0000912242-22-000003 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS:
Property, net	$ 6,284,206	$ 6,694,579
Cash and cash equivalents	112,454	465,297
Restricted cash	54,517	17,362
Tenant and other receivables, net	211,361	239,194
Right-of-use assets, net	110,638	118,355
Deferred charges and other assets, net	254,908	306,959
Due from affiliates	0	1,612
Investments in unconsolidated joint ventures	1,317,571	1,340,647
Total assets	8,345,655	9,184,005
LIABILITIES AND EQUITY:
Mortgage notes payable	4,423,554	4,560,810
Bank and other notes payable	104,811	1,477,540
Accounts payable and accrued expenses	59,228	68,825
Due to affiliates	327	0
Lease liabilities	80,711	90,216
Other accrued liabilities	254,279	298,594
Distributions in excess of investments in unconsolidated joint ventures	127,608	108,381
Financing arrangement obligation	118,988	134,379
Total liabilities	5,169,506	6,738,745
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 and 250,000,000 shares authorized at December 31, 2021 and 2020, respectively, 214,797,057 and 149,770,575 shares issued and outstanding at December 31, 2021 and 2020, respectively	2,147	1,498
Additional paid-in capital	5,488,440	4,603,378
Accumulated deficit	(2,443,696)	(2,339,619)
Accumulated other comprehensive loss	(24)	(8,208)
Total stockholders' equity	3,046,867	2,257,049
Noncontrolling interests	129,282	188,211
Total equity	3,176,149	2,445,260
Total liabilities and equity	$ 8,345,655	$ 9,184,005

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Par value of common stock (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	250,000,000
Common stock, shares issued (in shares)	214,797,057	149,770,575
Common stock, shares outstanding (in shares)	214,797,057	149,770,575

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Leasing revenue	$ 787,547	$ 740,323	$ 858,874
Total revenues	847,437	786,026	927,462
Expenses:
Leasing expense	24,838	25,191	29,611
REIT general and administrative expenses	30,056	30,339	22,634
Depreciation and amortization	311,129	319,619	330,726
Total expenses before interest	722,069	697,937	721,313
Interest (income) expense:
Related parties	(3,718)	(135,281)	(62,517)
Other	196,397	210,831	200,771
Total interest expense	192,679	75,550	138,254
Loss on extinguishment of debt	1,007	0	351
Total expenses	915,755	773,487	859,918
Equity in income (loss) of unconsolidated joint ventures	15,689	(27,038)	48,508
Income tax (expense) benefit	(6,948)	447	(1,589)
Loss on remeasurement of assets	0	(163,298)	0
Gain (loss) on sale or write down of assets, net	75,740	(68,112)	(11,909)
Net income (loss)	16,163	(245,462)	102,554
Less net income (loss) attributable to noncontrolling interests	1,900	(15,259)	5,734
Net income (loss) attributable to the Company	$ 14,263	$ (230,203)	$ 96,820
Earnings per common share attributable to common stockholders:
Basic (in dollars per share)	$ 0.07	$ (1.58)	$ 0.68
Diluted (in dollars per share)	$ 0.07	$ (1.58)	$ 0.68
Weighted average number of common shares outstanding:
Basic (in shares)	198,070	146,232	141,340
Diluted (in shares)	198,070	146,232	141,340
Other
Revenues:
Revenues	$ 33,867	$ 22,242	$ 27,879
Management Companies
Revenues:
Revenues	26,023	23,461	40,709
Expenses:
Shopping center and operating expenses	61,030	65,576	66,795
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	$ 295,016	$ 257,212	$ 271,547

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 16,163	$ (245,462)	$ 102,554
Other comprehensive income (loss):
Interest rate cap/swap agreements	8,184	843	(4,585)
Comprehensive income (loss)	24,347	(244,619)	97,969
Less net income (loss) attributable to noncontrolling interests	1,900	(15,259)	5,734
Comprehensive income (loss) attributable to the Company	$ 22,447	$ (229,360)	$ 92,235

- 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	Cumulative Effect, Period of Adoption, Adjustment	Total Stockholders' Equity	Total Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Balance at Dec. 31, 2018	$ 3,188,432	$ (2,203)	$ 2,950,232	$ (2,203)	$ 1,412	$ 4,567,643	$ (1,614,357)	$ (2,203)	$ (4,466)	$ 238,200
Balance (in shares) at Dec. 31, 2018					141,221,712
Increase (Decrease) in Stockholders' Equity
Net income (loss)	102,554		96,820				96,820			5,734
Interest rate cap/swap agreements	(4,585)		(4,585)						(4,585)
Amortization of share and unit-based plans	16,723		16,723		$ 1	16,722
Amortization of share and unit-based plans (in shares)					106,747
Employee stock purchases	1,519		1,519		$ 1	1,518
Employee stock purchases (in shares)					58,191
Distributions declared	(424,272)		(424,272)				(424,272)
Distributions to noncontrolling interests	(50,262)									(50,262)
Contributions from noncontrolling interests	3,131									3,131
Conversion of noncontrolling interests to common shares	0		1,005			1,005				(1,005)
Conversion of noncontrolling interests to common shares (in shares)					21,000
Redemption of noncontrolling interests	(67)		(31)			(31)				(36)
Adjustment of noncontrolling interests in Operating Partnership	0		(2,946)			(2,946)				2,946
Balance at Dec. 31, 2019	2,830,970		2,632,262		$ 1,414	4,583,911	(1,944,012)		(9,051)	198,708
Balance (in shares) at Dec. 31, 2019					141,407,650
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(245,462)		(230,203)				(230,203)			(15,259)
Interest rate cap/swap agreements	843		843						843
Amortization of share and unit-based plans	18,066		18,066		$ 1	18,065
Amortization of share and unit-based plans (in shares)					151,468
Employee stock purchases	1,531		1,531		$ 3	1,528
Employee stock purchases (in shares)					265,386
Stock offerings, net	830,241
Distributions declared	(165,404)		(165,404)				(165,404)
Stock dividend	0				$ 78	(78)
Stock dividend (in shares)					7,759,280
Distributions to noncontrolling interests	(14,458)									(14,458)
Contributions from noncontrolling interests	19,203									19,203
Conversion of noncontrolling interests to common shares	0		12,086		$ 2	12,084				(12,086)
Conversion of noncontrolling interests to common shares (in shares)					186,791
Redemption of noncontrolling interests	(29)		25			25				(54)
Adjustment of noncontrolling interests in Operating Partnership	0		(12,157)			(12,157)				12,157
Balance at Dec. 31, 2020	$ 2,445,260		2,257,049		$ 1,498	4,603,378	(2,339,619)		(8,208)	188,211
Balance (in shares) at Dec. 31, 2020	149,770,575				149,770,575
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 16,163		14,263				14,263			1,900
Interest rate cap/swap agreements	8,184		8,184						8,184
Amortization of share and unit-based plans	17,998		17,998		$ 2	17,996
Amortization of share and unit-based plans (in shares)					248,264
Employee stock purchases	1,348		1,348		$ 1	1,347
Employee stock purchases (in shares)					143,191
Stock offerings, net			830,241		$ 620	829,621
Stock offerings, net (in shares)					62,049,131
Distributions declared	(118,340)		(118,340)				(118,340)
Distributions to noncontrolling interests	(25,107)									(25,107)
Contributions from noncontrolling interests	580									580
Conversion of noncontrolling interests to common shares	0		48,807		$ 26	48,781				(48,807)
Conversion of noncontrolling interests to common shares (in shares)					2,585,896
Redemption of noncontrolling interests	(178)		(17)			(17)				(161)
Adjustment of noncontrolling interests in Operating Partnership	0		(12,666)			(12,666)				12,666
Balance at Dec. 31, 2021	$ 3,176,149		$ 3,046,867		$ 2,147	$ 5,488,440	$ (2,443,696)		$ (24)	$ 129,282
Balance (in shares) at Dec. 31, 2021	214,797,057				214,797,057

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares		12 Months Ended
	Jun. 03, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared for common stock (in dollars per share)	$ 0.10	$ 0.60	$ 1.55	$ 3.00

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 16,163	$ (245,462)	$ 102,554
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss on extinguishment of debt	1,007	0	351
Loss on remeasurement of assets	0	163,298	0
(Gain) loss on sale or write down of assets, net	(75,740)	68,112	11,909
Depreciation and amortization	324,403	326,058	337,667
Amortization of net premium on mortgage notes payable	0	(773)	(929)
Amortization of share and unit-based plans	14,273	13,843	12,032
Straight-line rent and amortization of above and below market leases	(7,691)	(23,707)	(14,009)
(Recovery of) provision for doubtful accounts	(6,390)	44,250	7,682
Income tax expense (benefit)	6,948	(447)	1,589
Equity in (income) loss of unconsolidated joint ventures	(15,689)	27,038	(48,508)
Change in fair value of financing arrangement obligation	(15,390)	(139,522)	(76,640)
Distributions of income from unconsolidated joint ventures	48	0	934
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	62,421	(105,947)	(9,929)
Other assets	14,876	810	(9,553)
Due to/from affiliates	1,939	3,385	13,894
Accounts payable and accrued expenses	(6,746)	15,479	(237)
Other accrued liabilities	(28,064)	(21,578)	26,350
Net cash provided by operating activities	286,368	124,837	355,157
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(77,686)	(45,161)	(166,791)
Property improvements	(30,521)	(23,143)	(21,114)
Proceeds from collection of notes receivable	1,300	0	68,819
Deferred leasing costs	(2,720)	(3,212)	(11,906)
Distributions from unconsolidated joint ventures	93,927	78,427	266,349
Contributions to unconsolidated joint ventures	(86,846)	(132,466)	(252,903)
Cash and restricted cash acquired from acquisition of previously unconsolidated joint venture	0	5,811	0
Loan to previously unconsolidated joint venture	0	(100,000)	0
Proceeds from sale of assets	337,514	16,896	5,520
Net cash provided by (used in) investing activities	234,968	(202,848)	(112,026)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	520,000	660,000	1,796,000
Payments on mortgages, bank and other notes payable	(2,020,395)	(33,972)	(1,567,089)
Deferred financing costs	(22,872)	(4,320)	(7,759)
Payment on finance arrangement obligation	0	0	(27,945)
Proceeds from finance lease	0	4,115	0
Payments on finance leases	(1,849)	(1,534)	(1,472)
Proceeds from share and unit-based plans	1,348	1,531	1,519
Proceeds from stock offerings, net	830,241	0	0
Redemption of noncontrolling interests	(178)	(29)	(67)
Contributions from noncontrolling interests	128	525	3,131
Dividends and distributions	(143,447)	(179,862)	(474,534)
Net cash (used in) provided by financing activities	(837,024)	446,454	(278,216)
Net (decrease) increase in cash, cash equivalents and restricted cash	(315,688)	368,443	(35,085)
Cash and cash equivalents and restricted cash at beginning of year	482,659	114,216	149,301
Cash and cash equivalents and restricted cash at end of year	166,971	482,659	114,216
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	204,221	199,147	210,026
Non-cash investing and financing activities:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	18,279	29,376	32,452
Conversion of Operating Partnership Units to common stock	48,807	12,086	1,005
Receivable in connection with sale of joint venture property	21,000	0	0
Lease liabilities recorded in connection with right-of-use assets	0	0	109,299
Joint venture
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (income) loss of unconsolidated joint ventures	(15,689)
Non-cash investing and financing activities:
Assets acquired from previously unconsolidated joint venture	0	395,844	0
Liabilities assumed from previously unconsolidated joint venture	0	263,393	0
Property distribution from unconsolidated joint venture	$ 0	$ 19,300	$ 0

Organization	12 Months Ended
Organization	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization: The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of December 31, 2021, the Company was the sole general partner of and held a 96% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are owned by the Company and are collectively referred to herein as the "Management Companies."

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies:

Basis of Presentation:

These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America.

The accompanying consolidated financial statements include the accounts of the Company. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity ("VIE") in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures.

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

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


	December 31,
	2021		2020
Assets:
Property, net	$	458,964	$	551,062
Other assets	83,685		97,713
Total assets	$	542,649	$	648,775
Liabilities:
Mortgage notes payable	$	413,925	$	420,233
Other liabilities	56,947		81,266
Total liabilities	$	470,872	$	501,499

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

Basis of Presentation: (Continued)

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


	2021		2020		2019
Beginning of period
Cash and cash equivalents	$	465,297	$	100,005	$	102,711
Restricted cash	17,362		14,211		46,590
Cash and cash equivalents and restricted cash	$	482,659	$	114,216	$	149,301
End of period
Cash and cash equivalents	$	112,454	$	465,297	$	100,005
Restricted cash	54,517		17,362		14,211
Cash and cash equivalents and restricted cash	$	166,971	$	482,659	$	114,216

COVID-19 Pandemic:

In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. As a result, all of the markets that the Company operates in were subject to stay-at-home orders, and the majority of its properties were temporarily closed in part or completely. Following staggered re-openings during 2020, all Centers have been open and operating since October 7, 2020 and government-imposed capacity restrictions resulting from COVID-19 have been essentially eliminated across the Company’s markets.

COVID-19 Lease Accounting:

In April 2020, the Financial Accounting Standards Board issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under Accounting Standards Codification ("ASC") 842, "Leases" ("the lease modification accounting framework"). Under ASC 842, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant or an enforceable right and obligation within the existing lease. The Q&A allows for the bypass of a lease-by-lease analysis, and allows the Company to elect to either apply the lease modification accounting framework or not to all of its lease concessions with similar characteristics and circumstances. The Company has elected to apply the lease modification accounting framework to lease concessions that include the abatement of rent in its consolidated financial statements for the twelve months ended December 31, 2021 and 2020.

Cash and Cash Equivalents and Restricted Cash:

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under loan and other agreements.

Revenues:

Leasing revenue includes minimum rents, percentage rents, tenant recoveries and other leasing income. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." Minimum rents were increased by $5,873, $24,789 and $10,533 due to the straight-line rent adjustment during the years ended December 31, 2021, 2020 and 2019, respectively. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases.

The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. In consideration for these services, the Management Companies receive monthly management fees generally ranging from 1.5% to 4% of the gross monthly rental revenue of the properties managed.

Property:

Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings.

Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows:


Buildings and improvements			5 - 40 years
Tenant improvements			5 - 7 years
Equipment and furnishings			5 - 7 years

Capitalization of Costs:

The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete.

Investment in Unconsolidated Joint Ventures:

The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Corte Madera Village, LLC, Macerich HHF Centers LLC, New River Associates LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures due to the substantive participation rights of the outside partners in these joint ventures and, therefore, accounts for its investments in these joint ventures using the equity method of accounting.

Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization.

Acquisitions:

Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets and intangible assets and liabilities. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates purchase price based on the estimated fair value of each separately identified asset and liability. The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases is recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space.

Remeasurement gains and losses are recognized when the Company becomes the primary beneficiary of an existing equity method investment that is a VIE to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment, and remeasurement losses to the extent the carrying value of the investment exceeds the fair value. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including discount rate, terminal capitalization rate and market rents.

Deferred Charges:

Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method.

The range of the terms of the agreements is as follows:


Deferred leasing costs			1 - 15 years
Deferred financing costs			1 - 15 years

Accounting for Impairment:

The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. A shortened holding period increases the risk that the carrying value of a long-lived asset is not recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell.

The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary.

Share and Unit-based Compensation Plans:

The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards.

Derivative Instruments and Hedging Activities:

The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income.

Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense.

If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations.

Income Taxes:

The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any.

Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes, which are provided for in the Company's consolidated financial statements.

Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods.

Segment Information:

The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States.

Fair Value of Financial Instruments:

The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions.

Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made.

The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on

The Company records its financing arrangement obligation at fair value on a recurring basis with changes in fair value being recorded as interest expense in the Company’s consolidated statements of operations. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including the discount rate, terminal capitalization rate and market rents. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement.

Concentration of Risk:

The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. At various times during the year, the Company had deposits in excess of the FDIC insurance limit.

No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2021, 2020 or 2019.

Management Estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements:

On January 1, 2019, the Company adopted Accounting Standards Codification ("ASC") 842, "Leases", under the modified retrospective method. The new standard amended the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). In connection with the adoption of the new lease standard, the Company elected to use the transition packages of practical expedients for implementation provided by the FASB, which included (i) relief from re-assessing whether an expired or existing contract meets the definition of a lease, (ii) relief from re-assessing the classification of expired or existing leases at the adoption date, (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized, and (iv) application of the standard as of the adoption date rather than to all periods presented.

The new standard requires the Company to reduce leasing revenue for credit losses associated with lease receivables. In addition, straight-line rent receivables are written off when the Company believes there is uncertainty regarding a tenant's ability to complete the term of the lease. As a result, the Company recognized a cumulative effect adjustment of $2,203 upon adoption for the write off of straight-line rent receivables of tenants that were in litigation or bankruptcy. The standard also requires that the provision for bad debts relating to leases be presented as a reduction of leasing revenue.

The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Initial direct costs include the salaries and related costs for employees directly working on leasing activities. Prior to January 1, 2019, these costs were capitalizable and therefore the new lease standard resulted in certain of these costs being expensed as incurred. Upon the adoption of the new standard, the Company elected the practical expedient to not separate non-lease components, most significantly certain common area maintenance recoveries, from the associated lease components, resulting in the Company presenting all revenues associated with leases as leasing revenue on its consolidated statements of operations.

In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” which aims to (i) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (ii) reduce the complexity of and simplify the application of hedge accounting by preparers. The

standard was effective for the Company beginning January 1, 2019. The Company's adoption of this standard did not have a significant impact on its consolidated financial statements.

In March 2020, the FASB issued guidance codified in ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides optional expedients for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective for the Company as of March 12, 2020 through December 31, 2022. An entity can elect to apply the amendments as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to that date that the financial statements are available to be issued. The Company is currently evaluating the optional expedients and exceptions provided by ASU 2020-04 to determine the impact on its consolidated financial statements.

Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 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 earnings per share for the years ended December 31 (shares in thousands):


	2021		2020		2019
Numerator
Net income (loss)	$	16,163	$	(245,462)	$	102,554
Less: net income (loss) attributable to noncontrolling interests	1,900		(15,259)		5,734
Net income (loss) attributable to the Company	14,263		(230,203)		96,820
Allocation of earnings to participating securities	(853)		(1,048)		(1,190)
Numerator for basic and diluted EPS—net income (loss) attributable to common stockholders	$	13,410	$	(231,251)	$	95,630
Denominator




Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	198,070		146,232		141,340
EPS—net income (loss) attributable to common stockholders:
Basic and diluted	$	0.07	$	(1.58)	$	0.68

____________________________________

(1)Diluted EPS excludes 101,948, 97,926 and 90,619 convertible preferred units for the years ended December 31, 2021, 2020 and 2019, respectively, as their impact was antidilutive.

Diluted EPS excludes 9,920,654, 10,688,179 and 10,415,291 Operating Partnership units ("OP Units") for the years ended December 31, 2021, 2020 and 2019, respectively, as their effect was antidilutive.

Investments in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures:

The following are the Company's operating properties in various unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2021 was as follows:


Joint Venture	Ownership %(1)

AM Tysons LLC	50.0	%
Biltmore Shopping Center Partners LLC	50.0	%
Corte Madera Village, LLC	50.1	%
Country Club Plaza KC Partners LLC	50.0	%
HPP-MAC WSP, LLC—One Westside	25.0	%
Kierland Commons Investment LLC	50.0	%
Macerich HHF Broadway Plaza LLC—Broadway Plaza	50.0	%
Macerich HHF Centers LLC—Various Properties	51.0	%
MS Portfolio LLC	50.0	%
New River Associates LLC—Arrowhead Towne Center	60.0	%

Pacific Premier Retail LLC—Various Properties	60.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
PV Land SPE, LLC	5.0	%
Scottsdale Fashion Square Partnership	50.0	%
TM TRS Holding Company LLC	50.0	%
Tysons Corner LLC	50.0	%
Tysons Corner Hotel I LLC	50.0	%
Tysons Corner Property Holdings II LLC	50.0	%
Tysons Corner Property LLC	50.0	%
West Acres Development, LLP	19.0	%
WMAP, L.L.C.—Atlas Park, The Shops at	50.0	%

_______________________________________________________________________________

(1)The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.

