0000912242-23-000007 | 10-K | XBRL Viewer

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Tenant and Other Receivables, net	12 Months Ended
Tenant and Other Receivables, net	Dec. 31, 2022
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 $10,741 and $14,917 at December 31, 2022 and 2021, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $18,010 and $19,907 at December 31, 2022 and 2021, respectively, and a deferred rent receivable due to straight-line rent adjustments of $110,155 and $110,969 at December 31, 2022 and 2021, respectively.

Dispositions	12 Months Ended
Dispositions	Dec. 31, 2022
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, 2022, 2021 and 2020, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $22,357, $29,427 and $8,593, respectively. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.

Property, net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, net

Property, net:

Property, net at December 31, 2022 and 2021 consists of the following:


	2022		2021
Land	$	1,425,211	$	1,441,858
Buildings and improvements	6,378,736		6,306,764
Tenant improvements	711,007		685,242
Equipment and furnishings(1)	186,767		191,266
Construction in progress	218,859		222,420
	8,920,580		8,847,550
Less accumulated depreciation(1)	(2,792,790)		(2,563,344)
	$	6,127,790	$	6,284,206

(1)Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at December 31, 2022 and 2021 (See Note 8—Leases).

Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $271,494, $282,158 and $287,925, respectively.

The gain (loss) on sale or write down of assets, net for the years ended December 31, 2022, 2021 and 2020 consist of the following:


	2022		2021		2020
Property sales(1)	$	386	$	113,657	$	—
Write-down of assets(2)	(15,045)		(67,344)		(76,705)
Land sales	22,357		29,427		8,593

	$	7,698	$	75,740	$	(68,112)

_______________________________________________________________________________

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

(2)Includes impairment loss of $5,471 relating to the Company's investment in MS Portfolio LLC (See Note 4—Investments in Unconsolidated Joint Ventures) and impairment loss of $5,140 on Towne Mall during the year ended December 31, 2022. 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) and 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, 2022, 2021 and 2020 mainly pertain to the write off of development costs.

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, 2022, 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)
2022	$	18,250	$	—	$	—	$	18,250
2021	$	4,720	$	—	$	4,720	$	—
2020	$	151,875	$	—	$	151,875	$	—

The fair value relating to the 2020 and 2021 impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2022 impairment was based upon an income approach, using an estimated terminal capitalization rate, discount rate, and in-place contractual rent and other income. The fair value is sensitive to these significant unobservable inputs.

Dispositions (Details) - USD ($) $ in Thousands			12 Months Ended
Dispositions (Details) - USD ($) $ in Thousands	Sep. 17, 2021	Mar. 29, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Discontinued Operations:
Proceeds from sale of assets			$ 50,458	$ 337,514	$ 16,896
Repayments of debt	$ 100,142		334,075	2,020,395	33,972
Land
Discontinued Operations:
Gain on sale of land			22,357	29,427	8,593
Land
Discontinued Operations:
Gain on sale of land			$ 22,357	$ 29,427	$ 8,593
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Paradise Valley Mall
Discontinued Operations:
Gain on sale of assets		$ 100,000
Ownership percentage (as a percent)		5.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Paradise Valley Mall \| Land
Discontinued Operations:
Gain on sale of assets		$ 5,563
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Tucson La Encantada in Tucson, Arizona
Discontinued Operations:
Gain on sale of assets	117,242
Proceeds from sale of assets	$ 165,250

Share and Unit-based Plans - 2003 Equity Incentive Plan (Details) - 2003 Equity Incentive Plan	12 Months Ended
	Dec. 31, 2022 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)	4,150,526

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

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 accordance with Accounting Standards Codification ("ASC") 810, "Consolidation", 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,
	2022		2021
Assets:
Property, net	$	452,559	$	458,964
Other assets	93,102		83,685
Total assets	$	545,661	$	542,649
Liabilities:
Mortgage notes payable	$	323,841	$	413,925
Other liabilities	135,340		56,947
Total liabilities	$	459,181	$	470,872

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:


	2022		2021		2020
Beginning 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
End of period
Cash and cash equivalents	$	100,320	$	112,454	$	465,297
Restricted cash	80,819		54,517		17,362
Cash and cash equivalents and restricted cash	$	181,139	$	166,971	$	482,659

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 eliminated across the Company’s markets.

COVID-19 Lease Accounting:

In April 2020, the Financial Accounting Standards Board ("FASB") 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 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, 2022, 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 (decreased) increased by $(777), $5,873 and $24,789 due to the straight-line rent adjustment during the years ended December 31, 2022, 2021 and 2020, 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 VIE 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:

Direct 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, 2022, 2021 or 2020, with the exception of one Center in New York which represents approximately 12% of the Company's consolidated revenues for the year ended December 31, 2022.

Management Estimates:

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

Recent Accounting Pronouncements:

In March 2020, the FASB issued guidance codified in Accounting Standards Update ("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 evaluated the optional expedients and exceptions provided by ASU 2020-04 and determined that the impact will not be significant on its consolidated financial statements.

Property, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 271,494	$ 282,158	$ 287,925

Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Management fees
Related Party Transaction
Management fees	$ 28,512	$ 26,023	$ 23,461
Unconsolidated joint ventures and third party managed properties
Related Party Transaction
Management fees	26,236	23,830	22,248
Unconsolidated joint ventures and third party managed properties \| Management fees
Related Party Transaction
Management fees	18,208	17,872	15,297
Unconsolidated joint ventures and third party managed properties \| Development and leasing fees
Related Party Transaction
Management fees	$ 8,028	$ 5,958	$ 6,951

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Consolidated Joint Venture and Acquisitions - Allocation of Fair Value (Details) - USD ($) $ in Thousands	Aug. 02, 2022	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
Land		$ 8,170
Building and improvements		11,130
Total assets acquired		$ 19,300
Ownership percentage at completion of acquisition (as a percent)		100.00%
Sears Deptford Mall And Vintage Faire Mall
Acquisition
Land	$ 6,966
Building and improvements	32,934
Deferred charges	8,075
Other assets (above-market leases)	2,664
Other accrued liabilities	2,541
Fair value of acquired net assets (at 100% ownership)	$ 48,098
Ownership percentage at completion of acquisition (as a percent)	100.00%

Investments in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures:

The Company owns operating properties through various unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2022 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, 2022, 2021 and 2020 and events subsequent to December 31, 2022:

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 matures on January 22, 2024, and bears interest at the Secured Overnight Financing Rate ("SOFR") plus 3.6% (See Note 10–Mortgage Notes Payable). 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 SOFR plus 3.70% and matures on February 9, 2025, 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.

On August 2, 2022, the Company acquired the remaining 50% ownership interest in two former Sears parcels (Deptford Mall and Vintage Faire Mall) in MS Portfolio LLC, the Company's joint venture with Seritage Growth Properties, for a total purchase price of approximately $24,544. As a result of this transaction and the shortening of holding periods on certain other assets in the joint venture, an impairment loss was recorded for the twelve months ending December 31, 2022. The Company's share of the impairment loss was $27,054. Effective as of August 2, 2022, the Company now owns and has consolidated its 100% interest in these two former Sears parcels in its consolidated financial statements (See Note 15—Consolidated Joint Venture and Acquisitions).

On November 14, 2022, the Company's joint venture in Washington Square closed on a four-year maturity date extension for the existing loan to November 1, 2026, including extension options. The Company's joint venture repaid $15,000 ($9,000 at the Company's pro rata share) of the outstanding loan balance. The loan bears interest at SOFR plus 4.0% and is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0%.

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:


	2022		2021
Assets(1):
Property, net	$	8,156,632	$	8,289,412
Other assets	664,036		750,629
Total assets	$	8,820,668	$	9,040,041
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,491,250	$	5,686,500
Other liabilities	451,511		325,115
Company's capital	1,528,348		1,638,112
Outside partners' capital	1,349,559		1,390,314
Total liabilities and partners' capital	$	8,820,668	$	9,040,041
Investment in unconsolidated joint ventures:
Company's capital	$	1,528,348	$	1,638,112
Basis adjustment(2)	(425,153)		(448,149)
	$	1,103,195	$	1,189,963

Assets—Investments in unconsolidated joint ventures	1,224,288		$	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(121,093)		(127,608)
	$	1,103,195	$	1,189,963

_______________________________________________________________________________

(1)These amounts include the assets of $2,690,651 and $2,789,568 of Pacific Premier Retail LLC (the "PPR Portfolio") as of December 31, 2022 and 2021, respectively, and liabilities of $1,611,661 and $1,661,110 of the PPR Portfolio as of December 31, 2022 and 2021, 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 $9,371, $10,276 and $13,168 for the years ended December 31, 2022, 2021 and 2020, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Year Ended December 31, 2022
Revenues:
Leasing revenue	$	183,620	$	668,523	$	852,143
Other	739		19,967		20,706
Total revenues	184,359		688,490		872,849
Expenses:
Shopping center and operating expenses	41,904		232,213		274,117
Leasing expense	1,684		4,880		6,564
Interest expense	65,957		148,443		214,400
Depreciation and amortization	95,990		258,008		353,998
Total operating expenses	205,535		643,544		849,079
Loss on sale of assets	—		(28,968)		(28,968)

Net (loss) income	$	(21,176)	$	15,978	$	(5,198)
Company's equity in net loss	$	(3,501)	$	(1,755)	$	(5,256)

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


	PPR Portfolio		Other Joint Ventures		Total
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)

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

Investments in Unconsolidated Joint Ventures - Narrative (Details)										12 Months Ended
	Nov. 14, 2022 USD ($)	Aug. 02, 2022 USD ($)	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 ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) property	Dec. 28, 2020
Investments in unconsolidated joint ventures:
Write-down of assets										$ 15,045,000	$ 67,344,000	$ 76,705,000
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%
Sears Deptford Mall And Vintage Faire Mall
Investments in unconsolidated joint ventures:
Business acquisition, percentage of voting interests acquired		100.00%
Joint venture
Investments in unconsolidated joint ventures:
Number of properties \| property												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 \| Sears South Plains
Investments in unconsolidated joint ventures:
Write-down of assets										$ 27,054,000
Joint venture \| Sears Deptford Mall And Vintage Faire Mall
Investments in unconsolidated joint ventures:
Purchase price on acquisition		$ 24,544,000
Joint venture \| Sears Deptford Mall And Vintage Faire Mall \| Third Party
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)		50.00%
Joint venture \| SOFR
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)	4.00%
Joint venture \| SOFR \| Fashion District Philadelphia
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)								3.60%
Tysons Corner LLC \| Joint venture
Investments in unconsolidated joint ventures:
Debt issued									$ 95,000,000
Interest rate (as a percent)									3.43%
Tysons Corner LLC \| Joint venture \| Initial Funding
Investments in unconsolidated joint ventures:
Debt issued									$ 90,000,000
Tysons Corner LLC \| Joint venture \| General Corporate Purposes
Investments in unconsolidated joint ventures:
Debt issued									45,000,000
Tysons Corner LLC \| Joint venture \| Future Advance Potential
Investments in unconsolidated joint ventures:
Debt issued									$ 5,000,000
Fashion District Philadelphia
Investments in unconsolidated joint ventures:
Interest rate (as a percent)										7.62%
Fashion District Philadelphia \| Joint venture
Investments in unconsolidated joint ventures:
Joint venture, cash distribution, percent								50.00%
FlatIron Crossing
Investments in unconsolidated joint ventures:
Repayments of debt							$ 7,650,000
FlatIron Crossing \| Joint venture
Investments in unconsolidated joint ventures:
Debt issued			$ 175,000,000
Interest rate (as a percent)							4.10%						3.85%
Extension term							1 year
Repayments of debt			$ 197,011,000				$ 15,000,000
FlatIron Crossing \| Joint venture \| SOFR
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)			3.70%
Interest rate cap (as a percent)			4.00%
Paradise Valley Mall \| Joint venture
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)						5.00%
Payments for joint venture						$ 3,819,000
The Shops at Atlas Park \| Joint venture
Investments in unconsolidated joint ventures:
Debt issued					$ 65,000,000
The Shops at Atlas Park \| Joint venture \| LIBOR
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)					4.15%
Interest rate cap (as a percent)					3.00%
North Bridge,Chicago Illinois \| Joint venture
Investments in unconsolidated joint ventures:
Loss on Investments				$ 28,276,000							$ 28,276,000
North Wabash,Chicago Illinois \| Joint venture
Investments in unconsolidated joint ventures:
Proceeds from divestiture of interest in joint venture				$ 21,000,000
Washington Square Member
Investments in unconsolidated joint ventures:
Repayments of debt	$ 9,000
Washington Square Member \| Joint venture
Investments in unconsolidated joint ventures:
Repayments of debt	$ 15,000
Joint venture extension term	4 years
Washington Square Member \| Joint venture \| SOFR
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)	4.00%

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: As of December 31, 2022, the Company was contingently liable for $40,931 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, 2022, the Company had $3,164 in outstanding obligations, which it believes will be settled in the next twelve months.

