MARYLAND | 95-4448705 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |
401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401 (Address of principal executive office, including zip code) | ||
(310) 394-6000 (Registrant's telephone number, including area code) | ||
N/A (Former name, former address and former fiscal year, if changed since last report) |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o | |||
Emerging growth company o |
Part I | Financial Information | |||
Part II | Other Information | |||
March 31, 2017 | December 31, 2016 | ||||||
ASSETS: | |||||||
Property, net | $ | 7,206,598 | $ | 7,357,310 | |||
Cash and cash equivalents | 92,296 | 94,046 | |||||
Restricted cash | 50,014 | 49,951 | |||||
Tenant and other receivables, net | 112,520 | 136,998 | |||||
Deferred charges and other assets, net | 459,824 | 478,058 | |||||
Due from affiliates | 80,195 | 68,227 | |||||
Investments in unconsolidated joint ventures | 1,710,617 | 1,773,558 | |||||
Total assets | $ | 9,712,064 | $ | 9,958,148 | |||
LIABILITIES AND EQUITY: | |||||||
Mortgage notes payable: | |||||||
Related parties | $ | 175,247 | $ | 176,442 | |||
Others | 3,831,275 | 3,908,976 | |||||
Total | 4,006,522 | 4,085,418 | |||||
Bank and other notes payable | 895,886 | 880,482 | |||||
Accounts payable and accrued expenses | 63,398 | 61,316 | |||||
Other accrued liabilities | 317,212 | 366,165 | |||||
Distributions in excess of investments in unconsolidated joint ventures | 96,601 | 78,626 | |||||
Co-venture obligation | 58,548 | 58,973 | |||||
Total liabilities | 5,438,167 | 5,530,980 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Stockholders' equity: | |||||||
Common stock, $0.01 par value, 250,000,000 shares authorized, 141,912,477 and 143,985,036 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 1,419 | 1,440 | |||||
Additional paid-in capital | 4,530,631 | 4,593,229 | |||||
Accumulated deficit | (574,597 | ) | (488,782 | ) | |||
Total stockholders' equity | 3,957,453 | 4,105,887 | |||||
Noncontrolling interests | 316,444 | 321,281 | |||||
Total equity | 4,273,897 | 4,427,168 | |||||
Total liabilities and equity | $ | 9,712,064 | $ | 9,958,148 |
For the Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Revenues: | ||||||||
Minimum rents | $ | 145,555 | $ | 151,048 | ||||
Percentage rents | 1,918 | 3,014 | ||||||
Tenant recoveries | 72,412 | 80,173 | ||||||
Other | 15,264 | 13,148 | ||||||
Management Companies | 11,896 | 8,617 | ||||||
Total revenues | 247,045 | 256,000 | ||||||
Expenses: | ||||||||
Shopping center and operating expenses | 75,897 | 79,324 | ||||||
Management Companies' operating expenses | 28,517 | 27,900 | ||||||
REIT general and administrative expenses | 8,463 | 8,629 | ||||||
Depreciation and amortization | 83,073 | 86,931 | ||||||
195,950 | 202,784 | |||||||
Interest expense: | ||||||||
Related parties | 2,211 | 2,272 | ||||||
Other | 39,090 | 37,504 | ||||||
41,301 | 39,776 | |||||||
Loss on extinguishment of debt | — | 3,575 | ||||||
Total expenses | 237,251 | 246,135 | ||||||
Equity in income of unconsolidated joint ventures | 15,843 | 11,660 | ||||||
Co-venture expense | (3,877 | ) | (3,289 | ) | ||||
Income tax benefit (expense) | 3,484 | (1,317 | ) | |||||
Gain on sale or write down of assets, net | 49,565 | 434,456 | ||||||
Net income | 74,809 | 451,375 | ||||||
Less net income attributable to noncontrolling interests | 5,566 | 30,460 | ||||||
Net income attributable to the Company | $ | 69,243 | $ | 420,915 | ||||
Earnings per common share—net income attributable to common stockholders: | ||||||||
Basic | $ | 0.48 | $ | 2.77 | ||||
Diluted | $ | 0.48 | $ | 2.76 | ||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 143,596,000 | 151,984,000 | ||||||
Diluted | 143,655,000 | 152,103,000 |
Stockholders' Equity | ||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
Shares | Par Value | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||
Balance at January 1, 2017 | 143,985,036 | $ | 1,440 | $ | 4,593,229 | $ | (488,782 | ) | $ | 4,105,887 | $ | 321,281 | $ | 4,427,168 | ||||||||||||
Net income | — | — | — | 69,243 | 69,243 | 5,566 | 74,809 | |||||||||||||||||||
Cumulative effect of adoption of ASU 2016-09 | — | — | — | 6,484 | 6,484 | — | 6,484 | |||||||||||||||||||
Amortization of share and unit-based plans | 76,395 | 1 | 17,173 | — | 17,174 | — | 17,174 | |||||||||||||||||||
Stock repurchases | (2,197,879 | ) | (22 | ) | (81,809 | ) | (59,271 | ) | (141,102 | ) | — | (141,102 | ) | |||||||||||||
Distributions declared ($0.71) per share | — | — | — | (102,271 | ) | (102,271 | ) | — | (102,271 | ) | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (8,350 | ) | (8,350 | ) | |||||||||||||||||
Conversion of noncontrolling interests to common shares | 48,925 | — | 638 | — | 638 | (638 | ) | — | ||||||||||||||||||
Redemption of noncontrolling interests | — | — | (11 | ) | — | (11 | ) | (4 | ) | (15 | ) | |||||||||||||||
Adjustment of noncontrolling interests in Operating Partnership | — | — | 1,411 | — | 1,411 | (1,411 | ) | — | ||||||||||||||||||
Balance at March 31, 2017 | 141,912,477 | $ | 1,419 | $ | 4,530,631 | $ | (574,597 | ) | $ | 3,957,453 | $ | 316,444 | $ | 4,273,897 |
For the Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 74,809 | $ | 451,375 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Loss on early extinguishment of debt, net | — | 3,575 | |||||
Gain on sale or write down of assets, net | (49,565 | ) | (434,456 | ) | |||
Depreciation and amortization | 84,551 | 88,176 | |||||
Amortization of net premium on mortgage notes payable | (926 | ) | (1,050 | ) | |||
Amortization of share and unit-based plans | 13,805 | 16,440 | |||||
Straight-line rent adjustment | (1,884 | ) | (910 | ) | |||
Amortization of above and below-market leases | 193 | (1,643 | ) | ||||
Provision for doubtful accounts | 1,318 | 919 | |||||
Income tax (benefit) expense | (3,484 | ) | 1,317 | ||||
Equity in income of unconsolidated joint ventures | (15,843 | ) | (11,660 | ) | |||
Distributions of income from unconsolidated joint ventures | — | 2,035 | |||||
Co-venture expense | 3,877 | 3,289 | |||||
Changes in assets and liabilities, net of acquisitions and dispositions: | |||||||
Tenant and other receivables | 8,757 | 4,686 | |||||
Other assets | 12,618 | (9,743 | ) | ||||
Due from affiliates | (12,015 | ) | 11,123 | ||||
Accounts payable and accrued expenses | 4,285 | (6,166 | ) | ||||
Other accrued liabilities | (17,792 | ) | 2,562 | ||||
Net cash provided by operating activities | 102,704 | 119,869 | |||||
Cash flows from investing activities: | |||||||
Development, redevelopment, expansion and renovation of properties | (33,013 | ) | (60,895 | ) | |||
Property improvements | (4,350 | ) | (5,311 | ) | |||
Proceeds from repayment of notes receivable | 212 | 932 | |||||
Deferred leasing costs | (11,267 | ) | (7,359 | ) | |||
Distributions from unconsolidated joint ventures | 114,528 | 181,900 | |||||
Contributions to unconsolidated joint ventures | (26,593 | ) | (350,668 | ) | |||
Proceeds from sale of assets | 167,649 | 600,665 | |||||
Restricted cash | (63 | ) | (849 | ) | |||
Net cash provided by investing activities | 207,103 | 358,415 | |||||
THE MACERICH COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Dollars in thousands) (Unaudited) | |||||||
For the Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Cash flows from financing activities: | |||||||
Proceeds from mortgages, bank and other notes payable | 200,000 | 2,126,138 | |||||
Payments on mortgages, bank and other notes payable | (263,927 | ) | (1,713,094 | ) | |||
Deferred financing costs | (142 | ) | (1,927 | ) | |||
Payment of debt extinguishment costs | — | (12,028 | ) | ||||
Stock repurchases | (132,550 | ) | (400,018 | ) | |||
Redemption of noncontrolling interests | (15 | ) | (30 | ) | |||
Dividends and distributions | (110,621 | ) | (452,225 | ) | |||
Distributions to co-venture partner | (4,302 | ) | (5,105 | ) | |||
Net cash used in financing activities | (311,557 | ) | (458,289 | ) | |||
Net (decrease) increase in cash and cash equivalents | (1,750 | ) | 19,995 | ||||
Cash and cash equivalents, beginning of period | 94,046 | 86,510 | |||||
Cash and cash equivalents, end of period | $ | 92,296 | $ | 106,505 | |||
Supplemental cash flow information: | |||||||
Cash payments for interest, net of amounts capitalized | $ | 40,462 | $ | 32,073 | |||
Non-cash investing and financing transactions: | |||||||
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | $ | 24,712 | $ | 22,887 | |||
