(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | ||||||||||||||||
(Address of principal executive office, including zip code) | (Zip Code) | ||||||||||||||||
| |||||||||||||||||
(Registrant's telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated Filer | ☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | |||||||||||||||||||||||||||
Emerging Growth Company |
Page | ||||||||
Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | |||||||
Tenant | Primary DBAs | Number of Locations in the Portfolio | % of Total Rents | |||||||||||||||||
Best Buy Co., Inc. | Best Buy | 7 | 2.4 | % | ||||||||||||||||
H & M Hennes & Mauritz L.P. | H&M | 27 | 2.4 | % | ||||||||||||||||
Foot Locker, Inc. | Champs Sports, Foot Locker, Kids Foot Locker, Lady Foot Locker, Foot Action, House of Hoops, and others | 71 | 2.3 | % | ||||||||||||||||
SPARC Group | Aeropostale, Brooks Brothers, Eddie Bauer, Forever 21, Lucky Brands, Nautica | 72 | 2.1 | % | ||||||||||||||||
Victoria's Secret & Co. | Victoria's Secret, PINK | 48 | 2.1 | % | ||||||||||||||||
Gap, Inc., The | Athleta, Banana Republic, Gap, Gap Kids, Old Navy, and others | 41 | 1.9 | % | ||||||||||||||||
Signet Jewelers Limited | Kay Jewelers, Jared, Piercing Pagoda, Zales, and others | 94 | 1.8 | % | ||||||||||||||||
Dick's Sporting Goods, Inc. | Dick's Sporting Goods | 17 | 1.7 | % | ||||||||||||||||
American Eagle Outfitters, Inc. | American Eagle Outfitters, Aerie | 37 | 1.4 | % | ||||||||||||||||
Abercrombie & Fitch Co. | Abercrombie & Fitch, Hollister Co. | 44 | 1.2 | % |
For the Years Ended December 31, | Avg. Base Rent Per Sq. Ft.(1)(2) | Avg. Base Rent Per Sq. Ft. on Leases Executed During the Year(2)(3) | Avg. Base Rent Per Sq. Ft. on Leases Expiring During the Year(2)(4) | ||||||||||||||
Consolidated Centers (at the Company's pro rata share): | |||||||||||||||||
2021 | $ | 59.86 | $ | 56.39 | $ | 55.91 | |||||||||||
2020 | $ | 59.63 | $ | 48.06 | $ | 52.60 | |||||||||||
2019 | $ | 58.76 | $ | 53.29 | $ | 53.20 | |||||||||||
2018 | $ | 56.82 | $ | 54.00 | $ | 49.07 | |||||||||||
2017 | $ | 55.08 | $ | 57.36 | $ | 49.61 | |||||||||||
Unconsolidated Joint Venture Centers (at the Company's pro rata share): | |||||||||||||||||
2021 | $ | 66.12 | $ | 66.98 | $ | 60.48 | |||||||||||
2020 | $ | 66.34 | $ | 57.23 | $ | 52.62 | |||||||||||
2019 | $ | 65.67 | $ | 73.05 | $ | 65.22 | |||||||||||
2018 | $ | 63.84 | $ | 66.95 | $ | 59.49 | |||||||||||
2017 | $ | 60.99 | $ | 63.50 | $ | 55.50 |
For the Years Ended December 31, | Avg. Base Rent Per Sq. Ft.(1)(2) | Avg. Base Rent Per Sq. Ft. on Leases Executed During the Year(2)(3) | Number of Leases Executed During the Year | Avg. Base Rent Per Sq. Ft. on Leases Expiring During the Year(2)(4) | Number of Leases Expiring During the Year | ||||||||||||||||||||||||
Consolidated Centers (at the Company's pro rata share): | |||||||||||||||||||||||||||||
2021 | $ | 17.26 | $ | 11.08 | 15 | $ | 8.57 | 15 | |||||||||||||||||||||
2020 | $ | 17.58 | $ | 24.14 | 8 | $ | 11.03 | 10 | |||||||||||||||||||||
2019 | $ | 16.51 | $ | 15.47 | 24 | $ | 10.37 | 11 | |||||||||||||||||||||
2018 | $ | 15.29 | $ | 14.03 | 23 | $ | 16.83 | 13 | |||||||||||||||||||||
2017 | $ | 14.13 | $ | 18.19 | 24 | $ | 14.85 | 21 | |||||||||||||||||||||
Unconsolidated Joint Venture Centers (at the Company's pro rata share): | |||||||||||||||||||||||||||||
2021 | $ | 16.72 | $ | 27.71 | 11 | $ | 37.45 | 15 | |||||||||||||||||||||
2020 | $ | 17.18 | $ | 39.81 | 10 | $ | 27.31 | 15 | |||||||||||||||||||||
2019 | $ | 17.20 | $ | 25.62 | 13 | $ | 19.28 | 8 | |||||||||||||||||||||
2018 | $ | 17.40 | $ | 38.98 | 11 | $ | 38.20 | 7 | |||||||||||||||||||||
2017 | $ | 16.87 | $ | 26.33 | 15 | $ | 33.25 | 8 |
Year Ending December 31, | Number of Leases Expiring | Approximate GLA of Leases Expiring(1) | % of Total Leased GLA Represented by Expiring Leases(1) | Ending Base Rent per Square Foot of Expiring Leases(1) | % of Base Rent Represented by Expiring Leases(1) | |||||||||||||||||||||||||||
Consolidated Centers (at the Company's pro rata share): | ||||||||||||||||||||||||||||||||
2022 | 367 | 695,067 | 18.39 | % | $ | 57.87 | 16.21 | % | ||||||||||||||||||||||||
2023 | 295 | 592,688 | 15.68 | % | $ | 53.98 | 12.89 | % | ||||||||||||||||||||||||
2024 | 278 | 612,556 | 16.20 | % | $ | 65.95 | 16.28 | % | ||||||||||||||||||||||||
2025 | 188 | 407,217 | 10.77 | % | $ | 73.48 | 12.06 | % | ||||||||||||||||||||||||
2026 | 156 | 437,482 | 11.57 | % | $ | 71.20 | 12.55 | % | ||||||||||||||||||||||||
2027 | 108 | 259,836 | 6.87 | % | $ | 76.32 | 7.99 | % | ||||||||||||||||||||||||
2028 | 74 | 191,970 | 5.08 | % | $ | 73.06 | 5.65 | % | ||||||||||||||||||||||||
2029 | 93 | 253,132 | 6.70 | % | $ | 72.63 | 7.41 | % | ||||||||||||||||||||||||
2030 | 73 | 187,583 | 4.96 | % | $ | 60.89 | 4.60 | % | ||||||||||||||||||||||||
2031 | 39 | 94,495 | 2.50 | % | $ | 63.14 | 2.40 | % | ||||||||||||||||||||||||
Unconsolidated Joint Venture Centers (at the Company's pro rata share): | ||||||||||||||||||||||||||||||||
2022 | 233 | 263,995 | 14.00 | % | $ | 63.61 | 12.06 | % | ||||||||||||||||||||||||
2023 | 179 | 276,752 | 14.68 | % | $ | 60.31 | 11.99 | % | ||||||||||||||||||||||||
2024 | 188 | 252,397 | 13.39 | % | $ | 69.24 | 12.55 | % | ||||||||||||||||||||||||
2025 | 156 | 215,375 | 11.42 | % | $ | 74.89 | 11.58 | % | ||||||||||||||||||||||||
2026 | 176 | 250,251 | 13.27 | % | $ | 79.86 | 14.35 | % | ||||||||||||||||||||||||
2027 | 111 | 177,893 | 9.44 | % | $ | 80.52 | 10.29 | % | ||||||||||||||||||||||||
2028 | 103 | 166,510 | 8.83 | % | $ | 85.76 | 10.26 | % | ||||||||||||||||||||||||
2029 | 72 | 89,764 | 4.76 | % | $ | 83.41 | 5.38 | % | ||||||||||||||||||||||||
2030 | 59 | 80,683 | 4.28 | % | $ | 91.83 | 5.32 | % | ||||||||||||||||||||||||
2031 | 45 | 68,514 | 3.63 | % | $ | 73.26 | 3.61 | % |
Year Ending December 31, | Number of Leases Expiring | Approximate GLA of Leases Expiring(1) | % of Total Leased GLA Represented by Expiring Leases(1) | Ending Base Rent per Square Foot of Expiring Leases(1) | % of Base Rent Represented by Expiring Leases(1) | |||||||||||||||||||||||||||
Consolidated Centers (at the Company's pro rata share): | ||||||||||||||||||||||||||||||||
2022 | 14 | 413,323 | 5.05 | % | $ | 32.15 | 8.58 | % | ||||||||||||||||||||||||
2023 | 26 | 648,519 | 7.92 | % | $ | 18.65 | 7.81 | % | ||||||||||||||||||||||||
2024 | 28 | 673,305 | 8.22 | % | $ | 25.45 | 11.06 | % | ||||||||||||||||||||||||
2025 | 32 | 1,154,741 | 14.10 | % | $ | 13.38 | 9.98 | % | ||||||||||||||||||||||||
2026 | 28 | 1,573,930 | 19.21 | % | $ | 10.66 | 10.83 | % | ||||||||||||||||||||||||
2027 | 26 | 892,515 | 10.90 | % | $ | 24.72 | 14.24 | % | ||||||||||||||||||||||||
2028 | 15 | 794,611 | 9.70 | % | $ | 16.67 | 8.55 | % | ||||||||||||||||||||||||
2029 | 11 | 199,553 | 2.44 | % | $ | 23.11 | 2.98 | % | ||||||||||||||||||||||||
2030 | 11 | 291,507 | 3.56 | % | $ | 19.24 | 3.62 | % | ||||||||||||||||||||||||
2031 | 9 | 411,117 | 5.02 | % | $ | 22.39 | 5.94 | % | ||||||||||||||||||||||||
Unconsolidated Joint Venture Centers (at the Company's pro rata share): | ||||||||||||||||||||||||||||||||
2022 | 12 | 311,535 | 8.57 | % | $ | 15.81 | 7.40 | % | ||||||||||||||||||||||||
2023 | 21 | 239,180 | 6.58 | % | $ | 27.50 | 9.88 | % | ||||||||||||||||||||||||
2024 | 23 | 297,123 | 8.17 | % | $ | 36.03 | 16.08 | % | ||||||||||||||||||||||||
2025 | 22 | 747,922 | 20.57 | % | $ | 10.92 | 12.27 | % | ||||||||||||||||||||||||
2026 | 19 | 324,360 | 8.92 | % | $ | 30.82 | 15.02 | % | ||||||||||||||||||||||||
2027 | 13 | 222,406 | 6.12 | % | $ | 25.71 | 8.59 | % | ||||||||||||||||||||||||
2028 | 11 | 462,853 | 12.73 | % | $ | 12.34 | 8.58 | % | ||||||||||||||||||||||||
2029 | 8 | 284,559 | 7.82 | % | $ | 13.07 | 5.59 | % | ||||||||||||||||||||||||
2030 | 5 | 251,601 | 6.92 | % | $ | 5.60 | 2.12 | % | ||||||||||||||||||||||||
2031 | 6 | 295,933 | 8.14 | % | $ | 11.21 | 4.98 | % |
Name | Number of Anchor Stores | GLA Owned by Anchor | GLA Leased by Anchor | Total GLA Occupied by Anchor | ||||||||||||||||||||||
Macy's Inc. | ||||||||||||||||||||||||||
Macy's | 34 | 4,402,000 | 1,931,000 | 6,333,000 | ||||||||||||||||||||||
Bloomingdale's | 1 | — | 253,000 | 253,000 | ||||||||||||||||||||||
35 | 4,402,000 | 2,184,000 | 6,586,000 | |||||||||||||||||||||||
JCPenney | 25 | 1,641,000 | 2,090,000 | 3,731,000 | ||||||||||||||||||||||
Dillard's | 12 | 1,915,000 | 257,000 | 2,172,000 | ||||||||||||||||||||||
Nordstrom | 8 | 267,000 | 1,079,000 | 1,346,000 | ||||||||||||||||||||||
Dick's Sporting Goods | 16 | — | 1,048,000 | 1,048,000 | ||||||||||||||||||||||
Target(1) | 5 | 304,000 | 368,000 | 672,000 | ||||||||||||||||||||||
Forever 21 | 5 | — | 469,000 | 469,000 | ||||||||||||||||||||||
Home Depot | 3 | — | 395,000 | 395,000 | ||||||||||||||||||||||
Primark(2) | 6 | — | 348,000 | 348,000 | ||||||||||||||||||||||
Burlington | 4 | 187,000 | 140,000 | 327,000 | ||||||||||||||||||||||
Costco | 2 | — | 321,000 | 321,000 | ||||||||||||||||||||||
Von Maur | 2 | 187,000 | — | 187,000 | ||||||||||||||||||||||
Walmart | 1 | — | 173,000 | 173,000 | ||||||||||||||||||||||
Shoppers World | 2 | — | 170,000 | 170,000 | ||||||||||||||||||||||
La Curacao | 1 | — | 165,000 | 165,000 | ||||||||||||||||||||||
Boscov's | 1 | — | 161,000 | 161,000 | ||||||||||||||||||||||
Scheels All Sports(3) | 1 | 144,000 | — | 144,000 | ||||||||||||||||||||||
Belk | 2 | — | 139,000 | 139,000 | ||||||||||||||||||||||
BJ's Wholesale Club | 1 | — | 123,000 | 123,000 | ||||||||||||||||||||||
Lowe's | 1 | — | 114,000 | 114,000 | ||||||||||||||||||||||
Neiman Marcus | 1 | — | 100,000 | 100,000 | ||||||||||||||||||||||
Hudson Bay Company | ||||||||||||||||||||||||||
Saks Fifth Avenue | 1 | — | 92,000 | 92,000 | ||||||||||||||||||||||
Kohl's | 1 | — | 84,000 | 84,000 | ||||||||||||||||||||||
Mercado de los Cielos | 1 | — | 78,000 | 78,000 | ||||||||||||||||||||||
Best Buy | 1 | 66,000 | — | 66,000 | ||||||||||||||||||||||
Des Moines Area Community College | 1 | 64,000 | — | 64,000 | ||||||||||||||||||||||
Vacant Anchors(4) | 23 | 149,000 | 2,249,000 | 2,398,000 | ||||||||||||||||||||||
162 | 9,326,000 | 12,347,000 | 21,673,000 | |||||||||||||||||||||||
Anchors at Centers not owned by the Company(5): | ||||||||||||||||||||||||||
Kohl's | 1 | — | 83,000 | 83,000 | ||||||||||||||||||||||
Total | 163 | 9,326,000 | 12,430,000 | 21,756,000 |
Count | Company's Ownership(1) | Name of Center/Location(2) | Year of Original Construction/ Acquisition | Year of Most Recent Expansion/ Renovation | Total GLA(3) | Mall and Freestanding GLA | Percentage of Mall and Freestanding GLA Leased | Non-Owned Anchors (3) | Company-Owned Anchors (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED CENTERS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 50.1% | Chandler Fashion Center(4) | 2001/2002 | - | 1,319,000 | 633,000 | 95.3 | % | Dillard's, Macy's, Scheels All Sports(5) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Chandler, Arizona | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 100% | Danbury Fair Mall(4) | 1986/2005 | 2016 | 1,224,000 | 540,000 | 90.1 | % | JCPenney, Macy's | Dick's Sporting Goods, Primark | |||||||||||||||||||||||||||||||||||||||||||||||||
Danbury, Connecticut | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 100% | Desert Sky Mall | 1981/2002 | 2007 | 720,000 | 254,000 | 97.7 | % | Burlington, Dillard's | La Curacao, Mercado de los Cielos | |||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix, Arizona | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 100% | Eastland Mall(6) | 1978/1998 | 1996 | 1,017,000 | 528,000 | 88.9 | % | Dillard's, Macy's | JCPenney | |||||||||||||||||||||||||||||||||||||||||||||||||
Evansville, Indiana | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 50% | Fashion District Philadelphia | 1977/2014 | 2019 | 801,000 | 573,000 | 83.2 | % | — | Burlington, Primark, Shoppers World | |||||||||||||||||||||||||||||||||||||||||||||||||
Philadelphia, Pennsylvania | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 100% | Fashion Outlets of Chicago | 2013/— | - | 527,000 | 527,000 | 97.9 | % | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Rosemont, Illinois | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | 100% | Fashion Outlets of Niagara Falls USA | 1982/2011 | 2014 | 689,000 | 689,000 | 82.8 | % | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Niagara Falls, New York | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8 | 50.1% | Freehold Raceway Mall(4) | 1990/2005 | 2007 | 1,553,000 | 771,000 | 91.7 | % | JCPenney, Macy's | Dick's Sporting Goods, Primark | |||||||||||||||||||||||||||||||||||||||||||||||||
Freehold, New Jersey | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9 | 100% | Fresno Fashion Fair | 1970/1996 | 2006 | 973,000 | 418,000 | 93.4 | % | Macy's | Forever 21, JCPenney, Macy's | |||||||||||||||||||||||||||||||||||||||||||||||||
Fresno, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 | 100% | Green Acres Mall(4)(6) | 1956/2013 | 2016 | 2,057,000 | 919,000 | 93.2 | % | — | BJ's Wholesale Club, Dick's Sporting Goods, Macy's (two), Primark(7), Shoppers World | |||||||||||||||||||||||||||||||||||||||||||||||||
Valley Stream, New York | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | 100% | Inland Center | 1966/2004 | 2016 | 630,000 | 230,000 | 97.1 | % | Macy's | Forever 21, JCPenney | |||||||||||||||||||||||||||||||||||||||||||||||||
San Bernardino, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12 | 100% | Kings Plaza Shopping Center(6) | 1971/2012 | 2018 | 1,146,000 | 445,000 | 98.9 | % | Macy's | Burlington, Lowe's, Primark, Target(8) | |||||||||||||||||||||||||||||||||||||||||||||||||
Brooklyn, New York | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13 | 100% | La Cumbre Plaza(4)(6) | 1967/2004 | 1989 | 473,000 | 173,000 | 90.6 | % | Macy's | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Santa Barbara, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14 | 100% | NorthPark Mall(4) | 1973/1998 | 2001 | 929,000 | 394,000 | 88.8 | % | Dillard's, JCPenney, Von Maur | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Davenport, Iowa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15 | 100% | Oaks, The | 1978/2002 | 2009 | 1,205,000 | 603,000 | 85.8 | % | JCPenney, Macy's (two) | Dick's Sporting Goods, Nordstrom | |||||||||||||||||||||||||||||||||||||||||||||||||
Thousand Oaks, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16 | 100% | Pacific View | 1965/1996 | 2001 | 886,000 | 401,000 | 78.0 | % | JCPenney, Target | Macy's | |||||||||||||||||||||||||||||||||||||||||||||||||
Ventura, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17 | 100% | Queens Center(6) | 1973/1995 | 2004 | 967,000 | 411,000 | 97.6 | % | JCPenney, Macy's | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Queens, New York |
Count | Company's Ownership(1) | Name of Center/Location(2) | Year of Original Construction/ Acquisition | Year of Most Recent Expansion/ Renovation | Total GLA(3) | Mall and Freestanding GLA | Percentage of Mall and Freestanding GLA Leased | Non-Owned Anchors (3) | Company-Owned Anchors (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
18 | 100% | Santa Monica Place(4) | 1980/1999 | 2015 | 479,000 | 255,000 | 85.4 | % | — | Nordstrom | |||||||||||||||||||||||||||||||||||||||||||||||||
Santa Monica, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
19 | 84.9% | SanTan Village Regional Center | 2007/— | 2018 | 1,161,000 | 754,000 | 93.8 | % | Dillard's, Macy's | Dick's Sporting Goods | |||||||||||||||||||||||||||||||||||||||||||||||||
Gilbert, Arizona | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20 | 100% | SouthPark Mall(4) | 1974/1998 | 2015 | 855,000 | 290,000 | 69.3 | % | Dillard's, Von Maur | Dick's Sporting Goods, JCPenney | |||||||||||||||||||||||||||||||||||||||||||||||||
Moline, Illinois | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
21 | 100% | Stonewood Center(4)(6) | 1953/1997 | 1991 | 929,000 | 358,000 | 88.5 | % | — | JCPenney, Kohl's, Macy's | |||||||||||||||||||||||||||||||||||||||||||||||||
Downey, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
22 | 100% | Superstition Springs Center(4) | 1990/2002 | 2002 | 912,000 | 380,000 | 97.1 | % | Dillard's, JCPenney, Macy's | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Mesa, Arizona | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23 | 100% | Towne Mall(4) | 1985/2005 | 1989 | 350,000 | 179,000 | 79.8 | % | — | Belk, JCPenney | |||||||||||||||||||||||||||||||||||||||||||||||||
Elizabethtown, Kentucky | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24 | 100% | Valley Mall | 1978/1998 | 1992 | 502,000 | 187,000 | 75.3 | % | Target | Belk, Dick's Sporting Goods, JCPenney | |||||||||||||||||||||||||||||||||||||||||||||||||
Harrisonburg, Virginia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25 | 100% | Valley River Center | 1969/2006 | 2007 | 813,000 | 413,000 | 94.4 | % | Macy's | JCPenney | |||||||||||||||||||||||||||||||||||||||||||||||||
Eugene, Oregon | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
26 | 100% | Victor Valley, Mall of(4) | 1986/2004 | 2012 | 577,000 | 259,000 | 98.8 | % | Macy's | Dick's Sporting Goods, JCPenney | |||||||||||||||||||||||||||||||||||||||||||||||||
Victorville, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27 | 100% | Vintage Faire Mall | 1977/1996 | 2008 | 915,000 | 471,000 | 95.7 | % | Macy's | Dick's Sporting Goods, JCPenney, Macy's | |||||||||||||||||||||||||||||||||||||||||||||||||
Modesto, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
28 | 100% | Wilton Mall(4) | 1990/2005 | 1998 | 708,000 | 505,000 | 93.2 | % | JCPenney | Dick's Sporting Goods | |||||||||||||||||||||||||||||||||||||||||||||||||
Saratoga Springs, New York | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Consolidated Centers | 25,317,000 | 12,560,000 | 90.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNCONSOLIDATED JOINT VENTURE CENTERS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
29 | 60% | Arrowhead Towne Center(4) | 1993/2002 | 2015 | 1,073,000 | 386,000 | 96.2 | % | Dillard's, JCPenney, Macy's | Dick's Sporting Goods | |||||||||||||||||||||||||||||||||||||||||||||||||
Glendale, Arizona | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30 | 50% | Biltmore Fashion Park | 1963/2003 | 2020 | 597,000 | 292,000 | 92.3 | % | — | Macy's, Saks Fifth Avenue | |||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix, Arizona | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31 | 50% | Broadway Plaza(4) | 1951/1985 | 2016 | 990,000 | 445,000 | 96.8 | % | Macy's | Nordstrom | |||||||||||||||||||||||||||||||||||||||||||||||||
Walnut Creek, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
32 | 50.1% | Corte Madera, The Village at | 1985/1998 | 2020 | 501,000 | 265,000 | 94.5 | % | Macy's, Nordstrom | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Corte Madera, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
33 | 50% | Country Club Plaza | 1922/2016 | 2015 | 947,000 | 947,000 | 84.9 | % | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Kansas City, Missouri | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
34 | 51% | Deptford Mall | 1975/2006 | 2020 | 1,000,000 | 428,000 | 95.1 | % | JCPenney, Macy's | Boscov's, Dick's Sporting Goods | |||||||||||||||||||||||||||||||||||||||||||||||||
Deptford, New Jersey | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
35 | 51% | FlatIron Crossing(4) | 2000/2002 | 2009 | 1,426,000 | 727,000 | 92.7 | % | Dillard's, Macy's | Dick's Sporting Goods, Forever 21 | |||||||||||||||||||||||||||||||||||||||||||||||||
Broomfield, Colorado | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
36 | 50% | Kierland Commons | 1999/2005 | 2003 | 437,000 | 437,000 | 89.4 | % | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix, Arizona | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
37 | 60% | Lakewood Center | 1953/1975 | 2008 | 1,981,000 | 916,000 | 89.2 | % | — | Costco, Forever 21, Home Depot, JCPenney, Macy's, Target | |||||||||||||||||||||||||||||||||||||||||||||||||
Lakewood, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