Organization (Details)	12 Months Ended
Organization (Details)	Dec. 31, 2022 entity
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%

Financing Arrangement

12 Months Ended

Dec. 31, 2022

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 1,320,000 square foot regional town center in Chandler, Arizona, and Freehold Raceway Mall, a 1,549,000 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 Company accounts for its investment in Chandler Freehold as a 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 income (loss) 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, 2022, 2021 and 2020 the Company incurred interest expense (income) in connection with the financing arrangement as follows:


	2022		2021		2020
Distributions of the partner's share of net income (loss)	$	1,833	$	(2,763)	$	1,144
Distributions in excess of the partner's share of net income	8,669		14,435		3,097
Adjustment to fair value of financing arrangement obligation	24,233		(15,390)		(139,522)
	$	34,735	$	(3,718)	$	(135,281)

The fair value (Level 3 measurement) of the financing arrangement obligation at December 31, 2022 and 2021 was based upon a terminal capitalization rate of approximately 6.3% and 5.8%, respectively, a discount rate of approximately 7.8% and 7.3%, 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 expense (income) in the Company's consolidated statements of operations.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (65,079)	$ 16,163	$ (245,462)
Other comprehensive income:
Interest rate cap/swap agreements	656	8,184	843
Comprehensive (loss) income	(64,423)	24,347	(244,619)
Less net income (loss) attributable to noncontrolling interests	989	1,900	(15,259)
Comprehensive (loss) income attributable to the Company	$ (65,412)	$ 22,447	$ (229,360)

- Definition

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

+ References + Details

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 9
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 22
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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, 2022	Dec. 31, 2021
Below Market
2023	$ 7,863
2024	7,746
2025	6,183
2026	4,856
2027	4,542
Thereafter	25,039
Allocated value, net	56,229
Above Market
Above Market
2023	6,054
2024	5,543
2025	4,155
2026	3,963
2027	3,254
Thereafter	13,179
Allocated value net	$ 36,148	$ 39,805

Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Below-Market Leases
Allocated value, net	$ 56,229
Above Market
Above-Market Leases
Original allocated value	71,304	$ 72,289
Less accumulated amortization	(35,156)	(32,484)
Allocated value net	36,148	39,805
Below Market
Below-Market Leases
Original allocated value	97,026	99,332
Less accumulated amortization	(40,797)	(37,122)
Allocated value, net	$ 56,229	$ 62,210

Income Taxes - Schedule of tax effects of temporary differences and carryforwards of the TRSs included in net deferred tax assets (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 13,362,000	$ 23,944,000
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	9,019,000
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs		(1,013,000)
Other	733,000	475,000
Net deferred tax assets	23,114,000	23,406,000
Unrecognized tax benefits	$ 0	$ 0	$ 0

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	14. 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 14. Stockholders' Equity: (Continued) 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, 2022, $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, 2022, 2021 and 2020.

- Definition

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

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022, 2021 and 2020:


	2022(1)				2021(2)				2020(2)
Ordinary income	$	0.49	79.2	%	$	0.04	6.0	%	$	0.08	5.2	%
Capital gains	0.06		9.9	%	0.15		24.9	%	0.02		1.3	%

Return of capital	0.07		10.9	%	0.41		69.1	%	1.45		93.5	%
Dividends paid	$	0.62	100.0	%	$	0.60	100.0	%	$	1.55	100.0	%

_______________________________________________________________________________

(1)54.5% of the 2022 ordinary income is treated as "qualified REIT dividends" for purposes of Section 199A of the Code and 45.5% of the 2022 ordinary income is treated as "qualified dividend income" for purposes of Section 1(h)(11) of the Code.

(2)The 2021 and 2020 ordinary income is treated as "qualified REIT dividends" for purposes of Section 199A of the Code.

Schedule of Income Tax Provision of TRSs

The income tax provision of the TRSs for the years ended December 31, 2022, 2021 and 2020 are as follows:


	2022		2021		2020
Current	$	—	$	—	$	439
Deferred	(705)		(6,948)		8
Income tax (expense) benefit	$	(705)	$	(6,948)	$	447

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, 2022, 2021 and 2020 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:


	2022		2021		2020
Book loss (income) for TRSs	$	2,718	$	(23,205)	$	6,058
Tax at statutory rate on earnings from continuing operations before income taxes	$	571	$	(4,873)	$	1,272

State taxes	(116)		(1,261)		(31)
Other	(1,160)		(814)		(794)
Income tax (expense) benefit	$	(705)	$	(6,948)	$	447

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, 2022 and 2021 are summarized as follows:


	2022		2021
Net operating loss carryforwards	$	13,362	$	23,944
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	9,019		(1,013)
Other	733		475
Net deferred tax assets	$	23,114	$	23,406

Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Leasing revenue - fixed payments	$ 551,459	$ 529,227	$ 592,858
Leasing revenue - variable payments	248,433	251,930	191,715
Recovery of (provision for) doubtful accounts	656	6,390	(44,250)
Leasing revenue	$ 800,548	$ 787,547	$ 740,323

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

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:

Management Estimates

Management Estimates:

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

Schedule III-Real Estate and Accumulated Depreciation - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Initial Cost to Company
Land	$ 1,377,835
Building and Improvements	4,906,012
Equipment and Furnishings	46,574
Cost Capitalized Subsequent to Acquisition	2,590,159
Gross Amount at Which Carried at Close of Period
Land	1,425,211
Building and Improvements	7,089,743
Equipment and Furnishings	186,767
Construction in Progress	218,859
Total	8,920,580	$ 8,847,550	$ 9,256,712	$ 8,993,049
Accumulated Depreciation	2,792,790	$ 2,563,344	$ 2,562,133	$ 2,349,536
Total Cost Net of Accumulated Depreciation	6,127,790
Chandler Fashion Center
Initial Cost to Company
Land	24,188
Building and Improvements	223,143
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	32,307
Gross Amount at Which Carried at Close of Period
Land	24,188
Building and Improvements	249,735
Equipment and Furnishings	5,470
Construction in Progress	245
Total	279,638
Accumulated Depreciation	140,539
Total Cost Net of Accumulated Depreciation	139,099
Danbury Fair Mall
Initial Cost to Company
Land	130,367
Building and Improvements	316,951
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	120,495
Gross Amount at Which Carried at Close of Period
Land	141,479
Building and Improvements	396,490
Equipment and Furnishings	9,646
Construction in Progress	20,198
Total	567,813
Accumulated Depreciation	184,221
Total Cost Net of Accumulated Depreciation	383,592
Desert Sky Mall
Initial Cost to Company
Land	9,447
Building and Improvements	37,245
Equipment and Furnishings	12
Cost Capitalized Subsequent to Acquisition	5,231
Gross Amount at Which Carried at Close of Period
Land	6,843
Building and Improvements	41,616
Equipment and Furnishings	3,476
Construction in Progress	0
Total	51,935
Accumulated Depreciation	18,064
Total Cost Net of Accumulated Depreciation	33,871
Eastland Mall
Initial Cost to Company
Land	22,050
Building and Improvements	151,605
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	13,338
Gross Amount at Which Carried at Close of Period
Land	20,810
Building and Improvements	163,829
Equipment and Furnishings	2,354
Construction in Progress	0
Total	186,993
Accumulated Depreciation	55,194
Total Cost Net of Accumulated Depreciation	131,799
Fashion District Philadelphia
Initial Cost to Company
Land	38,402
Building and Improvements	293,112
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	9,113
Gross Amount at Which Carried at Close of Period
Land	39,962
Building and Improvements	298,762
Equipment and Furnishings	281
Construction in Progress	1,622
Total	340,627
Accumulated Depreciation	18,995
Total Cost Net of Accumulated Depreciation	321,632
Fashion Outlets of Chicago
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	276,033
Gross Amount at Which Carried at Close of Period
Land	40,575
Building and Improvements	231,438
Equipment and Furnishings	4,020
Construction in Progress	0
Total	276,033
Accumulated Depreciation	87,543
Total Cost Net of Accumulated Depreciation	188,490
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	104,515
Gross Amount at Which Carried at Close of Period
Land	23,762
Building and Improvements	307,094
Equipment and Furnishings	2,276
Construction in Progress	103
Total	333,235
Accumulated Depreciation	116,977
Total Cost Net of Accumulated Depreciation	216,258
The Marketplace at Flagstaff
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	46,088
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	46,088
Equipment and Furnishings	0
Construction in Progress	0
Total	46,088
Accumulated Depreciation	30,685
Total Cost Net of Accumulated Depreciation	15,403
Freehold Raceway Mall
Initial Cost to Company
Land	164,986
Building and Improvements	362,841
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	121,409
Gross Amount at Which Carried at Close of Period
Land	167,371
Building and Improvements	464,683
Equipment and Furnishings	9,148
Construction in Progress	8,034
Total	649,236
Accumulated Depreciation	245,568
Total Cost Net of Accumulated Depreciation	403,668
Fresno Fashion Fair
Initial Cost to Company
Land	17,966
Building and Improvements	72,194
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	58,644
Gross Amount at Which Carried at Close of Period
Land	17,966
Building and Improvements	127,365
Equipment and Furnishings	3,127
Construction in Progress	346
Total	148,804
Accumulated Depreciation	75,369
Total Cost Net of Accumulated Depreciation	73,435
Green Acres Mall
Initial Cost to Company
Land	156,640
Building and Improvements	321,034
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	213,915
Gross Amount at Which Carried at Close of Period
Land	177,378
Building and Improvements	461,106
Equipment and Furnishings	11,197
Construction in Progress	41,908
Total	691,589
Accumulated Depreciation	174,438
Total Cost Net of Accumulated Depreciation	517,151
Inland Center
Initial Cost to Company
Land	8,321
Building and Improvements	83,550
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	37,241
Gross Amount at Which Carried at Close of Period
Land	10,291
Building and Improvements	118,201
Equipment and Furnishings	425
Construction in Progress	195
Total	129,112
Accumulated Depreciation	40,656
Total Cost Net of Accumulated Depreciation	88,456
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	284,756
Gross Amount at Which Carried at Close of Period
Land	207,206
Building and Improvements	718,630
Equipment and Furnishings	63,213
Construction in Progress	10,296
Total	999,345
Accumulated Depreciation	209,687
Total Cost Net of Accumulated Depreciation	789,658
La Cumbre Plaza
Initial Cost to Company
Land	18,122
Building and Improvements	21,492
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	19,672
Gross Amount at Which Carried at Close of Period
Land	13,856
Building and Improvements	45,244
Equipment and Furnishings	186
Construction in Progress	0
Total	59,286
Accumulated Depreciation	28,277
Total Cost Net of Accumulated Depreciation	31,009
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	22,243
Gross Amount at Which Carried at Close of Period
Land	3,878
Building and Improvements	21,458
Equipment and Furnishings	33,951
Construction in Progress	1,143
Total	60,430
Accumulated Depreciation	28,607
Total Cost Net of Accumulated Depreciation	31,823
MACWH, LP
Initial Cost to Company
Land	0
Building and Improvements	25,771
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(759)
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	25,012
Equipment and Furnishings	0
Construction in Progress	0
Total	25,012
Accumulated Depreciation	11,895
Total Cost Net of Accumulated Depreciation	13,117
NorthPark Mall
Initial Cost to Company
Land	7,746
Building and Improvements	74,661
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	12,151
Gross Amount at Which Carried at Close of Period
Land	6,939
Building and Improvements	86,877
Equipment and Furnishings	742
Construction in Progress	0
Total	94,558
Accumulated Depreciation	34,745
Total Cost Net of Accumulated Depreciation	59,813
Oaks, The
Initial Cost to Company
Land	32,300
Building and Improvements	117,156
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	273,067
Gross Amount at Which Carried at Close of Period
Land	56,387
Building and Improvements	362,056
Equipment and Furnishings	3,538
Construction in Progress	542
Total	422,523
Accumulated Depreciation	208,779
Total Cost Net of Accumulated Depreciation	213,744
Pacific View
Initial Cost to Company
Land	8,697
Building and Improvements	8,696
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	138,249
Gross Amount at Which Carried at Close of Period
Land	7,854
Building and Improvements	146,193
Equipment and Furnishings	1,595
Construction in Progress	0
Total	155,642
Accumulated Depreciation	89,825
Total Cost Net of Accumulated Depreciation	65,817
Prasada
Initial Cost to Company
Land	6,615
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	19,521
Gross Amount at Which Carried at Close of Period
Land	215
Building and Improvements	22,969
Equipment and Furnishings	0
Construction in Progress	2,952
Total	26,136
Accumulated Depreciation	3,566
Total Cost Net of Accumulated Depreciation	22,570
Queens Center
Initial Cost to Company
Land	251,474
Building and Improvements	1,039,922
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	67,757
Gross Amount at Which Carried at Close of Period
Land	256,786
Building and Improvements	1,091,345
Equipment and Furnishings	5,919
Construction in Progress	5,103
Total	1,359,153
Accumulated Depreciation	244,124
Total Cost Net of Accumulated Depreciation	1,115,029
Santa Monica Place
Initial Cost to Company
Land	26,400
Building and Improvements	105,600
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	324,899
Gross Amount at Which Carried at Close of Period
Land	42,513
Building and Improvements	317,725
Equipment and Furnishings	6,788
Construction in Progress	89,873
Total	456,899
Accumulated Depreciation	137,034
Total Cost Net of Accumulated Depreciation	319,865
SanTan Adjacent Land
Initial Cost to Company
Land	29,414
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	11,087
Gross Amount at Which Carried at Close of Period
Land	26,902
Building and Improvements	3,438
Equipment and Furnishings	0
Construction in Progress	10,161
Total	40,501
Accumulated Depreciation	133
Total Cost Net of Accumulated Depreciation	40,368
SanTan Village Regional Center
Initial Cost to Company
Land	7,827
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	224,123
Gross Amount at Which Carried at Close of Period
Land	5,921
Building and Improvements	224,114
Equipment and Furnishings	1,907
Construction in Progress	8
Total	231,950
Accumulated Depreciation	123,986
Total Cost Net of Accumulated Depreciation	107,964
SouthPark Mall
Initial Cost to Company
Land	7,035
Building and Improvements	38,215
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(10,076)
Gross Amount at Which Carried at Close of Period
Land	2,763
Building and Improvements	31,949
Equipment and Furnishings	462
Construction in Progress	0
Total	35,174
Accumulated Depreciation	18,414
Total Cost Net of Accumulated Depreciation	16,760
Southridge Center
Initial Cost to Company
Land	6,764
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	6,849
Gross Amount at Which Carried at Close of Period
Land	1,963
Building and Improvements	11,520
Equipment and Furnishings	114
Construction in Progress	16
Total	13,613
Accumulated Depreciation	7,786
Total Cost Net of Accumulated Depreciation	5,827
Stonewood Center
Initial Cost to Company
Land	4,948
Building and Improvements	302,527
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	13,965
Gross Amount at Which Carried at Close of Period
Land	4,935
Building and Improvements	315,718
Equipment and Furnishings	787
Construction in Progress	0
Total	321,440
Accumulated Depreciation	78,880
Total Cost Net of Accumulated Depreciation	242,560
Superstition Springs Center
Initial Cost to Company
Land	10,928
Building and Improvements	112,718
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	12,650
Gross Amount at Which Carried at Close of Period
Land	10,928
Building and Improvements	124,059
Equipment and Furnishings	1,309
Construction in Progress	0
Total	136,296
Accumulated Depreciation	36,441
Total Cost Net of Accumulated Depreciation	99,855
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	31
Gross Amount at Which Carried at Close of Period
Land	1,194
Building and Improvements	4,842
Equipment and Furnishings	33
Construction in Progress	0
Total	6,069
Accumulated Depreciation	2,538
Total Cost Net of Accumulated Depreciation	3,531
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	6,529
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	1,698
Equipment and Furnishings	7,365
Construction in Progress	0
Total	9,063
Accumulated Depreciation	2,188
Total Cost Net of Accumulated Depreciation	6,875
Towne Mall
Initial Cost to Company
Land	6,652
Building and Improvements	31,184
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(251)
Gross Amount at Which Carried at Close of Period
Land	5,366
Building and Improvements	32,009
Equipment and Furnishings	210
Construction in Progress	0
Total	37,585
Accumulated Depreciation	19,618
Total Cost Net of Accumulated Depreciation	17,967
Valley Mall
Initial Cost to Company
Land	16,045
Building and Improvements	26,098
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	11,926
Gross Amount at Which Carried at Close of Period
Land	13,805
Building and Improvements	39,989
Equipment and Furnishings	275
Construction in Progress	0
Total	54,069
Accumulated Depreciation	18,387
Total Cost Net of Accumulated Depreciation	35,682
Valley River Center
Initial Cost to Company
Land	24,854
Building and Improvements	147,715
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	37,305
Gross Amount at Which Carried at Close of Period
Land	24,854
Building and Improvements	182,851
Equipment and Furnishings	2,085
Construction in Progress	84
Total	209,874
Accumulated Depreciation	85,686
Total Cost Net of Accumulated Depreciation	124,188
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	56,692
Gross Amount at Which Carried at Close of Period
Land	20,080
Building and Improvements	125,866
Equipment and Furnishings	1,676
Construction in Progress	0
Total	147,622
Accumulated Depreciation	70,008
Total Cost Net of Accumulated Depreciation	77,614
Vintage Faire Mall
Initial Cost to Company
Land	14,902
Building and Improvements	60,532
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	63,196
Gross Amount at Which Carried at Close of Period
Land	17,647
Building and Improvements	119,356
Equipment and Furnishings	1,627
Construction in Progress	0
Total	138,630
Accumulated Depreciation	84,152
Total Cost Net of Accumulated Depreciation	54,478
Wilton Mall
Initial Cost to Company
Land	19,743
Building and Improvements	67,855
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(3,001)
Gross Amount at Which Carried at Close of Period
Land	11,310
Building and Improvements	71,938
Equipment and Furnishings	1,272
Construction in Progress	77
Total	84,597
Accumulated Depreciation	49,784
Total Cost Net of Accumulated Depreciation	34,813
Other freestanding stores
Initial Cost to Company
Land	21,062
Building and Improvements	75,849
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(13,722)
Gross Amount at Which Carried at Close of Period
Land	10,817
Building and Improvements	50,431
Equipment and Furnishings	293
Construction in Progress	21,648
Total	83,189
Accumulated Depreciation	8,671
Total Cost Net of Accumulated Depreciation	74,518
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	(27,029)
Gross Amount at Which Carried at Close of Period
Land	467
Building and Improvements	6,049
Equipment and Furnishings	0
Construction in Progress	4,305
Total	10,821
Accumulated Depreciation	1,330
Total Cost Net of Accumulated Depreciation	$ 9,491