The Company has made the following investments, dispositions and financings in unconsolidated joint ventures during the years ended December 31, 2021, 2020 and 2019 and events subsequent to December 31, 2021:

On February 22, 2019, the Company’s joint venture in The Shops at Atlas Park entered into an agreement to increase the total borrowing capacity of the existing loan on the property from $57,751 to $80,000, and to extend the maturity date to October 28, 2021, including extension options. Concurrent with the loan modification, the joint venture borrowed an additional $18,379. The Company used its $9,189 share of the additional proceeds to pay down its line of credit and for general corporate purposes.

On July 25, 2019, the Company's previously unconsolidated joint venture in Fashion District Philadelphia amended the existing term loan on the joint venture to allow for additional borrowings up to $100,000 at LIBOR plus 2%. Concurrent with the amendment, the joint venture borrowed an additional $26,000. On August 16, 2019, the joint venture borrowed an additional $25,000. The Company used its share of the additional proceeds to pay down its line of credit and for general corporate purposes.

On September 12, 2019, the Company’s joint venture in Tysons Tower placed a new $190,000 loan on the property that bears interest at an effective rate of 3.38% and matures on October 11, 2029. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes.

On October 17, 2019, the Company’s joint venture in West Acres placed a construction loan on the property that allows for borrowing of up to $6,500, bears interest at an effective rate of 3.72% and matures on October 10, 2029. The joint venture intends to use the proceeds from the loan to fund the expansion of the property.

On December 18, 2019, the Company’s joint venture in One Westside placed a $414,600 construction loan on the redevelopment project. The loan bears interest at LIBOR plus 1.70%, which can be reduced to LIBOR plus 1.50% upon the completion of certain conditions, and matures on December 18, 2024. This loan is being used to fund the joint venture's remaining cost to complete the project.

On November 17, 2020, the Company’s joint venture in Tysons VITA, the residential tower at Tysons Corner Center, placed a new $95,000 loan on the property that bears interest at an effective rate of 3.43% and matures on December 1, 2030. Initial loan funding for the Company’s joint venture was $90,000 with future advance potential of up to $5,000. The Company used its share of the initial proceeds of $45,000 for general corporate purposes.

On December 10, 2020, the Company made a loan (the “Partnership Loan”) to the Company’s previously unconsolidated joint venture in Fashion District Philadelphia to fund the entirety of a $100,000 repayment to reduce the mortgage loan on Fashion District Philadelphia from $301,000 to $201,000. This mortgage loan now matures on January 22, 2024, including a one-year extension option, and bears interest at LIBOR plus 3.5%, with a LIBOR floor of 0.50%. The partnership agreement for the joint venture was amended in connection with the Partnership Loan, and pursuant to the amended agreement, the Partnership Loan plus 15% accrued interest must be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner. As a result of the substantive participation rights of the Company’s joint venture partner being terminated in the amended agreement, the Company determined that the joint venture is a VIE and the Company is the primary beneficiary. Effective December 10, 2020, the Company has consolidated the results of the joint venture into the consolidated financial statements of the Company (See Note 15–Consolidated Joint Venture and Acquisitions).

On December 29, 2020, the Company’s joint venture in FlatIron Crossing closed on a one-year maturity date extension for the existing loan to January 5, 2022. The interest rate increased from 3.85% to 4.10%, and the Company’s joint venture repaid $15,000, $7,650 at the Company's pro rata share, of the outstanding loan balance at closing.

On December 31, 2020, the Company and its joint venture partner in MS Portfolio LLC entered into a distribution agreement. The joint venture owned nine properties, including the former Sears parcels at the South Plains Mall and the Arrowhead Towne Center. The joint venture distributed the former Sears parcel at South Plains Mall to the Company and the former Sears parcel at Arrowhead Towne Center to the joint venture partner. The joint venture partners agreed that the distributed properties were of equal value. The Company now owns 100% of the former Sears parcel at South Plains Mall. Effective December 31, 2020, the Company consolidates its 100% interest in the Sears parcel at South Plains Mall in its consolidated financial statements (See Note 15 – Consolidated Joint Venture and Acquisitions).

On March 29, 2021, concurrent with the sale of Paradise Valley Mall (see Note 16 – Dispositions), the Company elected to reinvest into the newly formed joint venture at a 5% ownership interest for $3,819 in cash that is accounted for under the equity method of accounting.

On October 26, 2021, the Company's joint venture in The Shops at Atlas Park replaced the existing loan on the property with a new $65,000 loan that bears interest at a floating rate of LIBOR plus 4.15% and matures on November 9, 2026, including extension options. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 3.0% through November 7, 2023.

On December 31, 2021, the Company assigned its joint venture interest in The Shops at North Bridge in Chicago, Illinois to its partner in the joint venture. The assignment included the assumption by the joint venture partner of the Company’s share of the debt owed by the joint venture and no cash consideration was received by the Company. The Company recognized a loss of approximately $28,276 in connection with the assignment.

On December 31, 2021, the Company sold its joint venture interest in the undeveloped property at 443 North Wabash Avenue in Chicago, Illinois to its partner in the joint venture for $21,000. The Company recognized an immaterial gain in connection with the sale.

On February 2, 2022, the Company’s joint venture in FlatIron Crossing replaced the existing $197,011 loan on the property with a new $175,000 loan that bears interest at the Secured Overnight Financing Rate ("SOFR") plus 3.45% and matures on February 9, 2027, including extension options. The loan is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through February 15, 2024.

Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures.

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31:


	2021		2020
Assets(1):
Property, net	$	8,289,412	$	8,721,551
Other assets	750,629		774,583
Total assets	$	9,040,041	$	9,496,134
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,686,500	$	5,942,478
Other liabilities	325,115		397,483
Company's capital	1,638,112		1,711,944
Outside partners' capital	1,390,314		1,444,229
Total liabilities and partners' capital	$	9,040,041	$	9,496,134
Investment in unconsolidated joint ventures:
Company's capital	$	1,638,112	$	1,711,944
Basis adjustment(2)	(448,149)		(479,678)
	$	1,189,963	$	1,232,266

Assets—Investments in unconsolidated joint ventures	1,317,571		$	1,340,647
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(127,608)		(108,381)
	$	1,189,963	$	1,232,266

_______________________________________________________________________________

(1)These amounts include the assets of $2,789,568 and $2,857,757 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2021 and 2020, respectively, and liabilities of $1,661,110 and $1,687,042 of the PPR Portfolio as of December 31, 2021 and 2020, respectively.

(2)The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $10,276, $13,168 and $18,834 for the years ended December 31, 2021, 2020 and 2019, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Year Ended December 31, 2021
Revenues:
Leasing revenue	$	168,842	$	631,139	$	799,981
Other	62		57,083		57,145
Total revenues	168,904		688,222		857,126
Expenses:
Shopping center and operating expenses	40,298		246,692		286,990
Leasing expense	1,286		4,392		5,678
Interest expense	63,072		147,545		210,617
Depreciation and amortization	97,494		253,561		351,055
Total operating expenses	202,150		652,190		854,340
Loss on sale of assets	—		(9,178)		(9,178)

Net (loss) income	$	(33,246)	$	26,854	$	(6,392)
Company's equity in net (loss) income	$	(10,866)	$	26,555	$	15,689

Year Ended December 31, 2020
Revenues:
Leasing revenue	171,505		633,357		804,862
Other	614		18,439		19,053
Total revenues	172,119		651,796		823,915
Expenses:
Shopping center and operating expenses	37,018		240,139		277,157
Leasing expense	1,325		4,173		5,498
Interest expense	64,460		151,857		216,317
Depreciation and amortization	102,788		285,948		388,736
Total operating expenses	205,591		682,117		887,708
(Loss) gain on sale of assets	(120)		157		37

Net loss	$	(33,592)	$	(30,164)	$	(63,756)
Company's equity in net loss	$	(10,371)	$	(16,667)	$	(27,038)


	PPR Portfolio		Other Joint Ventures		Total
Year Ended December 31, 2019
Revenues:
Leasing revenue	$	187,789	$	712,860	$	900,649
Other	1,598		49,184		50,782
Total revenues	189,387		762,044		951,431
Expenses:
Shopping center and operating expenses	37,528		250,598		288,126
Leasing expense	1,598		6,695		8,293
Interest expense	67,354		150,111		217,465
Depreciation and amortization	100,490		273,565		374,055
Total operating expenses	206,970		680,969		887,939
Loss on sale of assets	(452)		(380)		(832)

Net (loss) income	$	(18,035)	$	80,695	$	62,660
Company's equity in net (loss) income	$	(590)	$	49,098	$	48,508

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

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 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 $8,184, $843 and $(4,585) during the years ended December 31, 2021, 2020 and 2019, respectively. The fair value of the Company's derivatives was $6 and $(8,208) at December 31, 2021 and 2020, respectively.

The following derivatives were outstanding at December 31, 2021 and December 31, 2020:


							Fair Value
Property	Notional Amount		Product	LIBOR Rate		Maturity	December 31, 2021		December 31, 2020
Santa Monica Place(1)	$	300,000	Cap	4.00	%	12/9/2022	$	6	$	—
The Macerich Partnership, L.P.(1)	$	400,000	Swaps	2.85	%	9/30/2021	$	—	$	(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 were hedged against the Santa Monica Place floating rate debt and a portion of the Green Acres Commons floating rate debt effectively converting the Santa Monica Place loan and a majority of the Green Acres Commons loan to fixed rate debt through September 30, 2021. The Company did not renew the swaps that expired on September 30, 2021 and, as a result, on October 1, 2021, these loans reverted back to floating interest rate loans. Effective December 9, 2021, the Company entered into a new $300,000 interest rate cap for Santa Monica Place that was designated as a hedging instrument.

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

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

Property, net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, net

Property, net:

Property, net at December 31, 2021 and 2020 consists of the following:


	2021		2020
Land	$	1,441,858	$	1,538,270
Buildings and improvements	6,306,764		6,620,708
Tenant improvements	685,242		750,250
Equipment and furnishings(1)	191,266		194,231
Construction in progress	222,420		153,253
	8,847,550		9,256,712
Less accumulated depreciation(1)	(2,563,344)		(2,562,133)
	$	6,284,206	$	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 December 31, 2021 and 2020 (See Note 8—Leases).

Depreciation expense for the years ended December 31, 2021, 2020 and 2019 was $282,158, $287,925 and $287,846, respectively.

The gain (loss) on sale or write down of assets, net for the years ended December 31, 2021, 2020 and 2019 consist of the following:


	2021		2020		2019
Property sales(1)	$	113,657	$	—	$	—
Write-down of assets(2)	(67,344)		(76,705)		(16,285)
Land sales(3)	29,427		8,593		4,376

	$	75,740	$	(68,112)	$	(11,909)

_______________________________________________________________________________

(1)Includes gains related to the sale of La Encantada and Paradise Valley Mall (See Note 16-Dispositions).

(2)Includes a loss of $28,276 in 2021 in connection with the assignment of the Company's partnership interest in The Shops at North Bridge (See Note 4—Investments in Unconsolidated Joint Ventures). Includes impairment loss of $27,281 on Estrella Falls during the year ended December 31, 2021 and impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the year ended December 31, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the years ended December 31, 2021, 2020 and 2019 mainly pertain to the write off of development costs.

(3)Includes $1,334 related to the sale of Paradise Valley Mall (See Note 16-Dispositions).

The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2021 and 2020 as described above:


Years ended December 31,	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
2021	$	4,720	$	—	$	4,720	$	—
2020	$	151,875	$	—	151,875		$	—

The fair value relating to the 2020 impairments and the 2021 impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy.

Tenant and Other Receivables, net	12 Months Ended
Tenant and Other Receivables, net	Dec. 31, 2021
Loans and Leases Receivable Disclosure [Abstract]
Tenant and Other Receivables, net	Tenant and Other Receivables, net:Included in tenant and other receivables, net is an allowance for doubtful accounts of $14,917 and $37,545 at December 31, 2021 and 2020, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $19,907 and $4,673 at December 31, 2021 and 2020, respectively, and a deferred rent receivable due to straight-line rent adjustments of $110,969 and $107,003 at December 31, 2021 and 2020, respectively.

Leases

12 Months Ended

Dec. 31, 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 of substantially all of the rents is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.

The following table summarizes the components of leasing revenue for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
Leasing revenue - fixed payments	$	529,227	$	592,858	$	647,876
Leasing revenue - variable payments	251,930		191,715		218,680
Recovery of (provision for) doubtful accounts	6,390		(44,250)		(7,682)
	$	787,547	$	740,323	$	858,874

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


2022	$	373,164
2023	329,071
2024	272,035
2025	223,412
2026	176,352
Thereafter	502,336
	$	1,876,370

Lessee Leases:

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

The following table summarizes the lease costs for the year ended December 31, 2021:



Operating lease costs	$	14,611
Finance lease costs:
Amortization of ROU assets	1,917
Interest on lease liabilities	574
	$	17,102

The following table summarizes the future rental payments required under the leases as of December 31, 2021:


Year ending	Operating Leases		Finance Leases
2022	$	14,302	$	4,461
2023	8,452		2,043
2024	6,471		9,072
2025	6,513		—
2026	6,470		—
Thereafter	109,358		—
Total undiscounted rental payments	151,566		15,576
Less imputed interest	(85,383)		(1,048)
Total lease liabilities	$	66,183	$	14,528

The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2021 was 36.3 years and 2.1 years, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2021 was 7.8% and 3.7%, respectively.

Leases

Leases:

Lessor Leases:

The following table summarizes the components of leasing revenue for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
Leasing revenue - fixed payments	$	529,227	$	592,858	$	647,876
Leasing revenue - variable payments	251,930		191,715		218,680
Recovery of (provision for) doubtful accounts	6,390		(44,250)		(7,682)
	$	787,547	$	740,323	$	858,874

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


2022	$	373,164
2023	329,071
2024	272,035
2025	223,412
2026	176,352
Thereafter	502,336
	$	1,876,370

Lessee Leases:

The following table summarizes the lease costs for the year ended December 31, 2021:



Operating lease costs	$	14,611
Finance lease costs:
Amortization of ROU assets	1,917
Interest on lease liabilities	574
	$	17,102

The following table summarizes the future rental payments required under the leases as of December 31, 2021:


Year ending	Operating Leases		Finance Leases
2022	$	14,302	$	4,461
2023	8,452		2,043
2024	6,471		9,072
2025	6,513		—
2026	6,470		—
Thereafter	109,358		—
Total undiscounted rental payments	151,566		15,576
Less imputed interest	(85,383)		(1,048)
Total lease liabilities	$	66,183	$	14,528

Deferred Charges and Other Assets, net

12 Months Ended

Dec. 31, 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 at December 31, 2021 and 2020 consist of the following:


	2021		2020
Leasing	$	134,887	$	162,652
Intangible assets:
In-place lease values(1)	62,826		74,298
Leasing commissions and legal costs(1)	16,710		21,096
Above-market leases	72,289		80,120
Deferred tax assets	23,406		30,767
Deferred compensation plan assets	68,807		62,874
Other assets	46,319		61,553
	425,244		493,360
Less accumulated amortization(2)	(170,336)		(186,401)
	$	254,908	$	306,959

_______________________________

(1)The amortization of these intangible assets for the next five years and thereafter is as follows:


Year Ending December 31,
2022	$	6,617
2023	5,430
2024	4,369
2025	3,395
2026	3,437
Thereafter	12,310
	$	35,558

(2)Accumulated amortization includes $43,978 and $47,249 relating to in-place lease values, leasing commissions and legal costs at December 31, 2021 and 2020, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $11,233, $9,412 and $13,821 for the years ended December 31, 2021, 2020 and 2019, respectively.

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


	2021		2020
Above-Market Leases
Original allocated value	$	72,289	$	80,120
Less accumulated amortization	(32,484)		(33,271)
	$	39,805	$	46,849
Below-Market Leases(1)
Original allocated value	$	99,332	$	114,790
Less accumulated amortization	(37,122)		(43,656)
	$	62,210	$	71,134

_______________________________

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

The allocated values of above and below-market leases will be amortized into minimum rents on a straight-line basis over the individual remaining lease terms. The amortization of these values for the next five years and thereafter is as follows:


Year Ending December 31,	Above Market		Below Market
2022	$	6,201	$	8,454
2023	5,724		7,766
2024	5,212		7,650
2025	3,821		6,071
2026	3,629		4,745
Thereafter	15,218		27,524
	$	39,805	$	62,210

Mortgage Notes Payable

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage Notes Payable:

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


	Carrying Amounts of Mortgage Notes(1)				Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Property Pledged as Collateral	2021		2020
Chandler Fashion Center(5)	$	255,548	$	255,361	4.18	%	$	875	2024
Danbury Fair Mall(6)	168,037		186,741		5.71	%	1,538		2022
Fashion District Philadelphia(7)	194,602		201,000		4.00	%	649		2024
Fashion Outlets of Chicago	299,274		299,193		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA(8)	95,329		101,463		6.45	%	727		2023
Freehold Raceway Mall(5)	398,711		398,545		3.94	%	1,300		2029
Fresno Fashion Fair	324,056		323,857		3.67	%	971		2026
Green Acres Commons(9)	124,875		129,847		3.12	%	298		2023
Green Acres Mall(10)	246,061		270,570		3.94	%	1,447		2023
Kings Plaza Shopping Center	535,928		535,413		3.71	%	1,629		2030
Oaks, The	176,721		183,108		4.14	%	1,064		2022
Pacific View	111,481		114,909		4.08	%	668		2022
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(11)	299,314		298,566		1.84	%	396		2022
SanTan Village Regional Center	219,323		219,233		4.34	%	788		2029
Towne Mall	19,320		19,815		4.48	%	117		2022
Tucson La Encantada(12)	—		62,018		4.23	%	—		—
Victor Valley, Mall of	114,850		114,791		4.00	%	380		2024
Vintage Faire Mall	240,124		246,380		3.55	%	1,256		2026
	$	4,423,554	$	4,560,810

(1)The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $11,946 and $14,085 at December 31, 2021 and 2020, respectively.

(2)The interest rate disclosed represents the effective interest rate, including the impact of debt premium and deferred finance costs.

(3)The monthly debt service represents the payment of principal and interest.

(4)The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.

(5)A 49.9% interest in the loan has been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 12—Financing Arrangement).

(6)On September 15, 2020, the Company closed on a loan extension agreement for Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021 and subsequently to October 1, 2021. The loan amount and interest rate remained unchanged following these extensions. On September 15, 2021, the Company further extended the loan maturity to July 1, 2022. The interest rate remained unchanged, and the Company repaid $10,000 of the outstanding loan balance at closing.

(7)Effective December 10, 2020, the Company began consolidating this joint venture and assumed this debt (See Note 15—Consolidated Joint Venture and Acquisitions).

(8)On December 15, 2020, the Company closed on a loan extension agreement for the Fashion Outlets of Niagara. Under the extension agreement the original loan maturity date of October 6, 2020 was extended to October 6, 2023. The loan amount and interest rate are unchanged following the extension.

(9)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing.

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

(11)The loan bears interest at LIBOR plus 1.48%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2022.

(12)On September 17, 2021, the Company sold Tucson La Encantada and the mortgage payable was paid in full (See Note 16—Dispositions).

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

As of December 31, 2021, all of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.

During the second quarter of 2020 and in July 2020, the Company secured agreements with its mortgage lenders on nine property mortgage loans to defer approximately $28,683 of both second and third quarter of 2020 debt service payments. Of the deferred payments, $15,208 and $20,195 was repaid in the three months and twelve months ended December 31, 2020, respectively, and the remaining balance was fully repaid during the first quarter of 2021.

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

Total interest expense capitalized during the years ended December 31, 2021, 2020 and 2019 was $9,504, $5,247 and $9,614, respectively.

The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2021 and 2020 was $4,261,429 and $4,459,797, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.

The future maturities of mortgage notes payable are as follows:


Year Ending December 31,
2022	$	794,526
2023	473,111
2024	562,722
2025	607,399
2026	537,742
Thereafter	1,460,000
	4,435,500
Deferred finance cost, net	(11,946)
	$	4,423,554

The future maturities reflected above reflect the extension options that the Company believes will be exercised.

