.62 | ||||||||
September 30, 2014 | $ | 68.81 | $ | 62.62 | $ | 0.62 | $ | 0.62 | ||||||||
December 31, 2014 | $ | 85.55 | $ | 63.25 | $ | 0.65 | $ | 0.65 |
(1) | The dividends declared for the quarter ended December 31, 2015 include a special dividend/distribution of $2.00 per share of common stock and per OP Unit that was paid on January 6, 2016 (See "Item 1. Business—Recent Developments—Other Events and Transactions"). |
12/31/10 | 12/31/11 | 12/31/12 | 12/31/13 | 12/31/14 | 12/31/15 | |||||||||||||||||||
The Macerich Company | $ | 100.00 | $ | 111.26 | $ | 133.23 | $ | 139.89 | $ | 205.92 | $ | 216.24 | ||||||||||||
S&P 500 Index | 100.00 | 102.11 | 118.45 | 156.82 | 178.29 | 180.75 | ||||||||||||||||||
S&P Midcap 400 Index | 100.00 | 98.27 | 115.84 | 154.64 | 169.75 | 166.05 | ||||||||||||||||||
FTSE NAREIT All Equity REITs Index | 100.00 | 108.28 | 129.62 | 133.32 | 170.68 | 175.51 |
Period | Total Number of Shares Purchased | Average Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(2) | |||||||||||||
October 1, 2015 to October 31, 2015 | — | $ | — | — | $ | — | |||||||||||
November 1, 2015 to November 30, 2015 | 4,140,788 | (3) | 78.26 | 4,140,788 | (3) | 800,000,000 | (4) | ||||||||||
December 1, 2015 to December 31, 2015 | — | — | — | — | |||||||||||||
4,140,788 | $ | 78.26 | 4,140,788 | $ | 800,000,000 |
(1) | The average price paid per share is calculated on a trade date basis. |
(2) | On September 30, 2015, the Company's Board of Directors authorized the repurchase of up to $1.2 billion of the Company's outstanding common shares over the period ending September 30, 2017, as market conditions warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated stock repurchase transactions, or other methods of acquiring shares from time to time as permitted by securities law and other legal requirements. |
(3) | On November 12, 2015, the Company entered into an ASR to repurchase $400.0 million of the Company's common stock. In accordance with the ASR (See "Item 1. Business—Recent Developments—Other Events and Transactions"), the Company made a prepayment of $400.0 million and received an initial share delivery of 4,140,788 shares. On January 20, 2016, the ASR was completed and the Company received an additional delivery of 970,609 shares. |
(4) | On February 17, 2016, the Company entered into another ASR to repurchase $400.0 million of the Company's common stock. In accordance with the ASR (See "Item 1. Business—Recent Developments—Other Events and Transactions"), the Company made a prepayment of $400.0 million and received an initial share delivery of 4,222,193 shares, resulting in an approximate dollar value that may be purchased under the program of $400.0 million. |
Years Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
OPERATING DATA: | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Minimum rents (1) | $ | 759,603 | $ | 633,571 | $ | 578,113 | $ | 447,321 | $ | 381,274 | |||||||||
Percentage rents | 25,693 | 24,350 | 23,156 | 21,388 | 16,818 | ||||||||||||||
Tenant recoveries | 415,129 | 361,119 | 337,772 | 247,593 | 215,872 | ||||||||||||||
Other | 61,470 | 52,226 | 50,242 | 39,980 | 30,376 | ||||||||||||||
Management Companies | 26,254 | 33,981 | 40,192 | 41,235 | 40,404 | ||||||||||||||
Total revenues | 1,288,149 | 1,105,247 | 1,029,475 | 797,517 | 684,744 | ||||||||||||||
Expenses: | |||||||||||||||||||
Shopping center and operating expenses | 379,815 | 353,505 | 329,795 | 251,923 | 213,832 | ||||||||||||||
Management Companies' operating expenses | 92,340 | 88,424 | 93,461 | 85,610 | 86,587 | ||||||||||||||
REIT general and administrative expenses | 29,870 | 29,412 | 27,772 | 20,412 | 21,113 | ||||||||||||||
Costs related to unsolicited takeover offer (2) | 25,204 | — | — | — | — | ||||||||||||||
Depreciation and amortization | 464,472 | 378,716 | 357,165 | 277,621 | 227,980 | ||||||||||||||
Interest expense | 211,943 | 190,689 | 197,247 | 164,392 | 167,249 | ||||||||||||||
(Gain) loss on early extinguishment of debt, net (3) | (1,487 | ) | 9,551 | (1,432 | ) | — | 1,485 | ||||||||||||
Total expenses | 1,202,157 | 1,050,297 | 1,004,008 | 799,958 | 718,246 | ||||||||||||||
Equity in income of unconsolidated joint ventures (4) | 45,164 | 60,626 | 167,580 | 79,281 | 294,677 | ||||||||||||||
Co-venture expense | (11,804 | ) | (9,490 | ) | (8,864 | ) | (6,523 | ) | (5,806 | ) | |||||||||
Income tax benefit (5) | 3,223 | 4,269 | 1,692 | 4,159 | 6,110 | ||||||||||||||
Gain (loss) on sale or write down of assets, net (6) | 378,248 | 73,440 | (78,057 | ) | 28,734 | (25,639 | ) | ||||||||||||
Gain on remeasurement of assets (7) | 22,089 | 1,423,136 | 51,205 | 199,956 | 3,602 | ||||||||||||||
Income from continuing operations | 522,912 | 1,606,931 | 159,023 | 303,166 | 239,442 | ||||||||||||||
Discontinued operations: (8) | |||||||||||||||||||
Gain (loss) on disposition of assets, net | — | — | 286,414 | 50,811 | (67,333 | ) | |||||||||||||
Income (loss) from discontinued operations | — | — | 3,522 | 12,412 | (3,034 | ) | |||||||||||||
Total income (loss) from discontinued operations | — | — | 289,936 | 63,223 | (70,367 | ) | |||||||||||||
Net income | 522,912 | 1,606,931 | 448,959 | 366,389 | 169,075 | ||||||||||||||
Less net income attributable to noncontrolling interests | 35,350 | 107,889 | 28,869 | 28,963 | 12,209 | ||||||||||||||
Net income attributable to the Company | $ | 487,562 | $ | 1,499,042 | $ | 420,090 | $ | 337,426 | $ | 156,866 | |||||||||
Earnings per common share ("EPS") attributable to the Company—basic: | |||||||||||||||||||
Income from continuing operations | $ | 3.08 | $ | 10.46 | $ | 1.07 | $ | 2.07 | $ | 1.67 | |||||||||
Discontinued operations | — | — | 1.94 | 0.44 | (0.49 | ) | |||||||||||||
Net income attributable to common stockholders | $ | 3.08 | $ | 10.46 | $ | 3.01 | $ | 2.51 | $ | 1.18 | |||||||||
EPS attributable to the Company—diluted: (9)(10) | |||||||||||||||||||
Income from continuing operations | $ | 3.08 | $ | 10.45 | $ | 1.06 | $ | 2.07 | $ | 1.67 | |||||||||
Discontinued operations | — | — | 1.94 | 0.44 | (0.49 | ) | |||||||||||||
Net income attributable to common stockholders | $ | 3.08 | $ | 10.45 | $ | 3.00 | $ | 2.51 | $ | 1.18 |
As of December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
BALANCE SHEET DATA: | |||||||||||||||||||
Investment in real estate (before accumulated depreciation) | $ | 10,689,656 | $ | 12,777,882 | $ | 9,181,338 | $ | 9,012,706 | $ | 7,489,735 | |||||||||
Total assets | $ | 11,258,576 | $ | 13,121,778 | $ | 9,075,250 | $ | 9,311,209 | $ | 7,938,549 | |||||||||
Total mortgage and notes payable | $ | 5,283,742 | $ | 6,292,400 | $ | 4,582,727 | $ | 5,261,370 | $ | 4,206,074 | |||||||||
Equity(11) | $ | 5,071,239 | $ | 6,039,849 | $ | 3,718,717 | $ | 3,416,251 | $ | 3,164,651 | |||||||||
OTHER DATA: | |||||||||||||||||||
Funds from operations ("FFO")—diluted (12) | $ | 642,268 | $ | 542,754 | $ | 527,574 | $ | 577,862 | $ | 399,559 | |||||||||
Cash flows provided by (used in): | |||||||||||||||||||
Operating activities | $ | 540,377 | $ | 400,706 | $ | 422,035 | $ | 351,296 | $ | 237,285 | |||||||||
Investing activities | $ | (101,024 | ) | $ | (255,791 | ) | $ | 271,867 | $ | (963,374 | ) | $ | (212,086 | ) | |||||
Financing activities | $ | (437,750 | ) | $ | (129,723 | ) | $ | (689,980 | ) | $ | 610,623 | $ | (403,596 | ) | |||||
Number of Centers at year end | 58 | 60 | 64 | 70 | 79 | ||||||||||||||
Regional Shopping Centers portfolio occupancy (13) | 96.1 | % | 95.8 | % | 94.6 | % | 93.8 | % | 92.7 | % | |||||||||
Regional Shopping Centers portfolio sales per square foot (14) | $ | 635 | $ | 587 | $ | 562 | $ | 517 | $ | 489 | |||||||||
Weighted average number of shares outstanding—EPS basic | 157,916 | 143,144 | 139,598 | 134,067 | 131,628 | ||||||||||||||
Weighted average number of shares outstanding—EPS diluted(10) | 158,060 | 143,291 | 139,680 | 134,148 | 131,628 | ||||||||||||||
Distributions declared per common share (15) | $ | 6.63 | $ | 2.51 | $ | 2.36 | $ | 2.23 | $ | 2.05 |
(1) | Minimum rents were increased by amortization of above and below-market leases of $16.5 million, $9.1 million, $6.6 million, $5.2 million and $9.3 million for the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively. |
(2) | Costs related to unsolicited takeover offer from Simon. See "Item 1. Business—Recent Developments—Other Events and Transactions". |
(3) | The Company repurchased $180.3 million of its convertible senior notes ("Senior Notes") during the year ended December 31, 2011 that resulted in a loss of $1.5 million on the early extinguishment of debt. The (gain) loss on early extinguishment of debt, net for the year ended December 31, 2015 includes the loss on the extinguishment of a term loan of $0.6 million. The (gain) loss on early extinguishment of debt, net for the years ended December 31, 2015, 2014 and 2013 also includes the (gain) loss on the extinguishment of mortgage notes payable of $(2.1) million, $9.6 million and $(1.4) million, respectively. |
(4) | On February 24, 2011, the Company's joint venture in Kierland Commons Investment LLC (“KCI”) acquired an additional ownership interest in PHXAZ/Kierland Commons, L.L.C. (“Kierland Commons”) for $105.6 million. The Company's share of the purchase price consisted of a cash payment of $34.2 million and the assumption of a pro rata share of debt of $18.6 million. As a result of this transaction, KCI increased its ownership interest in Kierland Commons from 49% to 100%. KCI accounted for the acquisition as a business combination achieved in stages and recognized a remeasurement gain of $25.0 million based on the acquisition date fair value and its previously held investment in Kierland Commons. As a result of this transaction, the Company's ownership interest in KCI increased from 24.5% to 50%. The Company's pro rata share of the gain recognized by KCI was $12.5 million and was included in equity in income from unconsolidated joint ventures. |
(5) | The Company's taxable REIT subsidiaries are subject to corporate level income taxes (See Note 20—Income Taxes in the Company's Notes to the Consolidated Financial Statements). |
(6) | Gain (loss) on sale or write down of assets includes the gain of $311.2 million from the sale of a 40% ownership interest in the PPR Portfolio and $73.7 million from the sale of Panorama Mall during the year ended December 31, 2015 and the gain of $121.9 million from the sale of South Towne Center during the year ended December 31, 2014. |
(7) | Gain on remeasurement of assets includes $22.1 million from the acquisition of Inland Center during the year ended December 31, 2015, $1.4 billion from the acquisition of the PPR Queens Portfolio during the year ended December 31, 2014, $36.3 million from the acquisition of Camelback Colonnade and $14.9 million from the acquisition of Superstition Springs Center during the year ended December 31, 2013, $84.2 million from the acquisition of FlatIron Crossing and $115.7 million from the acquisition of Arrowhead Towne Center during the year ended December 31, 2012, and $1.9 million from the acquisition of Desert Sky Mall and $1.7 million from the acquisition of Superstition Springs Land during the year ended December 31, 2011. |
(8) | Discontinued operations include the following: |
(9) | Assumes the conversion of Operating Partnership units to the extent they are dilutive to the EPS computation. It also assumes the conversion of MACWH, LP common and preferred units to the extent that they are dilutive to the EPS computation. |
(10) | Includes the dilutive effect, if any, of share and unit-based compensation plans and the Senior Notes then outstanding calculated using the treasury stock method and the dilutive effect, if any, of all other dilutive securities calculated using the "if converted" method. |
(11) | Equity includes the noncontrolling interests in the Operating Partnership, nonredeemable noncontrolling interests in consolidated joint ventures and common and non-participating convertible preferred units of MACWH, LP. |
(12) | See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Funds From Operations ("FFO") and Adjusted Funds From Operations ("AFFO")". |
(13) | Occupancy is the percentage of Mall and Freestanding GLA leased as of the last day of the reporting period. Centers under development and redevelopment are excluded from occupancy. As a result, occupancy for the years ended December 31, 2015 and 2014 excluded Broadway Plaza, Fashion Outlets of Niagara Falls USA, Fashion Outlets of Philadelphia, Paradise Valley Mall, SouthPark Mall and Westside Pavilion. Occupancy for the year ended December 31, 2013 excluded Paradise Valley Mall. Occupancy for the years ended December 31, 2012 and 2011 excluded The Shops at Atlas Park and Southridge Center. |
(14) | Sales per square foot are based on reports by retailers leasing Mall Stores and Freestanding Stores for the trailing twelve months for tenants which have occupied such stores for a minimum of twelve months. Sales per square foot also are based on tenants 10,000 square feet and under for Regional Shopping Centers. The sales per square foot exclude Centers under development and redevelopment. As a result, sales per square foot for the years ended December 31, 2015 and 2014 excluded Broadway Plaza, Fashion Outlets of Niagara Falls USA, Fashion Outlets of Philadelphia, Paradise Valley Mall, SouthPark Mall and Westside Pavilion. Sales per square foot for the year ended December 31, 2013 excluded Paradise Valley Mall. |
(15) | On October 30, 2015, the Company declared two special dividends/distributions ("Special Dividend"), each of $2.00 per share of common stock and per OP Unit. The first Special Dividend was paid on December 8, 2015 to stockholders and OP Unit holders of record on November 12, 2015. The second Special Dividend was paid on January 6, 2016 to common stockholders and OP Unit holders of record on November 12, 2015. The Special Dividends were funded from proceeds in connection with the financing and sale of ownership interests in the PPR Portfolio and Arrowhead Towne Center. |
Buildings and improvements | 5 - 40 years |
Tenant improvements | 5 - 7 years |
Equipment and furnishings | 5 - 7 years |
Deferred lease costs | 1 - 15 years |
Deferred financing costs | 1 - 15 years |
(Dollars in thousands) | 2015 | 2014 | 2013 | ||||||||
Consolidated Centers: | |||||||||||
Acquisitions of property and equipment (1) | $ | 79,753 | $ | 97,919 | $ | 591,565 | |||||
Development, redevelopment, expansion and renovation of Centers | 218,741 | 197,934 | 164,340 | ||||||||
Tenant allowances | 30,368 | 30,464 | 20,949 | ||||||||
Deferred leasing charges | 26,835 | 26,605 | 23,926 | ||||||||
$ | 355,697 | $ | 352,922 | $ | 800,780 | ||||||
Joint Venture Centers (at Company's pro rata share): | |||||||||||
Acquisitions of property and equipment | $ | 160,001 | $ | 158,792 | $ | 8,182 | |||||
Development, redevelopment, expansion and renovation of Centers | 132,924 | 201,843 | 118,764 | ||||||||
Tenant allowances | 6,285 | 4,847 | 8,086 | ||||||||
Deferred leasing charges | 3,348 | 2,965 | 3,331 | ||||||||
$ | 302,558 | $ | 368,447 | $ | 138,363 |
(1) | Acquisitions of property and equipment excludes the acquisition of the PPR Queens Portfolio in 2014, which was funded by the direct issuance of approximately $1.2 billion of common stock of the Company and the assumption of the third party's pro rata share of the mortgage notes payable on the properties of $672.1 million (See "Acquisitions and Dispositions" in Management's Overview and Summary). |
Payment Due by Period | ||||||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1 - 3 years | 3 - 5 years | More than five years | |||||||||||||||
Long-term debt obligations (includes expected interest payments)(1) | $ | 6,306,548 | $ | 177,879 | $ | 1,633,578 | $ | 2,235,603 | $ | 2,259,488 | ||||||||||
Operating lease obligations(2) | 344,996 | 15,695 | 26,881 | 19,266 | 283,154 | |||||||||||||||
Purchase obligations(2) | 32,006 | 32,006 | — | — | — | |||||||||||||||
Other long-term liabilities(3) | 690,191 | 653,163 | 3,470 | 3,842 | 29,716 | |||||||||||||||
$ | 7,373,741 | $ | 878,743 | $ | 1,663,929 | $ | 2,258,711 | $ | 2,572,358 |
(1) | Interest payments on floating rate debt were based on rates in effect at December 31, 2015. |
(2) | See Note 16—Commitments and Contingencies in the Company's Notes to the Consolidated Financial Statements. |
(3) | Includes $337.7 million accrued Special Dividend (See Note 12—Stockholders' Equity in the Company's Notes to the Consolidated Financial Statements). |
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Net income attributable to the Company | $ | 487,562 | $ | 1,499,042 | $ | 420,090 | $ | 337,426 | $ | 156,866 | |||||||||
Adjustments to reconcile net income attributable to the Company to FFO attributable to common stockholders and unit holders—basic: | |||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 32,615 | 105,584 | 29,637 | 27,359 | 13,529 | ||||||||||||||
(Gain) loss on sale or write down of consolidated assets, net | (378,248 | ) | (73,440 | ) | (207,105 | ) | 40,381 | 79,940 | |||||||||||
Gain on remeasurement of consolidated assets | (22,089 | ) | (1,423,136 | ) | (51,205 | ) | (199,956 | ) | (3,602 | ) | |||||||||
Add: gain (loss) on undepreciated assets—consolidated assets | 1,326 | 1,396 | 2,546 | (390 | ) | 2,277 | |||||||||||||
Add: noncontrolling interests share of gain (loss) on sale of assets—consolidated joint ventures | 481 | 146 | (2,082 | ) | 1,899 | (1,441 | ) | ||||||||||||
(Gain) loss on sale or write down of assets—unconsolidated joint ventures(1) | (4,392 | ) | 1,237 | (94,372 | ) | (2,019 | ) | (200,828 | ) | ||||||||||
Add: gain on sale of undepreciated assets—unconsolidated joint ventures(1) | 4,395 | 2,621 | 602 | 1,163 | 51 | ||||||||||||||
Depreciation and amortization on consolidated assets | 464,472 | 378,716 | 374,425 | 307,193 | 269,286 | ||||||||||||||
Less: noncontrolling interests in depreciation and amortization—consolidated joint ventures | (14,962 | ) | (20,700 | ) | (19,928 | ) | (18,561 | ) | (18,022 | ) | |||||||||
Depreciation and amortization—unconsolidated joint ventures(1) | 84,160 | 82,570 | 86,866 | 96,228 | 115,431 | ||||||||||||||
Less: depreciation on personal property | (13,052 | ) | (11,282 | ) | (11,900 | ) | (12,861 | ) | (13,928 | ) | |||||||||
FFO attributable to common stockholders and unit holders—basic and diluted | 642,268 | 542,754 | 527,574 | 577,862 | 399,559 | ||||||||||||||
(Gain) loss on early extinguishment of debt, net—consolidated assets | (1,487 | ) | 9,551 | (2,684 | ) | — | 10,588 | ||||||||||||
Gain on early extinguishment of debt, net—unconsolidated joint ventures(1) | — | — | (352 | ) | — | (7,852 | ) | ||||||||||||
FFO attributable to common stockholders and unit holders excluding early extinguishment of debt, net—diluted | 640,781 | 552,305 | 524,538 | 577,862 | 402,295 | ||||||||||||||
Costs related to unsolicited takeover offer | 25,204 | — | — | — | — | ||||||||||||||
FFO attributable to common stockholders and unit holders excluding early extinguishment of debt, net and costs related to unsolicited takeover offer—diluted | 665,985 | 552,305 | 524,538 | 577,862 | 402,295 | ||||||||||||||
Shoppingtown Mall | — | — | — | 422 | 3,491 | ||||||||||||||
Valley View Center | — | — | — | (101,105 | ) | 8,786 | |||||||||||||
Prescott Gateway | — | — | — | (16,296 | ) | — | |||||||||||||
AFFO and AFFO attributable to common stockholders and unit holders—diluted | $ | 665,985 | $ | 552,305 | $ | 524,538 | $ | 460,883 | $ | 414,572 | |||||||||
Weighted average number of FFO shares outstanding for: | |||||||||||||||||||
FFO attributable to common stockholders and unit holders—basic(2) | 168,478 | 153,224 | 149,444 | 144,937 | 142,986 | ||||||||||||||
Adjustments for the impact of dilutive securities in computing FFO—diluted: | |||||||||||||||||||
Share and unit-based compensation | 144 | 147 | 82 | — | — | ||||||||||||||
FFO attributable to common stockholders and unit holders—diluted(3) | 168,622 | 153,371 | 149,526 | 144,937 | 142,986 |
(1) | Unconsolidated assets are presented at the Company's pro rata share. |
(2) | Calculated based upon basic net income as adjusted to reach basic FFO. During the years ended December 31, 2015, 2014, 2013, 2012 and 2011, there were 10.6 million, 10.1 million, 9.8 million, 10.9 million and 11.4 million OP Units outstanding, respectively. |
(3) | The computation of FFO and AFFO—diluted shares outstanding includes the effect of share and unit-based compensation plans and the convertible senior notes using the treasury stock method. It also assumes the conversion of MACWH, LP common and preferred units to the extent that they are dilutive to the FFO and AFFO-diluted computation. |
Expected Maturity Date | |||||||||||||||||||||||||||||||
For the years ending December 31, | |||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
CONSOLIDATED CENTERS: | |||||||||||||||||||||||||||||||
Long term debt: | |||||||||||||||||||||||||||||||
Fixed rate | $ | 104,444 | $ | 177,767 | $ | 698,800 | $ | 810,012 | $ | 335,632 | $ | 2,175,324 | $ | 4,301,979 | $ | 4,318,020 | |||||||||||||||
Average interest rate | 4.03 | % | 2.61 | % | 3.38 | % | 3.64 | % | 5.15 | % | 3.87 | % | 3.80 | % | |||||||||||||||||
Floating rate | 67,763 | 64,000 | 650,000 | — | 200,000 | — | 981,763 | 960,189 | |||||||||||||||||||||||
Average interest rate | 2.17 | % | 3.30 | % | 1.95 | % | — | % | 1.84 | % | — | % | 2.03 | % | |||||||||||||||||
Total debt—Consolidated Centers | $ | 172,207 | $ | 241,767 | $ | 1,348,800 | $ | 810,012 | $ | 535,632 | $ | 2,175,324 | $ | 5,283,742 | $ | 5,278,209 | |||||||||||||||
UNCONSOLIDATED JOINT VENTURE CENTERS: | |||||||||||||||||||||||||||||||
Long term debt (at Company's pro rata share): | |||||||||||||||||||||||||||||||
Fixed rate | $ | 159,861 | $ | 17,893 | $ | 18,603 | $ | 19,845 | $ | 26,049 | $ | 1,550,237 | $ | 1,792,488 | $ | 1,814,610 | |||||||||||||||
Average interest rate | 7.02 | % | 4.09 | % | 4.09 | % | 4.06 | % | 3.97 | % | 3.88 | % | 4.13 | % | |||||||||||||||||
Floating rate | 1,131 | 1,299 | 73,756 | 114 | 37,993 | 56,250 | 170,543 | 169,012 | |||||||||||||||||||||||
Average interest rate | 2.30 | % | 2.39 | % | 2.35 | % | 2.63 | % | 2.39 | % | 1.44 | % | 2.06 | % | |||||||||||||||||
Total debt—Unconsolidated Joint Venture Centers | $ | 160,992 | $ | 19,192 | $ | 92,359 | $ | 19,959 | $ | 64,042 | $ | 1,606,487 | $ | 1,963,031 | $ | 1,983,622 |
Page | ||||