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Outstanding

The following derivatives were outstanding at December 31, 2022 and December 31, 2021:


								Fair Value
Property	Designation	Notional Amount		Product	LIBOR Rate		Maturity	December 31, 2022		December 31, 2021
Santa Monica Place	Hedged	$	300,000	Cap	4.00	%	12/9/2022	$	—	$	6
Santa Monica Place	Non-Hedged	$	300,000	Cap	4.00	%	12/9/2023	$	2,576	$	—
The Macerich Partnership, L.P.	Non-Hedged	$	(300,000)	Sold Cap	4.00	%	12/9/2023	$	(2,567)	$	—

- 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Stockholders' Equity (Details) - USD ($)				12 Months Ended
Stockholders' Equity (Details) - USD ($)	Jun. 03, 2020	May 22, 2020	Mar. 16, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	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			$ 0.62	$ 0.60	$ 1.55
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

Subsequent Events (Details) - $ / shares	Jan. 27, 2023	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)	$ 0.17

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Components of Leasing Revenue

The following table summarizes the components of leasing revenue for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
Leasing revenue - fixed payments	$	551,459	$	529,227	$	592,858
Leasing revenue - variable payments	248,433		251,930		191,715
Recovery of (provision for) doubtful accounts	656		6,390		(44,250)
	$	800,548	$	787,547	$	740,323

Schedule of Future Minimum Rental Payments by the Company

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


2023	$	416,775
2024	352,926
2025	282,439
2026	228,421
2027	172,400
Thereafter	537,759
	$	1,990,720

Summary of Lease Costs

The following table summarizes the lease costs for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
Operating lease costs	$	15,133	$	14,611	$	15,332
Finance lease costs:
Amortization of ROU assets	1,930		1,917		1,905
Interest on lease liabilities	499		574		546
	$	17,562	$	17,102	$	17,783

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, 2022:


Year ending	Operating Leases		Finance Leases
2023	$	12,255	$	2,450
2024	11,563		9,478
2025	11,746		1,400
2026	11,864		—
2027	12,035		—
Thereafter	109,158		—
Total undiscounted rental payments	168,621		13,328
Less imputed interest	(86,315)		(723)
Total lease liabilities	$	82,306	$	12,605

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, 2022:


Year ending	Operating Leases		Finance Leases
2023	$	12,255	$	2,450
2024	11,563		9,478
2025	11,746		1,400
2026	11,864		—
2027	12,035		—
Thereafter	109,158		—
Total undiscounted rental payments	168,621		13,328
Less imputed interest	(86,315)		(723)
Total lease liabilities	$	82,306	$	12,605

Deferred Charges and Other Assets, net

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 consist of the following:


	2022		2021
Leasing	$	113,400	$	134,887
Intangible assets:
In-place lease values(1)	63,961		62,826
Leasing commissions and legal costs(1)	17,299		16,710
Above-market leases	71,304		72,289
Deferred tax assets	23,114		23,406
Deferred compensation plan assets	54,353		68,807
Other assets	66,188		46,319
	409,619		425,244
Less accumulated amortization(2)	(162,195)		(170,336)
	$	247,424	$	254,908

_______________________________

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


Year Ending December 31,
2023	$	6,781
2024	5,003
2025	4,270
2026	4,151
2027	3,629
Thereafter	13,064
	$	36,898

(2)Accumulated amortization includes $44,362 and $43,978 relating to in-place lease values, leasing commissions and legal costs at December 31, 2022 and 2021, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $6,734, $11,233 and $9,412 for the years ended December 31, 2022, 2021 and 2020, respectively.

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


	2022		2021
Above-Market Leases
Original allocated value	$	71,304	$	72,289
Less accumulated amortization	(35,156)		(32,484)
	$	36,148	$	39,805
Below-Market Leases(1)
Original allocated value	$	97,026	$	99,332
Less accumulated amortization	(40,797)		(37,122)
	$	56,229	$	62,210

_______________________________

(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
2023	$	6,054	$	7,863
2024	5,543		7,746
2025	4,155		6,183
2026	3,963		4,856
2027	3,254		4,542
Thereafter	13,179		25,039
	$	36,148	$	56,229

Organization	12 Months Ended
Organization	Dec. 31, 2022
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, 2022, 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."

Share and Unit-based Plans - Schedule LTIP Units Valuation Assumptions (Details) - LTI units	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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%
January 1, 2022
Share and unit-based plans
Risk Free Interest Rate	0.97%
Expected Volatility	70.83%

Leases

12 Months Ended

Dec. 31, 2022

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, 2022, 2021 and 2020:


	2022		2021		2020
Leasing revenue - fixed payments	$	551,459	$	529,227	$	592,858
Leasing revenue - variable payments	248,433		251,930		191,715
Recovery of (provision for) doubtful accounts	656		6,390		(44,250)
	$	800,548	$	787,547	$	740,323

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


2023	$	416,775
2024	352,926
2025	282,439
2026	228,421
2027	172,400
Thereafter	537,759
	$	1,990,720

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 years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
Operating lease costs	$	15,133	$	14,611	$	15,332
Finance lease costs:
Amortization of ROU assets	1,930		1,917		1,905
Interest on lease liabilities	499		574		546
	$	17,562	$	17,102	$	17,783

The following table summarizes the future rental payments required under the leases as of December 31, 2022:


Year ending	Operating Leases		Finance Leases
2023	$	12,255	$	2,450
2024	11,563		9,478
2025	11,746		1,400
2026	11,864		—
2027	12,035		—
Thereafter	109,158		—
Total undiscounted rental payments	168,621		13,328
Less imputed interest	(86,315)		(723)
Total lease liabilities	$	82,306	$	12,605

The Company's weighted average remaining lease term of its operating and finance leases at December 31, 2022 was 32.3 years and 1.7 years, respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at December 31, 2022 was 7.4% and 3.7%, respectively.

Leases

Leases:

Lessor Leases:

The following table summarizes the components of leasing revenue for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
Leasing revenue - fixed payments	$	551,459	$	529,227	$	592,858
Leasing revenue - variable payments	248,433		251,930		191,715
Recovery of (provision for) doubtful accounts	656		6,390		(44,250)
	$	800,548	$	787,547	$	740,323

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


2023	$	416,775
2024	352,926
2025	282,439
2026	228,421
2027	172,400
Thereafter	537,759
	$	1,990,720

Lessee Leases:

The following table summarizes the lease costs for the years ended December 31, 2022, 2021 and 2020:


	2022		2021		2020
Operating lease costs	$	15,133	$	14,611	$	15,332
Finance lease costs:
Amortization of ROU assets	1,930		1,917		1,905
Interest on lease liabilities	499		574		546
	$	17,562	$	17,102	$	17,783

The following table summarizes the future rental payments required under the leases as of December 31, 2022:


Year ending	Operating Leases		Finance Leases
2023	$	12,255	$	2,450
2024	11,563		9,478
2025	11,746		1,400
2026	11,864		—
2027	12,035		—
Thereafter	109,158		—
Total undiscounted rental payments	168,621		13,328
Less imputed interest	(86,315)		(723)
Total lease liabilities	$	82,306	$	12,605

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction
Interest (income) expense from related party transactions	$ 34,735	$ (3,718)	$ (135,281)
Due (to) from affiliates	3,299	0
Unconsolidated joint ventures
Related Party Transaction
Due (to) from affiliates	3,299	(327)
Financing arrangement \| Joint venture
Related Party Transaction
Interest (income) expense from related party transactions	$ 34,735	$ (3,718)	$ (135,281)

Share and Unit-based Plans - Employee Stock Purchase Plan (Details) - ESPP	12 Months Ended
	Dec. 31, 2022 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)	309,639

Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Leasing revenue	$ 800,548	$ 787,547	$ 740,323
Total revenues	859,164	847,437	786,026
Expenses:
Leasing expense	32,670	24,838	25,191
Interest expense	216,851	192,679	75,550
Depreciation and amortization	291,612	311,129	319,619
Total expenses	925,980	915,755	773,487
Loss on sale of assets	7,698	75,740	(68,112)
Company's equity in net loss	(5,256)	15,689	(27,038)
Other
Revenues:
Other	30,104	33,867	22,242
Shopping center and operating expenses
Expenses:
Operating expense	289,884	295,016	257,212
Joint venture
Revenues:
Leasing revenue	852,143	799,981	804,862
Total revenues	872,849	857,126	823,915
Expenses:
Leasing expense	6,564	5,678	5,498
Interest expense	214,400	210,617	216,317
Depreciation and amortization	353,998	351,055	388,736
Total expenses	849,079	854,340	887,708
Loss on sale of assets	(28,968)	(9,178)	37
Net (loss) income	(5,198)	(6,392)	(63,756)
Company's equity in net loss	(5,256)	15,689	(27,038)
Joint venture \| Other
Revenues:
Other	20,706	57,145	19,053
Joint venture \| Shopping center and operating expenses
Expenses:
Operating expense	274,117	286,990	277,157
PPR Portfolio \| Joint venture
Revenues:
Leasing revenue	183,620	168,842	171,505
Total revenues	184,359	168,904	172,119
Expenses:
Leasing expense	1,684	1,286	1,325
Interest expense	65,957	63,072	64,460
Depreciation and amortization	95,990	97,494	102,788
Total expenses	205,535	202,150	205,591
Loss on sale of assets	0	0	(120)
Net (loss) income	(21,176)	(33,246)	(33,592)
Company's equity in net loss	(3,501)	(10,866)	(10,371)
PPR Portfolio \| Joint venture \| Other
Revenues:
Other	739	62	614
PPR Portfolio \| Joint venture \| Shopping center and operating expenses
Expenses:
Operating expense	41,904	40,298	37,018
Other Joint Ventures \| Joint venture
Revenues:
Leasing revenue	668,523	631,139	633,357
Total revenues	688,490	688,222	651,796
Expenses:
Leasing expense	4,880	4,392	4,173
Interest expense	148,443	147,545	151,857
Depreciation and amortization	258,008	253,561	285,948
Total expenses	643,544	652,190	682,117
Loss on sale of assets	(28,968)	(9,178)	157
Net (loss) income	15,978	26,854	(30,164)
Company's equity in net loss	(1,755)	26,555	(16,667)
Other Joint Ventures \| Joint venture \| Other
Revenues:
Other	19,967	57,083	18,439
Other Joint Ventures \| Joint venture \| Shopping center and operating expenses
Expenses:
Operating expense	$ 232,213	$ 246,692	$ 240,139

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule Operating Partnership's VIEs