38 | 60% | Los Cerritos Center(9) | 1971/1999 | 2016 | 1,012,000 | 537,000 | 90.8 | % | Macy's, Nordstrom | Dick's Sporting Goods, Forever 21 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cerritos, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
39 | 50% | Scottsdale Fashion Square | 1961/2002 | 2020 | 1,883,000 | 922,000 | 95.2 | % | Dillard's | Dick's Sporting Goods, Macy's, Neiman Marcus, Nordstrom | |||||||||||||||||||||||||||||||||||||||||||||||||
Scottsdale, Arizona |
Count | Company's Ownership(1) | Name of Center/Location(2) | Year of Original Construction/ Acquisition | Year of Most Recent Expansion/ Renovation | Total GLA(3) | Mall and Freestanding GLA | Percentage of Mall and Freestanding GLA Leased | Non-Owned Anchors (3) | Company-Owned Anchors (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
40 | 60% | South Plains Mall(4) | 1972/1998 | 2017 | 1,136,000 | 494,000 | 90.3 | % | — | Dillard's (two), JCPenney | |||||||||||||||||||||||||||||||||||||||||||||||||
Lubbock, Texas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
41 | 51% | Twenty Ninth Street(6) | 1963/1979 | 2007 | 703,000 | 561,000 | 92.3 | % | Macy's | Home Depot | |||||||||||||||||||||||||||||||||||||||||||||||||
Boulder, Colorado | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
42 | 50% | Tysons Corner Center(9) | 1968/2005 | 2014 | 1,827,000 | 1,087,000 | 89.0 | % | — | Bloomingdale's, Macy's, Nordstrom, Primark(7) | |||||||||||||||||||||||||||||||||||||||||||||||||
Tysons Corner, Virginia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
43 | 60% | Washington Square(9) | 1974/1999 | 2005 | 1,300,000 | 577,000 | 93.9 | % | Macy's | Dick's Sporting Goods, JCPenney, Nordstrom | |||||||||||||||||||||||||||||||||||||||||||||||||
Portland, Oregon | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
44 | 19% | West Acres | 1972/1986 | 2001 | 692,000 | 426,000 | 94.7 | % | Macy's | JCPenney | |||||||||||||||||||||||||||||||||||||||||||||||||
Fargo, North Dakota | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Unconsolidated Joint Ventures | 17,505,000 | 9,447,000 | 92.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
44 | Total Regional Town Centers | 42,822,000 | 22,007,000 | 91.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMUNITY/POWER SHOPPING CENTERS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 50% | Atlas Park, The Shops at(11) | 2006/2011 | 2013 | 373,000 | 373,000 | 90.1 | % | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Queens, New York | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 50% | Boulevard Shops(11) | 2001/2002 | 2004 | 185,000 | 185,000 | 94.8 | % | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Chandler, Arizona | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 100% | Southridge Center(4)(10) | 1975/1998 | 2013 | 801,000 | 520,000 | 77.6 | % | Des Moines Area Community College | Target | |||||||||||||||||||||||||||||||||||||||||||||||||
Des Moines, Iowa | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 100% | Superstition Springs Power Center(10) | 1990/2002 | - | 206,000 | 53,000 | 95.9 | % | Best Buy, Burlington | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Mesa, Arizona | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 100% | The Marketplace at Flagstaff(6)(10) | 2007/— | - | 268,000 | 147,000 | 100.0 | % | — | Home Depot | |||||||||||||||||||||||||||||||||||||||||||||||||
Flagstaff, Arizona | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | Total Community/Power Shopping Centers | 1,833,000 | 1,278,000 | 85.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
49 | Total before Other Assets | 44,655,000 | 23,285,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER ASSETS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100% | Various(10)(12) | - | - | 348,000 | 265,000 | — | — | Kohl's | |||||||||||||||||||||||||||||||||||||||||||||||||||
50% | Scottsdale Fashion Square-Office(11) | 1984/2002 | 2016 | 127,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Scottsdale, Arizona | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
50% | Tysons Corner Center-Office(11) | 1999/2005 | 2012 | 174,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tysons Corner, Virginia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
50% | Hyatt Regency Tysons Corner Center(11) | 2015 | 2015 | 290,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tysons Corner, Virginia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
50% | VITA Tysons Corner Center(11) | 2015 | 2015 | 510,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tysons Corner, Virginia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
50% | Tysons Tower(11) | 2014 | 2014 | 529,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tysons Corner, Virginia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER ASSETS UNDER DEVELOPMENT: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25% | One Westside(11)(13) | 1985/1998 | Ongoing | 680,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles, California | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5% | Paradise Valley Mall(11)(14) | 1979/2002 | Ongoing | 303,000 | — | — | JCPenney | Costco | |||||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix, Arizona | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Assets | 2,961,000 | 265,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand Total | 47,616,000 | 23,550,000 |
Property Pledged as Collateral | Fixed or Floating | Carrying Amount(1) | Effective Interest Rate(2) | Annual Debt Service(3) | Maturity Date(4) | Balance Due on Maturity | Earliest Date Notes Can Be Defeased or Be Prepaid | |||||||||||||||||||||||||||||||||||||
Consolidated Centers: | ||||||||||||||||||||||||||||||||||||||||||||
Chandler Fashion Center(5) | Fixed | $ | 255,548 | 4.18 | % | $ | 10,496 | 7/5/24 | $ | 256,000 | Any Time | |||||||||||||||||||||||||||||||||
Danbury Fair Mall | Fixed | 168,037 | 5.71 | % | 18,451 | 7/1/22 | 163,677 | Any Time | ||||||||||||||||||||||||||||||||||||
Fashion District Philadelphia | Floating | 194,602 | 4.00 | % | 7,784 | 1/22/24 | 184,602 | Any Time | ||||||||||||||||||||||||||||||||||||
Fashion Outlets of Chicago | Fixed | 299,274 | 4.61 | % | 13,740 | 2/1/31 | 300,000 | Any Time | ||||||||||||||||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | Fixed | 95,329 | 6.45 | % | 8,719 | 10/6/23 | 91,135 | Any Time | ||||||||||||||||||||||||||||||||||||
Freehold Raceway Mall(5) | Fixed | 398,711 | 3.94 | % | 15,600 | 11/1/29 | 386,013 | 11/1/22 | ||||||||||||||||||||||||||||||||||||
Fresno Fashion Fair | Fixed | 324,056 | 3.67 | % | 11,658 | 11/1/26 | 325,000 | Any Time | ||||||||||||||||||||||||||||||||||||
Green Acres Commons(6) | Floating | 124,875 | 3.12 | % | 3,571 | 3/29/23 | 125,320 | Any Time | ||||||||||||||||||||||||||||||||||||
Green Acres Mall(7) | Fixed | 246,061 | 3.94 | % | 17,366 | 2/3/23 | 236,628 | Any Time | ||||||||||||||||||||||||||||||||||||
Kings Plaza Shopping Center | Fixed | 535,928 | 3.71 | % | 19,543 | 1/1/30 | 540,000 | 2/1/2023 | ||||||||||||||||||||||||||||||||||||
Oaks, The | Fixed | 176,721 | 4.14 | % | 12,772 | 6/5/22 | 174,433 | Any Time | ||||||||||||||||||||||||||||||||||||
Pacific View | Fixed | 111,481 | 4.08 | % | 8,021 | 4/1/22 | 110,597 | Any Time | ||||||||||||||||||||||||||||||||||||
Queens Center | Fixed | 600,000 | 3.49 | % | 20,922 | 1/1/25 | 600,000 | Any Time | ||||||||||||||||||||||||||||||||||||
Santa Monica Place(8) | Floating | 299,314 | 1.84 | % | 4,755 | 12/9/22 | 300,000 | Any Time | ||||||||||||||||||||||||||||||||||||
SanTan Village Regional Center | Fixed | 219,323 | 4.34 | % | 9,460 | 7/1/29 | 220,000 | 7/1/2023 | ||||||||||||||||||||||||||||||||||||
Towne Mall | Fixed | 19,320 | 4.48 | % | 1,404 | 11/1/22 | 18,886 | Any Time | ||||||||||||||||||||||||||||||||||||
Victor Valley, Mall of | Fixed | 114,850 | 4.00 | % | 4,560 | 9/1/24 | 115,000 | Any Time | ||||||||||||||||||||||||||||||||||||
Vintage Faire Mall | Fixed | 240,124 | 3.55 | % | 15,069 | 3/6/26 | 211,507 | Any Time | ||||||||||||||||||||||||||||||||||||
$ | 4,423,554 |
Property Pledged as Collateral | Fixed or Floating | Carrying Amount(1) | Effective Interest Rate(2) | Annual Debt Service(3) | Maturity Date(4) | Balance Due on Maturity | Earliest Date Notes Can Be Defeased or Be Prepaid | |||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Venture Centers (at the Company's Pro Rata Share): | ||||||||||||||||||||||||||||||||||||||||||||
Arrowhead Towne Center(60%) | Fixed | $ | 240,000 | 4.05 | % | $ | 13,147 | 2/1/28 | $ | 212,555 | 2/1/22 | |||||||||||||||||||||||||||||||||
Atlas Park, The Shops at(50%)(9) | Floating | 31,525 | 4.92 | % | 1,398 | 11/9/26 | 32,500 | Any Time | ||||||||||||||||||||||||||||||||||||
Boulevard Shops(50%)(10) | Floating | 11,428 | 2.28 | % | 225 | 12/5/23 | 11,500 | Any Time | ||||||||||||||||||||||||||||||||||||
Broadway Plaza(50%) | Fixed | 224,568 | 4.19 | % | 12,230 | 4/1/30 | 189,724 | 4/1/22 | ||||||||||||||||||||||||||||||||||||
Corte Madera, The Village at(50.1%) | Fixed | 112,465 | 3.53 | % | 4,478 | 9/1/28 | 98,753 | Any Time | ||||||||||||||||||||||||||||||||||||
Country Club Plaza(50%) | Fixed | 151,833 | 3.88 | % | 9,001 | 4/1/26 | 137,525 | Any Time | ||||||||||||||||||||||||||||||||||||
Deptford Mall(51%) | Fixed | 85,251 | 3.55 | % | 5,795 | 4/3/23 | 81,750 | Any Time | ||||||||||||||||||||||||||||||||||||
FlatIron Crossing(51%)(11) | Fixed | 100,476 | 4.38 | % | 6,585 | 2/4/22 | 100,270 | Any Time | ||||||||||||||||||||||||||||||||||||
Kierland Commons(50%) | Fixed | 102,350 | 3.98 | % | 6,407 | 4/1/27 | 88,724 | Any Time | ||||||||||||||||||||||||||||||||||||
Lakewood Center(60%) | Fixed | 206,434 | 4.15 | % | 13,144 | 6/1/26 | 185,306 | Any Time | ||||||||||||||||||||||||||||||||||||
Los Cerritos Center(60%) | Fixed | 314,546 | 4.00 | % | 18,046 | 11/1/27 | 278,711 | Any Time | ||||||||||||||||||||||||||||||||||||
One Westside(25%)(12) | Floating | 59,646 | 2.13 | % | 1,086 | 12/18/24 | 60,349 | Any Time | ||||||||||||||||||||||||||||||||||||
Paradise Valley(5%) | Fixed | 3,116 | 5.00 | % | 156 | 9/29/24 | 3,116 | Any Time | ||||||||||||||||||||||||||||||||||||
Scottsdale Fashion Square(50%) | Fixed | 210,021 | 3.02 | % | 13,281 | 4/3/23 | 201,331 | Any Time | ||||||||||||||||||||||||||||||||||||
South Plains Mall(60%) | Fixed | 120,000 | 4.22 | % | 5,065 | 11/6/25 | 120,000 | Any Time | ||||||||||||||||||||||||||||||||||||
Twenty Ninth Street(51%) | Fixed | 76,500 | 4.10 | % | 3,137 | 2/6/26 | 76,500 | Any Time | ||||||||||||||||||||||||||||||||||||
Tysons Corner Center(50%) | Fixed | 353,963 | 4.13 | % | 24,643 | 1/1/24 | 333,233 | Any Time | ||||||||||||||||||||||||||||||||||||
Tysons Tower(50%) | Fixed | 94,506 | 3.38 | % | 3,164 | 10/11/29 | 95,000 | Any Time | ||||||||||||||||||||||||||||||||||||
Tysons Vita(50%) | Fixed | 44,475 | 3.43 | % | 1,485 | 12/1/30 | 45,000 | 1/1/24 | ||||||||||||||||||||||||||||||||||||
Washington Square(60%) | Fixed | 316,881 | 3.65 | % | 18,115 | 11/1/22 | 311,348 | Any Time | ||||||||||||||||||||||||||||||||||||
West Acres - Development(19%) | Fixed | 430 | 3.72 | % | 16 | 10/10/29 | 436 | Any Time | ||||||||||||||||||||||||||||||||||||
West Acres(19%) | Fixed | 13,432 | 4.61 | % | 1,025 | 3/1/32 | 8,256 | Any Time | ||||||||||||||||||||||||||||||||||||
$ | 2,873,846 |
Property Pledged as Collateral | |||||
Unconsolidated Joint Venture Centers (at the Company's Pro Rata Share): | |||||
Deptford Mall | $ | 194 | |||
Lakewood Center | (6,249) | ||||
$ | (6,055) |
12/31/16 | 12/31/17 | 12/31/18 | 12/31/19 | 12/31/20 | 12/31/21 | |||||||||||||||||||||||||||||||||
The Macerich Company | 100.00 | 97.14 | 67.46 | 45.76 | 20.91 | 35.24 | ||||||||||||||||||||||||||||||||
S&P Midcap 400 Index | 100.00 | 116.24 | 103.36 | 130.44 | 148.26 | 184.96 | ||||||||||||||||||||||||||||||||
FTSE Nareit Equity Retail Index | 100.00 | 95.23 | 90.51 | 100.14 | 74.92 | 113.82 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | 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 (1) | |||||||||||||||||||||||||||||||
October 1, 2021 to October 31, 2021 | — | $ | — | — | $ | 278,707,048 | |||||||||||||||||||||||||||||
November 1, 2021 to November 30, 2021 | — | — | — | $ | 278,707,048 | ||||||||||||||||||||||||||||||
December 1, 2021 to December 31, 2021 | — | — | — | $ | 278,707,048 | ||||||||||||||||||||||||||||||
— | $ | — | — |
(Dollars in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Consolidated Centers: | |||||||||||||||||
Acquisitions of property, building improvement and equipment | $ | 18,715 | $ | 9,570 | $ | 34,763 | |||||||||||
Development, redevelopment, expansion and renovation of Centers | 46,341 | 38,405 | 112,263 | ||||||||||||||
Tenant allowances | 22,101 | 12,413 | 18,860 | ||||||||||||||
Deferred leasing charges | 2,585 | 3,044 | 3,203 | ||||||||||||||
$ | 89,742 | $ | 63,432 | $ | 169,089 | ||||||||||||
Joint Venture Centers (at the Company's pro rata share): | |||||||||||||||||
Acquisitions of property, building improvement and equipment | $ | 18,803 | $ | 6,497 | $ | 12,321 | |||||||||||
Development, redevelopment, expansion and renovation of Centers | 48,512 | 109,902 | 210,574 | ||||||||||||||
Tenant allowances | 11,594 | 4,804 | 9,339 | ||||||||||||||
Deferred leasing charges | 2,881 | 2,111 | 3,386 | ||||||||||||||
$ | 81,790 | $ | 123,314 | $ | 235,620 |
(Dollars and shares in thousands) | February 2021 ATM Program | March 2021 ATM Program | |||||||||||||||||||||||||||||||||
For the Three Months Ended: | Number of Shares Issued | Net Proceeds | Sales Commissions | Number of Shares Issued | Net Proceeds | Sales Commissions | |||||||||||||||||||||||||||||
March 31, 2021 | 36,001 | $ | 477,283 | $ | 9,746 | 9,991 | $ | 119,724 | $ | 2,448 | |||||||||||||||||||||||||
June 30, 2021 | 686 | 12,269 | 254 | 13,229 | 182,149 | 3,720 | |||||||||||||||||||||||||||||
September 30, 2021 | — | — | — | 2,122 | 38,449 | 787 | |||||||||||||||||||||||||||||
December 31, 2021 | — | — | — | 19 | 367 | 9 | |||||||||||||||||||||||||||||
Total | 36,687 | $ | 489,552 | $ | 10,000 | 25,361 | $ | 340,689 | $ | 6,964 |
Payment Due by Period | ||||||||||||||||||||||||||||||||
Cash Commitments | Total | Less than 1 year | 1 - 3 years | 3 - 5 years | More than five years | |||||||||||||||||||||||||||
Long-term debt obligations (includes expected interest payments)(1) | $ | 5,298,302 | $ | 955,120 | $ | 1,398,990 | $ | 1,296,362 | $ | 1,647,830 | ||||||||||||||||||||||
Lease obligations(2) | 167,142 | 18,763 | 26,038 | 12,983 | 109,358 | |||||||||||||||||||||||||||
$ | 5,465,444 | $ | 973,883 | $ | 1,425,028 | $ | 1,309,345 | $ | 1,757,188 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Net income (loss) attributable to the Company | $ | 14,263 | $ | (230,203) | $ | 96,820 | $ | 60,020 | $ | 146,130 | |||||||||||||||||||
Adjustments to reconcile net income (loss) attributable to the Company to FFO attributable to common stockholders and unit holders—basic and diluted: | |||||||||||||||||||||||||||||
Noncontrolling interests in the Operating Partnership | 714 | (16,822) | 7,131 | 4,407 | 10,729 | ||||||||||||||||||||||||
(Gain) loss on sale or write down of consolidated assets, net | (75,740) | 68,112 | 11,909 | 31,825 | (42,446) | ||||||||||||||||||||||||
Loss on remeasurement of consolidated assets | — | 163,298 | — | — | — | ||||||||||||||||||||||||
Add: gain on undepreciated asset sales or write-down from consolidated assets | 19,461 | 7,777 | 3,829 | 4,884 | 1,564 | ||||||||||||||||||||||||
Less: loss on write-down of non-real estate sales or write-down of assets—consolidated assets | (2,200) | (4,154) | — | — | (10,138) | ||||||||||||||||||||||||
Add: noncontrolling interests share of gain (loss) on sale or write-down of assets—consolidated assets | 9,732 | (120) | (2,822) | 580 | 1,209 | ||||||||||||||||||||||||
Loss (gain) on sale or write down of assets—unconsolidated joint ventures(1) | 4,931 | (6) | 462 | (2,993) | (14,783) | ||||||||||||||||||||||||
Add: gain on sale of undepreciated assets—unconsolidated joint ventures(1) | 93 | — | — | 666 | 6,644 | ||||||||||||||||||||||||
Depreciation and amortization on consolidated assets | 311,129 | 319,619 | 330,726 | 327,436 | 335,431 | ||||||||||||||||||||||||
Less: noncontrolling interests in depreciation and amortization—consolidated assets | (29,239) | (15,517) | (15,124) | (14,793) | (15,126) | ||||||||||||||||||||||||
Depreciation and amortization—unconsolidated joint ventures(1) | 182,956 | 199,680 | 189,728 | 174,952 | 177,274 | ||||||||||||||||||||||||
Less: depreciation on personal property | (12,955) | (15,734) | (15,997) | (13,699) | (13,610) | ||||||||||||||||||||||||
FFO attributable to common stockholders and unit holders—basic and diluted | 423,145 | 475,930 | 606,662 | 573,285 | 582,878 | ||||||||||||||||||||||||
Financing expense in connection with Chandler Freehold | (955) | (136,425) | (69,701) | (8,849) | — | ||||||||||||||||||||||||
FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold—basic and diluted | 422,190 | 339,505 | 536,961 | 564,436 | 582,878 | ||||||||||||||||||||||||
Loss on extinguishment of debt, net—consolidated assets | 1,007 | — | 351 | — | — | ||||||||||||||||||||||||
Costs related to shareholder activism | — | — | — | 19,369 | — | ||||||||||||||||||||||||
FFO attributable to common stockholders and unit holders excluding financing expense in connection with Chandler Freehold, extinguishment of debt, net and costs related to shareholder activism—diluted | $ | 423,197 | $ | 339,505 | $ | 537,312 | $ | 583,805 | $ | 582,878 | |||||||||||||||||||
Weighted average number of FFO shares outstanding for: | |||||||||||||||||||||||||||||
FFO attributable to common stockholders and unit holders—basic(2) | 207,991 | 156,920 | 151,755 | 151,502 | 152,293 | ||||||||||||||||||||||||
Adjustments for the impact of dilutive securities in computing FFO—diluted: | |||||||||||||||||||||||||||||
Share and unit-based compensation plans | — | — | — | 2 | 36 | ||||||||||||||||||||||||
FFO attributable to common stockholders and unit holders—diluted(3) | 207,991 | 156,920 | 151,755 | 151,504 | 152,329 |
Expected Maturity Date | |||||||||||||||||||||||||||||||||||||||||||||||
For the years ending December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED CENTERS: | |||||||||||||||||||||||||||||||||||||||||||||||
Long term debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | 494,526 | $ | 337,791 | $ | 378,120 | $ | 607,399 | $ | 537,742 | $ | 1,460,000 | $ | 3,815,578 | $ | 3,652,545 | |||||||||||||||||||||||||||||||
Average interest rate | 4.56 | % | 4.12 | % | 4.05 | % | 3.49 | % | 3.55 | % | 4.00 | % | 3.94 | % | |||||||||||||||||||||||||||||||||
Floating rate | 300,000 | 135,320 | 303,602 | — | — | — | 738,922 | 727,082 | |||||||||||||||||||||||||||||||||||||||
Average interest rate | 1.59 | % | 2.93 | % | 3.48 | % | — | % | — | % | — | % | 2.61 | % | |||||||||||||||||||||||||||||||||
Total debt—Consolidated Centers | $ | 794,526 | $ | 473,111 | $ | 681,722 | $ | 607,399 | $ | 537,742 | $ | 1,460,000 | $ | 4,554,500 | $ | 4,379,627 | |||||||||||||||||||||||||||||||
UNCONSOLIDATED JOINT VENTURE CENTERS: | |||||||||||||||||||||||||||||||||||||||||||||||
Long term debt (at the Company's pro rata share): | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | 493,631 | $ | 324,877 | $ | 366,029 | $ | 150,870 | $ | 424,682 | $ | 1,051,763 | $ | 2,811,852 | $ | 2,735,187 | |||||||||||||||||||||||||||||||
Average interest rate | 3.81 | % | 3.30 | % | 4.09 | % | 4.15 | % | 3.72 | % | 3.91 | % | 3.83 | % | |||||||||||||||||||||||||||||||||
Floating rate | — | 11,500 | 60,347 | — | 32,500 | — | 104,347 | 97,237 | |||||||||||||||||||||||||||||||||||||||
Average interest rate | — | % | 1.96 | % | 1.80 | % | — | % | 4.30 | % | — | % | 2.60 | % | |||||||||||||||||||||||||||||||||
Total debt—Unconsolidated Joint Venture Centers | $ | 493,631 | $ | 336,377 | $ | 426,376 | $ | 150,870 | $ | 457,182 | $ | 1,051,763 | $ | 2,916,199 | $ | 2,832,424 |
Page | |||||||||||
(a) and (c) | 1 | Financial Statements | |||||||||
2 | Financial Statement Schedule | ||||||||||
(b) |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
ASSETS: | |||||||||||