(a) and (c) | 1 | Financial Statements | ||
2 | Financial Statement Schedule | |||
December 31, | |||||||
2015 | 2014 | ||||||
ASSETS: | |||||||
Property, net | $ | 8,796,912 | $ | 11,067,890 | |||
Cash and cash equivalents | 86,510 | 84,907 | |||||
Restricted cash | 41,389 | 13,530 | |||||
Tenant and other receivables, net | 130,002 | 132,026 | |||||
Deferred charges and other assets, net | 587,283 | 759,061 | |||||
Due from affiliates | 83,928 | 80,232 | |||||
Investments in unconsolidated joint ventures | 1,532,552 | 984,132 | |||||
Total assets | $ | 11,258,576 | $ | 13,121,778 | |||
LIABILITIES AND EQUITY: | |||||||
Mortgage notes payable: | |||||||
Related parties | $ | 181,318 | $ | 289,039 | |||
Others | 4,443,294 | 5,115,482 | |||||
Total | 4,624,612 | 5,404,521 | |||||
Bank and other notes payable | 659,130 | 887,879 | |||||
Accounts payable and accrued expenses | 74,398 | 115,406 | |||||
Accrued dividend | 337,703 | — | |||||
Other accrued liabilities | 403,281 | 568,716 | |||||
Distributions in excess of investments in unconsolidated joint ventures | 24,457 | 29,957 | |||||
Co-venture obligation | 63,756 | 75,450 | |||||
Total liabilities | 6,187,337 | 7,081,929 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Stockholders' equity: | |||||||
Common stock, $0.01 par value, 250,000,000 shares authorized, 154,404,986 and 158,201,996 shares issued and outstanding at December 31, 2015 and 2014, respectively | 1,544 | 1,582 | |||||
Additional paid-in capital | 4,926,630 | 5,041,797 | |||||
(Accumulated deficit) retained earnings | (212,760 | ) | 596,741 | ||||
Total stockholders' equity | 4,715,414 | 5,640,120 | |||||
Noncontrolling interests | 355,825 | 399,729 | |||||
Total equity | 5,071,239 | 6,039,849 | |||||
Total liabilities and equity | $ | 11,258,576 | $ | 13,121,778 |
For The Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||
Minimum rents | $ | 759,603 | $ | 633,571 | $ | 578,113 | |||||
Percentage rents | 25,693 | 24,350 | 23,156 | ||||||||
Tenant recoveries | 415,129 | 361,119 | 337,772 | ||||||||
Other | 61,470 | 52,226 | 50,242 | ||||||||
Management Companies | 26,254 | 33,981 | 40,192 | ||||||||
Total revenues | 1,288,149 | 1,105,247 | 1,029,475 | ||||||||
Expenses: | |||||||||||
Shopping center and operating expenses | 379,815 | 353,505 | 329,795 | ||||||||
Management Companies' operating expenses | 92,340 | 88,424 | 93,461 | ||||||||
REIT general and administrative expenses | 29,870 | 29,412 | 27,772 | ||||||||
Costs related to unsolicited takeover offer | 25,204 | — | — | ||||||||
Depreciation and amortization | 464,472 | 378,716 | 357,165 | ||||||||
991,701 | 850,057 | 808,193 | |||||||||
Interest expense: | |||||||||||
Related parties | 10,515 | 15,134 | 15,016 | ||||||||
Other | 201,428 | 175,555 | 182,231 | ||||||||
211,943 | 190,689 | 197,247 | |||||||||
(Gain) loss on early extinguishment of debt, net | (1,487 | ) | 9,551 | (1,432 | ) | ||||||
Total expenses | 1,202,157 | 1,050,297 | 1,004,008 | ||||||||
Equity in income of unconsolidated joint ventures | 45,164 | 60,626 | 167,580 | ||||||||
Co-venture expense | (11,804 | ) | (9,490 | ) | (8,864 | ) | |||||
Income tax benefit | 3,223 | 4,269 | 1,692 | ||||||||
Gain (loss) on sale or write down of assets, net | 378,248 | 73,440 | (78,057 | ) | |||||||
Gain on remeasurement of assets | 22,089 | 1,423,136 | 51,205 | ||||||||
Income from continuing operations | 522,912 | 1,606,931 | 159,023 | ||||||||
Discontinued operations: | |||||||||||
Gain on disposition of assets, net | — | — | 286,414 | ||||||||
Income from discontinued operations | — | — | 3,522 | ||||||||
Total income from discontinued operations | — | — | 289,936 | ||||||||
Net income | 522,912 | 1,606,931 | 448,959 | ||||||||
Less net income attributable to noncontrolling interests | 35,350 | 107,889 | 28,869 | ||||||||
Net income attributable to the Company | $ | 487,562 | $ | 1,499,042 | $ | 420,090 | |||||
Earnings per common share attributable to Company—basic: | |||||||||||
Income from continuing operations | $ | 3.08 | $ | 10.46 | $ | 1.07 | |||||
Discontinued operations | — | — | 1.94 | ||||||||
Net income attributable to common stockholders | $ | 3.08 | $ | 10.46 | $ | 3.01 | |||||
Earnings per common share attributable to Company—diluted: | |||||||||||
Income from continuing operations | $ | 3.08 | $ | 10.45 | $ | 1.06 | |||||
Discontinued operations | — | — | 1.94 | ||||||||
Net income attributable to common stockholders | $ | 3.08 | $ | 10.45 | $ | 3.00 | |||||
Weighted average number of common shares outstanding: | |||||||||||
Basic | 157,916,000 | 143,144,000 | 139,598,000 | ||||||||
Diluted | 158,060,000 | 143,291,000 | 139,680,000 |
Stockholders' Equity | ||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Equity | |||||||||||||||||||||||
Shares | Par Value | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||
Balance at January 1, 2013 | 137,507,010 | $ | 1,375 | $ | 3,715,895 | $ | (639,741 | ) | $ | 3,077,529 | $ | 338,722 | $ | 3,416,251 | ||||||||||||
Net income | — | — | — | 420,090 | 420,090 | 28,869 | 448,959 | |||||||||||||||||||
Amortization of share and unit-based plans | 88,039 | — | 28,122 | — | 28,122 | — | 28,122 | |||||||||||||||||||
Exercise of stock options | 2,700 | — | 99 | — | 99 | — | 99 | |||||||||||||||||||
Employee stock purchases | 22,112 | — | 1,089 | — | 1,089 | — | 1,089 | |||||||||||||||||||
Stock offering, net | 2,456,956 | 25 | 171,077 | — | 171,102 | — | 171,102 | |||||||||||||||||||
Distributions paid ($2.36) per share | — | — | — | (329,155 | ) | (329,155 | ) | — | (329,155 | ) | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (31,202 | ) | (31,202 | ) | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | 18,079 | 18,079 | |||||||||||||||||||
Other | — | — | (3,561 | ) | — | (3,561 | ) | — | (3,561 | ) | ||||||||||||||||
Conversion of noncontrolling interests to common shares | 656,866 | 7 | 12,977 | — | 12,984 | (12,984 | ) | — | ||||||||||||||||||
Redemption of noncontrolling interests | — | — | (733 | ) | — | (733 | ) | (333 | ) | (1,066 | ) | |||||||||||||||
Adjustment of noncontrolling interests in Operating Partnership | — | — | (18,817 | ) | — | (18,817 | ) | 18,817 | — | |||||||||||||||||
Balance at December 31, 2013 | 140,733,683 | $ | 1,407 | $ | 3,906,148 | $ | (548,806 | ) | $ | 3,358,749 | $ | 359,968 | $ | 3,718,717 |
Stockholders' Equity | ||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Total Stockholders' Equity | |||||||||||||||||||||||
Shares | Par Value | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||
Balance at December 31, 2013 | 140,733,683 | $ | 1,407 | $ | 3,906,148 | $ | (548,806 | ) | $ | 3,358,749 | $ | 359,968 | $ | 3,718,717 | ||||||||||||
Net income | — | — | — | 1,499,042 | 1,499,042 | 107,889 | 1,606,931 | |||||||||||||||||||
Amortization of share and unit-based plans | 168,379 | 2 | 34,871 | — | 34,873 | — | 34,873 | |||||||||||||||||||
Employee stock purchases | 25,007 | — | 1,231 | — | 1,231 | — | 1,231 | |||||||||||||||||||
Stock issued to acquire properties | 17,140,845 | 172 | 1,161,102 | — | 1,161,274 | — | 1,161,274 | |||||||||||||||||||
Distributions paid ($2.51) per share | — | — | — | (353,495 | ) | (353,495 | ) | — | (353,495 | ) | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (32,230 | ) | (32,230 | ) | |||||||||||||||||
Change in noncontrolling interests due to acquisition/disposition of consolidated entities | — | — | (3,858 | ) | — | (3,858 | ) | (93,358 | ) | (97,216 | ) | |||||||||||||||
Conversion of noncontrolling interests to common shares | 134,082 | 1 | 2,409 | — | 2,410 | (2,410 | ) | — | ||||||||||||||||||
Redemption of noncontrolling interests | — | — | (157 | ) | — | (157 | ) | (79 | ) | (236 | ) | |||||||||||||||
Adjustment of noncontrolling interests in Operating Partnership | — | — | (59,949 | ) | — | (59,949 | ) | 59,949 | — | |||||||||||||||||
Balance at December 31, 2014 | 158,201,996 | $ | 1,582 | $ | 5,041,797 | $ | 596,741 | $ | 5,640,120 | $ | 399,729 | $ | 6,039,849 |
Stockholders' Equity | |||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Total Stockholders' Equity | ||||||||||||||||||||||||
Shares | Par Value | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||
Balance at December 31, 2014 | 158,201,996 | $ | 1,582 | $ | 5,041,797 | $ | 596,741 | $ | 5,640,120 | $ | 399,729 | $ | 6,039,849 | ||||||||||||||
Net income | — | — | — | 487,562 | 487,562 | 35,350 | 522,912 | ||||||||||||||||||||
Amortization of share and unit-based plans | 241,186 | 2 | 34,373 | — | 34,375 | — | 34,375 | ||||||||||||||||||||
Employee stock purchases | 23,036 | — | 1,512 | — | 1,512 | — | 1,512 | ||||||||||||||||||||
Stock repurchase | (4,140,788 | ) | (41 | ) | (153,602 | ) | (246,501 | ) | (400,144 | ) | — | (400,144 | ) | ||||||||||||||
Distributions declared ($6.63) per share | — | — | — | (1,050,562 | ) | (1,050,562 | ) | — | (1,050,562 | ) | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (74,677 | ) | (74,677 | ) | ||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | 23 | 23 | ||||||||||||||||||||
Other | — | — | (1,593 | ) | — | (1,593 | ) | — | (1,593 | ) | |||||||||||||||||
Conversion of noncontrolling interests to common shares | 79,556 | 1 | 1,558 | — | 1,559 | (1,559 | ) | — | |||||||||||||||||||
Redemption of noncontrolling interests | — | — | (343 | ) | — | (343 | ) | (113 | ) | (456 | ) | ||||||||||||||||
Adjustment of noncontrolling interests in Operating Partnership | — | — | 2,928 | — | 2,928 | (2,928 | ) | — | |||||||||||||||||||
Balance at December 31, 2015 | 154,404,986 | $ | 1,544 | $ | 4,926,630 | $ | (212,760 | ) | $ | 4,715,414 | $ | 355,825 | $ | 5,071,239 |
For the Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 522,912 | $ | 1,606,931 | $ | 448,959 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
(Gain) loss on early extinguishment of debt, net | (16,066 | ) | 526 | (1,432 | ) | ||||||
(Gain) loss on sale or write down of assets, net | (378,248 | ) | (73,440 | ) | 78,057 | ||||||
Gain on remeasurement of assets | (22,089 | ) | (1,423,136 | ) | (51,205 | ) | |||||
Gain on disposition of assets, net from discontinued operations | — | — | (286,414 | ) | |||||||
Depreciation and amortization | 471,320 | 387,785 | 383,002 | ||||||||
Amortization of net premium on mortgage notes payable | (20,232 | ) | (8,906 | ) | (6,822 | ) | |||||
Amortization of share and unit-based plans | 28,367 | 29,463 | 24,207 | ||||||||
Straight-line rent adjustment | (7,192 | ) | (5,825 | ) | (7,987 | ) | |||||
Amortization of above and below-market leases | (16,510 | ) | (9,083 | ) | (6,726 | ) | |||||
Provision for doubtful accounts | 4,698 | 3,962 | 4,150 | ||||||||
Income tax benefit | (3,223 | ) | (4,269 | ) | (1,692 | ) | |||||
Equity in income of unconsolidated joint ventures | (45,164 | ) | (60,626 | ) | (167,580 | ) | |||||
Co-venture expense | 11,804 | 9,490 | 8,864 | ||||||||
Distributions of income from unconsolidated joint ventures | 4,541 | 2,412 | 8,538 | ||||||||
Changes in assets and liabilities, net of acquisitions and dispositions: | |||||||||||
Tenant and other receivables | 1,908 | (12,356 | ) | (5,482 | ) | ||||||
Other assets | 13,892 | (15,594 | ) | 7,761 | |||||||
Due from affiliates | (7,025 | ) | (1,770 | ) | 266 | ||||||
Accounts payable and accrued expenses | (4,014 | ) | (123 | ) | (747 | ) | |||||
Other accrued liabilities | 698 | (24,735 | ) | (5,682 | ) | ||||||
Net cash provided by operating activities | 540,377 | 400,706 | 422,035 | ||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of properties | (26,250 | ) | (15,233 | ) | (516,239 | ) | |||||
Development, redevelopment, expansion and renovation of properties | (272,334 | ) | (185,412 | ) | (158,682 | ) | |||||
Property improvements | (53,335 | ) | (66,718 | ) | (51,683 | ) | |||||
Cash acquired from acquisitions | — | 28,890 | — | ||||||||
Proceeds from note receivable | 1,833 | 4,825 | 8,347 | ||||||||
Issuance of notes receivable | — | (65,130 | ) | (13,330 | ) | ||||||
Proceeds from maturities of marketable securities | — | — | 23,769 | ||||||||
Deposit on acquisition of property | (12,500 | ) | — | — | |||||||
Deferred leasing costs | (33,902 | ) | (28,019 | ) | (27,669 | ) | |||||
Distributions from unconsolidated joint ventures | 105,640 | 78,222 | 618,048 | ||||||||
Contributions to unconsolidated joint ventures | (426,186 | ) | (336,621 | ) | (97,898 | ) | |||||
Collections of loans to unconsolidated joint ventures, net | — | 2,756 | 589 | ||||||||
Proceeds from sale of assets | 646,898 | 320,123 | 416,077 | ||||||||
Restricted cash | (30,888 | ) | 6,526 | 70,538 | |||||||
Net cash (used in) provided by investing activities | (101,024 | ) | (255,791 | ) | 271,867 |
For the Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from mortgages, bank and other notes payable | 4,080,671 | 1,204,946 | 2,572,764 | ||||||||
Payments on mortgages, bank and other notes payable | (3,284,213 | ) | (853,080 | ) | (3,051,072 | ) | |||||
Deferred financing costs | (11,805 | ) | (1,267 | ) | (11,966 | ) | |||||
Payment of finance deposits, net of refunds received | (11,138 | ) | — | — | |||||||
Proceeds from share and unit-based plans | 1,512 | 1,231 | 1,188 | ||||||||
Proceeds from stock offerings | — | — | 173,011 | ||||||||
Payment of stock issuance costs | — | (5,503 | ) | (1,909 | ) | ||||||
Stock repurchases | (400,144 | ) | — | — | |||||||
Redemption of noncontrolling interests | (456 | ) | (236 | ) | (1,066 | ) | |||||
Contributions from noncontrolling interests | 23 | — | 4,140 | ||||||||
Purchase of noncontrolling interest | (1,593 | ) | (55,867 | ) | — | ||||||
Payment of contingent consideration | — | (18,667 | ) | — | |||||||
Dividends and distributions | (787,109 | ) | (385,725 | ) | (355,506 | ) | |||||
Distributions to co-venture partner | (23,498 | ) | (15,555 | ) | (19,564 | ) | |||||
Net cash used in financing activities | (437,750 | ) | (129,723 | ) | (689,980 | ) | |||||
Net increase in cash and cash equivalents | 1,603 | 15,192 | 3,922 | ||||||||
Cash and cash equivalents, beginning of year | 84,907 | 69,715 | 65,793 | ||||||||
Cash and cash equivalents, end of year | $ | 86,510 | $ | 84,907 | $ | 69,715 | |||||
Supplemental cash flow information: | |||||||||||
Cash payments for interest, net of amounts capitalized | $ | 231,106 | $ | 186,877 | $ | 195,129 | |||||
Non-cash investing and financing activities: | |||||||||||
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | $ | 52,983 | $ | 83,108 | $ | 41,334 | |||||
Acquisition of property by issuance of common stock | $ | — | $ | 1,166,777 | $ | — | |||||
Conversion of Operating Partnership Units to common stock | $ | 1,559 | $ | 2,410 | $ | 12,984 | |||||
Accrued dividend | $ | 337,703 | $ | — | $ | — | |||||
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities | $ | — | $ | 1,414,659 | $ | 257,064 | |||||
Mortgage notes payable settled in deed-in-lieu of foreclosure | $ | 34,149 | $ | — | $ | 84,000 | |||||
Mortgage notes payable assumed by buyers in sales of properties | $ | — | $ | 31,725 | $ | 224,737 | |||||
Mortgage notes payable assumed by buyer in exchange for investment in unconsolidated joint venture | $ | 1,782,455 | $ | — | $ | — | |||||
Note receivable issued in connection with sale of property | $ | — | $ | 9,603 | $ | — | |||||
Acquisition of property in exchange for settlement of notes receivable | $ | — | $ | 14,120 | $ | — | |||||
Acquisition of property in exchange for investment in unconsolidated joint venture | $ | 76,250 | $ | 15,767 | $ | — | |||||
Contingent consideration in acquisition of property | $ | — | $ | 10,012 | $ | — | |||||
Assumption of mortgage notes payable and other liabilities from unconsolidated joint ventures | $ | 50,000 | $ | — | $ | 54,271 | |||||
Application of deposit to acquire property | $ | — | $ | — | $ | 30,000 |
Buildings and improvements | 5 - 40 years |
Tenant improvements | 5 - 7 years |
Equipment and furnishings | 5 - 7 years |
Deferred lease costs | 1 - 15 years |
Deferred financing costs | 1 - 15 years |
2015 | 2014 | 2013 | |||||||||
Numerator | |||||||||||
Income from continuing operations | $ | 522,912 | $ | 1,606,931 | $ | 159,023 | |||||
Income from discontinued operations | — | — | 289,936 | ||||||||
Net income attributable to noncontrolling interests | (35,350 | ) | (107,889 | ) | (28,869 | ) | |||||
Net income attributable to the Company | 487,562 | 1,499,042 | 420,090 | ||||||||
Allocation of earnings to participating securities | (1,493 | ) | (1,576 | ) | (397 | ) | |||||
Numerator for basic and diluted earnings per share—net income attributable to common stockholders | $ | 486,069 | $ | 1,497,466 | $ | 419,693 | |||||
Denominator | |||||||||||
Denominator for basic earnings per share—weighted average number of common shares outstanding | 157,916 | 143,144 | 139,598 | ||||||||
Effect of dilutive securities (1) | |||||||||||
Share and unit based compensation | 144 | 147 | 82 | ||||||||
Denominator for diluted earnings per share—weighted average number of common shares outstanding | 158,060 | 143,291 | 139,680 | ||||||||
Earnings per common share—basic: | |||||||||||
Income from continuing operations | $ | 3.08 | $ | 10.46 | $ | 1.07 | |||||
Discontinued operations | — | — | 1.94 | ||||||||
Net income attributable to common stockholders | $ | 3.08 | $ | 10.46 | $ | 3.01 | |||||
Earnings per common share—diluted: | |||||||||||
Income from continuing operations | $ | 3.08 | $ | 10.45 | $ | 1.06 | |||||
Discontinued operations | — | — | 1.94 | ||||||||
Net income attributable to common stockholders | $ | 3.08 | $ | 10.45 | $ | 3.00 |
(1) | Diluted EPS excludes 139,186, 179,667 and 184,304 convertible preferred units for the years ended December 31, 2015, 2014 and 2013, respectively, as their impact was antidilutive. |
Joint Venture | Ownership %(1) | |
443 Wabash MAB LLC | 45.0 | % |
AM Tysons LLC | 50.0 | % |
Biltmore Shopping Center Partners LLC | 50.0 | % |
Candlestick Center LLC—Fashion Outlets of San Francisco | 50.1 | % |
Coolidge Holding LLC | 37.5 | % |
Corte Madera Village, LLC | 50.1 | % |
Fashion Outlets of Philadelphia—Various Entities | 50.0 | % |
Jaren Associates #4 | 12.5 | % |
Kierland Commons Investment LLC | 50.0 | % |
Macerich Northwestern Associates—Broadway Plaza | 50.0 | % |
MS Portfolio LLC | 50.0 | % |
North Bridge Chicago LLC | 50.0 | % |
One Scottsdale Investors LLC | 50.0 | % |
Pacific Premier Retail LLC—Various Properties | 60.0 | % |
Propcor II Associates, LLC—Boulevard Shops | 50.0 | % |
Scottsdale Fashion Square Partnership | 50.0 | % |
The Market at Estrella Falls LLC | 40.1 | % |
Tysons Corner LLC | 50.0 | % |
Tysons Corner Hotel I LLC | 50.0 | % |
Tysons Corner Property Holdings II LLC | 50.0 | % |
Tysons Corner Property LLC | 50.0 | % |
West Acres Development, LLP | 19.0 | % |
Westcor/Gilbert, L.L.C. | 50.0 | % |
Westcor/Queen Creek LLC | 38.0 | % |
Westcor/Surprise Auto Park LLC | 33.3 | % |
WMAP, L.L.C.—Atlas Park | 50.0 | % |
(1) | The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds. |
2015 | 2014 | ||||||
Assets(1): | |||||||
Properties, net | $ | 6,334,442 | $ | 2,967,878 | |||
Other assets | 517,053 | 208,726 | |||||
Total assets | $ | 6,851,495 | $ | 3,176,604 | |||
Liabilities and partners' capital(1): | |||||||
Mortgage and other notes payable(2) | $ | 3,614,401 | $ | 2,038,379 | |||
Other liabilities | 358,156 | 195,766 | |||||
Company's capital | 1,585,796 | 489,349 | |||||
Outside partners' capital | 1,293,142 | 453,110 | |||||
Total liabilities and partners' capital | $ | 6,851,495 | $ | 3,176,604 | |||
Investment in unconsolidated joint ventures: | |||||||
Company's capital | $ | 1,585,796 | $ | 489,349 | |||
Basis adjustment(3) | (77,701 | ) | 464,826 | ||||
$ | 1,508,095 | $ | 954,175 | ||||
Assets—Investments in unconsolidated joint ventures | $ | 1,532,552 | $ | 984,132 | |||
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (24,457 | ) | (29,957 | ) | |||
$ | 1,508,095 | $ | 954,175 |
(1) | These amounts include the assets of $3,283,702 and liabilities of $1,938,241 of Pacific Premier Retail LLC as of December 31, 2015. |
(2) | Certain mortgage notes payable could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of December 31, 2015 and 2014, a total of $5,000 and $33,540, respectively, could become recourse debt to the Company. As of December 31, 2015 and 2014, the Company has an indemnity agreement from a joint venture partner for $2,500 and $16,770, respectively, of the guaranteed amount. |
(3) | The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $5,619, $5,109 and $10,734 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Pacific Premier Retail LLC(1) | Other Joint Ventures | Total | |||||||||||
Year Ended December 31, 2015 | |||||||||||||
Revenues: | |||||||||||||
Minimum rents | $ | 21,172 | $ | 293,921 | $ | 315,093 | |||||||
Percentage rents | 2,569 | 13,188 | 15,757 | ||||||||||
Tenant recoveries | 8,408 | 129,059 | 137,467 | ||||||||||
Other | 1,182 | 33,931 | 35,113 | ||||||||||
Total revenues | 33,331 | 470,099 | 503,430 | ||||||||||
Expenses: | |||||||||||||
Shopping center and operating expenses | 6,852 | 165,795 | 172,647 | ||||||||||
Interest expense | 10,448 | 78,279 | 88,727 | ||||||||||
Depreciation and amortization | 16,919 | 133,707 | 150,626 | ||||||||||
Total operating expenses | 34,219 | 377,781 | 412,000 | ||||||||||
Gain on sale of assets | — | 9,850 | 9,850 | ||||||||||
Loss on early extinguishment of debt | — | (3 | ) | (3 | ) | ||||||||
Net income | $ | (888 | ) | $ | 102,165 | $ | 101,277 | ||||||
Company's equity in net income | $ | 1,409 | $ | 43,755 | $ | 45,164 | |||||||
Year Ended December 31, 2014 | |||||||||||||
Revenues: | |||||||||||||
Minimum rents | $ | 88,831 | $ | 299,532 | $ | 388,363 | |||||||
Percentage rents | 2,652 | 14,509 | 17,161 | ||||||||||
Tenant recoveries | 40,118 | 146,623 | 186,741 | ||||||||||
Other | 4,090 | 36,615 | 40,705 | ||||||||||
Total revenues | 135,691 | 497,279 | 632,970 | ||||||||||
Expenses: | |||||||||||||
Shopping center and operating expenses | 37,113 | 178,299 | 215,412 | ||||||||||
Interest expense | 34,113 | 102,974 | 137,087 | ||||||||||
Depreciation and amortization | 29,688 | 114,715 | 144,403 | ||||||||||
Total operating expenses | 100,914 | 395,988 | 496,902 | ||||||||||
(Loss) gain on sale of assets | (7,044 | ) | 10,687 | 3,643 | |||||||||
Net income | $ | 27,733 | $ | 111,978 | $ | 139,711 | |||||||
Company's equity in net income | $ | 9,743 | $ | 50,883 | $ | 60,626 | |||||||
Pacific Premier Retail LLC(1) | Other Joint Ventures | Total | |||||||||||
Year Ended December 31, 2013 | |||||||||||||
