0000912242-21-000014 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Aug. 05, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-12504
Entity Registrant Name	MACERICH CO
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-4448705
Entity Address, Address Line One	401 Wilshire Boulevard,
Entity Address, Address Line Two	Suite 700,
Entity Address, City or Town	Santa Monica,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90401
City Area Code	(310)
Local Phone Number	394-6000
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	MAC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		213,008,898
Entity Central Index Key	0000912242
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS:
Property, net	$ 6,432,877	$ 6,694,579
Cash and cash equivalents	194,028	465,297
Restricted cash	69,298	17,362
Tenant and other receivables, net	186,254	239,194
Right-of-use assets, net	114,921	118,355
Deferred charges and other assets, net	270,963	306,959
Due from affiliates	4,812	1,612
Investments in unconsolidated joint ventures	1,370,299	1,340,647
Total assets	8,643,452	9,184,005
LIABILITIES AND EQUITY:
Mortgage notes payable	4,518,108	4,560,810
Bank and other notes payable	367,020	1,477,540
Accounts payable and accrued expenses	51,514	68,825
Lease liabilities	86,198	90,216
Other accrued liabilities	236,811	298,594
Distributions in excess of investments in unconsolidated joint ventures	124,779	108,381
Financing arrangement obligation	132,076	134,379
Total liabilities	5,516,506	6,738,745
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 and 250,000,000 shares authorized at June 30, 2021 and December 31, 2020, respectively, and 211,169,654 and 149,770,575 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	2,112	1,498
Additional paid-in capital	5,438,493	4,603,378
Accumulated deficit	(2,469,336)	(2,339,619)
Accumulated other comprehensive loss	(2,775)	(8,208)
Total stockholders' equity	2,968,494	2,257,049
Noncontrolling interests	158,452	188,211
Total equity	3,126,946	2,445,260
Total liabilities and equity	$ 8,643,452	$ 9,184,005

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	250,000,000
Common stock, shares issued	211,169,654	149,770,575
Common Stock, shares outstanding	211,169,654	149,770,575

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Leasing revenue	$ 196,987	$ 168,754	$ 376,522	$ 379,475
Total revenues	215,473	178,587	405,897	405,539
Expenses:
Leasing expenses	6,637	6,653	11,803	14,078
REIT general and administrative expenses	6,679	8,242	14,766	15,063
Depreciation and amortization	77,630	80,294	156,026	162,507
Total expenses before interest	173,622	168,764	356,269	352,172
Interest expense (income):
Related parties	2,954	(32,807)	4,273	(77,050)
Other	51,960	52,841	104,537	105,158
Total interest expense	54,914	20,034	108,810	28,108
Total expenses	228,536	188,798	465,079	380,280
Equity in income (loss) of unconsolidated joint ventures	20,035	(14,173)	21,945	(4,475)
Income tax (expense) benefit	(7,107)	1,524	(9,345)	1,790
Loss on sale or write down of assets, net	(3,927)	(3,867)	(25,210)	(40,570)
Net (loss) income	(4,062)	(26,727)	(71,792)	(17,996)
Less net income (loss) attributable to noncontrolling interests	7,703	(1,611)	3,577	(402)
Net loss attributable to the Company	$ (11,765)	$ (25,116)	$ (75,369)	$ (17,594)
Loss per common share—attributable to common stockholders:
Basic (in dollars per share)	$ (0.06)	$ (0.18)	$ (0.42)	$ (0.13)
Diluted (in dollars per share)	$ (0.06)	$ (0.18)	$ (0.42)	$ (0.13)
Weighted average number of common shares outstanding:
Basic (in shares)	205,757	144,102	182,299	142,769
Diluted (in shares)	205,757	144,102	182,299	142,769
Other
Revenues:
Other	$ 11,855	$ 3,003	$ 17,176	$ 12,261
Management Companies
Revenues:
Other	6,631	6,830	12,199	13,803
Expenses:
Shopping center and operating expenses	15,021	16,442	29,864	32,666
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	$ 67,655	$ 57,133	$ 143,810	$ 127,858

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (4,062)	$ (26,727)	$ (71,792)	$ (17,996)
Other comprehensive income (loss):
Interest rate cap/swap agreements	2,739	1,745	5,433	(4,650)
Comprehensive loss	(1,323)	(24,982)	(66,359)	(22,646)
Less net income (loss) attributable to noncontrolling interests	7,703	(1,611)	3,577	(402)
Comprehensive loss attributable to the Company	$ (9,026)	$ (23,371)	$ (69,936)	$ (22,244)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2019			141,407,650
Beginning balance at Dec. 31, 2019	$ 2,830,970	$ 2,632,262	$ 1,414	$ 4,583,911	$ (1,944,012)	$ (9,051)	$ 198,708
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(17,996)	(17,594)			(17,594)		(402)
Interest rate cap/swap agreements	(4,650)	(4,650)				(4,650)
Amortization of share and unit-based plans (in shares)			126,088
Amortization of share and unit-based plans	9,813	9,813	$ 1	9,812
Employee stock purchases (in shares)			141,568
Employee stock purchases	852	852	$ 1	851
Distributions declared	(120,476)	(120,476)			(120,476)
Stock dividends (in shares)			7,759,280
Stock dividend	0		$ 78	(78)
Distributions to noncontrolling interests	(10,061)						(10,061)
Contributions from noncontrolling interests	125						125
Conversion of noncontrolling interests to common shares (in shares)			166,578
Conversion of noncontrolling interests to common shares	0	11,677	$ 2	11,675			(11,677)
Redemption of noncontrolling interests	(18)	13		13			(31)
Adjustment of noncontrolling interests in Operating Partnership	0	(9,500)		(9,500)			9,500
Ending balance (in shares) at Jun. 30, 2020			149,601,164
Ending balance at Jun. 30, 2020	2,688,559	2,502,397	$ 1,496	4,596,684	(2,082,082)	(13,701)	186,162
Beginning balance (in shares) at Mar. 31, 2020			141,572,289
Beginning balance at Mar. 31, 2020	2,724,360	2,533,991	$ 1,416	4,590,709	(2,042,688)	(15,446)	190,369
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(26,727)	(25,116)			(25,116)		(1,611)
Interest rate cap/swap agreements	1,745	1,745				1,745
Amortization of share and unit-based plans (in shares)			45,171
Amortization of share and unit-based plans	4,210	4,210		4,210
Employee stock purchases (in shares)			141,568
Employee stock purchases	852	852	$ 1	851
Distributions declared	(14,278)	(14,278)			(14,278)
Stock dividends (in shares)			7,759,280
Stock dividend	0		$ 78	(78)
Distributions to noncontrolling interests	(1,587)						(1,587)
Conversion of noncontrolling interests to common shares (in shares)			82,856
Conversion of noncontrolling interests to common shares	0	5,880	$ 1	5,879			(5,880)
Redemption of noncontrolling interests	(16)	14		14			(30)
Adjustment of noncontrolling interests in Operating Partnership	0	(4,901)		(4,901)			4,901
Ending balance (in shares) at Jun. 30, 2020			149,601,164
Ending balance at Jun. 30, 2020	$ 2,688,559	2,502,397	$ 1,496	4,596,684	(2,082,082)	(13,701)	186,162
Beginning balance (in shares) at Dec. 31, 2020	149,770,575		149,770,575
Beginning balance at Dec. 31, 2020	$ 2,445,260	2,257,049	$ 1,498	4,603,378	(2,339,619)	(8,208)	188,211
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(71,792)	(75,369)			(75,369)		3,577
Interest rate cap/swap agreements	5,433	5,433				5,433
Amortization of share and unit-based plans (in shares)			224,681
Amortization of share and unit-based plans	9,363	9,363	$ 2	9,361
Employee stock purchases (in shares)			88,107
Employee stock purchases	595	595	$ 1	594
Stock offerings, net (in shares)			59,907,761
Stock offerings, net	806,054	806,054	$ 599	805,455
Distributions declared	(54,348)	(54,348)			(54,348)
Distributions to noncontrolling interests	(14,194)						(14,194)
Contributions from noncontrolling interests	576						576
Conversion of noncontrolling interests to common shares (in shares)			1,178,530
Conversion of noncontrolling interests to common shares	0	22,218	$ 12	22,206			(22,218)
Redemption of noncontrolling interests	(1)						(1)
Adjustment of noncontrolling interests in Operating Partnership	$ 0	(2,501)		(2,501)			2,501
Ending balance (in shares) at Jun. 30, 2021	211,169,654		211,169,654
Ending balance at Jun. 30, 2021	$ 3,126,946	2,968,494	$ 2,112	5,438,493	(2,469,336)	(2,775)	158,452
Beginning balance (in shares) at Mar. 31, 2021			197,036,176
Beginning balance at Mar. 31, 2021	2,997,305	2,833,896	$ 1,971	5,263,994	(2,426,555)	(5,514)	163,409
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(4,062)	(11,765)			(11,765)		7,703
Interest rate cap/swap agreements	2,739	2,739				2,739
Amortization of share and unit-based plans (in shares)			129,928
Amortization of share and unit-based plans	4,332	4,332	$ 1	4,331
Employee stock purchases (in shares)			88,107
Employee stock purchases	595	595	$ 1	594
Stock offerings, net (in shares)			13,915,443
Stock offerings, net	167,910	167,910	$ 139	167,771
Distributions declared	(31,016)	(31,016)			(31,016)
Distributions to noncontrolling interests	(10,856)						(10,856)
Contributions from noncontrolling interests	(1)						(1)
Adjustment of noncontrolling interests in Operating Partnership	$ 0	1,803		1,803			(1,803)
Ending balance (in shares) at Jun. 30, 2021	211,169,654		211,169,654
Ending balance at Jun. 30, 2021	$ 3,126,946	$ 2,968,494	$ 2,112	$ 5,438,493	$ (2,469,336)	$ (2,775)	$ 158,452

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares		3 Months Ended		6 Months Ended
	Jun. 03, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 0.10	$ 0.15	$ 0.10	$ 0.30	$ 0.85

