0000912242-23-000013 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	MAC
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		215,095,210
Entity Central Index Key	0000912242
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS:
Property, net	$ 6,091,914	$ 6,127,790
Cash and cash equivalents	112,173	100,320
Restricted cash	93,520	80,819
Tenant and other receivables, net	160,782	183,593
Right-of-use assets, net	124,134	126,606
Deferred charges and other assets, net	238,191	247,424
Due from affiliates	7,891	3,299
Investments in unconsolidated joint ventures	1,088,906	1,224,288
Total assets	7,917,511	8,094,139
LIABILITIES AND EQUITY:
Mortgage notes payable	4,203,678	4,240,596
Bank and other notes payable	71,694	163,117
Accounts payable and accrued expenses	59,558	63,107
Lease liabilities	92,006	94,911
Other accrued liabilities	306,916	318,745
Distributions in excess of investments in unconsolidated joint ventures	196,909	121,093
Financing arrangement obligation	131,336	143,221
Total liabilities	5,062,097	5,144,790
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at March 31, 2023 and December 31, 2022, and 215,361,920 and 215,241,129 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	2,152	2,151
Additional paid-in capital	5,511,513	5,506,084
Accumulated deficit	(2,738,525)	(2,643,094)
Accumulated other comprehensive income	752	632
Total stockholders' equity	2,775,892	2,865,773
Noncontrolling interests	79,522	83,576
Total equity	2,855,414	2,949,349
Total liabilities and equity	$ 7,917,511	$ 8,094,139

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (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)	215,361,920	215,241,129
Common Stock, shares outstanding (in shares)	215,361,920	215,241,129

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Leasing revenue	$ 199,045	$ 203,412
Total revenues	214,854	216,144
Expenses:
Leasing expenses	9,656	7,611
REIT general and administrative expenses	6,980	6,862
Depreciation and amortization	71,453	72,856
Total expenses before interest	177,476	177,194
Interest (income) expense:
Related parties	(9,407)	8,002
Other	48,830	43,859
Interest expense	39,423	51,861
Total expenses	216,899	229,055
Equity in loss of unconsolidated joint ventures	(61,810)	(29,097)
Income tax benefit (expense)	1,882	(1,799)
Gain on sale or write down of assets, net	3,779	6,453
Net loss	(58,194)	(37,354)
Less: net income (loss) attributable to noncontrolling interests	539	(172)
Net loss attributable to the Company	$ (58,733)	$ (37,182)
Loss per common share—attributable to common stockholders:
Basic (in dollars per share)	$ (0.27)	$ (0.17)
Diluted (in dollars per share)	$ (0.27)	$ (0.17)
Weighted average number of common shares outstanding:
Basic (in shares)	215,291	214,819
Diluted (in shares)	215,291	214,819
Other
Revenues:
Revenue	$ 9,054	$ 6,327
Management Companies
Revenues:
Revenue	6,755	6,405
Expenses:
Cost of goods and services sold	18,900	16,945
Shopping center and operating expenses
Expenses:
Cost of goods and services sold	$ 70,487	$ 72,920

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (58,194)	$ (37,354)
Other comprehensive income:
Interest rate cap agreements	120	31
Comprehensive loss	(58,074)	(37,323)
Less: net income (loss) attributable to noncontrolling interests	539	(172)
Comprehensive loss attributable to the Company	$ (58,613)	$ (37,151)

- 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.

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+ Details

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Beginning balance at Dec. 31, 2021	$ 3,176,149	$ 3,046,867	$ 2,147	$ 5,488,440	$ (2,443,696)	$ (24)	$ 129,282
Beginning balance (in shares) at Dec. 31, 2021			214,797,057
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(37,354)	(37,182)			(37,182)		(172)
Interest rate cap agreement	31	31				31
Amortization of share and unit-based plans	6,062	6,062	$ 1	6,061
Amortization of share and unit-based plans (in shares)			104,320
Stock offerings, net	(70)	(70)	$ 0	(70)
Stock offerings, net (in shares)			0
Distributions paid	(32,301)	(32,301)			(32,301)
Distributions to noncontrolling interests	(9,013)						(9,013)
Adjustment of noncontrolling interests in Operating Partnership	0	(769)		(769)			769
Ending balance at Mar. 31, 2022	3,103,504	2,982,638	$ 2,148	5,493,662	(2,513,179)	7	120,866
Ending balance (in shares) at Mar. 31, 2022			214,901,377
Beginning balance at Dec. 31, 2022	$ 2,949,349	2,865,773	$ 2,151	5,506,084	(2,643,094)	632	83,576
Beginning balance (in shares) at Dec. 31, 2022	215,241,129		215,241,129
Increase (Decrease) in Stockholders' Equity
Net (loss) income	$ (58,194)	(58,733)			(58,733)		539
Interest rate cap agreement	120	120				120
Amortization of share and unit-based plans	5,972	5,972	$ 1	5,971
Amortization of share and unit-based plans (in shares)			120,791
Stock offerings, net	(21)	(21)		(21)
Distributions paid	(36,698)	(36,698)			(36,698)
Distributions to noncontrolling interests	(5,114)						(5,114)
Adjustment of noncontrolling interests in Operating Partnership	0	(521)		(521)			521
Ending balance at Mar. 31, 2023	$ 2,855,414	$ 2,775,892	$ 2,152	$ 5,511,513	$ (2,738,525)	$ 752	$ 79,522
Ending balance (in shares) at Mar. 31, 2023	215,361,920		215,361,920

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 0.17	$ 0.15

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (58,194)	$ (37,354)
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on sale or write down of assets, net	(3,779)	(6,453)
Depreciation and amortization	75,035	75,673
Amortization of share and unit-based plans	4,895	4,869
Straight-line rent and amortization of above and below market leases	823	1,589
(Recovery of) provision for doubtful accounts	(1,023)	567
Income tax (benefit) expense	(1,882)	1,799
Equity in loss of unconsolidated joint ventures	61,810	29,097
Distributions of income from unconsolidated joint ventures	280	0
Change in fair value of financing arrangement obligation	(11,885)	2,543
Changes in assets and liabilities, net of dispositions:
Tenant and other receivables	22,051	28,098
Other assets	8,645	210
Due from affiliates	(4,592)	(4,504)
Accounts payable and accrued expenses	1,938	790
Other accrued liabilities	(13,392)	(31,480)
Net cash provided by operating activities	80,730	65,444
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(19,992)	(13,377)
Property improvements	(14,872)	(7,022)
Deferred leasing costs	(1,217)	(372)
Distributions from unconsolidated joint ventures	162,166	40,062
Contributions to unconsolidated joint ventures	(12,938)	(19,422)
Proceeds from collection of receivable in connection with sale of joint venture property	0	21,000
Proceeds from sale of assets	5,018	26,085
Net cash provided by investing activities	118,165	46,954
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	50,000	0
Payments on mortgages, bank and other notes payable	(168,664)	(53,237)
Deferred financing costs	(13,251)	0
Payments on finance leases	(593)	(571)
Costs from stock offerings	(21)	(70)
Dividends and distributions	(41,812)	(41,314)
Net cash used in financing activities	(174,341)	(95,192)
Net increase in cash, cash equivalents and restricted cash	24,554	17,206
Cash, cash equivalents and restricted cash, beginning of period	181,139	166,971
Cash, cash equivalents and restricted cash, end of period	205,693	184,177
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	48,376	46,463
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	34,526	18,881
Lease liabilities recorded in connection with right-of-use assets	$ 0	$ 24,929

Organization	3 Months Ended
Organization	Mar. 31, 2023
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 town centers and community/power shopping centers (the "Centers") located throughout the United States. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of March 31, 2023, the Company was the sole general partner of and held a 96% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies." All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies:

Basis of Presentation:

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

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

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


	March 31, 2023		December 31, 2022
Assets:
Property, net	$	447,938	$	452,559
Other assets	99,007		93,102
Total assets	$	546,945	$	545,661
Liabilities:
Mortgage notes payable	$	297,454	$	323,841
Other liabilities	130,810		135,340
Total liabilities	$	428,264	$	459,181

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

2. Summary of Significant Accounting Policies: (Continued)

The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements but does not include all disclosures required by GAAP.