Accrued stock repurchase costs | $ | 8,552 | $ | — | |||
Mortgage notes payable assumed in exchange for investments in unconsolidated joint ventures | $ | — | $ | 997,695 | |||
Conversion of Operating Partnership Units to common stock | $ | 638 | $ | 3,108 |
1. | Organization: |
2. | Summary of Significant Accounting Policies: |
March 31, 2017 | December 31, 2016 | ||||||
Assets: | |||||||
Property, net | $ | 305,080 | $ | 307,582 | |||
Other assets | 70,399 | 68,863 | |||||
Total assets | $ | 375,479 | $ | 376,445 | |||
Liabilities: | |||||||
Mortgage notes payable | $ | 132,291 | $ | 133,245 | |||
Other liabilities | 77,419 | 75,913 | |||||
Total liabilities | $ | 209,710 | $ | 209,158 |
3. | Earnings per Share ("EPS"): |
For the Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Numerator | ||||||||
Net income | $ | 74,809 | $ | 451,375 | ||||
Net income attributable to noncontrolling interests | (5,566 | ) | (30,460 | ) | ||||
Net income attributable to the Company | 69,243 | 420,915 | ||||||
Allocation of earnings to participating securities | (184 | ) | (420 | ) | ||||
Numerator for basic and diluted EPS—net income attributable to common stockholders | $ | 69,059 | $ | 420,495 | ||||
Denominator | ||||||||
Denominator for basic EPS—weighted average number of common shares outstanding | 143,596 | 151,984 | ||||||
Effect of dilutive securities:(1) | ||||||||
Share and unit-based compensation plans | 59 | 119 | ||||||
Denominator for diluted EPS—weighted average number of common shares outstanding | 143,655 | 152,103 | ||||||
Earnings per common share—net income attributable to common stockholders: | ||||||||
Basic | $ | 0.48 | $ | 2.77 | ||||
Diluted | $ | 0.48 | $ | 2.76 |
(1) | Diluted EPS excludes 90,619 and 138,759 convertible preferred units for the three months ended March 31, 2017 and 2016, respectively, as their impact was antidilutive. |
4. | Investments in Unconsolidated Joint Ventures: |
March 31, 2017 | December 31, 2016 | ||||||
Assets(1): | |||||||
Property, net | $ | 9,093,591 | $ | 9,176,642 | |||
Other assets | 678,158 | 614,607 | |||||
Total assets | $ | 9,771,749 | $ | 9,791,249 | |||
Liabilities and partners' capital(1): | |||||||
Mortgage and other notes payable(2) | $ | 5,333,141 | $ | 5,224,713 | |||
Other liabilities | 431,947 | 403,369 | |||||
Company's capital | 2,193,553 | 2,279,819 | |||||
Outside partners' capital | 1,813,108 | 1,883,348 | |||||
Total liabilities and partners' capital | $ | 9,771,749 | $ | 9,791,249 | |||
Investments in unconsolidated joint ventures: | |||||||
Company's capital | $ | 2,193,553 | $ | 2,279,819 | |||
Basis adjustment(3) | (579,537 | ) | (584,887 | ) | |||
$ | 1,614,016 | $ | 1,694,932 | ||||
Assets—Investments in unconsolidated joint ventures | $ | 1,710,617 | $ | 1,773,558 | |||
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (96,601 | ) | (78,626 | ) | |||
$ | 1,614,016 | $ | 1,694,932 |
(1) | These amounts include the assets of $3,177,394 and $3,179,255 of Pacific Premier Retail LLC as of March 31, 2017 and December 31, 2016, respectively, and liabilities of $1,892,163 and $1,887,952 of Pacific Premier Retail LLC as of March 31, 2017 and December 31, 2016, respectively. |
(2) | Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $489,206 and $265,863 as of March 31, 2017 and December 31, 2016, 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 on these borrowings was $3,160 and $6,366 for the three months ended March 31, 2017 and 2016, respectively. |
(3) | The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $4,027 and $4,457 for the three months ended March 31, 2017 and 2016, respectively. |
Pacific Premier Retail LLC | Other Joint Ventures | Total | ||||||||||
Three Months Ended March 31, 2017 | ||||||||||||
Revenues: | ||||||||||||
Minimum rents | $ | 33,536 | $ | 123,503 | $ | 157,039 | ||||||
Percentage rents | 730 | 1,738 | 2,468 | |||||||||
Tenant recoveries | 11,439 | 47,915 | 59,354 | |||||||||
Other | 1,026 | 11,511 | 12,537 | |||||||||
Total revenues | 46,731 | 184,667 | 231,398 | |||||||||
Expenses: | ||||||||||||
Shopping center and operating expenses | 9,760 | 62,195 | 71,955 | |||||||||
Interest expense | 16,726 | 32,279 | 49,005 | |||||||||
Depreciation and amortization | 26,275 | 62,879 | 89,154 | |||||||||
Total operating expenses | 52,761 | 157,353 | 210,114 | |||||||||
(Loss) gain on sale or write down of assets, net | (35 | ) | 4,581 | 4,546 | ||||||||
Net (loss) income | $ | (6,065 | ) | $ | 31,895 | $ | 25,830 | |||||
Company's equity in net (loss) income | $ | (962 | ) | $ | 16,805 | $ | 15,843 | |||||
Three Months Ended March 31, 2016 | ||||||||||||
Revenues: | ||||||||||||
Minimum rents | $ | 30,583 | $ | 106,373 | $ | 136,956 | ||||||
Percentage rents | 759 | 1,753 | 2,512 | |||||||||
Tenant recoveries | 11,976 | 43,443 | 55,419 | |||||||||
Other | 2,838 | 10,352 | 13,190 | |||||||||
Total revenues | 46,156 | 161,921 | 208,077 | |||||||||
Expenses: | ||||||||||||
Shopping center and operating expenses | 9,786 | 53,298 | 63,084 | |||||||||
Interest expense | 15,214 | 27,738 | 42,952 | |||||||||
Depreciation and amortization | 28,084 | 56,533 | 84,617 | |||||||||
Total operating expenses | 53,084 | 137,569 | 190,653 | |||||||||
Loss on sale or write down of assets, net | — | (5 | ) | (5 | ) | |||||||
Net (loss) income | $ | (6,928 | ) | $ | 24,347 | $ | 17,419 | |||||
Company's equity in net (loss) income | $ | (1,244 | ) | $ | 12,904 | $ | 11,660 |
5. | Property, net: |
March 31, 2017 | December 31, 2016 | ||||||
Land | $ | 1,581,578 | $ | 1,607,590 | |||
Buildings and improvements | 6,394,643 | 6,511,741 | |||||
Tenant improvements | 606,974 | 622,878 | |||||
Equipment and furnishings | 176,545 | 177,036 | |||||
Construction in progress | 286,364 | 289,966 | |||||
9,046,104 | 9,209,211 | ||||||
Less accumulated depreciation | (1,839,506 | ) | (1,851,901 | ) | |||
$ | 7,206,598 | $ | 7,357,310 |
6. | Tenant and Other Receivables, net: |
7. | Deferred Charges and Other Assets, net: |
March 31, 2017 | December 31, 2016 | ||||||
Leasing | $ | 219,695 | $ | 239,983 | |||
Intangible assets: | |||||||
In-place lease values | 119,055 | 140,437 | |||||
Leasing commissions and legal costs | 28,985 | 32,384 | |||||
Above-market leases | 168,674 | 181,851 | |||||
Deferred tax assets | 48,270 | 38,301 | |||||
Deferred compensation plan assets | 43,218 | 42,711 | |||||
Other assets | 59,580 | 72,206 | |||||
687,477 | 747,873 | ||||||
Less accumulated amortization(1) | (227,653 | ) | (269,815 | ) | |||
$ | 459,824 | $ | 478,058 |
(1) | Accumulated amortization includes $73,493 and $88,785 relating to in-place lease values, leasing commissions and legal costs at March 31, 2017 and December 31, 2016, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $6,004 and $8,847 for the three months ended March 31, 2017 and 2016, respectively. |
March 31, 2017 | December 31, 2016 | ||||||
Above-Market Leases | |||||||
Original allocated value | $ | 168,674 | $ | 181,851 | |||
Less accumulated amortization | (49,389 | ) | (57,505 | ) | |||
$ | 119,285 | $ | 124,346 | ||||
Below-Market Leases(1) | |||||||
Original allocated value | $ | 137,165 | $ | 144,713 | |||
Less accumulated amortization | (56,850 | ) | (58,400 | ) | |||
$ | 80,315 | $ | 86,313 |
(1) | Below-market leases are included in other accrued liabilities. |
8. | Mortgage Notes Payable: |
Carrying Amount of Mortgage Notes(1) | ||||||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||
Property Pledged as Collateral | Related Party | Other | Related Party | Other | Effective Interest Rate(2) | Monthly Debt Service(3) | Maturity Date(4) | |||||||||||||||||||
Chandler Fashion Center(5) | $ | — | $ | 199,850 | $ | — | $ | 199,833 | 3.77 | % | $ | 625 | 2019 | |||||||||||||
Danbury Fair Mall | 107,113 | 107,113 | 107,929 | 107,928 | 5.53 | % | 1,538 | 2020 | ||||||||||||||||||
Fashion Outlets of Chicago(6) | — | 199,006 | — | 198,966 | 2.44 | % | 380 | 2020 | ||||||||||||||||||
Fashion Outlets of Niagara Falls USA | — | 115,003 | — | 115,762 | 4.89 | % | 727 | 2020 | ||||||||||||||||||
Freehold Raceway Mall(5) | — | 219,568 | — | 220,643 | 4.20 | % | 1,132 | 2018 | ||||||||||||||||||
Fresno Fashion Fair | — | 323,112 | — | 323,062 | 3.67 | % | 971 | 2026 | ||||||||||||||||||
Green Acres Mall | — | 296,178 | — | 297,798 | 3.61 | % | 1,447 | 2021 | ||||||||||||||||||
Kings Plaza Shopping Center | — | 454,507 | — | 456,958 | 3.67 | % | 2,229 | 2019 | ||||||||||||||||||
Northgate Mall(7) | — | — | — | 63,434 | — | — | — | |||||||||||||||||||