Property, net | $ | $ | |||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Tenant and other receivables, net | |||||||||||
Right-of-use assets, net | |||||||||||
Deferred charges and other assets, net | |||||||||||
Due from affiliates | |||||||||||
Investments in unconsolidated joint ventures | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY: | |||||||||||
Mortgage notes payable | $ | $ | |||||||||
Bank and other notes payable | |||||||||||
Accounts payable and accrued expenses | |||||||||||
Due to affiliates | |||||||||||
Lease liabilities | |||||||||||
Other accrued liabilities | |||||||||||
Distributions in excess of investments in unconsolidated joint ventures | |||||||||||
Financing arrangement obligation | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Equity: | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, $ and and 2020, respectively | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
For The Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Revenues: | |||||||||||||||||
Leasing revenue | $ | $ | $ | ||||||||||||||
Other | |||||||||||||||||
Management Companies | |||||||||||||||||
Total revenues | |||||||||||||||||
Expenses: | |||||||||||||||||
Shopping center and operating expenses | |||||||||||||||||
Leasing expense | |||||||||||||||||
Management Companies' operating expenses | |||||||||||||||||
REIT general and administrative expenses | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Interest (income) expense: | |||||||||||||||||
Related parties | ( | ( | ( | ||||||||||||||
Other | |||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||
Total expenses | |||||||||||||||||
Equity in income (loss) of unconsolidated joint ventures | ( | ||||||||||||||||
Income tax (expense) benefit | ( | ( | |||||||||||||||
Loss on remeasurement of assets | ( | ||||||||||||||||
Gain (loss) on sale or write down of assets, net | ( | ( | |||||||||||||||
Net income (loss) | ( | ||||||||||||||||
Less net income (loss) attributable to noncontrolling interests | ( | ||||||||||||||||
Net income (loss) attributable to the Company | $ | $ | ( | $ | |||||||||||||
Earnings per common share attributable to common stockholders: | |||||||||||||||||
Basic | $ | $ | ( | $ | |||||||||||||
Diluted | $ | $ | ( | $ | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | |||||||||||||||||
Diluted |
For The Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net income (loss) | $ | $ | ( | $ | |||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Interest rate cap/swap agreements | ( | ||||||||||||||||
Comprehensive income (loss) | ( | ||||||||||||||||
Less net income (loss) attributable to noncontrolling interests | ( | ||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | $ | ( | $ |
Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
— | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Interest rate cap/swap agreements | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Amortization of share and unit-based plans | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchases | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Conversion of noncontrolling interests to common shares | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Redemption of noncontrolling interests | — | — | ( | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in Operating Partnership | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Interest rate cap/swap agreements | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Amortization of share and unit-based plans | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchases | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock dividend | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Conversion of noncontrolling interests to common shares | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Redemption of noncontrolling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in Operating Partnership | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate cap/swap agreements | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Amortization of share and unit-based plans | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Employee stock purchases | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock offerings, net | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($ | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Conversion of noncontrolling interests to common shares | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Redemption of noncontrolling interests | — | — | ( | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Adjustment of noncontrolling interests in Operating Partnership | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | $ |
For the Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $ | $ | ( | $ | |||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||
Loss on remeasurement of assets | |||||||||||||||||
(Gain) loss on sale or write down of assets, net | ( | ||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Amortization of net premium on mortgage notes payable | ( | ( | |||||||||||||||
Amortization of share and unit-based plans | |||||||||||||||||
Straight-line rent and amortization of above and below market leases | ( | ( | ( | ||||||||||||||
(Recovery of) provision for doubtful accounts | ( | ||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||
Equity in (income) loss of unconsolidated joint ventures | ( | ( | |||||||||||||||
Change in fair value of financing arrangement obligation | ( | ( | ( | ||||||||||||||
Distributions of income from unconsolidated joint ventures | |||||||||||||||||
Changes in assets and liabilities, net of acquisitions and dispositions: | |||||||||||||||||
Tenant and other receivables | ( | ( | |||||||||||||||
Other assets | ( | ||||||||||||||||
Due to/from affiliates | |||||||||||||||||
Accounts payable and accrued expenses | ( | ( | |||||||||||||||
Other accrued liabilities | ( | ( | |||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Development, redevelopment, expansion and renovation of properties | ( | ( | ( | ||||||||||||||
Property improvements | ( | ( | ( | ||||||||||||||
Proceeds from collection of notes receivable | |||||||||||||||||
Deferred leasing costs | ( | ( | ( | ||||||||||||||
Distributions from unconsolidated joint ventures | |||||||||||||||||
Contributions to unconsolidated joint ventures | ( | ( | ( | ||||||||||||||
Cash and restricted cash acquired from acquisition of previously unconsolidated joint venture | |||||||||||||||||
Loan to previously unconsolidated joint venture | ( | ||||||||||||||||
Proceeds from sale of assets | |||||||||||||||||
Net cash provided by (used in) investing activities | ( | ( |
For the Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from mortgages, bank and other notes payable | |||||||||||||||||
Payments on mortgages, bank and other notes payable | ( | ( | ( | ||||||||||||||
Deferred financing costs | ( | ( | ( | ||||||||||||||
Payment on finance arrangement obligation | ( | ||||||||||||||||
Proceeds from finance lease | |||||||||||||||||
Payments on finance leases | ( | ( | ( | ||||||||||||||
Proceeds from share and unit-based plans | |||||||||||||||||
Proceeds from stock offerings, net | |||||||||||||||||
Redemption of noncontrolling interests | ( | ( | ( | ||||||||||||||
Contributions from noncontrolling interests | |||||||||||||||||
Dividends and distributions | ( | ( | ( | ||||||||||||||
Net cash (used in) provided by financing activities | ( | ( | |||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | ( | ( | |||||||||||||||
Cash and cash equivalents and restricted cash at beginning of year | |||||||||||||||||
Cash and cash equivalents and restricted cash at end of year | $ | $ | $ | ||||||||||||||
Supplemental cash flow information: | |||||||||||||||||
Cash payments for interest, net of amounts capitalized | $ | $ | $ | ||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities | $ | $ | $ | ||||||||||||||
Conversion of Operating Partnership Units to common stock | $ | $ | $ | ||||||||||||||
Receivable in connection with sale of joint venture property | $ | $ | $ | ||||||||||||||
Lease liabilities recorded in connection with right-of-use assets | $ | $ | $ | ||||||||||||||
Assets acquired from previously unconsolidated joint venture | $ | $ | $ | ||||||||||||||
Liabilities assumed from previously unconsolidated joint venture | $ | $ | $ | ||||||||||||||
Property distribution from unconsolidated joint venture | $ | $ | $ | ||||||||||||||
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Assets: | |||||||||||
Property, net | $ | $ | |||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities: | |||||||||||
Mortgage notes payable | $ | $ | |||||||||
Other liabilities | |||||||||||
Total liabilities | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||
Beginning of period | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||||||||
Restricted cash | |||||||||||||||||
Cash and cash equivalents and restricted cash | $ | $ | $ | ||||||||||||||
End of period | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||||||||
Restricted cash | |||||||||||||||||
Cash and cash equivalents and restricted cash | $ | $ | $ |
Buildings and improvements | |||||
Tenant improvements | |||||
Equipment and furnishings |
Deferred leasing costs | |||||
Deferred financing costs |
2021 | 2020 | 2019 | |||||||||||||||
Numerator | |||||||||||||||||
Net income (loss) | $ | $ | ( | $ | |||||||||||||
Less: net income (loss) attributable to noncontrolling interests | ( | ||||||||||||||||
Net income (loss) attributable to the Company | ( | ||||||||||||||||
Allocation of earnings to participating securities | ( | ( | ( | ||||||||||||||
Numerator for basic and diluted EPS—net income (loss) attributable to common stockholders | $ | $ | ( | $ | |||||||||||||
Denominator | |||||||||||||||||
Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) | |||||||||||||||||
EPS—net income (loss) attributable to common stockholders: | |||||||||||||||||
Basic and diluted | $ | $ | ( | $ | |||||||||||||
Joint Venture | Ownership %(1) | ||||
AM Tysons LLC | % | ||||
Biltmore Shopping Center Partners LLC | % | ||||
Corte Madera Village, LLC | % | ||||
Country Club Plaza KC Partners LLC | % | ||||
HPP-MAC WSP, LLC—One Westside | % | ||||
Kierland Commons Investment LLC | % | ||||
Macerich HHF Broadway Plaza LLC—Broadway Plaza | % | ||||
Macerich HHF Centers LLC—Various Properties | % | ||||
MS Portfolio LLC | % | ||||
New River Associates LLC—Arrowhead Towne Center | % | ||||
Pacific Premier Retail LLC—Various Properties | % | ||||
Propcor II Associates, LLC—Boulevard Shops | % | ||||
PV Land SPE, LLC | % | ||||
Scottsdale Fashion Square Partnership | % | ||||
TM TRS Holding Company LLC | % | ||||
Tysons Corner LLC | % | ||||
Tysons Corner Hotel I LLC | % | ||||
Tysons Corner Property Holdings II LLC | % | ||||
Tysons Corner Property LLC | % | ||||
West Acres Development, LLP | % | ||||
WMAP, L.L.C.—Atlas Park, The Shops at | % |
2021 | 2020 | ||||||||||
Assets(1): | |||||||||||
Property, net | $ | $ | |||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and partners' capital(1): | |||||||||||
Mortgage and other notes payable | $ | $ | |||||||||
Other liabilities | |||||||||||
Company's capital | |||||||||||
Outside partners' capital | |||||||||||
Total liabilities and partners' capital | $ | $ | |||||||||
Investment in unconsolidated joint ventures: | |||||||||||
Company's capital | $ | $ | |||||||||
Basis adjustment(2) | ( | ( | |||||||||
$ | $ | ||||||||||
Assets—Investments in unconsolidated joint ventures | $ | ||||||||||
Liabilities—Distributions in excess of investments in unconsolidated joint ventures | ( | ( | |||||||||
$ | $ |
PPR Portfolio | Other Joint Ventures | Total | ||||||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Leasing revenue | $ | $ | $ | |||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Shopping center and operating expenses | ||||||||||||||||||||||||||
Leasing expense | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Total operating expenses | ||||||||||||||||||||||||||
Loss on sale of assets | ( | ( | ||||||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | ( | |||||||||||||||||||||
Company's equity in net (loss) income | $ | ( | $ | $ | ||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Leasing revenue | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Shopping center and operating expenses | ||||||||||||||||||||||||||
Leasing expense | ||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||
Total operating expenses | ||||||||||||||||||||||||||
(Loss) gain on sale of assets | ( | |||||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
Company's equity in net loss | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||
PPR Portfolio | Other Joint Ventures | Total | |||||||||||||||||||||
Year Ended December 31, 2019 | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Leasing revenue | $ | $ | $ | ||||||||||||||||||||
Other | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Shopping center and operating expenses | |||||||||||||||||||||||
Leasing expense | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Loss on sale of assets | ( | ( | ( | ||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | |||||||||||||||||||
Company's equity in net (loss) income | $ | ( | $ | $ | |||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
Property | Notional Amount | Product | LIBOR Rate | Maturity | December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
Santa Monica Place(1) | $ | Cap | % | 12/9/2022 | $ | $ | ||||||||||||||||||||||||||||||||
The Macerich Partnership, L.P.(1) | $ | Swaps | % | 9/30/2021 | $ | $ | ( |
2021 | 2020 | ||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Tenant improvements | |||||||||||
Equipment and furnishings(1) | |||||||||||
Construction in progress | |||||||||||
Less accumulated depreciation(1) | ( | ( | |||||||||
$ | $ |
2021 | 2020 | 2019 | |||||||||||||||
Property sales(1) | $ | $ | $ | ||||||||||||||
Write-down of assets(2) | ( | ( | ( | ||||||||||||||
Land sales(3) | |||||||||||||||||
$ | $ | ( | $ | ( |
Years ended December 31, | Total Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||
2021 | $ | $ | $ | $ | ||||||||||||||||||||||
2020 | $ | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||
Leasing revenue - fixed payments | $ | $ | $ | ||||||||||||||
Leasing revenue - variable payments | |||||||||||||||||
Recovery of (provision for) doubtful accounts | ( | ( | |||||||||||||||
$ | $ | $ |
2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
$ |
Operating lease costs | $ | |||||||
Finance lease costs: | ||||||||
Amortization of ROU assets | ||||||||
Interest on lease liabilities | ||||||||
$ |
Year ending | Operating Leases | Finance Leases | |||||||||||||||
2022 | $ | $ | |||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
2026 | |||||||||||||||||
Thereafter | |||||||||||||||||
Total undiscounted rental payments | |||||||||||||||||
Less imputed interest | ( | ( | |||||||||||||||
$ | $ |
2021 | 2020 | ||||||||||
Leasing | $ | $ | |||||||||
Intangible assets: | |||||||||||
In-place lease values(1) | |||||||||||
Leasing commissions and legal costs(1) | |||||||||||
Above-market leases | |||||||||||
Deferred tax assets | |||||||||||
Deferred compensation plan assets | |||||||||||
Other assets | |||||||||||
Less accumulated amortization(2) | ( | ( | |||||||||
$ | $ |
Year Ending December 31, | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
$ |
2021 | 2020 | ||||||||||
Above-Market Leases | |||||||||||
Original allocated value | $ | $ | |||||||||
Less accumulated amortization | ( | ( | |||||||||
$ | $ | ||||||||||
Below-Market Leases(1) | |||||||||||
Original allocated value | $ | $ | |||||||||
Less accumulated amortization | ( | ( | |||||||||
$ | $ |
Year Ending December 31, | Above Market | Below Market | ||||||||||||
2022 | $ | $ | ||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
Thereafter | ||||||||||||||
$ | $ |
Carrying Amounts of Mortgage Notes(1) | Effective Interest Rate(2) | Monthly Debt Service(3) | Maturity Date(4) | ||||||||||||||||||||||||||||||||
Property Pledged as Collateral | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Chandler Fashion Center(5) | $ | $ | % | $ | 2024 | ||||||||||||||||||||||||||||||
Danbury Fair Mall(6) | % | 2022 | |||||||||||||||||||||||||||||||||
Fashion District Philadelphia(7) | % | 2024 | |||||||||||||||||||||||||||||||||
Fashion Outlets of Chicago | % | 2031 | |||||||||||||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA(8) | % | 2023 | |||||||||||||||||||||||||||||||||
Freehold Raceway Mall(5) | % | 2029 | |||||||||||||||||||||||||||||||||
Fresno Fashion Fair | % | 2026 | |||||||||||||||||||||||||||||||||
Green Acres Commons(9) | % | 2023 | |||||||||||||||||||||||||||||||||
Green Acres Mall(10) | % | 2023 | |||||||||||||||||||||||||||||||||
Kings Plaza Shopping Center | % | 2030 | |||||||||||||||||||||||||||||||||
Oaks, The | % | 2022 | |||||||||||||||||||||||||||||||||
Pacific View | % | 2022 | |||||||||||||||||||||||||||||||||
Queens Center | % | 2025 | |||||||||||||||||||||||||||||||||
Santa Monica Place(11) | % | 2022 | |||||||||||||||||||||||||||||||||
SanTan Village Regional Center | % | 2029 | |||||||||||||||||||||||||||||||||
Towne Mall | % | 2022 | |||||||||||||||||||||||||||||||||
Tucson La Encantada(12) | % | — | |||||||||||||||||||||||||||||||||
Victor Valley, Mall of | % | 2024 | |||||||||||||||||||||||||||||||||
Vintage Faire Mall | % | 2026 | |||||||||||||||||||||||||||||||||
$ | $ |
Year Ending December 31, | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Deferred finance cost, net | ( | ||||
$ |
2021 | 2020 | 2019 | |||||||||||||||
Distributions of the partner's share of net (loss) income | $ | ( | $ | $ | |||||||||||||
Distributions in excess of the partner's share of net income | |||||||||||||||||
Adjustment to fair value of financing arrangement obligation | ( | ( | ( | ||||||||||||||
$ | ( | $ | ( | $ | ( |
Property | $ | ||||
Deferred charges | |||||
Cash and cash equivalents | |||||
Restricted cash | |||||
Tenant receivables | |||||
Other assets | |||||
Total assets acquired | |||||
Mortgage note payable | |||||
Partnership loan(1) | |||||
Accounts payable | |||||
Due to affiliates | |||||
Other accrued liabilities | |||||
Total liabilities assumed | |||||
Fair value of acquired net assets (at | $ |
Fair value of acquired net assets (at | $ | ||||
Fair value of the noncontrolling interest | ( | ||||
Carrying value of existing investment in the joint venture | ( | ||||
Loss on remeasurement of asset | $ | ( |
Land | $ | ||||
Building and improvements | |||||
Fair value of acquired net assets (at | $ |
2021 | 2020 | 2019 | |||||||||||||||
Management fees | $ | $ | $ | ||||||||||||||
Development and leasing fees | |||||||||||||||||
$ | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Units | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||||||
Balance at beginning of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Vested | ( | ( | ( | ||||||||||||||||||||||||||||||||
Forfeited | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance at end of year | $ | $ | $ |
Grant Date | Units | Type | Fair Value per LTIP Unit | Vest Date | ||||||||||||||||||||||
1/1/2019 | Service-based | $ | 12/31/2021 | |||||||||||||||||||||||
1/1/2019 | Market-indexed | $ | 12/31/2021 | |||||||||||||||||||||||
9/1/2019 | Service-based | $ | 8/31/2022 | |||||||||||||||||||||||
9/1/2019 | Market-indexed | $ | 8/31/2022 | |||||||||||||||||||||||
1/1/2020 | Service-based | $ | 12/31/2022 | |||||||||||||||||||||||
1/1/2020 | Market-indexed | $ | 12/31/2022 | |||||||||||||||||||||||
3/1/2020 | Service-based | $ | 2/28/2023 | |||||||||||||||||||||||
3/1/2020 | Market-indexed | $ | 2/28/2023 | |||||||||||||||||||||||
1/1/2021 | Service-based | $ | 12/31/2023 | |||||||||||||||||||||||
1/1/2021 | Performance-based | $ | 12/31/2023 | |||||||||||||||||||||||
Grant Date | Risk Free Interest Rate | Expected Volatility | ||||||||||||
1/1/2019 | % | % | ||||||||||||
9/1/2019 | % | % | ||||||||||||
1/1/2020 | % | % | ||||||||||||
3/1/2020 | % | % | ||||||||||||
1/1/2021 | % | % |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Units | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||||||