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net (loss) income	$ (71,792)	$ (17,996)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Loss on sale or write down of assets, net	25,210	40,570
Depreciation and amortization	162,603	165,751
Amortization of premium on mortgage notes payable	0	(464)
Amortization of share and unit-based plans	7,460	7,493
Straight-line rent and amortization of above and below market leases	(11,318)	1,353
(Recovery of) provision for doubtful accounts	(5,907)	28,690
Income tax expense (benefit)	9,345	(1,790)
Equity in (income) loss of unconsolidated joint ventures	(21,945)	4,475
Change in fair value of financing arrangement obligation	(2,302)	(81,291)
Changes in assets and liabilities, net of dispositions:
Tenant and other receivables	81,168	(121,649)
Other assets	9,480	(10,551)
Due from affiliates	(3,200)	(5,273)
Accounts payable and accrued expenses	(15,426)	13,037
Other accrued liabilities	(50,349)	(37,737)
Net cash provided by (used in) operating activities	113,027	(15,382)
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(35,560)	(35,780)
Property improvements	(16,107)	(15,787)
Proceeds from repayment of notes receivable	1,300	0
Deferred leasing costs	(1,176)	(1,581)
Distributions from unconsolidated joint ventures	45,978	24,139
Contributions to unconsolidated joint ventures	(39,487)	(80,413)
Proceeds from sale of assets	149,993	331
Net cash provided by (used in) investing activities	104,941	(109,091)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	495,000	660,000
Payments on mortgages, bank and other notes payable	(1,632,572)	(16,138)
Deferred financing costs	(22,228)	(189)
Proceeds from finance lease	0	4,115
Payments on finance leases	(1,102)	(289)
Net proceeds from stock offerings	791,425	0
Proceeds from share and unit-based plans	595	852
Redemption of noncontrolling interests	(1)	(18)
Contribution from noncontrolling interests	124	125
Dividends and distributions	(68,542)	(130,537)
Net cash (used in) provided by financing activities	(437,301)	517,921
Net (decrease) increase in cash, cash equivalents and restricted cash	(219,333)	393,448
Cash, cash equivalents and restricted cash, beginning of period	482,659	114,216
Cash, cash equivalents and restricted cash, end of period	263,326	507,664
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	113,484	100,237
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	22,378	20,564
Conversion of Operating Partnership Units to common stock	22,218	11,677
Accrued receivable of net proceeds from stock offering	$ 14,629	$ 0

Organization	6 Months Ended
Organization	Jun. 30, 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 June 30, 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 collectively referred to herein as the "Management Companies." All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies:

Basis of Presentation:

The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm.

The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of consolidated variable interest entities ("VIEs"), including Fashion District Philadelphia and SanTan Village Regional Center.

The Operating Partnership's consolidated VIEs included the following assets and liabilities:


	June 30, 2021		December 31, 2020
Assets:
Property, net	$	475,184	$	551,062
Other assets	100,635		97,713
Total assets	$	575,819	$	648,775
Liabilities:
Mortgage notes payable	$	413,879	$	420,233
Other liabilities	59,715		81,266
Total liabilities	$	473,594	$	501,499

All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

2. Summary of Significant Accounting Policies: (Continued)

The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2020 has been derived from the audited financial statements but does not include all disclosures required by GAAP. The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows:


	For the Six Months Ended June 30,
	2021		2020
Beginning of period
Cash and cash equivalents	$	465,297	$	100,005
Restricted cash	17,362		14,211
Cash, cash equivalents and restricted cash	$	482,659	$	114,216
End of period
Cash and cash equivalents	$	194,028	$	497,581
Restricted cash	69,298		10,083
Cash, cash equivalents and restricted cash	$	263,326	$	507,664

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. The governments in the markets in which the Company operates continued to lift the COVID-19 related mandated restrictions throughout the second quarter of 2021 and essentially all of these markets reached a full economic re-opening during the quarter, including in the Company's key markets of California and New York, which were the most capacity-restricted markets upon re-opening in 2020.

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 three and six months ended June 30, 2021.

Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

Earnings Per Share ("EPS"):

The following table reconciles the numerator and denominator used in the computation of EPS for the three and six months ended June 30, 2021 and 2020 (shares in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Numerator
Net loss	$	(4,062)	$	(26,727)	$	(71,792)	$	(17,996)
Less net income (loss) attributable to noncontrolling interests	7,703		(1,611)		3,577		(402)
Net loss attributable to the Company	(11,765)		(25,116)		(75,369)		(17,594)
Allocation of earnings to participating securities	(214)		(297)		(429)		(619)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$	(11,979)	$	(25,413)	$	(75,798)	$	(18,213)
Denominator



Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	205,757		144,102		182,299		142,769
EPS—net loss attributable to common stockholders
Basic and diluted	$	(0.06)	$	(0.18)	$	(0.42)	$	(0.13)

(1) Diluted EPS excludes 103,235 and 94,619 for the three months ended June 30, 2021 and 2020, respectively, and 103,235 and 92,619 convertible preferred partnership units for the six months ended June 30, 2021 and 2020, respectively, as their impact was antidilutive. Diluted EPS also excludes 9,818,495 and 10,504,452 Operating Partnership units ("OP Units") for the three months ended June 30, 2021 and 2020, respectively, and 10,334,235 and 10,491,138 OP Units for the six months ended June 30, 2021 and 2020, respectively, as their impact was antidilutive.

Investments in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures:

The Company has made the following recent financings of its unconsolidated joint ventures:

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 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.

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 consolidated its 100% interest in the Sears parcel at South Plains Mall in its consolidated financial statements.

On March 29, 2021, concurrent with the sale of Paradise Valley Mall (see Note 15 – 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.

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:


	June 30, 2021		December 31, 2020
Assets(1):
Property, net	$	8,796,400	$	8,721,551
Other assets	815,642		774,583
Total assets	$	9,612,042	$	9,496,134
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	6,044,153	$	5,942,478
Other liabilities	391,762		397,483
Company's capital	1,710,793		1,711,944
Outside partners' capital	1,465,334		1,444,229
Total liabilities and partners' capital	$	9,612,042	$	9,496,134
Investments in unconsolidated joint ventures:
Company's capital	$	1,710,793	$	1,711,944
Basis adjustment(2)	(465,273)		(479,678)
	$	1,245,520	$	1,232,266

Assets—Investments in unconsolidated joint ventures	$	1,370,299	$	1,340,647
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(124,779)		(108,381)
	$	1,245,520	$	1,232,266

(1) These amounts include assets of $2,821,851 and $2,857,757 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2021 and December 31, 2020, respectively, and liabilities of $1,673,662 and $1,687,042 of the PPR Portfolio as of June 30, 2021 and December 31, 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 $2,420 and $3,729 for the three months ended June 30, 2021 and 2020, respectively, and $4,663 and $7,728 for the six months ended June 30, 2021 and 2020, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Three Months Ended June 30, 2021
Revenues:
Leasing revenue	$	41,234	$	150,465	$	191,699
Other	37		32,884		32,921
Total revenues	41,271		183,349		224,620
Expenses:
Shopping center and operating expenses	9,896		56,546		66,442
Leasing expenses	372		1,106		1,478
Interest expense	15,835		36,889		52,724
Depreciation and amortization	24,582		63,874		88,456
Total expenses	50,685		158,415		209,100
Loss on sale or write down of assets, net	—		(235)		(235)

Net (loss) income	$	(9,414)	$	24,699	$	15,285
Company's equity in net (loss) income	$	(3,372)	$	23,407	$	20,035
Three Months Ended June 30, 2020
Revenues:
Leasing revenue	$	38,806	$	139,452	$	178,258
Other	253		(399)		(146)
Total revenues	39,059		139,053		178,112
Expenses:
Shopping center and operating expenses	8,240		53,145		61,385
Leasing expenses	290		832		1,122
Interest expense	16,363		36,790		53,153
Depreciation and amortization	24,565		66,095		90,660
Total expenses	49,458		156,862		206,320
Loss on sale or write down of assets, net	—		(12)		(12)

Net loss	$	(10,399)	$	(17,821)	$	(28,220)
Company's equity in net loss	$	(3,777)	$	(10,396)	$	(14,173)


	PPR Portfolio		Other Joint Ventures		Total
Six Months Ended June 30, 2021
Revenues:
Leasing revenue	$	78,008	$	299,781	$	377,789
Other	129		49,851		49,980
Total revenues	78,137		349,632		427,769
Expenses:
Shopping center and operating expenses	19,263		115,385		134,648
Leasing expenses	775		2,459		3,234
Interest expense	31,637		74,103		105,740
Depreciation and amortization	48,887		130,416		179,303
Total expenses	100,562		322,363		422,925
Loss on sale or write down of assets, net	—		(181)		(181)

Net (loss) income	$	(22,425)	$	27,088	$	4,663
Company's equity in net (loss) income	$	(8,879)	$	30,824	$	21,945
Six Months Ended June 30, 2020
Revenues:
Leasing revenue	$	97,184	$	311,696	$	408,880
Other	302		6,492		6,794
Total revenues	97,486		318,188		415,674
Expenses:
Shopping center and operating expenses	17,881		114,654		132,535
Leasing expenses	763		2,127		2,890
Interest expense	32,458		74,930		107,388
Depreciation and amortization	53,182		134,456		187,638
Total expenses	104,284		326,167		430,451
Loss on sale or write down of assets, net	—		(12)		(12)

Net loss	$	(6,798)	$	(7,991)	$	(14,789)
Company's equity in net income (loss)	$	944	$	(5,419)	$	(4,475)

Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities:

The Company uses an interest rate cap and four interest rate swap agreements to manage the interest rate risk of its floating rate debt. The Company recorded other comprehensive income (loss) related to the marking-to-market of derivative instruments of $2,739 and $1,745 for the three months ended June 30, 2021 and 2020, respectively, and $5,433 and $(4,650) for the six months ended June 30, 2021 and 2020, respectively.

The following derivatives were outstanding at June 30, 2021:


							Fair Value
Property	Notional Amount		Product	LIBOR Rate		Maturity	June 30, 2021		December 31, 2020
Santa Monica Place(1)	$	300,000	Cap	4.00	%	12/9/2021	$	—	$	—
The Macerich Partnership, L.P.(1)	$	400,000	Swaps	2.85	%	9/30/2021	$	(2,775)	$	(8,208)

(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 are now 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 (See Note 10 – Mortgage Payable).

The above derivatives were valued with an aggregate fair value (Level 2 measurement) and were included in other accrued liabilities. The fair value of the Company's interest rate derivatives was determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swap. As a result, the Company determined that its interest rate cap and swap valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Property, net

6 Months Ended

Jun. 30, 2021

Real Estate [Abstract]

Property, net

Property, net:

Property, net consists of the following:


	June 30, 2021		December 31, 2020
Land	$	1,462,406	$	1,538,270
Buildings and improvements	6,332,882		6,620,708
Tenant improvements	733,681		750,250
Equipment and furnishings(1)	190,807		194,231
Construction in progress	253,768		153,253
	8,973,544		9,256,712
Less accumulated depreciation(1)	(2,540,667)		(2,562,133)
	$	6,432,877	$	6,694,579

(1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at June 30, 2021 and December 31, 2020 (See Note 8—Leases).

Depreciation expense was $70,762 and $72,519 for the three months ended June 30, 2021 and 2020, respectively, and $142,426 and $145,205 for the six months ended June 30, 2021 and 2020, respectively.