Oaks, The | — | 200,127 | — | 201,235 | 4.14 | % | 1,064 | 2022 | ||||||||||||||||||
Pacific View | — | 126,593 | — | 127,311 | 4.08 | % | 668 | 2022 | ||||||||||||||||||
Queens Center | — | 600,000 | — | 600,000 | 3.49 | % | 1,744 | 2025 | ||||||||||||||||||
Santa Monica Place | — | 218,199 | — | 219,564 | 2.99 | % | 1,004 | 2018 | ||||||||||||||||||
SanTan Village Regional Center | — | 126,964 | — | 127,724 | 3.14 | % | 589 | 2019 | ||||||||||||||||||
Stonewood Center | — | 98,023 | — | 99,520 | 1.80 | % | 640 | 2017 | ||||||||||||||||||
Towne Mall | — | 21,466 | — | 21,570 | 4.48 | % | 117 | 2022 | ||||||||||||||||||
Tucson La Encantada | 68,134 | — | 68,513 | — | 4.23 | % | 368 | 2022 | ||||||||||||||||||
Victor Valley, Mall of | — | 114,573 | — | 114,559 | 4.00 | % | 380 | 2024 | ||||||||||||||||||
Vintage Faire Mall | — | 267,861 | — | 269,228 | 3.55 | % | 1,256 | 2026 | ||||||||||||||||||
Westside Pavilion | — | 143,132 | — | 143,881 | 4.49 | % | 783 | 2022 | ||||||||||||||||||
$ | 175,247 | $ | 3,831,275 | $ | 176,442 | $ | 3,908,976 |
(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. Debt premiums (discounts) consist of the following: |
Property Pledged as Collateral | March 31, 2017 | December 31, 2016 | |||||
Fashion Outlets of Niagara Falls USA | $ | 3,326 | $ | 3,558 | |||
Stonewood Center | 1,656 | 2,349 | |||||
$ | 4,982 | $ | 5,907 |
(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) | 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). |
(6) | The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020. At March 31, 2017 and December 31, 2016, the total interest rate was 2.44% and 2.43%, respectively. |
(7) | On January 18, 2017, the loan was paid off in connection with the sale of the underlying property (See Note 14—Dispositions). |
9. | Bank and Other Notes Payable: |
10. | Co-Venture Arrangement: |
12. | Stockholders' Equity: |
13. | Acquisitions: |
14. | Dispositions: |
15. | Commitments and Contingencies: |
16. | Related Party Transactions: |
For the Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Management fees | $ | 4,480 | $ | 3,953 | ||||
Development and leasing fees | 5,270 | 2,961 | ||||||
$ | 9,750 | $ | 6,914 |
17. | Share and Unit-Based Plans: |
For the Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
LTIP Units | $ | 14,381 | $ | 17,399 | ||||
Stock awards | — | 20 | ||||||
Stock units | 2,612 | 3,372 | ||||||
Stock options | 4 | 4 | ||||||
Phantom stock units | 177 | 604 | ||||||
$ | 17,174 | $ | 21,399 |
LTIP Units | Phantom Stock Units | Stock Units | ||||||||||||||||||
Units | Value(1) | Units | Value(1) | Units | Value(1) | |||||||||||||||
Balance at January 1, 2017 | 322,572 | $ | 58.18 | 5,845 | $ | 81.47 | 148,428 | $ | 78.53 | |||||||||||
Granted | 498,670 | 55.54 | 5,217 | 75.89 | 85,562 | 66.57 | ||||||||||||||
Vested | (134,742 | ) | 66.57 | (2,494 | ) | 87.90 | (73,454 | ) | 76.65 | |||||||||||
Forfeited | — | — | — | — | — | — | ||||||||||||||
Balance at March 31, 2017 | 686,500 | $ | 54.61 | 8,568 | $ | 76.20 | 160,536 | $ | 73.01 |
SARs | Stock Options | ||||||||||||
Units | Value(1) | Units | Value(1) | ||||||||||
Balance at January 1, 2017 | 284,146 | $ | 53.85 | 10,565 | $ | 56.77 | |||||||
Granted | — | — | — | — | |||||||||
Exercised | — | — | — | — | |||||||||
Balance at March 31, 2017 | 284,146 | $ | 53.85 | 10,565 | $ | 56.77 | |||||||
For the Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Current | $ | — | $ | — | ||||
Deferred | 3,484 | (1,317 | ) | |||||
Income tax benefit (expense) | $ | 3,484 | $ | (1,317 | ) |
19. | Subsequent Events: |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
• | 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. |
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 |
For the Three Months Ended March 31, | |||||||
(Dollars in thousands) | 2017 | 2016 | |||||
Consolidated Centers: | |||||||
Acquisitions of property and equipment | $ | 4,350 | $ | 5,311 | |||
Development, redevelopment, expansion and renovation of Centers | 18,471 | 28,693 | |||||
Tenant allowances | 1,515 | 3,292 | |||||
Deferred leasing charges | 5,030 | 6,173 | |||||
$ | 29,366 | $ | 43,469 | ||||
Joint Venture Centers (at Company's pro rata share): | |||||||
Acquisitions of property and equipment | $ | 562 | $ | 330,824 | |||
Development, redevelopment, expansion and renovation of Centers | 29,880 | 24,143 | |||||
Tenant allowances | 912 | 2,864 | |||||
Deferred leasing charges | 2,126 | 1,876 | |||||
$ | 33,480 | $ | 359,707 |
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) | $ | 5,713,342 | $ | 603,168 | $ | 1,081,113 | $ | 2,253,168 | $ | 1,775,893 | |||||||||
Operating lease obligations(2) | 264,600 | 13,391 | 19,055 | 17,684 | 214,470 | ||||||||||||||
Purchase obligations(2) | 72,686 | 72,686 | — | — | — | ||||||||||||||
Other long-term liabilities | 293,566 | 252,526 | 4,643 | 5,123 | 31,274 | ||||||||||||||
$ | 6,344,194 | $ | 941,771 | $ | 1,104,811 | $ | 2,275,975 | $ | 2,021,637 |
(1) | Interest payments on floating rate debt were based on rates in effect at March 31, 2017. |
(2) | See Note 15—Commitments and Contingencies in the Company's Notes to Consolidated Financial Statements. |
For the Three Months Ended March 31, | |||||||||
2017 | 2016 | ||||||||
Net income attributable to the Company | $ | 69,243 | $ | 420,915 | |||||
Adjustments to reconcile net income attributable to the Company to FFO attributable to common stockholders and unit holders—basic and diluted: | |||||||||
Noncontrolling interests in the Operating Partnership | 5,108 | 29,985 | |||||||
Gain on sale or write down of assets, net—consolidated assets | (49,565 | ) | (434,456 | ) | |||||
Add: Gain on sale of undepreciated assets—consolidated assets | — | 2,412 | |||||||
Loss on write-down of non-real estate assets—consolidated assets | (10,138 | ) | — | ||||||
(Gain) loss on sale or write down of assets— unconsolidated joint ventures, net(1) | (2,269 | ) | 4 | ||||||
Add: gain (loss) on sale of undepreciated assets—unconsolidated joint ventures(1) | 660 | (4 | ) | ||||||
Depreciation and amortization—consolidated assets | 83,073 | 86,931 | |||||||
Less: noncontrolling interests in depreciation and amortization—consolidated assets | (3,893 | ) | (3,694 | ) | |||||
Depreciation and amortization—unconsolidated joint ventures(1) | 44,765 | 41,876 | |||||||
Less: depreciation on personal property | (3,381 | ) | (2,940 | ) | |||||
FFO attributable to common stockholders and unit holders—basic and diluted | 133,603 | 141,029 | |||||||
Loss on extinguishment of debt, net—consolidated assets | — | 3,575 | |||||||
FFO attributable to common stockholders and unit holders excluding extinguishment of debt, net—diluted | $ | 133,603 | $ | 144,604 | |||||
Weighted average number of FFO shares outstanding for: | |||||||||
FFO attributable to common stockholders and unit holders—basic (2) | 154,187 | 162,805 | |||||||
Adjustments for impact of dilutive securities in computing FFO-diluted: | |||||||||
Share and unit based compensation plans | 59 | 119 | |||||||
FFO attributable to common stockholders and unit holders—diluted (3) | 154,246 | 162,924 |
(1) | Unconsolidated joint ventures are presented at the Company's pro rata share. |
(2) | Calculated based upon basic net income as adjusted to reach basic FFO. Includes 10.6 million and 10.8 million OP Units for the three months ended March 31, 2017 and 2016, respectively. |
(3) | The computation of FFO—diluted shares outstanding includes the effect of share and unit-based compensation plans 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—diluted computation. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Expected Maturity Date | |||||||||||||||||||||||||||||||
For the twelve months ended March 31, | |||||||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
CONSOLIDATED CENTERS: | |||||||||||||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||||||||||
Fixed rate | $ | 583,649 | $ | 51,156 | $ | 794,047 | $ | 595,737 | $ | 82,631 | $ | 1,711,602 | $ | 3,818,822 | $ | 3,850,018 | |||||||||||||||
Average interest rate | 3.34 | % | 4.10 | % | 3.64 | % | 4.47 | % | 4.20 | % | 3.76 | % | 3.79 | % | |||||||||||||||||
Floating rate | — | — | 200,000 | — | 900,000 | — | 1,100,000 | 1,078,836 | |||||||||||||||||||||||
Average interest rate | — | % | — | % | 2.44 | % | — | % | 2.48 | % | — | % | 2.47 | % | |||||||||||||||||
Total debt—Consolidated Centers | $ | 583,649 | $ | 51,156 | $ | 994,047 | $ | 595,737 | $ | 982,631 | $ | 1,711,602 | $ | 4,918,822 | $ | 4,928,854 | |||||||||||||||