Bank and Other Notes Payable	12 Months Ended
Bank and Other Notes Payable	Dec. 31, 2021
Debt Disclosure [Abstract]
Bank and Other Notes Payable	Bank and Other Notes Payable: Bank and other notes payable at December 31, 2021 and 2020 consist of the following: Line of Credit: On April 14, 2021, the Company terminated its existing credit facility and entered into a new credit agreement, which provides for an aggregate $700,000 facility, including a $525,000 revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175,000 term loan facility that matures on April 14, 2024. The revolving loan facility can be expanded up to $800,000, subject to receipt of lender commitments and other conditions. Concurrently with entering into the new credit agreement, the Company drew the $175,000 term loan facility in its entirety and drew $320,000 of the amount available under the revolving loan facility. Simultaneously with entering into the new credit agreement, the Company repaid $985,000 of debt, which included terminating and repaying all amounts outstanding under its prior revolving line of credit facility. All obligations under the facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The new credit facility bears interest at LIBOR plus a spread of 2.25% to 3.25% depending on the Company’s overall leverage level. As of December 31, 2021, the borrowing rate was LIBOR plus 2.25%. As of December 31, 2021, borrowings under the facility were $119,000, less unamortized deferred finance costs of $14,189, for the revolving loan facility at a total interest rate of 3.86%. As of December 31, 2021, the Company's availability under the revolving loan facility for additional borrowings was $405,719. On September 20, 2021, the Company paid off the remaining balance outstanding on the term loan facility with proceeds from the sale of Tucson La Encantada (See Note 16—Dispositions). The estimated fair value (Level 2 measurement) of borrowings under the credit facility at December 31, 2021 was $118,198 for the revolving loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt. The Company had a $1,500,000 revolving line of credit that bore interest at LIBOR plus a spread of 1.30% to 1.90%, depending on the Company's overall leverage level, and was to mature on July 6, 2020. On April 8, 2020, the Company exercised its option to extend the maturity of the facility to July 6, 2021. The line of credit could have been expanded, depending on certain conditions, up to a total facility of $2,000,000. Based on the Company's leverage level as of December 31, 2020, the borrowing rate on the facility was LIBOR plus 1.65%. On April 14, 2021, the Company repaid the $985,000 of outstanding debt and terminated this credit facility. The Company had four interest rate swap agreements that effectively converted a total of $400,000 of the outstanding balance from floating rate debt of LIBOR plus 1.65% to fixed rate debt of 4.50% until September 30, 2021. These swaps were hedged against the Santa Monica Place floating rate loan and a portion of the Green Acres Commons floating rate loan effectively converting these loans to fixed rate debt through September 30, 2021. The Company did not renew the swaps that expired on September 30, 2021 and, as a result, on October 1, 2021, these loans reverted back to floating interest rate loans (See Note 5 – Derivative Instruments and Hedging Activities and Note 10 – Mortgage Notes Payable). As of December 31, 2020, borrowings under the prior line of credit was $1,480,000 less unamortized deferred finance costs of $2,460 at a total interest rate of 2.73%. As of December 31, 2020, the Company's availability under the prior line of credit for additional borrowings was $19,719. The estimated fair value (Level 2 measurement) of borrowings under the line of credit at December 31, 2020 was $1,485,598 based on a present value model using a credit interest rate spread offered to the Company for comparable debt. As of December 31, 2021 and 2020, the Company was in compliance with all applicable financial loan covenants.

- 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.

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+ Details

Financing Arrangement

12 Months Ended

Dec. 31, 2021

Co-Venture Arrangement [Abstract]

Financing Arrangement

Financing Arrangement:

On September 30, 2009, the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Chandler Fashion Center, a 1,319,000 square foot regional town center in Chandler, Arizona, and Freehold Raceway Mall, a 1,553,000 square foot regional town center in Freehold, New Jersey, referred to herein as Chandler Freehold. As a result of the Company having certain rights under the agreement to repurchase the assets of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction was initially accounted for as a co-venture arrangement, and accordingly the assets, liabilities and operations of the properties remain on the books of the Company and a co-venture obligation was established for the net cash proceeds received from the third party less costs allocated to a warrant.

Upon adoption of ASC 606 on January 1, 2018, the Company changed its accounting for Chandler Freehold from a co-venture arrangement to a financing arrangement. Under the Financing Arrangement, the Company recognizes interest expense on (i) the changes in fair value of the Financing Arrangement obligation, (ii) any payments to the joint venture partner equal to their pro rata share of net (loss) income and (iii) any payments to the joint venture partner less than or in excess of their pro rata share of net income.

During the years ended December 31, 2021, 2020 and 2019 the Company incurred interest (income) expense in connection with the financing arrangement as follows:


	2021		2020		2019
Distributions of the partner's share of net (loss) income	$	(2,763)	$	1,144	$	7,184
Distributions in excess of the partner's share of net income	14,435		3,097		6,939
Adjustment to fair value of financing arrangement obligation	(15,390)		(139,522)		(76,640)
	$	(3,718)	$	(135,281)	$	(62,517)

The fair value (Level 3 measurement) of the financing arrangement obligation at December 31, 2021 and 2020 was based upon a terminal capitalization rate of approximately 5.75% and 5.5%, respectively, a discount rate of approximately 7.25% and 7.0%, respectively, and market rents per square foot ranging from $35 to $105. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Distributions to the partner, excluding distributions of excess loan proceeds, and changes in fair value of the financing arrangement obligation are recognized as interest (income) expense in the Company's consolidated statements of operations.

On June 27, 2019, the Company replaced the existing mortgage note payable on Chandler Fashion Center with a new $256,000 loan (See Note 10—Mortgage Notes Payable). In connection with the refinancing transaction, the Company distributed $27,945 of the excess loan proceeds to its joint venture partner, which was recorded as a reduction to the financing arrangement obligation.

Noncontrolling Interests	12 Months Ended
Noncontrolling Interests	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests: The Company allocates net income of the Operating Partnership based on the weighted-average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership periodically to reflect its ownership interest in the Company. The Company had a 96% and 93% ownership interest in the Operating Partnership as of December 31, 2021 and 2020, respectively. The remaining 4% and 7% limited partnership interest as of December 31, 2021 and 2020, respectively, was owned by certain of the Company's executive officers and directors, certain of their affiliates, and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of registered or unregistered stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the ten trading days ending on the respective balance sheet date. Accordingly, as of December 31, 2021 and 2020, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $147,259 and $117,602, respectively. The Company issued common and cumulative preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder, the Company may redeem them for cash or shares of the Company's stock at the Company's option, and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity: Stock Dividend: On June 3, 2020, the Company issued 7,759,280 common shares to its common stockholders in connection with the quarterly dividend of $0.50 per share of common stock declared on March 16, 2020. The dividend consisted of a combination of cash and shares of the Company's common stock. The cash component of the dividend (not including cash paid in lieu of fractional shares) was 20% in the aggregate, or $0.10 per share, with the balance paid in shares of the Company's common stock. In accordance with the provisions of Internal Revenue Service Revenue Procedure 2017-45, stockholders were asked to make an election to receive the dividend all in cash or all in shares. To the extent that more than 20% of cash was elected in the aggregate, the cash portion was prorated. Stockholders who elected to receive the dividend in cash received a cash payment of at least $0.10 per share. Stockholders who did not make an election received 20% in cash and 80% in shares of common stock. The number of shares issued as a result of the dividend was calculated based on the volume weighted average trading price of the Company's common stock on the New York Stock Exchange on May 20, May 21 and May 22, 2020 of $7.2956. The Company accounted for the stock portion of its distribution as a stock issuance as opposed to a stock dividend. Accordingly, the impact of the shares issued is reflected in the Company's earnings per share calculation on a prospective basis. The issuance of the stock dividend resulted in a reduction of $0.05 on both basic and diluted earnings per share for the year ended December 31, 2020. Stock Offerings: In connection with the commencement of separate “at the market” offering programs, on each of February 1, 2021 and March 26, 2021, which are referred to as the “February 2021 ATM Program” and the “March 2021 ATM Program,” respectively, and collectively as the “ATM Programs,” the Company entered into separate equity distribution agreements with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500,000 under each of the February 2021 ATM Program and the March 2021 ATM Program, or a total of $1,000,000 under the ATM Programs. During the twelve months ended December 31, 2021, the Company issued 62,049,131 shares of common stock under the ATM Programs for aggregate gross proceeds of $848,301 and net proceeds of $830,241 after commissions and other transaction costs. The proceeds from the sales under the ATM Programs were used to pay down the Company’s line of credit (See Note 11 – Bank and Other Notes Payable). As of December 31, 2021, $151,699 remained available to be sold under the March 2021 ATM Program. The February 2021 ATM Program was fully utilized as of June 30, 2021 and is no longer active. Actual future sales will depend upon a variety of factors including, but not limited to, market conditions, the trading price of the Company’s common stock and the Company’s capital needs. The Company has no obligation to sell the remaining shares available for sale under the ATM Programs. Stock Buyback Program: On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated share repurchase transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program". There were no repurchases under the Stock Buyback Program during the years ended December 31, 2021, 2020 and 2019.

- 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 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Joint Venture and Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Consolidated Joint Venture and Acquisitions

Consolidated Joint Venture and Acquisitions:

Fashion District Philadelphia:

Effective December 10, 2020, the Company made the Partnership Loan to the Company’s previously unconsolidated joint venture in Fashion District Philadelphia, pursuant to the joint venture’s amended and restated partnership agreement, to fund a $100,000 repayment to reduce the mortgage notes payable on Fashion District Philadelphia from $301,000 to $201,000. The Partnership Loan plus 15% accrued interest must be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner. Prior to the restructuring, the Company had accounted for its investment in Fashion District Philadelphia under the equity method of accounting due to substantive participation rights held by the Company’s joint venture partner. Pursuant to the amended and restated partnership agreement, the substantive participation rights of the Company’s joint venture partner were terminated and as a result, the joint venture is treated as a VIE. The Company became the primary beneficiary of the VIE and commenced consolidating Fashion District Philadelphia in its consolidated financial statements effective December 10, 2020. Prior to December 10, 2020, the Company’s share of the joint venture’s net (loss) income was included in its consolidated statements of operations in equity in (loss) income of unconsolidated joint ventures.

The consolidation of the joint venture required the Company to recognize the joint venture’s identifiable assets and liabilities at fair value in the Company’s consolidated financial statements, along with the fair value of the non-controlling interest. The fair value of the joint venture’s assets and liabilities upon initial consolidation were measured using estimates of expected future cash flows and other valuation techniques. The fair value of the joint venture property was determined by using income and market or sales comparison valuation approaches which included, but are not limited to estimates of rental rates, comparable sales, revenue and expense growth rates, capitalization rates and discount rates. The allocation of fair value to assets was estimated by the market or sales comparison, cost and income approaches. Assumed debt was recorded at fair value based upon the present value of the expected future payments and current interest rates. Other acquired assets, including cash, and assumed liabilities were recorded at cost due to the short-term nature of the balances.

The following is a summary of the allocation of the fair value of Fashion District Philadelphia:


Property	$	331,514
Deferred charges	25,272
Cash and cash equivalents	4,492
Restricted cash	1,319
Tenant receivables	8,476
Other assets	30,582
Total assets acquired	401,655
Mortgage note payable	201,000
Partnership loan(1)	100,000
Accounts payable	6,673
Due to affiliates	3
Other accrued liabilities	55,717
Total liabilities assumed	363,393
Fair value of acquired net assets (at 100% ownership)	$	38,262

(1)The Partnership Loan is eliminated in the Company's consolidated financial statements.

15. Consolidated Joint Venture and Acquisitions: (Continued)

The Company recognized a remeasurement loss to adjust the carrying value of its existing investment in the joint venture to its estimated fair value in the Company’s consolidated financial statements. The remeasurement loss was determined by taking the difference between the fair value of assets less its liabilities and the sum of the carrying value of the Company’s existing investment in the joint venture and the fair value of the noncontrolling interest.

The Company recognized the following remeasurement loss on the Fashion District Philadelphia restructuring:


Fair value of acquired net assets (at 100% ownership)	$	38,262
Fair value of the noncontrolling interest	(19,131)
Carrying value of existing investment in the joint venture	(182,429)
Loss on remeasurement of asset	$	(163,298)

Sears South Plains:

The following is a summary of the allocation of the fair value of Sears South Plains:


Land	$	8,170
Building and improvements	11,130
Fair value of acquired net assets (at 100% ownership)	$	19,300

Dispositions	12 Months Ended
Dispositions	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions: On March 29, 2021, the Company sold Paradise Valley Mall in Phoenix, Arizona to a newly formed joint venture for $100,000 resulting in a gain on sale of assets and land of $5,563. Concurrent with the sale, the Company elected to reinvest into the new joint venture at a 5% ownership interest (see Note 4 – Investments in Unconsolidated Joint Ventures). The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes. On September 17, 2021, the Company sold Tucson La Encantada in Tucson, Arizona for $165,250, resulting in a gain on sale of assets of approximately $117,242. The Company used the net cash proceeds of $100,142 to pay down debt. For the twelve months ended December 31, 2021, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $29,427. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: As of December 31, 2021, the Company was contingently liable for $40,997 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At December 31, 2021, the Company had $12,785 in outstanding obligations, which it believes will be settled in the next twelve months.

Related Party Transactions

12 Months Ended

Dec. 31, 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 years ended December 31:


	2021		2020		2019
Management fees	$	17,872	$	15,297	$	18,748
Development and leasing fees	5,958		6,951		16,056
	$	23,830	$	22,248	$	34,804

Interest (income) expense from related party transactions also includes $(3,718), $(135,281) and $(62,517) for the years ended December 31, 2021, 2020 and 2019, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement).

Due (to) from affiliates includes $(327) and $1,612 of (prepaid) unreimbursed costs and fees due (to) from unconsolidated joint ventures under management agreements at December 31, 2021 and 2020, respectively.

In addition, due from affiliates included a note receivable from RED/303 LLC ("RED") that bore interest at 5.25% and was to mature on May 30, 2021. Interest income earned on this note was $0, $0 and $141 for the years ended December 31, 2021, 2020 and 2019, respectively. On October 7, 2019, the note was collected in full. RED was considered a related party because it was a partner in a joint venture development project. The note was collateralized by RED's membership interest in the development project.

Also included in due from affiliates was a note receivable from Lennar Corporation that bore interest at LIBOR plus 2% and was to mature upon the completion of certain milestones in connection with the planned development of Fashion Outlets of San Francisco. As a result of those milestones not being completed, the Company elected to terminate the development agreement and the note was collected in full on February 13, 2019. Interest income earned on this note was $0, $0 and $1,112 for the years ended December 31, 2021, 2020 and 2019, respectively. Lennar Corporation was considered a related party because it was a joint venture partner in the project.

Share and Unit-based Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Share and Unit-based Plans

Share and Unit-based Plans:

The Company has established share and unit-based compensation plans for the purpose of attracting and retaining executive officers, directors and key employees.

2003 Equity Incentive Plan:

The 2003 Equity Incentive Plan ("2003 Plan") authorizes the grant of stock awards, stock options, stock appreciation rights, stock units, stock bonuses, performance-based awards, dividend equivalent rights and OP Units or other convertible or exchangeable units. As of December 31, 2021, stock awards, stock units, LTIP Units (as defined below), stock appreciation rights ("SARs") and stock options have been granted under the 2003 Plan. All stock options or other rights to acquire common stock granted under the 2003 Plan have a term of 10 years or less. These awards were generally granted based on the performance of the Company and the employees. None of the awards have performance requirements other than a service condition of continued employment unless otherwise provided. All awards are subject to restrictions determined by the Company's compensation committee. The aggregate number of shares of common stock that may be issued under the 2003 Plan is 20,912,331 shares. As of December 31, 2021, there were 5,112,831 shares available for issuance under the 2003 Plan.

19. Share and Unit-based Plans: (Continued)

Stock Units:

The stock units represent the right to receive upon vesting one share of the Company's common stock for one stock unit. The value of the stock units was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock units during the years ended December 31, 2021, 2020 and 2019:


	2021			2020			2019
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance at beginning of year	309,845	$	21.47	199,987	$	43.59	129,457	$	64.21
Granted	169,112	14.61		253,184	14.14		160,932	37.44
Vested	(211,465)	19.03		(140,224)	39.53		(85,157)	62.84
Forfeited	(987)	22.12		(3,102)	32.62		(5,245)	51.48
Balance at end of year	266,505	$	19.05	309,845	$	21.47	199,987	$	43.59

Long-Term Incentive Plan Units:

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

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

The fair value of the service-based LTIP Units was determined by the market price of the Company's common stock on the date of the grant. The fair value of the market-indexed LTIP Units and performance-based LTIP Units are estimated on the date of grant using a Monte Carlo Simulation model. The stock price of the Company, along with the stock prices of the group of peer REITs (for market-indexed awards), is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the share price of the Company and the peer group REITs were estimated based on a look-back period. The expected growth rate of the stock prices over the "derived service period" is determined with consideration of the risk free rate as of the grant date.

19. Share and Unit-based Plans: (Continued)

The Company has granted the following LTIP units during the years ended December 31, 2021, 2020 and 2019:


Grant Date	Units	Type	Fair Value per LTIP Unit		Vest Date
1/1/2019	81,732	Service-based	$	43.28	12/31/2021
1/1/2019	250,852	Market-indexed	$	29.25	12/31/2021
9/1/2019	4,393	Service-based	$	28.53	8/31/2022
9/1/2019	6,454	Market-indexed	$	19.42	8/31/2022
	343,431

1/1/2020	154,158	Service-based	$	26.92	12/31/2022
1/1/2020	321,940	Market-indexed	$	27.80	12/31/2022
3/1/2020	39,176	Service-based	$	20.42	2/28/2023
3/1/2020	37,592	Market-indexed	$	21.28	2/28/2023
	552,866

1/1/2021	576,378	Service-based	$	10.67	12/31/2023
1/1/2021	1,005,073	Performance-based	$	9.85	12/31/2023
	1,581,451

The fair value of the market-indexed LTIP Units and performance-based LTIP Units (Level 3) were estimated on the date of grant using a Monte Carlo Simulation model that based on the following assumptions:


Grant Date	Risk Free Interest Rate		Expected Volatility
1/1/2019	2.46	%	23.52	%
9/1/2019	1.42	%	24.91	%
1/1/2020	1.62	%	26.08	%
3/1/2020	0.85	%	28.34	%
1/1/2021	0.17	%	62.82	%

19. Share and Unit-based Plans: (Continued)

The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2021, 2020 and 2019:


	2021			2020			2019
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance at beginning of year	784,052	$	28.11	616,219	$	39.04	661,578	$	48.38
Granted	1,581,451	10.15		552,866	26.59		343,431	32.40
Vested	(286,373)	17.62		(102,884)	40.19		(76,306)	59.27
Forfeited	(241,439)	29.25		(282,149)	44.28		(312,484)	46.55
Balance at end of year	1,837,691	$	14.14	784,052	$	28.11	616,219	$	39.04

Stock Options:

On May 30, 2017, the Company granted 25,000 non-qualified stock options with a grant date fair value of $10.02 that vested on May 30, 2019. The Company measured the value of each option awarded using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 30.19%, dividend yield of 4.93%, risk free rate of 2.08%, current value of $57.55 and an expected term of 8 years.

The following table summarizes the activity of stock options for the years ended December 31, 2021, 2020 and 2019:


	2021			2020			2019
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	37,515	$	54.34	35,565	$	57.32	35,565	$	57.32
Granted(1)	—	—		1,950	—		—	—

Balance at end of year	37,515	$	54.34	37,515	$	54.34	35,565	$	57.32

(1)Pursuant to the terms of the Company's equity plan, the exercise price and number of options were adjusted so that the stock dividend paid on June 3, 2020 had no negative impact on the outstanding stock options (See Note 14–Stockholders' Equity).

Directors' Phantom Stock Plan:

The Directors' Phantom Stock Plan offers non-employee members of the board of directors ("Directors") the opportunity to defer their cash compensation and to receive that compensation in common stock rather than in cash after termination of service or a predetermined period. Compensation generally includes the annual retainers payable by the Company to the Directors. Deferred amounts are generally credited as units of phantom stock at the beginning of each three-year deferral period by dividing the present value of the deferred compensation by the average fair market value of the Company's common stock at the date of award. Compensation expense related to the phantom stock awards was determined by the amortization of the value of the stock units on a straight-line basis over the applicable service period. The stock units (including dividend equivalents) vest as the Directors' services (to which the fees relate) are rendered. Vested phantom stock units are ultimately paid out in common stock on a one-unit for one-share basis. To the extent elected by a Director, stock units receive dividend equivalents in the form of additional stock units based on the dividend amount paid on the common stock. The aggregate number of phantom stock units that may be granted under the Directors' Phantom Stock Plan is 500,000. As of December 31, 2021, there were 92,508 stock units available for grant under the Directors' Phantom Stock Plan.