Revenues: | |||||||||||||
Minimum rents | $ | 118,164 | $ | 300,560 | $ | 418,724 | |||||||
Percentage rents | 4,586 | 15,003 | 19,589 | ||||||||||
Tenant recoveries | 52,470 | 151,701 | 204,171 | ||||||||||
Other | 5,882 | 39,745 | 45,627 | ||||||||||
Total revenues | 181,102 | 507,009 | 688,111 | ||||||||||
Expenses: | |||||||||||||
Shopping center and operating expenses | 53,039 | 176,779 | 229,818 | ||||||||||
Interest expense | 43,445 | 101,877 | 145,322 | ||||||||||
Depreciation and amortization | 39,616 | 107,693 | 147,309 | ||||||||||
Total operating expenses | 136,100 | 386,349 | 522,449 | ||||||||||
Gain on sale of assets | 182,754 | 7,772 | 190,526 | ||||||||||
Gain on early extinguishment of debt | — | 14 | 14 | ||||||||||
Net income | $ | 227,756 | $ | 128,446 | $ | 356,202 | |||||||
Company's equity in net income | $ | 110,798 | $ | 56,782 | $ | 167,580 | |||||||
(1) | These amounts exclude the results of operations from November 14, 2014 to October 29, 2015, as Pacific Premier Retail LLC became wholly-owned as a result of the PPR Queens Portfolio acquisition. Pacific Premier Retail LLC was converted from wholly-owned to an unconsolidated joint venture effective October 30, 2015, as a result of the PPR Portfolio transaction, as discussed above. |
2015 | 2014 | ||||||
Land | $ | 1,894,717 | $ | 2,242,291 | |||
Buildings and improvements | 7,752,892 | 9,479,337 | |||||
Tenant improvements | 637,355 | 600,436 | |||||
Equipment and furnishings | 169,841 | 152,554 | |||||
Construction in progress | 234,851 | 303,264 | |||||
10,689,656 | 12,777,882 | ||||||
Less accumulated depreciation | (1,892,744 | ) | (1,709,992 | ) | |||
$ | 8,796,912 | $ | 11,067,890 |
2015 | 2014 | ||||||
Leasing | $ | 248,709 | $ | 239,955 | |||
Financing | 45,874 | 47,171 | |||||
Intangible assets: | |||||||
In-place lease values(1) | 196,969 | 298,825 | |||||
Leasing commissions and legal costs(1) | 52,000 | 72,432 | |||||
Above-market leases | 220,847 | 250,810 | |||||
Deferred tax assets | 38,847 | 35,625 | |||||
Deferred compensation plan assets | 37,341 | 35,194 | |||||
Other assets | 70,070 | 66,246 | |||||
910,657 | 1,046,258 | ||||||
Less accumulated amortization(2) | (323,374 | ) | (287,197 | ) | |||
$ | 587,283 | $ | 759,061 |
(1) | The estimated amortization of these intangible assets for the next five years and thereafter is as follows: |
Year Ending December 31, | |||
2016 | $ | 36,275 | |
2017 | 23,415 | ||
2018 | 18,002 | ||
2019 | 14,874 | ||
2020 | 11,373 | ||
Thereafter | 35,577 | ||
$ | 139,516 |
(2) | Accumulated amortization includes $109,453 and $103,361 relating to in-place lease values, leasing commissions and legal costs at December 31, 2015 and 2014, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $69,460, $52,668 and $53,139 for the years ended December 31, 2015, 2014 and 2013, respectively. |
2015 | 2014 | ||||||
Above-Market Leases | |||||||
Original allocated value | $ | 220,847 | $ | 250,810 | |||
Less accumulated amortization | (73,520 | ) | (59,696 | ) | |||
$ | 147,327 | $ | 191,114 | ||||
Below-Market Leases(1) | |||||||
Original allocated value | $ | 227,063 | $ | 375,033 | |||
Less accumulated amortization | (101,872 | ) | (93,511 | ) | |||
$ | 125,191 | $ | 281,522 |
(1) | Below‑market leases are included in other accrued liabilities. |
Year Ending December 31, | Above Market | Below Market | ||||||
2016 | $ | 18,360 | $ | 20,309 | ||||
2017 | 15,456 | 16,838 | ||||||
2018 | 13,045 | 15,054 | ||||||
2019 | 10,708 | 13,380 | ||||||
2020 | 9,176 | 10,649 | ||||||
Thereafter | 80,582 | 48,961 | ||||||
$ | 147,327 | $ | 125,191 |
Carrying Amount of Mortgage Notes(1) | ||||||||||||||||||||||||||
2015 | 2014 | Effective Interest Rate(2) | Monthly Debt Service(3) | Maturity Date(4) | ||||||||||||||||||||||
Property Pledged as Collateral | Related Party | Other | Related Party | Other | ||||||||||||||||||||||
Arrowhead Towne Center(5) | $ | — | $ | 221,194 | $ | — | $ | 228,703 | 2.76 | % | $ | 1,131 | 2018 | |||||||||||||
Chandler Fashion Center(6) | — | 200,000 | — | 200,000 | 3.77 | % | 625 | 2019 | ||||||||||||||||||
Danbury Fair Mall | 111,248 | 111,249 | 114,265 | 114,264 | 5.53 | % | 1,538 | 2020 | ||||||||||||||||||
Deptford Mall(7) | — | 193,861 | — | 197,815 | 3.76 | % | 947 | 2023 | ||||||||||||||||||
Deptford Mall | — | 14,001 | — | 14,285 | 6.46 | % | 101 | 2016 | ||||||||||||||||||
Eastland Mall(8) | — | — | — | 168,000 | — | — | — | |||||||||||||||||||
Fashion Outlets of Chicago(9) | — | 200,000 | — | 119,329 | 1.84 | % | 291 | 2020 | ||||||||||||||||||
Fashion Outlets of Niagara Falls USA | — | 118,615 | — | 121,376 | 4.89 | % | 727 | 2020 | ||||||||||||||||||
Flagstaff Mall(10) | — | 37,000 | — | 37,000 | 8.97 | % | 153 | 2015 | ||||||||||||||||||
FlatIron Crossing(7) | — | 254,733 | — | 261,494 | 3.90 | % | 1,393 | 2021 | ||||||||||||||||||
Freehold Raceway Mall(6) | — | 225,094 | — | 229,244 | 4.20 | % | 1,132 | 2018 | ||||||||||||||||||
Great Northern Mall(11) | — | — | — | 34,494 | — | — | — | |||||||||||||||||||
Green Acres Mall | — | 306,954 | — | 313,514 | 3.61 | % | 1,447 | 2021 | ||||||||||||||||||
Kings Plaza Shopping Center | — | 470,627 | — | 480,761 | 3.67 | % | 2,229 | 2019 | ||||||||||||||||||
Lakewood Center(12) | — | — | — | 253,708 | — | — | — | |||||||||||||||||||
Los Cerritos Center(13) | — | — | 103,274 | 103,274 | — | — | — | |||||||||||||||||||
Northgate Mall(14) | — | 64,000 | — | 64,000 | 3.30 | % | 143 | 2017 | ||||||||||||||||||
Oaks, The | — | 205,986 | — | 210,197 | 4.14 | % | 1,064 | 2022 | ||||||||||||||||||
Pacific View | — | 130,458 | — | 133,200 | 4.08 | % | 668 | 2022 | ||||||||||||||||||
Queens Center | — | 600,000 | — | 600,000 | 3.49 | % | 1,744 | 2025 | ||||||||||||||||||
Santa Monica Place | — | 225,089 | — | 230,344 | 2.99 | % | 1,004 | 2018 | ||||||||||||||||||
SanTan Village Regional Center | — | 130,898 | — | 133,807 | 3.14 | % | 589 | 2019 | ||||||||||||||||||
Stonewood Center | — | 105,494 | — | 111,297 | 1.80 | % | 640 | 2017 | ||||||||||||||||||
Superstition Springs Center(15) | — | 67,763 | — | 68,079 | 2.17 | % | 149 | 2016 | ||||||||||||||||||
Towne Mall | — | 22,200 | — | 22,607 | 4.48 | % | 117 | 2022 | ||||||||||||||||||
Tucson La Encantada | 70,070 | — | 71,500 | — | 4.23 | % | 368 | 2022 | ||||||||||||||||||
Valley Mall(16) | — | — | — | 41,368 | — | — | — | |||||||||||||||||||
Valley River Center(17) | — | — | — | 120,000 | — | — | — | |||||||||||||||||||
Victor Valley, Mall of | — | 115,000 | — | 115,000 | 4.00 | % | 380 | 2024 | ||||||||||||||||||
Vintage Faire Mall(18) | — | 276,117 | — | — | 3.55 | % | 1,255 | 2026 | ||||||||||||||||||
Washington Square(19) | — | — | — | 238,696 | — | — | — | |||||||||||||||||||
Westside Pavilion | — | 146,961 | — | 149,626 | 4.49 | % | 783 | 2022 | ||||||||||||||||||
$ | 181,318 | $ | 4,443,294 | $ | 289,039 | $ | 5,115,482 |
(1) | The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. |
Property Pledged as Collateral | 2015 | 2014 | ||||||
Arrowhead Towne Center | $ | 8,494 | $ | 11,568 | ||||
Deptford Mall | (3 | ) | (8 | ) | ||||
Fashion Outlets of Niagara Falls USA | 4,486 | 5,414 | ||||||
Lakewood Center | — | 3,708 | ||||||
Los Cerritos Center | — | 17,965 | ||||||
Stonewood Center | 5,168 | 7,980 | ||||||
Superstition Springs Center | 263 | 579 | ||||||
Valley Mall | — | (132 | ) | |||||
Washington Square | — | 9,847 | ||||||
$ | 18,408 | $ | 56,921 |
(2) | The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs. |
(3) | The monthly debt service represents the payment of principal and interest. |
(4) | The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met. |
(5) | On January 6, 2016, the Company replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 4.05% and matures on February 1, 2028. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the underlying property (See Note 22—Subsequent Events). |
(6) | A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 10—Co-Venture Arrangement). |
(7) | On January 14, 2016, a 49% interest in the loan was assumed by a third party in connection with the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 22—Subsequent Events). |
(8) | On December 1, 2015, the Company paid off in full the loan on the property. |
(9) | On March 3, 2015, the Company amended the loan on the property. The amended $200,000 loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At December 31, 2015 and 2014, the total interest rate was 1.84% and 2.97%, respectively. |
(10) | On November 1, 2015, this non-recourse loan went into maturity default. The Company is negotiating with the loan servicer, which will likely result in a transition of the property to the loan servicer or a receiver. |
(11) | On June 30, 2015, the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a loss of $1,627 on the extinguishment of debt (See Note 14—Dispositions). |
(12) | On March 2, 2015, the Company paid off in full the loan on the property, which resulted in a gain of $2,245 on the early extinguishment of debt as a result of writing off the related debt premium. On May 12, 2015, the Company placed a new $410,000 loan on the property that bears interest at an effective rate of 3.46% and matures on June 1, 2026. On October 30, 2015, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures). |
(13) | On October 30, 2015, the Company replaced the existing loan on the property with a new $525,000 loan that bears interest at an effective rate of 4.00% and matures on November 1, 2027, which resulted in a loss of $859 on the early extinguishment of debt. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures). |
(14) | The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017. At December 31, 2015 and 2014, the total interest rate was 3.30% and 3.05%, respectively. |
(15) | The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016. At December 31, 2015 and 2014, the total interest rate was 2.17% and 1.98%, respectively. |
(16) | On December 1, 2015, the Company paid off in full the loan on the property, which resulted in a loss of $52 on the early extinguishment of debt. |
(17) | On July 31, 2015, the Company paid off in full the loan on the property, which resulted in a loss of $9 on the early extinguishment of debt. |
(18) | On February 19, 2015, the Company placed a $280,000 loan on the property that bears interest at an effective rate of 3.55% and matures on March 6, 2026. |
(19) | On October 5, 2015, the Company paid off in full the existing loan on the property, which resulted in a gain of $2,367 on the early extinguishment of debt as a result of writing off the related debt premium. On October 29, 2015, the Company placed a new $550,000 loan on the property that bears interest at an effective rate of 3.65% and matures on November 1, 2022. On October 30, 2015, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the PPR Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures). |
Year Ending December 31, | |||
2016 | $ | 155,977 | |
2017 | 235,501 | ||
2018 | 695,439 | ||
2019 | 809,077 | ||
2020 | 534,886 | ||
Thereafter | 2,175,324 | ||
4,606,204 | |||
Debt premium, net | 18,408 | ||
$ | 4,624,612 |
Year Ending December 31, | |||
2016 | $ | 9,130 | |
2018 | 650,000 | ||
$ | 659,130 |
Property | $ | 477,673 | |
Deferred charges | 45,130 | ||
Other assets | 19,125 | ||
Total assets acquired | 541,928 | ||
Other accrued liabilities | 41,928 | ||
Total liabilities assumed | 41,928 | ||
Fair value of acquired net assets | $ | 500,000 |
Property | $ | 98,160 | |
Deferred charges | 8,284 | ||
Cash and cash equivalents | 1,280 | ||
Restricted cash | 1,139 | ||
Tenant receivables | 615 | ||
Other assets | 380 | ||
Total assets acquired | 109,858 | ||
Mortgage note payable | 49,465 | ||
Accounts payable | 54 | ||
Other accrued liabilities | 4,752 | ||
Total liabilities assumed | 54,271 | ||
Fair value of acquired net assets (at 100% ownership) | $ | 55,587 |
Fair value of existing ownership interest (at 73.2% ownership) | $ | 41,690 | |
Carrying value of investment | (5,349 | ) | |
Gain on remeasurement of assets | $ | 36,341 |
Property | $ | 114,373 | |
Deferred charges | 12,353 | ||
Cash and cash equivalents | 8,894 | ||
Tenant receivables | 51 | ||
Other assets | 11,535 | ||
Total assets acquired | 147,206 | ||
Mortgage note payable | 68,448 | ||
Accounts payable | 119 | ||
Other accrued liabilities | 7,637 | ||
Total liabilities assumed | 76,204 | ||
Fair value of acquired net assets (at 100% ownership) | $ | 71,002 |
Fair value of existing ownership interest (at 66.7% ownership) | $ | 47,340 | |
Carrying value of investment | (32,476 | ) | |
Gain on remeasurement of assets | $ | 14,864 |
Purchase price | $ | 46,162 | |
Less debt assumed | (22,500 | ) | |
Carrying value of investment | 32,476 | ||
Remeasurement gain | 14,864 | ||
Fair value of acquired net assets (at 100% ownership) | $ | 71,002 |
Property | $ | 28,924 | |
Deferred charges | 6,660 | ||
Other assets | 202 | ||
Total assets acquired | 35,786 | ||
Other accrued liabilities | 4,786 | ||
Total liabilities assumed | 4,786 | ||
Fair value of acquired net assets (at 100% ownership) | $ | 31,000 |
Purchase price | $ | 15,233 | |
Distributions in excess of investment | 15,767 | ||
Fair value of acquired net assets (at 100% ownership) | $ | 31,000 |
Property | $ | 3,711,819 | |
Deferred charges | 155,892 | ||
Cash and cash equivalents | 28,890 | ||
Restricted cash | 5,113 | ||
Tenant receivables | 5,438 | ||
Other assets | 127,244 | ||
Total assets acquired | 4,034,396 | ||
Mortgage notes payable | 1,414,659 | ||
Accounts payable | 5,669 | ||
Due to affiliates | 2,680 | ||
Other accrued liabilities | 230,210 | ||
Total liabilities assumed | 1,653,218 | ||
Fair value of acquired net assets (at 100% ownership) | $ | 2,381,178 |
Fair value of existing ownership interest (at 51% ownership) | $ | 1,214,401 | |
Distributions in excess of investment | 208,735 | ||
Gain on remeasurement of assets | $ | 1,423,136 |
Purchase price | $ | 1,838,886 | |
Less debt assumed | (672,109 | ) | |
Distributions in excess of investment | (208,735 | ) | |
Gain on remeasurement of assets | 1,423,136 | ||
Fair value of acquired net assets (at 100% ownership) | $ | 2,381,178 |
Property | $ | 91,871 | |
Deferred charges | 9,752 | ||
Other assets | 5,782 | ||
Total assets acquired | 107,405 | ||
Mortgage note payable | 50,000 | ||
Other accrued liabilities | 4,905 | ||
Total liabilities assumed | 54,905 | ||
Fair value of acquired net assets (at 100% ownership) | $ | 52,500 |
Fair value of existing ownership interest (at 50% ownership) | $ | 26,250 | |
Carrying value of investment | (4,161 | ) | |
Gain on remeasurement of assets | $ | 22,089 |
Purchase price | $ | 51,250 | |
Less debt assumed | (25,000 | ) | |
Carrying value of investment | 4,161 | ||
Gain on remeasurement of assets | 22,089 | ||
Fair value of acquired net assets (at 100% ownership) | $ | 52,500 |
Total revenue | Income from continuing operations | ||||||
Supplemental pro forma for the year ended December 31, 2015(1) | $ | 1,287,084 | $ | 502,184 | |||
Supplemental pro forma for the year ended December 31, 2014(1) | $ | 1,371,988 | $ | 199,287 |
(1) | This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the 2015 and 2014 acquisitions occurred on January 1, 2014 and may not be indicative of future operating results. The Company has excluded remeasurement gains and acquisition costs from these pro forma results as they are considered significant non‑recurring adjustments directly attributable to the acquisitions. |
Year Ending December 31, | |||
2016 | $ | 496,683 | |
2017 | 423,057 | ||
2018 | 369,999 | ||
2019 | 319,535 | ||
2020 | 275,105 | ||
Thereafter | 969,731 | ||
$ | 2,854,110 |
Year Ending December 31, | |||
2016 | $ | 15,695 | |
2017 | 15,632 | ||
2018 | 11,249 | ||
2019 | 9,629 | ||
2020 | 9,637 | ||
Thereafter | 283,154 | ||
$ | 344,996 |
2015 | 2014 | 2013 | |||||||||
Management fees | $ | 10,064 | $ | 16,751 | $ | 19,726 | |||||
Development and leasing fees | 9,615 | 10,528 | 9,936 | ||||||||
$ | 19,679 | $ | 27,279 | $ | 29,662 |
2015 | 2014 | 2013 | ||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||||||
Balance at beginning of year | 9,189 | $ | 59.25 | 19,001 | $ | 56.77 | 20,924 | $ | 49.36 | |||||||||||
Granted | — | — | — | — | 8,963 | 61.84 | ||||||||||||||
Vested | (7,577 | ) | 58.67 | (9,812 | ) | 54.45 | (10,886 | ) | 46.70 | |||||||||||
Balance at end of year | 1,612 | $ | 62.01 | 9,189 | $ | 59.25 | 19,001 | $ | 56.77 |
2015 | 2014 | 2013 | ||||||||||||||||||
Units | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | |||||||||||||||
Balance at beginning of year | 144,374 | $ | 59.94 | 137,318 | $ | 57.24 | 114,677 | $ | 52.19 | |||||||||||
Granted | 77,282 | 86.53 | 75,309 | 60.50 | 67,920 | 62.01 | ||||||||||||||
Vested | (86,761 | ) | 61.29 | (68,253 | ) | 55.14 | (45,279 | ) | 51.59 | |||||||||||
Forfeited | (2,809 | ) | 86.72 | — | — | — | — | |||||||||||||
Balance at end of year | 132,086 | $ | 74.58 | 144,374 | $ | 59.94 | 137,318 | $ | 57.24 |
2015 | 2014 | 2013 | ||||||||||||||||||
Units | Weighted Average Exercise Price | Units | Weighted Average Exercise Price | Units | Weighted Average Exercise Price | |||||||||||||||
Balance at beginning of year | 772,639 | $ | 56.67 | 1,070,991 | $ | 56.66 | 1,164,185 | $ | 56.66 | |||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||
Exercised | (364,807 | ) | 56.86 | (298,352 | ) | 56.63 | (93,194 | ) | 56.63 | |||||||||||
Special dividend adjustment | 9,951 | 55.13 | — | — | — | — | ||||||||||||||
Balance at end of year | 417,783 | $ | 55.13 | 772,639 | $ | 56.67 | 1,070,991 | $ | 56.66 |
2015 | 2014 | 2013 | ||||||||||||||||||
Units | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | |||||||||||||||
Balance at beginning of year | 46,695 | $ | 58.89 | — | $ | — | 200,000 | $ | 38.63 | |||||||||||
Granted | 424,442 | 74.71 | 725,908 | 51.71 | 332,189 | 66.58 | ||||||||||||||
Vested | (414,822 | ) | 73.13 | (679,213 | ) | 51.22 | (518,900 | ) | 55.81 | |||||||||||
Forfeited | — | — | — | — | (13,289 | ) | 66.58 | |||||||||||||
Balance at end of year | 56,315 | $ | 73.24 | 46,695 | $ | 58.89 | — | $ | — |
2015 | 2014 | 2013 | ||||||||||||||||||
Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | |||||||||||||||
Balance at beginning of year | 10,068 | $ | 59.57 | 10,068 | $ | 59.57 | 12,768 | $ | 54.69 | |||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||
Exercised | — | — | — | — | (2,700 | ) | 36.51 | |||||||||||||
Special dividend adjustment | 246 | 58.15 | — | — | — | — | ||||||||||||||
Balance at end of year | 10,314 | $ | 58.15 | 10,068 | $ | 59.57 | 10,068 | $ | 59.57 |
2015 | 2014 | 2013 | ||||||||||||||||||
Stock Units | Weighted Average Grant Date Fair Value | Stock Units | Weighted Average Grant Date Fair Value | Stock Units | Weighted Average Grant Date Fair Value | |||||||||||||||
Balance at beginning of year | 9,269 | $ | 58.35 | 17,575 | $ | 58.66 | — | $ | — | |||||||||||
Granted | 13,351 | 78.72 | 10,747 | 65.54 | 34,266 | 59.04 | ||||||||||||||
Vested | (20,162 | ) | 72.17 | (19,053 | ) | 62.69 | (16,691 | ) | 59.44 | |||||||||||
Forfeited | (2,458 | ) | 55.62 | — | — | — | — | |||||||||||||
Balance at end of year | — | $ | — | 9,269 | $ | 58.35 | 17,575 | $ | 58.66 |
2015 | 2014 | 2013 | |||||||||
Stock awards | $ | 252 | $ | 365 | $ | 497 | |||||
Stock units | 6,041 | 4,689 | 3,839 | ||||||||
LTIP units | 26,622 | 28,598 | 22,778 | ||||||||
Stock options | 16 | 16 | 16 | ||||||||
Phantom stock units | 1,444 | 1,205 | 992 | ||||||||
$ | 34,375 | $ | 34,873 | $ | 28,122 |
2015 (1) | 2014 | 2013 | ||||||||||||||||||
Ordinary income | $ | 1.20 | 24.8 | % | $ | 1.92 | 76.5 | % | $ | 1.02 | 43.3 | % | ||||||||
Capital gains | 3.64 | 75.2 | % | 0.16 | 6.4 | % | 1.24 | 52.5 | % | |||||||||||
Unrecaptured Section 1250 gain | — | — | % | 0.05 | 2.0 | % | 0.10 | 4.2 | % | |||||||||||
Return of capital | — | — | % | 0.38 | 15.1 | % | — | — | % | |||||||||||
Dividends paid | $ | 4.84 | 100.0 | % | $ | 2.51 | 100.0 | % | $ | 2.36 | 100.0 | % |
(1) | During the year ended December 31, 2015, the Company paid cash dividends of $4.63 per common share. In addition, the Company declared a $2.00 special cash dividend to shareholders of record as of November 12, 2015 which was paid on January 6, 2016 (See Note 12—Stockholders' Equity). Pursuant to relevant U.S. tax rules, $0.21 per common share of this dividend is treated as having been paid by the Company on December 31, 2015, and received by each shareholder of record as of November 12, 2015 on December 31, 2015. |
2015 | 2014 | 2013 | |||||||||
Current | $ | — | $ | — | $ | (142 | ) | ||||
Deferred | 3,223 | 4,269 | 1,834 | ||||||||
Income tax benefit | $ | 3,223 | $ | 4,269 | $ | 1,692 |
2015 | 2014 | 2013 | |||||||||
Book loss for TRSs | $ | 10,681 | $ | 10,785 | $ | 11,709 | |||||
Tax at statutory rate on earnings from continuing operations before income taxes | $ | 3,632 | $ | 3,667 | $ | 3,981 | |||||
Other | (409 | ) | 602 | (2,289 | ) | ||||||
Income tax benefit | $ | 3,223 | $ | 4,269 | $ | 1,692 |
2015 | 2014 | ||||||
Net operating loss carryforwards | $ | 25,340 | $ | 24,698 | |||
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs | 10,600 | 8,201 | |||||
Other | 2,907 | 2,726 | |||||
Net deferred tax assets | $ | 38,847 | $ | 35,625 |
2015 Quarter Ended | 2014 Quarter Ended | ||||||||||||||||||||||||||||||
Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 | ||||||||||||||||||||||||
Revenues | $ | 320,758 | $ | 326,262 | $ | 322,794 | $ | 318,335 | $ | 322,909 | $ | 263,491 | $ | 254,336 | $ | 264,511 | |||||||||||||||
Net income attributable to the Company(1) | $ | 414,959 | $ | 33,597 | $ | 14,395 | $ | 24,611 | $ | 1,429,221 | $ | 35,914 | $ | 16,088 | $ | 17,819 | |||||||||||||||
Net income attributable to common stockholders per share-basic | $ | 2.65 | $ | 0.21 | $ | 0.09 | $ | 0.15 | $ | 9.52 | $ | 0.25 | $ | 0.11 | $ | 0.13 | |||||||||||||||
Net income attributable to common stockholders per share-diluted | $ | 2.65 | $ | 0.21 | $ | 0.09 | $ | 0.15 | $ | 9.51 | $ | 0.25 | $ | 0.11 | $ | 0.13 |
(1) | Net income attributable to the Company for the quarter ended December 31, 2015 includes the gain on sale of assets of $311,194 from the sale of the PPR Portfolio transaction (See Note 4—Investments in Unconsolidated Joint Ventures) and $73,726 from the sale of Panorama Mall (See Note 14—Dispositions). Net income attributable to the Company for the quarter ended December 31, 2014 includes the gain on remeasurement of assets of $1,423,136 from the acquisition of the PPR Queens Portfolio (See Note 13—Acquisitions). |