Loss on sale or write-down of assets, net for the three and six months ended June 30, 2021 and 2020 consist of the following:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020

Loss on property sales, net(1)	$	(10,895)	$	—	$	(6,666)	$	—
Write-down of assets(2)	(8,754)		(3,907)		(38,362)		(40,610)

Gain on land sales, net(3)	15,722		40		19,818		40
	$	(3,927)	$	(3,867)	$	(25,210)	$	(40,570)

(1) Includes $4,229 of gain related to the sale of Paradise Valley Mall (See Note 15-Dispositions).

(2) Includes impairment loss of $27,281 on Estrella Falls during the six months ended June 30, 2021 and impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the six months ended June 30, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the six months ended June 30, 2021 mainly pertain to the write off of development costs.

(3) Includes $1,334 related to the sale of Paradise Valley Mall (See Note 15-Dispositions).

The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of the impairment losses recorded for the six months ended June 30, 2021 and 2020, as described above:


	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Unobservable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
June 30, 2020	$	140,000	$	—	$	140,000	$	—
June 30, 2021	$	23,690	$	—	$	4,720	$	18,970

The fair values relating to the 2020 impairments and a portion of the 2021 impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2021 impairment was based upon an income approach, using an estimated terminal capitalization rate, discount rate, and in-place contractual rent and other income. The fair value is sensitive to these significant unobservable inputs.

Tenant and Other Receivables, net	6 Months Ended
Tenant and Other Receivables, net	Jun. 30, 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 $22,790 and $37,545 at June 30, 2021 and December 31, 2020, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $3,819 and $4,673 at June 30, 2021 and December 31, 2020, respectively, and a deferred rent receivable due to straight-line rent adjustments of $117,377 and $107,003 at June 30, 2021 and December 31, 2020, respectively.

Leases

6 Months Ended

Jun. 30, 2021

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 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 three and six months ended June 30, 2021 and 2020:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Leasing revenue—fixed payments	$	131,512	$	150,292	$	263,007	$	306,339
Leasing revenue—variable payments	56,360		46,239		107,608		101,826
Recovery of (provision for) doubtful accounts	9,115		(27,777)		5,907		(28,690)
	$	196,987	$	168,754	$	376,522	$	379,475

The following table summarizes the future rental payments to the Company:


Twelve months ending June 30,
2022	$	386,588
2023	344,928
2024	291,702
2025	236,750
2026	190,709
Thereafter	547,608
	$	1,998,285

Lessee Leases:

The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2024.

The following table summarizes the lease costs for the three and six months ended June 30, 2021 and 2020:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Operating lease costs	$	3,814	$	3,701	$	7,629	$	7,639
Finance lease costs:
Amortization of ROU assets	478		476		956		951
Interest on lease liabilities	124		142		343		284
	$	4,416	$	4,319	$	8,928	$	8,874

The following table summarizes the future rental payments required under the leases:


	June 30, 2021						December 31, 2020
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2021	$	7,671		$	10,785		$	14,695		$	10,785
2022	14,883			2,762			14,558			2,762
2023	9,076			344			8,746			344
2024	7,094			3,085			6,759			3,085
2025	7,136			—			6,796			—
Thereafter	116,918			—			116,660			—
Total undiscounted rental payments	162,778			16,976			168,214			16,976
Less imputed interest	(91,855)			(1,701)			(94,375)			(599)
Total lease liabilities	$	70,923		$	15,275		$	73,839		$	16,377
Weighted average remaining term	34.8 years			0.6 years			34.5 years			1.1 years
Weighted average incremental borrowing rate	7.7		%	3.7		%	7.7		%	3.7		%

Leases

Leases:

Lessor Leases:

The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2021 and 2020:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Leasing revenue—fixed payments	$	131,512	$	150,292	$	263,007	$	306,339
Leasing revenue—variable payments	56,360		46,239		107,608		101,826
Recovery of (provision for) doubtful accounts	9,115		(27,777)		5,907		(28,690)
	$	196,987	$	168,754	$	376,522	$	379,475

The following table summarizes the future rental payments to the Company:


Twelve months ending June 30,
2022	$	386,588
2023	344,928
2024	291,702
2025	236,750
2026	190,709
Thereafter	547,608
	$	1,998,285

Lessee Leases:

The following table summarizes the lease costs for the three and six months ended June 30, 2021 and 2020:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Operating lease costs	$	3,814	$	3,701	$	7,629	$	7,639
Finance lease costs:
Amortization of ROU assets	478		476		956		951
Interest on lease liabilities	124		142		343		284
	$	4,416	$	4,319	$	8,928	$	8,874

The following table summarizes the future rental payments required under the leases:


	June 30, 2021						December 31, 2020
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2021	$	7,671		$	10,785		$	14,695		$	10,785
2022	14,883			2,762			14,558			2,762
2023	9,076			344			8,746			344
2024	7,094			3,085			6,759			3,085
2025	7,136			—			6,796			—
Thereafter	116,918			—			116,660			—
Total undiscounted rental payments	162,778			16,976			168,214			16,976
Less imputed interest	(91,855)			(1,701)			(94,375)			(599)
Total lease liabilities	$	70,923		$	15,275		$	73,839		$	16,377
Weighted average remaining term	34.8 years			0.6 years			34.5 years			1.1 years
Weighted average incremental borrowing rate	7.7		%	3.7		%	7.7		%	3.7		%

Deferred Charges and Other Assets, net

6 Months Ended

Jun. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Charges and Other Assets, net

Deferred Charges and Other Assets, net:

Deferred charges and other assets, net consist of the following:


	June 30, 2021		December 31, 2020
Leasing	$	141,627	$	162,652
Intangible assets:
In-place lease values	67,336		74,298
Leasing commissions and legal costs	18,283		21,096
Above-market leases	76,810		80,120
Deferred tax assets	21,422		30,767
Deferred compensation plan assets	63,615		62,874
Other assets	51,272		61,553
	440,365		493,360
Less accumulated amortization(1)	(169,402)		(186,401)
	$	270,963	$	306,959

(1) Accumulated amortization includes $43,434 and $47,249 relating to in-place lease values, leasing commissions and legal costs at June 30, 2021 and December 31, 2020, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $2,403 and $1,996 for the three months ended June 30, 2021 and 2020, respectively, and $4,606 and $5,715 for the six months ended June 30, 2021 and 2020, respectively.

The allocated values of above-market leases and below-market leases consist of the following:


	June 30, 2021		December 31, 2020
Above-Market Leases
Original allocated value	$	76,810	$	80,120
Less accumulated amortization	(33,344)		(33,271)
	$	43,466	$	46,849
Below-Market Leases(1)
Original allocated value	$	102,103	$	114,790
Less accumulated amortization	(35,342)		(43,656)
	$	66,761	$	71,134

(1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage Notes Payable:

Mortgage notes payable at June 30, 2021 and December 31, 2020 consist of the following:


	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	June 30, 2021		December 31, 2020		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	255,453	$	255,361	4.18	%	$	875	2024
Danbury Fair Mall(6)	182,693		186,741		5.53	%	1,538		2021
Fashion District Philadelphia	194,602		201,000		4.00	%	649		2024
Fashion Outlets of Chicago	299,233		299,193		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA	97,901		101,463		6.45	%	727		2023
Freehold Raceway Mall(5)	398,629		398,545		3.94	%	1,300		2029
Fresno Fashion Fair	323,957		323,857		3.67	%	971		2026
Green Acres Commons(7)	29,685		129,847		3.11	%	72		2023
Green Acres Commons - Swapped(8)	95,000		—		5.60	%	444		2023
Green Acres Mall(9)	255,764		270,570		3.94	%	1,447		2023
Kings Plaza Shopping Center	535,670		535,413		3.71	%	1,629		2030
Oaks, The	179,408		183,108		4.14	%	1,064		2022
Pacific View	113,212		114,909		4.08	%	668		2022
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place - Swapped(10)	298,940		298,566		4.58	%	1,082		2022
SanTan Village Regional Center	219,277		219,233		4.34	%	788		2029
Towne Mall	19,569		19,815		4.48	%	117		2022
Tucson La Encantada	61,026		62,018		4.23	%	368		2022
Victor Valley, Mall of	114,820		114,791		4.00	%	380		2024
Vintage Faire Mall	243,269		246,380		3.55	%	1,256		2026
	$	4,518,108	$	4,560,810

(1)The mortgage notes payable also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $14,814 and $14,085 at June 30, 2021 and December 31, 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. The loan was further extended to October 1, 2021. The loan amount and interest rate are unchanged following the extension.

(7)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.

(8)The loan includes an interest rate swap that effectively converts $95,000 of the outstanding balance to fixed rate debt through September 30, 2021, the expiration of the interest rate swap. This swap was previously hedged against the Company's prior revolving line of credit that was terminated in April 2021 (See Note 5—Derivative Instruments and Hedging Activities).

(9)On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also includes a one-year extension option to February 3, 2023. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing.

(10)The loan includes an interest rate swap that effectively converts $300,000 of the outstanding balance to fixed rate debt through September 30, 2021, the expiration of the interest rate swap. This swap was previously hedged against the Company's prior revolving line of credit that was terminated in April 2021. Additionally, the loan is covered by an interest rate cap agreement that effectively prevents the LIBOR rate from exceeding 4% during the period ending December 9, 2021 (See Note 5—Derivative Instruments and Hedging Activities).

Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt.

The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.

The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or with cash on hand.

Total interest expense capitalized was $2,247 and $1,361 for the three months ended June 30, 2021 and 2020, respectively, and $3,709 and $2,656 for the six months ended June 30, 2021 and 2020, respectively.

The estimated fair value (Level 2 measurement) of mortgage notes payable at June 30, 2021 and December 31, 2020 was $4,433,143 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.

Bank and Other Notes Payable	6 Months Ended
Bank and Other Notes Payable	Jun. 30, 2021
Debt Disclosure [Abstract]
Bank and Other Notes Payable	Bank and Other Notes Payable: Bank and other notes payable consist of the following: Credit Facility: 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 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 June 30, 2021, the borrowing rate was LIBOR plus 2.25%. As of June 30, 2021, borrowings under the facility were $280,000, less unamortized deferred finance costs of $17,380, for the revolving loan facility at a total interest rate of 3.69% and $104,400 for the term loan facility at a total interest rate of 2.50%. The estimated fair value (Level 2 measurement) of the credit facility at June 30, 2021, was $280,077 for the revolving loan facility and $104,429 for the term 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 are now 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 (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 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 June 30, 2021 and December 31, 2020, the Company was in compliance with all applicable financial loan covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Topic 470
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+ Details

Financing Arrangement

6 Months Ended

Jun. 30, 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 1,318,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,552,000 square foot regional shopping center in Freehold, New Jersey (collectively referred to herein as "Chandler Freehold"). As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the formation of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The Company accounts for its investment in Chandler Freehold as a financing arrangement. The fair value (Level 3 measurement) of the financing arrangement obligation at June 30, 2021 and December 31, 2020 was based upon a terminal capitalization rate of 5.75% and 5.5%, respectively, a discount rate of 7.25% and 7.0%, respectively, and market rents per square foot of $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.