19. Share and Unit-based Plans: (Continued)

The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2021, 2020 and 2019:


	2021			2020			2019
	Stock Units	Weighted Average Grant Date Fair Value		Stock Units	Weighted Average Grant Date Fair Value		Stock Units	Weighted Average Grant Date Fair Value
Balance at beginning of year	4,662	$	35.35	7,216	$	43.29	—	$	—
Granted	17,554	12.09		24,576	17.11		23,690	40.26
Vested	(22,216)	16.97		(27,130)	20.94		(16,474)	38.94
Forfeited	—	—		—	—		—	—
Balance at end of year	—	$	—	4,662	$	35.35	7,216	$	43.29

Employee Stock Purchase Plan ("ESPP"):

The ESPP authorizes eligible employees to purchase the Company's common stock through voluntary payroll deductions made during periodic offering periods. Under the ESPP, common stock is purchased at a 15% discount from the lesser of the fair value of common stock at the beginning and end of the offering period. A maximum of 1,291,117 shares of common stock is available for purchase under the ESPP. The number of shares available for future purchase under the plan at December 31, 2021 was 489,362.

Compensation:

The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
Stock units	$	3,173	$	4,159	$	4,598
LTIP units	14,448		13,339		11,372
Stock options	—		—		51
Phantom stock units	377		568		702
	$	17,998	$	18,066	$	16,723

The Company capitalized share and unit-based compensation costs of $3,725, $4,223 and $4,691 for the years ended December 31, 2021, 2020 and 2019, respectively.

The fair value of the stock awards and stock units that vested during the years ended December 31, 2021, 2020 and 2019 was $3,408, $1,376 and $3,577, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2021 consisted of $4,610 from LTIP Units and $1,533 from stock units.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans: 401(k) Plan: The Company has a defined contribution retirement plan that covers its eligible employees (the "Plan"). The Plan is a defined contribution retirement plan covering eligible employees of the Macerich Property Management Company, LLC and participating affiliates. This Plan includes The Macerich Company Common Stock Fund as a new investment alternative under the Plan with 650,000 shares of common stock reserved for issuance under the Plan. In accordance with the Plan, the Company makes matching contributions equal to 100 percent of the first three percent of compensation deferred by a participant and 50 percent of the next two percent of compensation deferred by a participant. During the years ended December 31, 2021, 2020 and 2019, these matching contributions made by the Company were $3,144, $3,455 and $3,346, respectively. Contributions and matching contributions to the Plan by the plan sponsor and/or participating affiliates are recognized as an expense of the Company in the period that they are made. Deferred Compensation Plans: The Company has established deferred compensation plans under which executives and key employees of the Company may elect to defer receiving a portion of their cash compensation otherwise payable in one calendar year until a later year. The Company may, as determined by the Board of Directors in its sole discretion prior to the beginning of the plan year, credit a participant's account with a matching amount equal to a percentage of the participant's deferral. The Company contributed $325, $695 and $814 to the plans during the years ended December 31, 2021, 2020 and 2019, respectively. Contributions are recognized as compensation in the periods they are made.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes:

For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2021, 2020 and 2019:


	2021(1)				2020(1)				2019(1)
Ordinary income	$	0.04	6.0	%	$	0.08	5.2	%	$	1.32	44.2	%
Capital gains	0.15		24.9	%	0.02		1.3	%	0.64		21.2	%

Return of capital	0.41		69.1	%	1.45		93.5	%	1.04		34.6	%
Dividends paid	$	0.60	100.0	%	$	1.55	100.0	%	$	3.00	100.0	%

_______________________________________________________________________________

(1)The 2021, 2020 and 2019 taxable ordinary dividends are treated as "qualified REIT dividends" for purposes of Internal Revenue Code Section 199A.

The Company has made Taxable REIT Subsidiary elections for all of its corporate subsidiaries other than its Qualified REIT Subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code.

The income tax provision of the TRSs for the years ended December 31, 2021, 2020 and 2019 are as follows:


	2021		2020		2019
Current	$	—	$	439	$	(150)
Deferred	(6,948)		8		(1,439)
Income tax (expense) benefit	$	(6,948)	$	447	$	(1,589)

The income tax provision of the TRSs for the years ended December 31, 2021, 2020 and 2019 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:


	2021		2020		2019
Book loss (income) for TRSs	$	(23,205)	$	6,058	$	(2,062)
Tax at statutory rate on earnings from continuing operations before income taxes	$	(4,873)	$	1,272	$	(433)

State taxes	(1,261)		(31)		(280)
Other	(814)		(794)		(876)
Income tax (expense) benefit	$	(6,948)	$	447	$	(1,589)

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2021 and 2020 are summarized as follows:


	2021		2020
Net operating loss carryforwards	$	23,944	$	27,196
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	(1,013)		2,927
Other	475		644
Net deferred tax assets	$	23,406	$	30,767

The net operating loss ("NOL") carryforwards for NOLs generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2025. Pursuant to the Tax Cuts and Jobs Act of 2017, NOLs generated in 2018 and subsequent tax years are carried forward indefinitely. The Coronavirus Aid, Relief and Economic Security Act removed the 80% of taxable income limitation, imposed by the Tax Cuts and Jobs Act, for NOLs generated in 2018, 2019 and 2020.

For the years ended December 31, 2021, 2020 and 2019 there were no unrecognized tax benefits.

The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of December 31, 2021, the Company had no valuation allowance recorded.

The tax years 2018 through 2020 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next 12 months.

- 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.

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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events:On January 27, 2022, the Company announced a dividend/distribution of $0.15 per share for common stockholders and OP Unit holders of record on February 18, 2022. All dividends/distributions will be paid 100% in cash on March 3, 2022.

Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III-Real Estate and Accumulated Depreciation Disclosure


	Initial Cost to Company								Gross Amount at Which Carried at Close of Period
Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation
Chandler Fashion Center	$	24,188	$	223,143	$	—	$	32,631	$	24,188	$	246,967	$	5,205	$	3,602	$	279,962	$	132,622	$	147,340
Danbury Fair Mall	130,367		316,951		—		113,156		141,479		390,915		10,124		17,956		560,474		171,291		389,183
Desert Sky Mall	9,447		37,245		12		6,543		9,082		41,232		2,933		—		53,247		16,496		36,751
Eastland Mall	22,050		151,605		—		11,990		20,810		162,693		2,130		12		185,645		49,685		135,960
Fashion District Philadelphia	38,402		293,112		—		6,262		39,962		296,775		235		804		337,776		9,505		328,271
Fashion Outlets of Chicago	—		—		—		275,149		40,575		228,900		4,550		1,124		275,149		80,811		194,338
Fashion Outlets of Niagara Falls USA	18,581		210,139		—		105,795		23,762		308,480		2,183		90		334,515		108,446		226,069
The Marketplace at Flagstaff	—		—		—		45,855		—		45,855		—		—		45,855		28,944		16,911
Freehold Raceway Mall	164,986		362,841		—		126,120		168,098		476,181		9,258		410		653,947		236,094		417,853
Fresno Fashion Fair	17,966		72,194		—		56,980		17,966		125,844		3,091		239		147,140		69,798		77,342
Green Acres Mall	156,640		321,034		—		190,705		177,378		458,349		10,886		21,766		668,379		155,232		513,147
Inland Center	8,321		83,550		—		36,548		10,291		117,704		380		44		128,419		34,449		93,970
Kings Plaza Shopping Center	209,041		485,548		20,000		277,854		205,012		676,363		60,084		50,984		992,443		178,069		814,374
La Cumbre Plaza	18,122		21,492		—		19,436		13,856		45,004		190		—		59,050		26,776		32,274
Macerich Management Co.	1,150		10,475		26,562		27,857		3,878		17,942		43,270		954		66,044		29,453		36,591
MACWH, LP	—		25,771		—		12,461		10,777		27,455		—		—		38,232		11,964		26,268
NorthPark Mall	7,746		74,661		—		11,350		7,076		85,985		696		—		93,757		31,363		62,394
Oaks, The	32,300		117,156		—		268,973		56,387		357,987		3,558		497		418,429		194,018		224,411
Pacific View	8,697		8,696		—		137,922		7,854		145,911		1,550		—		155,315		84,979		70,336
Prasada	6,615		—		—		23,373		3,114		26,445		—		429		29,988		2,337		27,651
Queens Center	251,474		1,039,922		—		54,263		256,786		1,082,404		5,892		577		1,345,659		212,717		1,132,942
Santa Monica Place	26,400		105,600		—		317,936		42,513		316,488		6,624		84,311		449,936		124,540		325,396
SanTan Adjacent Land	29,414		—		—		10,276		26,902		—		—		12,788		39,690		—		39,690
SanTan Village Regional Center	7,827		—		—		219,174		5,921		219,354		1,713		13		227,001		115,796		111,205
Sears South Plains	8,170		11,130		—		1,057		—		—		—		20,357		20,357		—		20,357
SouthPark Mall	7,035		38,215		—		(7,985)		2,899		33,932		434		—		37,265		17,796		19,469
Southridge Center	6,764		—		—		6,973		1,963		11,659		115		—		13,737		7,788		5,949
Stonewood Center	4,948		302,527		—		13,158		4,935		315,115		583		—		320,633		69,719		250,914
Superstition Springs Center	10,928		112,718		—		11,687		10,928		123,344		1,061		—		135,333		32,155		103,178
Superstition Springs Power Center	1,618		4,420		—		(98)		1,194		4,709		37		—		5,940		2,415		3,525
The Macerich Partnership, L.P.	—		2,534		—		5,969		—		1,138		7,365		—		8,503		1,827		6,676
Towne Mall	6,652		31,184		—		5,110		6,877		35,620		350		99		42,946		18,746		24,200
See accompanying report of independent registered public accounting firm.


	Initial Cost to Company								Gross Amount at Which Carried at Close of Period
Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation
Valley Mall	16,045		26,098		—		12,675		14,506		40,064		248		—		54,818		16,513		38,305
Valley River Center	24,854		147,715		—		35,224		24,854		180,766		1,896		277		207,793		79,922		127,871
Victor Valley, Mall of	15,700		75,230		—		54,907		20,080		124,161		1,596		—		145,837		66,260		79,577
Vintage Faire Mall	14,902		60,532		—		59,758		17,417		114,524		1,580		1,671		135,192		80,686		54,506
Wilton Mall	19,743		67,855		—		(3,052)		11,310		72,044		1,155		37		84,546		48,449		36,097
Other freestanding stores	5,926		31,785		—		(5,369)		4,906		27,142		294		—		32,342		14,584		17,758
Other land and development properties	37,850		—		—		(21,594)		6,322		6,555		—		3,379		16,256		1,099		15,157
	$	1,370,869	$	4,873,078	$	46,574	$	2,557,029	$	1,441,858	$	6,992,006	$	191,266	$	222,420	$	8,847,550	$	2,563,344	$	6,284,206

Depreciation of the Company's investment in buildings and improvements reflected in the consolidated statements of operations are calculated over the estimated useful lives of the asset as follows:


Buildings and improvements			5 - 40 years
Tenant improvements			5 - 7 years
Equipment and furnishings			5 - 7 years

The changes in total real estate assets for the three years ended December 31, 2021 are as follows:


	2021		2020		2019
Balances, beginning of year	$	9,256,712	$	8,993,049	$	8,878,820
Additions	100,616		419,369		176,690
Dispositions and retirements	(509,778)		(155,706)		(62,461)
Balances, end of year	$	8,847,550	$	9,256,712	$	8,993,049

The aggregate cost of the property included in the table above for federal income tax purposes was $8,877,859 (unaudited) at December 31, 2021.

The changes in accumulated depreciation for the three years ended December 31, 2021 are as follows:


	2021		2020		2019
Balances, beginning of year	$	2,562,133	$	2,349,536	$	2,093,044
Additions	282,158		287,925		287,846
Dispositions and retirements	(280,947)		(75,328)		(31,354)
Balances, end of year	$	2,563,344	$	2,562,133	$	2,349,536

See accompanying report of independent registered public accounting firm.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation:

These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America.

Consolidation of VIE

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents and Restricted Cash:

Revenues

Revenues:

The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers.

Property

Property:

Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows:


Buildings and improvements			5 - 40 years
Tenant improvements			5 - 7 years
Equipment and furnishings			5 - 7 years

Capitalization of Costs

Capitalization of Costs:

Investment in Unconsolidated Joint Ventures

Investment in Unconsolidated Joint Ventures:

Acquisitions

Acquisitions:

Deferred Charges

Deferred Charges:

The range of the terms of the agreements is as follows:


Deferred leasing costs			1 - 15 years
Deferred financing costs			1 - 15 years

Accounting for Impairment

Accounting for Impairment:

Share and Unit-based Compensation Plans

Share and Unit-based Compensation Plans:The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards.

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities:

Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense.

Income Taxes

Income Taxes:

Segment Information

Segment Information:

Fair Value of Financial Instruments

Fair Value of Financial Instruments:

an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.The Company records its financing arrangement obligation at fair value on a recurring basis with changes in fair value being recorded as interest expense in the Company’s consolidated statements of operations. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including the discount rate, terminal capitalization rate and market rents. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement.

Concentration of Risk

Concentration of Risk:The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250.

Management Estimates

Management Estimates:

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

standard was effective for the Company beginning January 1, 2019. The Company's adoption of this standard did not have a significant impact on its consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule Operating Partnership's VIEs

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


	December 31,
	2021		2020
Assets:
Property, net	$	458,964	$	551,062
Other assets	83,685		97,713
Total assets	$	542,649	$	648,775
Liabilities:
Mortgage notes payable	$	413,925	$	420,233
Other liabilities	56,947		81,266
Total liabilities	$	470,872	$	501,499

Schedule of Cash and Cash Equivalents


	2021		2020		2019
Beginning of period
Cash and cash equivalents	$	465,297	$	100,005	$	102,711
Restricted cash	17,362		14,211		46,590
Cash and cash equivalents and restricted cash	$	482,659	$	114,216	$	149,301
End of period
Cash and cash equivalents	$	112,454	$	465,297	$	100,005
Restricted cash	54,517		17,362		14,211
Cash and cash equivalents and restricted cash	$	166,971	$	482,659	$	114,216

Schedule of Restricted Cash


	2021		2020		2019
Beginning of period
Cash and cash equivalents	$	465,297	$	100,005	$	102,711
Restricted cash	17,362		14,211		46,590
Cash and cash equivalents and restricted cash	$	482,659	$	114,216	$	149,301
End of period
Cash and cash equivalents	$	112,454	$	465,297	$	100,005
Restricted cash	54,517		17,362		14,211
Cash and cash equivalents and restricted cash	$	166,971	$	482,659	$	114,216

Schedule of Real Estate Properties

Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows:


Buildings and improvements			5 - 40 years
Tenant improvements			5 - 7 years
Equipment and furnishings			5 - 7 years

Property, net at December 31, 2021 and 2020 consists of the following:


	2021		2020
Land	$	1,441,858	$	1,538,270
Buildings and improvements	6,306,764		6,620,708
Tenant improvements	685,242		750,250
Equipment and furnishings(1)	191,266		194,231
Construction in progress	222,420		153,253
	8,847,550		9,256,712
Less accumulated depreciation(1)	(2,563,344)		(2,562,133)
	$	6,284,206	$	6,694,579

Schedule of Range of the Terms of Loan and Lease Agreements

The range of the terms of the agreements is as follows:


Deferred leasing costs			1 - 15 years
Deferred financing costs			1 - 15 years

- 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)

12 Months Ended

Dec. 31, 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 earnings per share for the years ended December 31 (shares in thousands):


	2021		2020		2019
Numerator
Net income (loss)	$	16,163	$	(245,462)	$	102,554
Less: net income (loss) attributable to noncontrolling interests	1,900		(15,259)		5,734
Net income (loss) attributable to the Company	14,263		(230,203)		96,820
Allocation of earnings to participating securities	(853)		(1,048)		(1,190)
Numerator for basic and diluted EPS—net income (loss) attributable to common stockholders	$	13,410	$	(231,251)	$	95,630
Denominator




Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	198,070		146,232		141,340
EPS—net income (loss) attributable to common stockholders:
Basic and diluted	$	0.07	$	(1.58)	$	0.68

____________________________________

(1)Diluted EPS excludes 101,948, 97,926 and 90,619 convertible preferred units for the years ended December 31, 2021, 2020 and 2019, respectively, as their impact was antidilutive.

Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Ownership Interest in Joint Ventures


Joint Venture	Ownership %(1)

AM Tysons LLC	50.0	%
Biltmore Shopping Center Partners LLC	50.0	%
Corte Madera Village, LLC	50.1	%
Country Club Plaza KC Partners LLC	50.0	%
HPP-MAC WSP, LLC—One Westside	25.0	%
Kierland Commons Investment LLC	50.0	%
Macerich HHF Broadway Plaza LLC—Broadway Plaza	50.0	%
Macerich HHF Centers LLC—Various Properties	51.0	%
MS Portfolio LLC	50.0	%
New River Associates LLC—Arrowhead Towne Center	60.0	%

Pacific Premier Retail LLC—Various Properties	60.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
PV Land SPE, LLC	5.0	%
Scottsdale Fashion Square Partnership	50.0	%
TM TRS Holding Company LLC	50.0	%
Tysons Corner LLC	50.0	%
Tysons Corner Hotel I LLC	50.0	%
Tysons Corner Property Holdings II LLC	50.0	%
Tysons Corner Property LLC	50.0	%
West Acres Development, LLP	19.0	%
WMAP, L.L.C.—Atlas Park, The Shops at	50.0	%

_______________________________________________________________________________

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31:


	2021		2020
Assets(1):
Property, net	$	8,289,412	$	8,721,551
Other assets	750,629		774,583
Total assets	$	9,040,041	$	9,496,134
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,686,500	$	5,942,478
Other liabilities	325,115		397,483
Company's capital	1,638,112		1,711,944
Outside partners' capital	1,390,314		1,444,229
Total liabilities and partners' capital	$	9,040,041	$	9,496,134
Investment in unconsolidated joint ventures:
Company's capital	$	1,638,112	$	1,711,944
Basis adjustment(2)	(448,149)		(479,678)
	$	1,189,963	$	1,232,266

Assets—Investments in unconsolidated joint ventures	1,317,571		$	1,340,647
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(127,608)		(108,381)
	$	1,189,963	$	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
Year Ended December 31, 2021
Revenues:
Leasing revenue	$	168,842	$	631,139	$	799,981
Other	62		57,083		57,145
Total revenues	168,904		688,222		857,126
Expenses:
Shopping center and operating expenses	40,298		246,692		286,990
Leasing expense	1,286		4,392		5,678
Interest expense	63,072		147,545		210,617
Depreciation and amortization	97,494		253,561		351,055
Total operating expenses	202,150		652,190		854,340
Loss on sale of assets	—		(9,178)		(9,178)

Net (loss) income	$	(33,246)	$	26,854	$	(6,392)
Company's equity in net (loss) income	$	(10,866)	$	26,555	$	15,689

Year Ended December 31, 2020
Revenues:
Leasing revenue	171,505		633,357		804,862
Other	614		18,439		19,053
Total revenues	172,119		651,796		823,915
Expenses:
Shopping center and operating expenses	37,018		240,139		277,157
Leasing expense	1,325		4,173		5,498
Interest expense	64,460		151,857		216,317
Depreciation and amortization	102,788		285,948		388,736
Total operating expenses	205,591		682,117		887,708
(Loss) gain on sale of assets	(120)		157		37

Net loss	$	(33,592)	$	(30,164)	$	(63,756)
Company's equity in net loss	$	(10,371)	$	(16,667)	$	(27,038)


	PPR Portfolio		Other Joint Ventures		Total
Year Ended December 31, 2019
Revenues:
Leasing revenue	$	187,789	$	712,860	$	900,649
Other	1,598		49,184		50,782
Total revenues	189,387		762,044		951,431
Expenses:
Shopping center and operating expenses	37,528		250,598		288,126
Leasing expense	1,598		6,695		8,293
Interest expense	67,354		150,111		217,465
Depreciation and amortization	100,490		273,565		374,055
Total operating expenses	206,970		680,969		887,939
Loss on sale of assets	(452)		(380)		(832)

Net (loss) income	$	(18,035)	$	80,695	$	62,660
Company's equity in net (loss) income	$	(590)	$	49,098	$	48,508

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Outstanding

The following derivatives were outstanding at December 31, 2021 and December 31, 2020:


							Fair Value
Property	Notional Amount		Product	LIBOR Rate		Maturity	December 31, 2021		December 31, 2020
Santa Monica Place(1)	$	300,000	Cap	4.00	%	12/9/2022	$	6	$	—
The Macerich Partnership, L.P.(1)	$	400,000	Swaps	2.85	%	9/30/2021	$	—	$	(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
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Property, net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Real Estate Properties

Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows:


Buildings and improvements			5 - 40 years
Tenant improvements			5 - 7 years
Equipment and furnishings			5 - 7 years

Property, net at December 31, 2021 and 2020 consists of the following:


	2021		2020
Land	$	1,441,858	$	1,538,270
Buildings and improvements	6,306,764		6,620,708
Tenant improvements	685,242		750,250
Equipment and furnishings(1)	191,266		194,231
Construction in progress	222,420		153,253
	8,847,550		9,256,712
Less accumulated depreciation(1)	(2,563,344)		(2,562,133)
	$	6,284,206	$	6,694,579

Schedule of Loss (Gain) on Sale or Write down of Assets

The gain (loss) on sale or write down of assets, net for the years ended December 31, 2021, 2020 and 2019 consist of the following:


	2021		2020		2019
Property sales(1)	$	113,657	$	—	$	—
Write-down of assets(2)	(67,344)		(76,705)		(16,285)
Land sales(3)	29,427		8,593		4,376

	$	75,740	$	(68,112)	$	(11,909)

_______________________________________________________________________________

(1)Includes gains related to the sale of La Encantada and Paradise Valley Mall (See Note 16-Dispositions).