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


	December 31,
	2022		2021
Assets:
Property, net	$	452,559	$	458,964
Other assets	93,102		83,685
Total assets	$	545,661	$	542,649
Liabilities:
Mortgage notes payable	$	323,841	$	413,925
Other liabilities	135,340		56,947
Total liabilities	$	459,181	$	470,872

Schedule of Cash and Cash Equivalents


	2022		2021		2020
Beginning 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
End of period
Cash and cash equivalents	$	100,320	$	112,454	$	465,297
Restricted cash	80,819		54,517		17,362
Cash and cash equivalents and restricted cash	$	181,139	$	166,971	$	482,659

Schedule of Restricted Cash


	2022		2021		2020
Beginning 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
End of period
Cash and cash equivalents	$	100,320	$	112,454	$	465,297
Restricted cash	80,819		54,517		17,362
Cash and cash equivalents and restricted cash	$	181,139	$	166,971	$	482,659

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, 2022 and 2021 consists of the following:


	2022		2021
Land	$	1,425,211	$	1,441,858
Buildings and improvements	6,378,736		6,306,764
Tenant improvements	711,007		685,242
Equipment and furnishings(1)	186,767		191,266
Construction in progress	218,859		222,420
	8,920,580		8,847,550
Less accumulated depreciation(1)	(2,792,790)		(2,563,344)
	$	6,127,790	$	6,284,206

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

Income Taxes - Schedule of components of distributions made to common stockholders on a per share basis (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends, dollars per share
Ordinary income (in dollars per share)	$ 0.49	$ 0.04	$ 0.08
Capital gains (in dollars per share)	0.06	0.15	0.02
Return of capital (in dollars per share)	0.07	0.41	1.45
Dividends paid for income tax purposes (in dollars per share)	$ 0.62	$ 0.60	$ 1.55
Dividends, percent
Ordinary income (as a percent)	79.20%	6.00%	5.20%
Capital gains (as a percent)	9.90%	24.90%	1.30%
Return of capital (as a percent)	10.90%	69.10%	93.50%
Dividends paid (as a percent)	100.00%	100.00%	100.00%
Percentage of dividend paid categorized as qualified REIT dividends	54.50%
Percentage of dividend paid categorized as qualified dividend income	45.50%

Bank and Other Notes Payable (Details) - USD ($)		12 Months Ended
Bank and Other Notes Payable (Details) - USD ($)	Apr. 14, 2021	Dec. 31, 2022	Dec. 31, 2021
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 13,830,000	$ 11,946,000
New Credit Agreement \| Line of Credit
Mortgage loans payable on real estate
Line of credit	$ 700,000,000
Outstanding borrowings under the line of credit		171,000,000	119,000
Unamortized deferred finance costs		7,883,000	$ 14,189,000
Availability for additional borrowings		$ 353,787,000
New Credit Agreement \| Line of Credit \| LIBOR
Mortgage loans payable on real estate
Borrowing rate		2.25%	2.25%
New Credit Agreement \| Line of Credit \| Minimum \| LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)	2.25%
New Credit Agreement \| Line of Credit \| Maximum \| LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)	3.25%
Revolving Loan Facility Matures On April 14, 2023 \| Line of Credit \| 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
Withdrawn amount	320,000,000
Average interest rate (as a percent)		8.08%	3.86%
Revolving Loan Facility Matures On April 14, 2023 \| Line of Credit \| Revolving line of credit \| Level 2
Mortgage loans payable on real estate
Fair value of outstanding line of credit			$ 170,898,000
Term Loan Facility Matures On April 14, 2024 \| Term Loan
Mortgage loans payable on real estate
Line of credit	175,000,000
Withdrawn amount	175,000,000
Prior Revolving Line of Credit Facility \| Line of Credit
Mortgage loans payable on real estate
Repayments of debt	$ 985,000,000

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Book loss (income) for TRSs	$ 2,718	$ (23,205)	$ 6,058
Tax at statutory rate on earnings from continuing operations before income taxes	571	(4,873)	1,272
State taxes	(116)	(1,261)	(31)
Other	(1,160)	(814)	(794)
Income tax (expense) benefit	$ (705)	$ (6,948)	$ 447

- Definition

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

+ References + Details

Noncontrolling Interests (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) trading_day $ / shares	Dec. 31, 2021 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 \| $	$ 103,023	$ 147,259
The Macerich Partnership, L.P.
Noncontrolling Interest
Ownership interest in operating partnership (as a percent)	96.00%
Limited partnership interest of the operating partnership (as a percent)	4.00%	4.00%

Financing Arrangement - Financing Arrangement Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Joint Ventures
Related parties	$ 34,735	$ (3,718)	$ (135,281)
Financing arrangement \| Joint venture
Schedule of Joint Ventures
Distributions of the partner's share of net income (loss)	1,833	(2,763)	1,144
Distributions in excess of the partner's share of net income	8,669	14,435	3,097
Adjustment to fair value of financing arrangement obligation	24,233	(15,390)	(139,522)
Related parties	$ 34,735	$ (3,718)	$ (135,281)

Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2022

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 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:


	2022		2021
Assets(1):
Property, net	$	8,156,632	$	8,289,412
Other assets	664,036		750,629
Total assets	$	8,820,668	$	9,040,041
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,491,250	$	5,686,500
Other liabilities	451,511		325,115
Company's capital	1,528,348		1,638,112
Outside partners' capital	1,349,559		1,390,314
Total liabilities and partners' capital	$	8,820,668	$	9,040,041
Investment in unconsolidated joint ventures:
Company's capital	$	1,528,348	$	1,638,112
Basis adjustment(2)	(425,153)		(448,149)
	$	1,103,195	$	1,189,963

Assets—Investments in unconsolidated joint ventures	1,224,288		$	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(121,093)		(127,608)
	$	1,103,195	$	1,189,963

_______________________________________________________________________________

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, 2022
Revenues:
Leasing revenue	$	183,620	$	668,523	$	852,143
Other	739		19,967		20,706
Total revenues	184,359		688,490		872,849
Expenses:
Shopping center and operating expenses	41,904		232,213		274,117
Leasing expense	1,684		4,880		6,564
Interest expense	65,957		148,443		214,400
Depreciation and amortization	95,990		258,008		353,998
Total operating expenses	205,535		643,544		849,079
Loss on sale of assets	—		(28,968)		(28,968)

Net (loss) income	$	(21,176)	$	15,978	$	(5,198)
Company's equity in net loss	$	(3,501)	$	(1,755)	$	(5,256)

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


	PPR Portfolio		Other Joint Ventures		Total
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)

Leases - Summary of Minimum Future Rental Payments Required (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
2023	$ 12,255
2024	11,563
2025	11,746
2026	11,864
2027	12,035
Thereafter	109,158
Total undiscounted rental payments	168,621
Less imputed interest	(86,315)
Total lease liabilities	$ 82,306
Operating Lease, Liability, Statement of Financial Position	Lease liabilities	Lease liabilities
Finance Leases
2023	$ 2,450
2024	9,478
2025	1,400
2026	0
2027	0
Thereafter	0
Total undiscounted rental payments	13,328
Less imputed interest	(723)
Total lease liabilities	$ 12,605
Finance Lease, Liability, Statement of Financial Position	Lease liabilities	Lease liabilities

Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 113,400	$ 134,887
Intangible assets:
In-place lease values	63,961	62,826
Leasing commissions and legal costs	17,299	16,710
Above-market leases	71,304	72,289
Deferred tax assets	23,114	23,406
Deferred compensation plan assets	54,353	68,807
Other assets	66,188	46,319
Deferred charges and other assets, gross	409,619	425,244
Less accumulated amortization	(162,195)	(170,336)
Deferred charges and other assets, net	247,424	254,908
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	44,362	43,978
Amortization expense	$ 6,734	$ 11,233	$ 9,412

Income Taxes

12 Months Ended

Dec. 31, 2022

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, 2022, 2021 and 2020:


	2022(1)				2021(2)				2020(2)
Ordinary income	$	0.49	79.2	%	$	0.04	6.0	%	$	0.08	5.2	%
Capital gains	0.06		9.9	%	0.15		24.9	%	0.02		1.3	%

Return of capital	0.07		10.9	%	0.41		69.1	%	1.45		93.5	%
Dividends paid	$	0.62	100.0	%	$	0.60	100.0	%	$	1.55	100.0	%

_______________________________________________________________________________

(2)The 2021 and 2020 ordinary income is treated as "qualified REIT dividends" for purposes of Section 199A of the Code.

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, 2022, 2021 and 2020 are as follows:


	2022		2021		2020
Current	$	—	$	—	$	439
Deferred	(705)		(6,948)		8
Income tax (expense) benefit	$	(705)	$	(6,948)	$	447

The income tax provision of the TRSs for the years ended December 31, 2022, 2021 and 2020 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:


	2022		2021		2020
Book loss (income) for TRSs	$	2,718	$	(23,205)	$	6,058
Tax at statutory rate on earnings from continuing operations before income taxes	$	571	$	(4,873)	$	1,272

State taxes	(116)		(1,261)		(31)
Other	(1,160)		(814)		(794)
Income tax (expense) benefit	$	(705)	$	(6,948)	$	447

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2022 and 2021 are summarized as follows:


	2022		2021
Net operating loss carryforwards	$	13,362	$	23,944
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	9,019		(1,013)
Other	733		475
Net deferred tax assets	$	23,114	$	23,406

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, 2022, 2021 and 2020 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, 2022, the Company had no valuation allowance recorded.

The tax years 2019 through 2021 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.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

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

+ Details

Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands													12 Months Ended
	Jan. 20, 2023	Jan. 03, 2023	Dec. 09, 2022	Nov. 28, 2022	Aug. 26, 2022	Jul. 01, 2022	May 06, 2022	Apr. 29, 2022	Sep. 17, 2021	Sep. 15, 2021	Mar. 25, 2021	Jan. 22, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Mortgage loans payable on real estate
Unamortized deferred finance costs													$ 13,830	$ 11,946
Repayments of debt									$ 100,142				334,075	2,020,395	$ 33,972
Proceeds from mortgages, bank and other notes payable													$ 205,000	$ 520,000	$ 660,000
Freehold Raceway Mall
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)													49.90%
Chandler Fashion Center
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				$ 10,000
Interest rate on debt (as a percent)						5.50%
Fashion District Philadelphia
Mortgage loans payable on real estate
Repayments of debt				$ 7,117	$ 83,058
Fashion District Philadelphia \| Subsequent event
Mortgage loans payable on real estate
Repayments of debt	$ 26,107
Extension term	1 year
Fashion District Philadelphia \| SOFR \| Subsequent event
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)	3.60%
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
Mortgage loans payable on real estate
Extension term			3 years
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%
Santa Monica Place \| SOFR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)			1.59%
The Oaks One Mortgage
Mortgage loans payable on real estate
Repayments of debt							$ 5,000
Extension term							2 years
Interest rate on debt (as a percent)							5.25%
Pacific View
Mortgage loans payable on real estate
Interest rate on debt (as a percent)								5.29%
Proceeds from mortgages, bank and other notes payable								$ 72,000
Green Acres Mall and Green Acres Commons \| Subsequent event
Mortgage loans payable on real estate
Repayments of debt		$ 370,000
Interest rate on debt (as a percent)		5.90%
Debt instrument term		5 years

Summary of Significant Accounting Policies - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2022
Revenue Benchmark \| Customer Concentration Risk \| Center In New York City
Revenues
Concentration risk (percentage)	12.00%

Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2022

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):


	2022		2021		2020
Numerator
Net (loss) income	$	(65,079)	$	16,163	$	(245,462)
Less: net income (loss) attributable to noncontrolling interests	989		1,900		(15,259)
Net (loss) income attributable to the Company	(66,068)		14,263		(230,203)
Allocation of earnings to participating securities	(856)		(853)		(1,048)
Numerator for basic and diluted EPS—net (loss) income attributable to common stockholders	$	(66,924)	$	13,410	$	(231,251)
Denominator




Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	215,031		198,070		146,232
EPS—net (loss) income attributable to common stockholders:
Basic and diluted	$	(0.31)	$	0.07	$	(1.58)

____________________________________

(1)Diluted EPS excludes 99,565, 101,948 and 97,926 convertible preferred units for the years ended December 31, 2022, 2021 and 2020, respectively, as their impact was antidilutive.

Diluted EPS excludes 8,646,182, 9,920,654 and 10,688,179 Operating Partnership units ("OP Units") for the years ended December 31, 2022, 2021 and 2020, respectively, as their effect was antidilutive.