During the three and six months ended June 30, 2021 and 2020, the Company incurred interest expense (income) in connection with the financing arrangement as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Distributions equal to the partner's share of net (loss) income	$	(1,193)	$	(181)	$	(2,425)	$	1,283
Distributions in excess of the partner's share of net income	5,586		281		9,000		2,958
Adjustment to fair value of financing arrangement obligation	(1,439)		(32,907)		(2,302)		(81,291)
	$	2,954	$	(32,807)	$	4,273	$	(77,050)

Noncontrolling Interests	6 Months Ended
Noncontrolling Interests	Jun. 30, 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 at the end of each period to reflect its ownership interest in the Company. The Company had a 96% and 93% ownership interest in the Operating Partnership as of June 30, 2021 and December 31, 2020, respectively. The remaining 4% and 7% limited partnership interest as of June 30, 2021 and December 31, 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 stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of June 30, 2021 and December 31, 2020, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $176,635 and $117,602, respectively. The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 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. 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 six months ended June 30, 2021, the Company issued 59,907,761 shares of common stock under the ATM Programs for aggregate gross proceeds of $808,492 and net proceeds of $791,425 after commissions and other transaction costs. In addition, under the ATM Programs, the Company sold additional common shares at the end of the quarter ending June 30, 2021 for aggregate gross proceeds of $14,927 and net proceeds of $14,629 after commissions, of which the shares settled and the proceeds were received in July 2021. 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 June 30, 2021, $176,581 remained available to be sold under the ATM Programs. 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 ASR transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program". There were no repurchases under the Stock Buyback Program during the six months ended June 30, 2021 or 2020.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Dispositions	6 Months Ended
Dispositions	Jun. 30, 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.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: As of June 30, 2021, the Company was contingently liable for $40,915 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of June 30, 2021, $40,600 of these letters of credit were secured by restricted cash. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the agreements. At June 30, 2021, the Company had $2,841 in outstanding obligations, which it believes will be settled in the next twelve months.

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions

Related Party Transactions:

Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses.

The following are fees charged to unconsolidated joint ventures:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Management fees	$	3,986	$	4,295	$	7,803	$	8,781
Development and leasing fees	1,555		2,311		2,985		4,395
	$	5,541	$	6,606	$	10,788	$	13,176

Interest expense (income) from related party transactions includes $2,954 and $(32,807) for the three months ended June 30, 2021 and 2020, respectively, and $4,273 and $(77,050) for the six months ended June 30, 2021 and 2020, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement).

Due from affiliates includes $4,812 and $1,612 of unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies as of June 30, 2021 and December 31, 2020, respectively.

Share and Unit-Based Plans

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Share and Unit-Based Plans

Share and Unit-Based Plans:

Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of units ("LTIP Units") in the Operating Partnership. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards.

The market-indexed LTIP Units vest over the service period of the award based on certain performance conditions of the Company and on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period.

During the six months ended June 30, 2021, the Company granted the following LTIP Units:

Grant Date

Units

Type

Fair Value per LTIP Unit

Vest Date

1/1/2021

576,378

Service-based

10.67

12/31/2023

1/1/2021

1,005,073

Market-indexed

9.85

12/31/2023

1,581,451

The fair value of the market-indexed LTIP Units (Level 3) granted on January 1, 2021 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk-free interest rate of 0.17% and an expected volatility of 62.82%.

The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units:


	LTIP Units			Phantom Stock Units		Stock Units
	Units	Value(1)			Units	Value(1)		Units	Value(1)
Balance at January 1, 2021	784,052	$	28.11		4,662	$	35.35	309,845	$	21.47
Granted	1,581,451	10.15			15,556	11.38		165,347	14.55
Vested	(16,467)	29.86			(11,160)	16.75		(198,937)	18.64
Forfeited	—	—			—	—		(987)	22.12
Balance at June 30, 2021	2,349,036	$	16.01		9,058	$	17.10	275,268	$	19.35


(1) Value represents the weighted average grant date fair value.

The following table summarizes the activity of the stock options outstanding:


	Stock Options
		Units	Value(1)
Balance at January 1, 2021		37,515	$	54.34
Granted		—	—
Exercised		—	—

Balance at June 30, 2021		37,515	$	54.34


(1) Value represents the weighted average exercise price.

The following summarizes the compensation cost under the share and unit-based plans:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
LTIP Units	$	3,586	$	3,350	$	7,197	$	6,564

Stock units	652		694		1,979		2,896
Stock options	—		—		—		—

Phantom stock units	94		166		187		353
	$	4,332	$	4,210	$	9,363	$	9,813

The Company capitalized share and unit-based compensation costs of $902 and $941 for the three months ended June 30, 2021 and 2020, respectively, and $1,903 and $2,320 for the six months ended June 30, 2021 and 2020, respectively. Unrecognized compensation costs of share and unit-based plans at June 30, 2021 consisted of $11,860 from LTIP Units, $2,661 from stock units and $155 from phantom stock units.

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes:

The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC.

The income tax provision of the TRSs are as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Current	$	—	$	207	$	—	$	439
Deferred	(7,107)		1,317		(9,345)		1,351
Total income tax (expense) benefit	$	(7,107)	$	1,524	$	(9,345)	$	1,790

The net operating loss ("NOL") carryforwards 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. Net deferred tax assets of $21,422 and $30,767 were included in deferred charges and other assets, net at June 30, 2021 and December 31, 2020, respectively.

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 June 30, 2021, the Company had no valuation allowance recorded.

The tax years 2017 through 2019 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 17
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events:On July 30, 2021, the Company announced a dividend/distribution of $0.15 per share for common stockholders and OP Unitholders of record on August 19, 2021. All dividends/distributions will be paid 100% in cash on September 8, 2021.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Schedule Of Variable Interest Entities

The Operating Partnership's consolidated VIEs included the following assets and liabilities:


	June 30, 2021		December 31, 2020
Assets:
Property, net	$	475,184	$	551,062
Other assets	100,635		97,713
Total assets	$	575,819	$	648,775
Liabilities:
Mortgage notes payable	$	413,879	$	420,233
Other liabilities	59,715		81,266
Total liabilities	$	473,594	$	501,499

All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

Schedule of Cash And Cash Equivalents

The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows:


	For the Six Months Ended June 30,
	2021		2020
Beginning of period
Cash and cash equivalents	$	465,297	$	100,005
Restricted cash	17,362		14,211
Cash, cash equivalents and restricted cash	$	482,659	$	114,216
End of period
Cash and cash equivalents	$	194,028	$	497,581
Restricted cash	69,298		10,083
Cash, cash equivalents and restricted cash	$	263,326	$	507,664

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Earnings Per Share ("EPS") (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Reconciliation of Numerator and Denominator Used in Computation of Earnings Per Share

The following table reconciles the numerator and denominator used in the computation of EPS for the three and six months ended June 30, 2021 and 2020 (shares in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Numerator
Net loss	$	(4,062)	$	(26,727)	$	(71,792)	$	(17,996)
Less net income (loss) attributable to noncontrolling interests	7,703		(1,611)		3,577		(402)
Net loss attributable to the Company	(11,765)		(25,116)		(75,369)		(17,594)
Allocation of earnings to participating securities	(214)		(297)		(429)		(619)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$	(11,979)	$	(25,413)	$	(75,798)	$	(18,213)
Denominator



Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	205,757		144,102		182,299		142,769
EPS—net loss attributable to common stockholders
Basic and diluted	$	(0.06)	$	(0.18)	$	(0.42)	$	(0.13)

Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:


	June 30, 2021		December 31, 2020
Assets(1):
Property, net	$	8,796,400	$	8,721,551
Other assets	815,642		774,583
Total assets	$	9,612,042	$	9,496,134
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	6,044,153	$	5,942,478
Other liabilities	391,762		397,483
Company's capital	1,710,793		1,711,944
Outside partners' capital	1,465,334		1,444,229
Total liabilities and partners' capital	$	9,612,042	$	9,496,134
Investments in unconsolidated joint ventures:
Company's capital	$	1,710,793	$	1,711,944
Basis adjustment(2)	(465,273)		(479,678)
	$	1,245,520	$	1,232,266

Assets—Investments in unconsolidated joint ventures	$	1,370,299	$	1,340,647
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(124,779)		(108,381)
	$	1,245,520	$	1,232,266

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Three Months Ended June 30, 2021
Revenues:
Leasing revenue	$	41,234	$	150,465	$	191,699
Other	37		32,884		32,921
Total revenues	41,271		183,349		224,620
Expenses:
Shopping center and operating expenses	9,896		56,546		66,442
Leasing expenses	372		1,106		1,478
Interest expense	15,835		36,889		52,724
Depreciation and amortization	24,582		63,874		88,456
Total expenses	50,685		158,415		209,100
Loss on sale or write down of assets, net	—		(235)		(235)

Net (loss) income	$	(9,414)	$	24,699	$	15,285
Company's equity in net (loss) income	$	(3,372)	$	23,407	$	20,035
Three Months Ended June 30, 2020
Revenues:
Leasing revenue	$	38,806	$	139,452	$	178,258
Other	253		(399)		(146)
Total revenues	39,059		139,053		178,112
Expenses:
Shopping center and operating expenses	8,240		53,145		61,385
Leasing expenses	290		832		1,122
Interest expense	16,363		36,790		53,153
Depreciation and amortization	24,565		66,095		90,660
Total expenses	49,458		156,862		206,320
Loss on sale or write down of assets, net	—		(12)		(12)

Net loss	$	(10,399)	$	(17,821)	$	(28,220)
Company's equity in net loss	$	(3,777)	$	(10,396)	$	(14,173)


	PPR Portfolio		Other Joint Ventures		Total
Six Months Ended June 30, 2021
Revenues:
Leasing revenue	$	78,008	$	299,781	$	377,789
Other	129		49,851		49,980
Total revenues	78,137		349,632		427,769
Expenses:
Shopping center and operating expenses	19,263		115,385		134,648
Leasing expenses	775		2,459		3,234
Interest expense	31,637		74,103		105,740
Depreciation and amortization	48,887		130,416		179,303
Total expenses	100,562		322,363		422,925
Loss on sale or write down of assets, net	—		(181)		(181)

Net (loss) income	$	(22,425)	$	27,088	$	4,663
Company's equity in net (loss) income	$	(8,879)	$	30,824	$	21,945
Six Months Ended June 30, 2020
Revenues:
Leasing revenue	$	97,184	$	311,696	$	408,880
Other	302		6,492		6,794
Total revenues	97,486		318,188		415,674
Expenses:
Shopping center and operating expenses	17,881		114,654		132,535
Leasing expenses	763		2,127		2,890
Interest expense	32,458		74,930		107,388
Depreciation and amortization	53,182		134,456		187,638
Total expenses	104,284		326,167		430,451
Loss on sale or write down of assets, net	—		(12)		(12)