Initial Cost to Company | Gross Amount at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||||||
Shopping Centers/Entities | Land | Building and Improvements | Equipment and Furnishings | Cost Capitalized Subsequent to Acquisition | Land | Building and Improvements | Equipment and Furnishings | Construction in Progress | Total | Accumulated Depreciation | Total Cost Net of Accumulated Depreciation | ||||||||||||||||||||||||||||||||
Arrowhead Towne Center | $ | 36,687 | $ | 386,662 | $ | — | $ | 21,261 | $ | 35,556 | $ | 390,182 | $ | 2,502 | $ | 16,370 | $ | 444,610 | $ | 32,730 | $ | 411,880 | |||||||||||||||||||||
Black Canyon | 20,600 | — | — | 9,766 | 30,349 | — | — | 17 | 30,366 | — | 30,366 | ||||||||||||||||||||||||||||||||
Capitola Mall | 20,395 | 59,221 | — | 13,088 | 20,392 | 70,799 | 1,220 | 293 | 92,704 | 32,842 | 59,862 | ||||||||||||||||||||||||||||||||
Cascade Mall | 19,253 | 9,671 | — | (459 | ) | 18,699 | 9,664 | 102 | — | 28,465 | 769 | 27,696 | |||||||||||||||||||||||||||||||
Chandler Fashion Center | 24,188 | 223,143 | — | 15,959 | 24,188 | 233,857 | 5,245 | — | 263,290 | 90,346 | 172,944 | ||||||||||||||||||||||||||||||||
Danbury Fair Mall | 130,367 | 316,951 | — | 99,864 | 142,751 | 398,254 | 6,104 | 73 | 547,182 | 117,300 | 429,882 | ||||||||||||||||||||||||||||||||
Deptford Mall | 48,370 | 194,250 | — | 51,415 | 61,029 | 230,414 | 2,584 | 8 | 294,035 | 60,013 | 234,022 | ||||||||||||||||||||||||||||||||
Desert Sky Mall | 9,447 | 37,245 | 12 | 3,225 | 9,082 | 39,794 | 1,053 | — | 49,929 | 6,903 | 43,026 | ||||||||||||||||||||||||||||||||
Eastland Mall | 22,050 | 151,605 | — | 6,736 | 22,066 | 157,079 | 874 | 372 | 180,391 | 18,575 | 161,816 | ||||||||||||||||||||||||||||||||
Estrella Falls | 10,550 | — | — | 65,457 | 9,405 | — | — | 66,602 | 76,007 | — | 76,007 | ||||||||||||||||||||||||||||||||
Fashion Outlets of Chicago | — | — | — | 253,469 | 40,575 | 209,834 | 2,308 | 752 | 253,469 | 24,121 | 229,348 | ||||||||||||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | 18,581 | 210,139 | — | 106,381 | 22,963 | 308,795 | 2,059 | 1,284 | 335,101 | 37,666 | 297,435 | ||||||||||||||||||||||||||||||||
Flagstaff Mall | 5,480 | 31,773 | — | 13,249 | 4,882 | 44,982 | 638 | — | 50,502 | 18,283 | 32,219 | ||||||||||||||||||||||||||||||||
The Marketplace at Flagstaff | — | — | — | 52,832 | — | 52,830 | 2 | — | 52,832 | 18,633 | 34,199 | ||||||||||||||||||||||||||||||||
FlatIron Crossing | 109,851 | 333,540 | — | 20,011 | 109,851 | 352,112 | 1,247 | 192 | 463,402 | 37,775 | 425,627 | ||||||||||||||||||||||||||||||||
Freehold Raceway Mall | 164,986 | 362,841 | — | 99,499 | 168,098 | 454,810 | 4,418 | — | 627,326 | 148,648 | 478,678 | ||||||||||||||||||||||||||||||||
Fresno Fashion Fair | 17,966 | 72,194 | — | 48,523 | 17,966 | 118,833 | 1,723 | 161 | 138,683 | 55,365 | 83,318 | ||||||||||||||||||||||||||||||||
Green Acres Mall | 156,640 | 321,034 | — | 93,099 | 156,640 | 355,992 | 5,953 | 52,188 | 570,773 | 38,272 | 532,501 | ||||||||||||||||||||||||||||||||
Inland Center | 8,321 | 83,550 | — | 2,838 | 8,280 | 84,416 | 16 | 1,997 | 94,709 | 3,520 | 91,189 | ||||||||||||||||||||||||||||||||
Kings Plaza Shopping Center | 209,041 | 485,548 | 20,000 | 58,633 | 206,969 | 532,089 | 23,415 | 10,749 | 773,222 | 53,286 | 719,936 | ||||||||||||||||||||||||||||||||
La Cumbre Plaza | 18,122 | 21,492 | — | 24,614 | 17,280 | 46,364 | 359 | 225 | 64,228 | 21,629 | 42,599 | ||||||||||||||||||||||||||||||||
Macerich Management Co. | — | 8,685 | 26,562 | 36,743 | 1,577 | 8,035 | 58,294 | 4,084 | 71,990 | 46,489 | 25,501 | ||||||||||||||||||||||||||||||||
MACWH, LP | — | 25,771 | — | 16,987 | 11,557 | 27,455 | — | 3,746 | 42,758 | 7,700 | 35,058 | ||||||||||||||||||||||||||||||||
Northgate Mall | 8,400 | 34,865 | 841 | 103,504 | 13,414 | 130,984 | 3,127 | 85 | 147,610 | 66,699 | 80,911 | ||||||||||||||||||||||||||||||||
NorthPark Mall | 7,746 | 74,661 | — | 8,912 | 7,885 | 82,961 | 458 | 15 | 91,319 | 10,983 | 80,336 | ||||||||||||||||||||||||||||||||
Oaks, The | 32,300 | 117,156 | — | 247,064 | 55,527 | 334,677 | 2,654 | 3,662 | 396,520 | 113,632 | 282,888 | ||||||||||||||||||||||||||||||||
Pacific View | 8,697 | 8,696 | — | 129,050 | 7,854 | 136,075 | 2,476 | 38 | 146,443 | 59,044 | 87,399 | ||||||||||||||||||||||||||||||||
Paradise Valley Mall | 24,565 | 125,996 | — | 42,604 | 35,921 | 154,278 | 2,317 | 649 | 193,165 | 63,169 | 129,996 | ||||||||||||||||||||||||||||||||
Paradise Village Ground Leases | 8,880 | 2,489 | — | (6,876 | ) | 3,870 | 623 | — | — | 4,493 | 317 | 4,176 | |||||||||||||||||||||||||||||||
Paradise Village Office Park II | 1,150 | 1,790 | — | 3,453 | 2,300 | 3,584 | 509 | — | 6,393 | 2,293 | 4,100 | ||||||||||||||||||||||||||||||||
Promenade at Casa Grande | 15,089 | — | — | 84,112 | 8,586 | 90,541 | 74 | — | 99,201 | 35,048 | 64,153 | ||||||||||||||||||||||||||||||||
See accompanying report of independent registered public accounting firm. |
Initial Cost to Company | Gross Amount at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||||||
Shopping Centers/Entities | Land | Building and Improvements | Equipment and Furnishings | Cost Capitalized Subsequent to Acquisition | Land | Building and Improvements | Equipment and Furnishings | Construction in Progress | Total | Accumulated Depreciation | Total Cost Net of Accumulated Depreciation | ||||||||||||||||||||||||||||||||
Queens Center | $ | 251,474 | $ | 1,039,922 | $ | — | $ | 6,106 | $ | 256,786 | $ | 1,038,998 | $ | 1,434 | $ | 284 | $ | 1,297,502 | $ | 31,204 | $ | 1,266,298 | |||||||||||||||||||||
Santa Monica Place | 26,400 | 105,600 | — | 323,012 | 48,374 | 396,190 | 8,058 | 2,390 | 455,012 | 80,324 | 374,688 | ||||||||||||||||||||||||||||||||
SanTan Adjacent Land | 29,414 | — | — | 6,893 | 30,506 | — | — | 5,801 | 36,307 | — | 36,307 | ||||||||||||||||||||||||||||||||
SanTan Village Regional Center | 7,827 | — | — | 195,686 | 6,344 | 195,833 | 1,336 | — | 203,513 | 76,088 | 127,425 | ||||||||||||||||||||||||||||||||
SouthPark Mall | 7,035 | 38,215 | — | 23,120 | 7,479 | 60,516 | 361 | 14 | 68,370 | 6,288 | 62,082 | ||||||||||||||||||||||||||||||||
Southridge Center | 6,764 | — | — | 19,451 | 6,514 | 19,585 | 98 | 18 | 26,215 | 2,662 | 23,553 | ||||||||||||||||||||||||||||||||
Stonewood Center | 4,948 | 302,527 | — | 1,595 | 4,935 | 303,697 | 45 | 393 | 309,070 | 10,530 | 298,540 | ||||||||||||||||||||||||||||||||
Superstition Springs Center | 10,928 | 112,718 | — | 5,333 | 10,928 | 117,891 | 160 | — | 128,979 | 7,522 | 121,457 | ||||||||||||||||||||||||||||||||
Superstition Springs Power Center | 1,618 | 4,420 | — | 203 | 1,618 | 4,540 | 83 | — | 6,241 | 1,595 | 4,646 | ||||||||||||||||||||||||||||||||
Tangerine (Marana), The Shops at | 36,158 | — | — | (9,232 | ) | 16,922 | — | — | 10,004 | 26,926 | — | 26,926 | |||||||||||||||||||||||||||||||
The Macerich Partnership, L.P. | — | 2,534 | — | 8,449 | — | — | 10,823 | 160 | 10,983 | 1,694 | 9,289 | ||||||||||||||||||||||||||||||||
Towne Mall | 6,652 | 31,184 | — | 4,062 | 6,877 | 34,530 | 491 | — | 41,898 | 12,761 | 29,137 | ||||||||||||||||||||||||||||||||
Tucson La Encantada | 12,800 | 19,699 | — | 55,276 | 12,800 | 74,435 | 530 | 10 | 87,775 | 37,790 | 49,985 | ||||||||||||||||||||||||||||||||
Twenty Ninth Street | — | 37,843 | 64 | 213,175 | 23,599 | 225,584 | 1,603 | 296 | 251,082 | 94,861 | 156,221 | ||||||||||||||||||||||||||||||||
Valley Mall | 16,045 | 26,098 | — | 9,719 | 15,616 | 35,869 | 326 | 51 | 51,862 | 4,566 | 47,296 | ||||||||||||||||||||||||||||||||
Valley River Center | 24,854 | 147,715 | — | 21,074 | 24,854 | 166,894 | 1,895 | — | 193,643 | 49,543 | 144,100 | ||||||||||||||||||||||||||||||||
Victor Valley, Mall of | 15,700 | 75,230 | — | 51,313 | 20,080 | 120,135 | 2,028 | — | 142,243 | 39,177 | 103,066 | ||||||||||||||||||||||||||||||||
Vintage Faire Mall | 14,902 | 60,532 | — | 56,441 | 17,647 | 112,898 | 1,316 | 14 | 131,875 | 61,773 | 70,102 | ||||||||||||||||||||||||||||||||
Westside Pavilion | 34,100 | 136,819 | — | 71,277 | 34,100 | 201,207 | 5,787 | 1,102 | 242,196 | 94,956 | 147,240 | ||||||||||||||||||||||||||||||||
Wilton Mall | 19,743 | 67,855 | — | 24,154 | 19,810 | 90,735 | 1,126 | 81 | 111,752 | 27,603 | 84,149 | ||||||||||||||||||||||||||||||||
500 North Michigan Avenue | 12,851 | 55,358 | — | 7,600 | 10,994 | 50,907 | 168 | 13,740 | 75,809 | 7,315 | 68,494 | ||||||||||||||||||||||||||||||||
Mervyn's (former locations) | 10,094 | 68,660 | — | 7,031 | 10,094 | 75,249 | 442 | — | 85,785 | 20,832 | 64,953 | ||||||||||||||||||||||||||||||||
Other land and development properties | 49,913 | — | — | 23,587 | 32,328 | 4,241 | — | 36,931 | 73,500 | 1,610 | 71,890 | ||||||||||||||||||||||||||||||||
$ | 1,757,942 | $ | 6,033,897 | $ | 47,479 | $ | 2,850,338 | $ | 1,894,717 | $ | 8,390,247 | $ | 169,841 | $ | 234,851 | $ | 10,689,656 | $ | 1,892,744 | $ | 8,796,912 |
Buildings and improvements | 5 - 40 years |
Tenant improvements | 5 - 7 years |
Equipment and furnishings | 5 - 7 years |
2015 | 2014 | 2013 | |||||||||
Balances, beginning of year | $ | 12,777,882 | $ | 9,181,338 | $ | 9,012,706 | |||||
Additions | 392,575 | 4,042,409 | 943,159 | ||||||||
Dispositions and retirements | (2,480,801 | ) | (445,865 | ) | (774,527 | ) | |||||
Balances, end of year | $ | 10,689,656 | $ | 12,777,882 | $ | 9,181,338 |
2015 | 2014 | 2013 | |||||||||
Balances, beginning of year | $ | 1,709,992 | $ | 1,559,572 | $ | 1,533,160 | |||||
Additions | 354,977 | 289,178 | 284,500 | ||||||||
Dispositions and retirements | (172,225 | ) | (138,758 | ) | (258,088 | ) | |||||
Balances, end of year | $ | 1,892,744 | $ | 1,709,992 | $ | 1,559,572 |
THE MACERICH COMPANY | |||
/s/ ARTHUR M. COPPOLA | |||
By | |||
Arthur M. Coppola | |||
Chairman and Chief Executive Officer |
Signature | Capacity | Date | ||
/s/ ARTHUR M. COPPOLA | Chairman and Chief Executive Officer and Director | February 23, 2016 | ||
Arthur M. Coppola | (Principal Executive Officer) | |||
/s/ EDWARD C. COPPOLA | President and Director | February 23, 2016 | ||
Edward C. Coppola | ||||
/s/ JOHN H. ALSCHULER | Director | February 23, 2016 | ||
John H. Alschuler | ||||
/s/ STEVEN R. HASH | Director | February 23, 2016 | ||
Steven R. Hash | ||||
/s/ FREDERICK S. HUBBELL | Director | February 23, 2016 | ||
Frederick S. Hubbell | ||||
/s/ DIANA M. LAING | Director | February 23, 2016 | ||
Diana M. Laing | ||||
/s/ MASON G. ROSS | Director | February 23, 2016 | ||
Mason G. Ross | ||||
/s/ STEVEN L. SOBOROFF | Director | February 23, 2016 | ||
Steven L. Soboroff | ||||
/s/ ANDREA M. STEPHEN | Director | February 23, 2016 | ||
Andrea M. Stephen | ||||
/s/ JOHN M. SULLIVAN | Director | February 23, 2016 | ||
John M. Sullivan | ||||
/s/ THOMAS E. O'HERN | Senior Executive Vice President, Treasurer and Chief Financial and Accounting Officer (Principal Financial and Accounting Officer) | February 23, 2016 | ||
Thomas E. O'Hern |
Exhibit Number | Description | ||
2.1 | Master Agreement, dated November 14, 2014, by and among Pacific Premier Retail LLC, MACPT LLC, Macerich PPR GP LLC, Queens JV LP, Macerich Queens JV LP, Queens JV GP LLC, 1700480 Ontario Inc. and the Company (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date November 14, 2014). | ||
3.1 | Articles of Amendment and Restatement of the Company (incorporated by reference as an exhibit to the Company's Registration Statement on Form S-11, as amended (No. 33-68964)). | ||
3.1.1 | Articles Supplementary of the Company (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date May 30, 1995). | ||
3.1.2 | Articles Supplementary of the Company (with respect to the first paragraph) (incorporated by reference as an exhibit to the Company's 1998 Form 10-K). | ||
3.1.3 | Articles Supplementary of the Company (Series D Preferred Stock) (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date July 26, 2002). | ||
3.1.4 | Articles Supplementary of the Company (incorporated by reference as an exhibit to the Company's Registration Statement on Form S-3, as amended (No. 333-88718)). | ||
3.1.5 | Articles of Amendment of the Company (declassification of Board) (incorporated by reference as an exhibit to the Company's 2008 Form 10-K). | ||
3.1.6 | Articles Supplementary of the Company (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date February 5, 2009). | ||
3.1.7 | Articles of Amendment of the Company (increased authorized shares) (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2009). | ||
3.1.8 | Articles of Amendment of the Company (to eliminate the supermajority vote requirement to amend the charter and to clarify a reference in Article NINTH) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date May 30, 2014). | ||
3.1.9 | Articles Supplementary (election to be subject to Section 3-803 of the Maryland General Corporation Law) (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date March 17, 2015). | ||
3.1.10 | Articles Supplementary (designation of Series E Preferred Stock) (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date March 18, 2015). | ||
3.1.11 | Articles Supplementary (reclassification of Series E Preferred Stock to preferred stock) (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date May 7, 2015). | ||
3.1.12 | Articles Supplementary (repeal of election to be subject to Section 3-803 of the Maryland General Corporation Law (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date May 28, 2015). | ||
3.2 | Amended and Restated Bylaws of the Company (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date January 29, 2014). | ||
Exhibit Number | Description | ||
4.1 | Form of Common Stock Certificate (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, as amended, event date November 10, 1998). | ||
4.2 | Form of Preferred Stock Certificate (Series D Preferred Stock) (incorporated by reference as an exhibit to the Company's Registration Statement on Form S-3 (No. 333-107063)). | ||
10.1 | Amended and Restated Limited Partnership Agreement for the Operating Partnership dated as of March 16, 1994 (incorporated by reference as an exhibit to the Company's 1996 Form 10-K). | ||
10.1.1 | Amendment to Amended and Restated Limited Partnership Agreement for the Operating Partnership dated June 27, 1997 (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date June 20, 1997). | ||
10.1.2 | Amendment to Amended and Restated Limited Partnership Agreement for the Operating Partnership dated November 16, 1997 (incorporated by reference as an exhibit to the Company's 1997 Form 10-K). | ||
10.1.3 | Fourth Amendment to Amended and Restated Limited Partnership Agreement for the Operating Partnership dated February 25, 1998 (incorporated by reference as an exhibit to the Company's 1997 Form 10-K). | ||
10.1.4 | Fifth Amendment to Amended and Restated Limited Partnership Agreement for the Operating Partnership dated February 26, 1998 (incorporated by reference as an exhibit to the Company's 1997 Form 10-K). | ||
10.1.5 | Sixth Amendment to Amended and Restated Limited Partnership Agreement for the Operating Partnership dated June 17, 1998 (incorporated by reference as an exhibit to the Company's 1998 Form 10-K). | ||
10.1.6 | Seventh Amendment to Amended and Restated Limited Partnership Agreement for the Operating Partnership dated December 23, 1998 (incorporated by reference as an exhibit to the Company's 1998 Form 10-K). | ||
10.1.7 | Eighth Amendment to Amended and Restated Limited Partnership Agreement for the Operating Partnership dated November 9, 2000 (incorporated by reference as an exhibit to the Company's 2000 Form 10-K). | ||
10.1.8 | Ninth Amendment to Amended and Restated Limited Partnership Agreement for the Operating Partnership dated July 26, 2002 (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K event date July 26, 2002). | ||
10.1.9 | Tenth Amendment to Amended and Restated Limited Partnership Agreement for the Operating Partnership dated October 26, 2006 (incorporated by reference as an exhibit to the Company's 2006 Form 10-K). | ||
10.1.10 | Eleventh Amendment to Amended and Restated Limited Partnership Agreement for the Operating Partnership dated as of March 16, 2007 (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date March 16, 2007). | ||
10.1.11 | Twelfth Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership dated as of April 30, 2009 (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2009). | ||
10.1.12 | Thirteenth Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership dated as of October 29, 2009 (incorporated by reference as an exhibit to the Company's 2009 Form 10-K). | ||
10.1.13 | Form of Fourteenth Amendment to Amended and Restated Limited Partnership Agreement for the Operating Partnership (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date April 25, 2005). |
Exhibit Number | Description | ||
10.2 | [Intentionally omitted] | ||
10.3 | [Intentionally omitted] | ||
10.4 | [Intentionally omitted] | ||
10.5 | * | Amended and Restated Deferred Compensation Plan for Executives (2003) (incorporated by reference as an exhibit to the Company's 2003 Form 10-K). | |
10.5.1 | * | Amendment Number 1 to Amended and Restated Deferred Compensation Plan for Executives (October 30, 2008) (incorporated by reference as an exhibit to the Company's 2008 Form 10-K). | |
10.5.2 | * | Amendment Number 2 to Amended and Restated Deferred Compensation Plan for Executives (May 1, 2011) (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011). | |
10.5.3 | * | Amendment Number 3 to Amended and Restated Deferred Compensation Plan for Executives (September 27, 2012) (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012). | |
10.6 | * | Amended and Restated Deferred Compensation Plan for Senior Executives (2003) (incorporated by reference as an exhibit to the Company's 2003 Form 10-K). | |
10.6.1 | * | Amendment Number 1 to Amended and Restated Deferred Compensation Plan for Senior Executives (October 30, 2008) (incorporated by reference as an exhibit to the Company's 2008 Form 10-K). | |
10.6.2 | * | Amendment Number 2 to Amended and Restated Deferred Compensation Plan for Senior Executives (May 1, 2011) (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10‑Q for the quarter ended June 30, 2011). | |
10.6.3 | * | Amendment Number 3 to Amended and Restated Deferred Compensation Plan for Senior Executives (September 27, 2012) (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012). | |
10.7 | * | Eligible Directors' Deferred Compensation/Phantom Stock Plan (as amended and restated as of January 1, 2013) (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013). | |
10.8 | * | Amended and Restated 2013 Deferred Compensation Plan for Executives effective (January 1, 2016). | |
10.9 | Deferred Compensation Plan Rabbi Trust between the Company and Wilmington Trust, National Association, effective as of October 1, 2012 (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012). | ||
10.10 | Registration Rights Agreement, dated as of March 16, 1994, among the Company and Mace Siegel, Dana K. Anderson, Arthur M. Coppola and Edward C. Coppola (incorporated by reference as an exhibit to the Company's 1996 Form 10-K). | ||
10.11 | Registration Rights Agreement, dated as of March 16, 1994, between the Company and The Northwestern Mutual Life Insurance Company (incorporated by reference as an exhibit to the Company’s 1996 Form 10-K). | ||
Exhibit Number | Description | ||
10.12 | Registration Rights Agreement dated as of December 18, 2003 by the Operating Partnership, the Company and Taubman Realty Group Limited Partnership (Registration rights assigned by Taubman to three assignees) (incorporated by reference as an exhibit to the Company's 2003 Form 10-K). | ||
10.13 | Incidental Registration Rights Agreement dated March 16, 1994 (incorporated by reference as an exhibit to the Company's 1996 Form 10-K). | ||
10.14 | Incidental Registration Rights Agreement dated as of July 21, 1994 (incorporated by reference as an exhibit to the Company's 1997 Form 10-K). | ||
10.15 | Incidental Registration Rights Agreement dated as of August 15, 1995 (incorporated by reference as an exhibit to the Company's 1997 Form 10-K). | ||
10.16 | Incidental Registration Rights Agreement dated as of December 21, 1995 (incorporated by reference as an exhibit to the Company's 1997 Form 10-K). | ||
10.17 | List of Omitted Incidental/Demand Registration Rights Agreements (incorporated by reference as an exhibit to the Company's 1997 Form 10-K). | ||
10.18 | Redemption, Registration Rights and Lock-Up Agreement dated as of July 24, 1998 between the Company and Harry S. Newman, Jr. and LeRoy H. Brettin (incorporated by reference as an exhibit to the Company's 1998 Form 10-K). | ||
10.19 | Form of Indemnification Agreement between the Company and its executive officers and directors (incorporated by reference as an exhibit to the Company's 2008 Form 10-K). | ||
10.20 | Form of Registration Rights Agreement with Series D Preferred Unit Holders (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date July 26, 2002). | ||
10.20.1 | List of Omitted Registration Rights Agreements (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date July 26, 2002). | ||
10.21 | Registration Rights Agreement between the Company and 1700480 Ontario Inc. dated as of November 14, 2014 (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date November 14, 2014). | ||
10.22 | $1,500,000,000 Revolving Loan Facility and $125,000,000 Term Loan Facility Amended and Restated Credit Agreement, dated as of August 6, 2013, by and among the Company, The Macerich Partnership, L.P., Deutsche Bank Trust Company Americas, as administrative agent; Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC as joint lead arrangers and joint bookrunning managers; JP Morgan Chase Bank, N.A. and Wells Fargo Bank, N.A. as co-syndication agents, and various lenders party thereto (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date August 6, 2013). | ||
10.23 | Amended and Restated Unconditional Guaranty, dated as of August 6, 2013, by the Company in favor of Deutsche Bank Trust Company Americas, as administrative agent (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date August 6, 2013). | ||
10.24 | Tax Matters Agreement (Wilmorite) (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date April 25, 2005). | ||
10.25 | [Intentionally omitted] | ||
Exhibit Number | Description | ||
10.26 | [Intentionally omitted] | ||