Balance at beginning of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Vested | ( | ( | ( | ||||||||||||||||||||||||||||||||
Forfeited | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance at end of year | $ | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | ||||||||||||||||||||||||||||||
Balance at beginning of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted(1) | |||||||||||||||||||||||||||||||||||
Balance at end of year | $ | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Stock Units | Weighted Average Grant Date Fair Value | Stock Units | Weighted Average Grant Date Fair Value | Stock Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||||||
Balance at beginning of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Vested | ( | ( | ( | ||||||||||||||||||||||||||||||||
Forfeited | |||||||||||||||||||||||||||||||||||
Balance at end of year | $ | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||
Stock units | $ | $ | $ | ||||||||||||||
LTIP units | |||||||||||||||||
Stock options | |||||||||||||||||
Phantom stock units | |||||||||||||||||
$ | $ | $ |
2021(1) | 2020(1) | 2019(1) | |||||||||||||||||||||||||||||||||
Ordinary income | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||
Capital gains | % | % | % | ||||||||||||||||||||||||||||||||
Return of capital | % | % | % | ||||||||||||||||||||||||||||||||
Dividends paid | $ | % | $ | % | $ | % |
2021 | 2020 | 2019 | |||||||||||||||
Current | $ | $ | $ | ( | |||||||||||||
Deferred | ( | ( | |||||||||||||||
Income tax (expense) benefit | $ | ( | $ | $ | ( |
2021 | 2020 | 2019 | |||||||||||||||
Book loss (income) for TRSs | $ | ( | $ | $ | ( | ||||||||||||
Tax at statutory rate on earnings from continuing operations before income taxes | $ | ( | $ | $ | ( | ||||||||||||
State taxes | ( | ( | ( | ||||||||||||||
Other | ( | ( | ( | ||||||||||||||
Income tax (expense) benefit | $ | ( | $ | $ | ( |
2021 | 2020 | ||||||||||
Net operating loss carryforwards | $ | $ | |||||||||
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs | ( | ||||||||||
Other | |||||||||||
Net deferred tax assets | $ | $ |
Initial Cost to Company | Gross Amount at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shopping Centers/Entities | Land | Building and Improvements | Equipment and Furnishings | Cost Capitalized Subsequent to Acquisition | Land | Building and Improvements | Equipment and Furnishings | Construction in Progress | Total | Accumulated Depreciation | Total Cost Net of Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chandler Fashion Center | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Danbury Fair Mall | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Desert Sky Mall | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eastland Mall | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fashion District Philadelphia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fashion Outlets of Chicago | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fashion Outlets of Niagara Falls USA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Marketplace at Flagstaff | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Freehold Raceway Mall | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fresno Fashion Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Green Acres Mall | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inland Center | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kings Plaza Shopping Center | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
La Cumbre Plaza | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Macerich Management Co. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MACWH, LP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NorthPark Mall | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oaks, The | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pacific View | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prasada | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Queens Center | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Santa Monica Place | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SanTan Adjacent Land | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SanTan Village Regional Center | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sears South Plains | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SouthPark Mall | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southridge Center | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stonewood Center | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Superstition Springs Center | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Superstition Springs Power Center | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Macerich Partnership, L.P. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Towne Mall | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
See accompanying report of independent registered public accounting firm. |
Initial Cost to Company | Gross Amount at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shopping Centers/Entities | Land | Building and Improvements | Equipment and Furnishings | Cost Capitalized Subsequent to Acquisition | Land | Building and Improvements | Equipment and Furnishings | Construction in Progress | Total | Accumulated Depreciation | Total Cost Net of Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valley Mall | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valley River Center | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Victor Valley, Mall of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vintage Faire Mall | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wilton Mall | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other freestanding stores | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other land and development properties | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Buildings and improvements | |||||
Tenant improvements | |||||
Equipment and furnishings |
2021 | 2020 | 2019 | |||||||||||||||
Balances, beginning of year | $ | $ | $ | ||||||||||||||
Additions | |||||||||||||||||
Dispositions and retirements | ( | ( | ( | ||||||||||||||
Balances, end of year | $ | $ | $ |
2021 | 2020 | 2019 | |||||||||||||||
Balances, beginning of year | $ | $ | $ | ||||||||||||||
Additions | |||||||||||||||||
Dispositions and retirements | ( | ( | ( | ||||||||||||||
Balances, end of year | $ | $ | $ |
Exhibit Number | Description | |||||||
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)) (Filed in paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T). | |||||||
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) (Filed in paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T). | |||||||
Exhibit Number | Description | |||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
Exhibit Number | Description | |||||||
10.17.1 | First Amendment to Credit Agreement, dated as of July 27, 2021, by and among the Company, as guarantor, the Partnership, as borrower, certain subsidiary guarantors, and Deutsche Bank AG New York Branch, as administrative agent for the lenders (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021). | |||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
Exhibit Number | Description | |||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
* | ||||||||
** | ||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*). |
THE MACERICH COMPANY | |||||||||||
/s/ THOMAS E. O'HERN | |||||||||||
By | |||||||||||
Thomas E. O'Hern | |||||||||||
Chief Executive Officer and Director |
Signature | Capacity | Date | ||||||||||||
/s/ THOMAS E. O'HERN | Chief Executive Officer and Director | February 25, 2022 | ||||||||||||
Thomas E. O'Hern | (Principal Executive Officer) | |||||||||||||
/s/ EDWARD C. COPPOLA | President and Director | February 25, 2022 | ||||||||||||
Edward C. Coppola | ||||||||||||||
/s/ PEGGY ALFORD | Director | February 25, 2022 | ||||||||||||
Peggy Alford | ||||||||||||||
/s/ JOHN H. ALSCHULER | Director | February 25, 2022 | ||||||||||||
John H. Alschuler | ||||||||||||||
/s/ ERIC K. BRANDT | Director | February 25, 2022 | ||||||||||||
Eric K. Brandt | ||||||||||||||
/s/ STEVEN R. HASH | Chairman of Board of Directors | February 25, 2022 | ||||||||||||
Steven R. Hash | ||||||||||||||
/s/ DANIEL J. HIRSCH | Director | February 25, 2022 | ||||||||||||
Daniel J. Hirsch | ||||||||||||||
/s/ DIANA M. LAING | Director | February 25, 2022 | ||||||||||||
Diana M. Laing | ||||||||||||||
/s/ STEVEN L. SOBOROFF | Director | February 25, 2022 | ||||||||||||
Steven L. Soboroff | ||||||||||||||
/s/ ANDREA M. STEPHEN | Director | February 25, 2022 | ||||||||||||
Andrea M. Stephen | ||||||||||||||
/s/ SCOTT W. KINGSMORE | Senior Executive Vice President, Treasurer and Chief Financial Officer (Principal Financial Officer) | February 25, 2022 | ||||||||||||
Scott W. Kingsmore | ||||||||||||||
/s/ CHRISTOPHER J. ZECCHINI | Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) | February 25, 2022 | ||||||||||||
Christopher J. Zecchini |
ACTIVE/115011216.3 |
ACTIVE/115011216.3 |
ACTIVE/115011216.3 |
ACTIVE/115011216.3 |
ACTIVE/115011216.3 |
ACTIVE/115011216.3 |
ACTIVE/115011216.3 |
/s/ THOMAS E. O'HERN | |||||||||||
Date: | February 25, 2022 | Chief Executive Officer and Director |
/s/ SCOTT W. KINGSMORE | |||||||||||
Date: | February 25, 2022 | Senior Executive Vice President and Chief Financial Officer |
/s/ THOMAS E. O'HERN | ||||||||
Chief Executive Officer and Director | ||||||||
/s/ SCOTT W. KINGSMORE | ||||||||
Senior Executive Vice President and Chief Financial Officer |
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Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Firm ID | 185 |
Auditor Location | Los Angeles, California |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Par value of common stock (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 214,797,057 | 149,770,575 |
Common stock, shares outstanding (in shares) | 214,797,057 | 149,770,575 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 16,163 | $ (245,462) | $ 102,554 |
Other comprehensive income (loss): | |||
Interest rate cap/swap agreements | 8,184 | 843 | (4,585) |
Comprehensive income (loss) | 24,347 | (244,619) | 97,969 |
Less net income (loss) attributable to noncontrolling interests | 1,900 | (15,259) | 5,734 |
Comprehensive income (loss) attributable to the Company | $ 22,447 | $ (229,360) | $ 92,235 |
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Jun. 03, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared for common stock (in dollars per share) | $ 0.10 | $ 0.60 | $ 1.55 | $ 3.00 |
Organization |
12 Months Ended |
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Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization: The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of December 31, 2021, the Company was the sole general partner of and held a 96% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are owned by the Company and are collectively referred to herein as the "Management Companies."
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Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies: Basis of Presentation: These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. The accompanying consolidated financial statements include the accounts of the Company. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity ("VIE") in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures. The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of VIEs, including Fashion District Philadelphia and SanTan Village Regional Center. The Operating Partnership's VIEs included the following assets and liabilities:
All intercompany accounts and transactions have been eliminated in the consolidated financial statements. Basis of Presentation: (Continued) The following table presents a reconciliation of the beginning of period and end of period cash and cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows:
COVID-19 Pandemic: In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. As a result, all of the markets that the Company operates in were subject to stay-at-home orders, and the majority of its properties were temporarily closed in part or completely. Following staggered re-openings during 2020, all Centers have been open and operating since October 7, 2020 and government-imposed capacity restrictions resulting from COVID-19 have been essentially eliminated across the Company’s markets. COVID-19 Lease Accounting: In April 2020, the Financial Accounting Standards Board issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under Accounting Standards Codification ("ASC") 842, "Leases" ("the lease modification accounting framework"). Under ASC 842, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant or an enforceable right and obligation within the existing lease. The Q&A allows for the bypass of a lease-by-lease analysis, and allows the Company to elect to either apply the lease modification accounting framework or not to all of its lease concessions with similar characteristics and circumstances. The Company has elected to apply the lease modification accounting framework to lease concessions that include the abatement of rent in its consolidated financial statements for the twelve months ended December 31, 2021 and 2020. Cash and Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under loan and other agreements. Revenues: Leasing revenue includes minimum rents, percentage rents, tenant recoveries and other leasing income. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." Minimum rents were increased by $5,873, $24,789 and $10,533 due to the straight-line rent adjustment during the years ended December 31, 2021, 2020 and 2019, respectively. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. In consideration for these services, the Management Companies receive monthly management fees generally ranging from 1.5% to 4% of the gross monthly rental revenue of the properties managed. Property: Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows:
Capitalization of Costs: The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete. Investment in Unconsolidated Joint Ventures: The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, Macerich HHF Centers LLC, New River Associates LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures due to the substantive participation rights of the outside partners in these joint ventures and, therefore, accounts for its investments in these joint ventures using the equity method of accounting. Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization. Acquisitions: Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets and intangible assets and liabilities. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates purchase price based on the estimated fair value of each separately identified asset and liability. The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases is recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. Remeasurement gains and losses are recognized when the Company becomes the primary beneficiary of an existing equity method investment that is a VIE to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment, and remeasurement losses to the extent the carrying value of the investment exceeds the fair value. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including discount rate, terminal capitalization rate and market rents. Deferred Charges: Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method. The range of the terms of the agreements is as follows:
Accounting for Impairment: The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. A shortened holding period increases the risk that the carrying value of a long-lived asset is not recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary. Share and Unit-based Compensation Plans: The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. Derivative Instruments and Hedging Activities: The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations. Income Taxes: The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any. Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes, which are provided for in the Company's consolidated financial statements. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods. Segment Information: The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States. Fair Value of Financial Instruments: The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made. The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. The Company records its financing arrangement obligation at fair value on a recurring basis with changes in fair value being recorded as interest expense in the Company’s consolidated statements of operations. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including the discount rate, terminal capitalization rate and market rents. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Concentration of Risk: The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. At various times during the year, the Company had deposits in excess of the FDIC insurance limit. No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2021, 2020 or 2019. Management Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements: On January 1, 2019, the Company adopted Accounting Standards Codification ("ASC") 842, "Leases", under the modified retrospective method. The new standard amended the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). In connection with the adoption of the new lease standard, the Company elected to use the transition packages of practical expedients for implementation provided by the FASB, which included (i) relief from re-assessing whether an expired or existing contract meets the definition of a lease, (ii) relief from re-assessing the classification of expired or existing leases at the adoption date, (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized, and (iv) application of the standard as of the adoption date rather than to all periods presented. The new standard requires the Company to reduce leasing revenue for credit losses associated with lease receivables. In addition, straight-line rent receivables are written off when the Company believes there is uncertainty regarding a tenant's ability to complete the term of the lease. As a result, the Company recognized a cumulative effect adjustment of $2,203 upon adoption for the write off of straight-line rent receivables of tenants that were in litigation or bankruptcy. The standard also requires that the provision for bad debts relating to leases be presented as a reduction of leasing revenue. The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Initial direct costs include the salaries and related costs for employees directly working on leasing activities. Prior to January 1, 2019, these costs were capitalizable and therefore the new lease standard resulted in certain of these costs being expensed as incurred. Upon the adoption of the new standard, the Company elected the practical expedient to not separate non-lease components, most significantly certain common area maintenance recoveries, from the associated lease components, resulting in the Company presenting all revenues associated with leases as leasing revenue on its consolidated statements of operations. In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” which aims to (i) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (ii) reduce the complexity of and simplify the application of hedge accounting by preparers. The standard was effective for the Company beginning January 1, 2019. The Company's adoption of this standard did not have a significant impact on its consolidated financial statements. In March 2020, the FASB issued guidance codified in ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective for the Company as of March 12, 2020 through December 31, 2022. An entity can elect to apply the amendments as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to that date that the financial statements are available to be issued. The Company is currently evaluating the optional expedients and exceptions provided by ASU 2020-04 to determine the impact on its consolidated financial statements.