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


	For the Three Months Ended March 31,
	2023		2022
Beginning of period
Cash and cash equivalents	$	100,320	$	112,454
Restricted cash	80,819		54,517
Cash, cash equivalents and restricted cash	$	181,139	$	166,971
End of period
Cash and cash equivalents	$	112,173	$	128,244
Restricted cash	93,520		55,933
Cash, cash equivalents and restricted cash	$	205,693	$	184,177

Earnings Per Share ("EPS")

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

Earnings Per Share ("EPS"):The following table reconciles the numerator and denominator used in the computation of EPS for the three months ended March 31, 2023 and 2022 (shares in thousands):


	For the Three Months Ended March 31,
		2023		2022
Numerator
Net loss		$	(58,194)	$	(37,354)
Less: net income (loss) attributable to noncontrolling interests		539		(172)
Net loss attributable to the Company		(58,733)		(37,182)
Allocation of earnings to participating securities		(225)		(223)
Numerator for basic and diluted EPS—net loss attributable to common stockholders		$	(58,958)	$	(37,405)
Denominator



Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)		215,291		214,819
EPS—net loss attributable to common stockholders
Basic and diluted		$	(0.27)	$	(0.17)

3. Earnings Per Share ("EPS"): (Continued)

(1) Diluted EPS excludes 99,565 and 99,565 convertible preferred partnership units for the three months ended March 31, 2023 and 2022, respectively, as their impact was antidilutive. Diluted EPS also excludes 8,978,620 and 8,681,751 Operating Partnership units ("OP Units") for the three months ended March 31, 2023 and 2022, respectively, as their impact was antidilutive.

Investments in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

4. Investments in Unconsolidated Joint Ventures:

The Company has made the following recent financings or other events within its unconsolidated joint ventures:

On February 2, 2022, the Company’s joint venture in FlatIron Crossing replaced the existing $197,011 loan on the property with a new $175,000 loan that bears interest at the Secured Overnight Financing Rate ("SOFR") plus 3.70% 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—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%.

On March 3, 2023, the Company’s joint venture in Scottsdale Fashion Square replaced the existing $403,931 mortgage loan on the property with a $700,000 loan that bears interest at a fixed rate of 6.21%, is interest only during the entire loan term and matures on March 6, 2028.

On April 25, 2023, the Company's joint venture in Deptford Mall closed on a three-year maturity date extension for the existing loan to April 3, 2026, including extension options. The Company's joint venture repaid $10,000 ($5,100 at the Company's pro rata share) of the outstanding loan balance at closing. The interest rate on the loan remains unchanged at 3.73%.

For the three months ended March 31, 2023, the Company recorded an impairment loss as a result of shortening the holding period on certain assets in a joint venture. The Company's share of the impairment loss was $50,197.

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:


	March 31, 2023		December 31, 2022
Assets(1):
Property, net	$	8,020,407	$	8,156,632
Other assets	677,850		664,036
Total assets	$	8,698,257	$	8,820,668
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,776,143	$	5,491,250
Other liabilities	435,611		451,511
Company's capital	1,324,101		1,528,348
Outside partners' capital	1,162,402		1,349,559
Total liabilities and partners' capital	$	8,698,257	$	8,820,668
Investments in unconsolidated joint ventures:
Company's capital	$	1,324,101	$	1,528,348
Basis adjustment(2)	(432,104)		(425,153)
	$	891,997	$	1,103,195

Assets—Investments in unconsolidated joint ventures	$	1,088,906	$	1,224,288
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(196,909)		(121,093)
	$	891,997	$	1,103,195

(1) These amounts include assets of $2,675,841 and $2,690,651 of Pacific Premier Retail LLC (the "PPR Portfolio") as of March 31, 2023 and December 31, 2022, respectively, and liabilities of $1,609,503 and $1,611,661 of the PPR Portfolio as of March 31, 2023 and December 31, 2022, 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 (loss) income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $(12,554) and $2,575 for the three months ended March 31, 2023 and 2022, respectively.

4. Investments in Unconsolidated Joint Ventures: (Continued)

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Three Months Ended March 31, 2023
Revenues:
Leasing revenue	$	43,070	$	163,368	$	206,438
Other	680		666		1,346
Total revenues	43,750		164,034		207,784
Expenses:
Shopping center and operating expenses	11,406		60,111		71,517
Leasing expenses	570		1,471		2,041
Interest expense	21,810		42,295		64,105
Depreciation and amortization	22,878		62,504		85,382
Total expenses	56,664		166,381		223,045
Loss on sale or write down of assets, net	—		(70,563)		(70,563)

Net loss	$	(12,914)	$	(72,910)	$	(85,824)
Company's equity in net loss	$	(5,516)	$	(56,294)	$	(61,810)
Three Months Ended March 31, 2022
Revenues:
Leasing revenue	$	43,850	$	155,166	$	199,016
Other	63		7,340		7,403
Total revenues	43,913		162,506		206,419
Expenses:
Shopping center and operating expenses	10,719		57,865		68,584
Leasing expenses	469		1,321		1,790
Interest expense	15,372		35,746		51,118
Depreciation and amortization	24,276		65,177		89,453
Total expenses	50,836		160,109		210,945
Loss on sale or write down of assets, net	—		(58,691)		(58,691)

Net loss	$	(6,923)	$	(56,294)	$	(63,217)
Company's equity in net loss	$	(1,792)	$	(27,305)	$	(29,097)

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

Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2023

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 $120 and $31 for the three months ended March 31, 2023 and 2022, respectively. The entire $120 in other comprehensive income at March 31, 2023 is the Company's pro rata share of hedged derivative instruments from certain unconsolidated joint ventures.

The following derivatives were outstanding at March 31, 2023:


								Fair Value
Property	Designation	Notional Amount		Product	LIBOR Rate		Maturity	March 31, 2023		December 31, 2022
Santa Monica Place	Non-Hedged	$	300,000	Cap	4.00	%	12/9/2023	$	2,006	$	2,576
The Macerich Partnership, L.P.	Non-Hedged	$	(300,000)	Sold Cap	4.00	%	12/9/2023	$	(2,001)	$	(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 was 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 fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate caps. As a result, the Company determined that its interest rate cap valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Property, net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property, net

Property, net:

Property, net consists of the following:


	March 31, 2023		December 31, 2022
Land	$	1,396,148	$	1,425,211
Buildings and improvements	6,244,208		6,378,736
Tenant improvements	720,786		711,007
Equipment and furnishings(1)	184,937		186,767
Construction in progress	368,905		218,859
	8,914,984		8,920,580
Less accumulated depreciation(1)	(2,823,070)		(2,792,790)
	$	6,091,914	$	6,127,790

(1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2023 and December 31, 2022 (See Note 8—Leases).

Depreciation expense was $67,064 and $67,786 for the three months ended March 31, 2023 and 2022, respectively.