10.27 | * | 2003 Equity Incentive Plan, as amended and restated as of May 30, 2014 (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date May 30, 2014). | |
10.27.1 | * | Amended and Restated Cash Bonus/Restricted Stock/Stock Unit and LTIP Unit Award Program under the 2003 Equity Incentive Plan (incorporated by reference as an exhibit to the Company's 2010 Form 10-K). | |
10.27.2 | * | Form of Restricted Stock Award Agreement under 2003 Equity Incentive Plan (incorporated by reference as an exhibit to the Company's 2008 Form 10-K). | |
10.27.3 | * | Form of Stock Unit Award Agreement under 2003 Equity Incentive Plan (incorporated by reference as an exhibit to the Company's 2014 Form 10-K). | |
10.27.4 | * | Form of Employee Stock Option Agreement under 2003 Equity Incentive Plan (incorporated by reference as an exhibit to the Company's 2008 Form 10-K). | |
10.27.5 | * | Form of Non-Qualified Stock Option Grant under 2003 Equity Incentive Plan (incorporated by reference as an exhibit to the Company's 2008 Form 10-K). | |
10.27.6 | * | Form of Restricted Stock Award Agreement for Non-Management Directors (incorporated by reference as an exhibit to the Company's 2008 Form 10-K). | |
10.27.7 | * | Form of Stock Unit Award Agreement under 2003 Equity Incentive Plan for Non-Employee Directors. | |
10.27.8 | * | Form of Stock Appreciation Right under 2003 Equity Incentive Plan (incorporated by reference as an exhibit to the Company's 2008 Form 10-K). | |
10.27.9 | * | Form of LTIP Unit Award Agreement under 2003 Equity Incentive Plan (service-based) (incorporated by reference as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014). | |
10.27.10 | * | Form of LTIP Unit Award Agreement under 2003 Equity Incentive Plan (performance-based) (incorporated by reference as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014). | |
10.27.11 | * | Form of LTIP Unit Award Agreement under 2003 Equity Incentive Plan (fully-vested) (incorporated by reference as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014). | |
10.27.12 | * | Form of LTIP Unit Award Agreement under 2003 Equity Incentive Plan (performance-based/outperformance) (incorporated by reference as an exhibit to the Company's 2014 Form 10-K). | |
10.28 | * | Amendment and Restatement of the Employee Stock Purchase Plan (as amended and restated as of June 1, 2013) (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013). | |
10.28.1 | * | First Amendment to Amended and Restated Employee Stock Purchase Plan (October 23, 2014) (incorporated by reference as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014). | |
10.29 | * | Management Continuity Agreement between the Company and Thomas J. Leanse, effective January 1, 2013 (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012). |
Exhibit Number | Description | ||
10.30 | 2005 Amended and Restated Agreement of Limited Partnership of MACWH, LP dated as of April 25, 2005 (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date April 25, 2005). | ||
10.31 | Registration Rights Agreement dated as of April 25, 2005 among the Company and the persons names on Exhibit A thereto (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date April 25, 2005). | ||
21.1 | List of Subsidiaries | ||
23.1 | Consent of Independent Registered Public Accounting Firm (KPMG LLP) | ||
31.1 | Section 302 Certification of Arthur Coppola, Chief Executive Officer | ||
31.2 | Section 302 Certification of Thomas O'Hern, Chief Financial Officer | ||
32.1 | Section 906 Certifications of Arthur Coppola and Thomas O'Hern | ||
101.INS | XBRL Instance Document | ||
101.SCH | XBRL Taxonomy Extension Schema Document | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
Participant Name: | ||
Soc. Sec. No.: | ||
No. Stock Units: | (1) | |
Vesting Schedule: | 100% of the Stock Units (as defined below) on the first anniversary of the Award Date. | |
Award Date: | [March , ], |
By: | The Macerich Company |
1. | I have reviewed this report on Form 10-K for the year ended December 31, 2015 of The Macerich Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ ARTHUR M. COPPOLA | |||
Date: | February 23, 2016 | Chairman and Chief Executive Officer |
1. | I have reviewed this report on Form 10-K for the year ended December 31, 2015 of The Macerich Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ THOMAS E. O'HERN | |||
Date: | February 23, 2016 | Senior Executive Vice President and Chief Financial Officer |
(i) | the Annual Report on Form 10-K for the year ended December 31, 2015 of the Company (the "Report") fully complies with the requirements of Section 13(a) and 15(d) of the Securities Exchange Act of 1934; and |
(ii) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ ARTHUR M. COPPOLA | ||
Chairman and Chief Executive Officer | ||
/s/ THOMAS E. O'HERN | ||
Senior Executive Vice President and Chief Financial Officer |
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Document and Entity Information - USD ($) $ in Billions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 22, 2016 |
Jun. 30, 2015 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MACERICH CO | ||
Entity Central Index Key | 0000912242 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 149,149,560 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 11.8 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
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 | 154,404,986 | 158,201,996 |
Common stock, shares outstanding | 154,404,986 | 158,201,996 |
CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 08, 2015 |
Oct. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Statement of Stockholders' Equity [Abstract] | |||||
Distributions paid, per share (in dollars per share) | $ 2.00 | $ 4.63 | $ 2.51 | $ 2.36 | |
Dividends declared for common stock | $ 2.00 | $ 6.63 |
Organization: |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization: | Organization: The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of December 31, 2015, 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." |
Summary of Significant Accounting Policies: |
12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||
Summary of Significant Accounting Policies: | Summary of Significant Accounting Policies: Basis of Presentation: These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. Cash and Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under loan agreements. Revenues: Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." Minimum rents were increased by $7,192, $5,825 and $7,498 due to the straight-line rent adjustment during the years ended December 31, 2015, 2014 and 2013, respectively. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. In consideration for these services, the Management Companies receive monthly management fees generally ranging from 1.5% to 5% of the gross monthly rental revenue of the properties managed. Property: Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows:
Capitalization of Costs: The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete. Investment in Unconsolidated Joint Ventures: The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, Candlestick Center LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures as it shares management control with the partners in these joint venture and, therefore, accounts for its investments in these joint ventures using the equity method of accounting. Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization. Acquisitions: The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases are recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. The initial allocation of purchase price is based on management's preliminary assessment, which may change when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The purchase price allocation is described as preliminary if it is not yet final. The use of different assumptions in the allocation of the purchase price of the acquired assets and liabilities assumed could affect the timing of recognition of the related revenues and expenses. The Company immediately expenses costs associated with business combinations as period costs. Remeasurement gains are recognized when the Company obtains control of an existing equity method investment to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment. Deferred Charges: Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method. The range of the terms of the agreements is as follows:
Accounting for Impairment: The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary. Derivative Instruments and Hedging Activities: The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Ineffective portions, if any, are included in net income (loss). Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations. Share and Unit-based Compensation Plans: The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For market-indexed LTIP awards, compensation cost is recognized under the graded attribution method. Income Taxes: The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any. Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes, which are provided for in the Company's consolidated financial statements. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods. Segment Information: The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States. Fair Value of Financial Instruments: The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made. The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Concentration of Risk: The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. At various times during the year, the Company had deposits in excess of the FDIC insurance limit. No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2015, 2014 or 2013. Management Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue From Contracts With Customers,” which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year. Accordingly, ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for the Company beginning January 1, 2016. Early adoption is permitted. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. ASU 2015-03 is effective for the Company beginning January 1, 2016. Early adoption is permitted. Upon adoption, the Company will apply the new standard on a retrospective basis and adjust the balance sheet of each individual period to reflect the period-specific effects of applying the new standard. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. ASU 2015-16 is effective for the Company beginning January 1, 2016. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. |
Earnings Per Share ("EPS"): |
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Earnings Per Share ("EPS"): | Earnings Per Share ("EPS"): The following table reconciles the numerator and denominator used in the computation of earnings per share for the years ended December 31 (shares in thousands):
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Diluted EPS excludes 10,562,154 and 10,079,935 and 9,845,602 Operating Partnership units ("OP Units") for the years ended December 31, 2015, 2014 and 2013, respectively, as their effect was antidilutive. |
Investments in Unconsolidated Joint Ventures: |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Joint Ventures: | Investments in Unconsolidated Joint Ventures: The following are the Company's direct or indirect investments in various joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2015 was as follows:
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The Company has made the following investments and dispositions in unconsolidated joint ventures during the years ended December 31, 2015, 2014 and 2013: On May 29, 2013, the Company's joint venture in Pacific Premier Retail LLC sold Redmond Town Center Office, a 582,000 square foot office building in Redmond, Washington, for $185,000, resulting in a gain on the sale of assets of $89,157 to the joint venture. The Company's share of the gain was $44,424, which was included in equity in income of unconsolidated joint ventures during the year ended December 31, 2013. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes. On June 12, 2013, the Company's joint venture in Pacific Premier Retail LLC sold Kitsap Mall, an 846,000 square foot regional shopping center in Silverdale, Washington, for $127,000, resulting in a gain on the sale of assets of $55,150 to the joint venture. The Company's share of the gain was $28,127, which was included in equity in income of unconsolidated joint ventures during the year ended December 31, 2013. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes. On August 1, 2013, the Company's joint venture in Pacific Premier Retail LLC sold Redmond Town Center, a 695,000 square foot community center in Redmond, Washington, for $127,000, resulting in a gain on the sale of assets of $38,447 to the joint venture. The Company's share of the gain was $18,251, which was included in equity in income of unconsolidated joint ventures during the year ended December 31, 2013. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes. On September 17, 2013, the Company’s joint venture in Camelback Colonnade, a 619,000 square foot community center in Phoenix, Arizona, was restructured. As a result of the restructuring, the Company’s ownership interest in Camelback Colonnade decreased from 73.2% to 67.5%. Prior to the restructuring, the Company had accounted for its investment in Camelback Colonnade under the equity method of accounting due to substantive participation rights held by the outside partners. Upon completion of the restructuring, these substantive participation rights were terminated and the Company obtained voting control of the joint venture. This transaction is referred to herein as the "Camelback Colonnade Restructuring." Since the date of the restructuring, the Company included Camelback Colonnade in its consolidated financial statements (See Note 13—Acquisitions) until its sale on December 29, 2014 (See Note 14—Dispositions). On October 8, 2013, the Company's joint venture in Ridgmar Mall, a 1,273,000 square foot regional shopping center in Fort Worth, Texas, sold the property for $60,900, resulting in a gain of $6,243 to the joint venture. The Company's share of the gain was $3,121, which was included in equity in income from joint ventures for the year ended December 31, 2013. The cash proceeds from the sale were used to pay off the $51,657 mortgage loan on the property and the remaining $9,243, net of closing costs, was distributed to the partners. The Company used its share of the proceeds from the sale to pay down its line of credit and for general corporate purposes. On October 24, 2013, the Company acquired the remaining 33.3% ownership interest in Superstition Springs Center that it did not previously own for $46,162. The purchase price was funded by a cash payment of $23,662 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $22,500. Prior to the acquisition, the Company had accounted for its investment in Superstition Springs Center under the equity method of accounting. Since the date of acquisition, the Company has included Superstition Springs Center in its consolidated financial statements (See Note 13—Acquisitions). On June 4, 2014, the Company acquired the remaining 49% ownership interest in Cascade Mall, a 589,000 square foot regional shopping center in Burlington, Washington, that it did not previously own for a cash payment of $15,233. The Company purchased Cascade Mall from its joint venture in Pacific Premier Retail LLC. The cash payment was funded by borrowings under the Company's line of credit. Prior to the acquisition, the Company had accounted for its investment in Cascade Mall under the equity method of accounting. Since the date of acquisition, the Company has included Cascade Mall in its consolidated financial statements (See Note 13—Acquisitions). On July 30, 2014, the Company formed a joint venture with Pennsylvania Real Estate Investment Trust to redevelop Fashion Outlets of Philadelphia, a 1,376,000 square foot regional shopping center in Philadelphia, Pennsylvania. The Company invested $106,800 for a 50% interest in the joint venture, which was funded by borrowings under its line of credit. On August 28, 2014, the Company sold its 30% ownership interest in Wilshire Boulevard, a 40,000 square foot freestanding store in Santa Monica, California, for a total sales price of $17,100, resulting in a gain on the sale of assets of $9,033, which was included in gain (loss) on sale or write down of assets, net. The sales price was funded by a cash payment of $15,386 and the assumption of the Company's share of the mortgage note payable on the property of $1,714. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On November 13, 2014, the Company formed a joint venture to develop Fashion Outlets of San Francisco, a 500,000 square foot outlet center in San Francisco, California. In connection with the formation of the joint venture, the Company issued a note receivable for $65,130 to its joint venture partner that bears interest at LIBOR plus 2.0% and matures upon the completion of certain milestones in connection with the development of Fashion Outlets of San Francisco (See Note 17—Related Party Transactions). On November 14, 2014, the Company acquired the remaining 49% ownership interest that it did not previously own in two separate joint ventures, Pacific Premier Retail LLC and Queens JV LP, which together owned five Centers: Lakewood Center, a 2,075,000 square foot regional shopping center in Lakewood, California; Los Cerritos Center, a 1,292,000 square foot regional shopping center in Cerritos, California; Queens Center, a 966,000 square foot regional shopping center in Queens, New York; Stonewood Center, a 932,000 square foot regional shopping center in Downey, California; and Washington Square, a 1,441,000 square foot regional shopping center in Portland, Oregon (collectively referred to herein as the "PPR Queens Portfolio"). The total consideration of $1,838,886 was funded by the direct issuance of $1,166,777 of common stock of the Company (See Note 12—Stockholders' Equity) and the assumption of the third party's pro rata share of the mortgage notes payable on the properties of $672,109. Prior to the acquisition, the Company had accounted for its investment in these joint ventures under the equity method of accounting. Since the date of acquisition, the Company has included the PPR Queens Portfolio in its consolidated financial statements (See Note 13—Acquisitions). On November 20, 2014, the Company purchased a 45% interest in 443 North Wabash Avenue, a 65,000 square foot undeveloped site adjacent to the Company's joint venture in The Shops at North Bridge in Chicago, Illinois, for a cash payment of $18,900. The cash payment was funded by borrowings under the Company's line of credit. On February 17, 2015, the Company acquired the remaining 50% ownership interest in Inland Center, an 866,000 square foot regional shopping center in San Bernardino, California, that it did not previously own for $51,250. The purchase price was funded by a cash payment of $26,250 and the assumption of the third party's share of the mortgage note payable on the property of $25,000. Concurrent with the purchase of the joint venture interest, the Company paid off the $50,000 mortgage note payable on the property. The cash payment was funded by borrowings under the Company's line of credit. Prior to the acquisition, the Company had accounted for its investment in Inland Center under the equity method of accounting. Since the date of acquisition, the Company has included Inland Center in its consolidated financial statements (See Note 13—Acquisitions). On April 30, 2015, the Company entered into a 50/50 joint venture with Sears to own nine freestanding stores located at Arrowhead Towne Center, Chandler Fashion Center, Danbury Fair Mall, Deptford Mall, Freehold Raceway Mall, Los Cerritos Center, South Plains Mall, Vintage Faire Mall and Washington Square. The Company invested $150,000 for a 50% ownership interest in the joint venture, which was funded by borrowings under the Company's line of credit. On October 30, 2015, the Company sold a 40% ownership interest in Pacific Premier Retail LLC (the "PPR Portfolio"), which owns Lakewood Center, a 2,075,000 square foot regional shopping center in Lakewood, California; Los Cerritos Center, a 1,292,000 square foot regional shopping center in Cerritos, California; South Plains Mall, a 1,127,000 square foot regional shopping center in Lubbock, Texas; and Washington Square, a 1,441,000 square foot regional shopping center in Portland, Oregon, for a total sales price of $1,258,643, resulting in a gain on sale of assets of $311,194. The sales price was funded by a cash payment of $545,643 and the assumption of a pro rata share of the mortgage notes payable on the properties of $713,000. The Company used the cash proceeds from the sales to pay down its line of credit and for general corporate purposes, which included funding the ASR and Special Dividend (See Note 12—Stockholders' Equity). On January 6, 2016, the Company sold a 40% ownership interest in Arrowhead Towne Center, a 1,197,000 square foot regional shopping center in Glendale, Arizona; for $284,000 (See Note 22—Subsequent Events). The sales price was funded by a cash payment of $124,000 and the assumption of a pro rata share of the mortgage note payable on the property of $160,000. The Company used the cash proceeds from the sales to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See Note 12—Stockholders' Equity). On January 14, 2016, the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall, a 1,040,000 square foot regional shopping center in Deptford, New Jersey; FlatIron Crossing, a 1,430,000 square foot regional shopping center in Broomfield, Colorado; and Twenty Ninth Street, an 850,000 square foot regional shopping center in Boulder, Colorado for $750,980. The sales price was funded by a cash payment of $458,110 and the assumption of a pro rata share of the mortgage note payable on the properties of $292,870. (See Note 22—Subsequent Events). The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31:
_______________________________________________________________________________
Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $461,778 and $606,263 as of December 31, 2015 and 2014, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense incurred on these borrowings amounted to $29,372, $38,113 and $31,549 for the years ended December 31, 2015, 2014 and 2013, respectively.