(3)Includes $1,334 related to the sale of Paradise Valley Mall (See Note 16-Dispositions).

Assets Measured on a Nonrecurring Basis


Years ended December 31,	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
2021	$	4,720	$	—	$	4,720	$	—
2020	$	151,875	$	—	151,875		$	—

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Components of Leasing Revenue

The following table summarizes the components of leasing revenue for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
Leasing revenue - fixed payments	$	529,227	$	592,858	$	647,876
Leasing revenue - variable payments	251,930		191,715		218,680
Recovery of (provision for) doubtful accounts	6,390		(44,250)		(7,682)
	$	787,547	$	740,323	$	858,874

Schedule of Future Minimum Rental Payments by the Company

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


2022	$	373,164
2023	329,071
2024	272,035
2025	223,412
2026	176,352
Thereafter	502,336
	$	1,876,370

Summary of Lease Costs

The following table summarizes the lease costs for the year ended December 31, 2021:



Operating lease costs	$	14,611
Finance lease costs:
Amortization of ROU assets	1,917
Interest on lease liabilities	574
	$	17,102

Operating Lease Summary of Future Minimum Rental Payments Required

The following table summarizes the future rental payments required under the leases as of December 31, 2021:


Year ending	Operating Leases		Finance Leases
2022	$	14,302	$	4,461
2023	8,452		2,043
2024	6,471		9,072
2025	6,513		—
2026	6,470		—
Thereafter	109,358		—
Total undiscounted rental payments	151,566		15,576
Less imputed interest	(85,383)		(1,048)
Total lease liabilities	$	66,183	$	14,528

Finance Lease Summary of Future Minimum Rental Payments Required

The following table summarizes the future rental payments required under the leases as of December 31, 2021:


Year ending	Operating Leases		Finance Leases
2022	$	14,302	$	4,461
2023	8,452		2,043
2024	6,471		9,072
2025	6,513		—
2026	6,470		—
Thereafter	109,358		—
Total undiscounted rental payments	151,566		15,576
Less imputed interest	(85,383)		(1,048)
Total lease liabilities	$	66,183	$	14,528

Deferred Charges and Other Assets, net (Tables)

12 Months Ended

Dec. 31, 2021

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

Schedule of Deferred Charges and Other Assets, Net

Deferred charges and other assets, net at December 31, 2021 and 2020 consist of the following:


	2021		2020
Leasing	$	134,887	$	162,652
Intangible assets:
In-place lease values(1)	62,826		74,298
Leasing commissions and legal costs(1)	16,710		21,096
Above-market leases	72,289		80,120
Deferred tax assets	23,406		30,767
Deferred compensation plan assets	68,807		62,874
Other assets	46,319		61,553
	425,244		493,360
Less accumulated amortization(2)	(170,336)		(186,401)
	$	254,908	$	306,959

_______________________________

(1)The amortization of these intangible assets for the next five years and thereafter is as follows:


Year Ending December 31,
2022	$	6,617
2023	5,430
2024	4,369
2025	3,395
2026	3,437
Thereafter	12,310
	$	35,558

Schedule of Estimated Amortization of Intangible Assets for the Next Five Years and Thereafter

The amortization of these intangible assets for the next five years and thereafter is as follows:


Year Ending December 31,
2022	$	6,617
2023	5,430
2024	4,369
2025	3,395
2026	3,437
Thereafter	12,310
	$	35,558

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:


	2021		2020
Above-Market Leases
Original allocated value	$	72,289	$	80,120
Less accumulated amortization	(32,484)		(33,271)
	$	39,805	$	46,849
Below-Market Leases(1)
Original allocated value	$	99,332	$	114,790
Less accumulated amortization	(37,122)		(43,656)
	$	62,210	$	71,134

_______________________________

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

Schedule of Estimated Amortization of Allocated Values of Above and Below-market Leases for the Next Five Years and Thereafter

The amortization of these values for the next five years and thereafter is as follows:


Year Ending December 31,	Above Market		Below Market
2022	$	6,201	$	8,454
2023	5,724		7,766
2024	5,212		7,650
2025	3,821		6,071
2026	3,629		4,745
Thereafter	15,218		27,524
	$	39,805	$	62,210

Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Mortgage Notes Payable

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


	Carrying Amounts of Mortgage Notes(1)				Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Property Pledged as Collateral	2021		2020
Chandler Fashion Center(5)	$	255,548	$	255,361	4.18	%	$	875	2024
Danbury Fair Mall(6)	168,037		186,741		5.71	%	1,538		2022
Fashion District Philadelphia(7)	194,602		201,000		4.00	%	649		2024
Fashion Outlets of Chicago	299,274		299,193		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA(8)	95,329		101,463		6.45	%	727		2023
Freehold Raceway Mall(5)	398,711		398,545		3.94	%	1,300		2029
Fresno Fashion Fair	324,056		323,857		3.67	%	971		2026
Green Acres Commons(9)	124,875		129,847		3.12	%	298		2023
Green Acres Mall(10)	246,061		270,570		3.94	%	1,447		2023
Kings Plaza Shopping Center	535,928		535,413		3.71	%	1,629		2030
Oaks, The	176,721		183,108		4.14	%	1,064		2022
Pacific View	111,481		114,909		4.08	%	668		2022
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(11)	299,314		298,566		1.84	%	396		2022
SanTan Village Regional Center	219,323		219,233		4.34	%	788		2029
Towne Mall	19,320		19,815		4.48	%	117		2022
Tucson La Encantada(12)	—		62,018		4.23	%	—		—
Victor Valley, Mall of	114,850		114,791		4.00	%	380		2024
Vintage Faire Mall	240,124		246,380		3.55	%	1,256		2026
	$	4,423,554	$	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).

(7)Effective December 10, 2020, the Company began consolidating this joint venture and assumed this debt (See Note 15—Consolidated Joint Venture and Acquisitions).

(11)The loan bears interest at LIBOR plus 1.48%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2022.

(12)On September 17, 2021, the Company sold Tucson La Encantada and the mortgage payable was paid in full (See Note 16—Dispositions).

Future Maturities of Mortgage Notes Payable

The future maturities of mortgage notes payable are as follows:


Year Ending December 31,
2022	$	794,526
2023	473,111
2024	562,722
2025	607,399
2026	537,742
Thereafter	1,460,000
	4,435,500
Deferred finance cost, net	(11,946)
	$	4,423,554

Financing Arrangement (Tables)

12 Months Ended

Dec. 31, 2021

Co-Venture Arrangement [Abstract]

Financing Arrangement

During the years ended December 31, 2021, 2020 and 2019 the Company incurred interest (income) expense in connection with the financing arrangement as follows:


	2021		2020		2019
Distributions of the partner's share of net (loss) income	$	(2,763)	$	1,144	$	7,184
Distributions in excess of the partner's share of net income	14,435		3,097		6,939
Adjustment to fair value of financing arrangement obligation	(15,390)		(139,522)		(76,640)
	$	(3,718)	$	(135,281)	$	(62,517)

Consolidated Joint Venture and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Summary of Allocation of Fair Value

The following is a summary of the allocation of the fair value of Fashion District Philadelphia:


Property	$	331,514
Deferred charges	25,272
Cash and cash equivalents	4,492
Restricted cash	1,319
Tenant receivables	8,476
Other assets	30,582
Total assets acquired	401,655
Mortgage note payable	201,000
Partnership loan(1)	100,000
Accounts payable	6,673
Due to affiliates	3
Other accrued liabilities	55,717
Total liabilities assumed	363,393
Fair value of acquired net assets (at 100% ownership)	$	38,262

(1)The Partnership Loan is eliminated in the Company's consolidated financial statements.

The following is a summary of the allocation of the fair value of Sears South Plains:


Land	$	8,170
Building and improvements	11,130
Fair value of acquired net assets (at 100% ownership)	$	19,300

Schedule of Business Acquisitions, by Acquisition

The Company recognized the following remeasurement loss on the Fashion District Philadelphia restructuring:


Fair value of acquired net assets (at 100% ownership)	$	38,262
Fair value of the noncontrolling interest	(19,131)
Carrying value of existing investment in the joint venture	(182,429)
Loss on remeasurement of asset	$	(163,298)

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Fees Charged to Unconsolidated Joint Ventures

The following are fees charged to unconsolidated joint ventures for the years ended December 31:


	2021		2020		2019
Management fees	$	17,872	$	15,297	$	18,748
Development and leasing fees	5,958		6,951		16,056
	$	23,830	$	22,248	$	34,804

Share and Unit-based Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Activity of Non-vested Stock Units

The following table summarizes the activity of non-vested stock units during the years ended December 31, 2021, 2020 and 2019:


	2021			2020			2019
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance at beginning of year	309,845	$	21.47	199,987	$	43.59	129,457	$	64.21
Granted	169,112	14.61		253,184	14.14		160,932	37.44
Vested	(211,465)	19.03		(140,224)	39.53		(85,157)	62.84
Forfeited	(987)	22.12		(3,102)	32.62		(5,245)	51.48
Balance at end of year	266,505	$	19.05	309,845	$	21.47	199,987	$	43.59

Schedule of LTIP Units Granted

The Company has granted the following LTIP units during the years ended December 31, 2021, 2020 and 2019:


Grant Date	Units	Type	Fair Value per LTIP Unit		Vest Date
1/1/2019	81,732	Service-based	$	43.28	12/31/2021
1/1/2019	250,852	Market-indexed	$	29.25	12/31/2021
9/1/2019	4,393	Service-based	$	28.53	8/31/2022
9/1/2019	6,454	Market-indexed	$	19.42	8/31/2022
	343,431

1/1/2020	154,158	Service-based	$	26.92	12/31/2022
1/1/2020	321,940	Market-indexed	$	27.80	12/31/2022
3/1/2020	39,176	Service-based	$	20.42	2/28/2023
3/1/2020	37,592	Market-indexed	$	21.28	2/28/2023
	552,866

1/1/2021	576,378	Service-based	$	10.67	12/31/2023
1/1/2021	1,005,073	Performance-based	$	9.85	12/31/2023
	1,581,451

Schedule LTIP Units Valuation Assumptions


Grant Date	Risk Free Interest Rate		Expected Volatility
1/1/2019	2.46	%	23.52	%
9/1/2019	1.42	%	24.91	%
1/1/2020	1.62	%	26.08	%
3/1/2020	0.85	%	28.34	%
1/1/2021	0.17	%	62.82	%

Summary of Activity of Stock Options

The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2021, 2020 and 2019:


	2021			2020			2019
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance at beginning of year	784,052	$	28.11	616,219	$	39.04	661,578	$	48.38
Granted	1,581,451	10.15		552,866	26.59		343,431	32.40
Vested	(286,373)	17.62		(102,884)	40.19		(76,306)	59.27
Forfeited	(241,439)	29.25		(282,149)	44.28		(312,484)	46.55
Balance at end of year	1,837,691	$	14.14	784,052	$	28.11	616,219	$	39.04

The following table summarizes the activity of stock options for the years ended December 31, 2021, 2020 and 2019:


	2021			2020			2019
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	37,515	$	54.34	35,565	$	57.32	35,565	$	57.32
Granted(1)	—	—		1,950	—		—	—

Balance at end of year	37,515	$	54.34	37,515	$	54.34	35,565	$	57.32

Summary of Activity of Non-vested Phantom Stock Units

The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2021, 2020 and 2019:


	2021			2020			2019
	Stock Units	Weighted Average Grant Date Fair Value		Stock Units	Weighted Average Grant Date Fair Value		Stock Units	Weighted Average Grant Date Fair Value
Balance at beginning of year	4,662	$	35.35	7,216	$	43.29	—	$	—
Granted	17,554	12.09		24,576	17.11		23,690	40.26
Vested	(22,216)	16.97		(27,130)	20.94		(16,474)	38.94
Forfeited	—	—		—	—		—	—
Balance at end of year	—	$	—	4,662	$	35.35	7,216	$	43.29

Compensation Cost Under the Share and Unit-based Plans

The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2021, 2020 and 2019:


	2021		2020		2019
Stock units	$	3,173	$	4,159	$	4,598
LTIP units	14,448		13,339		11,372
Stock options	—		—		51
Phantom stock units	377		568		702
	$	17,998	$	18,066	$	16,723

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Distributions Made to Common Stockholders on a Per Share Basis

The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2021, 2020 and 2019:


	2021(1)				2020(1)				2019(1)
Ordinary income	$	0.04	6.0	%	$	0.08	5.2	%	$	1.32	44.2	%
Capital gains	0.15		24.9	%	0.02		1.3	%	0.64		21.2	%

Return of capital	0.41		69.1	%	1.45		93.5	%	1.04		34.6	%
Dividends paid	$	0.60	100.0	%	$	1.55	100.0	%	$	3.00	100.0	%

_______________________________________________________________________________

(1)The 2021, 2020 and 2019 taxable ordinary dividends are treated as "qualified REIT dividends" for purposes of Internal Revenue Code Section 199A.

Schedule of Income Tax Provision of TRSs

The income tax provision of the TRSs for the years ended December 31, 2021, 2020 and 2019 are as follows:


	2021		2020		2019
Current	$	—	$	439	$	(150)
Deferred	(6,948)		8		(1,439)
Income tax (expense) benefit	$	(6,948)	$	447	$	(1,589)

Reconciliation of Income Tax Provision of the TRSs to the Amount Computed by Applying the Federal Corporate Tax Rate

The income tax provision of the TRSs for the years ended December 31, 2021, 2020 and 2019 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:


	2021		2020		2019
Book loss (income) for TRSs	$	(23,205)	$	6,058	$	(2,062)
Tax at statutory rate on earnings from continuing operations before income taxes	$	(4,873)	$	1,272	$	(433)

State taxes	(1,261)		(31)		(280)
Other	(814)		(794)		(876)
Income tax (expense) benefit	$	(6,948)	$	447	$	(1,589)

Schedule of Tax Effects of Temporary Differences and Carryforwards of the TRSs Included in Net Deferred Tax Assets

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2021 and 2020 are summarized as follows:


	2021		2020
Net operating loss carryforwards	$	23,944	$	27,196
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	(1,013)		2,927
Other	475		644
Net deferred tax assets	$	23,406	$	30,767

Organization (Details) - entity	12 Months Ended
Organization (Details) - entity	Dec. 31, 2021	Dec. 31, 2020
Subsidiary of Limited Liability Company or Limited Partnership
Number of management companies (in entities)	7
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership
Ownership interest in operating partnership (as a percent)	96.00%	93.00%

Summary of Significant Accounting Policies - Schedule Operating Partnership's VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS:
Property, net	$ 6,284,206	$ 6,694,579
Total assets	8,345,655	9,184,005
Liabilities:
Mortgage notes payable	4,423,554	4,560,810
Total liabilities	5,169,506	6,738,745
Operating Partnership's VIEs
ASSETS:
Property, net	458,964	551,062
Other assets	83,685	97,713
Total assets	542,649	648,775
Liabilities:
Mortgage notes payable	413,925	420,233
Other liabilities	56,947	81,266
Total liabilities	$ 470,872	$ 501,499

- 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.

+ References

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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 112,454	$ 465,297	$ 100,005	$ 102,711
Restricted cash	54,517	17,362	14,211	46,590
Cash and cash equivalents and restricted cash	$ 166,971	$ 482,659	$ 114,216	$ 149,301

Summary of Significant Accounting Policies - Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Increase in minimum rent due to straight-line rent adjustment	$ 5,873	$ 24,789	$ 10,533
Minimum
Revenues
Management fees as a percentage of gross monthly rental revenue	1.50%
Maximum
Revenues
Management fees as a percentage of gross monthly rental revenue	4.00%

Summary of Significant Accounting Policies - Property and Investment in Unconsolidated Joint Ventures (Details)	12 Months Ended
	Dec. 31, 2021
Investment in unconsolidated joint ventures
Threshold ownership percentage above which to use equity method of accounting only if no controlling financial interest	50.00%
Buildings and improvements \| Minimum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	40 years
Tenant improvements \| Minimum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	5 years
Tenant improvements \| Maximum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	7 years
Equipment and furnishings \| Minimum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	5 years
Equipment and furnishings \| Maximum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	7 years

Summary of Significant Accounting Policies - Acquisitions (Details)	12 Months Ended
	Dec. 31, 2021 form
Accounting Policies [Abstract]
Number of forms of in-place operating lease intangible assets and liabilities	3

Summary of Significant Accounting Policies - Deferred Charges, Segment Information and Shareholder Activism Costs (Details)	12 Months Ended
	Dec. 31, 2021 segment area
Segment Information:
Number of business segments \| segment	1
Number of geographic areas in which the Company operates \| area	1
Minimum
Deferred Charges:
Deferred lease costs, amortization period (in years)	1 year
Deferred financing costs, amortization period (in years)	1 year
Maximum
Deferred Charges:
Deferred lease costs, amortization period (in years)	15 years
Deferred financing costs, amortization period (in years)	15 years

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle
Cumulative effect of adoption	$ 3,176,149	$ 2,445,260	$ 2,830,970	$ 3,188,432
Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle
Cumulative effect of adoption	$ (2,443,696)	$ (2,339,619)	$ (1,944,012)	(1,614,357)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle
Cumulative effect of adoption				(2,203)
Cumulative Effect, Period of Adoption, Adjustment \| Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle
Cumulative effect of adoption				$ (2,203)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator
Net income (loss)	$ 16,163	$ (245,462)	$ 102,554
Less: net income (loss) attributable to noncontrolling interests	1,900	(15,259)	5,734
Net income (loss) attributable to the Company	14,263	(230,203)	96,820
Allocation of earnings to participating securities	(853)	(1,048)	(1,190)
Allocation of earnings to participating securities	(853)	(1,048)	(1,190)
Net income (loss) attributable to the Company	13,410	(231,251)	95,630
Numerator for basic and diluted EPS—net income (loss) attributable to common stockholders	$ 13,410	$ (231,251)	$ 95,630
Denominator
Basic (in shares)	198,070,000	146,232,000	141,340,000
Diluted (in shares)	198,070,000	146,232,000	141,340,000
EPS—net income (loss) attributable to common stockholders:
Basic (in dollars per share)	$ 0.07	$ (1.58)	$ 0.68
Diluted (in dollars per share)	$ 0.07	$ (1.58)	$ 0.68
Convertible preferred units
Antidilutive securities
Antidilutive securities (in shares)	101,948	97,926	90,619
Partnership unit
Antidilutive securities
Antidilutive securities (in shares)	9,920,654	10,688,179	10,415,291