Gain on sale or write-down of assets, net for the three months ended March 31, 2023 and 2022 consist of the following:


	For the Three Months Ended March 31,
		2023		2022


Loss on write-down of assets		(595)		(8,629)

Gain on land sales, net		4,374		15,082
		$	3,779	$	6,453

The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of the impairment losses recorded for the three months ended March 31, 2023 and 2022, as described above:


	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Unobservable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
March 31, 2022	$	830	$	—	$	830	$	—

The fair values relating to the 2022 impairment was based on a sales contract and is classified within Level 2 of the fair value hierarchy.

Tenant and Other Receivables, net	3 Months Ended
Tenant and Other Receivables, net	Mar. 31, 2023
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 $7,990 and $10,741 at March 31, 2023 and December 31, 2022, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $3,325 and $18,010 at March 31, 2023 and December 31, 2022, respectively, and a deferred rent receivable due to straight-line rent adjustments of $108,373 and $110,155 at March 31, 2023 and December 31, 2022, respectively.

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Leases:

Lessor Leases:

The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.

The following table summarizes the components of leasing revenue for the three months ended March 31, 2023 and 2022:


	For the Three Months Ended March 31,
		2023		2022
Leasing revenue—fixed payments		$	140,506	$	135,209
Leasing revenue—variable payments		57,516		68,770
Recovery of (provision for) doubtful accounts, net		1,023		(567)
		$	199,045	$	203,412

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


Twelve months ending March 31,
2024	$	419,064
2025	353,530
2026	285,314
2027	229,072
2028	172,565
Thereafter	536,251
	$	1,995,796

Lessee Leases:

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

The following table summarizes the lease costs for the three months ended March 31, 2023 and 2022:


	For the Three Months Ended March 31,
		2023		2022
Operating lease costs		$	3,794	$	3,775
Finance lease costs:
Amortization of ROU assets		485		481
Interest on lease liabilities		168		194
		$	4,447	$	4,450

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


	March 31, 2023						December 31, 2022
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2023	$	8,629		$	2,450		$	12,255		$	2,450
2024	11,563			9,478			11,563			9,478
2025	11,746			1,400			11,746			1,400
2026	11,864			—			11,864			—
2027	12,035			—			12,035			—
Thereafter	109,158			—			109,158			—
Total undiscounted rental payments	164,995			13,328			168,621			13,328
Less imputed interest	(85,001)			(1,316)			(86,315)			(723)
Total lease liabilities	$	79,994		$	12,012		$	82,306		$	12,605
Weighted average remaining term	32.5 years			1.4 years			32.3 years			1.7 years
Weighted average incremental borrowing rate	7.5		%	3.7		%	7.4		%	3.7		%

Leases

Leases:

Lessor Leases:

The following table summarizes the components of leasing revenue for the three months ended March 31, 2023 and 2022:


	For the Three Months Ended March 31,
		2023		2022
Leasing revenue—fixed payments		$	140,506	$	135,209
Leasing revenue—variable payments		57,516		68,770
Recovery of (provision for) doubtful accounts, net		1,023		(567)
		$	199,045	$	203,412

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


Twelve months ending March 31,
2024	$	419,064
2025	353,530
2026	285,314
2027	229,072
2028	172,565
Thereafter	536,251
	$	1,995,796

Lessee Leases:

The following table summarizes the lease costs for the three months ended March 31, 2023 and 2022:


	For the Three Months Ended March 31,
		2023		2022
Operating lease costs		$	3,794	$	3,775
Finance lease costs:
Amortization of ROU assets		485		481
Interest on lease liabilities		168		194
		$	4,447	$	4,450

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


	March 31, 2023						December 31, 2022
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2023	$	8,629		$	2,450		$	12,255		$	2,450
2024	11,563			9,478			11,563			9,478
2025	11,746			1,400			11,746			1,400
2026	11,864			—			11,864			—
2027	12,035			—			12,035			—
Thereafter	109,158			—			109,158			—
Total undiscounted rental payments	164,995			13,328			168,621			13,328
Less imputed interest	(85,001)			(1,316)			(86,315)			(723)
Total lease liabilities	$	79,994		$	12,012		$	82,306		$	12,605
Weighted average remaining term	32.5 years			1.4 years			32.3 years			1.7 years
Weighted average incremental borrowing rate	7.5		%	3.7		%	7.4		%	3.7		%

Deferred Charges and Other Assets, net

3 Months Ended

Mar. 31, 2023

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

Deferred Charges and Other Assets, net

Deferred Charges and Other Assets, net:

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


	March 31, 2023		December 31, 2022
Leasing	$	78,018	$	113,400
Intangible assets:
In-place lease values	59,817		63,961
Leasing commissions and legal costs	16,021		17,299
Above-market leases	68,811		71,304
Deferred tax assets	24,996		23,114
Deferred compensation plan assets	58,315		54,353
Other assets	55,767		66,188
	361,745		409,619
Less accumulated amortization(1)	(123,554)		(162,195)
	$	238,191	$	247,424

(1) Accumulated amortization includes $40,849 and $44,362 relating to in-place lease values, leasing commissions and legal costs at March 31, 2023 and December 31, 2022, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,909 and $1,667 for the three months ended March 31, 2023 and 2022, respectively.

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


	March 31, 2023		December 31, 2022
Above-Market Leases
Original allocated value	$	68,811	$	71,304
Less accumulated amortization	(34,276)		(35,156)
	$	34,535	$	36,148
Below-Market Leases(1)
Original allocated value	$	95,132	$	97,026
Less accumulated amortization	(41,637)		(40,797)
	$	53,495	$	56,229

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

Mortgage Notes Payable

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage Notes Payable:

Mortgage notes payable at March 31, 2023 and December 31, 2022 consist of the following:


	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	March 31, 2023		December 31, 2022		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	255,782	$	255,736	4.18	%	$	875	2024
Danbury Fair Mall(6)	145,857		148,207		6.05	%	1,538		2023
Fashion District Philadelphia(7)	78,017		104,427		8.78	%	539		2024
Fashion Outlets of Chicago	299,375		299,354		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA	89,362		90,514		6.45	%	727		2023
Freehold Raceway Mall(5)	398,919		398,878		3.94	%	1,300		2029
Fresno Fashion Fair	324,304		324,255		3.67	%	971		2026
Green Acres Commons(8)	—		125,256		7.14	%	717		2023
Green Acres Mall(9)	357,942		237,372		6.58	%	1,819		2028
Kings Plaza Shopping Center	536,571		536,442		3.71	%	1,629		2030
Oaks, The(10)	164,804		165,934		5.49	%	1,138		2024
Pacific View(11)	70,885		70,855		5.45	%	328		2032
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(12)	296,665		296,521		6.56	%	1,540		2025
SanTan Village Regional Center	219,437		219,414		4.34	%	788		2029
Towne Mall(13)	18,886		18,886		4.48	%	69		2022
Victor Valley, Mall of	114,922		114,908		4.00	%	380		2024
Vintage Faire Mall	231,950		233,637		3.55	%	1,256		2026
	$	4,203,678	$	4,240,596

(1)The mortgage notes payable also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $25,084 and $13,830 at March 31, 2023 and December 31, 2022, 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 interest at a fixed 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 interest at a fixed 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 has completed transition of the property to a receiver, but is still the owner of record.

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

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

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

Total interest expense capitalized was $4,844 and $1,851 for the three months ended March 31, 2023 and 2022, respectively.

The estimated fair value (Level 2 measurement) of mortgage notes payable at March 31, 2023 and December 31, 2022 was $3,853,581 and $3,894,588, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.