Net loss	$	(6,798)	$	(7,991)	$	(14,789)
Company's equity in net income (loss)	$	944	$	(5,419)	$	(4,475)

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following derivatives were outstanding at June 30, 2021:


							Fair Value
Property	Notional Amount		Product	LIBOR Rate		Maturity	June 30, 2021		December 31, 2020
Santa Monica Place(1)	$	300,000	Cap	4.00	%	12/9/2021	$	—	$	—
The Macerich Partnership, L.P.(1)	$	400,000	Swaps	2.85	%	9/30/2021	$	(2,775)	$	(8,208)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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+ Details

Property, net (Tables)

6 Months Ended

Jun. 30, 2021

Real Estate [Abstract]

Components of Property, net

Property, net consists of the following:


	June 30, 2021		December 31, 2020
Land	$	1,462,406	$	1,538,270
Buildings and improvements	6,332,882		6,620,708
Tenant improvements	733,681		750,250
Equipment and furnishings(1)	190,807		194,231
Construction in progress	253,768		153,253
	8,973,544		9,256,712
Less accumulated depreciation(1)	(2,540,667)		(2,562,133)
	$	6,432,877	$	6,694,579

Schedule of Loss on Sale or Write Down of Assets

Loss on sale or write-down of assets, net for the three and six months ended June 30, 2021 and 2020 consist of the following:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020

Loss on property sales, net(1)	$	(10,895)	$	—	$	(6,666)	$	—
Write-down of assets(2)	(8,754)		(3,907)		(38,362)		(40,610)

Gain on land sales, net(3)	15,722		40		19,818		40
	$	(3,927)	$	(3,867)	$	(25,210)	$	(40,570)

(1) Includes $4,229 of gain related to the sale of Paradise Valley Mall (See Note 15-Dispositions).

(3) Includes $1,334 related to the sale of Paradise Valley Mall (See Note 15-Dispositions).

Assets Measured on a Nonrecurring Basis


	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Unobservable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
June 30, 2020	$	140,000	$	—	$	140,000	$	—
June 30, 2021	$	23,690	$	—	$	4,720	$	18,970

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Components of Leasing Revenue

The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2021 and 2020:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Leasing revenue—fixed payments	$	131,512	$	150,292	$	263,007	$	306,339
Leasing revenue—variable payments	56,360		46,239		107,608		101,826
Recovery of (provision for) doubtful accounts	9,115		(27,777)		5,907		(28,690)
	$	196,987	$	168,754	$	376,522	$	379,475

Summary of Minimum Rental Payments

The following table summarizes the future rental payments to the Company:


Twelve months ending June 30,
2022	$	386,588
2023	344,928
2024	291,702
2025	236,750
2026	190,709
Thereafter	547,608
	$	1,998,285

Summary of Lease Costs

The following table summarizes the lease costs for the three and six months ended June 30, 2021 and 2020:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Operating lease costs	$	3,814	$	3,701	$	7,629	$	7,639
Finance lease costs:
Amortization of ROU assets	478		476		956		951
Interest on lease liabilities	124		142		343		284
	$	4,416	$	4,319	$	8,928	$	8,874

Summarizes of Minimum Future Rental Payments Required

The following table summarizes the future rental payments required under the leases:


	June 30, 2021						December 31, 2020
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2021	$	7,671		$	10,785		$	14,695		$	10,785
2022	14,883			2,762			14,558			2,762
2023	9,076			344			8,746			344
2024	7,094			3,085			6,759			3,085
2025	7,136			—			6,796			—
Thereafter	116,918			—			116,660			—
Total undiscounted rental payments	162,778			16,976			168,214			16,976
Less imputed interest	(91,855)			(1,701)			(94,375)			(599)
Total lease liabilities	$	70,923		$	15,275		$	73,839		$	16,377
Weighted average remaining term	34.8 years			0.6 years			34.5 years			1.1 years
Weighted average incremental borrowing rate	7.7		%	3.7		%	7.7		%	3.7		%

Deferred Charges and Other Assets, net (Tables)

6 Months Ended

Jun. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Deferred Charges and Other Assets, Net

Deferred charges and other assets, net consist of the following:


	June 30, 2021		December 31, 2020
Leasing	$	141,627	$	162,652
Intangible assets:
In-place lease values	67,336		74,298
Leasing commissions and legal costs	18,283		21,096
Above-market leases	76,810		80,120
Deferred tax assets	21,422		30,767
Deferred compensation plan assets	63,615		62,874
Other assets	51,272		61,553
	440,365		493,360
Less accumulated amortization(1)	(169,402)		(186,401)
	$	270,963	$	306,959

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:


	June 30, 2021		December 31, 2020
Above-Market Leases
Original allocated value	$	76,810	$	80,120
Less accumulated amortization	(33,344)		(33,271)
	$	43,466	$	46,849
Below-Market Leases(1)
Original allocated value	$	102,103	$	114,790
Less accumulated amortization	(35,342)		(43,656)
	$	66,761	$	71,134

(1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage notes payable at June 30, 2021 and December 31, 2020 consist of the following:


	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	June 30, 2021		December 31, 2020		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	255,453	$	255,361	4.18	%	$	875	2024
Danbury Fair Mall(6)	182,693		186,741		5.53	%	1,538		2021
Fashion District Philadelphia	194,602		201,000		4.00	%	649		2024
Fashion Outlets of Chicago	299,233		299,193		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA	97,901		101,463		6.45	%	727		2023
Freehold Raceway Mall(5)	398,629		398,545		3.94	%	1,300		2029
Fresno Fashion Fair	323,957		323,857		3.67	%	971		2026
Green Acres Commons(7)	29,685		129,847		3.11	%	72		2023
Green Acres Commons - Swapped(8)	95,000		—		5.60	%	444		2023
Green Acres Mall(9)	255,764		270,570		3.94	%	1,447		2023
Kings Plaza Shopping Center	535,670		535,413		3.71	%	1,629		2030
Oaks, The	179,408		183,108		4.14	%	1,064		2022
Pacific View	113,212		114,909		4.08	%	668		2022
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place - Swapped(10)	298,940		298,566		4.58	%	1,082		2022
SanTan Village Regional Center	219,277		219,233		4.34	%	788		2029
Towne Mall	19,569		19,815		4.48	%	117		2022
Tucson La Encantada	61,026		62,018		4.23	%	368		2022
Victor Valley, Mall of	114,820		114,791		4.00	%	380		2024
Vintage Faire Mall	243,269		246,380		3.55	%	1,256		2026
	$	4,518,108	$	4,560,810

(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.

(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).

Financing Arrangement (Tables)

6 Months Ended

Jun. 30, 2021

Co-Venture Arrangement [Abstract]

Financing Arrangement Activity

During the three and six months ended June 30, 2021 and 2020, the Company incurred interest expense (income) in connection with the financing arrangement as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Distributions equal to the partner's share of net (loss) income	$	(1,193)	$	(181)	$	(2,425)	$	1,283
Distributions in excess of the partner's share of net income	5,586		281		9,000		2,958
Adjustment to fair value of financing arrangement obligation	(1,439)		(32,907)		(2,302)		(81,291)
	$	2,954	$	(32,807)	$	4,273	$	(77,050)

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Fees Charged to Unconsolidated Joint Ventures

The following are fees charged to unconsolidated joint ventures:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Management fees	$	3,986	$	4,295	$	7,803	$	8,781
Development and leasing fees	1,555		2,311		2,985		4,395
	$	5,541	$	6,606	$	10,788	$	13,176

Share and Unit-Based Plans (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of LTIP Units Granted

During the six months ended June 30, 2021, the Company granted the following LTIP Units:

Grant Date

Units

Type

Fair Value per LTIP Unit

Vest Date

1/1/2021

576,378

Service-based

10.67

12/31/2023

1/1/2021

1,005,073

Market-indexed

9.85

12/31/2023

1,581,451

Summary of Activity Of Non-vested LTIP Units, Stock Awards, Phantom Stock And Stock Units

The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units:


	LTIP Units			Phantom Stock Units		Stock Units
	Units	Value(1)			Units	Value(1)		Units	Value(1)
Balance at January 1, 2021	784,052	$	28.11		4,662	$	35.35	309,845	$	21.47
Granted	1,581,451	10.15			15,556	11.38		165,347	14.55
Vested	(16,467)	29.86			(11,160)	16.75		(198,937)	18.64
Forfeited	—	—			—	—		(987)	22.12
Balance at June 30, 2021	2,349,036	$	16.01		9,058	$	17.10	275,268	$	19.35


(1) Value represents the weighted average grant date fair value.

Summary of Activity of SARs And Stock Options Outstanding

The following table summarizes the activity of the stock options outstanding:


	Stock Options
		Units	Value(1)
Balance at January 1, 2021		37,515	$	54.34
Granted		—	—
Exercised		—	—

Balance at June 30, 2021		37,515	$	54.34


(1) Value represents the weighted average exercise price.

Compensation Cost Under The Share And Unit-based Plans

The following summarizes the compensation cost under the share and unit-based plans:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
LTIP Units	$	3,586	$	3,350	$	7,197	$	6,564

Stock units	652		694		1,979		2,896
Stock options	—		—		—		—

Phantom stock units	94		166		187		353
	$	4,332	$	4,210	$	9,363	$	9,813

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit of TRSs

The income tax provision of the TRSs are as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Current	$	—	$	207	$	—	$	439
Deferred	(7,107)		1,317		(9,345)		1,351
Total income tax (expense) benefit	$	(7,107)	$	1,524	$	(9,345)	$	1,790

Organization (Details) - entity	6 Months Ended
Organization (Details) - entity	Jun. 30, 2021	Dec. 31, 2020
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of management companies (in entities)	7
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership	96.00%	93.00%

Summary of Significant Accounting Policies - Schedule of variable interest entities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Property, net	$ 6,432,877	$ 6,694,579
Total assets	8,643,452	9,184,005
Mortgage notes payable	4,518,108	4,560,810
Total liabilities	5,516,506	6,738,745
Operating Partnership
Variable Interest Entity [Line Items]
Property, net	475,184	551,062
Other assets	100,635	97,713
Total assets	575,819	648,775
Mortgage notes payable	413,879	420,233
Other liabilities	59,715	81,266
Total liabilities	$ 473,594	$ 501,499

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 194,028	$ 465,297	$ 497,581	$ 100,005
Restricted cash	69,298	17,362	10,083	14,211
Cash, cash equivalents and restricted cash	$ 263,326	$ 482,659	$ 507,664	$ 114,216