Schedule III-Real Estate and Accumulated Depreciation - Property And Accumulated Depreciation Roll forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in total real estate assets
Balances, beginning of year	$ 8,847,550	$ 9,256,712	$ 8,993,049
Additions	156,445	100,616	419,369
Dispositions and retirements	(83,415)	(509,778)	(155,706)
Balances, end of year	8,920,580	8,847,550	9,256,712
Aggregate gross cost of the property for federal income tax purposes	8,952,349
Changes in accumulated depreciation
Balances, beginning of year	2,563,344	2,562,133	2,349,536
Additions	271,494	282,158	287,925
Dispositions and retirements	(42,048)	(280,947)	(75,328)
Balances, end of year	$ 2,792,790	$ 2,563,344	$ 2,562,133

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Balance at the beginning at Dec. 31, 2019	$ 2,830,970	$ 2,632,262	$ 1,414	$ 4,583,911	$ (1,944,012)	$ (9,051)	$ 198,708
Balance at the beginning (in shares) at Dec. 31, 2019			141,407,650
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(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
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 the end at Dec. 31, 2020	2,445,260	2,257,049	$ 1,498	4,603,378	(2,339,619)	(8,208)	188,211
Balance at the end (in shares) at Dec. 31, 2020			149,770,575
Increase (Decrease) in Stockholders' Equity
Net (loss) income	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	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 the end at Dec. 31, 2021	$ 3,176,149	3,046,867	$ 2,147	5,488,440	(2,443,696)	(24)	129,282
Balance at the end (in shares) at Dec. 31, 2021	214,797,057		214,797,057
Increase (Decrease) in Stockholders' Equity
Net (loss) income	$ (65,079)	(66,068)			(66,068)		989
Interest rate cap/swap agreements	656	656				656
Amortization of share and unit-based plans	22,119	22,119	$ 2	22,117
Amortization of share and unit-based plans (in shares)			218,771
Employee stock purchases	1,741	1,741	$ 2	1,739
Employee stock purchases (in shares)			179,723
Stock offerings, net	(183)	(183)		(183)
Distributions declared	(133,330)	(133,330)			(133,330)
Distributions to noncontrolling interests	(52,998)						(52,998)
Contributions from noncontrolling interests	602						602
Conversion of noncontrolling interests to common shares	0	2,700		2,700			(2,700)
Conversion of noncontrolling interests to common shares (in shares)			45,578
Redemption of noncontrolling interests	(328)	177		177			(505)
Adjustment of noncontrolling interests in Operating Partnership	0	(8,906)		(8,906)			8,906
Balance at the end at Dec. 31, 2022	$ 2,949,349	$ 2,865,773	$ 2,151	$ 5,506,084	$ (2,643,094)	$ 632	$ 83,576
Balance at the end (in shares) at Dec. 31, 2022	215,241,129		215,241,129

Property, net (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 consists of the following:


	2022		2021
Land	$	1,425,211	$	1,441,858
Buildings and improvements	6,378,736		6,306,764
Tenant improvements	711,007		685,242
Equipment and furnishings(1)	186,767		191,266
Construction in progress	218,859		222,420
	8,920,580		8,847,550
Less accumulated depreciation(1)	(2,792,790)		(2,563,344)
	$	6,127,790	$	6,284,206

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, 2022, 2021 and 2020 consist of the following:


	2022		2021		2020
Property sales(1)	$	386	$	113,657	$	—
Write-down of assets(2)	(15,045)		(67,344)		(76,705)
Land sales	22,357		29,427		8,593

	$	7,698	$	75,740	$	(68,112)

_______________________________________________________________________________

(1)Includes gains related to the sale of La Encantada and 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)
2022	$	18,250	$	—	$	—	$	18,250
2021	$	4,720	$	—	$	4,720	$	—
2020	$	151,875	$	—	$	151,875	$	—

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS:
Property, net	$ 6,127,790	$ 6,284,206
Cash and cash equivalents	100,320	112,454
Restricted cash	80,819	54,517
Tenant and other receivables, net	183,593	211,361
Right-of-use assets, net	126,606	110,638
Deferred charges and other assets, net	247,424	254,908
Due from affiliates	3,299	0
Investments in unconsolidated joint ventures	1,224,288	1,317,571
Total assets	8,094,139	8,345,655
LIABILITIES AND EQUITY:
Mortgage notes payable	4,240,596	4,423,554
Bank and other notes payable	163,117	104,811
Accounts payable and accrued expenses	63,107	59,228
Due to affiliates	0	327
Lease liabilities	94,911	80,711
Other accrued liabilities	318,745	254,279
Distributions in excess of investments in unconsolidated joint ventures	121,093	127,608
Financing arrangement obligation	143,221	118,988
Total liabilities	5,144,790	5,169,506
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at December 31, 2022 and 2021, 215,241,129 and 214,797,057 shares issued and outstanding at December 31, 2022 and 2021, respectively	2,151	2,147
Additional paid-in capital	5,506,084	5,488,440
Accumulated deficit	(2,643,094)	(2,443,696)
Accumulated other comprehensive income (loss)	632	(24)
Total stockholders' equity	2,865,773	3,046,867
Noncontrolling interests	83,576	129,282
Total equity	2,949,349	3,176,149
Total liabilities and equity	$ 8,094,139	$ 8,345,655

Share and Unit-based Plans - LTIP Activity (Details) - LTI units - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares or Units
Balance at beginning of year (in shares)	1,837,691	784,052	616,219
Granted (in shares)	1,092,698	1,581,451	552,866
Vested (in shares)	(386,828)	(286,373)	(102,884)
Forfeited (in shares)	(328,394)	(241,439)	(282,149)
Balance at end of year (in shares)	2,215,167	1,837,691	784,052
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share)	$ 14.14	$ 28.11	$ 39.04
Granted (in dollars per share)	16.29	10.15	26.59
Vested (in dollars per share)	15.86	17.62	40.19
Forfeited (in dollars per share)	27.64	29.25	44.28
Balance at end of year (in dollars per share)	$ 12.90	$ 14.14	$ 28.11

Schedule III-Real Estate and Accumulated Depreciation - Depreciation Schedule (Details)	12 Months Ended
	Dec. 31, 2022
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

Noncontrolling Interests	12 Months Ended
Noncontrolling Interests	Dec. 31, 2022
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% ownership interest in the Operating Partnership as of December 31, 2022 and 2021. The remaining 4% limited partnership interest as of December 31, 2022 and 2021 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, 2022 and 2021, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $103,023 and $147,259, 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.

Financing Arrangement (Tables)

12 Months Ended

Dec. 31, 2022

Co-Venture Arrangement [Abstract]

Financing Arrangement

During the years ended December 31, 2022, 2021 and 2020 the Company incurred interest expense (income) in connection with the financing arrangement as follows:


	2022		2021		2020
Distributions of the partner's share of net income (loss)	$	1,833	$	(2,763)	$	1,144
Distributions in excess of the partner's share of net income	8,669		14,435		3,097
Adjustment to fair value of financing arrangement obligation	24,233		(15,390)		(139,522)
	$	34,735	$	(3,718)	$	(135,281)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net (loss) income	$ (65,079)	$ 16,163	$ (245,462)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Loss on extinguishment of debt	0	1,007	0
Loss on remeasurement of assets	0	0	163,298
(Gain) loss on sale or write down of assets, net	(7,698)	(75,740)	68,112
Depreciation and amortization	302,480	324,403	326,058
Amortization of net premium on mortgage notes payable	0	0	(773)
Amortization of share and unit-based plans	17,638	14,273	13,843
Straight-line rent and amortization of above and below market leases, net	(1,271)	(7,691)	(23,707)
(Recovery of) provision for doubtful accounts	(656)	(6,390)	44,250
Income tax expense (benefit)	705	6,948	(447)
Equity in loss (income) of unconsolidated joint ventures	5,256	(15,689)	27,038
Change in fair value of financing arrangement obligation	24,233	(15,390)	(139,522)
Distributions of income from unconsolidated joint ventures	1,532	48	0
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	6,610	62,421	(105,947)
Other assets	(13,246)	14,876	810
Due (from) to affiliates	(3,626)	1,939	3,385
Accounts payable and accrued expenses	(382)	(6,746)	15,479
Other accrued liabilities	71,014	(28,064)	(21,578)
Net cash provided by operating activities	337,510	286,368	124,837
Cash flows from investing activities:
Acquisition of property	(24,544)	0	0
Development, redevelopment, expansion and renovation of properties	(42,153)	(77,686)	(45,161)
Property improvements	(52,640)	(30,521)	(23,143)
Proceeds from collection of notes receivable	0	1,300	0
Deferred leasing costs	(3,111)	(2,720)	(3,212)
Distributions from unconsolidated joint ventures	131,306	93,927	78,427
Contributions to unconsolidated joint ventures	(81,718)	(86,846)	(132,466)
Cash and restricted cash acquired from acquisition of previously unconsolidated joint venture	0	0	5,811
Loan to previously unconsolidated joint venture	0	0	(100,000)
Proceeds from collection of receivable in connection with sale of joint venture property	21,000	0	0
Proceeds from sale of assets	50,458	337,514	16,896
Net cash (used in) provided by investing activities	(1,402)	234,968	(202,848)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	205,000	520,000	660,000
Payments on mortgages, bank and other notes payable	(334,075)	(2,020,395)	(33,972)
Deferred financing costs	(6,446)	(22,872)	(4,320)
Proceeds from finance lease	0	0	4,115
Payments on finance leases	(1,923)	(1,849)	(1,534)
Proceeds from share and unit-based plans	1,741	1,348	1,531
(Costs) proceeds from stock offerings, net	(183)	830,241	0
Redemption of noncontrolling interests	(328)	(178)	(29)
Contributions from noncontrolling interests	602	128	525
Dividends and distributions	(186,328)	(143,447)	(179,862)
Net cash (used in) provided by financing activities	(321,940)	(837,024)	446,454
Net increase (decrease) in cash, cash equivalents and restricted cash	14,168	(315,688)	368,443
Cash and cash equivalents and restricted cash at beginning of year	166,971	482,659	114,216
Cash and cash equivalents and restricted cash at end of year	181,139	166,971	482,659
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	180,321	204,221	199,147
Non-cash investing and financing activities:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	35,334	18,279	29,376
Conversion of Operating Partnership Units to common stock	2,700	48,807	12,086
Receivable in connection with sale of joint venture property	0	21,000	0
Lease liabilities recorded in connection with right-of-use assets	0	0	0
Joint venture
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in loss (income) of unconsolidated joint ventures	5,256	(15,689)	27,038
Non-cash investing and financing activities:
Assets acquired from previously unconsolidated joint venture	23,554	0	395,844
Liabilities assumed from previously unconsolidated joint venture	0	0	263,393
Property distribution from unconsolidated joint venture	$ 0	$ 0	$ 19,300

Summary of Significant Accounting Policies - Property and Investment in Unconsolidated Joint Ventures (Details)	12 Months Ended
	Dec. 31, 2022
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

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2022	Feb. 24, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-12504
Entity Registrant Name	MACERICH CO
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-4448705
Entity Address, Address Line One	401 Wilshire Boulevard,
Entity Address, Address Line Two	Suite 700,
Entity Address, City or Town	Santa Monica,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90401
City Area Code	(310)
Local Phone Number	394-6000
Title of each class	Common Stock, $0.01 Par Value
Trading Symbol(s)	MAC
Name of each exchange on which registered	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1.9
Entity Common Stock, Shares Outstanding		215,026,549
Documents Incorporated by Reference	Portions of the proxy statement for the annual stockholders meeting to be held in 2023 are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0000912242
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Investments in Unconsolidated Joint Ventures - Company Ownership (Details)	Dec. 31, 2022
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%

Share and Unit-based Plans - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Options
Balance at beginning of year (in shares)	37,515	37,515	35,565
Granted (in shares)	0	0	1,950
Forfeited (in shares)	(11,144)	0	0
Balance at end of year (in shares)	26,371	37,515	37,515
Weighted Average Exercise Price
Balance at beginning of year (in dollars per share)	$ 54.34	$ 54.34	$ 57.32
Granted (in dollars per share)	0	0	0
Forfeited (in dollars per share)	53.82	0	0
Balance at end of year (in dollars per share)	$ 54.56	$ 54.34	$ 54.34

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Leasing revenue	$ 800,548	$ 787,547	$ 740,323
Total revenues	859,164	847,437	786,026
Expenses:
Leasing expense	32,670	24,838	25,191
REIT general and administrative expenses	27,164	30,056	30,339
Depreciation and amortization	291,612	311,129	319,619
Total expenses before interest	709,129	722,069	697,937
Interest expense (income):
Related parties	34,735	(3,718)	(135,281)
Other	182,116	196,397	210,831
Total interest expense	216,851	192,679	75,550
Loss on extinguishment of debt	0	1,007	0
Total expenses	925,980	915,755	773,487
Equity in (loss) income of unconsolidated joint ventures	(5,256)	15,689	(27,038)
Income tax (expense) benefit	(705)	(6,948)	447
Loss on remeasurement of assets	0	0	(163,298)
Gain (loss) on sale or write down of assets, net	7,698	75,740	(68,112)
Net (loss) income	(65,079)	16,163	(245,462)
Less net income (loss) attributable to noncontrolling interests	989	1,900	(15,259)
Net (loss) income attributable to the Company	$ (66,068)	$ 14,263	$ (230,203)
Earnings per common share attributable to common stockholders:
Basic (in dollars per share)	$ (0.31)	$ 0.07	$ (1.58)
Diluted (in dollars per share)	$ (0.31)	$ 0.07	$ (1.58)
Weighted average number of common shares outstanding:
Basic (in shares)	215,031	198,070	146,232
Diluted (in shares)	215,031	198,070	146,232
Other
Revenues:
Revenues	$ 30,104	$ 33,867	$ 22,242
Management Companies
Revenues:
Revenues	28,512	26,023	23,461
Expenses:
Operating expense	67,799	61,030	65,576
Shopping center and operating expenses
Expenses:
Operating expense	$ 289,884	$ 295,016	$ 257,212

Share and Unit-based Plans (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022, 2021 and 2020:


	2022			2021			2020
	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	266,505	$	19.05	309,845	$	21.47	199,987	$	43.59
Granted	209,146	13.43		169,112	14.61		253,184	14.14
Vested	(180,597)	19.84		(211,465)	19.03		(140,224)	39.53
Forfeited	—	—		(987)	22.12		(3,102)	32.62
Balance at end of year	295,054	$	14.58	266,505	$	19.05	309,845	$	21.47

Schedule of LTIP Units Granted

The Company has granted the following LTI units during the years ended December 31, 2022, 2021 and 2020:


Grant Date	Units	Type	Fair Value per LTI Unit		Vest Date
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

1/1/2022	376,153	Service-based	$	17.28	12/31/2024
1/1/2022	716,545	Performance-based	$	15.77	12/31/2024
	1,092,698

Schedule LTIP Units Valuation Assumptions

The fair value of the market-indexed LTI Units and performance-based LTI 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
1/1/2020	1.62	%	26.08	%
3/1/2020	0.85	%	28.34	%
1/1/2021	0.17	%	62.82	%
1/1/2022	0.97	%	70.83	%

Summary of Activity of Stock Options

The following table summarizes the activity of the non-vested LTI Units during the years ended December 31, 2022, 2021 and 2020:


	2022			2021			2020
	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	1,837,691	$	14.14	784,052	$	28.11	616,219	$	39.04
Granted	1,092,698	16.29		1,581,451	10.15		552,866	26.59
Vested	(386,828)	15.86		(286,373)	17.62		(102,884)	40.19
Forfeited	(328,394)	27.64		(241,439)	29.25		(282,149)	44.28
Balance at end of year	2,215,167	$	12.90	1,837,691	$	14.14	784,052	$	28.11

The following table summarizes the activity of stock options for the years ended December 31, 2022, 2021 and 2020:


	2022			2021			2020
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	37,515	$	54.34	37,515	$	54.34	35,565	$	57.32
Granted(1)	—	—		—	—		1,950	—

Forfeited	(11,144)	$	53.82	—	—		—	—
Balance at end of year	26,371	$	54.56	37,515	$	54.34	37,515	$	54.34

(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).