Bank and Other Notes Payable	3 Months Ended
Bank and Other Notes Payable	Mar. 31, 2023
Debt Disclosure [Abstract]
Bank and Other Notes Payable	Bank and Other Notes Payable: Bank and other notes payable consist of the following: Credit Facility: The Company has a $525,000 revolving 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. All obligations under the facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The credit facility bears interest at LIBOR plus a spread of 2.25% to 3.25% depending on the Company’s overall leverage level. On March 22, 2023, the Company executed the one-year extension option to April 14, 2024. Additionally, effective March 13, 2023, the credit facility converted from LIBOR to 1-month Term SOFR with an applicable benchmark replacement adjustment. As of March 31, 2023, the borrowing rate was SOFR plus a spread of 2.25%. As of March 31, 2023, borrowings under the facility were $78,000, less unamortized deferred finance costs of $6,306, for the revolving loan facility at a total interest rate of 8.35%. As of March 31, 2023, the Company's availability under the revolving loan facility for additional borrowings was $446,787. The estimated fair value (Level 2 measurement) of borrowings under the credit facility at March 31, 2023 was $78,422 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 March 31, 2023 and December 31, 2022, 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
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+ Details

Financing Arrangement

3 Months Ended

Mar. 31, 2023

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 shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,549,000 square foot regional shopping center in Freehold, New Jersey (collectively referred to herein as "Chandler Freehold"). As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the formation of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The Company accounts for its investment in Chandler Freehold as a financing arrangement. The fair value (Level 3 measurement) of the financing arrangement obligation at March 31, 2023 and December 31, 2022 was based upon a terminal capitalization rate of approximately 6.50% and 6.25%, respectively, a discount rate at March 31, 2023 and December 31, 2022 of 8.25% and 7.75%, respectively, and market rents per square foot of $35 to $105. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Distributions to the partner, excluding distributions of excess loan proceeds, and changes in fair value of the financing arrangement obligation are recognized as related party interest (income) expense in the Company's consolidated statements of operations.

During the three months ended March 31, 2023 and 2022, the Company recognized related party interest (income) expense in the Company's consolidated statements of operations in connection with the financing arrangement as follows:


	For the Three Months Ended March 31,
		2023		2022
Distributions equal to the partner's share of net (loss) income		$	(340)	$	497
Distributions in excess of the partner's share of net (loss) income		2,818		4,962
Adjustment to fair value of financing arrangement obligation		(11,885)		2,543
		$	(9,407)	$	8,002

Noncontrolling Interests	3 Months Ended
Noncontrolling Interests	Mar. 31, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests: The Company allocates net income (loss) of the Operating Partnership based on the weighted average ownership interest during the period. The net income (loss) of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 96% ownership interest in the Operating Partnership as of March 31, 2023 and December 31, 2022. The remaining 4% limited partnership interest as of March 31, 2023 and December 31, 2022 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of March 31, 2023 and December 31, 2022, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $87,429 and $103,023, respectively. The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity: 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. The February 2021 ATM Program was fully utilized as of June 30, 2021 and is no longer active. During the three months ended March 31, 2023, the Company did not issue any shares of common stock under the March 2021 ATM Program. As of March 31, 2023, $151,699 remained available to be sold under the March 2021 ATM Program. 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 March 2021 ATM Program. Stock Buyback Program On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program". There were no repurchases under the Stock Buyback Program during the three months ended March 31, 2023 or 2022.

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

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-Name Accounting Standards Codification
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+ Details

Acquisitions

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions:

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:


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

Dispositions	3 Months Ended
Dispositions	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions:For the three months ended March 31, 2023 and 2022, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $4,374 and $15,082, respectively. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: As of March 31, 2023, the Company was contingently liable for $40,931 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of March 31, 2023, $40,680 of these letters of credit were secured by restricted cash. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At March 31, 2023, the Company had $9,002 in outstanding obligations, which it believes will be settled in the next twelve months.

Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions

Related Party Transactions:

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

The following are fees charged to unconsolidated joint ventures:


	For the Three Months Ended March 31,
		2023		2022
Management fees		$	4,220	$	4,361
Development and leasing fees		2,039		1,383
		$	6,259	$	5,744

18. Related Party Transactions: (Continued)

Interest (income) expense from related party transactions includes $(9,407) and $8,002 for the three months ended March 31, 2023 and 2022, respectively, in connection with the financing arrangement (See Note 12—Financing Arrangement).

Due from affiliates includes $7,891 and $3,299 of unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies at March 31, 2023 and December 31, 2022, respectively.

Share and Unit-Based Plans

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share and Unit-Based Plans

Share and Unit-Based Plans:

Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of 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.

During the three months ended March 31, 2023, the Company granted the following LTI Units:

Grant Date

Units

Type

Fair Value per LTI Unit

Vest Date

1/1/2023

577,255

Service-based

11.26

12/31/2025

1/1/2023

1,030,077

Performance-based

10.97

12/31/2025

1,607,332

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 grant. The fair value (Level 3 measurement) of the performance-based LTI Units granted on January 1, 2023 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a three-year risk-free interest rate of 4.21% and an expected volatility of 74.23%.

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


	LTI Units			Phantom Stock Units		Stock Units
	Units	Value(1)			Units	Value(1)		Units	Value(1)
Balance at January 1, 2023	2,215,167	$	12.90		34,039	$	14.19	295,054	$	14.58
Granted	1,607,332	11.07			1,511	12.09		116,018	12.14
Vested	(13,058)	20.42			(5,702)	13.63		(120,118)	15.61
Forfeited	(37,592)	21.28			—	—		—	—
Balance at March 31, 2023	3,771,849	$	12.01		29,848	$	14.19	290,954	$	13.18


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

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


	Stock Options
		Units	Value(1)
Balance at January 1, 2023		26,371	$	54.56


Granted		—	—
Balance at March 31, 2023		26,371	$	54.56


(1) Value represents the weighted average exercise price.

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


	For the Three Months Ended March 31,
		2023		2022
LTI Units		$	4,662	$	4,685

Stock units		1,232		1,291


Phantom stock units		78		86
		$	5,972	$	6,062

The Company capitalized share and unit-based compensation costs of $1,077 and $1,193 for the three months ended March 31, 2023 and 2022, respectively. Unrecognized compensation costs of share and unit-based plans at March 31, 2023 consisted of $16,936 from LTI Units, $1,402 from stock units and $424 from phantom stock units.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes:

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

The income tax provision of the TRSs are as follows:


	For the Three Months Ended March 31,
		2023		2022
Current		$	—	$	—
Deferred		1,882		(1,799)
Total benefit (expense)		$	1,882	$	(1,799)

The net operating loss ("NOL") carryforwards generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2025. Pursuant to the Tax Cuts and Jobs Act of 2017, NOLs generated in 2018 and subsequent tax years are carried forward indefinitely. The Coronavirus Aid, Relief and Economic Security Act removed the 80% of taxable income limitation, imposed by the Tax Cuts and Jobs Act, for NOLs generated in 2018, 2019 and 2020. Net deferred tax assets of $24,996 and $23,114 were included in deferred charges and other assets, net at March 31, 2023 and December 31, 2022, respectively.