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net loss	$ (4,062)	$ (26,727)	$ (71,792)	$ (17,996)
Less net income (loss) attributable to noncontrolling interests	7,703	(1,611)	3,577	(402)
Net loss attributable to the Company	(11,765)	(25,116)	(75,369)	(17,594)
Allocation of earnings to participating securities	(214)	(297)	(429)	(619)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$ (11,979)	$ (25,413)	$ (75,798)	$ (18,213)
Denominator
Basic (in shares)	205,757,000	144,102,000	182,299,000	142,769,000
Diluted (in shares)	205,757,000	144,102,000	182,299,000	142,769,000
EPS—net loss attributable to common stockholders
Basic (in dollars per share)	$ (0.06)	$ (0.18)	$ (0.42)	$ (0.13)
Diluted (in dollars per share)	(0.06)	(0.18)	(0.42)	(0.13)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted (in dollars per share)	$ (0.06)	$ (0.18)	$ (0.42)	$ (0.13)
Convertible non-participating preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	103,235	94,619	103,235	92,619
Partnership unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	9,818,495	10,504,452	10,334,235	10,491,138

Investments in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands	Mar. 29, 2021 USD ($)	Dec. 29, 2020 USD ($)	Dec. 10, 2020 USD ($)	Nov. 17, 2020 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($) property	Dec. 28, 2020	Dec. 09, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Mortgage notes payable					$ 4,518,108	$ 4,560,810
Sears South Plains
Schedule of Equity Method Investments [Line Items]
Ownership percentage at completion of acquisition (as a percent)						100.00%
Tysons Corner LLC
Schedule of Equity Method Investments [Line Items]
Loan funding				$ 45,000
Fashion District Philadelphia
Schedule of Equity Method Investments [Line Items]
Effective interest rate (as a percent)					4.00%
FlatIron Crossing
Schedule of Equity Method Investments [Line Items]
Repayments of debt		$ 7,650
Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of properties \| property						9
Joint Venture \| Fashion District Philadelphia
Schedule of Equity Method Investments [Line Items]
Extension term			1 year
Joint Venture \| Fashion District Philadelphia \| LIBOR
Schedule of Equity Method Investments [Line Items]
Variable interest rate spread (as a percent)			3.50%
Joint Venture \| Fashion District Philadelphia \| LIBOR floor
Schedule of Equity Method Investments [Line Items]
Variable interest rate spread (as a percent)			0.50%
Joint Venture \| Fashion District Philadelphia
Schedule of Equity Method Investments [Line Items]
Mortgage notes payable			$ 201					$ 301
Repayments of debt			$ 100
Accrued interest percent to be repaid prior to cash distributions			15.00%
Joint Venture \| Tysons Corner LLC
Schedule of Equity Method Investments [Line Items]
Mortgage notes payable				$ 95,000
Effective interest rate (as a percent)				3.43%
Loan funding				$ 90,000
Joint Venture \| Tysons Corner LLC \| Future advance potential
Schedule of Equity Method Investments [Line Items]
Loan funding				$ 5
Joint Venture \| Fashion District Philadelphia
Schedule of Equity Method Investments [Line Items]
Cash distribution, percent			50.00%
Joint Venture \| FlatIron Crossing
Schedule of Equity Method Investments [Line Items]
Repayments of debt		$ 15
Extension term		1 year
Interest rate on debt		4.10%					3.85%
Joint Venture \| Paradise Valley Mall
Schedule of Equity Method Investments [Line Items]
Ownership percentage	5.00%
Payments for joint venture	$ 3,819
Joint venture partner \| Fashion District Philadelphia
Schedule of Equity Method Investments [Line Items]
Cash distribution, percent			50.00%

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Property, net	$ 6,432,877	$ 6,694,579
Total assets	8,643,452	9,184,005
Liabilities and partners' capital:
Mortgage notes payable	4,518,108	4,560,810
Total liabilities and equity	8,643,452	9,184,005
Investments in unconsolidated joint ventures:
Assets—Investments in unconsolidated joint ventures	1,370,299	1,340,647
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(124,779)	(108,381)
Liabilities	5,516,506	6,738,745
Joint Venture
Liabilities and partners' capital:
Company's capital	1,710,793	1,711,944
Investments in unconsolidated joint ventures:
Company's capital	1,710,793	1,711,944
Basis adjustment	(465,273)	(479,678)
Investments in unconsolidated joint ventures	1,245,520	1,232,266
Assets—Investments in unconsolidated joint ventures	1,370,299	1,340,647
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(124,779)	(108,381)
Investments in unconsolidated joint ventures	1,245,520	1,232,266
Joint Venture \| Investments in Unconsolidated Joint Ventures
Assets:
Property, net	8,796,400	8,721,551
Other assets	815,642	774,583
Total assets	9,612,042	9,496,134
Liabilities and partners' capital:
Mortgage notes payable	6,044,153	5,942,478
Other liabilities	391,762	397,483
Company's capital	1,710,793	1,711,944
Outside partners' capital	1,465,334	1,444,229
Total liabilities and equity	9,612,042	9,496,134
Investments in unconsolidated joint ventures:
Company's capital	$ 1,710,793	$ 1,711,944

Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Assets	$ 8,643,452		$ 8,643,452		$ 9,184,005
Liabilities	5,516,506		5,516,506		6,738,745
Joint Venture
Schedule of Equity Method Investments [Line Items]
Amortization of difference between cost of investments and book value of underlying equity	2,420	$ 3,729	4,663	$ 7,728
Joint Venture \| PPR Portfolio \| PPR Portfolio
Schedule of Equity Method Investments [Line Items]
Assets	2,821,851		2,821,851		2,857,757
Liabilities	$ 1,673,662		$ 1,673,662		$ 1,687,042

Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Leasing revenue	$ 196,987	$ 168,754	$ 376,522	$ 379,475
Total revenues	215,473	178,587	405,897	405,539
Expenses:
Leasing expenses	6,637	6,653	11,803	14,078
Interest expense	54,914	20,034	108,810	28,108
Depreciation and amortization	77,630	80,294	156,026	162,507
Total expenses	228,536	188,798	465,079	380,280
Loss on sale or write down of assets, net	(3,927)	(3,867)	(25,210)	(40,570)
Net (loss) income	(4,062)	(26,727)	(71,792)	(17,996)
Company's equity in net (loss) income	20,035	(14,173)	21,945	(4,475)
Other
Revenues:
Other	11,855	3,003	17,176	12,261
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	67,655	57,133	143,810	127,858
Joint Venture \| Investments in Unconsolidated Joint Ventures
Revenues:
Leasing revenue	191,699	178,258	377,789	408,880
Total revenues	224,620	178,112	427,769	415,674
Expenses:
Leasing expenses	1,478	1,122	3,234	2,890
Interest expense	52,724	53,153	105,740	107,388
Depreciation and amortization	88,456	90,660	179,303	187,638
Total expenses	209,100	206,320	422,925	430,451
Loss on sale or write down of assets, net	(235)	(12)	(181)	(12)
Net (loss) income	15,285	(28,220)	4,663	(14,789)
Company's equity in net (loss) income	20,035	(14,173)	21,945	(4,475)
Joint Venture \| Investments in Unconsolidated Joint Ventures \| Other
Revenues:
Other	32,921	(146)	49,980	6,794
Joint Venture \| Investments in Unconsolidated Joint Ventures \| Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	66,442	61,385	134,648	132,535
Joint Venture \| Investments in Unconsolidated Joint Ventures \| PPR Portfolio
Revenues:
Leasing revenue	41,234	38,806	78,008	97,184
Total revenues	41,271	39,059	78,137	97,486
Expenses:
Leasing expenses	372	290	775	763
Interest expense	15,835	16,363	31,637	32,458
Depreciation and amortization	24,582	24,565	48,887	53,182
Total expenses	50,685	49,458	100,562	104,284
Loss on sale or write down of assets, net	0	0	0	0
Net (loss) income	(9,414)	(10,399)	(22,425)	(6,798)
Company's equity in net (loss) income	(3,372)	(3,777)	(8,879)	944
Joint Venture \| Investments in Unconsolidated Joint Ventures \| PPR Portfolio \| Other
Revenues:
Other	37	253	129	302
Joint Venture \| Investments in Unconsolidated Joint Ventures \| PPR Portfolio \| Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	9,896	8,240	19,263	17,881
Joint Venture \| Investments in Unconsolidated Joint Ventures \| Other Joint Ventures
Revenues:
Leasing revenue	150,465	139,452	299,781	311,696
Total revenues	183,349	139,053	349,632	318,188
Expenses:
Leasing expenses	1,106	832	2,459	2,127
Interest expense	36,889	36,790	74,103	74,930
Depreciation and amortization	63,874	66,095	130,416	134,456
Total expenses	158,415	156,862	322,363	326,167
Loss on sale or write down of assets, net	(235)	(12)	(181)	(12)
Net (loss) income	24,699	(17,821)	27,088	(7,991)
Company's equity in net (loss) income	23,407	(10,396)	30,824	(5,419)
Joint Venture \| Investments in Unconsolidated Joint Ventures \| Other Joint Ventures \| Other
Revenues:
Other	32,884	(399)	49,851	6,492
Joint Venture \| Investments in Unconsolidated Joint Ventures \| Other Joint Ventures \| Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	$ 56,546	$ 53,145	$ 115,385	$ 114,654

Derivative Instruments and Hedging Activities (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($) derivative	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) derivative	Jun. 30, 2020 USD ($)	Apr. 14, 2021 USD ($)	Dec. 31, 2020 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of interest rate swap agreements \| derivative	4		4
Interest rate cap/swap agreements	$ 2,739	$ 1,745	$ 5,433	$ (4,650)
Swaps
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of interest rate swap agreements \| derivative	4		4
Swaps \| Santa Monica Place
Derivatives, Fair Value [Line Items]
Outstanding balance to fixed rate	$ 300,000		$ 300,000		$ 300,000
Level 2 measurement \| Cap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 300,000		$ 300,000
LIBOR Rate	4.00%		4.00%
Fair Value	$ 0		$ 0			$ 0
Level 2 measurement \| Swaps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 400,000		$ 400,000
LIBOR Rate	2.85%		2.85%
Fair Value	$ (2,775)		$ (2,775)			$ (8,208)

Property, net - Components of property (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 1,462,406	$ 1,538,270
Buildings and improvements	6,332,882	6,620,708
Tenant improvements	733,681	750,250
Equipment and furnishings	190,807	194,231
Construction in progress	253,768	153,253
Total	8,973,544	9,256,712
Less accumulated depreciation	(2,540,667)	(2,562,133)
Property, net	$ 6,432,877	$ 6,694,579

Property, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Real Estate [Abstract]
Depreciation expense	$ 70,762	$ 72,519	$ 142,426	$ 145,205