UNCONSOLIDATED JOINT VENTURE CENTERS: | |||||||||||||||||||||||||||||||
Long-term debt (at Company's pro rata share): | |||||||||||||||||||||||||||||||
Fixed rate | $ | 27,267 | $ | 28,458 | $ | 34,121 | $ | 149,171 | $ | 41,627 | $ | 2,486,577 | $ | 2,767,221 | $ | 2,771,013 | |||||||||||||||
Average interest rate | 3.65 | % | 3.65 | % | 3.67 | % | 3.04 | % | 3.79 | % | 3.86 | % | 3.80 | % | |||||||||||||||||
Floating rate | 330 | 9,423 | 10,182 | 32,151 | 15,000 | 37,500 | 104,586 | 98,620 | |||||||||||||||||||||||
Average interest rate | 2.73 | % | 2.66 | % | 2.80 | % | 2.85 | % | 1.99 | % | 1.98 | % | 2.38 | % | |||||||||||||||||
Total debt—Unconsolidated Joint Venture Centers | $ | 27,597 | $ | 37,881 | $ | 44,303 | $ | 181,322 | $ | 56,627 | $ | 2,524,077 | $ | 2,871,807 | $ | 2,869,633 |
Item 4. | Controls and Procedures |
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 | ||||||||||||||
January 1, 2017 to January 31, 2017 | — | $ | — | — | $ | — | ||||||||||||
February 1, 2017 to February 28, 2017 | — | — | — | — | ||||||||||||||
March 1, 2017 to March 31, 2017 | 2,197,879 | (2) | 64.17 | 2,197,879 | (2 | ) | 358,968,301 | |||||||||||
2,197,879 | $ | 64.17 | 2,197,879 |
(1) | The average price paid per share is calculated on a trade date basis. |
(2) | On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500.0 million of the Company's outstanding common shares from time to time as market conditions warrant. During the period from March 1, 2017 to March 31, 2017, the Company repurchased a total of 2,197,879 of its common shares in a series of transactions for approximately $141.0 million, representing an average price of $64.17 per share. The Company funded the repurchases from the net proceeds of the sale of Cascade Mall and Northgate Mall (See "Acquisitions and Dispositions" in Management's Overview and Summary) and its share of the proceeds from the sale of an office building at Country Club Plaza (See "Acquisitions and Dispositions" in Management's Overview and Summary). |
Exhibit Number | Description | |
2.1 | Master Agreement, dated November 14, 2014, by and among Pacific Premier Retail LP, 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 of the Company (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 of the Company (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 of the Company (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 of the Company (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 April 21, 2016). | |
10.1* | Form of LTIP Unit Award Agreement under 2003 Equity Incentive Plan (service-based). | |
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 |
THE MACERICH COMPANY | ||||
By: | /s/ THOMAS E. O'HERN | |||
Thomas E. O'Hern | ||||
Senior Executive Vice President and Chief Financial Officer | ||||
Date: | May 1, 2017 | (Principal Financial Officer) |
(A) | the replacement award is of the same type as the Award [2017] LTIP Units (SB) being replaced, including, without limitation, income tax attributes relating to the extent and timing of recognition of taxable income, gain or loss by the Grantee; |
(B) | the replacement award has a value equal to the Fair Market Value of the Award [2017] LTIP Units (SB) being replaced as of the effective date of the Change of Control; |
(C) | the equity securities issuable upon the conversion, exercise, exchange or redemption of the replacement award, or securities underlying the replacement award, as applicable, are listed on a national stock exchange; |
(D) | the replacement award contains terms relating to vesting (including with respect to the Grantee’s Qualified Termination, death, Disability or Retirement) that are substantially identical to those of the Award [2017] LTIP Units (SB); and |
(E) | the other terms and conditions of the replacement award are not less favorable to the Grantee than the terms and conditions of the Award [2017] LTIP Units (SB). |
By: | The Macerich Company, its general partner |
1. | The name, address and taxpayer identification number of the undersigned are: |
2. | Description of property with respect to which the election is being made: |
3. | The date on which the [2017] LTIP Units (SB) were transferred to the undersigned is ___________, [2017]. |
4. | Nature of restrictions to which the [2017] LTIP Units (SB) are subject: |
(a) | Until the [2017] LTIP Units (SB) vest, the Taxpayer may not transfer in any manner any portion of the [2017] LTIP Units (SB) without the consent of the Partnership. |
(b) | The Taxpayer’s [2017] LTIP Units (SB) vest in accordance with the vesting provisions described in the Schedule attached hereto. Unvested [2017] LTIP Units (SB) are forfeited in accordance with the vesting provisions described in the Schedule attached hereto. |
5. | The fair market value at time of transfer (determined without regard to any restrictions other than a nonlapse restriction as defined in Treasury Regulations Section 1.83-3(h)) of the [2017] LTIP Units (SB) with respect to which this election is being made was $0 per [2017] LTIP Unit (SB). |
6. | The amount paid by the Taxpayer for the [2017] LTIP Units (SB) was $0 per [2017] LTIP Unit (SB). |
7. | The amount to include in gross income is $0. |
Date of Award Agreement: | January 1, [2017] |
Name of Grantee: | |
Number of [2017] LTIP Units (SB) Subject to Grant: | |
Grant Date: | January 1, [2017] |
Vesting Date | Number of Award LTIP Units Becoming Vested | Cumulative Percentage Vested | |
[December 29, 2017] | ________ (33 1/3%) | 33 1/3% | |
[December 31, 2018] | ________ (33 1/3%) | 66 2/3% | |
[December 31, 2019] | ________ (33 1/3%) | 100 | % |
1. | I have reviewed this report on Form 10-Q for the quarter ended March 31, 2017 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: | May 1, 2017 | Chairman and Chief Executive Officer |
1. | I have reviewed this report on Form 10-Q for the quarter ended March 31, 2017 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: | May 1, 2017 | Senior Executive Vice President and Chief Financial Officer |
(i) | the Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 of the Company (the "Report") fully complies with the requirements of Section 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended; 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 |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
May 01, 2017 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MACERICH CO | |
Entity Central Index Key | 0000912242 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 141,779,397 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 141,912,477 | 143,985,036 |
Common Stock, shares outstanding | 141,912,477 | 143,985,036 |
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) |
3 Months Ended |
---|---|
Mar. 31, 2017
$ / shares
| |
Statement of Stockholders' Equity [Abstract] | |
Distributions declared, per share (in dollars per share) | $ 0.71 |
Organization |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization: The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of March 31, 2017, the Company was the sole general partner of and held a 93% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado, LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies." All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise. |
Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies: Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm. The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of variable interest entities ("VIEs"). The Operating Partnership's VIEs included the following assets and liabilities:
All intercompany accounts and transactions have been eliminated in the consolidated financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2016 has been derived from the audited financial statements but does not include all disclosures required by GAAP. 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. ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company is evaluating each of its revenue streams and related accounting policies under the standard. Rental revenues and tenant recoveries will be evaluated with the adoption of the new lease accounting standard (discussed below). The Company does not believe ASU 2014-09 will significantly impact its accounting for minimum rents, percentage rents, tenant recoveries and other revenues. The Company expects to adopt this standard on a modified retrospective basis. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption. This standard may also impact the timing, recognition and disclosures related to the Company's tenant recoveries from tenants earned from leasing its operating properties. Under ASU 2016-02, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. The Company is a lessee on ground leases at certain properties and on certain office space leases. ASU 2016-02 will impact the accounting and disclosure requirements for these leases. ASU 2016-02 is effective for the Company under a modified retrospective approach beginning January 1, 2019. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amends the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. The Company's adoption of this standard on January 1, 2017 under the modified retrospective method resulted in the recognition of excess tax benefits of $6,484 as a cumulative effect adjustment, which reduced its accumulated deficit and increased its deferred tax assets by the same amount. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amended the accounting for the statement of cash flows by providing guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company's adoption of this standard on January 1, 2017 resulted in the reclassification of $12,028 of debt extinguishment costs from operating activities to financing activities on its consolidated statement of cash flows for the three months ended March 31, 2016. Recent Accounting Pronouncements: (Continued) On November 17, 2016, the FASB issued ASU 2016-18, “Restricted Cash,” which requires that the statement of cash flows explain the change during a reporting period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. This standard states that transfers between cash, cash equivalents, and restricted cash are not part of the entity’s operating, investing, and financing activities. Therefore, restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for the Company beginning January 1, 2018 with early adoption permitted. The Company does not believe that the adoption of ASU 2016-18 will have a significant impact on its consolidated statements of cash flows. On January 5, 2017, the FASB issued ASU 2017-01, “Business Combinations,” which clarifies the definition of a business. The objective of the standard is to add further guidance that assists entities in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities are not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. ASU 2017-01 is effective for the Company beginning January 1, 2018 with early adoption permitted using a prospective transition method. The Company does not believe the adoption of 2017-01 will have a significant impact on its consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets,” which clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The Company is required to adopt ASU 2017-05 beginning January 1, 2018 with early adoption permitted. The Company is evaluating the effect that ASU No. 2017-05 will have on its consolidated financial statements. |
Earnings per Share ("EPS") |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share (EPS) | Earnings per Share ("EPS"): The following table reconciles the numerator and denominator used in the computation of EPS for the three months ended March 31, 2017 and 2016 (shares in thousands):
Diluted EPS excludes 10,591,428 and 10,820,343 Operating Partnership units ("OP Units") for the three months ended March 31, 2017 and 2016, respectively, as their impact 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 Company has made the following recent investments and dispositions in its unconsolidated joint ventures: On January 6, 2016, the Company sold a 40% ownership interest in Arrowhead Towne Center, a 1,197,000 square foot regional shopping center in Glendale, Arizona, for $289,496, resulting in a gain on the sale of assets of $101,629. The sales price was funded by a cash payment of $129,496 and the assumption of a pro rata share of the mortgage note payable on the property of $160,000. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See Note 12—Stockholders' Equity). Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in Arrowhead Towne Center under the equity method of accounting. On January 14, 2016, the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall, a 1,039,000 square foot regional shopping center in Deptford, New Jersey; FlatIron Crossing, a 1,431,000 square foot regional shopping center in Broomfield, Colorado; and Twenty Ninth Street, an 847,000 square foot regional shopping center in Boulder, Colorado (the "MAC Heitman Portfolio"), for $771,478, resulting in a gain on the sale of assets of $340,734. The sales price was funded by a cash payment of $478,608 and the assumption of a pro rata share of the mortgage notes payable on the properties of $292,870. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in the MAC Heitman Portfolio under the equity method of accounting. On March 1, 2016, the Company, through a 50/50 joint venture, acquired Country Club Plaza, a 1,003,000 square foot regional shopping center in Kansas City, Missouri, for a purchase price of $660,000. The Company funded its pro rata share of the purchase price of $330,000 from borrowings under its line of credit. On March 28, 2016, the joint venture placed a $320,000 loan on the property that bears interest at an effective rate of 3.88% and matures on April 1, 2026. The Company used its pro rata share of the proceeds to pay down its line of credit and for general corporate purposes. On March 17, 2017, the Company's joint venture in Country Club Plaza sold an office building for $78,000, resulting in a gain on sale of assets of $4,580. The Company's pro rata share of the gain on sale of assets of $2,290 was included in equity in income from joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 12—Stockholders' Equity). 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:
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. |
Property, net |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, net | Property, net: Property, net consists of the following:
Depreciation expense was $68,956 and $69,903 for the three months ended March 31, 2017 and 2016, respectively. The gain on sale or write down of assets, net was $49,565 and $434,456 for the three months ended March 31, 2017 and 2016, respectively. The gain on sale or write down of assets, net for the three months ended March 31, 2017 includes a gain of $59,713 on the sale of Cascade Mall and Northgate Mall (See Note 14—Dispositions) offset in part by a loss of $10,138 on the write down of an investment in non-real estate assets. The gain on sale or write down of assets, net for the three months ended March 31, 2016 includes a gain of $104,293 on the sale of a 40% ownership interest in Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures), $340,741 on the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures) and $2,412 on the sale of land offset in part by a $12,294 adjustment to contingent consideration (See Note 13—Acquisitions) and $696 on the write down of development costs. |
Tenant and Other Receivables, net |
3 Months Ended |
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Mar. 31, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Tenant and Other Receivables, net | Tenant and Other Receivables, net: Included in tenant and other receivables, net is an allowance for doubtful accounts of $2,708 and $1,991 at March 31, 2017 and December 31, 2016, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $1,549 and $9,509 at March 31, 2017 and December 31, 2016, respectively, and a deferred rent receivable due to straight-line rent adjustments of $56,568 and $56,761 at March 31, 2017 and December 31, 2016, respectively. On March 17, 2014, in connection with the sale of Lake Square Mall, the Company issued a note receivable for $6,500 that bears interest at an effective rate of 6.5%, matures on March 17, 2018 and is collateralized by a trust deed on Lake Square Mall. At March 31, 2017 and December 31, 2016, the note had a balance of $6,266 and $6,284, respectively. |
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 consist of the following:
The allocated values of above-market leases and below-market leases consist of the following:
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Mortgage Notes Payable |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Notes Payable | Mortgage Notes Payable: Mortgage notes payable at March 31, 2017 and December 31, 2016 consist of the following:
The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $11,953 and $12,716 at March 31, 2017 and December 31, 2016, respectively.
Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand. Total interest expense capitalized was $2,634 and $2,303 during the three months ended March 31, 2017 and 2016, respectively. Related party mortgage notes payable are amounts due to an affiliate of NML. See Note 16—Related Party Transactions for interest expense associated with loans from NML. The estimated fair value (Level 2 measurement) of mortgage notes payable at March 31, 2017 and December 31, 2016 was $4,044,874 and $4,126,819, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt. |
Bank and Other Notes Payable |
3 Months Ended |
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Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Bank and Other Notes Payable | Bank and Other Notes Payable: Bank and other notes payable consist of the following: Line of Credit: The Company has a $1,500,000 revolving line of credit that bears interest at LIBOR plus a spread of 1.30% to 1.90%, depending on the Company's overall leverage level, and matures on July 6, 2020 with a one-year extension option. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000. Based on the Company's leverage level as of March 31, 2017, the borrowing rate on the facility was LIBOR plus 1.45%. As of March 31, 2017 and December 31, 2016, borrowings under the line of credit, were $900,000 and $885,000, respectively, less unamortized deferred finance costs of $9,441 and $10,039, respectively, at a total interest rate of 2.48% and 2.40%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at March 31, 2017 and December 31, 2016 was $878,446 and $865,921, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Prasada Note: On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on May 30, 2021. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At March 31, 2017 and December 31, 2016, the note had a balance of $5,327 and $5,521, respectively. The estimated fair value (Level 2 measurement) of the note at March 31, 2017 and December 31, 2016 was $5,534 and $5,786, 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 March 31, 2017 and December 31, 2016, the Company was in compliance with all applicable financial loan covenants. |
Co-Venture Arrangement |
3 Months Ended |
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Mar. 31, 2017 | |
Co-Venture Arrangement | |
Co-Venture Arrangement | 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 1,672,000 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 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. The co-venture obligation is increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. The co-venture obligation was $58,548 and $58,973 at March 31, 2017 and December 31, 2016, respectively. |
Noncontrolling Interests |
3 Months Ended |
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Mar. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests: The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 93% ownership interest in the Operating Partnership as of March 31, 2017 and December 31, 2016. The remaining 7% limited partnership interest as of March 31, 2017 and December 31, 2016 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of March 31, 2017 and December 31, 2016, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $680,932 and $733,141, respectively. The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock. |
Stockholders' Equity |
3 Months Ended |
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Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity: 2015 Stock Buyback Program: On September 30, 2015, the Company's Board of Directors authorized the repurchase of up to $1,200,000 of the Company's outstanding common shares over the period ending September 30, 2017, as market conditions warranted. On November 12, 2015, the Company entered into an accelerated share repurchase program ("ASR") to repurchase $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,140,788 shares. On January 19, 2016, the ASR was completed and the Company received delivery of an additional 970,609 shares. The average price of the 5,111,397 shares repurchased under the ASR was $78.26 per share. The ASR was funded from proceeds in connection with the financing and sale of a 40% ownership interest in Pacific Premier Retail LLC (the "PPR Portfolio"). On February 17, 2016, the Company entered into an ASR to repurchase an additional $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,222,193 shares. On April 19, 2016, the ASR was completed and the Company received delivery of an additional 861,235 shares. The average price of the 5,083,428 shares repurchased under the ASR was $78.69 per share. The ASR was funded from borrowings under the Company's line of credit, which had been paid down from the proceeds from the financings and sale of ownership interests in Arrowhead Towne Center and the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures). On May 9, 2016, the Company entered into an ASR to repurchase the remaining $400,000 of the Company's common stock authorized for repurchase. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 3,964,812 shares. On July 11, 2016, the ASR was completed and the Company received delivery of an additional 1,104,162 shares. The average price of the 5,068,974 shares repurchased under the ASR was $78.91 per share. The ASR was funded from borrowings under the Company's line of credit, which had been paid down from the proceeds from the financings and sale of ownership interests in Arrowhead Towne Center and the MAC Heitman Portfolio (See Note 4—Investments in Unconsolidated Joint Ventures). 2017 Stock Buyback Program: On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares and pursuant to Rule 10b5-1 of the Securities Act of 1934, from time to time as permitted by securities laws and other legal requirements. During the period from March 1, 2017 to March 31, 2017, the Company repurchased a total of 2,197,879 of its common shares for $141,102, representing an average price of $64.17 per share. The Company funded the repurchases from the net proceeds of the sale of Cascade Mall and Northgate Mall (See Note 14—Dispositions) and its share of the proceeds from the sale of an office building at Country Club Plaza (See Note 4—Investments in Unconsolidated Joint Ventures). Special Dividends: On October 30, 2015, the Company declared two special dividends/distributions ("Special Dividend"), each of $2.00 per share of common stock and per OP Unit. The first Special Dividend was paid on December 8, 2015 to common stockholders and OP Unit holders of record on November 12, 2015. The second Special Dividend was paid on January 6, 2016 to common stockholders and OP Unit holders of record on November 12, 2015. The Special Dividends were funded from proceeds in connection with the financing and sale of ownership interests in the PPR Portfolio and Arrowhead Towne Center (See Note 4—Investments in Unconsolidated Joint Ventures). At-The-Market Stock Offering Program ("ATM Program"): On August 20, 2014, the Company entered into an equity distribution agreement with a number of sales agents (the "ATM Program") to issue and sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000 (the “ATM Shares”). Sales of the ATM Shares can be 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 ATM Shares sold through such sales agent under the distribution agreement. As of March 31, 2017, $500,000 of the ATM Shares were available to be sold under the ATM Program. Actual future sales of the ATM Shares under the 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 ATM Program. |
Acquisitions |
3 Months Ended |
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Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions: Fashion Outlets of Chicago: On October 31, 2014, the Company purchased the outside 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 notes receivables of $14,120. The purchase agreement included contingent consideration based on the financial performance of Fashion Outlets of Chicago at an agreed upon date in 2016. On August 19, 2016, the Company paid $23,800 in full settlement of the contingent consideration obligation. |
Dispositions |
3 Months Ended |
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Mar. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions: The following are recent dispositions of properties: On April 13, 2016, the Company sold Capitola Mall, a 586,000 square foot regional shopping center in Capitola, California, for $93,000, resulting in a gain on the sale of assets of $24,894. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On May 31, 2016, the Company sold a former Mervyn's store in Yuma, Arizona, for $3,200, resulting in a loss on the sale of assets of $3,066. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On July 15, 2016, the Company conveyed Flagstaff Mall, a 347,000 square foot regional shopping center in Flagstaff, Arizona, to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The loan was non-recourse to the Company. As a result, the Company recognized a gain on the extinguishment of debt of $5,284. On January 18, 2017, the Company sold Cascade Mall, a 589,000 square foot regional shopping center in Burlington, Washington; and Northgate Mall, a 750,000 square foot regional shopping center in San Rafael, California, in a combined transaction for $170,000, resulting in a gain on the sale of assets of $59,713. The proceeds were used to pay off the mortgage note payable on Northgate Mall and to repurchase shares of the Company's common stock under the 2017 Stock Buyback Program (See Note 12—Stockholders' Equity). |
Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies: The Company has certain properties that are 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 expense was $2,576 and $2,511 for the three months ended March 31, 2017 and 2016, respectively. No contingent rent was incurred during the three months ended March 31, 2017 or 2016. As of March 31, 2017, the Company was contingently liable for $61,002 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the agreements. At March 31, 2017, the Company had $72,686 in outstanding obligations which it believes will be settled in the next twelve months. |
Related Party Transactions |
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Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