The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years,

20. Income Taxes: (Continued)

the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of March 31, 2023, 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 twelve months.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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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

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: On April 28, 2023, the Company announced a dividend/distribution of $0.17 per share for common stockholders and OP Unitholders of record on May 19, 2023. All dividends/distributions will be paid 100% in cash on June 2, 2023. On May 2, 2023, the Company sold The Marketplace at Flagstaff, a 268,000 square foot power center in Flagstaff, Arizona, for $23,500, which resulted in a gain on sale of assets of approximately $10,200. The Company used the net proceeds to pay down debt.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm.
Consolidation of VIE	The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of consolidated variable interest entities ("VIEs"),

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Variable Interest Entities

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


	March 31, 2023		December 31, 2022
Assets:
Property, net	$	447,938	$	452,559
Other assets	99,007		93,102
Total assets	$	546,945	$	545,661
Liabilities:
Mortgage notes payable	$	297,454	$	323,841
Other liabilities	130,810		135,340
Total liabilities	$	428,264	$	459,181

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

Schedule of Cash And Cash Equivalents


	For the Three Months Ended March 31,
	2023		2022
Beginning of period
Cash and cash equivalents	$	100,320	$	112,454
Restricted cash	80,819		54,517
Cash, cash equivalents and restricted cash	$	181,139	$	166,971
End of period
Cash and cash equivalents	$	112,173	$	128,244
Restricted cash	93,520		55,933
Cash, cash equivalents and restricted cash	$	205,693	$	184,177

Schedule of Restricted Cash


	For the Three Months Ended March 31,
	2023		2022
Beginning of period
Cash and cash equivalents	$	100,320	$	112,454
Restricted cash	80,819		54,517
Cash, cash equivalents and restricted cash	$	181,139	$	166,971
End of period
Cash and cash equivalents	$	112,173	$	128,244
Restricted cash	93,520		55,933
Cash, cash equivalents and restricted cash	$	205,693	$	184,177

- Definition

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

+ References + Details

Earnings Per Share ("EPS") (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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

The following table reconciles the numerator and denominator used in the computation of EPS for the three months ended March 31, 2023 and 2022 (shares in thousands):


	For the Three Months Ended March 31,
		2023		2022
Numerator
Net loss		$	(58,194)	$	(37,354)
Less: net income (loss) attributable to noncontrolling interests		539		(172)
Net loss attributable to the Company		(58,733)		(37,182)
Allocation of earnings to participating securities		(225)		(223)
Numerator for basic and diluted EPS—net loss attributable to common stockholders		$	(58,958)	$	(37,405)
Denominator



Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)		215,291		214,819
EPS—net loss attributable to common stockholders
Basic and diluted		$	(0.27)	$	(0.17)

3. Earnings Per Share ("EPS"): (Continued)

Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures

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:


	March 31, 2023		December 31, 2022
Assets(1):
Property, net	$	8,020,407	$	8,156,632
Other assets	677,850		664,036
Total assets	$	8,698,257	$	8,820,668
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,776,143	$	5,491,250
Other liabilities	435,611		451,511
Company's capital	1,324,101		1,528,348
Outside partners' capital	1,162,402		1,349,559
Total liabilities and partners' capital	$	8,698,257	$	8,820,668
Investments in unconsolidated joint ventures:
Company's capital	$	1,324,101	$	1,528,348
Basis adjustment(2)	(432,104)		(425,153)
	$	891,997	$	1,103,195

Assets—Investments in unconsolidated joint ventures	$	1,088,906	$	1,224,288
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(196,909)		(121,093)
	$	891,997	$	1,103,195

Schedule of Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Three Months Ended March 31, 2023
Revenues:
Leasing revenue	$	43,070	$	163,368	$	206,438
Other	680		666		1,346
Total revenues	43,750		164,034		207,784
Expenses:
Shopping center and operating expenses	11,406		60,111		71,517
Leasing expenses	570		1,471		2,041
Interest expense	21,810		42,295		64,105
Depreciation and amortization	22,878		62,504		85,382
Total expenses	56,664		166,381		223,045
Loss on sale or write down of assets, net	—		(70,563)		(70,563)

Net loss	$	(12,914)	$	(72,910)	$	(85,824)
Company's equity in net loss	$	(5,516)	$	(56,294)	$	(61,810)
Three Months Ended March 31, 2022
Revenues:
Leasing revenue	$	43,850	$	155,166	$	199,016
Other	63		7,340		7,403
Total revenues	43,913		162,506		206,419
Expenses:
Shopping center and operating expenses	10,719		57,865		68,584
Leasing expenses	469		1,321		1,790
Interest expense	15,372		35,746		51,118
Depreciation and amortization	24,276		65,177		89,453
Total expenses	50,836		160,109		210,945
Loss on sale or write down of assets, net	—		(58,691)		(58,691)

Net loss	$	(6,923)	$	(56,294)	$	(63,217)
Company's equity in net loss	$	(1,792)	$	(27,305)	$	(29,097)

Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following derivatives were outstanding at March 31, 2023:


								Fair Value
Property	Designation	Notional Amount		Product	LIBOR Rate		Maturity	March 31, 2023		December 31, 2022
Santa Monica Place	Non-Hedged	$	300,000	Cap	4.00	%	12/9/2023	$	2,006	$	2,576
The Macerich Partnership, L.P.	Non-Hedged	$	(300,000)	Sold Cap	4.00	%	12/9/2023	$	(2,001)	$	(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
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 815
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-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
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-Name Accounting Standards Codification
-Topic 815
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-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
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-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
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-Section 50
-Paragraph 8
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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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

Property, net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Components of Property, net

Property, net consists of the following:


	March 31, 2023		December 31, 2022
Land	$	1,396,148	$	1,425,211
Buildings and improvements	6,244,208		6,378,736
Tenant improvements	720,786		711,007
Equipment and furnishings(1)	184,937		186,767
Construction in progress	368,905		218,859
	8,914,984		8,920,580
Less accumulated depreciation(1)	(2,823,070)		(2,792,790)
	$	6,091,914	$	6,127,790

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

Gain on sale or write-down of assets, net for the three months ended March 31, 2023 and 2022 consist of the following:


	For the Three Months Ended March 31,
		2023		2022


Loss on write-down of assets		(595)		(8,629)

Gain on land sales, net		4,374		15,082
		$	3,779	$	6,453

Schedule of Assets Measured on a Nonrecurring Basis


	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Unobservable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
March 31, 2022	$	830	$	—	$	830	$	—

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Components of Leasing Revenue

The following table summarizes the components of leasing revenue for the three months ended March 31, 2023 and 2022:


	For the Three Months Ended March 31,
		2023		2022
Leasing revenue—fixed payments		$	140,506	$	135,209
Leasing revenue—variable payments		57,516		68,770
Recovery of (provision for) doubtful accounts, net		1,023		(567)
		$	199,045	$	203,412

Schedule of Minimum Rental Payments

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


Twelve months ending March 31,
2024	$	419,064
2025	353,530
2026	285,314
2027	229,072
2028	172,565
Thereafter	536,251
	$	1,995,796

Schedule of Lease Costs

The following table summarizes the lease costs for the three months ended March 31, 2023 and 2022:


	For the Three Months Ended March 31,
		2023		2022
Operating lease costs		$	3,794	$	3,775
Finance lease costs:
Amortization of ROU assets		485		481
Interest on lease liabilities		168		194
		$	4,447	$	4,450

Schedule of Minimum Future Rental Payments Required

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


	March 31, 2023						December 31, 2022
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2023	$	8,629		$	2,450		$	12,255		$	2,450
2024	11,563			9,478			11,563			9,478
2025	11,746			1,400			11,746			1,400
2026	11,864			—			11,864			—
2027	12,035			—			12,035			—
Thereafter	109,158			—			109,158			—
Total undiscounted rental payments	164,995			13,328			168,621			13,328
Less imputed interest	(85,001)			(1,316)			(86,315)			(723)
Total lease liabilities	$	79,994		$	12,012		$	82,306		$	12,605
Weighted average remaining term	32.5 years			1.4 years			32.3 years			1.7 years
Weighted average incremental borrowing rate	7.5		%	3.7		%	7.4		%	3.7		%