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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 earnings per share for the years ended December 31 (shares in thousands):
____________________________________ (1)Diluted EPS excludes 101,948, 97,926 and 90,619 convertible preferred units for the years ended December 31, 2021, 2020 and 2019, respectively, as their impact was antidilutive. Diluted EPS excludes 9,920,654, 10,688,179 and 10,415,291 Operating Partnership units ("OP Units") for the years ended December 31, 2021, 2020 and 2019, respectively, as their effect was antidilutive.
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Investments in Unconsolidated Joint Ventures |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures: The following are the Company's operating properties in various unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2021 was as follows:
_______________________________________________________________________________ (1)The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds. The Company has made the following investments, dispositions and financings in unconsolidated joint ventures during the years ended December 31, 2021, 2020 and 2019 and events subsequent to December 31, 2021: On February 22, 2019, the Company’s joint venture in The Shops at Atlas Park entered into an agreement to increase the total borrowing capacity of the existing loan on the property from $57,751 to $80,000, and to extend the maturity date to October 28, 2021, including extension options. Concurrent with the loan modification, the joint venture borrowed an additional $18,379. The Company used its $9,189 share of the additional proceeds to pay down its line of credit and for general corporate purposes. On July 25, 2019, the Company's previously unconsolidated joint venture in Fashion District Philadelphia amended the existing term loan on the joint venture to allow for additional borrowings up to $100,000 at LIBOR plus 2%. Concurrent with the amendment, the joint venture borrowed an additional $26,000. On August 16, 2019, the joint venture borrowed an additional $25,000. The Company used its share of the additional proceeds to pay down its line of credit and for general corporate purposes. On September 12, 2019, the Company’s joint venture in Tysons Tower placed a new $190,000 loan on the property that bears interest at an effective rate of 3.38% and matures on October 11, 2029. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On October 17, 2019, the Company’s joint venture in West Acres placed a construction loan on the property that allows for borrowing of up to $6,500, bears interest at an effective rate of 3.72% and matures on October 10, 2029. The joint venture intends to use the proceeds from the loan to fund the expansion of the property. On December 18, 2019, the Company’s joint venture in One Westside placed a $414,600 construction loan on the redevelopment project. The loan bears interest at LIBOR plus 1.70%, which can be reduced to LIBOR plus 1.50% upon the completion of certain conditions, and matures on December 18, 2024. This loan is being used to fund the joint venture's remaining cost to complete the project. On November 17, 2020, the Company’s joint venture in Tysons VITA, the residential tower at Tysons Corner Center, placed a new $95,000 loan on the property that bears interest at an effective rate of 3.43% and matures on December 1, 2030. Initial loan funding for the Company’s joint venture was $90,000 with future advance potential of up to $5,000. The Company used its share of the initial proceeds of $45,000 for general corporate purposes. On December 10, 2020, the Company made a loan (the “Partnership Loan”) to the Company’s previously unconsolidated joint venture in Fashion District Philadelphia to fund the entirety of a $100,000 repayment to reduce the mortgage loan on Fashion District Philadelphia from $301,000 to $201,000. This mortgage loan now matures on January 22, 2024, including a one-year extension option, and bears interest at LIBOR plus 3.5%, with a LIBOR floor of 0.50%. The partnership agreement for the joint venture was amended in connection with the Partnership Loan, and pursuant to the amended agreement, the Partnership Loan plus 15% accrued interest must be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner. As a result of the substantive participation rights of the Company’s joint venture partner being terminated in the amended agreement, the Company determined that the joint venture is a VIE and the Company is the primary beneficiary. Effective December 10, 2020, the Company has consolidated the results of the joint venture into the consolidated financial statements of the Company (See Note 15–Consolidated Joint Venture and Acquisitions). On December 29, 2020, the Company’s joint venture in FlatIron Crossing closed on a one-year maturity date extension for the existing loan to January 5, 2022. The interest rate increased from 3.85% to 4.10%, and the Company’s joint venture repaid $15,000, $7,650 at the Company's pro rata share, of the outstanding loan balance at closing. On December 31, 2020, the Company and its joint venture partner in MS Portfolio LLC entered into a distribution agreement. The joint venture owned nine properties, including the former Sears parcels at the South Plains Mall and the Arrowhead Towne Center. The joint venture distributed the former Sears parcel at South Plains Mall to the Company and the former Sears parcel at Arrowhead Towne Center to the joint venture partner. The joint venture partners agreed that the distributed properties were of equal value. The Company now owns 100% of the former Sears parcel at South Plains Mall. Effective December 31, 2020, the Company consolidates its 100% interest in the Sears parcel at South Plains Mall in its consolidated financial statements (See Note 15 – Consolidated Joint Venture and Acquisitions). On March 29, 2021, concurrent with the sale of Paradise Valley Mall (see Note 16 – Dispositions), the Company elected to reinvest into the newly formed joint venture at a 5% ownership interest for $3,819 in cash that is accounted for under the equity method of accounting. On October 26, 2021, the Company's joint venture in The Shops at Atlas Park replaced the existing loan on the property with a new $65,000 loan that bears interest at a floating rate of LIBOR plus 4.15% and matures on November 9, 2026, including extension options. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 3.0% through November 7, 2023. On December 31, 2021, the Company assigned its joint venture interest in The Shops at North Bridge in Chicago, Illinois to its partner in the joint venture. The assignment included the assumption by the joint venture partner of the Company’s share of the debt owed by the joint venture and no cash consideration was received by the Company. The Company recognized a loss of approximately $28,276 in connection with the assignment. On December 31, 2021, the Company sold its joint venture interest in the undeveloped property at 443 North Wabash Avenue in Chicago, Illinois to its partner in the joint venture for $21,000. The Company recognized an immaterial gain in connection with the sale. On February 2, 2022, the Company’s joint venture in FlatIron Crossing replaced the existing $197,011 loan on the property with a new $175,000 loan that bears interest at the Secured Overnight Financing Rate ("SOFR") plus 3.45% and matures on February 9, 2027, including extension options. The loan is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through February 15, 2024. Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31:
_______________________________________________________________________________ (1)These amounts include the assets of $2,789,568 and $2,857,757 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2021 and 2020, respectively, and liabilities of $1,661,110 and $1,687,042 of the PPR Portfolio as of December 31, 2021 and 2020, respectively. (2)The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $10,276, $13,168 and $18,834 for the years ended December 31, 2021, 2020 and 2019, respectively. 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.
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities: The Company uses an interest rate cap and four interest rate swap agreements to manage the interest rate risk of its floating rate debt. The Company recorded other comprehensive income (loss) related to the marking-to-market of derivative instruments of $8,184, $843 and $(4,585) during the years ended December 31, 2021, 2020 and 2019, respectively. The fair value of the Company's derivatives was $6 and $(8,208) at December 31, 2021 and 2020, respectively. The following derivatives were outstanding at December 31, 2021 and December 31, 2020:
(1) On April 14, 2021, the Company entered into a new credit facility to replace the existing credit facility (See Note 11 - Bank and Other Notes Payable). Concurrent with entering into the new credit facility, the Company de-designated the Santa Monica Place $300,000 interest rate cap. As a result of the new credit facility and the Santa Monica Place cap de-designation, the notional amounts of the swaps that were previously hedged against the Company’s prior revolving line of credit were hedged against the Santa Monica Place floating rate debt and a portion of the Green Acres Commons floating rate debt effectively converting the Santa Monica Place loan and a majority of the Green Acres Commons loan to fixed rate debt through September 30, 2021. The Company did not renew the swaps that expired on September 30, 2021 and, as a result, on October 1, 2021, these loans reverted back to floating interest rate loans. Effective December 9, 2021, the Company entered into a new $300,000 interest rate cap for Santa Monica Place that was designated as a hedging instrument. The above derivative instruments were designated as hedging instruments with an aggregate fair value (Level 2 measurement) and were included in other accrued liabilities. The fair value of the Company's interest rate derivatives was determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swap. As a result, the Company determined that its interest rate cap and swap valuations in their entirety are classified in Level 2 of the fair value hierarchy.
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, net | Property, net: Property, net at December 31, 2021 and 2020 consists of the following:
(1)Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at December 31, 2021 and 2020 (See Note 8—Leases). Depreciation expense for the years ended December 31, 2021, 2020 and 2019 was $282,158, $287,925 and $287,846, respectively. The gain (loss) on sale or write down of assets, net for the years ended December 31, 2021, 2020 and 2019 consist of the following:
_______________________________________________________________________________ (1)Includes gains related to the sale of La Encantada and Paradise Valley Mall (See Note 16-Dispositions). (2)Includes a loss of $28,276 in 2021 in connection with the assignment of the Company's partnership interest in The Shops at North Bridge (See Note 4—Investments in Unconsolidated Joint Ventures). Includes impairment loss of $27,281 on Estrella Falls during the year ended December 31, 2021 and impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the year ended December 31, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the years ended December 31, 2021, 2020 and 2019 mainly pertain to the write off of development costs. (3)Includes $1,334 related to the sale of Paradise Valley Mall (See Note 16-Dispositions). The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2021 and 2020 as described above:
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Tenant and Other Receivables, net |
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Dec. 31, 2021 | |
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 $14,917 and $37,545 at December 31, 2021 and 2020, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $19,907 and $4,673 at December 31, 2021 and 2020, respectively, and a deferred rent receivable due to straight-line rent adjustments of $110,969 and $107,003 at December 31, 2021 and 2020, respectively. |
Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases: Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability of substantially all of the rents is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection. The following table summarizes the components of leasing revenue for the years ended December 31, 2021, 2020 and 2019:
The following table summarizes the future rental payments to the Company:
Lessee Leases: The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2024. The following table summarizes the lease costs for the year ended December 31, 2021:
The following table summarizes the future rental payments required under the leases as of December 31, 2021:
The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2021 was 36.3 years and 2.1 years, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2021 was 7.8% and 3.7%, respectively.
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Leases | Leases: Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability of substantially all of the rents is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection. The following table summarizes the components of leasing revenue for the years ended December 31, 2021, 2020 and 2019:
The following table summarizes the future rental payments to the Company:
Lessee Leases: The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2024. The following table summarizes the lease costs for the year ended December 31, 2021:
The following table summarizes the future rental payments required under the leases as of December 31, 2021:
The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2021 was 36.3 years and 2.1 years, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2021 was 7.8% and 3.7%, respectively.
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Deferred Charges and Other Assets, net |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Charges and Other Assets, net | Deferred Charges and Other Assets, net: Deferred charges and other assets, net at December 31, 2021 and 2020 consist of the following:
_______________________________ (1)The amortization of these intangible assets for the next five years and thereafter is as follows:
(2)Accumulated amortization includes $43,978 and $47,249 relating to in-place lease values, leasing commissions and legal costs at December 31, 2021 and 2020, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $11,233, $9,412 and $13,821 for the years ended December 31, 2021, 2020 and 2019, respectively. The allocated values of above-market leases and below-market leases consist of the following:
_______________________________ (1)Below-market leases are included in other accrued liabilities. The allocated values of above and below-market leases will be amortized into minimum rents on a straight-line basis over the individual remaining lease terms. The amortization of these values for the next five years and thereafter is as follows:
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Mortgage Notes Payable |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Notes Payable | Mortgage Notes Payable: Mortgage notes payable at December 31, 2021 and 2020 consist of the following:
(1)The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $11,946 and $14,085 at December 31, 2021 and 2020, respectively. (2)The interest rate disclosed represents the effective interest rate, including the impact of debt premium and deferred finance costs. (3)The monthly debt service represents the payment of principal and interest. (4)The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met. (5)A 49.9% interest in the loan has been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 12—Financing Arrangement). (6)On September 15, 2020, the Company closed on a loan extension agreement for Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021 and subsequently to October 1, 2021. The loan amount and interest rate remained unchanged following these extensions. On September 15, 2021, the Company further extended the loan maturity to July 1, 2022. The interest rate remained unchanged, and the Company repaid $10,000 of the outstanding loan balance at closing. (7)Effective December 10, 2020, the Company began consolidating this joint venture and assumed this debt (See Note 15—Consolidated Joint Venture and Acquisitions). (8)On December 15, 2020, the Company closed on a loan extension agreement for the Fashion Outlets of Niagara. Under the extension agreement the original loan maturity date of October 6, 2020 was extended to October 6, 2023. The loan amount and interest rate are unchanged following the extension. (9)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing. (10)On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also included a one-year extension option to February 3, 2023 which has been exercised. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing. (11)The loan bears interest at LIBOR plus 1.48%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2022. (12)On September 17, 2021, the Company sold Tucson La Encantada and the mortgage payable was paid in full (See Note 16—Dispositions). Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. As of December 31, 2021, all of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. During the second quarter of 2020 and in July 2020, the Company secured agreements with its mortgage lenders on nine property mortgage loans to defer approximately $28,683 of both second and third quarter of 2020 debt service payments. Of the deferred payments, $15,208 and $20,195 was repaid in the three months and twelve months ended December 31, 2020, respectively, and the remaining balance was fully repaid during the first quarter of 2021. The Company expects all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or with cash on hand. Total interest expense capitalized during the years ended December 31, 2021, 2020 and 2019 was $9,504, $5,247 and $9,614, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2021 and 2020 was $4,261,429 and $4,459,797, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt. The future maturities of mortgage notes payable are as follows:
The future maturities reflected above reflect the extension options that the Company believes will be exercised.
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Bank and Other Notes Payable |
12 Months Ended |
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Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Bank and Other Notes Payable | Bank and Other Notes Payable: Bank and other notes payable at December 31, 2021 and 2020 consist of the following: Line of Credit: On April 14, 2021, the Company terminated its existing credit facility and entered into a new credit agreement, which provides for an aggregate $700,000 facility, including a $525,000 revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175,000 term loan facility that matures on April 14, 2024. The revolving loan facility can be expanded up to $800,000, subject to receipt of lender commitments and other conditions. Concurrently with entering into the new credit agreement, the Company drew the $175,000 term loan facility in its entirety and drew $320,000 of the amount available under the revolving loan facility. Simultaneously with entering into the new credit agreement, the Company repaid $985,000 of debt, which included terminating and repaying all amounts outstanding under its prior revolving line of credit facility. All obligations under the facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The new credit facility bears interest at LIBOR plus a spread of 2.25% to 3.25% depending on the Company’s overall leverage level. As of December 31, 2021, the borrowing rate was LIBOR plus 2.25%. As of December 31, 2021, borrowings under the facility were $119,000, less unamortized deferred finance costs of $14,189, for the revolving loan facility at a total interest rate of 3.86%. As of December 31, 2021, the Company's availability under the revolving loan facility for additional borrowings was $405,719. On September 20, 2021, the Company paid off the remaining balance outstanding on the term loan facility with proceeds from the sale of Tucson La Encantada (See Note 16—Dispositions). The estimated fair value (Level 2 measurement) of borrowings under the credit facility at December 31, 2021 was $118,198 for the revolving loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt. The Company had a $1,500,000 revolving line of credit that bore interest at LIBOR plus a spread of 1.30% to 1.90%, depending on the Company's overall leverage level, and was to mature on July 6, 2020. On April 8, 2020, the Company exercised its option to extend the maturity of the facility to July 6, 2021. The line of credit could have been expanded, depending on certain conditions, up to a total facility of $2,000,000. Based on the Company's leverage level as of December 31, 2020, the borrowing rate on the facility was LIBOR plus 1.65%. On April 14, 2021, the Company repaid the $985,000 of outstanding debt and terminated this credit facility. The Company had four interest rate swap agreements that effectively converted a total of $400,000 of the outstanding balance from floating rate debt of LIBOR plus 1.65% to fixed rate debt of 4.50% until September 30, 2021. These swaps were hedged against the Santa Monica Place floating rate loan and a portion of the Green Acres Commons floating rate loan effectively converting these loans to fixed rate debt through September 30, 2021. The Company did not renew the swaps that expired on September 30, 2021 and, as a result, on October 1, 2021, these loans reverted back to floating interest rate loans (See Note 5 – Derivative Instruments and Hedging Activities and Note 10 – Mortgage Notes Payable). As of December 31, 2020, borrowings under the prior line of credit was $1,480,000 less unamortized deferred finance costs of $2,460 at a total interest rate of 2.73%. As of December 31, 2020, the Company's availability under the prior line of credit for additional borrowings was $19,719. The estimated fair value (Level 2 measurement) of borrowings under the line of credit at December 31, 2020 was $1,485,598 based on a present value model using a credit interest rate spread offered to the Company for comparable debt. As of December 31, 2021 and 2020, the Company was in compliance with all applicable financial loan covenants.