Certain mortgage notes on the properties are held by NML (See Note 8—Mortgage Notes Payable). Interest expense in connection with these notes was $2,211 and $2,272 for the three months ended March 31, 2017 and 2016, respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $732 and $736 at March 31, 2017 and December 31, 2016, respectively. Due from (to) affiliates includes unreimbursed and/or prepaid costs and fees from unconsolidated joint ventures due to (from) the Management Companies. As of March 31, 2017 and December 31, 2016, the amounts due from (to) the unconsolidated joint ventures was $4,745 and $(6,809), respectively. In addition, due from affiliates at March 31, 2017 and December 31, 2016 included a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and matures on May 30, 2021. Interest income earned on this note was $70 and $117 for the three months ended March 31, 2017 and 2016, respectively. The balance on this note was $5,397 and $5,593 at March 31, 2017 and December 31, 2016, 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 the development project. 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. Interest income earned on this note was $611 and $521 for the three months ended March 31, 2017 and 2016, respectively. The balance on this note was $70,053 and $69,443 at March 31, 2017 and December 31, 2016, respectively. Lennar Corporation is considered a related party because it is a joint venture partner 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: Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of units ("LTIP Units") in the Operating Partnership. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards. The market-indexed LTIP Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to the 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. On January 1, 2017, the Company granted 66,079 LTIP Units with a grant date fair value of $70.84 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2019. Concurrently, the Company granted 297,849 market-indexed LTIP Units ("2017 LTIP Units") at a grant date fair value of $47.15 per LTIP Unit that vest over a service period ending December 31, 2019. The fair value of the 2017 LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.49% and an expected volatility of 20.75%. On March 3, 2017, the Company granted 134,742 LTIP Units at a fair value of $66.57 per LTIP Unit that were fully vested on the grant date. The following summarizes the compensation cost under the share and unit-based plans:
The Company capitalized share and unit-based compensation costs of $3,369 and $4,959 for the three months ended March 31, 2017 and 2016, respectively. Unrecognized compensation costs of share and unit-based plans at March 31, 2017 consisted of $15,711 from LTIP Units, $6,802 from stock units, $7 from stock options and $653 from phantom stock units. The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units:
(1) Value represents the weighted average grant date fair value. The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding:
(1) Value represents the weighted average exercise price. |
Income Taxes |
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Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes: The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its Qualified REIT Subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC. The income tax provision of the TRSs are as follows:
The net operating loss carryforwards are currently scheduled to expire through 2035, beginning in 2024. Net deferred tax assets of $48,270 and $38,301 were included in deferred charges and other assets, net at March 31, 2017 and December 31, 2016, respectively. The tax years 2012 through 2016 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months. |
Subsequent Events |
3 Months Ended |
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Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events: On April 20, 2017, the Company announced a dividend/distribution of $0.71 per share for common stockholders and OP Unit holders of record on May 5, 2017. All dividends/distributions will be paid 100% in cash on June 2, 2017. |
Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm. The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of variable interest entities ("VIEs"). The Operating Partnership's VIEs included the following assets and liabilities:
All intercompany accounts and transactions have been eliminated in the consolidated financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2016 has been derived from the audited financial statements but does not include all disclosures required by GAAP. |
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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. ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company is evaluating each of its revenue streams and related accounting policies under the standard. Rental revenues and tenant recoveries will be evaluated with the adoption of the new lease accounting standard (discussed below). The Company does not believe ASU 2014-09 will significantly impact its accounting for minimum rents, percentage rents, tenant recoveries and other revenues. The Company expects to adopt this standard on a modified retrospective basis. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption. This standard may also impact the timing, recognition and disclosures related to the Company's tenant recoveries from tenants earned from leasing its operating properties. Under ASU 2016-02, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. The Company is a lessee on ground leases at certain properties and on certain office space leases. ASU 2016-02 will impact the accounting and disclosure requirements for these leases. ASU 2016-02 is effective for the Company under a modified retrospective approach beginning January 1, 2019. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amends the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. The Company's adoption of this standard on January 1, 2017 under the modified retrospective method resulted in the recognition of excess tax benefits of $6,484 as a cumulative effect adjustment, which reduced its accumulated deficit and increased its deferred tax assets by the same amount. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amended the accounting for the statement of cash flows by providing guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company's adoption of this standard on January 1, 2017 resulted in the reclassification of $12,028 of debt extinguishment costs from operating activities to financing activities on its consolidated statement of cash flows for the three months ended March 31, 2016. Recent Accounting Pronouncements: (Continued) On November 17, 2016, the FASB issued ASU 2016-18, “Restricted Cash,” which requires that the statement of cash flows explain the change during a reporting period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. This standard states that transfers between cash, cash equivalents, and restricted cash are not part of the entity’s operating, investing, and financing activities. Therefore, restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for the Company beginning January 1, 2018 with early adoption permitted. The Company does not believe that the adoption of ASU 2016-18 will have a significant impact on its consolidated statements of cash flows. On January 5, 2017, the FASB issued ASU 2017-01, “Business Combinations,” which clarifies the definition of a business. The objective of the standard is to add further guidance that assists entities in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities are not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. ASU 2017-01 is effective for the Company beginning January 1, 2018 with early adoption permitted using a prospective transition method. The Company does not believe the adoption of 2017-01 will have a significant impact on its consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets,” which clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The Company is required to adopt ASU 2017-05 beginning January 1, 2018 with early adoption permitted. The Company is evaluating the effect that ASU No. 2017-05 will have on its consolidated financial statements. |
Summary of Significant Accounting Policies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of variable interest entities | The Operating Partnership's VIEs included the following assets and liabilities:
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Earnings per Share ("EPS") (Tables) |
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Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of numerator and denominator used in computation of earnings per share | The following table reconciles the numerator and denominator used in the computation of EPS for the three months ended March 31, 2017 and 2016 (shares in thousands):
Diluted EPS excludes 10,591,428 and 10,820,343 Operating Partnership units ("OP Units") for the three months ended March 31, 2017 and 2016, respectively, as their impact was antidilutive. |
Investments in Unconsolidated Joint Ventures (Tables) |
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Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined and condensed balance sheets of unconsolidated joint ventures | Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:
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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, net (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of property | Property, net consists of the following:
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Deferred Charges and Other Assets, net (Tables) |
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Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of deferred charges and other assets, net | Deferred charges and other assets, net consist of the following:
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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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Mortgage Notes Payable (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage notes payable | Mortgage notes payable at March 31, 2017 and December 31, 2016 consist of the following:
The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $11,953 and $12,716 at March 31, 2017 and December 31, 2016, respectively.
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Debt premiums (discounts) on mortgage notes payable | Debt premiums (discounts) consist of the following:
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Related Party Transactions (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fees charged to unconsolidated joint ventures | The following are fees charged to unconsolidated joint ventures:
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Share and Unit-Based Plans (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation cost under the share and unit-based plans | The following summarizes the compensation cost under the share and unit-based plans:
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Summary of activity of non-vested LTIP Units, stock awards, phantom stock and stock units | The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units:
(1) Value represents the weighted average grant date fair value. |
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Summary of activity of SARs and stock options outstanding | The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding:
(1) Value represents the weighted average exercise price. |
Income Taxes (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of income tax benefit of TRSs | The income tax provision of the TRSs are as follows:
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Organization (Details) - entity |
3 Months Ended | |
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Mar. 31, 2017 |
Dec. 31, 2016 |
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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 (percent) | 93.00% | 93.00% |
Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
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Assets: | ||
Property, net | $ 9,093,591 | $ 9,176,642 |
Other assets | 678,158 | 614,607 |
Total assets | 9,771,749 | 9,791,249 |
Liabilities and partners' capital: | ||
Mortgage notes payable | 5,333,141 | 5,224,713 |
Other liabilities | 431,947 | 403,369 |
Company's capital | 2,193,553 | 2,279,819 |
Outside partners' capital | 1,813,108 | 1,883,348 |
Total liabilities and partners' capital | 9,771,749 | 9,791,249 |
Investments in unconsolidated joint ventures: | ||
Company's capital | 2,193,553 | 2,279,819 |