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, 2022, 2021 and 2020:


	2022			2021			2020
	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	61,420	14.35		17,554	12.09		24,576	17.11
Vested	(27,381)	14.55		(22,216)	16.97		(27,130)	20.94

Balance at end of year	34,039	$	14.19	—	$	—	4,662	$	35.35

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, 2022, 2021 and 2019:


	2022		2021		2020
Stock units	$	3,110	$	3,173	$	4,159
LTI units	18,611		14,448		13,339

Phantom stock units	398		377		568
	$	22,119	$	17,998	$	18,066

Consolidated Joint Venture and Acquisitions

12 Months Ended

Dec. 31, 2022

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.

15. Consolidated Joint Venture and Acquisitions: (Continued)

The following is a summary of the allocation of the fair value of Fashion District Philadelphia upon its consolidation on December 10, 2020:


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 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:

15. Consolidated Joint Venture and Acquisitions: (Continued)

The following is a summary of the allocation of the fair value of Sears South Plains upon its consolidation on December 31, 2020:


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

Sears Deptford Mall and Vintage Faire Mall:

On August 2, 2022, the Company acquired the remaining 50% ownership interest in two former Sears parcels (Deptford Mall and Vintage Faire Mall) in the MS Portfolio LLC joint venture that it did not previously own for a total purchase price of $24,544. Effective as of August 2, 2022, the Company now owns and has consolidated its 100% interest in these two former Sears parcels in its consolidated financial statements.

The following is a summary of the allocation of the fair value of the former Sears parcels at Deptford Mall and Vintage Faire Mall upon their consolidation on August 2, 2022:


Land	$	6,966
Building and improvements	32,934
Deferred charges	8,075
Other assets (above-market leases)	2,664
Other accrued liabilities (below-market lease)	(2,541)
Fair value of acquired net assets (at 100% ownership)	$	48,098

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator
Net (loss) income	$ (65,079)	$ 16,163	$ (245,462)
Less: net income (loss) attributable to noncontrolling interests	989	1,900	(15,259)
Net (loss) income attributable to the Company	(66,068)	14,263	(230,203)
Allocation of earnings to participating securities	(856)	(853)	(1,048)
Allocation of earnings to participating securities	(856)	(853)	(1,048)
Net (loss) income attributable to the Company	(66,924)	13,410	(231,251)
Numerator for basic and diluted EPS—net (loss) income attributable to common stockholders	$ (66,924)	$ 13,410	$ (231,251)
Denominator
Basic (in shares)	215,031,000	198,070,000	146,232,000
Diluted (in shares)	215,031,000	198,070,000	146,232,000
EPS—net (loss) income attributable to common stockholders:
Basic (in dollars per share)	$ (0.31)	$ 0.07	$ (1.58)
Diluted (in dollars per share)	$ (0.31)	$ 0.07	$ (1.58)
Convertible preferred units
Antidilutive securities
Antidilutive securities (in shares)	99,565	101,948	97,926
Partnership unit
Antidilutive securities
Antidilutive securities (in shares)	8,646,182	9,920,654	10,688,179

Leases - Summary of Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2023	$ 416,775
2024	352,926
2025	282,439
2026	228,421
2027	172,400
Thereafter	537,759
Total	$ 1,990,720

Share and Unit-based Plans - Schedule of LTIP Grants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LTI units
Share and unit-based plans
Granted (in shares)	1,092,698	1,581,451	552,866
Granted (in dollars per share)	$ 16.29	$ 10.15	$ 26.59
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
January 1, 2022 \| Service-based \| First vesting period
Share and unit-based plans
Granted (in shares)	376,153
Granted (in dollars per share)	$ 17.28
January 1, 2022 \| Performance-based \| First vesting period
Share and unit-based plans
Granted (in shares)	716,545
Granted (in dollars per share)	$ 15.77

Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments in unconsolidated joint ventures:
Total assets	$ 8,094,139	$ 8,345,655
Liabilities	5,144,790	5,169,506
Joint venture
Investments in unconsolidated joint ventures:
Total assets	8,820,668	9,040,041
Amortization of difference between cost of investments and book value of underlying equity	9,371	10,276	$ 13,168
Joint venture \| Pacific Premier Retail LLC—Various Properties
Investments in unconsolidated joint ventures:
Total assets	2,690,651	2,789,568
Liabilities	$ 1,611,661	$ 1,661,110

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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- 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

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingent liability under letters of credit	$ 40,931
Outstanding obligations under construction agreements	$ 3,164

Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Mortgage loans payable on real estate
Deferred finance cost, net	$ (13,830)	$ (11,946)
Long-term debt	4,240,596	$ 4,423,554
Mortgage notes payable
Mortgage loans payable on real estate
2023	676,512
2024	601,311
2025	908,383
2026	538,780
2027	1,682
Thereafter	1,527,758
Long term debt including debt premium	4,254,426
Deferred finance cost, net	(13,830)
Long-term debt	$ 4,240,596

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value
Fair Value	$ 0	$ 6
Santa Monica Place \| Interest rate cap \| Level 2 \| Hedged
Derivatives, Fair Value
Notional Amount	$ (300,000)
LIBOR Rate	4.00%
Fair Value	$ 0	6
Santa Monica Place \| Interest rate cap \| Level 2 \| Non-Hedged
Derivatives, Fair Value
Notional Amount	$ (300,000)
LIBOR Rate	4.00%
Fair Value	$ 2,576	0
The Macerich Partnership, L.P. \| Interest rate cap \| Level 2 \| Non-Hedged
Derivatives, Fair Value
Notional Amount	$ (300,000)
LIBOR Rate	4.00%
Fair Value	$ (2,567)	$ 0

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Property, net	$ 6,127,790	$ 6,284,206
Total assets	8,094,139	8,345,655
Liabilities and partners' capital:
Mortgage notes payable	4,240,596	4,423,554
Total liabilities and equity	8,094,139	8,345,655
Investment in unconsolidated joint ventures:
Assets—Investments in unconsolidated joint ventures	1,224,288	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(121,093)	(127,608)
Joint venture
Assets:
Property, net	8,156,632	8,289,412
Other assets	664,036	750,629
Total assets	8,820,668	9,040,041
Liabilities and partners' capital:
Mortgage notes payable	5,491,250	5,686,500
Other liabilities	451,511	325,115
Company's capital	1,528,348	1,638,112
Outside partners' capital	1,349,559	1,390,314
Total liabilities and equity	8,820,668	9,040,041
Investment in unconsolidated joint ventures:
Company's capital	1,528,348	1,638,112
Basis adjustment	(425,153)	(448,149)
Investments in unconsolidated joint ventures	1,103,195	1,189,963
Assets—Investments in unconsolidated joint ventures	1,224,288	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(121,093)	(127,608)
Investments in unconsolidated joint ventures	$ 1,103,195	$ 1,189,963

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Fees Charged to Unconsolidated Joint Ventures

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


	2022		2021		2020
Management fees	$	18,208	$	17,872	$	15,297
Development and leasing fees	8,028		5,958		6,951
	$	26,236	$	23,830	$	22,248

Earnings Per Share ("EPS") (Tables)

12 Months Ended

Dec. 31, 2022

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):


	2022		2021		2020
Numerator
Net (loss) income	$	(65,079)	$	16,163	$	(245,462)
Less: net income (loss) attributable to noncontrolling interests	989		1,900		(15,259)
Net (loss) income attributable to the Company	(66,068)		14,263		(230,203)
Allocation of earnings to participating securities	(856)		(853)		(1,048)
Numerator for basic and diluted EPS—net (loss) income attributable to common stockholders	$	(66,924)	$	13,410	$	(231,251)
Denominator




Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	215,031		198,070		146,232
EPS—net (loss) income attributable to common stockholders:
Basic and diluted	$	(0.31)	$	0.07	$	(1.58)

____________________________________

(1)Diluted EPS excludes 99,565, 101,948 and 97,926 convertible preferred units for the years ended December 31, 2022, 2021 and 2020, respectively, as their impact was antidilutive.

Diluted EPS excludes 8,646,182, 9,920,654 and 10,688,179 Operating Partnership units ("OP Units") for the years ended December 31, 2022, 2021 and 2020, respectively, as their effect was antidilutive.

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities:

The Company uses interest rate cap agreements to manage the interest rate risk on certain floating rate debt. The Company recorded other comprehensive income related to the marking-to-market of derivative instruments of $656, $8,184 and $843 during the years ended December 31, 2022, 2021 and 2020, respectively. $632 of the $656 in other comprehensive income at December 31, 2022 is the Company's pro rata share of hedged derivative instruments from certain unconsolidated joint ventures. The fair value of the Company's hedged derivatives was $0 and $6 at December 31, 2022 and 2021, respectively.

The following derivatives were outstanding at December 31, 2022 and December 31, 2021:


								Fair Value
Property	Designation	Notional Amount		Product	LIBOR Rate		Maturity	December 31, 2022		December 31, 2021
Santa Monica Place	Hedged	$	300,000	Cap	4.00	%	12/9/2022	$	—	$	6
Santa Monica Place	Non-Hedged	$	300,000	Cap	4.00	%	12/9/2023	$	2,576	$	—
The Macerich Partnership, L.P.	Non-Hedged	$	(300,000)	Sold Cap	4.00	%	12/9/2023	$	(2,567)	$	—

The above derivatives were valued with an aggregate fair value (Level 2 measurement) and were included in other assets (other accrued liabilities). The fair value of the Company's interest rate derivatives were determined using discounted cash flow analysis on the expected cash flows of the derivatives. 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 falls 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 caps. As a result, the Company determined that its interest rate cap valuations in its entirety is classified in Level 2 of the fair value hierarchy.

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Other comprehensive income (loss) related to mark to market of derivatives	$ 656	$ 8,184	$ 843
Derivative, fair value	0	$ 6
Joint venture
Derivative [Line Items]
Other comprehensive income (loss) related to mark to market of derivatives	$ 632

Financing Arrangement - Narrative (Details) ft² in Thousands	Sep. 30, 2009 ft²	Dec. 31, 2022 $ / ft²	Dec. 31, 2021 $ / ft²
Schedule of Joint Ventures
Terminal capitalization rate		6.30%	5.80%
Discount rate		7.80%	7.30%
Minimum \| Financing arrangement
Schedule of Joint Ventures
Market rent per square foot \| $ / ft²		35
Maximum \| Financing arrangement
Schedule of Joint Ventures
Market rent per square foot \| $ / ft²			105
Chandler Fashion Center \| Financing arrangement
Schedule of Joint Ventures
Ownership interest (as a percent)	49.90%
Chandler Fashion Center And Freehold Raceway Mall \| Financing arrangement
Schedule of Joint Ventures
Property area (in square feet) \| ft²	1,320
Freehold Raceway Mall \| Financing arrangement
Schedule of Joint Ventures
Property area (in square feet) \| ft²	1,549

Share and Unit-based Plans - Stock Units Roll Forward Activity (Details) - Stock units	12 Months Ended
	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / 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	266,505	309,845	199,987
Granted (in shares) \| shares	209,146	169,112	253,184
Vested (in shares) \| shares	(180,597)	(211,465)	(140,224)
Forfeited (in shares) \| shares	0	(987)	(3,102)
Balance at end of year (in shares) \| shares	295,054	266,505	309,845
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share) \| $ / shares	$ 19.05	$ 21.47	$ 43.59
Granted (in dollars per share) \| $ / shares	13.43	14.61	14.14
Vested (in dollars per share) \| $ / shares	19.84	19.03	39.53
Forfeited (in dollars per share) \| $ / shares	0	22.12	32.62
Balance at end of year (in dollars per share) \| $ / shares	$ 14.58	$ 19.05	$ 21.47

Income Taxes - Schedule of income tax benefit of TRSs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current	$ 0	$ 0	$ 439
Deferred	(705)	(6,948)	8
Income tax (expense) benefit	$ (705)	$ (6,948)	$ 447

- Definition

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

+ References + Details

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease costs	$ 15,133	$ 14,611	$ 15,332
Finance lease costs:
Amortization of ROU assets	1,930	1,917	1,905
Interest on lease liabilities	499	574	546
Total lease cost	$ 17,562	$ 17,102	$ 17,783

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	$ 3,206	$ 3,144	$ 3,455
Deferred Compensation Plans
Employee Benefit Plans:
Employer contribution	$ 429	$ 325	$ 695

Consolidated Joint Venture and Acquisitions - Narrative (Details) $ in Thousands	Aug. 02, 2022 USD ($)	Dec. 10, 2020 USD ($)	Dec. 31, 2020 property
Joint venture
Acquisition
Number of properties \| property			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
Fashion District Philadelphia
Acquisition
Ownership percentage at completion of acquisition (as a percent)		100.00%
Fashion District Philadelphia \| Joint venture
Acquisition
Repayment of mortgage note payable		$ 100,000
Fashion District Philadelphia \| Joint venture \| Minimum
Acquisition
Decrease the mortgage note payable		$ 301,000
Repaid accrued interest percentage		15.00%
Fashion District Philadelphia \| Joint venture \| Maximum
Acquisition
Decrease the mortgage note payable		$ 201,000
Sears South Plains
Acquisition
Ownership interest in property (as a percent)			100.00%
Ownership percentage at completion of acquisition (as a percent)			100.00%
Sears Deptford Mall And Vintage Faire Mall
Acquisition
Ownership percentage at completion of acquisition (as a percent)	100.00%
Sears Deptford Mall And Vintage Faire Mall \| Joint venture
Acquisition
Purchase price on acquisition	$ 24,544
Sears Deptford Mall And Vintage Faire Mall \| Joint venture \| Third Party
Acquisition
Ownership percentage (as a percent)	50.00%