Property, Plant, and Equipment - Schedule of loss on sale or write down of assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Write-down of assets	$ (8,754)	$ (3,907)	$ (38,362)	$ (40,610)
Gain (loss) on sale or write down of assets, net	(3,927)	(3,867)	(25,210)	(40,570)
Paradise Valley Mall
Property, Plant and Equipment [Line Items]
Gain on sales	4,229		4,229
Paradise Valley Mall
Property, Plant and Equipment [Line Items]
Write-down of assets				(6,640)
Estrella Falls
Property, Plant and Equipment [Line Items]
Write-down of assets			(27,281)
Wilton Mall
Property, Plant and Equipment [Line Items]
Write-down of assets				(30,063)
Property
Property, Plant and Equipment [Line Items]
Gain on sales	(10,895)	0	(6,666)	0
Land
Property, Plant and Equipment [Line Items]
Gain on sales	15,722	$ 40	19,818	$ 40
Land \| Paradise Valley Mall
Property, Plant and Equipment [Line Items]
Gain on sales	$ 1,334		$ 1,334

Property, net - Assets measured on a nonrecurring basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 23,690	$ 140,000
Fair value measurements on a nonrecurring basis \| Quoted Prices in Active Markets for Identical Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Fair value measurements on a nonrecurring basis \| Significant Other Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	4,720	140,000
Fair value measurements on a nonrecurring basis \| Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 18,970	$ 0

Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Abstract]
Allowance for doubtful accounts	$ (22,790)	$ (37,545)
Components of tenant and other receivables, net
Deferred rent receivable due to straight-line rent adjustments	117,377	107,003
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 3,819	$ 4,673

Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Leasing revenue—fixed payments	$ 131,512	$ 150,292	$ 263,007	$ 306,339
Leasing revenue—variable payments	56,360	46,239	107,608	101,826
Recovery of (provision for) doubtful accounts	9,115	(27,777)	5,907	(28,690)
Total leasing revenue	$ 196,987	$ 168,754	$ 376,522	$ 379,475

Leases - Summary of minimum rental payments (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Leases [Abstract]
2022	$ 386,588
2023	344,928
2024	291,702
2025	236,750
2026	190,709
Thereafter	547,608
Total minimum rental payments	$ 1,998,285

Leases - Narrative (Details)	6 Months Ended
Leases - Narrative (Details)	Jun. 30, 2021 lease
Leases [Abstract]
Number of finance leases	5

Leases - Summary of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease costs	$ 3,814	$ 3,701	$ 7,629	$ 7,639
Finance lease costs:
Amortization of ROU assets	478	476	956	951
Interest on lease liabilities	124	142	343	284
Total lease cost	$ 4,416	$ 4,319	$ 8,928	$ 8,874

Leases - Summary of minimum future rental payments required (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Operating Leases
2021	$ 7,671
Year 1	14,883	$ 14,695
Year 2	9,076	14,558
Year 3	7,094	8,746
Year 4	7,136	6,759
Year 5		6,796
Thereafter	116,918
Thereafter		116,660
Total undiscounted rental payments	162,778	168,214
Less imputed interest	(91,855)	(94,375)
Total lease liabilities	$ 70,923	$ 73,839
Weighted average remaining lease term, operating leases	34 years 9 months 18 days	34 years 6 months
Weighted average incremental borrowing rate, operating leases	7.70%	7.70%
Finance Leases
2021	$ 10,785
Year 1	2,762	$ 10,785
Year 2	344	2,762
Year 3	3,085	344
Year 4	0	3,085
Year 5		0
Thereafter	0
Thereafter		0
Total undiscounted rental payments	16,976	16,976
Less imputed interest	(1,701)	(599)
Total lease liabilities	$ 15,275	$ 16,377
Weighted average remaining lease term, finance leases	7 months 6 days	1 year 1 month 6 days
Weighted average incremental borrowing rate, finance leases	3.70%	3.70%

Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 141,627		$ 141,627		$ 162,652
Intangible assets:
In-place lease values	67,336		67,336		74,298
Leasing commissions and legal costs	18,283		18,283		21,096
Above-market leases	76,810		76,810		80,120
Deferred tax assets	21,422		21,422		30,767
Deferred compensation plan assets	63,615		63,615		62,874
Other assets	51,272		51,272		61,553
Deferred charges and other assets, gross	440,365		440,365		493,360
Less accumulated amortization	(169,402)		(169,402)		(186,401)
Deferred charges and other assets, net	270,963		270,963		306,959
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization for intangible assets	43,434		43,434		$ 47,249
Amortization expense for intangible assets	$ 2,403	$ 1,996	$ 4,606	$ 5,715

Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Above-Market Leases
Above-Market Leases
Original allocated value	$ 76,810	$ 80,120
Less accumulated amortization	(33,344)	(33,271)
Allocated value net	43,466	46,849
Below-Market Leases
Below-Market Leases
Original allocated value	102,103	114,790
Less accumulated amortization	(35,342)	(43,656)
Allocated value net	$ 66,761	$ 71,134

Mortgage Notes Payable - Schedule of mortgage notes payable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Mortgage loans payable on real estate
Long-term Debt	$ 4,518,108	$ 4,560,810
Chandler Fashion Center
Mortgage loans payable on real estate
Long-term Debt	$ 255,453	255,361
Effective Interest Rate	4.18%
Monthly Debt Service	$ 875
Danbury Fair Mall
Mortgage loans payable on real estate
Long-term Debt	$ 182,693	186,741
Effective Interest Rate	5.53%
Monthly Debt Service	$ 1,538
Fashion District Philadelphia
Mortgage loans payable on real estate
Long-term Debt	$ 194,602	201,000
Effective Interest Rate	4.00%
Monthly Debt Service	$ 649
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Long-term Debt	$ 299,233	299,193
Effective Interest Rate	4.61%
Monthly Debt Service	$ 1,145
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Long-term Debt	$ 97,901	101,463
Effective Interest Rate	6.45%
Monthly Debt Service	$ 727
Freehold Raceway Mall
Mortgage loans payable on real estate
Long-term Debt	$ 398,629	398,545
Effective Interest Rate	3.94%
Monthly Debt Service	$ 1,300
Fresno Fashion Fair
Mortgage loans payable on real estate
Long-term Debt	$ 323,957	323,857
Effective Interest Rate	3.67%
Monthly Debt Service	$ 971
Green Acres Commons
Mortgage loans payable on real estate
Long-term Debt	$ 29,685	129,847
Effective Interest Rate	3.11%
Monthly Debt Service	$ 72
Green Acres Commons - Swapped
Mortgage loans payable on real estate
Long-term Debt	$ 95,000	0
Effective Interest Rate	5.60%
Monthly Debt Service	$ 444
Green Acres Mall
Mortgage loans payable on real estate
Long-term Debt	$ 255,764	270,570
Effective Interest Rate	3.94%
Monthly Debt Service	$ 1,447
Kings Plaza Shopping Center
Mortgage loans payable on real estate
Long-term Debt	$ 535,670	535,413
Effective Interest Rate	3.71%
Monthly Debt Service	$ 1,629
Oaks, The
Mortgage loans payable on real estate
Long-term Debt	$ 179,408	183,108
Effective Interest Rate	4.14%
Monthly Debt Service	$ 1,064
Pacific View
Mortgage loans payable on real estate
Long-term Debt	$ 113,212	114,909
Effective Interest Rate	4.08%
Monthly Debt Service	$ 668
Queens Center
Mortgage loans payable on real estate
Long-term Debt	$ 600,000	600,000
Effective Interest Rate	3.49%
Monthly Debt Service	$ 1,744
Santa Monica Place - Swapped
Mortgage loans payable on real estate
Long-term Debt	$ 298,940	298,566
Effective Interest Rate	4.58%
Monthly Debt Service	$ 1,082
SanTan Village Regional Center
Mortgage loans payable on real estate
Long-term Debt	$ 219,277	219,233
Effective Interest Rate	4.34%
Monthly Debt Service	$ 788
Towne Mall
Mortgage loans payable on real estate
Long-term Debt	$ 19,569	19,815
Effective Interest Rate	4.48%
Monthly Debt Service	$ 117
Tucson La Encantada
Mortgage loans payable on real estate
Long-term Debt	$ 61,026	62,018
Effective Interest Rate	4.23%
Monthly Debt Service	$ 368
Victor Valley, Mall of
Mortgage loans payable on real estate
Long-term Debt	$ 114,820	114,791
Effective Interest Rate	4.00%
Monthly Debt Service	$ 380
Vintage Faire Mall
Mortgage loans payable on real estate
Long-term Debt	$ 243,269	$ 246,380
Effective Interest Rate	3.55%
Monthly Debt Service	$ 1,256

Mortgage Notes Payable - Footnotes (Details) - USD ($)			6 Months Ended
Mortgage Notes Payable - Footnotes (Details) - USD ($)	Mar. 25, 2021	Jan. 22, 2021	Jun. 30, 2021	Apr. 14, 2021	Dec. 31, 2020
Mortgage loans payable on real estate
Unamortized deferred finance costs			$ 14,814,000		$ 14,085,000
Swaps
Mortgage loans payable on real estate
Effective interest rate			4.50%
Freehold Raceway Mall
Mortgage loans payable on real estate
Percentage of loan assumed by third party			49.90%
Chandler Fashion Center
Mortgage loans payable on real estate
Percentage of loan assumed by third party			49.90%
Green Acres Commons
Mortgage loans payable on real estate
Extension term	2 years
Repayments of debt	$ 4,680,000
Green Acres Commons \| LIBOR
Mortgage loans payable on real estate
Variable rate	2.75%
Green Acres Commons - Swapped \| Swaps
Mortgage loans payable on real estate
Outstanding balance to fixed rate			$ 95,000,000
Green Acres Mall
Mortgage loans payable on real estate
Extension term		1 year
Repayments of debt		$ 9,000,000
Santa Monica Place \| Swaps
Mortgage loans payable on real estate
Outstanding balance to fixed rate			$ 300,000,000	$ 300,000,000
Effective interest rate			4.00%

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Disclosure [Abstract]
Interest expense capitalized	$ 2,247	$ 1,361	$ 3,709	$ 2,656
Fair value of mortgage notes payable	$ 4,433,143		$ 4,433,143		$ 4,459,797