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
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Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. |
Property: |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property: | Property, net: Property at December 31, 2015 and 2014 consists of the following:
Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $354,977, $289,178 and $269,790, respectively. The gain on sale or write down of assets, net for the year ended December 31, 2015 includes the gain of $311,194 on the sale of a 40% ownership interest in the PPR Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures), $73,726 on the sale of Panorama Mall (See Note 14—Dispositions), $2,336 on the sale of assets and $1,807 on the sale of land offset in part by a loss of $10,633 on impairment and $182 on the write-off of development costs. The loss on impairment was due to the reduction of the estimated holding periods of Flagstaff Mall (See Note 8—Mortgage Notes Payable) and a freestanding store. The gain on sale or write down of assets, net for the year ended December 31, 2014 includes the gain of $144,927 on the sales of Rotterdam Square, Somersville Towne Center, Lake Square Mall, South Towne Center, Camelback Colonnade and four former Meryvns' stores (See Note 14—Dispositions), $9,033 on the sale of Wilshire Boulevard (See Note 4—Investments in Unconsolidated Joint Ventures) and $1,257 on the sale of assets offset in part by a loss of $41,216 on impairment and $40,561 on the write-off of development costs. The loss on impairment was due to the reduction in the estimated holding periods of the long-lived assets of several properties including Great Northern Mall, Cascade Mall, a property adjacent to Fiesta Mall and three former Mervyn's stores sold in 2014 (See Note 14—Dispositions). The loss on sale or write down of assets, net for the year ended December 31, 2013 includes a loss of $82,197 on impairment and $1,250 on the write-off of development costs offset in part by a gain of $5,390 on the sale of assets. The loss on impairment was due to the reduction in the estimated holding periods of the long-lived assets of Promenade at Casa Grande, Rotterdam Square, Lake Square Mall and Somersville Towne Center. |
Tenant and Other Receivables: |
12 Months Ended |
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Dec. 31, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Tenant and Other Receivables: | Tenant and Other Receivables, net: Included in tenant and other receivables, net is an allowance for doubtful accounts of $3,072 and $3,234 at December 31, 2015 and 2014, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $10,940 and $13,436 at December 31, 2015 and 2014, respectively, and a deferred rent receivable due to straight-line rent adjustments of $60,790 and $57,278 at December 31, 2015 and 2014, respectively. On March 17, 2014, in connection with the sale of Lake Square Mall (See Note 14—Dispositions), the Company issued a note receivable for $6,500 that bears interest at an effective rate of 6.5% and matures on March 17, 2018 ("LSM Note A") and a note receivable for $3,103 that bore interest at 5.0% and was to mature on December 31, 2014 ("LSM Note B"). On September 2, 2014, the balance of LSM Note B was paid in full. The balance of LSM Note A at December 31, 2015 was $6,351 and is collateralized by a trust deed on Lake Square Mall. |
Deferred Charges and Other Assets, net: |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Charges and Other Assets, net: | Deferred Charges and Other Assets, net: Deferred charges and other assets, net at December 31, 2015 and 2014 consist of the following:
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The allocated values of above-market leases and below-market leases consist of the following:
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The allocated values of above and below-market leases will be amortized into minimum rents on a straight-line basis over the individual remaining lease terms. The estimated amortization of these values for the next five years and thereafter is as follows:
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Mortgage Notes Payable: |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Notes Payable: | Mortgage Notes Payable: Mortgage notes payable at December 31, 2015 and 2014 consist of the following:
The debt premiums (discounts) as of December 31, 2015 and 2014 consist of the following:
Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. Most of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. As of December 31, 2015 and 2014, a total of $13,500 and $73,165, respectively, of the mortgage notes payable could become recourse to the Company. The Company expects all loan maturities during the next twelve months, except Flagstaff Mall, will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand. The mortgage note payable on Flagstaff Mall, which went into maturity default on November 1, 2015, is a non-recourse loan. The Company is working with the loan servicer and expects the property will be transferred to the loan servicer or a receiver. Total interest expense capitalized during the years ended December 31, 2015, 2014 and 2013 was $13,052, $12,559 and $10,829, respectively. Related party mortgage notes payable are amounts due to affiliates of NML. See Note 17—Related Party Transactions for interest expense associated with loans from NML. The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2015 and 2014 was $4,628,781 and $5,455,453, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt. The future maturities of mortgage notes payable are as follows:
The future maturities reflected above reflect the extension options that the Company believes will be exercised. |
Bank and Other Notes Payable: |
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Bank and Other Notes Payable: | |||||||||||||||||||||||||
Bank and Other Notes Payable: | Bank and Other Notes Payable: Bank and other notes payable at December 31, 2015 and 2014 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 1.38% to 2.0%, depending on the Company's overall leverage levels, and matures on August 6, 2018. Based on the Company's leverage level as of December 31, 2015, the borrowing rate on the facility was LIBOR plus 1.50%. As of December 31, 2015 and 2014, borrowings under the line of credit were $650,000 and $752,000, respectively, at an average interest rate of 1.95% and 1.89%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2015 and 2014 was $640,260 and $713,989, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Term Loan: On December 8, 2011, the Company obtained a $125,000 unsecured term loan under the line of credit that bore interest at LIBOR plus a spread of 1.95% to 3.20%, depending on the Company's overall leverage level, and was to mature on December 8, 2018. On October 23, 2015, the Company paid off in full the term loan, which resulted in a loss of $578 on the early extinguishment of debt. As of December 31, 2014, the total interest rate was 2.25%. The estimated fair value (Level 2 measurement) of the term loan at December 31, 2014 was $119,780, 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 bears interest at 5.25% and matures on March 29, 2016. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At December 31, 2015 and 2014, the note had a balance of $9,130 and $10,879, respectively. The estimated fair value (Level 2 measurement) of the note at December 31, 2015 and 2014 was $9,168 and $11,178, respectively, based on current interest rates for comparable notes. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the collateral for the underlying debt. As of December 31, 2015 and 2014, the Company was in compliance with all applicable financial loan covenants. The future maturities of bank and other notes payable are as follows:
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Co-Venture Arrangement: |
12 Months Ended |
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Dec. 31, 2015 | |
Co-Venture Arrangement: [Abstract] | |
Co-venture Arrangement Disclosure | Co-Venture Arrangement: On September 30, 2009, the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Freehold Raceway Mall, a 1,669,000 square foot regional shopping center in Freehold, New Jersey, and Chandler Fashion Center, a 1,319,000 square foot regional shopping center in Chandler, Arizona. As part of this transaction, the Company issued a warrant in favor of the third party to purchase 935,358 shares of common stock of the Company at an exercise price of $46.68 per share (See "Stock Warrants" in Note 12—Stockholders' Equity). The Company received approximately $174,650 in cash proceeds for the overall transaction, of which $6,496 was attributed to the warrants. The Company used the proceeds from this transaction to pay down its line of credit and for general corporate purposes. As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the venture formation, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction has been accounted for as a profit-sharing arrangement, and accordingly the assets, liabilities and operations of the properties remain on the books of the Company and a co-venture obligation was established for the amount of $168,154, representing the net cash proceeds received from the third party less costs allocated to the warrant. The co-venture obligation is increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. The co-venture obligation was $63,756 and $75,450 at December 31, 2015 and 2014, respectively. |
Noncontrolling Interests: |
12 Months Ended |
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Dec. 31, 2015 | |
NonControlling Interests: [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests: The Company allocates net income of the Operating Partnership based on the weighted-average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership periodically to reflect its ownership interest in the Company. The Company had a 93% and 94% ownership interest in the Operating Partnership as of December 31, 2015 and 2014, respectively. The remaining 7% and 6% limited partnership interest as of December 31, 2015 and 2014, respectively, was owned by certain of the Company's executive officers and directors, certain of their affiliates, and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of registered or unregistered stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the ten trading days ending on the respective balance sheet date. Accordingly, as of December 31, 2015 and 2014, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $870,625 and $877,184, respectively. The Company issued common and cumulative preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder, the Company may redeem them for cash or shares of the Company's stock at the Company's option, and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock. |
Stockholders' Equity: |
12 Months Ended |
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Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity: Stock Buyback Program: On September 30, 2015, the Company's Board of Directors authorized the repurchase of up to $1,200,000 of the Company's outstanding common shares over the period ending September 30, 2017, as market conditions warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated stock repurchase transactions, or other methods of acquiring shares and pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, from time to time as permitted by securities laws and other legal requirements. On November 12, 2015, the Company entered into an accelerated share repurchase program ("ASR") to repurchase $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,140,788 shares. On January 20, 2016, the ASR was completed and the Company received an additional delivery of 970,609 shares. The average price of the 5,111,397 shares repurchased under the ASR was $78.26 per share. The ASR was funded from proceeds in connection with the financing and sale of the ownership interest in the PPR Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures and Note 22—Subsequent Events). Special Dividends: On October 30, 2015, the Company declared two special dividends/distributions ("Special Dividend"), each of $2.00 per share of common stock and per OP Unit. The first Special Dividend was paid on December 8, 2015 to stockholders and OP Unit holders of record on November 12, 2015. The second Special Dividend was paid on January 6, 2016 to common stockholders and OP Unit holders of record on November 12, 2015. The Special Dividends were funded from proceeds in connection with the financing and sale of ownership interests in the PPR Portfolio and Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures and Note 22—Subsequent Events). At-The-Market Stock Offering Program ("ATM Program"): On August 17, 2012, the Company entered into an equity distribution agreement ("2012 Distribution Agreement") with a number of sales agents (the "2012 ATM Program") to issue and sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000 (the “2012 ATM Shares”). Sales of the 2012 ATM Shares, could have been made in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an “at the market” offering, which includes sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. The Company agreed to pay each sales agent a commission that was not to exceed, but could have been lower than, 2% of the gross proceeds of the 2012 ATM Shares sold through such sales agent under the 2012 Distribution Agreement. During the year ended December 31, 2012, the Company sold 2,961,903 shares of common stock under the 2012 ATM Program in exchange for aggregate gross proceeds of $177,896 and net proceeds of $175,649 after commissions and other transaction costs. During the year ended December 31, 2013, the Company sold 2,456,956 shares of common stock under the 2012 ATM Program in exchange for aggregate gross proceeds of $173,011 and net proceeds of $171,102 after commissions and other transaction costs. The proceeds from the sales were used to pay down the Company's line of credit. On August 20, 2014, the Company terminated and replaced the 2012 ATM Program with a new ATM Program (the "2014 ATM Program") to sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000 (the "ATM Shares"). The terms of the 2014 ATM Program are substantially the same as the 2012 ATM Program. The Company did not sell any shares under the 2014 ATM Program during the year ended December 31, 2015. As of December 31, 2015, $500,000 of the ATM Shares were available to be sold under the 2014 ATM Program. The unsold 2012 ATM Shares are no longer available for issuance. Actual future sales of the ATM Shares under the 2014 ATM Program will depend upon a variety of factors including but not limited to market conditions, the trading price of the Company's common stock and the Company's capital needs. The Company has no obligation to sell the ATM Shares under the 2014 ATM Program. Stock Issued to Acquire Property: On November 14, 2014, the Company issued 17,140,845 shares of common stock in connection with the acquisition of the PPR Queens Portfolio (See Note 13—Acquisitions) for a value of $1,166,777, based on the closing price of the Company's common stock on the date of the transaction. |
Acquisitions: |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions: Green Acres Mall: On January 24, 2013, the Company acquired Green Acres Mall, a 1,799,000 square foot regional shopping center in Valley Stream, New York, for a purchase price of $500,000. A purchase deposit of $30,000 was funded during the year ended December 31, 2012, and the remaining $470,000 was funded upon closing of the acquisition. The cash payment made at the time of closing was provided by the placement of a mortgage note payable on the property that allowed for borrowings of up to $325,000 and from borrowings under the Company's line of credit. Concurrent with the acquisition, the Company borrowed $100,000 on the loan. On January 31, 2013, the Company exercised its option to borrow the remaining $225,000 on the loan. The acquisition was completed to acquire another prominent shopping center in the New York metropolitan area. The following is a summary of the allocation of the fair value of Green Acres Mall:
The Company determined that the purchase price represented the fair value of the assets acquired and liabilities assumed. Since the date of acquisition, the Company has included Green Acres Mall in its consolidated financial statements. Green Acres Adjacent: On April 25, 2013, the Company acquired a 19 acre parcel of land adjacent to Green Acres Mall for $22,577. The payment was provided by borrowings from the Company's line of credit. The acquisition was completed to allow for future expansion of Green Acres Mall. Camelback Colonnade Restructuring: On September 17, 2013, the Company’s joint venture in Camelback Colonnade was restructured. As a result of the restructuring, the Company’s ownership interest in Camelback Colonnade decreased from 73.2% to 67.5%. Prior to the restructuring, the Company had accounted for its investment in Camelback Colonnade under the equity method of accounting due to substantive participation rights held by the outside partners. Upon completion of the restructuring, these substantive participation rights were terminated and the Company obtained voting control of the joint venture (See Note 4—Investments in Unconsolidated Joint Ventures). The following is a summary of the allocation of the fair value of Camelback Colonnade:
The Company recognized the following remeasurement gain on the Camelback Colonnade Restructuring:
Since the date of the restructuring, the Company included Camelback Colonnade in its consolidated financial statements until its sale on December 29, 2014 (See Note 14—Dispositions). Superstition Springs Center: On October 24, 2013, the Company acquired the remaining 33.3% ownership interest in Superstition Springs Center that it did not previously own for $46,162. The purchase price was funded by a cash payment of $23,662 and the assumption of the third party's share of the mortgage note payable on the property of $22,500. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Superstition Springs Center. The acquisition was completed in order to gain 100% ownership and control over this asset. The following is a summary of the allocation of the fair value of Superstition Springs Center:
The Company determined that the purchase price represented the fair value of the additional ownership interest in Superstition Springs Center that was acquired.
The following is the reconciliation of the purchase price to the fair value of the acquired net assets:
Since the date of acquisition, the Company has included Superstition Springs Center in its consolidated financial statements. Cascade Mall: On June 4, 2014, the Company acquired the remaining 49% ownership interest in Cascade Mall that it did not previously own for $15,233. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Cascade Mall. The acquisition was completed in order to obtain 100% ownership and control over this asset. The following is a summary of the allocation of the fair value of Cascade Mall:
The Company determined that the purchase price represented the fair value of the additional ownership interest in Cascade Mall that was acquired. The following is the reconciliation of the purchase price to the fair value of the acquired net assets:
Since the date of acquisition, the Company has included Cascade Mall in its consolidated financial statements. Fashion Outlets of Chicago: On October 31, 2014, the Company purchased AWE/Talisman's ownership interest in its consolidated joint venture in Fashion Outlets of Chicago, for $69,987. The purchase price was funded by a cash payment of $55,867 and the settlement of the balance on the Talisman Notes of $14,120 (See Note 17—Related Party Transactions). The cash payment was funded by borrowings under the Company's line of credit. The purchase agreement includes contingent consideration based on the financial performance of Fashion Outlets of Chicago at an agreed upon date in 2016. The Company estimated the fair value of the contingent consideration as of December 31, 2015 to be $10,953, which has been included in other accrued liabilities. As a result of this acquisition, the noncontrolling interest of $76,141 was reversed. PPR Queens Portfolio: On November 14, 2014, the Company acquired the remaining 49% ownership interest in the PPR Queens Portfolio that it did not previously own for $1,838,886. The acquisition was completed in order to gain 100% ownership and control over this portfolio of prominent shopping centers. The purchase price was funded by the assumption of the third party's pro rata share of the mortgage notes payable on the property of $672,109 and the issuance of $1,166,777 in common stock of the Company. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of the PPR Queens Portfolio. The following is a summary of the allocation of the fair value of the PPR Queens Portfolio:
The Company determined that the purchase price represented the fair value of the additional ownership interest in the PPR Queens Portfolio that was acquired.
The following is the reconciliation of the purchase price to the fair value of the acquired net assets:
The Company included Lakewood Center, Los Cerritos Center and Washington Square in its consolidated financial statements until the Company sold a 40% ownership interest in the PPR Portfolio on October 30, 2015 (See Note 4—Investments in Unconsolidated Joint Ventures). The remaining properties of the PPR Queens Portfolio have been included in the Company's consolidated financial statements from the date of acquisition. Inland Center: On February 17, 2015, the Company acquired the remaining 50% ownership interest in Inland Center that it did not previously own for $51,250. The purchase price was funded by a cash payment of $26,250 and the assumption of the third party's share of the mortgage note payable on the property of $25,000. Prior to the acquisition, the Company had accounted for its investment in Inland Center under the equity method of accounting (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Inland Center. The acquisition was completed in order to obtain 100% ownership and control over this asset. The following is a summary of the allocation of the fair value of Inland Center:
The Company determined that the purchase price represented the fair value of the additional ownership interest in Inland Center that was acquired.