Investments in Unconsolidated Joint Ventures - Company Ownership (Details)	Dec. 31, 2021
AM Tysons LLC
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%
Biltmore Shopping Center Partners LLC
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%
Corte Madera Village, LLC
Investments in unconsolidated joint ventures:
Ownership percentage	50.10%
Country Club Plaza KC Partners LLC
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%
HPP-MAC WSP, LLC—One Westside
Investments in unconsolidated joint ventures:
Ownership percentage	25.00%
Kierland Commons Investment LLC
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%
Macerich HHF Broadway Plaza LLC—Broadway Plaza
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%
Macerich HHF Centers LLC—Various Properties
Investments in unconsolidated joint ventures:
Ownership percentage	51.00%
MS Portfolio LLC
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%
New River Associates LLC—Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Ownership percentage	60.00%
Pacific Premier Retail LLC—Various Properties
Investments in unconsolidated joint ventures:
Ownership percentage	60.00%
Propcor II Associates, LLC—Boulevard Shops
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%
PV Land SPE, LLC
Investments in unconsolidated joint ventures:
Ownership percentage	5.00%
Scottsdale Fashion Square Partnership
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%
TM TRS Holding Company LLC
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%
Tysons Corner LLC
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%
Tysons Corner Hotel I LLC
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%
Tysons Corner Property Holdings II LLC
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%
Tysons Corner Property LLC
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%
West Acres Development, LLP
Investments in unconsolidated joint ventures:
Ownership percentage	19.00%
WMAP, L.L.C.—Atlas Park, The Shops at
Investments in unconsolidated joint ventures:
Ownership percentage	50.00%

Investments in Unconsolidated Joint Ventures - Narrative (Details)												12 Months Ended
	Feb. 02, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 26, 2021 USD ($)	Mar. 29, 2021 USD ($)	Dec. 29, 2020 USD ($)	Dec. 10, 2020 USD ($)	Nov. 17, 2020 USD ($)	Dec. 18, 2019 USD ($)	Aug. 16, 2019 USD ($)	Jul. 25, 2019 USD ($)	Feb. 22, 2019 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 property	Dec. 28, 2020	Jul. 31, 2020 property	Oct. 17, 2019 USD ($)	Sep. 12, 2019 USD ($)	Feb. 21, 2019 USD ($)
Fashion District Philadelphia
Investments in unconsolidated joint ventures:
Business acquisition, percentage of voting interests acquired						100.00%
Sears South Plains
Investments in unconsolidated joint ventures:
Business acquisition, percentage of voting interests acquired		100.00%										100.00%	100.00%
Fashion District Philadelphia
Investments in unconsolidated joint ventures:
Interest rate (as a percent)		4.00%										4.00%
FlatIron Crossing
Investments in unconsolidated joint ventures:
Repayments of debt												$ 7,650,000
The Shops at Atlas Park
Investments in unconsolidated joint ventures:
Debt issued											$ 9,189,000
Joint venture
Investments in unconsolidated joint ventures:
Number of properties \| property													9		9
Joint venture \| Maximum
Investments in unconsolidated joint ventures:
Decrease the mortgage note payable						$ 201,000,000
Joint venture \| Fashion District Philadelphia
Investments in unconsolidated joint ventures:
Repayment of mortgage note payable						100,000,000
Joint venture \| Fashion District Philadelphia \| Minimum
Investments in unconsolidated joint ventures:
Decrease the mortgage note payable						$ 301,000,000
Repaid accrued interest percentage						15.00%
Joint venture \| Fashion District Philadelphia \| Maximum
Investments in unconsolidated joint ventures:
Decrease the mortgage note payable						$ 201,000,000
Joint venture \| Fashion District Philadelphia
Investments in unconsolidated joint ventures:
Debt issued									$ 25,000,000	$ 26,000,000
Maximum additional borrowings										$ 100,000,000
Joint venture, cash distribution, percent						50.00%
Joint venture \| Fashion District Philadelphia \| LIBOR
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)										2.00%
Joint venture \| Tysons Tower
Investments in unconsolidated joint ventures:
Mortgage loan																	$ 190,000,000
Interest rate (as a percent)																	3.38%
Joint venture \| HPP-MAC WSP, LLC—One Westside \| Redevelopment construction loan
Investments in unconsolidated joint ventures:
Debt issued								$ 414,600,000
Joint venture \| HPP-MAC WSP, LLC—One Westside \| LIBOR \| Redevelopment construction loan
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)								1.70%
Variable interest rate spread, contingent (as a percent)								1.50%
Joint venture \| Tysons Corner LLC
Investments in unconsolidated joint ventures:
Debt issued							$ 95,000,000
Interest rate (as a percent)							3.43%
Joint venture \| Tysons Corner LLC \| Initial Funding
Investments in unconsolidated joint ventures:
Debt issued							$ 90,000,000
Joint venture \| Tysons Corner LLC \| Future Advance Potential
Investments in unconsolidated joint ventures:
Debt issued							5,000,000
Joint venture \| Tysons Corner LLC \| General Corporate Purposes
Investments in unconsolidated joint ventures:
Debt issued							$ 45,000,000
Joint venture \| FlatIron Crossing
Investments in unconsolidated joint ventures:
Interest rate (as a percent)					4.10%									3.85%
Extension term					1 year
Repayments of debt					$ 15,000,000
Joint venture \| FlatIron Crossing \| Subsequent event
Investments in unconsolidated joint ventures:
Debt issued	$ 175,000,000
Repayments of debt	$ 197,011,000
Joint venture \| FlatIron Crossing \| SOFR \| Subsequent event
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)	3.45%
Interest rate cap (as a percent)	4.00%
Joint venture \| The Shops at Atlas Park
Investments in unconsolidated joint ventures:
Mortgage loan											80,000,000							$ 57,751,000
Debt issued			$ 65,000,000								$ 18,379,000
Joint venture \| The Shops at Atlas Park \| LIBOR
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)			4.15%
Interest rate cap (as a percent)			3.00%
Joint venture \| West Acres Development, LLP
Investments in unconsolidated joint ventures:
Maximum additional borrowings																$ 6,500,000
Interest rate (as a percent)																3.72%
Joint venture \| Paradise Valley Mall
Investments in unconsolidated joint ventures:
Ownership percentage				5.00%
Payments for joint venture				$ 3,819,000
Joint venture \| North Bridge,Chicago Illinois
Investments in unconsolidated joint ventures:
Loss on Investments		$ (28,276,000)
Joint venture \| North Wabash,Chicago Illinois
Investments in unconsolidated joint ventures:
Proceeds from divestiture of interest in joint venture												$ 21,000,000
Joint venture \| Fashion District Philadelphia \| LIBOR
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)								3.50%
Interest rate (as a percent)						0.50%
Extension term						1 year

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Property, net	$ 6,284,206	$ 6,694,579
Total assets	8,345,655	9,184,005
Liabilities and partners' capital:
Mortgage notes payable	4,423,554	4,560,810
Total liabilities and equity	8,345,655	9,184,005
Investment in unconsolidated joint ventures:
Assets—Investments in unconsolidated joint ventures	1,317,571	1,340,647
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(127,608)	(108,381)
Joint venture
Liabilities and partners' capital:
Company's capital	1,638,112	1,711,944
Investment in unconsolidated joint ventures:
Company's capital	1,638,112	1,711,944
Basis adjustment	(448,149)	(479,678)
Investments in unconsolidated joint ventures	1,189,963	1,232,266
Assets—Investments in unconsolidated joint ventures	1,317,571	1,340,647
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(127,608)	(108,381)
Investments in unconsolidated joint ventures	1,189,963	1,232,266
Joint venture \| Total
Assets:
Property, net	8,289,412	8,721,551
Other assets	750,629	774,583
Total assets	9,040,041	9,496,134
Liabilities and partners' capital:
Mortgage notes payable	5,686,500	5,942,478
Other liabilities	325,115	397,483
Company's capital	1,638,112	1,711,944
Outside partners' capital	1,390,314	1,444,229
Total liabilities and equity	9,040,041	9,496,134
Investment in unconsolidated joint ventures:
Company's capital	$ 1,638,112	$ 1,711,944

Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments in unconsolidated joint ventures:
Total assets	$ 8,345,655	$ 9,184,005
Liabilities	5,169,506	6,738,745
Joint venture
Investments in unconsolidated joint ventures:
Amortization of difference between cost of investments and book value of underlying equity	10,276	13,168	$ 18,834
Joint venture \| Pacific Premier Retail LLC—Various Properties \| PPR Portfolio
Investments in unconsolidated joint ventures:
Total assets	2,789,568	2,857,757
Liabilities	$ 1,661,110	$ 1,687,042

Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Leasing revenue	$ 787,547	$ 740,323	$ 858,874
Total revenues	847,437	786,026	927,462
Expenses:
Leasing expense	24,838	25,191	29,611
Interest expense	192,679	75,550	138,254
Depreciation and amortization	311,129	319,619	330,726
Total expenses	915,755	773,487	859,918
Loss on sale of assets	75,740	(68,112)	(11,909)
Net income (loss)	16,163	(245,462)	102,554
Company's equity in net (loss) income	15,689	(27,038)	48,508
Joint venture
Expenses:
Company's equity in net (loss) income	15,689
Other
Revenues:
Other	33,867	22,242	27,879
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	295,016	257,212	271,547
Investments in Unconsolidated Joint Ventures \| Joint venture
Revenues:
Leasing revenue	799,981	804,862	900,649
Total revenues	857,126	823,915	951,431
Expenses:
Leasing expense	5,678	5,498	8,293
Interest expense	210,617	216,317	217,465
Depreciation and amortization	351,055	388,736	374,055
Total expenses	854,340	887,708	887,939
Loss on sale of assets	(9,178)	37	(832)
Net income (loss)	(6,392)	(63,756)	62,660
Company's equity in net (loss) income		(27,038)	48,508
Investments in Unconsolidated Joint Ventures \| Other \| Joint venture
Revenues:
Other	57,145	19,053	50,782
Investments in Unconsolidated Joint Ventures \| Shopping center and operating expenses \| Joint venture
Expenses:
Shopping center and operating expenses	286,990	277,157	288,126
Investments in Unconsolidated Joint Ventures \| PPR Portfolio \| Joint venture
Revenues:
Leasing revenue	168,842	171,505	187,789
Total revenues	168,904	172,119	189,387
Expenses:
Leasing expense	1,286	1,325	1,598
Interest expense	63,072	64,460	67,354
Depreciation and amortization	97,494	102,788	100,490
Total expenses	202,150	205,591	206,970
Loss on sale of assets	0	(120)	(452)
Net income (loss)	(33,246)	(33,592)	(18,035)
Company's equity in net (loss) income	(10,866)	(10,371)	(590)
Investments in Unconsolidated Joint Ventures \| PPR Portfolio \| Other \| Joint venture
Revenues:
Other	62	614	1,598
Investments in Unconsolidated Joint Ventures \| PPR Portfolio \| Shopping center and operating expenses \| Joint venture
Expenses:
Shopping center and operating expenses	40,298	37,018	37,528
Investments in Unconsolidated Joint Ventures \| Other Joint Ventures \| Joint venture
Revenues:
Leasing revenue	631,139	633,357	712,860
Total revenues	688,222	651,796	762,044
Expenses:
Leasing expense	4,392	4,173	6,695
Interest expense	147,545	151,857	150,111
Depreciation and amortization	253,561	285,948	273,565
Total expenses	652,190	682,117	680,969
Loss on sale of assets	(9,178)	157	(380)
Net income (loss)	26,854	(30,164)	80,695
Company's equity in net (loss) income	26,555	(16,667)	49,098
Investments in Unconsolidated Joint Ventures \| Other Joint Ventures \| Other \| Joint venture
Revenues:
Other	57,083	18,439	49,184
Investments in Unconsolidated Joint Ventures \| Other Joint Ventures \| Shopping center and operating expenses \| Joint venture
Expenses:
Shopping center and operating expenses	$ 246,692	$ 240,139	$ 250,598

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) derivative	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of agreements \| derivative	4
Other comprehensive income (loss) related to mark to market of derivatives \| $	$ 8,184	$ 843	$ (4,585)

Derivative Instruments and Hedging Activities (Details) - USD ($)	Dec. 31, 2021	Dec. 09, 2021	Apr. 14, 2021	Dec. 31, 2020
Derivatives, Fair Value
Fair Value	$ 6,000			$ (8,208,000)
Level 2 \| Interest rate cap
Derivatives, Fair Value
Notional Amount	$ 300,000,000	$ 300,000,000	$ 300,000,000
LIBOR Rate	4.00%
Fair Value	$ 6,000			0
Level 2 \| Interest rate swap
Derivatives, Fair Value
Notional Amount	$ 400,000,000
LIBOR Rate	2.85%
Fair Value	$ 0			$ (8,208,000)

Property, net - Components of Property (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate Investment Property, Net
Land	$ 1,441,858	$ 1,538,270
Buildings and improvements	6,306,764	6,620,708
Tenant improvements	685,242	750,250
Equipment and furnishings	191,266	194,231
Construction in progress	222,420	153,253
Total	8,847,550	9,256,712
Less accumulated depreciation	(2,563,344)	(2,562,133)
Property, net	$ 6,284,206	$ 6,694,579

Property, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 282,158	$ 287,925	$ 287,846

Property, net - Schedule of Loss (Gain) on Sale or Write down of Assets (Details) - USD ($)		3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment
Loss on write-down of assets			$ (67,344,000)	$ (76,705,000)	$ (16,285,000)
Gain (loss) on sale or write down of assets, net			75,740,000	(68,112,000)	(11,909,000)
North Bridge,Chicago Illinois \| Joint venture
Property, Plant and Equipment
Loss on Investments	$ (28,276,000)
Paradise Valley Mall
Property, Plant and Equipment
Loss on write-down of assets				(6,640,000)
Estrella Falls
Property, Plant and Equipment
Loss on write-down of assets			(27,281,000)
Wilton Mall
Property, Plant and Equipment
Loss on write-down of assets				(30,063,000)
Property
Property, Plant and Equipment
Gain on sales			113,657,000	0	0
Land
Property, Plant and Equipment
Gain on sales			29,427,000	$ 8,593,000	$ 4,376,000
Land \| Paradise Valley Mall
Property, Plant and Equipment
Gain on sales		$ 1,334,000	$ 1,334,000

Property, net - Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	$ 4,720	$ 151,875
(Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	0	0
(Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	4,720	151,875
(Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	$ 0	$ 0

Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 14,917	$ 37,545
Deferred rent receivables due to straight-line rent adjustments	110,969	107,003
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 19,907	$ 4,673

Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Leasing revenue - fixed payments	$ 529,227	$ 592,858	$ 647,876
Leasing revenue - variable payments	251,930	191,715	218,680
Recovery of (provision for) doubtful accounts	6,390	(44,250)	(7,682)
Leasing revenue	$ 787,547	$ 740,323	$ 858,874

Leases - Summary of Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2022	$ 373,164
2023	329,071
2024	272,035
2025	223,412
2026	176,352
Thereafter	502,336
Total	$ 1,876,370

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2021 lease
Leases [Abstract]
Number of finance leases	5
Weighted average remaining lease term, operating leases	36 years 3 months 18 days
Weighted average remaining lease term, finance leases	2 years 1 month 6 days
Weighted average incremental borrowing rate, operating leases	7.80%
Weighted average incremental borrowing rate, finance leases	3.70%

Leases - Summary of Lease Costs (Details) $ in Thousands	12 Months Ended
Leases - Summary of Lease Costs (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
Operating lease costs	$ 14,611
Finance lease costs:
Amortization of ROU assets	1,917
Interest on lease liabilities	574
Total lease cost	$ 17,102

Leases - Summary of Minimum Future Rental Payments Required (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 14,302
2023	8,452
2024	6,471
2025	6,513
2026	6,470
Thereafter	109,358
Total undiscounted rental payments	151,566
Less imputed interest	(85,383)
Total lease liabilities	$ 66,183
Operating Lease, Liability, Statement of Financial Position	Lease liabilities	Lease liabilities
Finance Lease, Liability, Statement of Financial Position	Lease liabilities	Lease liabilities
Finance Leases
2022	$ 4,461
2023	2,043
2024	9,072
2025	0
2026	0
Thereafter	0
Total undiscounted rental payments	15,576
Less imputed interest	(1,048)
Total lease liabilities	$ 14,528

Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 134,887	$ 162,652
Intangible assets:
In-place lease values	62,826	74,298
Leasing commissions and legal costs	16,710	21,096
Above-market leases	72,289	80,120
Deferred tax assets	23,406	30,767
Deferred compensation plan assets	68,807	62,874
Other assets	46,319	61,553
Deferred charges and other assets, gross	425,244	493,360
Less accumulated amortization	(170,336)	(186,401)
Deferred charges and other assets, net	254,908	306,959
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	43,978	47,249
Amortization expense	$ 11,233	$ 9,412	$ 13,821

Deferred Charges and Other Assets, net - Schedule of estimated amortization of intangible assets for the next five years and thereafter (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Year Ending December 31,
2022	$ 6,617
2023	5,430
2024	4,369
2025	3,395
2026	3,437
Thereafter	12,310
Allocated value net	$ 35,558

Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Above-Market Leases
Allocated value net	$ 35,558
Below-Market Leases
Allocated value, net	62,210
Above Market
Above-Market Leases
Original allocated value	72,289	$ 80,120
Less accumulated amortization	(32,484)	(33,271)
Allocated value net	39,805	46,849
Below Market
Below-Market Leases
Original allocated value	99,332	114,790
Less accumulated amortization	(37,122)	(43,656)
Allocated value, net	$ 62,210	$ 71,134

Deferred Charges and Other Assets, net - Schedule of estimated amortization of allocated values of above and below-market leases for the next five years and thereafter (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Above Market
2022	$ 6,617
2023	5,430
2024	4,369
2025	3,395
2026	3,437
Thereafter	12,310
Allocated value net	35,558
Below Market
2022	8,454
2023	7,766
2024	7,650
2025	6,071
2026	4,745
Thereafter	27,524
Allocated value, net	62,210
Above Market
Above Market
2022	6,201
2023	5,724
2024	5,212
2025	3,821
2026	3,629
Thereafter	15,218
Allocated value net	39,805	$ 46,849
Below Market
Below Market
Allocated value, net	$ 62,210	$ 71,134

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Mortgage loans payable on real estate
Long-term Debt	$ 4,423,554	$ 4,560,810
Chandler Fashion Center
Mortgage loans payable on real estate
Long-term Debt	$ 255,548	255,361
Effective Interest Rate (as a percent)	4.18%
Monthly Debt Service	$ 875
Danbury Fair Mall
Mortgage loans payable on real estate
Long-term Debt	$ 168,037	186,741
Effective Interest Rate (as a percent)	5.71%
Monthly Debt Service	$ 1,538
Fashion District Philadelphia
Mortgage loans payable on real estate
Long-term Debt	$ 194,602	201,000
Effective Interest Rate (as a percent)	4.00%
Monthly Debt Service	$ 649
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Long-term Debt	$ 299,274	299,193
Effective Interest Rate (as a percent)	4.61%
Monthly Debt Service	$ 1,145
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Long-term Debt	$ 95,329	101,463
Effective Interest Rate (as a percent)	6.45%
Monthly Debt Service	$ 727
Freehold Raceway Mall
Mortgage loans payable on real estate
Long-term Debt	$ 398,711	398,545
Effective Interest Rate (as a percent)	3.94%
Monthly Debt Service	$ 1,300
Fresno Fashion Fair
Mortgage loans payable on real estate
Long-term Debt	$ 324,056	323,857
Effective Interest Rate (as a percent)	3.67%
Monthly Debt Service	$ 971
Green Acres Commons
Mortgage loans payable on real estate
Long-term Debt	$ 124,875	129,847
Effective Interest Rate (as a percent)	3.12%
Monthly Debt Service	$ 298
Green Acres Mall
Mortgage loans payable on real estate
Long-term Debt	$ 246,061	270,570
Effective Interest Rate (as a percent)	3.94%
Monthly Debt Service	$ 1,447
Kings Plaza Shopping Center
Mortgage loans payable on real estate
Long-term Debt	$ 535,928	535,413
Effective Interest Rate (as a percent)	3.71%
Monthly Debt Service	$ 1,629
Oaks, The
Mortgage loans payable on real estate
Long-term Debt	$ 176,721	183,108
Effective Interest Rate (as a percent)	4.14%
Monthly Debt Service	$ 1,064
Pacific View
Mortgage loans payable on real estate
Long-term Debt	$ 111,481	114,909
Effective Interest Rate (as a percent)	4.08%
Monthly Debt Service	$ 668
Queens Center
Mortgage loans payable on real estate
Long-term Debt	$ 600,000	600,000
Effective Interest Rate (as a percent)	3.49%
Monthly Debt Service	$ 1,744
Santa Monica Place - Swapped
Mortgage loans payable on real estate
Long-term Debt	$ 299,314	298,566
Effective Interest Rate (as a percent)	1.84%
Monthly Debt Service	$ 396
SanTan Village Regional Center
Mortgage loans payable on real estate
Long-term Debt	$ 219,323	219,233
Effective Interest Rate (as a percent)	4.34%
Monthly Debt Service	$ 788
Towne Mall
Mortgage loans payable on real estate
Long-term Debt	$ 19,320	19,815
Effective Interest Rate (as a percent)	4.48%
Monthly Debt Service	$ 117
Tucson La Encantada
Mortgage loans payable on real estate
Long-term Debt	$ 0	62,018
Effective Interest Rate (as a percent)	4.23%
Monthly Debt Service	$ 0
Victor Valley, Mall of
Mortgage loans payable on real estate
Long-term Debt	$ 114,850	114,791
Effective Interest Rate (as a percent)	4.00%
Monthly Debt Service	$ 380
Vintage Faire Mall
Mortgage loans payable on real estate
Long-term Debt	$ 240,124	$ 246,380
Effective Interest Rate (as a percent)	3.55%
Monthly Debt Service	$ 1,256

Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands				12 Months Ended
	Sep. 15, 2021	Mar. 25, 2021	Jan. 22, 2021	Dec. 31, 2021	Dec. 31, 2020
Mortgage loans payable on real estate
Unamortized deferred finance costs				$ 11,946	$ 14,085
Chandler Fashion Center
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)				49.90%
Freehold Raceway Mall
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)				49.90%
Danbury Fair Mall
Mortgage loans payable on real estate
Repayments of debt	$ 10,000
Green Acres Commons
Mortgage loans payable on real estate
Repayments of debt		$ 4,680
Extension term		2 years
Green Acres Commons \| LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)		2.75%
Green Acres Mall
Mortgage loans payable on real estate
Repayments of debt			$ 9,000
Extension term			1 year
Santa Monica Place \| LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)				1.48%
Interest rate cap (as a percent)				4.00%

Mortgage Notes Payable - Narrative (Details) $ in Thousands	3 Months Ended			12 Months Ended
Mortgage Notes Payable - Narrative (Details) $ in Thousands	Dec. 31, 2020 USD ($) property	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($)	Jul. 31, 2020 property
Mortgage loans payable on real estate
Payments in deferral		$ 28,683	$ 28,683
Repayments of deferrals	$ 15,208				$ 20,195
Interest expense capitalized				$ 9,504	5,247	$ 9,614
Fair value of mortgage notes payable	$ 4,459,797			$ 4,261,429	$ 4,459,797
Joint venture
Mortgage loans payable on real estate
Number of properties \| property	9				9		9

Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Mortgage loans payable on real estate
Deferred finance cost, net	$ (11,946)	$ (14,085)
Long-term debt	4,423,554	$ 4,560,810
Mortgage notes payable
Mortgage loans payable on real estate
2022	794,526
2023	473,111
2024	562,722
2025	607,399
2026	537,742
Thereafter	1,460,000
Long term debt including debt premium	4,435,500
Deferred finance cost, net	(11,946)
Long-term debt	$ 4,423,554

Bank and Other Notes Payable (Details)		12 Months Ended
Bank and Other Notes Payable (Details)	Apr. 14, 2021 USD ($)	Dec. 31, 2021 USD ($) derivative	Dec. 31, 2020 USD ($)
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 11,946,000	$ 14,085,000
Number of agreements \| derivative		4
Interest rate swap
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%
Prior Revolving Line of Credit Facility \| Revolving line of credit
Mortgage loans payable on real estate
Average interest rate (as a percent)			2.73%
Prior Revolving Line of Credit Facility \| Line of Credit \| Level 2
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
Line of credit	$ 700,000,000
Outstanding borrowings under the line of credit		$ 119,000,000
Unamortized deferred finance costs		14,189,000
Availability for additional borrowings		$ 405,719,000
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
Line of credit	$ 525,000,000
Debt instrument term	1 year
Expanded line of credit facility (up to)	$ 800,000,000
Draws	320,000,000
Average interest rate (as a percent)		3.86%
Line of Credit \| Revolving Loan Facility Matures On April 14, 2023 \| Revolving line of credit \| Level 2
Mortgage loans payable on real estate
Fair value of outstanding line of credit		$ 118,198,000
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%	1.65%
Line of Credit \| Prior Revolving Line of Credit Facility \| Revolving line of credit
Mortgage loans payable on real estate
Line of credit		$ 1,500,000,000
Outstanding borrowings under the line of credit			$ 1,480,000,000
Unamortized deferred finance costs			2,460,000
Availability for additional borrowings			$ 19,719,000
Maximum contingent borrowing capacity		$ 2,000,000,000
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
Line of credit	175,000,000
Draws	$ 175,000,000

Financing Arrangement - Narrative (Details) ft² in Thousands, $ in Thousands			12 Months Ended
	Jun. 27, 2019 USD ($)	Sep. 30, 2009 ft²	Dec. 31, 2021 USD ($) $ / ft²	Dec. 31, 2020 USD ($) $ / ft²	Dec. 31, 2019 USD ($)
Schedule of Joint Ventures
Terminal capitalization rate			5.75%	5.50%
Discount rate			7.25%	7.00%
Distributions in excess of loan proceeds \| $	$ 27,945		$ 0	$ 0	$ 27,945
Chandler Fashion Center
Schedule of Joint Ventures
Mortgage loan \| $	$ 256,000
Financing arrangement \| Minimum
Schedule of Joint Ventures
Market rent per square foot \| $ / ft²			35
Financing arrangement \| Maximum
Schedule of Joint Ventures
Market rent per square foot \| $ / ft²				105
Financing arrangement \| Chandler Fashion Center
Schedule of Joint Ventures
Ownership interest (as a percent)		49.90%
Property area (in square feet) \| ft²		1,319
Financing arrangement \| Freehold Raceway Mall
Schedule of Joint Ventures
Ownership interest (as a percent)		49.90%
Property area (in square feet) \| ft²		1,553

Financing Arrangement - Financing Arrangement Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Joint Ventures
Related parties	$ (3,718)	$ (135,281)	$ (62,517)
Financing arrangement \| Joint venture
Schedule of Joint Ventures
Distributions of the partner's share of net (loss) income	(2,763)	1,144	7,184
Distributions in excess of the partner's share of net income	14,435	3,097	6,939
Adjustment to fair value of financing arrangement obligation	(15,390)	(139,522)	(76,640)
Related parties	$ (3,718)	$ (135,281)	$ (62,517)

Noncontrolling Interests (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) trading_day $ / shares	Dec. 31, 2020 USD ($) $ / shares
Noncontrolling Interest
Par value of common stock (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Number of trading days used to calculate redemption value \| trading_day	10
Redemption value of outstanding OP Units not owned by the Company \| $	$ 147,259	$ 117,602
The Macerich Partnership, L.P.
Noncontrolling Interest
Ownership interest in operating partnership (as a percent)	96.00%	93.00%
Limited partnership interest of the operating partnership (as a percent)	4.00%	7.00%

Stockholders' Equity (Details) - USD ($)				12 Months Ended
Stockholders' Equity (Details) - USD ($)	Jun. 03, 2020	May 22, 2020	Mar. 16, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 01, 2021	Feb. 12, 2017
Class of Stock
Stock dividend (in shares)	7,759,280
Dividend declared (in dollars per share)			$ 0.50
Cash portion of dividend	20.00%
Dividends declared for common stock (in dollars per share)	$ 0.10			$ 0.60	$ 1.55	$ 3.00
Stock portion of dividend	80.00%
Volume weighted average trading price (in dollars per share)		$ 7.2956
Reduction from dividends on basic and diluted earnings per share (in dollars per share)					$ 0.05
Authorized repurchase amount								$ 500,000,000
Proceeds from issuance net of common stock				$ 830,241,000
Additional shares available for sale				$ 151,699,000
Shares repurchased (in shares)				0	0	0
March 2021 ATM Program
Class of Stock
Authorized repurchase amount							$ 500,000,000
February 2021 ATM Program
Class of Stock
Authorized repurchase amount							$ 500,000,000
ATM Programs
Class of Stock
Authorized repurchase amount				$ 1,000,000,000
Number of shares issued in transaction (in shares)				62,049,131
Net proceeds from stock offerings				$ 848,301,000

Consolidated Joint Venture and Acquisitions - Narrative (Details) $ in Thousands	Dec. 10, 2020 USD ($)	Dec. 31, 2021	Dec. 31, 2020 property	Jul. 31, 2020 property
Fashion District Philadelphia
Acquisition
Ownership percentage at completion of acquisition (as a percent)	100.00%
Sears South Plains
Acquisition
Ownership interest in property (as a percent)			100.00%
Ownership percentage at completion of acquisition (as a percent)		100.00%	100.00%
Joint venture
Acquisition
Number of properties \| property			9	9
Joint venture \| MS Portfolio LLC
Acquisition
Number of properties \| property			9
Joint venture \| Fashion District Philadelphia
Acquisition
Joint venture, cash distribution, percent	50.00%
Joint venture \| Maximum
Acquisition
Decrease the mortgage note payable	$ 201,000
Joint venture \| Fashion District Philadelphia
Acquisition
Repayment of mortgage note payable	100,000
Joint venture \| Fashion District Philadelphia \| Minimum
Acquisition
Decrease the mortgage note payable	$ 301,000
Repaid accrued interest percentage	15.00%
Joint venture \| Fashion District Philadelphia \| Maximum
Acquisition
Decrease the mortgage note payable	$ 201,000

Consolidated Joint Venture and Acquisitions - Allocation of Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 10, 2020
Fashion District Philadelphia
Acquisition
Property			$ 331,514
Deferred charges			25,272
Cash and cash equivalents			4,492
Restricted cash			1,319
Tenant receivables			8,476
Other assets			30,582
Total assets acquired			401,655
Mortgage note payable			201,000
Partnership loan			100,000
Accounts payable			6,673
Due to affiliates			3
Other accrued liabilities			55,717
Total liabilities assumed			363,393
Fair value of acquired net assets (at 100% ownership)			$ 38,262
Ownership percentage at completion of acquisition (as a percent)			100.00%
Sears South Plains
Acquisition
Total assets acquired	$ 19,300
Land	8,170
Building and improvements	$ 11,130
Ownership percentage at completion of acquisition (as a percent)	100.00%	100.00%

Consolidated Joint Venture and Acquisitions - Gain (Loss) on Remeasurement (Details) - USD ($) $ in Thousands	Dec. 10, 2020	Dec. 31, 2021	Dec. 31, 2020
Acquisition
Carrying value of existing investment in the joint venture		$ (1,317,571)	$ (1,340,647)
Fashion District Philadelphia
Acquisition
Business acquisition, percentage of voting interests acquired	100.00%
Fair value of acquired net assets (at 100% ownership)	$ 38,262
Fair value of the noncontrolling interest	(19,131)
Carrying value of existing investment in the joint venture	(182,429)
Loss on remeasurement of asset	$ (163,298)

Dispositions (Details) - USD ($)			3 Months Ended	12 Months Ended
Dispositions (Details) - USD ($)	Sep. 17, 2021	Mar. 29, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Discontinued Operations:
Proceeds from sale of assets				$ 337,514,000	$ 16,896,000	$ 5,520,000
Repayments of debt	$ 100,142,000			2,020,395,000	33,972,000	1,567,089,000
Land
Discontinued Operations:
Gain on sale of land				29,427,000	$ 8,593,000	$ 4,376,000
Land
Discontinued Operations:
Gain on sale of land				29,427,000
Paradise Valley Mall \| Land
Discontinued Operations:
Gain on sale of land			$ 1,334,000	$ 1,334,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Paradise Valley Mall
Discontinued Operations:
Gain on sale of assets		$ 100,000,000
Ownership percentage		5.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Paradise Valley Mall \| Land
Discontinued Operations:
Gain on sale of assets		$ 5,563,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Tucson La Encantada in Tucson, Arizona
Discontinued Operations:
Gain on sale of assets	117,242,000
Proceeds from sale of assets	$ 165,250,000

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingent liability under letters of credit	$ 40,997
Outstanding obligations under construction agreements	$ 12,785

Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Management fees
Related Party Transaction
Management fees	$ 26,023	$ 23,461	$ 40,709
Unconsolidated joint ventures and third party managed properties
Related Party Transaction
Management fees	23,830	22,248	34,804
Unconsolidated joint ventures and third party managed properties \| Management fees
Related Party Transaction
Management fees	17,872	15,297	18,748
Unconsolidated joint ventures and third party managed properties \| Development and leasing fees
Related Party Transaction
Management fees	$ 5,958	$ 6,951	$ 16,056

- 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction
Interest (income) expense from related party transactions	$ (3,718)	$ (135,281)	$ (62,517)
Due (to) from affiliates	0	1,612
Joint venture \| Financing arrangement
Related Party Transaction
Interest (income) expense from related party transactions	(3,718)	(135,281)	(62,517)
Unconsolidated joint ventures
Related Party Transaction
Due (to) from affiliates	(327)	$ 1,612
Affiliated entity \| RED
Related Party Transaction
Notes receivable interest rate (percent)		5.25%
Interest earned	0	$ 0	141
Affiliated entity \| Lennar Corporation
Related Party Transaction
Interest earned	$ 0	$ 0	$ 1,112
Affiliated entity \| LIBOR \| Lennar Corporation
Related Party Transaction
Notes receivable, variable rate (percent)		2.00%

Share and Unit-based Plans - 2003 Equity Incentive Plan (Details) - 2003 Equity Incentive Plan	12 Months Ended
	Dec. 31, 2021 shares
Share and unit-based plans
Term of award (in years)	10 years
Maximum shares authorized under plan (in shares)	20,912,331
Shares available for issuance under plan (in shares)	5,112,831

Share and Unit-based Plans - Stock Units Roll Forward Activity (Details) - Stock units	12 Months Ended
	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares
Share-based Payment Arrangement [Abstract]
Number of common shares into which units can be converted (in shares)	1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at beginning of year (in shares) \| shares	309,845	199,987	129,457
Granted (in shares) \| shares	169,112	253,184	160,932
Vested (in shares) \| shares	(211,465)	(140,224)	(85,157)
Forfeited (in shares) \| shares	(987)	(3,102)	(5,245)
Balance at end of year (in shares) \| shares	266,505	309,845	199,987
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share) \| $ / shares	$ 21.47	$ 43.59	$ 64.21
Granted (in dollars per share) \| $ / shares	14.61	14.14	37.44
Vested (in dollars per share) \| $ / shares	19.03	39.53	62.84
Forfeited (in dollars per share) \| $ / shares	22.12	32.62	51.48
Balance at end of year (in dollars per share) \| $ / shares	$ 19.05	$ 21.47	$ 43.59

Share and Unit-based Plans - Long-Term Incentive Plan Units Narrative (Details)	12 Months Ended
	Dec. 31, 2021
Stock units
Share and unit-based plans
Conversion rate	1
LTIP units
Share and unit-based plans
Conversion rate	1

Share and Unit-based Plans - Schedule of LTIP Grants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LTIP units
Share and unit-based plans
Granted (in shares)	1,581,451	552,866	343,431
Granted (in dollars per share)	$ 10.15	$ 26.59	$ 32.40
January 1, 2019 \| Service-based \| First vesting period
Share and unit-based plans
Granted (in shares)			81,732
Granted (in dollars per share)			$ 43.28
January 1, 2019 \| Market-indexed \| First vesting period
Share and unit-based plans
Granted (in shares)			250,852
Granted (in dollars per share)			$ 29.25
September 1, 2019 \| Service-based \| First vesting period
Share and unit-based plans
Granted (in shares)			4,393
Granted (in dollars per share)			$ 28.53
September 1, 2019 \| Market-indexed \| First vesting period
Share and unit-based plans
Granted (in shares)			6,454
Granted (in dollars per share)			$ 19.42
January 1, 2020 \| Service-based \| First vesting period
Share and unit-based plans
Granted (in shares)		154,158
Granted (in dollars per share)		$ 26.92
January 1, 2020 \| Market-indexed \| First vesting period
Share and unit-based plans
Granted (in shares)		321,940
Granted (in dollars per share)		$ 27.80
March 1, 2020 \| Service-based \| First vesting period
Share and unit-based plans
Granted (in shares)		39,176
Granted (in dollars per share)		$ 20.42
March 1, 2020 \| Market-indexed \| First vesting period
Share and unit-based plans
Granted (in shares)		37,592
Granted (in dollars per share)		$ 21.28
January 1, 2021 \| Service-based \| First vesting period
Share and unit-based plans
Granted (in shares)	576,378
Granted (in dollars per share)	$ 10.67
January 1, 2021 \| Performance-based \| First vesting period
Share and unit-based plans
Granted (in shares)	1,005,073
Granted (in dollars per share)	$ 9.85

Share and Unit-based Plans - Schedule LTIP Units Valuation Assumptions (Details) - LTIP units	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
January 1, 2019
Share and unit-based plans
Risk Free Interest Rate			2.46%
Expected Volatility			23.52%
September 1, 2019
Share and unit-based plans
Risk Free Interest Rate			1.42%
Expected Volatility			24.91%
January 1, 2020
Share and unit-based plans
Risk Free Interest Rate		1.62%
Expected Volatility		26.08%
March 1, 2020
Share and unit-based plans
Risk Free Interest Rate		0.85%
Expected Volatility		28.34%
January 1, 2021
Share and unit-based plans
Risk Free Interest Rate	0.17%
Expected Volatility	62.82%

Share and Unit-based Plans - LTIP Activity (Details) - LTIP units - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares or Units
Balance at beginning of year (in shares)	784,052	616,219	661,578
Granted (in shares)	1,581,451	552,866	343,431
Vested (in shares)	(286,373)	(102,884)	(76,306)
Forfeited (in shares)	(241,439)	(282,149)	(312,484)
Balance at end of year (in shares)	1,837,691	784,052	616,219
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share)	$ 28.11	$ 39.04	$ 48.38
Granted (in dollars per share)	10.15	26.59	32.40
Vested (in dollars per share)	17.62	40.19	59.27
Forfeited (in dollars per share)	29.25	44.28	46.55
Balance at end of year (in dollars per share)	$ 14.14	$ 28.11	$ 39.04

Share and Unit-based Plans - Stock Options Narrative (Details) - Non-qualified stock options	May 30, 2017 $ / shares shares
Share and unit-based plans
Granted (in shares) \| shares	25,000
Granted (in dollars per share)	$ 10.02
Expected volatility	30.19%
Dividend yield (as a percent)	4.93%
Risk free rate	2.08%
Share price (in dollars per share)	$ 57.55
Expected term (in years)	8 years

Share and Unit-based Plans - Stock Option Activity (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Options
Balance at beginning of year (in shares)	37,515	35,565	35,565
Granted (in shares)	0	1,950	0
Balance at end of year (in shares)	37,515	37,515	35,565
Weighted Average Exercise Price
Balance at beginning of year (in dollars per share)	$ 54.34	$ 57.32	$ 57.32
Granted (in dollars per share)	0	0	0
Balance at end of year (in dollars per share)	$ 54.34	$ 54.34	$ 57.32