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Financing Arrangement |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Co-Venture Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Arrangement | Financing Arrangement: On September 30, 2009, the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Chandler Fashion Center, a 1,319,000 square foot regional town center in Chandler, Arizona, and Freehold Raceway Mall, a 1,553,000 square foot regional town center in Freehold, New Jersey, referred to herein as Chandler Freehold. As a result of the Company having certain rights under the agreement to repurchase the assets of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction was initially accounted for as a co-venture arrangement, and accordingly the assets, liabilities and operations of the properties remain on the books of the Company and a co-venture obligation was established for the net cash proceeds received from the third party less costs allocated to a warrant. Upon adoption of ASC 606 on January 1, 2018, the Company changed its accounting for Chandler Freehold from a co-venture arrangement to a financing arrangement. Under the Financing Arrangement, the Company recognizes interest expense on (i) the changes in fair value of the Financing Arrangement obligation, (ii) any payments to the joint venture partner equal to their pro rata share of net (loss) income and (iii) any payments to the joint venture partner less than or in excess of their pro rata share of net income. During the years ended December 31, 2021, 2020 and 2019 the Company incurred interest (income) expense in connection with the financing arrangement as follows:
The fair value (Level 3 measurement) of the financing arrangement obligation at December 31, 2021 and 2020 was based upon a terminal capitalization rate of approximately 5.75% and 5.5%, respectively, a discount rate of approximately 7.25% and 7.0%, respectively, and market rents per square foot ranging from $35 to $105. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Distributions to the partner, excluding distributions of excess loan proceeds, and changes in fair value of the financing arrangement obligation are recognized as interest (income) expense in the Company's consolidated statements of operations. On June 27, 2019, the Company replaced the existing mortgage note payable on Chandler Fashion Center with a new $256,000 loan (See Note 10—Mortgage Notes Payable). In connection with the refinancing transaction, the Company distributed $27,945 of the excess loan proceeds to its joint venture partner, which was recorded as a reduction to the financing arrangement obligation.
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Noncontrolling Interests |
12 Months Ended |
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Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests: The Company allocates net income of the Operating Partnership based on the weighted-average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership periodically to reflect its ownership interest in the Company. The Company had a 96% and 93% ownership interest in the Operating Partnership as of December 31, 2021 and 2020, respectively. The remaining 4% and 7% limited partnership interest as of December 31, 2021 and 2020, respectively, was owned by certain of the Company's executive officers and directors, certain of their affiliates, and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of registered or unregistered stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the ten trading days ending on the respective balance sheet date. Accordingly, as of December 31, 2021 and 2020, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $147,259 and $117,602, respectively. The Company issued common and cumulative preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder, the Company may redeem them for cash or shares of the Company's stock at the Company's option, and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.
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Stockholders' Equity |
12 Months Ended |
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Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity: Stock Dividend: On June 3, 2020, the Company issued 7,759,280 common shares to its common stockholders in connection with the quarterly dividend of $0.50 per share of common stock declared on March 16, 2020. The dividend consisted of a combination of cash and shares of the Company's common stock. The cash component of the dividend (not including cash paid in lieu of fractional shares) was 20% in the aggregate, or $0.10 per share, with the balance paid in shares of the Company's common stock. In accordance with the provisions of Internal Revenue Service Revenue Procedure 2017-45, stockholders were asked to make an election to receive the dividend all in cash or all in shares. To the extent that more than 20% of cash was elected in the aggregate, the cash portion was prorated. Stockholders who elected to receive the dividend in cash received a cash payment of at least $0.10 per share. Stockholders who did not make an election received 20% in cash and 80% in shares of common stock. The number of shares issued as a result of the dividend was calculated based on the volume weighted average trading price of the Company's common stock on the New York Stock Exchange on May 20, May 21 and May 22, 2020 of $7.2956. The Company accounted for the stock portion of its distribution as a stock issuance as opposed to a stock dividend. Accordingly, the impact of the shares issued is reflected in the Company's earnings per share calculation on a prospective basis. The issuance of the stock dividend resulted in a reduction of $0.05 on both basic and diluted earnings per share for the year ended December 31, 2020. Stock Offerings: In connection with the commencement of separate “at the market” offering programs, on each of February 1, 2021 and March 26, 2021, which are referred to as the “February 2021 ATM Program” and the “March 2021 ATM Program,” respectively, and collectively as the “ATM Programs,” the Company entered into separate equity distribution agreements with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500,000 under each of the February 2021 ATM Program and the March 2021 ATM Program, or a total of $1,000,000 under the ATM Programs. During the twelve months ended December 31, 2021, the Company issued 62,049,131 shares of common stock under the ATM Programs for aggregate gross proceeds of $848,301 and net proceeds of $830,241 after commissions and other transaction costs. The proceeds from the sales under the ATM Programs were used to pay down the Company’s line of credit (See Note 11 – Bank and Other Notes Payable). As of December 31, 2021, $151,699 remained available to be sold under the March 2021 ATM Program. The February 2021 ATM Program was fully utilized as of June 30, 2021 and is no longer active. Actual future sales 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 remaining shares available for sale under the ATM Programs. Stock Buyback Program: On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated share repurchase transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program". There were no repurchases under the Stock Buyback Program during the years ended December 31, 2021, 2020 and 2019.
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Consolidated Joint Venture and Acquisitions |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Joint Venture and Acquisitions | Consolidated Joint Venture and Acquisitions: Fashion District Philadelphia: Effective December 10, 2020, the Company made the Partnership Loan to the Company’s previously unconsolidated joint venture in Fashion District Philadelphia, pursuant to the joint venture’s amended and restated partnership agreement, to fund a $100,000 repayment to reduce the mortgage notes payable on Fashion District Philadelphia from $301,000 to $201,000. The Partnership Loan plus 15% accrued interest must be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner. Prior to the restructuring, the Company had accounted for its investment in Fashion District Philadelphia under the equity method of accounting due to substantive participation rights held by the Company’s joint venture partner. Pursuant to the amended and restated partnership agreement, the substantive participation rights of the Company’s joint venture partner were terminated and as a result, the joint venture is treated as a VIE. The Company became the primary beneficiary of the VIE and commenced consolidating Fashion District Philadelphia in its consolidated financial statements effective December 10, 2020. Prior to December 10, 2020, the Company’s share of the joint venture’s net (loss) income was included in its consolidated statements of operations in equity in (loss) income of unconsolidated joint ventures. The consolidation of the joint venture required the Company to recognize the joint venture’s identifiable assets and liabilities at fair value in the Company’s consolidated financial statements, along with the fair value of the non-controlling interest. The fair value of the joint venture’s assets and liabilities upon initial consolidation were measured using estimates of expected future cash flows and other valuation techniques. The fair value of the joint venture property was determined by using income and market or sales comparison valuation approaches which included, but are not limited to estimates of rental rates, comparable sales, revenue and expense growth rates, capitalization rates and discount rates. The allocation of fair value to assets was estimated by the market or sales comparison, cost and income approaches. Assumed debt was recorded at fair value based upon the present value of the expected future payments and current interest rates. Other acquired assets, including cash, and assumed liabilities were recorded at cost due to the short-term nature of the balances. The following is a summary of the allocation of the fair value of Fashion District Philadelphia:
(1)The Partnership Loan is eliminated in the Company's consolidated financial statements. 15. Consolidated Joint Venture and Acquisitions: (Continued) The Company recognized a remeasurement loss to adjust the carrying value of its existing investment in the joint venture to its estimated fair value in the Company’s consolidated financial statements. The remeasurement loss was determined by taking the difference between the fair value of assets less its liabilities and the sum of the carrying value of the Company’s existing investment in the joint venture and the fair value of the noncontrolling interest. The Company recognized the following remeasurement loss on the Fashion District Philadelphia restructuring:
Sears South Plains: On December 31, 2020, the Company and its joint venture partner in MS Portfolio LLC entered into a distribution agreement. The joint venture owned nine properties, including the former Sears parcels at the South Plains Mall and the Arrowhead Towne Center. The joint venture distributed the former Sears parcel at South Plains Mall to the Company and the former Sears parcel at Arrowhead Towne Center to the joint venture partner. The joint venture partners agreed that the distributed properties were of equal value. The Company now owns 100% of the former Sears parcel at South Plains Mall. Effective December 31, 2020, the Company consolidates its 100% interest in the Sears parcel at South Plains Mall in its consolidated financial statements. The following is a summary of the allocation of the fair value of Sears South Plains:
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Dispositions |
12 Months Ended |
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Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions: On March 29, 2021, the Company sold Paradise Valley Mall in Phoenix, Arizona to a newly formed joint venture for $100,000 resulting in a gain on sale of assets and land of $5,563. Concurrent with the sale, the Company elected to reinvest into the new joint venture at a 5% ownership interest (see Note 4 – Investments in Unconsolidated Joint Ventures). The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes. On September 17, 2021, the Company sold Tucson La Encantada in Tucson, Arizona for $165,250, resulting in a gain on sale of assets of approximately $117,242. The Company used the net cash proceeds of $100,142 to pay down debt. For the twelve months ended December 31, 2021, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $29,427. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies: As of December 31, 2021, the Company was contingently liable for $40,997 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At December 31, 2021, the Company had $12,785 in outstanding obligations, which it believes will be settled in the next twelve months.
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Related Party Transactions |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions: Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures for the years ended December 31:
Interest (income) expense from related party transactions also includes $(3,718), $(135,281) and $(62,517) for the years ended December 31, 2021, 2020 and 2019, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement). Due (to) from affiliates includes $(327) and $1,612 of (prepaid) unreimbursed costs and fees due (to) from unconsolidated joint ventures under management agreements at December 31, 2021 and 2020, respectively. In addition, due from affiliates included a note receivable from RED/303 LLC ("RED") that bore interest at 5.25% and was to mature on May 30, 2021. Interest income earned on this note was $0, $0 and $141 for the years ended December 31, 2021, 2020 and 2019, respectively. On October 7, 2019, the note was collected in full. RED was considered a related party because it was a partner in a joint venture development project. The note was collateralized by RED's membership interest in the development project. Also included in due from affiliates was a note receivable from Lennar Corporation that bore interest at LIBOR plus 2% and was to mature upon the completion of certain milestones in connection with the planned development of Fashion Outlets of San Francisco. As a result of those milestones not being completed, the Company elected to terminate the development agreement and the note was collected in full on February 13, 2019. Interest income earned on this note was $0, $0 and $1,112 for the years ended December 31, 2021, 2020 and 2019, respectively. Lennar Corporation was considered a related party because it was a joint venture partner in the project.
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Share and Unit-based Plans |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share and Unit-based Plans | Share and Unit-based Plans: The Company has established share and unit-based compensation plans for the purpose of attracting and retaining executive officers, directors and key employees. 2003 Equity Incentive Plan: The 2003 Equity Incentive Plan ("2003 Plan") authorizes the grant of stock awards, stock options, stock appreciation rights, stock units, stock bonuses, performance-based awards, dividend equivalent rights and OP Units or other convertible or exchangeable units. As of December 31, 2021, stock awards, stock units, LTIP Units (as defined below), stock appreciation rights ("SARs") and stock options have been granted under the 2003 Plan. All stock options or other rights to acquire common stock granted under the 2003 Plan have a term of 10 years or less. These awards were generally granted based on the performance of the Company and the employees. None of the awards have performance requirements other than a service condition of continued employment unless otherwise provided. All awards are subject to restrictions determined by the Company's compensation committee. The aggregate number of shares of common stock that may be issued under the 2003 Plan is 20,912,331 shares. As of December 31, 2021, there were 5,112,831 shares available for issuance under the 2003 Plan. 19. Share and Unit-based Plans: (Continued) Stock Units: The stock units represent the right to receive upon vesting one share of the Company's common stock for one stock unit. The value of the stock units was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock units during the years ended December 31, 2021, 2020 and 2019:
Long-Term Incentive Plan Units: Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include market-indexed awards, performance-based awards and service-based awards. The market-indexed LTIP Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per common stock share relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. The performance-based LTIP Units vest over a specified period based on the Company's operational performance over that period. The fair value of the service-based LTIP Units was determined by the market price of the Company's common stock on the date of the grant. The fair value of the market-indexed LTIP Units and performance-based LTIP Units are estimated on the date of grant using a Monte Carlo Simulation model. The stock price of the Company, along with the stock prices of the group of peer REITs (for market-indexed awards), is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the share price of the Company and the peer group REITs were estimated based on a look-back period. The expected growth rate of the stock prices over the "derived service period" is determined with consideration of the risk free rate as of the grant date. 19. Share and Unit-based Plans: (Continued) The Company has granted the following LTIP units during the years ended December 31, 2021, 2020 and 2019:
The fair value of the market-indexed LTIP Units and performance-based LTIP Units (Level 3) were estimated on the date of grant using a Monte Carlo Simulation model that based on the following assumptions:
19. Share and Unit-based Plans: (Continued) The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2021, 2020 and 2019:
Stock Options: On May 30, 2017, the Company granted 25,000 non-qualified stock options with a grant date fair value of $10.02 that vested on May 30, 2019. The Company measured the value of each option awarded using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 30.19%, dividend yield of 4.93%, risk free rate of 2.08%, current value of $57.55 and an expected term of 8 years. The following table summarizes the activity of stock options for the years ended December 31, 2021, 2020 and 2019:
(1)Pursuant to the terms of the Company's equity plan, the exercise price and number of options were adjusted so that the stock dividend paid on June 3, 2020 had no negative impact on the outstanding stock options (See Note 14–Stockholders' Equity). Directors' Phantom Stock Plan: The Directors' Phantom Stock Plan offers non-employee members of the board of directors ("Directors") the opportunity to defer their cash compensation and to receive that compensation in common stock rather than in cash after termination of service or a predetermined period. Compensation generally includes the annual retainers payable by the Company to the Directors. Deferred amounts are generally credited as units of phantom stock at the beginning of each three-year deferral period by dividing the present value of the deferred compensation by the average fair market value of the Company's common stock at the date of award. Compensation expense related to the phantom stock awards was determined by the amortization of the value of the stock units on a straight-line basis over the applicable service period. The stock units (including dividend equivalents) vest as the Directors' services (to which the fees relate) are rendered. Vested phantom stock units are ultimately paid out in common stock on a one-unit for one-share basis. To the extent elected by a Director, stock units receive dividend equivalents in the form of additional stock units based on the dividend amount paid on the common stock. The aggregate number of phantom stock units that may be granted under the Directors' Phantom Stock Plan is 500,000. As of December 31, 2021, there were 92,508 stock units available for grant under the Directors' Phantom Stock Plan. 19. Share and Unit-based Plans: (Continued) The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2021, 2020 and 2019:
Employee Stock Purchase Plan ("ESPP"): The ESPP authorizes eligible employees to purchase the Company's common stock through voluntary payroll deductions made during periodic offering periods. Under the ESPP, common stock is purchased at a 15% discount from the lesser of the fair value of common stock at the beginning and end of the offering period. A maximum of 1,291,117 shares of common stock is available for purchase under the ESPP. The number of shares available for future purchase under the plan at December 31, 2021 was 489,362. Compensation: The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2021, 2020 and 2019:
The Company capitalized share and unit-based compensation costs of $3,725, $4,223 and $4,691 for the years ended December 31, 2021, 2020 and 2019, respectively. The fair value of the stock awards and stock units that vested during the years ended December 31, 2021, 2020 and 2019 was $3,408, $1,376 and $3,577, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2021 consisted of $4,610 from LTIP Units and $1,533 from stock units.
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Employee Benefit Plans |
12 Months Ended |
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Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans: 401(k) Plan: The Company has a defined contribution retirement plan that covers its eligible employees (the "Plan"). The Plan is a defined contribution retirement plan covering eligible employees of the Macerich Property Management Company, LLC and participating affiliates. This Plan includes The Macerich Company Common Stock Fund as a new investment alternative under the Plan with 650,000 shares of common stock reserved for issuance under the Plan. In accordance with the Plan, the Company makes matching contributions equal to 100 percent of the first three percent of compensation deferred by a participant and 50 percent of the next two percent of compensation deferred by a participant. During the years ended December 31, 2021, 2020 and 2019, these matching contributions made by the Company were $3,144, $3,455 and $3,346, respectively. Contributions and matching contributions to the Plan by the plan sponsor and/or participating affiliates are recognized as an expense of the Company in the period that they are made. Deferred Compensation Plans: The Company has established deferred compensation plans under which executives and key employees of the Company may elect to defer receiving a portion of their cash compensation otherwise payable in one calendar year until a later year. The Company may, as determined by the Board of Directors in its sole discretion prior to the beginning of the plan year, credit a participant's account with a matching amount equal to a percentage of the participant's deferral. The Company contributed $325, $695 and $814 to the plans during the years ended December 31, 2021, 2020 and 2019, respectively. Contributions are recognized as compensation in the periods they are made.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes: For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2021, 2020 and 2019:
_______________________________________________________________________________ (1)The 2021, 2020 and 2019 taxable ordinary dividends are treated as "qualified REIT dividends" for purposes of Internal Revenue Code Section 199A. The Company has made Taxable REIT Subsidiary elections for all of its corporate subsidiaries other than its Qualified REIT Subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The income tax provision of the TRSs for the years ended December 31, 2021, 2020 and 2019 are as follows:
The income tax provision of the TRSs for the years ended December 31, 2021, 2020 and 2019 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:
The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2021 and 2020 are summarized as follows:
The net operating loss ("NOL") carryforwards for NOLs generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2025. Pursuant to the Tax Cuts and Jobs Act of 2017, NOLs generated in 2018 and subsequent tax years are carried forward indefinitely. The Coronavirus Aid, Relief and Economic Security Act removed the 80% of taxable income limitation, imposed by the Tax Cuts and Jobs Act, for NOLs generated in 2018, 2019 and 2020. For the years ended December 31, 2021, 2020 and 2019 there were no unrecognized tax benefits. The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of December 31, 2021, the Company had no valuation allowance recorded. The tax years 2018 through 2020 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next 12 months.
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Subsequent Events |
12 Months Ended |
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Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events:On January 27, 2022, the Company announced a dividend/distribution of $0.15 per share for common stockholders and OP Unit holders of record on February 18, 2022. All dividends/distributions will be paid 100% in cash on March 3, 2022. |
Schedule III-Real Estate and Accumulated Depreciation |
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SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III-Real Estate and Accumulated Depreciation Disclosure |
Depreciation of the Company's investment in buildings and improvements reflected in the consolidated statements of operations are calculated over the estimated useful lives of the asset as follows:
The changes in total real estate assets for the three years ended December 31, 2021 are as follows:
The aggregate cost of the property included in the table above for federal income tax purposes was $8,877,859 (unaudited) at December 31, 2021. The changes in accumulated depreciation for the three years ended December 31, 2021 are as follows:
See accompanying report of independent registered public accounting firm.
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Summary of Significant Accounting Policies (Policies) |
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Dec. 31, 2021 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation: These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. The accompanying consolidated financial statements include the accounts of the Company. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity ("VIE") in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures.
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Consolidation of VIE | The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of VIEs, | ||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under loan and other agreements.
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Revenues | Revenues: Leasing revenue includes minimum rents, percentage rents, tenant recoveries and other leasing income. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." Minimum rents were increased by $5,873, $24,789 and $10,533 due to the straight-line rent adjustment during the years ended December 31, 2021, 2020 and 2019, respectively. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers.
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Property | Property: Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows:
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Capitalization of Costs | Capitalization of Costs: The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete.
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Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures: The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, Macerich HHF Centers LLC, New River Associates LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures due to the substantive participation rights of the outside partners in these joint ventures and, therefore, accounts for its investments in these joint ventures using the equity method of accounting. Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization.