Schedule of Finance Lease, Fiscal Year Maturity

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


	March 31, 2023						December 31, 2022
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2023	$	8,629		$	2,450		$	12,255		$	2,450
2024	11,563			9,478			11,563			9,478
2025	11,746			1,400			11,746			1,400
2026	11,864			—			11,864			—
2027	12,035			—			12,035			—
Thereafter	109,158			—			109,158			—
Total undiscounted rental payments	164,995			13,328			168,621			13,328
Less imputed interest	(85,001)			(1,316)			(86,315)			(723)
Total lease liabilities	$	79,994		$	12,012		$	82,306		$	12,605
Weighted average remaining term	32.5 years			1.4 years			32.3 years			1.7 years
Weighted average incremental borrowing rate	7.5		%	3.7		%	7.4		%	3.7		%

Deferred Charges and Other Assets, net (Tables)

3 Months Ended

Mar. 31, 2023

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

Schedule of Deferred Charges and Other Assets, Net

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


	March 31, 2023		December 31, 2022
Leasing	$	78,018	$	113,400
Intangible assets:
In-place lease values	59,817		63,961
Leasing commissions and legal costs	16,021		17,299
Above-market leases	68,811		71,304
Deferred tax assets	24,996		23,114
Deferred compensation plan assets	58,315		54,353
Other assets	55,767		66,188
	361,745		409,619
Less accumulated amortization(1)	(123,554)		(162,195)
	$	238,191	$	247,424

Schedule of 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:


	March 31, 2023		December 31, 2022
Above-Market Leases
Original allocated value	$	68,811	$	71,304
Less accumulated amortization	(34,276)		(35,156)
	$	34,535	$	36,148
Below-Market Leases(1)
Original allocated value	$	95,132	$	97,026
Less accumulated amortization	(41,637)		(40,797)
	$	53,495	$	56,229

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

Mortgage Notes Payable (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Mortgage notes payable at March 31, 2023 and December 31, 2022 consist of the following:


	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	March 31, 2023		December 31, 2022		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	255,782	$	255,736	4.18	%	$	875	2024
Danbury Fair Mall(6)	145,857		148,207		6.05	%	1,538		2023
Fashion District Philadelphia(7)	78,017		104,427		8.78	%	539		2024
Fashion Outlets of Chicago	299,375		299,354		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA	89,362		90,514		6.45	%	727		2023
Freehold Raceway Mall(5)	398,919		398,878		3.94	%	1,300		2029
Fresno Fashion Fair	324,304		324,255		3.67	%	971		2026
Green Acres Commons(8)	—		125,256		7.14	%	717		2023
Green Acres Mall(9)	357,942		237,372		6.58	%	1,819		2028
Kings Plaza Shopping Center	536,571		536,442		3.71	%	1,629		2030
Oaks, The(10)	164,804		165,934		5.49	%	1,138		2024
Pacific View(11)	70,885		70,855		5.45	%	328		2032
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(12)	296,665		296,521		6.56	%	1,540		2025
SanTan Village Regional Center	219,437		219,414		4.34	%	788		2029
Towne Mall(13)	18,886		18,886		4.48	%	69		2022
Victor Valley, Mall of	114,922		114,908		4.00	%	380		2024
Vintage Faire Mall	231,950		233,637		3.55	%	1,256		2026
	$	4,203,678	$	4,240,596

(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 has completed transition of the property to a receiver, but is still the owner of record.

Financing Arrangement (Tables)

3 Months Ended

Mar. 31, 2023

Co-Venture Arrangement [Abstract]

Schedule of Financing Arrangement Activity


	For the Three Months Ended March 31,
		2023		2022
Distributions equal to the partner's share of net (loss) income		$	(340)	$	497
Distributions in excess of the partner's share of net (loss) income		2,818		4,962
Adjustment to fair value of financing arrangement obligation		(11,885)		2,543
		$	(9,407)	$	8,002

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

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 the former Sears parcels at Deptford Mall and Vintage Faire Mall:


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

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Fees Charged to Unconsolidated Joint Ventures

The following are fees charged to unconsolidated joint ventures:


	For the Three Months Ended March 31,
		2023		2022
Management fees		$	4,220	$	4,361
Development and leasing fees		2,039		1,383
		$	6,259	$	5,744

Share and Unit-Based Plans (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of LTI Units Granted

During the three months ended March 31, 2023, the Company granted the following LTI Units:

Grant Date

Units

Type

Fair Value per LTI Unit

Vest Date

1/1/2023

577,255

Service-based

11.26

12/31/2025

1/1/2023

1,030,077

Performance-based

10.97

12/31/2025

1,607,332

Schedule of Activity Of Non-vested LTI Units, Stock Awards, Phantom Stock And Stock Units

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


	LTI Units			Phantom Stock Units		Stock Units
	Units	Value(1)			Units	Value(1)		Units	Value(1)
Balance at January 1, 2023	2,215,167	$	12.90		34,039	$	14.19	295,054	$	14.58
Granted	1,607,332	11.07			1,511	12.09		116,018	12.14
Vested	(13,058)	20.42			(5,702)	13.63		(120,118)	15.61
Forfeited	(37,592)	21.28			—	—		—	—
Balance at March 31, 2023	3,771,849	$	12.01		29,848	$	14.19	290,954	$	13.18


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

Schedule of Activity of SARs And Stock Options Outstanding

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


	Stock Options
		Units	Value(1)
Balance at January 1, 2023		26,371	$	54.56


Granted		—	—
Balance at March 31, 2023		26,371	$	54.56


(1) Value represents the weighted average exercise price.

Schedule of Compensation Cost Under The Share And Unit-based Plans

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


	For the Three Months Ended March 31,
		2023		2022
LTI Units		$	4,662	$	4,685

Stock units		1,232		1,291


Phantom stock units		78		86
		$	5,972	$	6,062

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit of TRSs

The income tax provision of the TRSs are as follows:


	For the Three Months Ended March 31,
		2023		2022
Current		$	—	$	—
Deferred		1,882		(1,799)
Total benefit (expense)		$	1,882	$	(1,799)

Organization (Details) - entity	3 Months Ended
Organization (Details) - entity	Mar. 31, 2023	Dec. 31, 2022
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%	96.00%

Summary of Significant Accounting Policies - Schedule of variable interest entities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Property, net	$ 6,091,914	$ 6,127,790
Total assets	7,917,511	8,094,139
Liabilities:
Mortgage notes payable	4,203,678	4,240,596
Total liabilities	5,062,097	5,144,790
Operating Partnership
Assets:
Property, net	447,938	452,559
Other assets	99,007	93,102
Total assets	546,945	545,661
Liabilities:
Mortgage notes payable	297,454	323,841
Other liabilities	130,810	135,340
Total liabilities	$ 428,264	$ 459,181

- Definition

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

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- Definition

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

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+ Details

Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 112,173	$ 100,320	$ 128,244	$ 112,454
Restricted cash	93,520	80,819	55,933	54,517
Cash, cash equivalents and restricted cash	$ 205,693	$ 181,139	$ 184,177	$ 166,971

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net loss	$ (58,194)	$ (37,354)
Less: net income (loss) attributable to noncontrolling interests	539	(172)
Net loss attributable to the Company	(58,733)	(37,182)
Allocation of earnings to participating securities	(225)	(223)
Allocation of earnings to participating securities	(225)	(223)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	(58,958)	(37,405)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$ (58,958)	$ (37,405)
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding (in shares)	215,291,000	214,819,000
Denominator for diluted EPS—weighted average number of common shares outstanding (in shares)	215,291,000	214,819,000
EPS—net loss attributable to common stockholders
Basic (in dollars per share)	$ (0.27)	$ (0.17)
Diluted (in dollars per share)	$ (0.27)	$ (0.17)
Convertible non-participating preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities excluded from Diluted EPS (in shares)	99,565	99,565
Partnership unit
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities excluded from Diluted EPS (in shares)	8,978,620	8,681,751