The following is the reconciliation of the purchase price to the fair value of the acquired net assets:
Since the date of acquisition, the Company has included Inland Center in its consolidated financial statements. The property has generated incremental revenue of $12,829 and incremental net income of $1,892 during the year ended December 31, 2015. Pro Forma Results of Operations: The following unaudited pro forma total revenue and income from continuing operations for 2015 and 2014:
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Dispositions: |
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Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions: | Dispositions: On May 31, 2013, the Company sold Green Tree Mall, a 793,000 square foot regional shopping center in Clarksville, Indiana, for $79,000, resulting in a gain on the sale of assets of $59,767. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On June 4, 2013, the Company sold Northridge Mall, an 890,000 square foot regional shopping center in Salinas, California, and Rimrock Mall, a 603,000 square foot regional shopping center in Billings, Montana. The properties were sold in a combined transaction for $230,000, resulting in a gain on the sale of assets of $82,151. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On September 11, 2013, the Company sold a former Mervyn's store in Milpitas, California for $12,000, resulting in a loss on the sale of assets of $2,633. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On September 30, 2013, the Company conveyed Fiesta Mall, a 933,000 square foot regional shopping center in Mesa, Arizona, to the mortgage note lender by a deed-in-lieu of foreclosure. The mortgage loan was non-recourse. As a result of the conveyance, the Company recognized a gain on the extinguishment of debt of $1,252. On October 15, 2013, the Company sold a former Mervyn's store in Midland, Texas for $5,700, resulting in a loss on the sale of assets of $2,031. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On October 23, 2013, the Company sold a former Mervyn's store in Grand Junction, Colorado for $5,430, resulting in a gain on the sale of assets of $1,695. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On December 4, 2013, the Company sold a former Mervyn's store in Livermore, California for $10,475, resulting in a loss on the sale of assets of $5,257. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On December 11, 2013, the Company sold Chesterfield Towne Center, a 1,016,000 square foot regional shopping center in Richmond, Virginia, and Centre at Salisbury, an 862,000 square foot regional shopping center in Salisbury, Maryland in a combined transaction for $292,500, resulting in a gain on the sale of assets of $151,467. The sales price was funded by a cash payment of $67,763, the assumption of the $109,737 mortgage note payable on Chesterfield Towne Center and the assumption of the $115,000 mortgage note payable on Centre at Salisbury. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. The Company has classified the results of operations and gain or loss on sale for all of the above dispositions as discontinued operations for the year ended December 31, 2013. Revenues and income from discontinued operations were $54,752 and $289,936, respectively, for the year ended December 31, 2013. On January 1, 2014, the Company adopted ASU 2014-08, which amended the definition of discontinued operations and the disclosure for the disposal transactions. The Company determined that none of the disposals during the years ended December 31, 2015 and 2014 represented discontinued operations. As a result, the following dispositions during the year ended December 31, 2015 and 2014 have been included in continuing operations: On January 15, 2014, the Company sold Rotterdam Square, a 585,000 square foot regional shopping center in Schenectady, New York, for $8,500, resulting in a loss on the sale of assets of $472. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On February 14, 2014, the Company sold Somersville Towne Center, a 348,000 square foot regional shopping center in Antioch, California, for $12,337, resulting in a loss on the sale of assets of $263. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On March 17, 2014, the Company sold Lake Square Mall, a 559,000 square foot regional shopping center in Leesburg, Florida, for $13,280, resulting in a loss on the sale of assets of $876. The sales price was funded by a cash payment of $3,677 and the issuance of two notes receivable totaling $9,603 (See Note 6—Tenant and Other Receivables, net). The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On July 7, 2014, the Company sold a former Mervyn's store in El Paso, Texas for $3,560, resulting in a loss on the sale of assets of $158. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On August 28, 2014, the Company sold a former Mervyn's store in Thousand Oaks, California for $3,500, resulting in a loss on the sale of assets of $80. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On September 11, 2014, the Company sold a leasehold interest in a former Mervyn's store in Laredo, Texas for $1,200, resulting in a gain on the sale of assets of $315. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On October 10, 2014, the Company sold a former Mervyn's store in Marysville, California for $1,900, resulting in a loss on the sale of assets of $3. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On October 31, 2014, the Company sold South Towne Center, a 1,278,000 square foot regional shopping center in Sandy, Utah, for $205,000, resulting in a gain on the sale of assets of $121,873. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On December 29, 2014, the Company sold its 67.5% ownership interest in its consolidated joint venture in Camelback Colonnade, a 619,000 square foot community center in Phoenix, Arizona, for $92,898, resulting in a gain on the sale of assets of $24,554. The sales price was funded by a cash payment of $61,173 and the assumption of the Company's share of the mortgage note payable on the property of $31,725. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. As a result of the sale, the Company was discharged of the $47,946 mortgage note payable on the property and $17,217 of noncontrolling interest was reversed. On June 30, 2015, the Company conveyed Great Northern Mall, an 895,000 square foot regional shopping center in Clay, New York, to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The loan was nonrecourse to the Company. As a result, the Company recognized a loss on the extinguishment of debt of $1,627 (See Note 8—Mortgage Notes Payable). On November 19, 2015, the Company sold Panorama Mall, a 312,000 square foot community center in Panorama City, California, for $98,000, resulting in a gain on the sale of assets of $73,726. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. |
Future Rental Revenues: |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Future Rental Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Future Rental Revenues: | Future Rental Revenues: Under existing non-cancelable operating lease agreements, tenants are committed to pay the following minimum rental payments to the Company:
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Commitments and Contingencies: |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies: | Commitments and Contingencies: The Company has certain properties subject to non-cancelable operating ground leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. Ground lease rent expenses were $11,870, $10,968 and $10,579 for the years ended December 31, 2015, 2014 and 2013, respectively. No contingent rent was incurred for the years ended December 31, 2015, 2014 or 2013. Minimum future rental payments required under the leases are as follows:
As of December 31, 2015, the Company was contingently liable for $62,788 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At December 31, 2015, the Company had $32,006 in outstanding obligations, which it believes will be settled in the next twelve months. |
Related-Party Transactions: |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions: | Related Party Transactions: Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures for the years ended December 31:
Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $10,515, $15,134 and $15,016 for the years ended December 31, 2015, 2014 and 2013, respectively. Included in accounts payable and accrued expenses is interest payable to this related party of $756 and $1,125 at December 31, 2015 and 2014, respectively. During the years ended December 31, 2014 and 2013, the Company had loans to unconsolidated joint ventures to fund development stage projects prior to construction loan funding. Correspondingly, loan payables in the same amount have been accrued as an obligation by the various joint ventures. Interest income associated with these notes was $164 and $281 for the years ended December 31, 2014 and 2013, respectively. Due from affiliates includes $7,467 and $3,869 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at December 31, 2015 and 2014, respectively. Due from affiliates at December 31, 2013 also included two notes receivable from principals of AWE/Talisman ("Talisman Notes") that bore interest at 5.0% and were to mature based on the refinancing or sale of Fashion Outlets of Chicago, a 537,000 square foot outlet center in Rosemont, Illinois, or certain other specified events. AWE/Talisman was considered a related party because it had a 40% noncontrolling ownership interest in Fashion Outlets of Chicago. On October 31, 2014, in connection with the Company's acquisition of AWE/Talisman's ownership interest in Fashion Outlets of Chicago, the balance of the Talisman Notes were settled (See Note 13—Acquisitions). Interest income earned on these notes was $516 and $625 for the years ended December 31, 2014 and 2013, respectively. In addition, due from affiliates at December 31, 2015 and 2014 includes a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and matures on March 29, 2016. Interest income earned on this note was $520, $614 and $525 for the years ended December 31, 2015, 2014 and 2013, respectively. The balance on this note receivable was $9,252 and $11,027 at December 31, 2015 and 2014, respectively. RED is considered a related party because it is a partner in a joint venture development project. The note is collateralized by RED's membership interest in a development agreement. Also included in due from affiliates is a note receivable from Lennar Corporation that bears interest at LIBOR plus 2% and matures upon the completion of certain milestones in connection with the development of Fashion Outlets of San Francisco (See Note 4—Investments in Unconsolidated Joint Ventures). Interest income earned on this note was $1,872 and $206 for the years ended December 31, 2015 and 2014, respectively. The balance on this note was $67,209 and $65,336 at December 31, 2015 and 2014, respectively. Lennar Corporation is considered a related party because it has an ownership interest in Fashion Outlets of San Francisco. |
Share and Unit-Based Plans: |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share and Unit-Based Plans: | Share and Unit-based Plans: The Company has established share and unit-based compensation plans for the purpose of attracting and retaining executive officers, directors and key employees. 2003 Equity Incentive Plan: The 2003 Equity Incentive Plan ("2003 Plan") authorizes the grant of stock awards, stock options, stock appreciation rights, stock units, stock bonuses, performance-based awards, dividend equivalent rights and OP Units or other convertible or exchangeable units. As of December 31, 2015, stock awards, stock units, LTIP Units (as defined below), stock appreciation rights ("SARs") and stock options have been granted under the 2003 Plan. All stock options or other rights to acquire common stock granted under the 2003 Plan have a term of 10 years or less. These awards were generally granted based on the performance of the Company and the employees. None of the awards have performance requirements other than a service condition of continued employment unless otherwise provided. All awards are subject to restrictions determined by the Company's compensation committee. The aggregate number of shares of common stock that may be issued under the 2003 Plan is 13,825,428 shares. As of December 31, 2015, there were 2,285,318 shares available for issuance under the 2003 Plan. Stock Awards: The value of the stock awards was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock awards during the years ended December 31, 2015, 2014 and 2013:
Stock Units: The stock units represent the right to receive upon vesting one share of the Company's common stock for one stock unit. The value of the stock units was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock units during the years ended December 31, 2015, 2014 and 2013:
SARs: The executives have up to 10 years from the grant date to exercise the SARs. Upon exercise, the executives will receive unrestricted common shares for the appreciation in value of the SARs from the grant date to the exercise date. The Company determined the value of each SAR awarded during the year ended December 31, 2012 to be $9.67 using the Black‑Scholes Option Pricing Model based upon the following assumptions: volatility of 25.85%, dividend yield of 3.69%, risk free rate of 1.20%, current value of $59.57 and an expected term of 8 years. The value of each of the other outstanding SARs was determined at the grant date to be $7.68 based upon the following assumptions: volatility of 22.52%, dividend yield of 5.23%, risk free rate of 3.15%, current value of $61.17 and an expected term of 8 years. The assumptions for volatility and dividend yield were based on the Company's historical experience as a publicly traded company, the current value was based on the closing price on the date of grant and the risk free rate was based upon the interest rate of the 10-year Treasury bond on the date of grant. In connection with the payment of the Special Dividend of $2.00 per share of common stock on December 8, 2015 (See Note 12—Stockholders' Equity), the compensation committee approved an adjustment to all outstanding SARs. The exercise price and number of outstanding SARs were adjusted such that each SAR had the same fair value to the holder before and after giving effect to the payment of the special dividend. As a result, the 407,823 outstanding SARs with a weighted-average price of $56.49 were adjusted to 417,783 outstanding SARs with a weighted average price of $55.13. The following table summarizes the activity of SARs awards during the years ended December 31, 2015, 2014 and 2013:
Long-Term Incentive Plan Units: Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards. The market-indexed LTIP Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per common stock share relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. The fair value of the market-indexed LTIP Units are estimated on the date of grant using a Monte Carlo Simulation model. The stock price of the Company, along with the stock prices of the group of peer REITs (for market-indexed awards), is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the share price of the Company and the peer group REITs were estimated based on a look-back period. The expected growth rate of the stock prices over the "derived service period" is determined with consideration of the risk free rate as of the grant date. On February 15, 2013, the Company granted 332,189 market-indexed LTIP Units ("2013 LTIP Units") at a grant date fair value of $66.58 per LTIP Unit that vested over a service period ending December 31, 2013. On January 16, 2014, the compensation committee determined that the 2013 LTIP Units had vested at the 96% level, based on the Company's percentile ranking in terms of Total Return per common stock share compared to the Total Return of a group of peer REITs during the period of January 1, 2013 to December 31, 2013. As a result, 318,900 LTIP Units vested and 13,289 LTIP Units were forfeited as of December 31, 2013. On January 1, 2014, the Company granted 70,042 LTIP Units with a grant date fair value of $58.89 that will vest in equal annual installments over a service period ending December 31, 2016. Concurrently, the Company granted 272,930 market-indexed LTIP Units ("2014 LTIP Units") at a grant date fair value of $45.34 per LTIP Unit that vested over a service period ending December 31, 2014. The 2014 LTIP Units were equally divided between two types of awards. The terms of both types of awards were the same, except one award had an additional 3% absolute Total Return requirement, which if it was not met, then such LTIP Units would not have vested. On January 12, 2015, the compensation committee determined that the 2014 LTIP Units had vested at a 150% level, based on the Company's percentile ranking in terms of Total Return per common stock share compared to the Total Return of a group of peer REITs during the period of January 1, 2014 to December 31, 2014. In addition, the compensation committee determined that the applicable 3% absolute Total Return requirement was exceeded. As a result, an additional 136,465 fully-vested LTIP Units were granted on December 31, 2014. On March 7, 2014, the Company granted 246,471 LTIP Units at a fair value of $60.25 per LTIP Unit that were fully vested on the grant date. On January 1, 2015, the Company granted 49,451 LTIP Units with a grant date fair value of $83.41 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2017. Concurrently, the Company granted 186,450 market-indexed LTIP Units ("2015 LTIP Units") at a grant date fair value of $66.37 per LTIP Unit that vested over a service period ending December 31, 2015. The 2015 LTIP Units were equally divided between two types of awards. The terms of both types of awards were the same, except one award has an additional 3% absolute total stockholder return requirement, which if it is not met, then such LTIP Units will not vest. The grant date fair value of the 2015 LTIP Units assumed a risk free interest rate of 0.25% and an expected volatility of 16.81%. On January 7, 2016, the compensation committee determined that the 2015 LTIP Units had vested at a 130% level, based on the Company's percentile ranking in terms of Total Return per common stock share compared to the Total Return of a group of peer REITs during the period of January 1, 2015 to December 31, 2015. In addition, the compensation committee determined that the applicable 3% absolute Total Return requirement was exceeded. As a result, an additional 55,934 fully-vested LTIP Units were granted on December 31, 2015. On March 6, 2015, the Company granted 132,607 LTIP Units at a fair value of $86.72 per LTIP Unit that were fully vested on the grant date. The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2015, 2014 and 2013:
Stock Options: The Company measured the value of each option awarded during the year ended December 31, 2012 to be $9.67 using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 25.85%, dividend yield of 3.69%, risk free rate of 1.20%, current value of $59.57 and an expected term of 8 years. The assumptions for volatility and dividend yield were based on the Company's historical experience as a publicly traded company, the current value was based on the closing price on the date of grant and the risk free rate was based upon the interest rate of the 10-year Treasury bond on the date of grant. In connection with the payment of the Special Dividend of $2.00 per share of common stock on December 8, 2015 (See Note 12—Stockholders' Equity), the compensation committee approved an adjustment to all outstanding stock options. The exercise price and number of outstanding stock options were adjusted such that each stock option had the same fair value to the holder before and after giving effect to the payment of the special dividend. As a result, the 10,068 outstanding stock options with a weighted-average price of $59.57 were adjusted to 10,314 outstanding stock options with a weighted average price of $58.15. The following table summarizes the activity of stock options for the years ended December 31, 2015, 2014 and 2013:
Directors' Phantom Stock Plan: The Directors' Phantom Stock Plan offers non-employee members of the board of directors ("Directors") the opportunity to defer their cash compensation and to receive that compensation in common stock rather than in cash after termination of service or a predetermined period. Compensation generally includes the annual retainers payable by the Company to the Directors. Deferred amounts are generally credited as units of phantom stock at the beginning of each three-year deferral period by dividing the present value of the deferred compensation by the average fair market value of the Company's common stock at the date of award. Compensation expense related to the phantom stock awards was determined by the amortization of the value of the stock units on a straight-line basis over the applicable service period. The stock units (including dividend equivalents) vest as the Directors' services (to which the fees relate) are rendered. Vested phantom stock units are ultimately paid out in common stock on a one-unit for one-share basis. To the extent elected by a Director, stock units receive dividend equivalents in the form of additional stock units based on the dividend amount paid on the common stock. The aggregate number of phantom stock units that may be granted under the Directors' Phantom Stock Plan is 500,000. As of December 31, 2015, there were 199,603 stock units available for grant under the Directors' Phantom Stock Plan. The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2015, 2014 and 2013:
Employee Stock Purchase Plan ("ESPP"): The ESPP authorizes eligible employees to purchase the Company's common stock through voluntary payroll deductions made during periodic offering periods. Under the ESPP common stock is purchased at a 15% discount from the lesser of the fair value of common stock at the beginning and end of the offering period. A maximum of 750,000 shares of common stock is available for purchase under the ESPP. The number of shares available for future purchase under the plan at December 31, 2015 was 517,285. Compensation: The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2015, 2014 and 2013:
The Company capitalized share and unit-based compensation costs of $6,008, $5,410 and $3,915 for the years ended December 31, 2015, 2014 and 2013, respectively. The fair value of the stock awards and stock units that vested during the years ended December 31, 2015, 2014 and 2013 was $8,794, $4,685 and $3,516, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2015 consisted of $4,128 from LTIP Units, $20 from stock awards, $3,488 from stock units and $27 from stock options. |
Employee Benefit Plans: |
12 Months Ended |
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Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans: | Employee Benefit Plans: 401(k) Plan: The Company has a defined contribution retirement plan that covers its eligible employees (the "Plan"). The Plan is a defined contribution retirement plan covering eligible employees of the Macerich Property Management Company LLC and participating affiliates. The Plan is qualified in accordance with section 401(a) of the Code. Effective January 1, 1995, the Plan was amended to constitute a qualified cash or deferred arrangement under section 401(k) of the Code, whereby employees can elect to defer compensation subject to Internal Revenue Service withholding rules. This Plan was further amended effective as of February 1, 1999 to add The Macerich Company Common Stock Fund as a new investment alternative under the Plan. A total of 150,000 shares of common stock were reserved for issuance under the Plan, which was subsequently increased by an additional 500,000 shares in February 2013. On January 1, 2004, the Plan adopted the "Safe Harbor" provision under Sections 401(k)(12) and 401(m)(11) of the Code. In accordance with adopting these provisions, the Company makes matching contributions equal to 100 percent of the first three percent of compensation deferred by a participant and 50 percent of the next two percent of compensation deferred by a participant. During the years ended December 31, 2015, 2014 and 2013, these matching contributions made by the Company were $3,299, $3,253 and $3,017, respectively. Contributions and matching contributions to the Plan by the plan sponsor and/or participating affiliates are recognized as an expense of the Company in the period that they are made. Deferred Compensation Plans: The Company has established deferred compensation plans under which key executives of the Company may elect to defer receiving a portion of their cash compensation otherwise payable in one calendar year until a later year. The Company may, as determined by the Board of Directors in its sole discretion prior to the beginning of the plan year, credit a participant's account with a matching amount equal to a percentage of the participant's deferral. The Company contributed $933, $845 and $843 to the plans during the years ended December 31, 2015, 2014 and 2013, respectively. Contributions are recognized as compensation in the periods they are made. |
Income Taxes: |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes: | Income Taxes: For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2015, 2014 and 2013 are as follows:
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The Company has made Taxable REIT Subsidiary elections for all of its corporate subsidiaries other than its Qualified REIT Subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The income tax benefit of the TRSs for the years ended December 31, 2015, 2014 and 2013 are as follows:
Income tax benefit of the TRSs for the years ended December 31, 2015, 2014 and 2013 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:
The net operating loss carryforwards are currently scheduled to expire through 2035, beginning in 2024. Net deferred tax assets of $38,847 and $35,625 were included in deferred charges and other assets, net at December 31, 2015 and 2014, respectively. The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2015 and 2014 are summarized as follows:
For the years ended December 31, 2015, 2014 and 2013 there were no unrecognized tax benefits. The tax years 2011 through 2015 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next 12 months. |
Quarterly Financial Data: |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited): | Quarterly Financial Data (Unaudited): The following is a summary of quarterly results of operations for the years ended December 31, 2015 and 2014:
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Subsequent Events: |
12 Months Ended |
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Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events: | Subsequent Events: On January 4, 2016, the Company announced that it had reached an agreement with Taubman Centers, Inc. to form a 50/50 joint venture, to acquire Country Club Plaza, a 1,300,000 square foot regional shopping center in Kansas City, Missouri for a total purchase price of $660,000. The Company anticipates that it will fund its pro rata share of $330,000 with borrowings under its line of credit. The Company expects the purchase of Country Club Plaza, which is subject to usual and customary closing conditions, will be completed in the first quarter of 2016. On January 6, 2016, the Company replaced the existing loan on Arrowhead Towne Center with a new $400,000 loan that bears interest at 4.05% and matures on February 1, 2028. Concurrent with the refinancing, the Company sold a 40% ownership interest in Arrowhead Towne Center for $284,000. The sales price was funded by a cash payment of $124,000 and the assumption of a pro rata share of the mortgage note payable on the property of $160,000. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See Note 12—Stockholders' Equity). On January 14, 2016, the Company placed a $150,000 loan on Twenty Ninth Street that bears interest at an effective rate of 4.10% and matures on February 6, 2026. The Company used the cash proceeds from the sales to pay down its line of credit and for general corporate purposes. On January 14, 2016, the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall, a 1,040,000 square foot regional shopping center in Deptford, New Jersey; FlatIron Crossing, a 1,430,000 square foot regional shopping center in Broomfield, Colorado; and Twenty Ninth Street, an 850,000 square foot regional shopping center in Boulder, Colorado (the "MAC Heitman Portfolio"), for $750,980. The sales price was funded by a cash payment of $458,110 and the assumption of a pro rata share of the mortgage note payable on the properties of $292,870. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On January 20, 2016, the Company completed its ASR program and took delivery of an additional 970,609 shares. Upon the Completion of the ASR, the Company had repurchased a total of 5,111,397 shares with an average price of $78.26 (See Note 12—Stockholders' Equity). On January 29, 2016, the Company announced a dividend/distribution of $0.68 per share for common stockholders and OP Unit holders of record on February 19, 2016. All dividends/distributions will be paid 100% in cash on March 4, 2016. On February 17, 2016, the Company entered into an ASR to repurchase $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,222,193 shares. The Company expects to complete the ASR on or before April 22, 2016. The ASR was funded from borrowings under the Company's line of credit, which had been recently paid down from the proceeds from the recently completed financings and sale of ownership interests (See Note 4—Investments in Unconsolidated Joint Ventures). |
Schedule III-Real Estate and Accumulated Depreciation |
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SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III-Real Estate and Accumulated Depreciation Disclosure |
Depreciation of the Company's investment in buildings and improvements reflected in the consolidated statements of operations are calculated over the estimated useful lives of the asset as follows:
The changes in total real estate assets for the three years ended December 31, 2015 are as follows:
The aggregate gross cost of the property included in the table above for federal income tax purposes was $7,440,059 (unaudited) at December 31, 2015. The changes in accumulated depreciation for the three years ended December 31, 2015 are as follows:
See accompanying report of independent registered public accounting firm. |
Summary of Significant Accounting Policies: (Policies) |
12 Months Ended |
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Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation: | Basis of Presentation: These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. |
Cash and Cash Equivalents and Restricted Cash: | Cash and Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under loan agreements. |
Revenues: | Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. Revenues: Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." |
Property: | Property: Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. |
Capitalization of Costs: | Capitalization of Costs: The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete. |
Investment in Unconsolidated Joint Ventures: | Investment in Unconsolidated Joint Ventures: The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, Candlestick Center LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures as it shares management control with the partners in these joint venture and, therefore, accounts for its investments in these joint ventures using the equity method of accounting. Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization. |
Acquisitions: | Acquisitions: The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases are recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. The initial allocation of purchase price is based on management's preliminary assessment, which may change when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The purchase price allocation is described as preliminary if it is not yet final. The use of different assumptions in the allocation of the purchase price of the acquired assets and liabilities assumed could affect the timing of recognition of the related revenues and expenses. The Company immediately expenses costs associated with business combinations as period costs. Remeasurement gains are recognized when the Company obtains control of an existing equity method investment to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment. |
Deferred Charges: | Deferred Charges: Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method. |
Accounting for Impairment: | Accounting for Impairment: The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary. |
Derivative Instruments and Hedging Activities: | Derivative Instruments and Hedging Activities: The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Ineffective portions, if any, are included in net income (loss). Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations. |
Share and Unit-based Compensation Plans: | Share and Unit-based Compensation Plans: The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For market-indexed LTIP awards, compensation cost is recognized under the graded attribution method. |
Income Taxes: | Income Taxes: The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any. Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes, which are provided for in the Company's consolidated financial statements. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods. |
Segment Information: | Segment Information: The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States. |
Fair Value of Financial Instruments: | Fair Value of Financial Instruments: The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made. The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. |
Concentration of Risk: | Concentration of Risk: The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. At various times during the year, the Company had deposits in excess of the FDIC insurance limit. No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2015, 2014 or 2013. |
Management Estimates: | Management Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recent Accounting Pronouncements: | Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue From Contracts With Customers,” which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year. Accordingly, ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for the Company beginning January 1, 2016. Early adoption is permitted. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. ASU 2015-03 is effective for the Company beginning January 1, 2016. Early adoption is permitted. Upon adoption, the Company will apply the new standard on a retrospective basis and adjust the balance sheet of each individual period to reflect the period-specific effects of applying the new standard. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. ASU 2015-16 is effective for the Company beginning January 1, 2016. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. |
Summary of Significant Accounting Policies: (Tables) |
12 Months Ended | ||||||||||
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Dec. 31, 2015 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Schedule of estimated useful lives of property | Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows:
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Schedule of range of the terms of loan and lease agreements | The range of the terms of the agreements is as follows:
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Earnings Per Share ("EPS"): (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of numerator and denominator used in computation of earnings per share | The following table reconciles the numerator and denominator used in the computation of earnings per share for the years ended December 31 (shares in thousands):
____________________________________
Diluted EPS excludes 10,562,154 and 10,079,935 and 9,845,602 Operating Partnership units ("OP Units") for the years ended December 31, 2015, 2014 and 2013, respectively, as their effect was antidilutive. |
Investments in Unconsolidated Joint Ventures: (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of ownership interest in joint ventures | The following are the Company's direct or indirect investments in various joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2015 was as follows:
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Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information | Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31:
_______________________________________________________________________________
Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $461,778 and $606,263 as of December 31, 2015 and 2014, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense incurred on these borrowings amounted to $29,372, $38,113 and $31,549 for the years ended December 31, 2015, 2014 and 2013, respectively.