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Acquisitions | Acquisitions: Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets and intangible assets and liabilities. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates purchase price based on the estimated fair value of each separately identified asset and liability. The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases is recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. Remeasurement gains and losses are recognized when the Company becomes the primary beneficiary of an existing equity method investment that is a VIE to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment, and remeasurement losses to the extent the carrying value of the investment exceeds the fair value. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including discount rate, terminal capitalization rate and market rents.
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Deferred Charges | Deferred Charges: Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method. The range of the terms of the agreements is as follows:
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Accounting for Impairment | Accounting for Impairment: The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. A shortened holding period increases the risk that the carrying value of a long-lived asset is not recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary.
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Share and Unit-based Compensation Plans | Share and Unit-based Compensation Plans:The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities: The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations.
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Income Taxes | Income Taxes: The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any. Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes, which are provided for in the Company's consolidated financial statements. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods.
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Segment Information | Segment Information: The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States.
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Fair Value of Financial Instruments | Fair Value of Financial Instruments: The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made. The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.The Company records its financing arrangement obligation at fair value on a recurring basis with changes in fair value being recorded as interest expense in the Company’s consolidated statements of operations. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including the discount rate, terminal capitalization rate and market rents. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement.
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Concentration of Risk | Concentration of Risk:The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. | ||||||||||||||||||||||||
Management Estimates | Management Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements: On January 1, 2019, the Company adopted Accounting Standards Codification ("ASC") 842, "Leases", under the modified retrospective method. The new standard amended the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). In connection with the adoption of the new lease standard, the Company elected to use the transition packages of practical expedients for implementation provided by the FASB, which included (i) relief from re-assessing whether an expired or existing contract meets the definition of a lease, (ii) relief from re-assessing the classification of expired or existing leases at the adoption date, (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized, and (iv) application of the standard as of the adoption date rather than to all periods presented. The new standard requires the Company to reduce leasing revenue for credit losses associated with lease receivables. In addition, straight-line rent receivables are written off when the Company believes there is uncertainty regarding a tenant's ability to complete the term of the lease. As a result, the Company recognized a cumulative effect adjustment of $2,203 upon adoption for the write off of straight-line rent receivables of tenants that were in litigation or bankruptcy. The standard also requires that the provision for bad debts relating to leases be presented as a reduction of leasing revenue. The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Initial direct costs include the salaries and related costs for employees directly working on leasing activities. Prior to January 1, 2019, these costs were capitalizable and therefore the new lease standard resulted in certain of these costs being expensed as incurred. Upon the adoption of the new standard, the Company elected the practical expedient to not separate non-lease components, most significantly certain common area maintenance recoveries, from the associated lease components, resulting in the Company presenting all revenues associated with leases as leasing revenue on its consolidated statements of operations. In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” which aims to (i) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (ii) reduce the complexity of and simplify the application of hedge accounting by preparers. The standard was effective for the Company beginning January 1, 2019. The Company's adoption of this standard did not have a significant impact on its consolidated financial statements. In March 2020, the FASB issued guidance codified in ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective for the Company as of March 12, 2020 through December 31, 2022. An entity can elect to apply the amendments as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to that date that the financial statements are available to be issued. The Company is currently evaluating the optional expedients and exceptions provided by ASU 2020-04 to determine the impact on its consolidated financial statements.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Operating Partnership's VIEs | The Operating Partnership's VIEs included the following assets and liabilities:
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Schedule of Cash and Cash Equivalents | The following table presents a reconciliation of the beginning of period and end of period cash and cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows:
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Schedule of Restricted Cash | The following table presents a reconciliation of the beginning of period and end of period cash and cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows:
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Schedule of Real Estate Properties | Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows:
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Schedule of Range of the Terms of Loan and Lease Agreements | The range of the terms of the agreements is as follows:
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Earnings Per Share ("EPS") (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Numerator and Denominator Used in Computation of Earnings Per Share | The following table reconciles the numerator and denominator used in the computation of earnings per share for the years ended December 31 (shares in thousands):
____________________________________ (1)Diluted EPS excludes 101,948, 97,926 and 90,619 convertible preferred units for the years ended December 31, 2021, 2020 and 2019, respectively, as their impact was antidilutive. Diluted EPS excludes 9,920,654, 10,688,179 and 10,415,291 Operating Partnership units ("OP Units") for the years ended December 31, 2021, 2020 and 2019, respectively, as their effect was antidilutive.
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Investments in Unconsolidated Joint Ventures (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Ownership Interest in Joint Ventures | The following are the Company's operating properties in various unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2021 was as follows:
_______________________________________________________________________________ (1)The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.
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Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information | Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31:
_______________________________________________________________________________ (1)These amounts include the assets of $2,789,568 and $2,857,757 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2021 and 2020, respectively, and liabilities of $1,661,110 and $1,687,042 of the PPR Portfolio as of December 31, 2021 and 2020, respectively. (2)The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $10,276, $13,168 and $18,834 for the years ended December 31, 2021, 2020 and 2019, respectively.
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Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures | Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:
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Derivative Instruments and Hedging Activities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Outstanding | The following derivatives were outstanding at December 31, 2021 and December 31, 2020:
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Property, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows:
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Schedule of Loss (Gain) on Sale or Write down of Assets | The gain (loss) on sale or write down of assets, net for the years ended December 31, 2021, 2020 and 2019 consist of the following:
_______________________________________________________________________________ (1)Includes gains related to the sale of La Encantada and Paradise Valley Mall (See Note 16-Dispositions). (2)Includes a loss of $28,276 in 2021 in connection with the assignment of the Company's partnership interest in The Shops at North Bridge (See Note 4—Investments in Unconsolidated Joint Ventures). Includes impairment loss of $27,281 on Estrella Falls during the year ended December 31, 2021 and impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the year ended December 31, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the years ended December 31, 2021, 2020 and 2019 mainly pertain to the write off of development costs. (3)Includes $1,334 related to the sale of Paradise Valley Mall (See Note 16-Dispositions).
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Assets Measured on a Nonrecurring Basis | The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2021 and 2020 as described above:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Components of Leasing Revenue | The following table summarizes the components of leasing revenue for the years ended December 31, 2021, 2020 and 2019:
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Schedule of Future Minimum Rental Payments by the Company | The following table summarizes the future rental payments to the Company:
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Summary of Lease Costs | The following table summarizes the lease costs for the year ended December 31, 2021:
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Operating Lease Summary of Future Minimum Rental Payments Required | The following table summarizes the future rental payments required under the leases as of December 31, 2021:
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Finance Lease Summary of Future Minimum Rental Payments Required | The following table summarizes the future rental payments required under the leases as of December 31, 2021:
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Deferred Charges and Other Assets, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Charges and Other Assets, Net | Deferred charges and other assets, net at December 31, 2021 and 2020 consist of the following:
_______________________________ (1)The amortization of these intangible assets for the next five years and thereafter is as follows:
(2)Accumulated amortization includes $43,978 and $47,249 relating to in-place lease values, leasing commissions and legal costs at December 31, 2021 and 2020, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $11,233, $9,412 and $13,821 for the years ended December 31, 2021, 2020 and 2019, respectively.
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Schedule of Estimated Amortization of Intangible Assets for the Next Five Years and Thereafter | The amortization of these intangible assets for the next five years and thereafter is as follows:
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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:
_______________________________ (1)Below-market leases are included in other accrued liabilities.
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Schedule of Estimated Amortization of Allocated Values of Above and Below-market Leases for the Next Five Years and Thereafter | The amortization of these values for the next five years and thereafter is as follows:
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Mortgage Notes Payable (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Notes Payable | Mortgage notes payable at December 31, 2021 and 2020 consist of the following:
(1)The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $11,946 and $14,085 at December 31, 2021 and 2020, respectively. (2)The interest rate disclosed represents the effective interest rate, including the impact of debt premium and deferred finance costs. (3)The monthly debt service represents the payment of principal and interest. (4)The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met. (5)A 49.9% interest in the loan has been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 12—Financing Arrangement). (6)On September 15, 2020, the Company closed on a loan extension agreement for Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021 and subsequently to October 1, 2021. The loan amount and interest rate remained unchanged following these extensions. On September 15, 2021, the Company further extended the loan maturity to July 1, 2022. The interest rate remained unchanged, and the Company repaid $10,000 of the outstanding loan balance at closing. (7)Effective December 10, 2020, the Company began consolidating this joint venture and assumed this debt (See Note 15—Consolidated Joint Venture and Acquisitions). (8)On December 15, 2020, the Company closed on a loan extension agreement for the Fashion Outlets of Niagara. Under the extension agreement the original loan maturity date of October 6, 2020 was extended to October 6, 2023. The loan amount and interest rate are unchanged following the extension. (9)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing. (10)On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also included a one-year extension option to February 3, 2023 which has been exercised. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing. (11)The loan bears interest at LIBOR plus 1.48%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2022. (12)On September 17, 2021, the Company sold Tucson La Encantada and the mortgage payable was paid in full (See Note 16—Dispositions).
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Future Maturities of Mortgage Notes Payable | The future maturities of mortgage notes payable are as follows:
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Financing Arrangement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Co-Venture Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Arrangement | During the years ended December 31, 2021, 2020 and 2019 the Company incurred interest (income) expense in connection with the financing arrangement as follows:
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Consolidated Joint Venture and Acquisitions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Allocation of Fair Value | The following is a summary of the allocation of the fair value of Fashion District Philadelphia:
(1)The Partnership Loan is eliminated in the Company's consolidated financial statements. The following is a summary of the allocation of the fair value of Sears South Plains:
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Schedule of Business Acquisitions, by Acquisition | The Company recognized the following remeasurement loss on the Fashion District Philadelphia restructuring:
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Related Party Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fees Charged to Unconsolidated Joint Ventures | The following are fees charged to unconsolidated joint ventures for the years ended December 31:
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Share and Unit-based Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity of Non-vested Stock Units | The following table summarizes the activity of non-vested stock units during the years ended December 31, 2021, 2020 and 2019:
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Schedule of LTIP Units Granted | The Company has granted the following LTIP units during the years ended December 31, 2021, 2020 and 2019:
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Schedule LTIP Units Valuation Assumptions | The fair value of the market-indexed LTIP Units and performance-based LTIP Units (Level 3) were estimated on the date of grant using a Monte Carlo Simulation model that based on the following assumptions:
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Summary of Activity of Stock Options | The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2021, 2020 and 2019:
The following table summarizes the activity of stock options for the years ended December 31, 2021, 2020 and 2019:
(1)Pursuant to the terms of the Company's equity plan, the exercise price and number of options were adjusted so that the stock dividend paid on June 3, 2020 had no negative impact on the outstanding stock options (See Note 14–Stockholders' Equity).
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Summary of Activity of Non-vested Phantom Stock Units | The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2021, 2020 and 2019:
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Compensation Cost Under the Share and Unit-based Plans | The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2021, 2020 and 2019:
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Distributions Made to Common Stockholders on a Per Share Basis | The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2021, 2020 and 2019:
_______________________________________________________________________________ (1)The 2021, 2020 and 2019 taxable ordinary dividends are treated as "qualified REIT dividends" for purposes of Internal Revenue Code Section 199A.
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Schedule of Income Tax Provision of TRSs | The income tax provision of the TRSs for the years ended December 31, 2021, 2020 and 2019 are as follows:
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Reconciliation of Income Tax Provision of the TRSs to the Amount Computed by Applying the Federal Corporate Tax Rate | The income tax provision of the TRSs for the years ended December 31, 2021, 2020 and 2019 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:
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Schedule of Tax Effects of Temporary Differences and Carryforwards of the TRSs Included in Net Deferred Tax Assets | The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2021 and 2020 are summarized as follows:
|
Organization (Details) - entity |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Subsidiary of Limited Liability Company or Limited Partnership | ||
Number of management companies (in entities) | 7 | |
The Macerich Partnership, L.P. | ||
Subsidiary of Limited Liability Company or Limited Partnership | ||
Ownership interest in operating partnership (as a percent) | 96.00% | 93.00% |
Summary of Significant Accounting Policies - Schedule Operating Partnership's VIEs (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
ASSETS: | ||
Property, net | $ 6,284,206 | $ 6,694,579 |
Total assets | 8,345,655 | 9,184,005 |
Liabilities: | ||
Mortgage notes payable | 4,423,554 | 4,560,810 |
Total liabilities | 5,169,506 | 6,738,745 |
Operating Partnership's VIEs | ||
ASSETS: | ||
Property, net | 458,964 | 551,062 |
Other assets | 83,685 | 97,713 |
Total assets | 542,649 | 648,775 |
Liabilities: | ||
Mortgage notes payable | 413,925 | 420,233 |
Other liabilities | 56,947 | 81,266 |
Total liabilities | $ 470,872 | $ 501,499 |
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ||||
Cash and cash equivalents | $ 112,454 | $ 465,297 | $ 100,005 | $ 102,711 |
Restricted cash | 54,517 | 17,362 | 14,211 | 46,590 |
Cash and cash equivalents and restricted cash | $ 166,971 | $ 482,659 | $ 114,216 | $ 149,301 |
Summary of Significant Accounting Policies - Revenues (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Accounting Policies [Abstract] | |||
Increase in minimum rent due to straight-line rent adjustment | $ 5,873 | $ 24,789 | $ 10,533 |
Minimum | |||
Revenues | |||
Management fees as a percentage of gross monthly rental revenue | 1.50% | ||
Maximum | |||
Revenues | |||
Management fees as a percentage of gross monthly rental revenue | 4.00% |
Summary of Significant Accounting Policies - Acquisitions (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021
form
| |
Accounting Policies [Abstract] | |
Number of forms of in-place operating lease intangible assets and liabilities | 3 |
Summary of Significant Accounting Policies - Deferred Charges, Segment Information and Shareholder Activism Costs (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021
area
segment
| |
Segment Information: | |
Number of business segments | segment | 1 |
Number of geographic areas in which the Company operates | area | 1 |
Minimum | |
Deferred Charges: | |
Deferred lease costs, amortization period (in years) | 1 year |
Deferred financing costs, amortization period (in years) | 1 year |
Maximum | |
Deferred Charges: | |
Deferred lease costs, amortization period (in years) | 15 years |
Deferred financing costs, amortization period (in years) | 15 years |
Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle | ||||
Cumulative effect of adoption | $ 3,176,149 | $ 2,445,260 | $ 2,830,970 | $ 3,188,432 |
Accumulated Deficit | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Cumulative effect of adoption | $ (2,443,696) | $ (2,339,619) | $ (1,944,012) | (1,614,357) |
Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Cumulative effect of adoption | (2,203) | |||
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Cumulative effect of adoption | $ (2,203) |
Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Investments in unconsolidated joint ventures: | |||
Total assets | $ 8,345,655 | $ 9,184,005 | |
Liabilities | 5,169,506 | 6,738,745 | |
Joint venture | |||
Investments in unconsolidated joint ventures: | |||
Amortization of difference between cost of investments and book value of underlying equity | 10,276 | 13,168 | $ 18,834 |
Joint venture | Pacific Premier Retail LLC—Various Properties | PPR Portfolio | |||
Investments in unconsolidated joint ventures: | |||
Total assets | 2,789,568 | 2,857,757 | |
Liabilities | $ 1,661,110 | $ 1,687,042 |