Share and Unit-based Plans - Directors' Phantom Stock Plan (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares
Phantom stock units
Share and unit-based plans
Number of common shares into which units can be converted (in shares)	1
Units
Balance at beginning of year (in shares)	4,662	7,216	0
Granted (in shares)	17,554	24,576	23,690
Vested (in shares)	(22,216)	(27,130)	(16,474)
Forfeited (in shares)	0	0	0
Balance at end of year (in shares)	0	4,662	7,216
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share) \| $ / shares	$ 35.35	$ 43.29	$ 0
Granted (in dollars per share) \| $ / shares	12.09	17.11	40.26
Vested (in dollars per share) \| $ / shares	16.97	20.94	38.94
Forfeited (in dollars per share) \| $ / shares	0	0	0
Balance at end of year (in dollars per share) \| $ / shares	$ 0	$ 35.35	$ 43.29
Director's Phantom Stock Plan
Share and unit-based plans
Deferral period for grant of units (in years)	3 years
Number of common shares into which units can be converted (in shares)	1
Maximum shares authorized under plan (in shares)	500,000
Shares available for issuance under plan (in shares)	92,508

Share and Unit-based Plans - Employee Stock Purchase Plan (Details) - ESPP	12 Months Ended
	Dec. 31, 2021 shares
Share and unit-based plans
Discount from market price (as a percent)	15.00%
Maximum shares authorized under plan (in shares)	1,291,117
Shares available for issuance under plan (in shares)	489,362

Share and Unit-based Plans - Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 17,998	$ 18,066	$ 16,723
Capitalized share and unit-based compensation costs	3,725	4,223	4,691
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	3,173	4,159	4,598
Unrecognized compensation cost of share and unit-based plans	1,533
LTIP units
Share and unit-based plans
Compensation cost under share and unit-based plans	14,448	13,339	11,372
Unrecognized compensation cost of share and unit-based plans	4,610
Stock options
Share and unit-based plans
Compensation cost under share and unit-based plans	0	0	51
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	377	568	702
Stock awards and units
Share and unit-based plans
Fair value of equity-based awards vested during period	$ 3,408	$ 1,376	$ 3,577

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
The Plan
Employee Benefit Plans:
Number of common stock shares reserved for issuance (in shares)	650,000
Employer match of employee contributions of first 3% of eligible compensation (as a percent)	100.00%
Percentage of eligible compensation, matched 100% by employer (as a percent)	3.00%
Employer match of employee contributions of next 2% of eligible compensation (as a percent)	50.00%
Percentage of eligible compensation, matched 50% by employer (as a percent)	2.00%
Employer contribution	$ 3,144	$ 3,455	$ 3,346
Deferred Compensation Plans
Employee Benefit Plans:
Employer contribution	$ 325	$ 695	$ 814

Income Taxes - Schedule of components of distributions made to common stockholders on a per share basis (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends, dollars per share
Ordinary income (in dollars per share)	$ 0.04	$ 0.08	$ 1.32
Capital gains (in dollars per share)	0.15	0.02	0.64
Return of capital (in dollars per share)	0.41	1.45	1.04
Dividends paid for income tax purposes (in dollars per share)	$ 0.60	$ 1.55	$ 3.00
Dividends, percent
Ordinary income (as a percent)	6.00%	5.20%	44.20%
Capital gains (as a percent)	24.90%	1.30%	21.20%
Return of capital (as a percent)	69.10%	93.50%	34.60%
Dividends paid (as a percent)	100.00%	100.00%	100.00%

Income Taxes - Schedule of income tax benefit of TRSs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current	$ 0	$ 439	$ (150)
Deferred	(6,948)	8	(1,439)
Income tax (expense) benefit	$ (6,948)	$ 447	$ (1,589)

- Definition

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

+ References + Details

Income Taxes - Reconciliation of income tax benefit (provision) of the TRSs to the amount computed by applying the federal corporate tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Book loss (income) for TRSs	$ (23,205)	$ 6,058	$ (2,062)
Tax at statutory rate on earnings from continuing operations before income taxes	(4,873)	1,272	(433)
State taxes	(1,261)	(31)	(280)
Other	(814)	(794)	(876)
Income tax (expense) benefit	$ (6,948)	$ 447	$ (1,589)

- Definition

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

+ References + Details

Income Taxes - Schedule of tax effects of temporary differences and carryforwards of the TRSs included in net deferred tax assets (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 23,944,000	$ 27,196,000
Deferred Tax Liabilities, Property, Plant and Equipment	(1,013,000)
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs		2,927,000
Other	475,000	644,000
Net deferred tax assets	23,406,000	30,767,000
Unrecognized tax benefits	$ 0	$ 0	$ 0

Subsequent Events (Details) - $ / shares	Jan. 27, 2022	Mar. 16, 2020
Subsequent events
Dividends declared for common stock (in dollars per share)		$ 0.50
Subsequent event
Subsequent events
Dividends declared for common stock (in dollars per share)	$ 0.15

Schedule III-Real Estate and Accumulated Depreciation - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Initial Cost to Company
Land	$ 1,370,869
Building and Improvements	4,873,078
Equipment and Furnishings	46,574
Cost Capitalized Subsequent to Acquisition	2,557,029
Gross Amount at Which Carried at Close of Period
Land	1,441,858
Building and Improvements	6,992,006
Equipment and Furnishings	191,266	$ 194,231
Construction in Progress	222,420	153,253
Total	8,847,550	9,256,712	$ 8,993,049	$ 8,878,820
Accumulated Depreciation	2,563,344	$ 2,562,133	$ 2,349,536	$ 2,093,044
Total Cost Net of Accumulated Depreciation	6,284,206
Chandler Fashion Center
Initial Cost to Company
Land	24,188
Building and Improvements	223,143
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	32,631
Gross Amount at Which Carried at Close of Period
Land	24,188
Building and Improvements	246,967
Equipment and Furnishings	5,205
Construction in Progress	3,602
Total	279,962
Accumulated Depreciation	132,622
Total Cost Net of Accumulated Depreciation	147,340
Danbury Fair Mall
Initial Cost to Company
Land	130,367
Building and Improvements	316,951
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	113,156
Gross Amount at Which Carried at Close of Period
Land	141,479
Building and Improvements	390,915
Equipment and Furnishings	10,124
Construction in Progress	17,956
Total	560,474
Accumulated Depreciation	171,291
Total Cost Net of Accumulated Depreciation	389,183
Desert Sky Mall
Initial Cost to Company
Land	9,447
Building and Improvements	37,245
Equipment and Furnishings	12
Cost Capitalized Subsequent to Acquisition	6,543
Gross Amount at Which Carried at Close of Period
Land	9,082
Building and Improvements	41,232
Equipment and Furnishings	2,933
Construction in Progress	0
Total	53,247
Accumulated Depreciation	16,496
Total Cost Net of Accumulated Depreciation	36,751
Eastland Mall
Initial Cost to Company
Land	22,050
Building and Improvements	151,605
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	11,990
Gross Amount at Which Carried at Close of Period
Land	20,810
Building and Improvements	162,693
Equipment and Furnishings	2,130
Construction in Progress	12
Total	185,645
Accumulated Depreciation	49,685
Total Cost Net of Accumulated Depreciation	135,960
Fashion District Philadelphia
Initial Cost to Company
Land	38,402
Building and Improvements	293,112
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	6,262
Gross Amount at Which Carried at Close of Period
Land	39,962
Building and Improvements	296,775
Equipment and Furnishings	235
Construction in Progress	804
Total	337,776
Accumulated Depreciation	9,505
Total Cost Net of Accumulated Depreciation	328,271
Fashion Outlets of Chicago
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	275,149
Gross Amount at Which Carried at Close of Period
Land	40,575
Building and Improvements	228,900
Equipment and Furnishings	4,550
Construction in Progress	1,124
Total	275,149
Accumulated Depreciation	80,811
Total Cost Net of Accumulated Depreciation	194,338
Fashion Outlets of Niagara Falls USA
Initial Cost to Company
Land	18,581
Building and Improvements	210,139
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	105,795
Gross Amount at Which Carried at Close of Period
Land	23,762
Building and Improvements	308,480
Equipment and Furnishings	2,183
Construction in Progress	90
Total	334,515
Accumulated Depreciation	108,446
Total Cost Net of Accumulated Depreciation	226,069
The Marketplace at Flagstaff
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	45,855
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	45,855
Equipment and Furnishings	0
Construction in Progress	0
Total	45,855
Accumulated Depreciation	28,944
Total Cost Net of Accumulated Depreciation	16,911
Freehold Raceway Mall
Initial Cost to Company
Land	164,986
Building and Improvements	362,841
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	126,120
Gross Amount at Which Carried at Close of Period
Land	168,098
Building and Improvements	476,181
Equipment and Furnishings	9,258
Construction in Progress	410
Total	653,947
Accumulated Depreciation	236,094
Total Cost Net of Accumulated Depreciation	417,853
Fresno Fashion Fair
Initial Cost to Company
Land	17,966
Building and Improvements	72,194
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	56,980
Gross Amount at Which Carried at Close of Period
Land	17,966
Building and Improvements	125,844
Equipment and Furnishings	3,091
Construction in Progress	239
Total	147,140
Accumulated Depreciation	69,798
Total Cost Net of Accumulated Depreciation	77,342
Green Acres Mall
Initial Cost to Company
Land	156,640
Building and Improvements	321,034
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	190,705
Gross Amount at Which Carried at Close of Period
Land	177,378
Building and Improvements	458,349
Equipment and Furnishings	10,886
Construction in Progress	21,766
Total	668,379
Accumulated Depreciation	155,232
Total Cost Net of Accumulated Depreciation	513,147
Inland Center
Initial Cost to Company
Land	8,321
Building and Improvements	83,550
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	36,548
Gross Amount at Which Carried at Close of Period
Land	10,291
Building and Improvements	117,704
Equipment and Furnishings	380
Construction in Progress	44
Total	128,419
Accumulated Depreciation	34,449
Total Cost Net of Accumulated Depreciation	93,970
Kings Plaza Shopping Center
Initial Cost to Company
Land	209,041
Building and Improvements	485,548
Equipment and Furnishings	20,000
Cost Capitalized Subsequent to Acquisition	277,854
Gross Amount at Which Carried at Close of Period
Land	205,012
Building and Improvements	676,363
Equipment and Furnishings	60,084
Construction in Progress	50,984
Total	992,443
Accumulated Depreciation	178,069
Total Cost Net of Accumulated Depreciation	814,374
La Cumbre Plaza
Initial Cost to Company
Land	18,122
Building and Improvements	21,492
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	19,436
Gross Amount at Which Carried at Close of Period
Land	13,856
Building and Improvements	45,004
Equipment and Furnishings	190
Construction in Progress	0
Total	59,050
Accumulated Depreciation	26,776
Total Cost Net of Accumulated Depreciation	32,274
Macerich Management Co.
Initial Cost to Company
Land	1,150
Building and Improvements	10,475
Equipment and Furnishings	26,562
Cost Capitalized Subsequent to Acquisition	27,857
Gross Amount at Which Carried at Close of Period
Land	3,878
Building and Improvements	17,942
Equipment and Furnishings	43,270
Construction in Progress	954
Total	66,044
Accumulated Depreciation	29,453
Total Cost Net of Accumulated Depreciation	36,591
MACWH, LP
Initial Cost to Company
Land	0
Building and Improvements	25,771
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	12,461
Gross Amount at Which Carried at Close of Period
Land	10,777
Building and Improvements	27,455
Equipment and Furnishings	0
Construction in Progress	0
Total	38,232
Accumulated Depreciation	11,964
Total Cost Net of Accumulated Depreciation	26,268
NorthPark Mall
Initial Cost to Company
Land	7,746
Building and Improvements	74,661
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	11,350
Gross Amount at Which Carried at Close of Period
Land	7,076
Building and Improvements	85,985
Equipment and Furnishings	696
Construction in Progress	0
Total	93,757
Accumulated Depreciation	31,363
Total Cost Net of Accumulated Depreciation	62,394
Oaks, The
Initial Cost to Company
Land	32,300
Building and Improvements	117,156
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	268,973
Gross Amount at Which Carried at Close of Period
Land	56,387
Building and Improvements	357,987
Equipment and Furnishings	3,558
Construction in Progress	497
Total	418,429
Accumulated Depreciation	194,018
Total Cost Net of Accumulated Depreciation	224,411
Pacific View
Initial Cost to Company
Land	8,697
Building and Improvements	8,696
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	137,922
Gross Amount at Which Carried at Close of Period
Land	7,854
Building and Improvements	145,911
Equipment and Furnishings	1,550
Construction in Progress	0
Total	155,315
Accumulated Depreciation	84,979
Total Cost Net of Accumulated Depreciation	70,336
Prasada
Initial Cost to Company
Land	6,615
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	23,373
Gross Amount at Which Carried at Close of Period
Land	3,114
Building and Improvements	26,445
Equipment and Furnishings	0
Construction in Progress	429
Total	29,988
Accumulated Depreciation	2,337
Total Cost Net of Accumulated Depreciation	27,651
Queens Center
Initial Cost to Company
Land	251,474
Building and Improvements	1,039,922
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	54,263
Gross Amount at Which Carried at Close of Period
Land	256,786
Building and Improvements	1,082,404
Equipment and Furnishings	5,892
Construction in Progress	577
Total	1,345,659
Accumulated Depreciation	212,717
Total Cost Net of Accumulated Depreciation	1,132,942
Santa Monica Place
Initial Cost to Company
Land	26,400
Building and Improvements	105,600
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	317,936
Gross Amount at Which Carried at Close of Period
Land	42,513
Building and Improvements	316,488
Equipment and Furnishings	6,624
Construction in Progress	84,311
Total	449,936
Accumulated Depreciation	124,540
Total Cost Net of Accumulated Depreciation	325,396
SanTan Adjacent Land
Initial Cost to Company
Land	29,414
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	10,276
Gross Amount at Which Carried at Close of Period
Land	26,902
Building and Improvements	0
Equipment and Furnishings	0
Construction in Progress	12,788
Total	39,690
Accumulated Depreciation	0
Total Cost Net of Accumulated Depreciation	39,690
SanTan Village Regional Center
Initial Cost to Company
Land	7,827
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	219,174
Gross Amount at Which Carried at Close of Period
Land	5,921
Building and Improvements	219,354
Equipment and Furnishings	1,713
Construction in Progress	13
Total	227,001
Accumulated Depreciation	115,796
Total Cost Net of Accumulated Depreciation	111,205
Sears South Plains
Initial Cost to Company
Land	8,170
Building and Improvements	11,130
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	1,057
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Construction in Progress	20,357
Total	20,357
Accumulated Depreciation	0
Total Cost Net of Accumulated Depreciation	20,357
SouthPark Mall
Initial Cost to Company
Land	7,035
Building and Improvements	38,215
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(7,985)
Gross Amount at Which Carried at Close of Period
Land	2,899
Building and Improvements	33,932
Equipment and Furnishings	434
Construction in Progress	0
Total	37,265
Accumulated Depreciation	17,796
Total Cost Net of Accumulated Depreciation	19,469
Southridge Center
Initial Cost to Company
Land	6,764
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	6,973
Gross Amount at Which Carried at Close of Period
Land	1,963
Building and Improvements	11,659
Equipment and Furnishings	115
Construction in Progress	0
Total	13,737
Accumulated Depreciation	7,788
Total Cost Net of Accumulated Depreciation	5,949
Stonewood Center
Initial Cost to Company
Land	4,948
Building and Improvements	302,527
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	13,158
Gross Amount at Which Carried at Close of Period
Land	4,935
Building and Improvements	315,115
Equipment and Furnishings	583
Construction in Progress	0
Total	320,633
Accumulated Depreciation	69,719
Total Cost Net of Accumulated Depreciation	250,914
Superstition Springs Center
Initial Cost to Company
Land	10,928
Building and Improvements	112,718
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	11,687
Gross Amount at Which Carried at Close of Period
Land	10,928
Building and Improvements	123,344
Equipment and Furnishings	1,061
Construction in Progress	0
Total	135,333
Accumulated Depreciation	32,155
Total Cost Net of Accumulated Depreciation	103,178
Superstition Springs Power Center
Initial Cost to Company
Land	1,618
Building and Improvements	4,420
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(98)
Gross Amount at Which Carried at Close of Period
Land	1,194
Building and Improvements	4,709
Equipment and Furnishings	37
Construction in Progress	0
Total	5,940
Accumulated Depreciation	2,415
Total Cost Net of Accumulated Depreciation	3,525
The Macerich Partnership, L.P.
Initial Cost to Company
Land	0
Building and Improvements	2,534
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	5,969
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	1,138
Equipment and Furnishings	7,365
Construction in Progress	0
Total	8,503
Accumulated Depreciation	1,827
Total Cost Net of Accumulated Depreciation	6,676
Towne Mall
Initial Cost to Company
Land	6,652
Building and Improvements	31,184
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	5,110
Gross Amount at Which Carried at Close of Period
Land	6,877
Building and Improvements	35,620
Equipment and Furnishings	350
Construction in Progress	99
Total	42,946
Accumulated Depreciation	18,746
Total Cost Net of Accumulated Depreciation	24,200
Valley Mall
Initial Cost to Company
Land	16,045
Building and Improvements	26,098
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	12,675
Gross Amount at Which Carried at Close of Period
Land	14,506
Building and Improvements	40,064
Equipment and Furnishings	248
Construction in Progress	0
Total	54,818
Accumulated Depreciation	16,513
Total Cost Net of Accumulated Depreciation	38,305
Valley River Center
Initial Cost to Company
Land	24,854
Building and Improvements	147,715
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	35,224
Gross Amount at Which Carried at Close of Period
Land	24,854
Building and Improvements	180,766
Equipment and Furnishings	1,896
Construction in Progress	277
Total	207,793
Accumulated Depreciation	79,922
Total Cost Net of Accumulated Depreciation	127,871
Victor Valley, Mall of
Initial Cost to Company
Land	15,700
Building and Improvements	75,230
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	54,907
Gross Amount at Which Carried at Close of Period
Land	20,080
Building and Improvements	124,161
Equipment and Furnishings	1,596
Construction in Progress	0
Total	145,837
Accumulated Depreciation	66,260
Total Cost Net of Accumulated Depreciation	79,577
Vintage Faire Mall
Initial Cost to Company
Land	14,902
Building and Improvements	60,532
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	59,758
Gross Amount at Which Carried at Close of Period
Land	17,417
Building and Improvements	114,524
Equipment and Furnishings	1,580
Construction in Progress	1,671
Total	135,192
Accumulated Depreciation	80,686
Total Cost Net of Accumulated Depreciation	54,506
Wilton Mall
Initial Cost to Company
Land	19,743
Building and Improvements	67,855
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(3,052)
Gross Amount at Which Carried at Close of Period
Land	11,310
Building and Improvements	72,044
Equipment and Furnishings	1,155
Construction in Progress	37
Total	84,546
Accumulated Depreciation	48,449
Total Cost Net of Accumulated Depreciation	36,097
Other freestanding stores
Initial Cost to Company
Land	5,926
Building and Improvements	31,785
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(5,369)
Gross Amount at Which Carried at Close of Period
Land	4,906
Building and Improvements	27,142
Equipment and Furnishings	294
Construction in Progress	0
Total	32,342
Accumulated Depreciation	14,584
Total Cost Net of Accumulated Depreciation	17,758
Other land and development properties
Initial Cost to Company
Land	37,850
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(21,594)
Gross Amount at Which Carried at Close of Period
Land	6,322
Building and Improvements	6,555
Equipment and Furnishings	0
Construction in Progress	3,379
Total	16,256
Accumulated Depreciation	1,099
Total Cost Net of Accumulated Depreciation	$ 15,157

Schedule III-Real Estate and Accumulated Depreciation - Depreciation Schedule (Details)	12 Months Ended
	Dec. 31, 2021
Buildings and improvements \| Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Buildings and improvements \| Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	40 years
Tenant improvements \| Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Tenant improvements \| Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	7 years
Equipment and furnishings \| Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Equipment and furnishings \| Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	7 years

Schedule III-Real Estate and Accumulated Depreciation - Property And Accumulated Depreciation Roll forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in total real estate assets
Balances, beginning of year	$ 9,256,712	$ 8,993,049	$ 8,878,820
Additions	100,616	419,369	176,690
Dispositions and retirements	(509,778)	(155,706)	(62,461)
Balances, end of year	8,847,550	9,256,712	8,993,049
Aggregate gross cost of the property for federal income tax purposes	8,877,859
Changes in accumulated depreciation
Balances, beginning of year	2,562,133	2,349,536	2,093,044
Additions	282,158	287,925	287,846
Dispositions and retirements	(280,947)	(75,328)	(31,354)
Balances, end of year	$ 2,563,344	$ 2,562,133	$ 2,349,536

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-02 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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