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2022
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, 2022, 2021 and 2020, these matching contributions made by the Company were $3,206, $3,144 and $3,455, 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 $429, $325 and $695 to the plans during the years ended December 31, 2022, 2021 and 2020, respectively. Contributions are recognized as compensation in the periods they are made.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Deferred Charges and Other Assets, net (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 consist of the following:


	2022		2021
Leasing	$	113,400	$	134,887
Intangible assets:
In-place lease values(1)	63,961		62,826
Leasing commissions and legal costs(1)	17,299		16,710
Above-market leases	71,304		72,289
Deferred tax assets	23,114		23,406
Deferred compensation plan assets	54,353		68,807
Other assets	66,188		46,319
	409,619		425,244
Less accumulated amortization(2)	(162,195)		(170,336)
	$	247,424	$	254,908

_______________________________

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


Year Ending December 31,
2023	$	6,781
2024	5,003
2025	4,270
2026	4,151
2027	3,629
Thereafter	13,064
	$	36,898

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,
2023	$	6,781
2024	5,003
2025	4,270
2026	4,151
2027	3,629
Thereafter	13,064
	$	36,898

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:


	2022		2021
Above-Market Leases
Original allocated value	$	71,304	$	72,289
Less accumulated amortization	(35,156)		(32,484)
	$	36,148	$	39,805
Below-Market Leases(1)
Original allocated value	$	97,026	$	99,332
Less accumulated amortization	(40,797)		(37,122)
	$	56,229	$	62,210

_______________________________

(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
2023	$	6,054	$	7,863
2024	5,543		7,746
2025	4,155		6,183
2026	3,963		4,856
2027	3,254		4,542
Thereafter	13,179		25,039
	$	36,148	$	56,229

Summary of Significant Accounting Policies - Deferred Charges, Segment Information and Shareholder Activism Costs (Details)	12 Months Ended
	Dec. 31, 2022 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

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares		12 Months Ended
	Jun. 03, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared for common stock (in dollars per share)	$ 0.10	$ 0.62	$ 0.60	$ 1.55

Consolidated Joint Venture and Acquisitions - Gain (Loss) on Remeasurement (Details) - USD ($) $ in Thousands	Dec. 10, 2020	Dec. 31, 2022	Dec. 31, 2021
Acquisition
Carrying value of existing investment in the joint venture		$ (1,224,288)	$ (1,317,571)
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)

Share and Unit-based Plans - Long-Term Incentive Plan Units Narrative (Details)	12 Months Ended
	Dec. 31, 2022
Stock units
Share and unit-based plans
Conversion rate	1
LTI units
Share and unit-based plans
Conversion rate	1

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2022 lease
Leases [Abstract]
Number of finance leases	5
Weighted average remaining lease term, operating leases	32 years 3 months 18 days
Weighted average remaining lease term, finance leases	1 year 8 months 12 days
Weighted average incremental borrowing rate, operating leases	7.40%
Weighted average incremental borrowing rate, finance leases	3.70%

Share and Unit-based Plans - Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 22,119	$ 17,998	$ 18,066
Capitalized share and unit-based compensation costs	4,481	3,725	4,223
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	3,110	3,173	4,159
Unrecognized compensation cost of share and unit-based plans	1,231
LTI units
Share and unit-based plans
Compensation cost under share and unit-based plans	18,611	14,448	13,339
Unrecognized compensation cost of share and unit-based plans	3,798
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	398	377	568
Stock awards and units
Share and unit-based plans
Fair value of equity-based awards vested during period	$ 2,349	$ 3,408	$ 1,376

Share and Unit-based Plans - Directors' Phantom Stock Plan (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 $ / 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)	0	4,662	7,216
Granted (in shares)	61,420	17,554	24,576
Vested (in shares)	(27,381)	(22,216)	(27,130)
Balance at end of year (in shares)	34,039	0	4,662
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share) \| $ / shares	$ 0	$ 35.35	$ 43.29
Granted (in dollars per share) \| $ / shares	14.35	12.09	17.11
Vested (in dollars per share) \| $ / shares	14.55	16.97	20.94
Balance at end of year (in dollars per share) \| $ / shares	$ 14.19	$ 0	$ 35.35
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)	31,088

Share and Unit-based Plans

12 Months Ended

Dec. 31, 2022

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, 2022, 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, 2022, there were 4,150,526 shares available for issuance under the 2003 Plan.

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, 2022, 2021 and 2020:


	2022			2021			2020
	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	266,505	$	19.05	309,845	$	21.47	199,987	$	43.59
Granted	209,146	13.43		169,112	14.61		253,184	14.14
Vested	(180,597)	19.84		(211,465)	19.03		(140,224)	39.53
Forfeited	—	—		(987)	22.12		(3,102)	32.62
Balance at end of year	295,054	$	14.58	266,505	$	19.05	309,845	$	21.47

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

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 or form of restricted stock units (together with the LTIP Units, the "LTI Units"). 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. LTI 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 LTI 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 share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. The performance-based LTI Units vest over a specified period based on the Company's operational performance over that period.

The fair value of the service-based LTI 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 LTI Units and performance-based LTI 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.

The Company has granted the following LTI units during the years ended December 31, 2022, 2021 and 2020:


Grant Date	Units	Type	Fair Value per LTI Unit		Vest Date
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

1/1/2022	376,153	Service-based	$	17.28	12/31/2024
1/1/2022	716,545	Performance-based	$	15.77	12/31/2024
	1,092,698

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


Grant Date	Risk Free Interest Rate		Expected Volatility
1/1/2020	1.62	%	26.08	%
3/1/2020	0.85	%	28.34	%
1/1/2021	0.17	%	62.82	%
1/1/2022	0.97	%	70.83	%

The following table summarizes the activity of the non-vested LTI Units during the years ended December 31, 2022, 2021 and 2020:


	2022			2021			2020
	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	1,837,691	$	14.14	784,052	$	28.11	616,219	$	39.04
Granted	1,092,698	16.29		1,581,451	10.15		552,866	26.59
Vested	(386,828)	15.86		(286,373)	17.62		(102,884)	40.19
Forfeited	(328,394)	27.64		(241,439)	29.25		(282,149)	44.28
Balance at end of year	2,215,167	$	12.90	1,837,691	$	14.14	784,052	$	28.11

Stock Options:

The following table summarizes the activity of stock options for the years ended December 31, 2022, 2021 and 2020:


	2022			2021			2020
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	37,515	$	54.34	37,515	$	54.34	35,565	$	57.32
Granted(1)	—	—		—	—		1,950	—

Forfeited	(11,144)	$	53.82	—	—		—	—
Balance at end of year	26,371	$	54.56	37,515	$	54.34	37,515	$	54.34

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

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, 2022, there were 31,088 stock units available for grant under the Directors' Phantom Stock Plan.

The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2022, 2021 and 2020:


	2022			2021			2020
	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	61,420	14.35		17,554	12.09		24,576	17.11
Vested	(27,381)	14.55		(22,216)	16.97		(27,130)	20.94

Balance at end of year	34,039	$	14.19	—	$	—	4,662	$	35.35

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, 2022 was 309,639.

Compensation:

The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2022, 2021 and 2019:


	2022		2021		2020
Stock units	$	3,110	$	3,173	$	4,159
LTI units	18,611		14,448		13,339

Phantom stock units	398		377		568
	$	22,119	$	17,998	$	18,066

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

The Company capitalized share and unit-based compensation costs of $4,481, $3,725 and $4,223 for the years ended December 31, 2022, 2021 and 2020, respectively.

The fair value of the stock units that vested during the years ended December 31, 2022, 2021 and 2020 was $2,349, $3,408 and $1,376, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2022 consisted of $3,798 from LTI Units and $1,231 from stock units.

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	May 06, 2022	Apr. 29, 2022	Dec. 31, 2021
Mortgage loans payable on real estate
Long-term Debt	$ 4,240,596			$ 4,423,554
Chandler Fashion Center
Mortgage loans payable on real estate
Long-term Debt	$ 255,736			255,548
Effective Interest Rate (as a percent)	4.18%
Monthly Debt Service	$ 875
Danbury Fair Mall
Mortgage loans payable on real estate
Long-term Debt	$ 148,207			168,037
Effective Interest Rate (as a percent)	6.05%
Monthly Debt Service	$ 1,538
Fashion District Philadelphia
Mortgage loans payable on real estate
Long-term Debt	$ 104,427			194,602
Effective Interest Rate (as a percent)	7.62%
Monthly Debt Service	$ 663
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Long-term Debt	$ 299,354			299,274
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	$ 90,514			95,329
Effective Interest Rate (as a percent)	6.45%
Monthly Debt Service	$ 727
Freehold Raceway Mall
Mortgage loans payable on real estate
Long-term Debt	$ 398,878			398,711
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	$ 324,255			324,056
Effective Interest Rate (as a percent)	3.67%
Monthly Debt Service	$ 971
Green Acres Commons
Mortgage loans payable on real estate
Long-term Debt	$ 125,256			124,875
Effective Interest Rate (as a percent)	7.14%
Monthly Debt Service	$ 717
Green Acres Mall
Mortgage loans payable on real estate
Long-term Debt	$ 237,372			246,061
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	$ 536,442			535,928
Effective Interest Rate (as a percent)	3.71%
Monthly Debt Service	$ 1,629
Oaks, The
Mortgage loans payable on real estate
Long-term Debt	$ 165,934			176,721
Effective Interest Rate (as a percent)	5.49%
Monthly Debt Service	$ 1,138
Interest rate on debt (as a percent)		5.25%
Pacific View
Mortgage loans payable on real estate
Long-term Debt	$ 70,855			111,481
Effective Interest Rate (as a percent)	5.45%
Monthly Debt Service	$ 328
Interest rate on debt (as a percent)			5.29%
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	$ 296,521			299,314
Effective Interest Rate (as a percent)	6.19%
Monthly Debt Service	$ 1,448
SanTan Village Regional Center
Mortgage loans payable on real estate
Long-term Debt	$ 219,414			219,323
Effective Interest Rate (as a percent)	4.34%
Monthly Debt Service	$ 788
Towne Mall
Mortgage loans payable on real estate
Long-term Debt	$ 18,886			19,320
Effective Interest Rate (as a percent)	4.48%
Monthly Debt Service	$ 69
Victor Valley, Mall of
Mortgage loans payable on real estate
Long-term Debt	$ 114,908			114,850
Effective Interest Rate (as a percent)	4.00%
Monthly Debt Service	$ 380
Vintage Faire Mall
Mortgage loans payable on real estate
Long-term Debt	$ 233,637			$ 240,124
Effective Interest Rate (as a percent)	3.55%
Monthly Debt Service	$ 1,256

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 100,320	$ 112,454	$ 465,297	$ 100,005
Restricted cash	80,819	54,517	17,362	14,211
Cash and cash equivalents and restricted cash	$ 181,139	$ 166,971	$ 482,659	$ 114,216

Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

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	$	—	$	32,307	$	24,188	$	249,735	$	5,470	$	245	$	279,638	$	140,539	$	139,099
Danbury Fair Mall	130,367		316,951		—		120,495		141,479		396,490		9,646		20,198		567,813		184,221		383,592
Desert Sky Mall	9,447		37,245		12		5,231		6,843		41,616		3,476		—		51,935		18,064		33,871
Eastland Mall	22,050		151,605		—		13,338		20,810		163,829		2,354		—		186,993		55,194		131,799
Fashion District Philadelphia	38,402		293,112		—		9,113		39,962		298,762		281		1,622		340,627		18,995		321,632
Fashion Outlets of Chicago	—		—		—		276,033		40,575		231,438		4,020		—		276,033		87,543		188,490
Fashion Outlets of Niagara Falls USA	18,581		210,139		—		104,515		23,762		307,094		2,276		103		333,235		116,977		216,258
The Marketplace at Flagstaff	—		—		—		46,088		—		46,088		—		—		46,088		30,685		15,403
Freehold Raceway Mall	164,986		362,841		—		121,409		167,371		464,683		9,148		8,034		649,236		245,568		403,668
Fresno Fashion Fair	17,966		72,194		—		58,644		17,966		127,365		3,127		346		148,804		75,369		73,435
Green Acres Mall	156,640		321,034		—		213,915		177,378		461,106		11,197		41,908		691,589		174,438		517,151
Inland Center	8,321		83,550		—		37,241		10,291		118,201		425		195		129,112		40,656		88,456
Kings Plaza Shopping Center	209,041		485,548		20,000		284,756		207,206		718,630		63,213		10,296		999,345		209,687		789,658
La Cumbre Plaza	18,122		21,492		—		19,672		13,856		45,244		186		—		59,286		28,277		31,009
Macerich Management Co.	1,150		10,475		26,562		22,243		3,878		21,458		33,951		1,143		60,430		28,607		31,823
MACWH, LP	—		25,771		—		(759)		—		25,012		—		—		25,012		11,895		13,117
NorthPark Mall	7,746		74,661		—		12,151		6,939		86,877		742		—		94,558		34,745		59,813
Oaks, The	32,300		117,156		—		273,067		56,387		362,056		3,538		542		422,523		208,779		213,744
Pacific View	8,697		8,696		—		138,249		7,854		146,193		1,595		—		155,642		89,825		65,817
Prasada	6,615		—		—		19,521		215		22,969		—		2,952		26,136		3,566		22,570
Queens Center	251,474		1,039,922		—		67,757		256,786		1,091,345		5,919		5,103		1,359,153		244,124		1,115,029
Santa Monica Place	26,400		105,600		—		324,899		42,513		317,725		6,788		89,873		456,899		137,034		319,865
SanTan Adjacent Land	29,414		—		—		11,087		26,902		3,438		—		10,161		40,501		133		40,368
SanTan Village Regional Center	7,827		—		—		224,123		5,921		224,114		1,907		8		231,950		123,986		107,964
SouthPark Mall	7,035		38,215		—		(10,076)		2,763		31,949		462		—		35,174		18,414		16,760
Southridge Center	6,764		—		—		6,849		1,963		11,520		114		16		13,613		7,786		5,827
Stonewood Center	4,948		302,527		—		13,965		4,935		315,718		787		—		321,440		78,880		242,560
Superstition Springs Center	10,928		112,718		—		12,650		10,928		124,059		1,309		—		136,296		36,441		99,855
Superstition Springs Power Center	1,618		4,420		—		31		1,194		4,842		33		—		6,069		2,538		3,531
The Macerich Partnership, L.P.	—		2,534		—		6,529		—		1,698		7,365		—		9,063		2,188		6,875
Towne Mall	6,652		31,184		—		(251)		5,366		32,009		210		—		37,585		19,618		17,967
Valley Mall	16,045		26,098		—		11,926		13,805		39,989		275		—		54,069		18,387		35,682
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 River Center	24,854		147,715		—		37,305		24,854		182,851		2,085		84		209,874		85,686		124,188
Victor Valley, Mall of	15,700		75,230		—		56,692		20,080		125,866		1,676		—		147,622		70,008		77,614
Vintage Faire Mall	14,902		60,532		—		63,196		17,647		119,356		1,627		—		138,630		84,152		54,478
Wilton Mall	19,743		67,855		—		(3,001)		11,310		71,938		1,272		77		84,597		49,784		34,813
Other freestanding stores	21,062		75,849		—		(13,722)		10,817		50,431		293		21,648		83,189		8,671		74,518
Other land and development properties	37,850		—		—		(27,029)		467		6,049		—		4,305		10,821		1,330		9,491
	$	1,377,835	$	4,906,012	$	46,574	$	2,590,159	$	1,425,211	$	7,089,743	$	186,767	$	218,859	$	8,920,580	$	2,792,790	$	6,127,790

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, 2022 are as follows:


	2022		2021		2020
Balances, beginning of year	$	8,847,550	$	9,256,712	$	8,993,049
Additions	156,445		100,616		419,369
Dispositions and retirements	(83,415)		(509,778)		(155,706)
Balances, end of year	$	8,920,580	$	8,847,550	$	9,256,712

The aggregate cost of the property included in the table above for federal income tax purposes was $8,952,349 (unaudited) at December 31, 2022.