Bank and Other Notes Payable (Details)		6 Months Ended
Bank and Other Notes Payable (Details)	Apr. 14, 2021 USD ($)	Jun. 30, 2021 USD ($) derivative	Dec. 31, 2020 USD ($)
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 14,814,000	$ 14,085,000
Number of agreements \| derivative		4
Swaps
Mortgage loans payable on real estate
Outstanding borrowings under the line of credit		$ 400,000,000
Number of agreements \| derivative		4
Effective interest rate		4.50%
Term Loan Facility Matures On April 14, 2024 \| Line of Credit \| Level 2 measurement
Mortgage loans payable on real estate
Fair value of outstanding line of credit		$ 104,429,000
Prior revolving line of credit facility \| Revolving line of credit
Mortgage loans payable on real estate
Total interest rate		2.73%
Prior revolving line of credit facility \| Line of Credit \| Level 2 measurement
Mortgage loans payable on real estate
Fair value of outstanding line of credit			$ 1,485,598,000
Line of Credit \| New Credit Agreement
Mortgage loans payable on real estate
Borrowing capacity	$ 700,000,000
Outstanding borrowings under the line of credit		$ 280,000,000
Unamortized deferred finance costs		$ 17,380,000
Line of Credit \| New Credit Agreement \| LIBOR
Mortgage loans payable on real estate
Borrowing rate		2.25%
Line of Credit \| New Credit Agreement \| Minimum \| LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)	2.25%
Line of Credit \| New Credit Agreement \| Maximum \| LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)	3.25%
Line of Credit \| Revolving Loan Facility Matures On April 14, 2023 \| Revolving line of credit
Mortgage loans payable on real estate
Borrowing capacity	$ 525,000,000
Debt instrument term	1 year
Expanded line of credit facility (up to)	$ 800,000,000
Draws	320,000,000
Unamortized deferred finance costs		$ 104,400,000
Total interest rate		3.69%
Line of Credit \| Revolving Loan Facility Matures On April 14, 2023 \| Revolving line of credit \| Level 2 measurement
Mortgage loans payable on real estate
Fair value of outstanding line of credit		$ 280,077,000
Line of Credit \| Prior revolving line of credit facility
Mortgage loans payable on real estate
Repayments of debt	985,000,000
Borrowing rate			1.65%
Line of Credit \| Prior revolving line of credit facility \| Revolving line of credit
Mortgage loans payable on real estate
Borrowing capacity		1,500,000,000
Outstanding borrowings under the line of credit			$ 1,480,000,000
Unamortized deferred finance costs			2,460,000
Maximum contingent borrowing capacity		$ 2,000,000,000
Availability for additional borrowing			$ 19,719,000
Line of Credit \| Prior revolving line of credit facility \| Revolving line of credit \| Minimum \| LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)		1.30%
Line of Credit \| Prior revolving line of credit facility \| Revolving line of credit \| Maximum \| LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)		1.90%
Term Loan \| Term Loan Facility Matures On April 14, 2024
Mortgage loans payable on real estate
Borrowing capacity	175,000,000
Draws	$ 175,000,000
Total interest rate		2.50%

Financing Arrangement - Narrative (Details) ft² in Thousands	Sep. 30, 2009 ft²	Jun. 30, 2021 $ / ft²	Dec. 31, 2020 $ / ft²
Schedule of Joint Ventures [Line Items]
Terminal capitalization rate		5.75%	5.50%
Discount rate		7.25%	7.00%
Financing Arrangement \| Minimum
Schedule of Joint Ventures [Line Items]
Market rent per square foot \| $ / ft²		35	35
Financing Arrangement \| Maximum
Schedule of Joint Ventures [Line Items]
Market rent per square foot \| $ / ft²		105	105
Financing Arrangement \| Chandler Freehold
Schedule of Joint Ventures [Line Items]
Percentage of loan assumed by third party	49.90%
Financing Arrangement \| Chandler Fashion Center
Schedule of Joint Ventures [Line Items]
Property area (in square feet) \| ft²	1,318
Financing Arrangement \| Freehold Raceway Mall
Schedule of Joint Ventures [Line Items]
Property area (in square feet) \| ft²	1,552

Financing Arrangement - Financing arrangement activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Joint Ventures [Line Items]
Interest (income) expense	$ 2,954	$ (32,807)	$ 4,273	$ (77,050)
Joint Venture \| Financing Arrangement
Schedule of Joint Ventures [Line Items]
Distributions equal to the partner's share of net (loss) income	(1,193)	(181)	(2,425)	1,283
Distributions in excess of the partner's share of net income	5,586	281	9,000	2,958
Adjustment to fair value of financing arrangement obligation	(1,439)	(32,907)	(2,302)	(81,291)
Interest (income) expense	$ 2,954	$ (32,807)	$ 4,273	$ (77,050)

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Number of trading days used to calculate redemption value	10 days
Redemption value of outstanding OP Units not owned by the Company	$ 176,635	$ 117,602
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership	96.00%	93.00%
Limited partnership interest of the operating partnership	4.00%	7.00%

Stockholders' Equity (Details) - USD ($)				3 Months Ended		6 Months Ended
Stockholders' Equity (Details) - USD ($)	Mar. 16, 2021	Jun. 03, 2020	May 22, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 26, 2021	Feb. 01, 2021	Feb. 12, 2017
Class of Stock [Line Items]
Stock dividend (in shares)		7,759,280
Dividend declared (in dollars per share)	$ 0.50
Cash portion of dividend		20.00%
Distributions declared, per share (in dollars per share)		$ 0.10		$ 0.15	$ 0.10	$ 0.30	$ 0.85
Stock portion of dividend		80.00%
Volume weighted average trading price (in dollars per share)			$ 7.2956
Authorized repurchase amount										$ 500,000,000
ATM Programs
Class of Stock [Line Items]
Authorized repurchase amount				$ 1,000,000		$ 1,000,000
Number of shares issued in transaction (in shares)						59,907,761
Net proceeds from stock offerings				14,927,000		$ 808,492,000
Proceeds from issuance net of common stock				14,629,000		791,425,000
Additional shares available for sale				$ 176,581		$ 176,581
February 2021 ATM Program
Class of Stock [Line Items]
Authorized repurchase amount									$ 500,000
March 2021 ATM Program
Class of Stock [Line Items]
Authorized repurchase amount								$ 500,000

Dispositions (Details) - Paradise Valley Mall - Sold $ in Thousands	Mar. 29, 2021 USD ($)
Discontinued Operations:
Gain on sale of assets	$ 100,000
Gain on sale of land	$ 5,563
Ownership percentage	5.00%

Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Other Commitments [Line Items]
Contingent liability under letters of credit	$ 40,915
Outstanding obligations under construction agreements	2,841
Secured by restricted cash \| Letter of Credit
Other Commitments [Line Items]
Contingent liability under letters of credit	$ 40,600

Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Management fees
Related Party Transaction [Line Items]
Other	$ 6,631	$ 6,830	$ 12,199	$ 13,803
Unconsolidated Joint Ventures and Third Party Managed Properties
Related Party Transaction [Line Items]
Other	5,541	6,606	10,788	13,176
Unconsolidated Joint Ventures and Third Party Managed Properties \| Management fees
Related Party Transaction [Line Items]
Other	3,986	4,295	7,803	8,781
Unconsolidated Joint Ventures and Third Party Managed Properties \| Development and leasing fees
Related Party Transaction [Line Items]
Other	$ 1,555	$ 2,311	$ 2,985	$ 4,395

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Related party interest (income) expense	$ 2,954	$ (32,807)	$ 4,273	$ (77,050)
Due from affiliates	4,812		4,812		$ 1,612
Joint Venture \| Financing Arrangement
Related Party Transaction [Line Items]
Related party interest (income) expense	2,954	$ (32,807)	4,273	$ (77,050)
Unconsolidated Joint Ventures
Related Party Transaction [Line Items]
Due from affiliates	$ 4,812		$ 4,812		$ 1,612

Share and Unit-Based Plans - Narrative (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 01, 2020	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized share and unit-based compensation costs		$ 902	$ 941	$ 1,903	$ 2,320
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion rate of shares				1
Unrecognized compensation cost of share and unit-based plans		2,661		$ 2,661
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion rate of shares				1
Unrecognized compensation cost of share and unit-based plans		11,860		$ 11,860
LTIP Units \| January 1, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	0.17%
Volatility	62.82%
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost of share and unit-based plans		$ 155		$ 155

Share and Unit-Based Plans - LTIP units granted (Details)	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,581,451
Service-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	576,378
Fair value per LTIP unit (in dollars per share) \| $ / shares	$ 10.67
Market-indexed
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,005,073
Fair value per LTIP unit (in dollars per share) \| $ / shares	$ 9.85

Share and Unit-Based Plans - Nonvested equity awards (Details)	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Units
Granted (in shares)	1,581,451
LTIP Units
Units
Balance at beginning of period (in shares)	784,052
Granted (in shares)	1,581,451
Vested (in shares)	(16,467)
Forfeited (in shares)	0
Balance at end of period (in shares)	2,349,036
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 28.11
Granted (in dollars per share) \| $ / shares	10.15
Vested (in dollars per share) \| $ / shares	29.86
Forfeited (in dollars per share) \| $ / shares	0
Balance at end of period (in dollars per share) \| $ / shares	$ 16.01
Phantom Stock Units
Units
Balance at beginning of period (in shares)	4,662
Granted (in shares)	15,556
Vested (in shares)	(11,160)
Forfeited (in shares)	0
Balance at end of period (in shares)	9,058
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 35.35
Granted (in dollars per share) \| $ / shares	11.38
Vested (in dollars per share) \| $ / shares	16.75
Forfeited (in dollars per share) \| $ / shares	0
Balance at end of period (in dollars per share) \| $ / shares	$ 17.10
Stock Units
Units
Balance at beginning of period (in shares)	309,845
Granted (in shares)	165,347
Vested (in shares)	(198,937)
Forfeited (in shares)	(987)
Balance at end of period (in shares)	275,268
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 21.47
Granted (in dollars per share) \| $ / shares	14.55
Vested (in dollars per share) \| $ / shares	18.64
Forfeited (in dollars per share) \| $ / shares	22.12
Balance at end of period (in dollars per share) \| $ / shares	$ 19.35

Share and Unit-Based Plans - SARs (Details) - Stock options	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Units
Balance at beginning of period (in shares) \| shares	37,515
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Balance at end of period (in shares) \| shares	37,515
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 54.34
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Balance at end of period (in dollars per share) \| $ / shares	$ 54.34

Share and Unit-Based Plans - Compensation cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	$ 4,332	$ 4,210	$ 9,363	$ 9,813
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	3,586	3,350	7,197	6,564
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	652	694	1,979	2,896
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	0	0	0	0
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	$ 94	$ 166	$ 187	$ 353

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current	$ 0	$ 207,000	$ 0	$ 439,000
Deferred	(7,107,000)	1,317,000	(9,345,000)	1,351,000
Total income tax (expense) benefit	(7,107,000)	$ 1,524,000	(9,345,000)	$ 1,790,000
Net deferred tax assets	21,422,000		21,422,000		$ 30,767,000
Valuation allowance	$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Subsequent Events (Details) - $ / shares	Jul. 30, 2021	Mar. 16, 2021
Subsequent events
Dividend declared (in dollars per share)		$ 0.50
Subsequent event
Subsequent events
Dividend declared (in dollars per share)	$ 0.15