Basis adjustment | (579,537) | (584,887) |
Investments in unconsolidated joint ventures | 1,614,016 | 1,694,932 |
Assets—Investments in unconsolidated joint ventures | 1,710,617 | 1,773,558 |
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | (96,601) | (78,626) |
Investments in unconsolidated joint ventures | $ 1,614,016 | $ 1,694,932 |
Investments in Unconsolidated Joint Ventures - Balance Sheet Footnotes (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
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Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
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Investments in unconsolidated joint ventures: | |||
Total assets | $ 9,771,749 | $ 9,791,249 | |
Amortization of difference between cost of investments and book value of underlying equity | 4,027 | $ 4,457 | |
Northwestern Mutual Life (NML) | |||
Investments in unconsolidated joint ventures: | |||
Mortgage notes payable to affiliate | 489,206 | 265,863 | |
Interest expense on borrowings from related party | 3,160 | $ 6,366 | |
Pacific Premier Retail LLC | |||
Investments in unconsolidated joint ventures: | |||
Total assets | 3,177,394 | 3,179,255 | |
Total liabilities | $ 1,892,163 | $ 1,887,952 |
Property, net - Components of property (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Real Estate [Abstract] | ||
Land | $ 1,581,578 | $ 1,607,590 |
Buildings and improvements | 6,394,643 | 6,511,741 |
Tenant improvements | 606,974 | 622,878 |
Equipment and furnishings | 176,545 | 177,036 |
Construction in progress | 286,364 | 289,966 |
Total | 9,046,104 | 9,209,211 |
Less accumulated depreciation | (1,839,506) | (1,851,901) |
Property, net | $ 7,206,598 | $ 7,357,310 |
Property, net - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Jan. 18, 2017 |
Mar. 31, 2017 |
Mar. 31, 2016 |
Jan. 14, 2016 |
Jan. 06, 2016 |
|
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 68,956 | $ 69,903 | |||
Gain on sale or write down of assets, net | $ 49,565 | 434,456 | |||
Adjustment to contingent consideration | 12,294 | ||||
Development cost | 696 | ||||
Cascade and Northgate Malls | |||||
Property, Plant and Equipment [Line Items] | |||||
Gain on disposal | $ 59,713 | ||||
Loss on Sale of Investments | $ (10,138) | ||||
Arrowhead Towne Center | |||||
Property, Plant and Equipment [Line Items] | |||||
Gain on sale or write down of assets, net | $ 104,293 | ||||
Ownership interest | 40.00% | 40.00% | |||
MAC Heitman Portfolio | |||||
Property, Plant and Equipment [Line Items] | |||||
Gain on land sales | $ 2,412 | ||||
MAC Heitman Portfolio | Joint Venture | |||||
Property, Plant and Equipment [Line Items] | |||||
Gain on sale or write down of assets, net | $ 340,741 | ||||
Ownership interest | 49.00% | 49.00% |
Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
Mar. 17, 2014 |
---|---|---|---|
Components of tenant and other receivables, net | |||
Allowance for doubtful accounts | $ 2,708 | $ 1,991 | |
Deferred rent receivable due to straight-line rent adjustments | 56,568 | 56,761 | |
Accrued percentage rents | |||
Components of tenant and other receivables, net | |||
Accounts receivable | 1,549 | 9,509 | |
6.5% Note Receivable | |||
Components of tenant and other receivables, net | |||
Notes receivable | $ 6,266 | $ 6,284 | $ 6,500 |
Note receivable, interest rate (percent) | 6.50% |
Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Leasing | $ 219,695 | $ 239,983 | |
Intangible assets: | |||
In-place lease values | 119,055 | 140,437 | |
Leasing commissions and legal costs | 28,985 | 32,384 | |
Above-market leases | 168,674 | 181,851 | |
Deferred tax assets | 48,270 | 38,301 | |
Deferred compensation plan assets | 43,218 | 42,711 | |
Other assets | 59,580 | 72,206 | |
Deferred charges and other assets, gross | 687,477 | 747,873 | |
Less accumulated amortization | (227,653) | (269,815) | |
Deferred charges and other assets, net | 459,824 | 478,058 | |
In-place lease values, leasing commissions and legal costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization for intangible assets | 73,493 | $ 88,785 | |
Amortization expense for intangible assets | $ 6,004 | $ 8,847 |
Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Above-Market Leases | ||
Above-Market Leases | ||
Original allocated value | $ 168,674 | $ 181,851 |
Less accumulated amortization | (49,389) | (57,505) |
Allocated value net | 119,285 | 124,346 |
Below-Market Leases | ||
Below-Market Leases | ||
Original allocated value | 137,165 | 144,713 |
Less accumulated amortization | (56,850) | (58,400) |
Allocated value net | $ 80,315 | $ 86,313 |
Mortgage Notes Payable - Premiums and Discounts (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Mortgage loans payable on real estate | ||
Debt premiums | $ 4,982 | $ 5,907 |
Fashion Outlets of Niagara Falls USA | ||
Mortgage loans payable on real estate | ||
Debt premiums | 3,326 | 3,558 |
Stonewood Center | ||
Mortgage loans payable on real estate | ||
Debt premiums | $ 1,656 | $ 2,349 |
Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Mortgage loans payable on real estate | ||
Unamortized deferred finance costs | $ 11,953 | $ 12,716 |
Chandler Fashion Center | ||
Mortgage loans payable on real estate | ||
Percentage of loan assumed by third party (percent) | 49.90% | |
Fashion Outlets of Chicago | ||
Mortgage loans payable on real estate | ||
Interest rate spread over basis (percent) | 1.50% | |
Effective interest rate (percent) | 2.43% |
Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Debt Disclosure [Abstract] | |||
Interest expense capitalized | $ 2,634 | $ 2,303 | |
Fair value of mortgage notes payable | $ 4,044,874 | $ 4,126,819 |
Co-Venture Arrangement (Details) ft² in Thousands, $ in Thousands |
Sep. 30, 2009
USD ($)
ft²
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
---|---|---|---|
Co-Venture Arrangement | |||
Co-venture obligation | $ | $ 58,548 | $ 58,973 | |
Freehold Raceway Mall and Chandler Fashion Center | |||
Co-Venture Arrangement | |||
Percentage of loan assumed by third party (percent) | 49.90% | ||
Co-venture obligation | $ | $ 168,154 | ||
Freehold Raceway Mall | |||
Co-Venture Arrangement | |||
Property area (in square feet) | ft² | 1,672 | ||
Chandler Fashion Center | |||
Co-Venture Arrangement | |||
Property area (in square feet) | ft² | 1,319 |
Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
Aug. 20, 2014 |
|
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Limited partnership interest of the operating partnership (percent) | 7.00% | 7.00% | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Number of trading days used to calculate redemption value | 10 days | ||
Redemption value of outstanding OP Units not owned by the Company | $ 680,932 | $ 733,141 | |
The Macerich Partnership, L.P. | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Ownership interest in operating partnership (percent) | 93.00% | 93.00% |
Acquisitions - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Aug. 19, 2016 |
Oct. 31, 2014 |
Mar. 31, 2016 |
|
Acquisition | |||
Contingent consideration | $ 12,294 | ||
Fashion Outlets of Chicago | Joint Venture | |||
Acquisition | |||
Purchase price | $ 69,987 | ||
Purchase price funded by cash payment on acquisition | 55,867 | ||
Purchase price paid through assumption of debt by the Company | $ 14,120 | ||
Contingent consideration | $ 23,800 |
Dispositions (Details) ft² in Thousands, $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 18, 2017
USD ($)
ft²
|
Jul. 15, 2016
USD ($)
ft²
|
May 31, 2016
USD ($)
|
Apr. 13, 2016
USD ($)
ft²
|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
|
|
Discontinued Operations: | ||||||
Gain (loss) on early extinguishment of debt, net | $ 0 | $ (3,575) | ||||
Flagstaff Mall | ||||||
Discontinued Operations: | ||||||
Gain (loss) on early extinguishment of debt, net | $ 5,284 | |||||
Capitola Mall | ||||||
Discontinued Operations: | ||||||
Property area (in square feet) | ft² | 586 | |||||
Proceeds from sale | $ 93,000 | |||||
Gain (loss) on disposal | $ 24,894 | |||||
Mervyn's | ||||||
Discontinued Operations: | ||||||
Proceeds from sale | $ 3,200 | |||||
Gain (loss) on disposal | $ (3,066) | |||||
Flagstaff Mall | ||||||
Discontinued Operations: | ||||||
Property area (in square feet) | ft² | 347 | |||||
Cascade Mall | ||||||
Discontinued Operations: | ||||||
Property area (in square feet) | ft² | 589 | |||||
Northgate Mall | ||||||
Discontinued Operations: | ||||||
Property area (in square feet) | ft² | 750 | |||||
Cascade and Northgate Malls | ||||||
Discontinued Operations: | ||||||
Proceeds from sale | $ 170,000 | |||||
Gain (loss) on disposal | $ 59,713 |
Commitments and Contingencies (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease rent expense | $ 2,576,000 | $ 2,511,000 |
Contingent rent | 0 | $ 0 |
Contingent liability under letters of credit | 61,002,000 | |
Outstanding obligations under construction agreements | $ 72,686,000 |
Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - Unconsolidated Joint Ventures and Third Party Managed Properties - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Related Party Transaction [Line Items] | ||
Management fees | $ 4,480 | $ 3,953 |
Development and leasing fees | 5,270 | 2,961 |
Fees charged to unconsolidated joint ventures | $ 9,750 | $ 6,914 |
Share and Unit-Based Plans - Compensation Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Share and unit-based plans | ||
Compensation cost under share and unit-based plans | $ 17,174 | $ 21,399 |
LTIP Units | ||
Share and unit-based plans | ||
Compensation cost under share and unit-based plans | 14,381 | 17,399 |
Stock awards | ||
Share and unit-based plans | ||
Compensation cost under share and unit-based plans | 0 | 20 |
Stock units | ||
Share and unit-based plans | ||
Compensation cost under share and unit-based plans | 2,612 | 3,372 |
Stock options | ||
Share and unit-based plans | ||
Compensation cost under share and unit-based plans | 4 | 4 |
Phantom stock units | ||
Share and unit-based plans | ||
Compensation cost under share and unit-based plans | $ 177 | $ 604 |
Share and Unit-Based Plans - SARs (Details) |
3 Months Ended |
---|---|
Mar. 31, 2017
$ / shares
shares
| |
SARs | |
Units | |
Balance at beginning of period (in shares) | shares | 284,146 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 284,146 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 53.85 |
Granted (in dollars per share) | $ / shares | 0.00 |
Vested (in dollars per share) | $ / shares | 0.00 |
Balance at end of period (in dollars per share) | $ / shares | $ 53.85 |
Stock Options | |
Units | |
Balance at beginning of period (in shares) | shares | 10,565 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 0 |
Balance at end of period (in shares) | shares | 10,565 |
Value | |
Balance at beginning of period (in dollars per share) | $ / shares | $ 56.77 |
Granted (in dollars per share) | $ / shares | 0.00 |
Exercised (in dollars per share) | $ / shares | 0.00 |
Balance at end of period (in dollars per share) | $ / shares | $ 56.77 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Current | $ 0 | $ 0 | |
Deferred | 3,484 | (1,317) | |
Income tax benefit (expense) | 3,484 | $ (1,317) | |
Net deferred tax assets | $ 48,270 | $ 38,301 |
Subsequent Events (Details) - $ / shares |
Apr. 20, 2017 |
Oct. 30, 2015 |
---|---|---|
Subsequent events | ||
Dividend declared (in dollars per share) | $ 2.00 | |
Subsequent event | ||
Subsequent events | ||
Dividend declared (in dollars per share) | $ 0.71 |