The changes in accumulated depreciation for the three years ended December 31, 2022 are as follows:


	2022		2021		2020
Balances, beginning of year	$	2,563,344	$	2,562,133	$	2,349,536
Additions	271,494		282,158		287,925
Dispositions and retirements	(42,048)		(280,947)		(75,328)
Balances, end of year	$	2,792,790	$	2,563,344	$	2,562,133

See accompanying report of independent registered public accounting firm.

Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 10,741	$ 14,917
Deferred rent receivables due to straight-line rent adjustments	110,155	110,969
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 18,010	$ 19,907

Mortgage Notes Payable

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage Notes Payable:

Mortgage notes payable at December 31, 2022 and 2021 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	2022		2021
Chandler Fashion Center(5)	$	255,736	$	255,548	4.18	%	$	875	2024
Danbury Fair Mall(6)	148,207		168,037		6.05	%	1,538		2023
Fashion District Philadelphia(7)	104,427		194,602		7.62	%	663		2024
Fashion Outlets of Chicago	299,354		299,274		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA	90,514		95,329		6.45	%	727		2023
Freehold Raceway Mall(5)	398,878		398,711		3.94	%	1,300		2029
Fresno Fashion Fair	324,255		324,056		3.67	%	971		2026
Green Acres Commons(8)	125,256		124,875		7.14	%	717		2023
Green Acres Mall(9)	237,372		246,061		3.94	%	1,447		2023
Kings Plaza Shopping Center	536,442		535,928		3.71	%	1,629		2030
Oaks, The(10)	165,934		176,721		5.49	%	1,138		2024
Pacific View(11)	70,855		111,481		5.45	%	328		2032
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(12)	296,521		299,314		6.19	%	1,448		2025
SanTan Village Regional Center	219,414		219,323		4.34	%	788		2029
Towne Mall(13)	18,886		19,320		4.48	%	69		2022

Victor Valley, Mall of	114,908		114,850		4.00	%	380		2024
Vintage Faire Mall	233,637		240,124		3.55	%	1,256		2026
	$	4,240,596	$	4,423,554

(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 $13,830 and $11,946 at December 31, 2022 and 2021, 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. On July 1, 2022, the Company further extended the loan maturity to July 1, 2023. The interest rate remained unchanged at 5.5%, and the Company repaid $10,000 of the outstanding loan balance at closing.

(7)On August 26, 2022 and November 28, 2022, the Company repaid $83,058 and $7,117, respectively, of the outstanding loan balance to satisfy certain loan conditions. On January 20, 2023, the Company repaid $26,107 of the outstanding loan balance and exercised its one-year extension option of the loan to January 22, 2024. The interest rate is SOFR plus 3.60%.

(8)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. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears a fixed interest rate of 5.90% and matures on January 6, 2028.

(9)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. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears a fixed interest rate of 5.90% and matures on January 6, 2028.

(10)On May 6, 2022, the Company closed on a two-year extension of the loan to June 5, 2024 at a new fixed interest rate of 5.25%. The Company repaid $5,000 of the outstanding loan balance at closing.

(11)On April 29, 2022, the Company closed on a new $72,000 loan with a fixed rate of 5.29% that matures on May 6, 2032.

(12)On December 9, 2022, the Company closed on a three-year extension of the loan to December 9, 2025, including extension options. The interest rate remained unchanged at LIBOR plus 1.48%, to be converted to SOFR plus 1.59%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2023.

(13)The Company did not repay the loan on its maturity date, and has begun the process of transferring control of this asset to a loan receiver.

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

As of December 31, 2022, 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.

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, with the exception of Towne Mall as noted above.

Total interest expense capitalized during the years ended December 31, 2022, 2021 and 2020 was $10,471, $9,504 and $5,247, respectively.

The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2022 and 2021 was $3,894,588 and $4,261,429, 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,
2023	$	676,512
2024	601,311
2025	908,383
2026	538,780
2027	1,682
Thereafter	1,527,758
	4,254,426
Deferred finance cost, net	(13,830)
	$	4,240,596

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

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Los Angeles, California

Property, net - Schedule of Loss (Gain) on Sale or Write down of Assets (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment
Loss on write-down of assets		$ (15,045)	$ (67,344)	$ (76,705)
Gain (loss) on sale or write down of assets, net		7,698	75,740	(68,112)
MS Portfolio LLC
Property, Plant and Equipment
Loss on write-down of assets		(5,471)
Towne Mall
Property, Plant and Equipment
Loss on write-down of assets		(5,140)
Estrella Falls
Property, Plant and Equipment
Loss on write-down of assets			(27,281)
Wilton Mall
Property, Plant and Equipment
Loss on write-down of assets				(30,063)
Paradise Valley Mall
Property, Plant and Equipment
Loss on write-down of assets				(6,640)
Joint venture
Property, Plant and Equipment
Gain (loss) on sale or write down of assets, net		(28,968)	(9,178)	37
Joint venture \| North Bridge,Chicago Illinois
Property, Plant and Equipment
Loss on Investments	$ (28,276)		(28,276)
Property
Property, Plant and Equipment
Gain on sales		386	113,657	0
Land
Property, Plant and Equipment
Gain on sales		$ 22,357	$ 29,427	$ 8,593

Deferred Charges and Other Assets, net - Schedule of estimated amortization of intangible assets for the next five years and thereafter (Details) - In-place lease values, leasing commissions and legal costs $ in Thousands	Dec. 31, 2022 USD ($)
Year Ending December 31,
2023	$ 6,781
2024	5,003
2025	4,270
2026	4,151
2027	3,629
Thereafter	13,064
Allocated value net	$ 36,898

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events:On January 27, 2023, the Company announced a dividend/distribution of $0.17 per share for common stockholders and OP Unit holders of record on February 17, 2023. All dividends/distributions will be paid 100% in cash on March 3, 2023.

Property, net - Components of Property (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment
Equipment and furnishings	$ 186,767	$ 191,266
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization	8,920,580	8,847,550
Less accumulated depreciation	(2,792,790)	(2,563,344)
Property, net	6,127,790	6,284,206
Land
Property, Plant and Equipment
Property, plant and equipment gross	1,425,211	1,441,858
Buildings and improvements
Property, Plant and Equipment
Property, plant and equipment gross	6,378,736	6,306,764
Tenant improvements
Property, Plant and Equipment
Property, plant and equipment gross	711,007	685,242
Construction in progress
Property, Plant and Equipment
Property, plant and equipment gross	$ 218,859	$ 222,420

Summary of Significant Accounting Policies - Schedule Operating Partnership's VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS:
Property, net	$ 6,127,790	$ 6,284,206
Total assets	8,094,139	8,345,655
Liabilities:
Mortgage notes payable	4,240,596	4,423,554
Total liabilities	5,144,790	5,169,506
Operating Partnership's VIEs
ASSETS:
Property, net	452,559	458,964
Other assets	93,102	83,685
Total assets	545,661	542,649
Liabilities:
Mortgage notes payable	323,841	413,925
Other liabilities	135,340	56,947
Total liabilities	$ 459,181	$ 470,872

Bank and Other Notes Payable	12 Months Ended
Bank and Other Notes Payable	Dec. 31, 2022
Debt Disclosure [Abstract]
Bank and Other Notes Payable	Bank and other notes payable at December 31, 2022 and 2021 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 credit 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 credit 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 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, 2022 and 2021, the borrowing rate was LIBOR plus 2.25%. As of December 31, 2022 and 2021, borrowings under the revolving loan facility were $171,000 and $119,000, respectively, less unamortized deferred finance costs of $7,883 and $14,189, respectively, at a total interest rate of 8.08% and 3.86%, respectively. As of December 31, 2022, the Company's availability under the revolving loan facility for additional borrowings was $353,787. 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, 2022 was $170,898 for the revolving loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt. As of December 31, 2022 and 2021, the Company was in compliance with all applicable financial loan covenants.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Consolidated Joint Venture and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

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 upon its consolidation on December 10, 2020:


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 upon its consolidation on December 31, 2020:


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

The following is a summary of the allocation of the fair value of the former Sears parcels at Deptford Mall and Vintage Faire Mall upon their consolidation on August 2, 2022:


Land	$	6,966
Building and improvements	32,934
Deferred charges	8,075
Other assets (above-market leases)	2,664
Other accrued liabilities (below-market lease)	(2,541)
Fair value of acquired net assets (at 100% ownership)	$	48,098

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)

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Interest expense capitalized	$ 10,471	$ 9,504	$ 5,247
Fair value of mortgage notes payable	$ 3,894,588	$ 4,261,429

Related Party Transactions

12 Months Ended

Dec. 31, 2022

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:


	2022		2021		2020
Management fees	$	18,208	$	17,872	$	15,297
Development and leasing fees	8,028		5,958		6,951
	$	26,236	$	23,830	$	22,248

Interest expense (income) from related party transactions also includes $34,735, $(3,718) and $(135,281) for the years ended December 31, 2022, 2021 and 2020, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement).

Due from (to) affiliates includes $3,299 and $(327) of unreimbursed (prepaid) costs and fees due from (to) unconsolidated joint ventures under management agreements at December 31, 2022 and 2021, respectively.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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	500,000,000
Common stock, shares issued (in shares)	215,241,129	214,797,057
Common stock, shares outstanding (in shares)	215,241,129	214,797,057

Property, net - Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	$ 18,250	$ 4,720	$ 151,875
(Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	0	0	0
(Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	0	4,720	151,875
(Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	$ 18,250	$ 0	$ 0

Summary of Significant Accounting Policies - Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Increase in minimum rent due to straight-line rent adjustment	$ (777)	$ 5,873	$ 24,789
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%

Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Mortgage Notes Payable

Mortgage notes payable at December 31, 2022 and 2021 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	2022		2021
Chandler Fashion Center(5)	$	255,736	$	255,548	4.18	%	$	875	2024
Danbury Fair Mall(6)	148,207		168,037		6.05	%	1,538		2023
Fashion District Philadelphia(7)	104,427		194,602		7.62	%	663		2024
Fashion Outlets of Chicago	299,354		299,274		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA	90,514		95,329		6.45	%	727		2023
Freehold Raceway Mall(5)	398,878		398,711		3.94	%	1,300		2029
Fresno Fashion Fair	324,255		324,056		3.67	%	971		2026
Green Acres Commons(8)	125,256		124,875		7.14	%	717		2023
Green Acres Mall(9)	237,372		246,061		3.94	%	1,447		2023
Kings Plaza Shopping Center	536,442		535,928		3.71	%	1,629		2030
Oaks, The(10)	165,934		176,721		5.49	%	1,138		2024
Pacific View(11)	70,855		111,481		5.45	%	328		2032
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(12)	296,521		299,314		6.19	%	1,448		2025
SanTan Village Regional Center	219,414		219,323		4.34	%	788		2029
Towne Mall(13)	18,886		19,320		4.48	%	69		2022

Victor Valley, Mall of	114,908		114,850		4.00	%	380		2024
Vintage Faire Mall	233,637		240,124		3.55	%	1,256		2026
	$	4,240,596	$	4,423,554

(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).

(10)On May 6, 2022, the Company closed on a two-year extension of the loan to June 5, 2024 at a new fixed interest rate of 5.25%. The Company repaid $5,000 of the outstanding loan balance at closing.

(11)On April 29, 2022, the Company closed on a new $72,000 loan with a fixed rate of 5.29% that matures on May 6, 2032.

(13)The Company did not repay the loan on its maturity date, and has begun the process of transferring control of this asset to a loan receiver.

Schedule of Future Maturities of Bank and Other Notes Payable

The future maturities of mortgage notes payable are as follows:


Year Ending December 31,
2023	$	676,512
2024	601,311
2025	908,383
2026	538,780
2027	1,682
Thereafter	1,527,758
	4,254,426
Deferred finance cost, net	(13,830)
	$	4,240,596

Summary of Significant Accounting Policies - Acquisitions (Details)	12 Months Ended
	Dec. 31, 2022 form
Accounting Policies [Abstract]
Number of forms of in-place operating lease intangible assets and liabilities	3