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021
USD ($)
derivative
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Number of agreements | derivative | 4 | ||
Other comprehensive income (loss) related to mark to market of derivatives | $ | $ 8,184 | $ 843 | $ (4,585) |
Derivative Instruments and Hedging Activities (Details) - USD ($) |
Dec. 31, 2021 |
Dec. 09, 2021 |
Apr. 14, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Derivatives, Fair Value | ||||
Fair Value | $ 6,000 | $ (8,208,000) | ||
Level 2 | Interest rate cap | ||||
Derivatives, Fair Value | ||||
Notional Amount | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | |
LIBOR Rate | 4.00% | |||
Fair Value | $ 6,000 | 0 | ||
Level 2 | Interest rate swap | ||||
Derivatives, Fair Value | ||||
Notional Amount | $ 400,000,000 | |||
LIBOR Rate | 2.85% | |||
Fair Value | $ 0 | $ (8,208,000) |
Property, net - Components of Property (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Real Estate Investment Property, Net | ||
Land | $ 1,441,858 | $ 1,538,270 |
Buildings and improvements | 6,306,764 | 6,620,708 |
Tenant improvements | 685,242 | 750,250 |
Equipment and furnishings | 191,266 | 194,231 |
Construction in progress | 222,420 | 153,253 |
Total | 8,847,550 | 9,256,712 |
Less accumulated depreciation | (2,563,344) | (2,562,133) |
Property, net | $ 6,284,206 | $ 6,694,579 |
Property, net - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 282,158 | $ 287,925 | $ 287,846 |
Property, net - Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total Fair Value Measurement | $ 4,720 | $ 151,875 |
(Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total Fair Value Measurement | 0 | 0 |
(Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total Fair Value Measurement | 4,720 | 151,875 |
(Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total Fair Value Measurement | $ 0 | $ 0 |
Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Components of tenant and other receivables, net | ||
Allowance for doubtful accounts | $ 14,917 | $ 37,545 |
Deferred rent receivables due to straight-line rent adjustments | 110,969 | 107,003 |
Accrued percentage rents | ||
Components of tenant and other receivables, net | ||
Accounts receivable | $ 19,907 | $ 4,673 |
Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Leases [Abstract] | |||
Leasing revenue - fixed payments | $ 529,227 | $ 592,858 | $ 647,876 |
Leasing revenue - variable payments | 251,930 | 191,715 | 218,680 |
Recovery of (provision for) doubtful accounts | 6,390 | (44,250) | (7,682) |
Leasing revenue | $ 787,547 | $ 740,323 | $ 858,874 |
Leases - Summary of Minimum Rental Payments (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Lessor, Operating Lease, Payments, Fiscal Year Maturity | |
2022 | $ 373,164 |
2023 | 329,071 |
2024 | 272,035 |
2025 | 223,412 |
2026 | 176,352 |
Thereafter | 502,336 |
Total | $ 1,876,370 |
Leases - Narrative (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021
lease
| |
Leases [Abstract] | |
Number of finance leases | 5 |
Weighted average remaining lease term, operating leases | 36 years 3 months 18 days |
Weighted average remaining lease term, finance leases | 2 years 1 month 6 days |
Weighted average incremental borrowing rate, operating leases | 7.80% |
Weighted average incremental borrowing rate, finance leases | 3.70% |
Leases - Summary of Lease Costs (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2021
USD ($)
| |
Leases [Abstract] | |
Operating lease costs | $ 14,611 |
Finance lease costs: | |
Amortization of ROU assets | 1,917 |
Interest on lease liabilities | 574 |
Total lease cost | $ 17,102 |
Leases - Summary of Minimum Future Rental Payments Required (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating Leases | ||
2022 | $ 14,302 | |
2023 | 8,452 | |
2024 | 6,471 | |
2025 | 6,513 | |
2026 | 6,470 | |
Thereafter | 109,358 | |
Total undiscounted rental payments | 151,566 | |
Less imputed interest | (85,383) | |
Total lease liabilities | $ 66,183 | |
Operating Lease, Liability, Statement of Financial Position | Lease liabilities | Lease liabilities |
Finance Lease, Liability, Statement of Financial Position | Lease liabilities | Lease liabilities |
Finance Leases | ||
2022 | $ 4,461 | |
2023 | 2,043 | |
2024 | 9,072 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0 | |
Total undiscounted rental payments | 15,576 | |
Less imputed interest | (1,048) | |
Total lease liabilities | $ 14,528 |
Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Leasing | $ 134,887 | $ 162,652 | |
Intangible assets: | |||
In-place lease values | 62,826 | 74,298 | |
Leasing commissions and legal costs | 16,710 | 21,096 | |
Above-market leases | 72,289 | 80,120 | |
Deferred tax assets | 23,406 | 30,767 | |
Deferred compensation plan assets | 68,807 | 62,874 | |
Other assets | 46,319 | 61,553 | |
Deferred charges and other assets, gross | 425,244 | 493,360 | |
Less accumulated amortization | (170,336) | (186,401) | |
Deferred charges and other assets, net | 254,908 | 306,959 | |
In-place lease values, leasing commissions and legal costs | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | 43,978 | 47,249 | |
Amortization expense | $ 11,233 | $ 9,412 | $ 13,821 |
Deferred Charges and Other Assets, net - Schedule of estimated amortization of intangible assets for the next five years and thereafter (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Year Ending December 31, | |
2022 | $ 6,617 |
2023 | 5,430 |
2024 | 4,369 |
2025 | 3,395 |
2026 | 3,437 |
Thereafter | 12,310 |
Allocated value net | $ 35,558 |
Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Above-Market Leases | ||
Allocated value net | $ 35,558 | |
Below-Market Leases | ||
Allocated value, net | 62,210 | |
Above Market | ||
Above-Market Leases | ||
Original allocated value | 72,289 | $ 80,120 |
Less accumulated amortization | (32,484) | (33,271) |
Allocated value net | 39,805 | 46,849 |
Below Market | ||
Below-Market Leases | ||
Original allocated value | 99,332 | 114,790 |
Less accumulated amortization | (37,122) | (43,656) |
Allocated value, net | $ 62,210 | $ 71,134 |
Deferred Charges and Other Assets, net - Schedule of estimated amortization of allocated values of above and below-market leases for the next five years and thereafter (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Above Market | ||
2022 | $ 6,617 | |
2023 | 5,430 | |
2024 | 4,369 | |
2025 | 3,395 | |
2026 | 3,437 | |
Thereafter | 12,310 | |
Allocated value net | 35,558 | |
Below Market | ||
2022 | 8,454 | |
2023 | 7,766 | |
2024 | 7,650 | |
2025 | 6,071 | |
2026 | 4,745 | |
Thereafter | 27,524 | |
Allocated value, net | 62,210 | |
Above Market | ||
Above Market | ||
2022 | 6,201 | |
2023 | 5,724 | |
2024 | 5,212 | |
2025 | 3,821 | |
2026 | 3,629 | |
Thereafter | 15,218 | |
Allocated value net | 39,805 | $ 46,849 |
Below Market | ||
Below Market | ||
Allocated value, net | $ 62,210 | $ 71,134 |
Mortgage Notes Payable - Narrative (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 31, 2020
USD ($)
property
|
Sep. 30, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
property
|
Dec. 31, 2019
USD ($)
|
Jul. 31, 2020
property
|
|
Mortgage loans payable on real estate | |||||||
Payments in deferral | $ 28,683 | $ 28,683 | |||||
Repayments of deferrals | $ 15,208 | $ 20,195 | |||||
Interest expense capitalized | $ 9,504 | 5,247 | $ 9,614 | ||||
Fair value of mortgage notes payable | $ 4,459,797 | $ 4,261,429 | $ 4,459,797 | ||||
Joint venture | |||||||
Mortgage loans payable on real estate | |||||||
Number of properties | property | 9 | 9 | 9 |
Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Mortgage loans payable on real estate | ||
Deferred finance cost, net | $ (11,946) | $ (14,085) |
Long-term debt | 4,423,554 | $ 4,560,810 |
Mortgage notes payable | ||
Mortgage loans payable on real estate | ||
2022 | 794,526 | |
2023 | 473,111 | |
2024 | 562,722 | |
2025 | 607,399 | |
2026 | 537,742 | |
Thereafter | 1,460,000 | |
Long term debt including debt premium | 4,435,500 | |
Deferred finance cost, net | (11,946) | |
Long-term debt | $ 4,423,554 |
Financing Arrangement - Narrative (Details) ft² in Thousands, $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Jun. 27, 2019
USD ($)
|
Sep. 30, 2009
ft²
|
Dec. 31, 2021
USD ($)
$ / ft²
|
Dec. 31, 2020
USD ($)
$ / ft²
|
Dec. 31, 2019
USD ($)
|
|
Schedule of Joint Ventures | |||||
Terminal capitalization rate | 5.75% | 5.50% | |||
Discount rate | 7.25% | 7.00% | |||
Distributions in excess of loan proceeds | $ | $ 27,945 | $ 0 | $ 0 | $ 27,945 | |
Chandler Fashion Center | |||||
Schedule of Joint Ventures | |||||
Mortgage loan | $ | $ 256,000 | ||||
Financing arrangement | Minimum | |||||
Schedule of Joint Ventures | |||||
Market rent per square foot | $ / ft² | 35 | ||||
Financing arrangement | Maximum | |||||
Schedule of Joint Ventures | |||||
Market rent per square foot | $ / ft² | 105 | ||||
Financing arrangement | Chandler Fashion Center | |||||
Schedule of Joint Ventures | |||||
Ownership interest (as a percent) | 49.90% | ||||
Property area (in square feet) | ft² | 1,319 | ||||
Financing arrangement | Freehold Raceway Mall | |||||
Schedule of Joint Ventures | |||||
Ownership interest (as a percent) | 49.90% | ||||
Property area (in square feet) | ft² | 1,553 |
Financing Arrangement - Financing Arrangement Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Schedule of Joint Ventures | |||
Related parties | $ (3,718) | $ (135,281) | $ (62,517) |
Financing arrangement | Joint venture | |||
Schedule of Joint Ventures | |||
Distributions of the partner's share of net (loss) income | (2,763) | 1,144 | 7,184 |
Distributions in excess of the partner's share of net income | 14,435 | 3,097 | 6,939 |
Adjustment to fair value of financing arrangement obligation | (15,390) | (139,522) | (76,640) |
Related parties | $ (3,718) | $ (135,281) | $ (62,517) |
Noncontrolling Interests (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021
USD ($)
trading_day
$ / shares
|
Dec. 31, 2020
USD ($)
$ / shares
|
|
Noncontrolling Interest | ||
Par value of common stock (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Number of trading days used to calculate redemption value | trading_day | 10 | |
Redemption value of outstanding OP Units not owned by the Company | $ | $ 147,259 | $ 117,602 |
The Macerich Partnership, L.P. | ||
Noncontrolling Interest | ||
Ownership interest in operating partnership (as a percent) | 96.00% | 93.00% |
Limited partnership interest of the operating partnership (as a percent) | 4.00% | 7.00% |
Consolidated Joint Venture and Acquisitions - Allocation of Fair Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 10, 2020 |
---|---|---|---|
Fashion District Philadelphia | |||
Acquisition | |||
Property | $ 331,514 | ||
Deferred charges | 25,272 | ||
Cash and cash equivalents | 4,492 | ||
Restricted cash | 1,319 | ||
Tenant receivables | 8,476 | ||
Other assets | 30,582 | ||
Total assets acquired | 401,655 | ||
Mortgage note payable | 201,000 | ||
Partnership loan | 100,000 | ||
Accounts payable | 6,673 | ||
Due to affiliates | 3 | ||
Other accrued liabilities | 55,717 | ||
Total liabilities assumed | 363,393 | ||
Fair value of acquired net assets (at 100% ownership) | $ 38,262 | ||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | ||
Sears South Plains | |||
Acquisition | |||
Total assets acquired | $ 19,300 | ||
Land | 8,170 | ||
Building and improvements | $ 11,130 | ||
Ownership percentage at completion of acquisition (as a percent) | 100.00% | 100.00% |
Consolidated Joint Venture and Acquisitions - Gain (Loss) on Remeasurement (Details) - USD ($) $ in Thousands |
Dec. 10, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Acquisition | |||
Carrying value of existing investment in the joint venture | $ (1,317,571) | $ (1,340,647) | |
Fashion District Philadelphia | |||
Acquisition | |||
Business acquisition, percentage of voting interests acquired | 100.00% | ||
Fair value of acquired net assets (at 100% ownership) | $ 38,262 | ||
Fair value of the noncontrolling interest | (19,131) | ||
Carrying value of existing investment in the joint venture | (182,429) | ||
Loss on remeasurement of asset | $ (163,298) |
Commitments and Contingencies (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Contingent liability under letters of credit | $ 40,997 |
Outstanding obligations under construction agreements | $ 12,785 |
Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Management fees | |||
Related Party Transaction | |||
Management fees | $ 26,023 | $ 23,461 | $ 40,709 |
Unconsolidated joint ventures and third party managed properties | |||
Related Party Transaction | |||
Management fees | 23,830 | 22,248 | 34,804 |
Unconsolidated joint ventures and third party managed properties | Management fees | |||
Related Party Transaction | |||
Management fees | 17,872 | 15,297 | 18,748 |
Unconsolidated joint ventures and third party managed properties | Development and leasing fees | |||
Related Party Transaction | |||
Management fees | $ 5,958 | $ 6,951 | $ 16,056 |
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Related Party Transaction | |||
Interest (income) expense from related party transactions | $ (3,718) | $ (135,281) | $ (62,517) |
Due (to) from affiliates | 0 | 1,612 | |
Joint venture | Financing arrangement | |||
Related Party Transaction | |||
Interest (income) expense from related party transactions | (3,718) | (135,281) | (62,517) |
Unconsolidated joint ventures | |||
Related Party Transaction | |||
Due (to) from affiliates | (327) | $ 1,612 | |
Affiliated entity | RED | |||
Related Party Transaction | |||
Notes receivable interest rate (percent) | 5.25% | ||
Interest earned | 0 | $ 0 | 141 |
Affiliated entity | Lennar Corporation | |||
Related Party Transaction | |||
Interest earned | $ 0 | $ 0 | $ 1,112 |
Affiliated entity | LIBOR | Lennar Corporation | |||
Related Party Transaction | |||
Notes receivable, variable rate (percent) | 2.00% |
Share and Unit-based Plans - 2003 Equity Incentive Plan (Details) - 2003 Equity Incentive Plan |
12 Months Ended |
---|---|
Dec. 31, 2021
shares
| |
Share and unit-based plans | |
Term of award (in years) | 10 years |
Maximum shares authorized under plan (in shares) | 20,912,331 |
Shares available for issuance under plan (in shares) | 5,112,831 |
Share and Unit-based Plans - Long-Term Incentive Plan Units Narrative (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Stock units | |
Share and unit-based plans | |
Conversion rate | 1 |
LTIP units | |
Share and unit-based plans | |
Conversion rate | 1 |
Share and Unit-based Plans - Schedule LTIP Units Valuation Assumptions (Details) - LTIP units |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
January 1, 2019 | |||
Share and unit-based plans | |||
Risk Free Interest Rate | 2.46% | ||
Expected Volatility | 23.52% | ||
September 1, 2019 | |||
Share and unit-based plans | |||
Risk Free Interest Rate | 1.42% | ||
Expected Volatility | 24.91% | ||
January 1, 2020 | |||
Share and unit-based plans | |||
Risk Free Interest Rate | 1.62% | ||
Expected Volatility | 26.08% | ||
March 1, 2020 | |||
Share and unit-based plans | |||
Risk Free Interest Rate | 0.85% | ||
Expected Volatility | 28.34% | ||
January 1, 2021 | |||
Share and unit-based plans | |||
Risk Free Interest Rate | 0.17% | ||
Expected Volatility | 62.82% |
Share and Unit-based Plans - LTIP Activity (Details) - LTIP units - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Shares or Units | |||
Balance at beginning of year (in shares) | 784,052 | 616,219 | 661,578 |
Granted (in shares) | 1,581,451 | 552,866 | 343,431 |
Vested (in shares) | (286,373) | (102,884) | (76,306) |
Forfeited (in shares) | (241,439) | (282,149) | (312,484) |
Balance at end of year (in shares) | 1,837,691 | 784,052 | 616,219 |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of year (in dollars per share) | $ 28.11 | $ 39.04 | $ 48.38 |
Granted (in dollars per share) | 10.15 | 26.59 | 32.40 |
Vested (in dollars per share) | 17.62 | 40.19 | 59.27 |
Forfeited (in dollars per share) | 29.25 | 44.28 | 46.55 |
Balance at end of year (in dollars per share) | $ 14.14 | $ 28.11 | $ 39.04 |
Share and Unit-based Plans - Stock Options Narrative (Details) - Non-qualified stock options |
May 30, 2017
$ / shares
shares
|
---|---|
Share and unit-based plans | |
Granted (in shares) | shares | 25,000 |
Granted (in dollars per share) | $ 10.02 |
Expected volatility | 30.19% |
Dividend yield (as a percent) | 4.93% |
Risk free rate | 2.08% |
Share price (in dollars per share) | $ 57.55 |
Expected term (in years) | 8 years |
Share and Unit-based Plans - Stock Option Activity (Details) - Stock options - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Options | |||
Balance at beginning of year (in shares) | 37,515 | 35,565 | 35,565 |
Granted (in shares) | 0 | 1,950 | 0 |
Balance at end of year (in shares) | 37,515 | 37,515 | 35,565 |
Weighted Average Exercise Price | |||
Balance at beginning of year (in dollars per share) | $ 54.34 | $ 57.32 | $ 57.32 |
Granted (in dollars per share) | 0 | 0 | 0 |
Balance at end of year (in dollars per share) | $ 54.34 | $ 54.34 | $ 57.32 |
Share and Unit-based Plans - Employee Stock Purchase Plan (Details) - ESPP |
12 Months Ended |
---|---|
Dec. 31, 2021
shares
| |
Share and unit-based plans | |
Discount from market price (as a percent) | 15.00% |
Maximum shares authorized under plan (in shares) | 1,291,117 |
Shares available for issuance under plan (in shares) | 489,362 |
Share and Unit-based Plans - Compensation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | $ 17,998 | $ 18,066 | $ 16,723 |
Capitalized share and unit-based compensation costs | 3,725 | 4,223 | 4,691 |
Stock units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 3,173 | 4,159 | 4,598 |
Unrecognized compensation cost of share and unit-based plans | 1,533 | ||
LTIP units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 14,448 | 13,339 | 11,372 |
Unrecognized compensation cost of share and unit-based plans | 4,610 | ||
Stock options | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 0 | 0 | 51 |
Phantom stock units | |||
Share and unit-based plans | |||
Compensation cost under share and unit-based plans | 377 | 568 | 702 |
Stock awards and units | |||
Share and unit-based plans | |||
Fair value of equity-based awards vested during period | $ 3,408 | $ 1,376 | $ 3,577 |
Employee Benefit Plans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
The Plan | |||
Employee Benefit Plans: | |||
Number of common stock shares reserved for issuance (in shares) | 650,000 | ||
Employer match of employee contributions of first 3% of eligible compensation (as a percent) | 100.00% | ||
Percentage of eligible compensation, matched 100% by employer (as a percent) | 3.00% | ||
Employer match of employee contributions of next 2% of eligible compensation (as a percent) | 50.00% | ||
Percentage of eligible compensation, matched 50% by employer (as a percent) | 2.00% | ||
Employer contribution | $ 3,144 | $ 3,455 | $ 3,346 |
Deferred Compensation Plans | |||
Employee Benefit Plans: | |||
Employer contribution | $ 325 | $ 695 | $ 814 |
Income Taxes - Schedule of components of distributions made to common stockholders on a per share basis (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Dividends, dollars per share | |||
Ordinary income (in dollars per share) | $ 0.04 | $ 0.08 | $ 1.32 |
Capital gains (in dollars per share) | 0.15 | 0.02 | 0.64 |
Return of capital (in dollars per share) | 0.41 | 1.45 | 1.04 |
Dividends paid for income tax purposes (in dollars per share) | $ 0.60 | $ 1.55 | $ 3.00 |
Dividends, percent | |||
Ordinary income (as a percent) | 6.00% | 5.20% | 44.20% |
Capital gains (as a percent) | 24.90% | 1.30% | 21.20% |
Return of capital (as a percent) | 69.10% | 93.50% | 34.60% |
Dividends paid (as a percent) | 100.00% | 100.00% | 100.00% |
Income Taxes - Schedule of income tax benefit of TRSs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Income Tax Disclosure [Abstract] | |||
Current | $ 0 | $ 439 | $ (150) |
Deferred | (6,948) | 8 | (1,439) |
Income tax (expense) benefit | $ (6,948) | $ 447 | $ (1,589) |
Income Taxes - Reconciliation of income tax benefit (provision) of the TRSs to the amount computed by applying the federal corporate tax rate (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Income Tax Disclosure [Abstract] | |||
Book loss (income) for TRSs | $ (23,205) | $ 6,058 | $ (2,062) |
Tax at statutory rate on earnings from continuing operations before income taxes | (4,873) | 1,272 | (433) |
State taxes | (1,261) | (31) | (280) |
Other | (814) | (794) | (876) |
Income tax (expense) benefit | $ (6,948) | $ 447 | $ (1,589) |
Income Taxes - Schedule of tax effects of temporary differences and carryforwards of the TRSs included in net deferred tax assets (Details) - USD ($) |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Income Tax Disclosure [Abstract] | |||
Net operating loss carryforwards | $ 23,944,000 | $ 27,196,000 | |
Deferred Tax Liabilities, Property, Plant and Equipment | (1,013,000) | ||
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs | 2,927,000 | ||
Other | 475,000 | 644,000 | |
Net deferred tax assets | 23,406,000 | 30,767,000 | |
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details) - $ / shares |
Jan. 27, 2022 |
Mar. 16, 2020 |
---|---|---|
Subsequent events | ||
Dividends declared for common stock (in dollars per share) | $ 0.50 | |
Subsequent event | ||
Subsequent events | ||
Dividends declared for common stock (in dollars per share) | $ 0.15 |
Schedule III-Real Estate and Accumulated Depreciation - Depreciation Schedule (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Buildings and improvements | Minimum | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | |
Estimated useful lives of assets | 5 years |
Buildings and improvements | Maximum | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | |
Estimated useful lives of assets | 40 years |
Tenant improvements | Minimum | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | |
Estimated useful lives of assets | 5 years |
Tenant improvements | Maximum | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | |
Estimated useful lives of assets | 7 years |
Equipment and furnishings | Minimum | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | |
Estimated useful lives of assets | 5 years |
Equipment and furnishings | Maximum | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | |
Estimated useful lives of assets | 7 years |
Schedule III-Real Estate and Accumulated Depreciation - Property And Accumulated Depreciation Roll forward (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Changes in total real estate assets | |||
Balances, beginning of year | $ 9,256,712 | $ 8,993,049 | $ 8,878,820 |
Additions | 100,616 | 419,369 | 176,690 |
Dispositions and retirements | (509,778) | (155,706) | (62,461) |
Balances, end of year | 8,847,550 | 9,256,712 | 8,993,049 |
Aggregate gross cost of the property for federal income tax purposes | 8,877,859 | ||
Changes in accumulated depreciation | |||
Balances, beginning of year | 2,562,133 | 2,349,536 | 2,093,044 |
Additions | 282,158 | 287,925 | 287,846 |
Dispositions and retirements | (280,947) | (75,328) | (31,354) |
Balances, end of year | $ 2,563,344 | $ 2,562,133 | $ 2,349,536 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-02 [Member] |
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