Investments in Unconsolidated Joint Ventures - Narrative (Details) - USD ($) $ in Thousands					3 Months Ended
	Apr. 25, 2023	Mar. 03, 2023	Nov. 14, 2022	Feb. 02, 2022	Mar. 31, 2023	Mar. 31, 2022
Schedule of Equity Method Investments
Impairment loss					$ 595	$ 8,629
Joint Venture
Schedule of Equity Method Investments
Impairment loss					50,197
Joint Venture \| Sears South Plains
Schedule of Equity Method Investments
Impairment loss					$ 27,054
FlatIron Crossing \| Joint Venture
Schedule of Equity Method Investments
Repayments of debt				$ 197,011
Debt issued				$ 175,000
FlatIron Crossing \| Joint Venture \| SOFR
Schedule of Equity Method Investments
Variable interest rate spread (as a percent)				3.70%
Interest rate cap (as a percent)				4.00%
Washington Square
Schedule of Equity Method Investments
Repayments of debt			$ 9,000
Washington Square \| Joint Venture
Schedule of Equity Method Investments
Repayments of debt			$ 15,000
Extension term (in years)			4 years
Washington Square \| Joint Venture \| SOFR
Schedule of Equity Method Investments
Variable interest rate spread (as a percent)			4.00%
Scottsdale Fashion Square \| Joint Venture
Schedule of Equity Method Investments
Repayments of debt		$ 403,931
Debt issued		$ 700,000
Interest rate on debt (as a percent)		6.21%
Deptford Mall \| Subsequent Events
Schedule of Equity Method Investments
Repayments of debt	$ 5,100
Deptford Mall \| Joint Venture \| Subsequent Events
Schedule of Equity Method Investments
Repayments of debt	$ 10,000
Debt instrument term (in years)	3 years
Deptford Mall \| Joint Venture \| SOFR \| Subsequent Events
Schedule of Equity Method Investments
Interest rate on debt (as a percent)	3.73%

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Property, net	$ 6,091,914	$ 6,127,790
Total assets	7,917,511	8,094,139
Liabilities and partners' capital:
Mortgage notes payable	4,203,678	4,240,596
Total liabilities and equity	7,917,511	8,094,139
Investments in unconsolidated joint ventures:
Assets—Investments in unconsolidated joint ventures	1,088,906	1,224,288
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(196,909)	(121,093)
Joint Venture
Assets:
Property, net	8,020,407	8,156,632
Other assets	677,850	664,036
Total assets	8,698,257	8,820,668
Liabilities and partners' capital:
Mortgage notes payable	5,776,143	5,491,250
Other liabilities	435,611	451,511
Company's capital	1,324,101	1,528,348
Outside partners' capital	1,162,402	1,349,559
Total liabilities and equity	8,698,257	8,820,668
Investments in unconsolidated joint ventures:
Company's capital	1,324,101	1,528,348
Basis adjustment	(432,104)	(425,153)
Basic adjustment	891,997	1,103,195
Assets—Investments in unconsolidated joint ventures	1,088,906	1,224,288
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(196,909)	(121,093)
Investments in unconsolidated joint ventures	$ 891,997	$ 1,103,195

Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Equity Method Investments
Total assets	$ 7,917,511		$ 8,094,139
Liabilities	5,062,097		5,144,790
Joint Venture
Schedule of Equity Method Investments
Total assets	8,698,257		8,820,668
Amortization of difference between cost of investments and book value of underlying equity	(12,554)	$ 2,575
Joint Venture \| Pacific Premier Retail LLC—Various Properties
Schedule of Equity Method Investments
Total assets	2,675,841		2,690,651
Liabilities	$ 1,609,503		$ 1,611,661

Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Leasing revenue	$ 199,045	$ 203,412
Total revenues	214,854	216,144
Expenses:
Leasing expenses	9,656	7,611
Interest expense	39,423	51,861
Depreciation and amortization	71,453	72,856
Total expenses	216,899	229,055
Loss on sale or write down of assets, net	3,779	6,453
Net loss	(58,194)	(37,354)
Company's equity in net loss	(61,810)	(29,097)
Other
Revenues:
Other	9,054	6,327
Shopping center and operating expenses
Expenses:
Cost of goods and services sold	70,487	72,920
Joint Venture
Revenues:
Leasing revenue	206,438	199,016
Total revenues	207,784	206,419
Expenses:
Leasing expenses	2,041	1,790
Interest expense	64,105	51,118
Depreciation and amortization	85,382	89,453
Total expenses	223,045	210,945
Loss on sale or write down of assets, net	(70,563)	(58,691)
Net loss	(85,824)	(63,217)
Company's equity in net loss	(61,810)	(29,097)
Joint Venture \| PPR Portfolio
Revenues:
Leasing revenue	43,070	43,850
Total revenues	43,750	43,913
Expenses:
Leasing expenses	570	469
Interest expense	21,810	15,372
Depreciation and amortization	22,878	24,276
Total expenses	56,664	50,836
Loss on sale or write down of assets, net	0	0
Net loss	(12,914)	(6,923)
Company's equity in net loss	(5,516)	(1,792)
Joint Venture \| Other Joint Ventures
Revenues:
Leasing revenue	163,368	155,166
Total revenues	164,034	162,506
Expenses:
Leasing expenses	1,471	1,321
Interest expense	42,295	35,746
Depreciation and amortization	62,504	65,177
Total expenses	166,381	160,109
Loss on sale or write down of assets, net	(70,563)	(58,691)
Net loss	(72,910)	(56,294)
Company's equity in net loss	(56,294)	(27,305)
Joint Venture \| Other
Revenues:
Other	1,346	7,403
Joint Venture \| Other \| PPR Portfolio
Revenues:
Other	680	63
Joint Venture \| Other \| Other Joint Ventures
Revenues:
Other	666	7,340
Joint Venture \| Shopping center and operating expenses
Expenses:
Cost of goods and services sold	71,517	68,584
Joint Venture \| Shopping center and operating expenses \| PPR Portfolio
Expenses:
Cost of goods and services sold	11,406	10,719
Joint Venture \| Shopping center and operating expenses \| Other Joint Ventures
Expenses:
Cost of goods and services sold	$ 60,111	$ 57,865

Derivative Instruments and Hedging Activities - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative
Other comprehensive income (loss) related to mark to market of derivatives	$ 120	$ 31
Joint Venture
Derivative
Other comprehensive income (loss) related to mark to market of derivatives	$ 120

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - Level 2 measurement - Cap - Non-Hedged - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Santa Monica Place
Derivatives, Fair Value
Notional Amount	$ 300,000
LIBOR Rate	4.00%
Fair Value	$ 2,006	$ 2,576
The Macerich Partnership, L.P.
Derivatives, Fair Value
Notional Amount	$ 300,000
LIBOR Rate	4.00%
Fair Value	$ (2,001)	$ (2,567)

Property, net - Components of property (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Equipment and furnishings	$ 184,937	$ 186,767
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization	8,914,984	8,920,580
Less accumulated depreciation	(2,823,070)	(2,792,790)
Property, net	6,091,914	6,127,790
Land
Property, Plant and Equipment
Property, plant and equipment, gross	1,396,148	1,425,211
Buildings and improvements
Property, Plant and Equipment
Property, plant and equipment, gross	6,244,208	6,378,736
Tenant improvements
Property, Plant and Equipment
Property, plant and equipment, gross	720,786	711,007
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, gross	$ 368,905	$ 218,859