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Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures | Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
_______________________________________________________________________________
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Property: (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | Property at December 31, 2015 and 2014 consists of the following:
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Deferred Charges and Other Assets, net: (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of deferred charges and other assets, net | Deferred charges and other assets, net at December 31, 2015 and 2014 consist of the following:
_______________________________
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Schedule of estimated amortization of intangible assets for the next five years and thereafter | The estimated amortization of these intangible assets for the next five years and thereafter is as follows:
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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:
_______________________________
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Schedule of estimated amortization of allocated values of above and below-market leases for the next five years and thereafter | The estimated amortization of these values for the next five years and thereafter is as follows:
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Mortgage Notes Payable: (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage notes payable | Mortgage notes payable at December 31, 2015 and 2014 consist of the following:
The debt premiums (discounts) as of December 31, 2015 and 2014 consist of the following:
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Debt premiums (discounts) on mortgage notes payable | The debt premiums (discounts) as of December 31, 2015 and 2014 consist of the following:
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Future maturities of mortgage notes payable | The future maturities of mortgage notes payable are as follows:
|
Bank and Other Notes Payable: (Tables) |
12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||
Bank and Other Notes Payable: | |||||||||||||||||||||||||
Schedule of future maturities of bank and other notes payable | The future maturities of bank and other notes payable are as follows:
|
Acquisitions: (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recognized identified assets acquired and liabilities assumed | The following is a summary of the allocation of the fair value of Camelback Colonnade:
The following is a summary of the allocation of the fair value of the PPR Queens Portfolio:
The following is a summary of the allocation of the fair value of Green Acres Mall:
The following is a summary of the allocation of the fair value of Superstition Springs Center:
The following is a summary of the allocation of the fair value of Inland Center:
The following is a summary of the allocation of the fair value of Cascade Mall:
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Schedule of reconciliation of the purchase price to the fair value of the acquired net assets | The following is the reconciliation of the purchase price to the fair value of the acquired net assets:
The following is the reconciliation of the purchase price to the fair value of the acquired net assets:
The following is the reconciliation of the purchase price to the fair value of the acquired net assets:
The following is the reconciliation of the purchase price to the fair value of the acquired net assets:
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Summary of gain on remeasurement of existing investment | The Company determined that the purchase price represented the fair value of the additional ownership interest in the PPR Queens Portfolio that was acquired.
The Company determined that the purchase price represented the fair value of the additional ownership interest in Inland Center that was acquired.
The Company determined that the purchase price represented the fair value of the additional ownership interest in Superstition Springs Center that was acquired.
The Company recognized the following remeasurement gain on the Camelback Colonnade Restructuring:
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Schedule of pro forma total revenue and income continuing operations | The following unaudited pro forma total revenue and income from continuing operations for 2015 and 2014:
____________________________________
|
Future Rental Revenues: (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Future Rental Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of future minimum rental payments to be received by the company under non-cancelable operating lease agreements | Under existing non-cancelable operating lease agreements, tenants are committed to pay the following minimum rental payments to the Company:
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Commitments and Contingencies: (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of future minimum rental payments by the Company | Minimum future rental payments required under the leases are as follows:
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Related-Party Transactions: (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fees charged to unconsolidated joint ventures | The following are fees charged to unconsolidated joint ventures for the years ended December 31:
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Share and Unit-Based Plans: (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of activity of non-vested stock awards | The following table summarizes the activity of non-vested stock awards during the years ended December 31, 2015, 2014 and 2013:
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Summary of activity of non-vested stock units | The following table summarizes the activity of non-vested stock units during the years ended December 31, 2015, 2014 and 2013:
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Summary of activity of SARs awards | The following table summarizes the activity of SARs awards during the years ended December 31, 2015, 2014 and 2013:
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Summary of activity of non-vested LTIP Units | The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2015, 2014 and 2013:
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Summary of activity of stock options | The following table summarizes the activity of stock options for the years ended December 31, 2015, 2014 and 2013:
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Summary of activity of non-vested phantom stock units | The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2015, 2014 and 2013:
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Compensation cost under the share and unit-based plans | The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2015, 2014 and 2013:
|
Income Taxes: (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of distributions made to common stockholders on a per share basis | The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2015, 2014 and 2013 are as follows:
_______________________________________________________________________________
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Schedule of income tax benefit of TRSs | The income tax benefit of the TRSs for the years ended December 31, 2015, 2014 and 2013 are as follows:
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Reconciliation of income tax benefit (provision) of the TRSs to the amount computed by applying the federal corporate tax rate | Income tax benefit of the TRSs for the years ended December 31, 2015, 2014 and 2013 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:
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Schedule of tax effects of temporary differences and carryforwards of the TRSs included in net deferred tax assets | The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2015 and 2014 are summarized as follows:
|
Quarterly Financial Data: (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of quarterly results of operations | The following is a summary of quarterly results of operations for the years ended December 31, 2015 and 2014:
_____________________
|
Organization: (Details) - entity |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Number of management companies (in entities) | 7 | |
The Macerich Partnership, L.P. | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership interest in operating partnership (as a percent) | 93.00% | 94.00% |
Summary of Significant Accounting Policies: Revenues (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Revenues | |||
Increase in minimum rent due to straight-line rent adjustment | $ 7,192 | $ 5,825 | $ 7,498 |
Minimum | |||
Revenues | |||
Management fees as a percentage of gross monthly rental revenue | 1.50% | ||
Maximum | |||
Revenues | |||
Management fees as a percentage of gross monthly rental revenue | 5.00% |
Summary of Significant Accounting Policies: Investment in Unconsolidated Joint Ventures (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Investment in unconsolidated joint ventures | |
Threshold ownership percentage above which to use equity method of accounting only if no controlling financial interest | 50.00% |
Buildings and improvements | Minimum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 5 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 40 years |
Tenant improvements | Minimum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 5 years |
Tenant improvements | Maximum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 7 years |
Equipment and furnishings | Minimum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 5 years |
Equipment and furnishings | Maximum | |
Property, Plant and Equipment | |
Estimated useful lives of assets (in years) | 7 years |
Summary of Significant Accounting Policies: Acquisitions (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015
form
| |
Accounting Policies [Abstract] | |
Number of forms of in-place operating lease intangible assets and liabilities | 3 |
Summary of Significant Accounting Policies: Deferred Charges and Segment Information (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015
segment
area
| |
Segment Information: | |
Number of business segments | segment | 1 |
Number of geographic areas in which the Company operates | area | 1 |
Minimum | |
Deferred Charges: | |
Deferred lease costs, amortization period (in years) | 1 year |
Deferred financing costs, amortization period (in years) | 1 year |
Maximum | |
Deferred Charges: | |
Deferred lease costs, amortization period (in years) | 15 years |
Deferred financing costs, amortization period (in years) | 15 years |
Earnings Per Share ("EPS"): Narrative (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Convertible preferred units | |||
Antidilutive securities | |||
Antidilutive securities (in shares) | 139,186 | 179,667 | 184,304 |
Partnership unit | |||
Antidilutive securities | |||
Antidilutive securities (in shares) | 10,562,154 | 10,079,935 | 9,845,602 |
Property: (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Property, Plant and Equipment [Abstract] | |||
Land | $ 1,894,717 | $ 2,242,291 | |
Buildings and improvements | 7,752,892 | 9,479,337 | |
Tenant improvements | 637,355 | 600,436 | |
Equipment and furnishings | 169,841 | 152,554 | |
Construction in progress | 234,851 | 303,264 | |
Total | 10,689,656 | 12,777,882 | |
Less accumulated depreciation | (1,892,744) | (1,709,992) | |
Property, net | 8,796,912 | 11,067,890 | |
Depreciation expense | $ 354,977 | $ 289,178 | $ 269,790 |
Tenant and Other Receivables: (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 17, 2014 |
---|---|---|---|
Components of tenant and other receivables, net | |||
Allowance for doubtful accounts | $ 3,072,000 | $ 3,234,000 | |
Deferred rent receivables due to straight-line rent adjustments | 60,790,000 | 57,278,000 | |
Accrued percentage rents | |||
Components of tenant and other receivables, net | |||
Accounts receivable | 10,940,000 | $ 13,436,000 | |
Note receivable, 6.5% interest, maturing March 17, 2018 | |||
Components of tenant and other receivables, net | |||
Notes receivable interest rate (as a percent) | 6.50% | ||
Notes receivable | $ 6,351,000 | $ 6,500,000 | |
Note Receivable, 5% interest, maturing December 31, 2014 | |||
Components of tenant and other receivables, net | |||
Notes receivable interest rate (as a percent) | 5.00% | ||
Notes receivable | $ 3,103,000 |
Deferred Charges and Other Assets, net: (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Leasing | $ 248,709 | $ 239,955 | |
Financing | 45,874 | 47,171 | |
Intangible assets: | |||
In-place lease values | 196,969 | 298,825 | |
Leasing commissions and legal costs | 52,000 | 72,432 | |
Above-market leases | 220,847 | 250,810 | |
Deferred tax assets | 38,847 | 35,625 | |
Deferred compensation plan assets | 37,341 | 35,194 | |
Other assets | 70,070 | 66,246 | |
Deferred charges and other assets, gross | 910,657 | 1,046,258 | |
Less accumulated amortization | (323,374) | (287,197) | |
Deferred charges and other assets, net | 587,283 | 759,061 | |
Accumulated amortization for in-place lease values, leasing commissions and legal costs | 109,453 | 103,361 | |
Amortization expense for intangible assets | $ 69,460 | $ 52,668 | $ 53,139 |
Deferred Charges And Other Assets, net: Estimated Amortization (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Above-Market Leases | ||
Less accumulated amortization | $ (109,453) | $ (103,361) |
Allocated value net | 139,516 | |
Below-Market Leases | ||
Original allocated value | 227,063 | 375,033 |
Less accumulated amortization | (101,872) | (93,511) |
Allocated value, net | 125,191 | 281,522 |
Above Market | ||
2016 | 36,275 | |
2017 | 23,415 | |
2018 | 18,002 | |
2019 | 14,874 | |
2020 | 11,373 | |
Thereafter | 35,577 | |
Allocated value net | 139,516 | |
Below Market | ||
2016 | 20,309 | |
2017 | 16,838 | |
2018 | 15,054 | |
2019 | 13,380 | |
2020 | 10,649 | |
Thereafter | 48,961 | |
Allocated value, net | 125,191 | 281,522 |
Above Market | ||
Above-Market Leases | ||
Original allocated value | 220,847 | 250,810 |
Less accumulated amortization | (73,520) | (59,696) |
Allocated value net | 147,327 | 191,114 |
Above Market | ||
2016 | 18,360 | |
2017 | 15,456 | |
2018 | 13,045 | |
2019 | 10,708 | |
2020 | 9,176 | |
Thereafter | 80,582 | |
Allocated value net | $ 147,327 | $ 191,114 |
Mortgage Notes Payable: Future Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Future maturities of mortgage notes payable | ||
Debt premium, net | $ 18,408 | $ 56,921 |
Total | 4,624,612 | $ 5,404,521 |
Mortgage notes payable | ||
Future maturities of mortgage notes payable | ||
2016 | 155,977 | |
2017 | 235,501 | |
2018 | 695,439 | |
2019 | 809,077 | |
2020 | 534,886 | |
Thereafter | 2,175,324 | |
Long term debt including debt premium | 4,606,204 | |
Debt premium, net | 18,408 | |
Total | $ 4,624,612 |
Bank and Other Notes Payable: Future Maturities (Details) - Notes Payable to Bank and Other Notes Payable $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Future maturities of bank and other notes payable | |
2016 | $ 9,130 |
2018 | 650,000 |
Long term debt including debt premium | $ 659,130 |
Co-Venture Arrangement: (Details) $ / shares in Units, ft² in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2009
USD ($)
ft²
$ / shares
shares
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Co-Venture Arrangement: | ||||
Cash proceeds for the overall transaction | $ 646,898 | $ 320,123 | $ 416,077 | |
Co-venture obligation | 63,756 | 75,450 | ||
Freehold Raceway Mall and Chandler Fashion Center | ||||
Co-Venture Arrangement: | ||||
Ownership interest (as a percent) | 49.90% | |||
Warrant in favor of the third party to purchase shares of common stock (in shares) | shares | 935,358 | |||
Exercise price of stock warrants (in dollars per share) | $ / shares | $ 46.68 | |||
Cash proceeds for the overall transaction | $ 174,650 | |||
Proceeds attributed to warrants | 6,496 | |||
Co-venture obligation | $ 168,154 | $ 63,756 | $ 75,450 | |
Freehold Raceway Mall | ||||
Co-Venture Arrangement: | ||||
Property square footage | ft² | 1,669 | |||
Chandler Fashion Center | ||||
Co-Venture Arrangement: | ||||
Property square footage | ft² | 1,319 |
Noncontrolling Interests: (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Aug. 20, 2014 |
Aug. 17, 2012 |
|
Noncontrolling Interest [Line Items] | ||||
Limited partnership interest of the operating partnership (as a percent) | 7.00% | 6.00% | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Number of trading days used to calculate redemption value | 10 days | |||
Redemption value of outstanding OP Units not owned by the Company | $ 870,625 | $ 877,184 | ||
The Macerich Partnership, L.P. | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership interest in operating partnership (as a percent) | 93.00% | 94.00% |
Stockholders' Equity: Stock Offerings: (Details) - USD ($) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Nov. 14, 2014 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2015 |
Aug. 20, 2014 |
Aug. 17, 2012 |
|
Class of Warrant or Right [Line Items] | |||||||
Par value of common stock (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Maximum price of common stock available to be issued | $ 500,000 | $ 500,000,000 | $ 500,000,000 | ||||
Maximum commission to sales agent (as a percent) | 2.00% | ||||||
Total stock offering (in shares) | 2,456,956 | 2,961,903 | |||||
Proceeds from sale | $ 173,011,000 | $ 177,896,000 | |||||
Net proceeds of stock offering | $ 1,161,274,000 | $ 171,102,000 | $ 175,649,000 | ||||
PPR Queens Portfolio | |||||||
Class of Warrant or Right [Line Items] | |||||||
Issuance restricted common stock | $ 1,166,777,000 | ||||||
Shares | PPR Queens Portfolio | |||||||
Class of Warrant or Right [Line Items] | |||||||
Restricted common stock issued for acquisition (in shares) | 17,140,845 |
Acquisitions: Percentage Ownership (Details) |
Nov. 14, 2014 |
Jun. 04, 2014 |
Oct. 24, 2013 |
Sep. 17, 2013 |
---|---|---|---|---|
Cascade Mall | ||||
Acquisition | ||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||
Superstition Springs Land I | ||||
Acquisition | ||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||
Fair value of existing ownership interest (as a percent) | 66.70% | |||
Camelback Colonnade | ||||
Acquisition | ||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||
Fair value of existing ownership interest (as a percent) | 73.20% | |||
PPR Queens Portfolio | ||||
Acquisition | ||||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | |||
Fair value of existing ownership interest (as a percent) | 51.00% |
Acquisitions: Pro Forma Information (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Business Combinations [Abstract] | ||
Total revenue | $ 1,287,084 | $ 1,371,988 |
Income from continuing operations | $ 502,184 | $ 199,287 |
Future Rental Revenues: (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Future Rental Revenues [Abstract] | |
2016 | $ 496,683 |
2017 | 423,057 |
2018 | 369,999 |
2019 | 319,535 |
2020 | 275,105 |
Thereafter | 969,731 |
Total | $ 2,854,110 |
Commitments and Contingencies: (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Ground rent expenses | $ 11,870 | $ 10,968 | $ 10,579 |
Minimum future rental payments | |||
2016 | 15,695 | ||
2017 | 15,632 | ||
2018 | 11,249 | ||
2019 | 9,629 | ||
2020 | 9,637 | ||
Thereafter | 283,154 | ||
Total | 344,996 | ||
Contingent Liabilities | |||
Contingent liability under letters of credit | 62,788 | ||
Outstanding obligations under construction agreements | $ 32,006 |
Share and Unit-Based Plans: 2003 Equity Incentive Plan (Details) - 2003 Equity Incentive Plan |
12 Months Ended |
---|---|
Dec. 31, 2015
shares
| |
Share and unit-based plans | |
Term of award (in years) | 10 years |
Maximum shares authorized under plan (in shares) | 13,825,428 |
Shares available for issuance under plan (in shares) | 2,285,318 |
Share and Unit-Based Plans: SARs Roll Forward Activity (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Stock units | |||
Units | |||
Granted | 77,282 | 75,309 | 67,920 |
Weighted Average Exercise Price (in dollars per share) | |||
Balance at beginning of year | $ 59.94 | $ 57.24 | $ 52.19 |
Granted | 86.53 | 60.50 | 62.01 |
Vested | 61.29 | 55.14 | 51.59 |
Balance at end of year | $ 74.58 | $ 59.94 | $ 57.24 |
Forfeited (in shares) | 2,809 | 0 | 0 |
Forfeited | $ 86.72 | $ 0.00 | $ 0.00 |
SARs | |||
Units | |||
Balance at beginning of year | 772,639 | 1,070,991 | 1,164,185 |
Granted | 0 | 0 | 0 |
Exercised | (364,807) | (298,352) | (93,194) |
Balance at end of year | 417,783 | 772,639 | 1,070,991 |
Weighted Average Exercise Price (in dollars per share) | |||
Balance at beginning of year | $ 56.67 | $ 56.66 | $ 56.66 |
Granted | 0.00 | 0.00 | 0.00 |
Vested | 56.86 | 56.63 | 56.63 |
Balance at end of year | $ 55.13 | $ 56.67 | $ 56.66 |
Forfeited (in shares) | 9,951 | 0 | 0 |
Forfeited | $ 55.13 | $ 0.00 | $ 0.00 |
Share and Unit-Based Plans: Stock Options Narrative (Details) - $ / shares |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 08, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 09, 2015 |
|
Share and unit-based plans | ||||||
Distributions paid, per share (in dollars per share) | $ 2.00 | $ 4.63 | $ 2.51 | $ 2.36 | ||
Stock options | ||||||
Share and unit-based plans | ||||||
Grant date of award (in dollars per share) | $ 9.67 | |||||
Volatility rate (as a percent) | 25.85% | |||||
Dividend yield (as a percent) | 3.69% | |||||
Risk free rate (as a percent) | 1.20% | |||||
Current value (in dollars per share) | $ 59.57 | |||||
Expected term (in years) | 8 years | |||||
Stock options, outstanding, number (shares) | 10,068 | 10,314 | 10,068 | 10,068 | 12,768 | 10,314 |
Stock options, outstanding, weighted average exercise price (in dollars per share) | $ 59.57 | $ 58.15 | $ 59.57 | $ 59.57 | $ 54.69 | $ 58.15 |
Share and Unit-Based Plans: Stock Option Activity (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Options | |||
Special dividend adjustment | 0 | 0 | |
Weighted Average Exercise Price (in dollars per share) | |||
Special dividend adjustment | $ 0.00 | $ 0.00 | |
Stock options | |||
Options | |||
Balance at beginning of year | 10,068 | 10,068 | 12,768 |
Granted | 0 | 0 | 0 |
Exercised | 0 | 0 | (2,700) |
Special dividend adjustment | 246 | ||
Balance at end of year | 10,314 | 10,068 | 10,068 |
Weighted Average Exercise Price (in dollars per share) | |||
Balance at beginning of year | $ 59.57 | $ 59.57 | $ 54.69 |
Granted | 0.00 | 0.00 | 0.00 |
Exercised | 0.00 | 0.00 | 36.51 |
Special dividend adjustment | 58.15 | ||
Balance at end of year | $ 58.15 | $ 59.57 | $ 59.57 |
Share and Unit-Based Plans: Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan |
12 Months Ended |
---|---|
Dec. 31, 2015
shares
| |
Share and unit-based plans | |
Discount from market price (as a percent) | 15.00% |
Maximum shares authorized under plan (in shares) | 750,000 |
Shares available for issuance under plan (in shares) | 517,285 |
Employee Benefit Plans: (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Feb. 28, 2013 |
Feb. 01, 1999 |
|
401(k) Plan | |||||
Employee Benefit Plans: | |||||
Number of common stock shares reserved for issuance (in shares) | 150,000 | ||||
Number of additional common stock shares reserved for issuance (in shares) | 500,000 | ||||
Employer match of employee contributions of first 3% of eligible compensation (as a percent) | 100.00% | ||||
Percentage of eligible compensation, matched 100% by employer (as a percent) | 3.00% | ||||
Employer match of employee contributions of next 2% of eligible compensation (as a percent) | 50.00% | ||||
Percentage of eligible compensation, matched 50% by employer (as a percent) | 2.00% | ||||
Employer contribution | $ 3,299 | $ 3,253 | $ 3,017 | ||
Deferred Compensation Plans | |||||
Employee Benefit Plans: | |||||
Employer contribution | $ 933 | $ 845 | $ 843 |
Quarterly Financial Data: (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 14, 2014 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Data (Unaudited) | ||||||||||||
Revenues | $ 320,758 | $ 326,262 | $ 322,794 | $ 318,335 | $ 322,909 | $ 263,491 | $ 254,336 | $ 264,511 | $ 1,288,149 | $ 1,105,247 | $ 1,029,475 | |
Net income (loss) attributable to common stockholders | $ 414,959 | $ 33,597 | $ 14,395 | $ 24,611 | $ 1,429,221 | $ 35,914 | $ 16,088 | $ 17,819 | $ 487,562 | $ 1,499,042 | $ 420,090 | |
Net income attributable to common stockholders per share-basic (in dollars per share) | $ 2.65 | $ 0.21 | $ 0.09 | $ 0.15 | $ 9.52 | $ 0.25 | $ 0.11 | $ 0.13 | $ 3.08 | $ 10.46 | $ 3.01 | |
Net income attributable to common stockholders per share-diluted (in dollars per share) | $ 2.65 | $ 0.21 | $ 0.09 | $ 0.15 | $ 9.51 | $ 0.25 | $ 0.11 | $ 0.13 | $ 3.08 | $ 10.45 | $ 3.00 | |
Remeasurement gain on acquisition of additional interest | $ 22,089 | $ 1,423,136 | $ 51,205 | |||||||||
Gain (loss) from sale | $ 0 | $ 0 | $ 286,414 | |||||||||
PPR Queens Portfolio | ||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||
Remeasurement gain on acquisition of additional interest | $ 1,423,136 | $ 1,423,136 |
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