Property, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 67,064	$ 67,786

Property, Plant, and Equipment - Schedule of (loss) gain on sale or write down of assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment
Loss on write-down of assets	$ (595)	$ (8,629)
Gain (loss) on sale or write down of assets, net	3,779	6,453
Land
Property, Plant and Equipment
Gain on land sales, net	$ 4,374	$ 15,082

Property, net - Assets measured on a nonrecurring basis (Details) - Fair value measurements on a nonrecurring basis $ in Thousands	Mar. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	$ 830
Quoted Prices in Active Markets for Identical Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	0
Significant Other Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	830
Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	$ 0

Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Loans and Leases Receivable Disclosure [Abstract]
Allowance for doubtful accounts	$ 7,990	$ 10,741
Components of tenant and other receivables, net
Deferred rent receivable due to straight-line rent adjustments	108,373	110,155
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 3,325	$ 18,010

Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Leasing revenue—fixed payments	$ 140,506	$ 135,209
Leasing revenue—variable payments	57,516	68,770
Recovery of (provision for) doubtful accounts, net	1,023	(567)
Total leasing revenue	$ 199,045	$ 203,412

Leases - Summary of minimum rental payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Twelve months ending March 31,
2024	$ 419,064
2025	353,530
2026	285,314
2027	229,072
2028	172,565
Thereafter	536,251
Total minimum rental payments	$ 1,995,796

Leases - Narrative (Details)	3 Months Ended
Leases - Narrative (Details)	Mar. 31, 2023 lease
Leases [Abstract]
Number of finance leases	5

Leases - Summary of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease costs	$ 3,794	$ 3,775
Finance lease costs:
Amortization of ROU assets	485	481
Interest on lease liabilities	168	194
Total lease cost	$ 4,447	$ 4,450

Leases - Summary of minimum future rental payments required (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases For the Rolling 12 Months
2023	$ 8,629
2024	11,563
2025	11,746
2026	11,864
2027	12,035
Thereafter	109,158
Operating Leases
2024		$ 12,255
2025		11,563
2026		11,746
2027		11,864
2027		12,035
Thereafter		109,158
Total undiscounted rental payments	164,995	168,621
Less imputed interest	(85,001)	(86,315)
Total lease liabilities	$ 79,994	$ 82,306
Weighted average remaining lease term, operating leases (in years)	32 years 6 months	32 years 3 months 18 days
Weighted average incremental borrowing rate, operating leases (as a percent)	7.50%	7.40%
Finance Leases For the Rolling 12 Months
2023	$ 2,450
2024	9,478
2025	1,400
2026	0
2027	0
Thereafter	0
Finance Leases
2024		$ 2,450
2025		9,478
2026		1,400
2027		0
2027		0
Thereafter		0
Total undiscounted rental payments	13,328	13,328
Less imputed interest	(1,316)	(723)
Total lease liabilities	$ 12,012	$ 12,605
Weighted average remaining lease term, finance leases (in years)	1 year 4 months 24 days	1 year 8 months 12 days
Weighted average incremental borrowing rate, finance leases (as a percent)	3.70%	3.70%

Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 78,018		$ 113,400
Intangible assets:
In-place lease values	59,817		63,961
Leasing commissions and legal costs	16,021		17,299
Above-market leases	68,811		71,304
Deferred tax assets	24,996		23,114
Deferred compensation plan assets	58,315		54,353
Other assets	55,767		66,188
Deferred charges and other assets, gross	361,745		409,619
Less accumulated amortization	(123,554)		(162,195)
Deferred charges and other assets, net	238,191		247,424
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets
Accumulated amortization for intangible assets	40,849		$ 44,362
Amortization expense for intangible assets	$ 1,909	$ 1,667

Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Below-Market Leases
Original allocated value	$ 95,132	$ 97,026
Less accumulated amortization	(41,637)	(40,797)
Allocated value net	53,495	56,229
Above-Market Leases
Above-Market Leases
Original allocated value	68,811	71,304
Less accumulated amortization	(34,276)	(35,156)
Allocated value net	$ 34,535	$ 36,148

Mortgage Notes Payable - Schedule of mortgage notes payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 4,203,678	$ 4,240,596
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 255,782	255,736
Effective Interest Rate (as a percent)	4.18%
Monthly Debt Service	$ 875
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 145,857	148,207
Effective Interest Rate (as a percent)	6.05%
Monthly Debt Service	$ 1,538
Fashion District Philadelphia
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 78,017	104,427
Effective Interest Rate (as a percent)	8.78%
Monthly Debt Service	$ 539
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 299,375	299,354
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
Carrying Amount of Mortgage Notes	$ 89,362	90,514
Effective Interest Rate (as a percent)	6.45%
Monthly Debt Service	$ 727
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 398,919	398,878
Effective Interest Rate (as a percent)	3.94%
Monthly Debt Service	$ 1,300
Fresno Fashion Fair
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 324,304	324,255
Effective Interest Rate (as a percent)	3.67%
Monthly Debt Service	$ 971
Green Acres Commons
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 0	125,256
Effective Interest Rate (as a percent)	7.14%
Monthly Debt Service	$ 717
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 357,942	237,372
Effective Interest Rate (as a percent)	6.58%
Monthly Debt Service	$ 1,819
Kings Plaza Shopping Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 536,571	536,442
Effective Interest Rate (as a percent)	3.71%
Monthly Debt Service	$ 1,629
Oaks, The
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 164,804	165,934
Effective Interest Rate (as a percent)	5.49%
Monthly Debt Service	$ 1,138
Pacific View
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 70,885	70,855
Effective Interest Rate (as a percent)	5.45%
Monthly Debt Service	$ 328
Queens Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 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
Carrying Amount of Mortgage Notes	$ 296,665	296,521
Effective Interest Rate (as a percent)	6.56%
Monthly Debt Service	$ 1,540
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 219,437	219,414
Effective Interest Rate (as a percent)	4.34%
Monthly Debt Service	$ 788
Towne Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 18,886	18,886
Effective Interest Rate (as a percent)	4.48%
Monthly Debt Service	$ 69
Victor Valley, Mall of
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 114,922	114,908
Effective Interest Rate (as a percent)	4.00%
Monthly Debt Service	$ 380
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 231,950	$ 233,637
Effective Interest Rate (as a percent)	3.55%
Monthly Debt Service	$ 1,256

Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands												3 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. 15, 2021	Mar. 25, 2021	Jan. 22, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Mortgage loans payable on real estate
Unamortized deferred finance costs												$ 25,084		$ 13,830
Proceeds from mortgages, bank and other notes payable												$ 50,000	$ 0
Chandler Fashion Center
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)												49.90%
Freehold Raceway Mall
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)												49.90%
Danbury Fair Mall
Mortgage loans payable on real estate
Repayments of debt						$ 10,000			$ 10,000
Interest rate on debt (as a percent)						5.50%
Fashion District Philadelphia
Mortgage loans payable on real estate
Repayments of debt	$ 26,107			$ 7,117	$ 83,058
Extension term (in years)	1 year
Fashion District Philadelphia \| SOFR
Mortgage loans payable on real estate
Interest rate on debt (as a percent)	3.60%
Green Acres Commons
Mortgage loans payable on real estate
Repayments of debt										$ 4,680
Extension term (in years)										2 years
Green Acres Commons \| LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)										2.75%
Green Acres Mall And Commons
Mortgage loans payable on real estate
Repayments of debt		$ 370
Interest rate on debt (as a percent)		5.90%
Extension term (in years)		5 years
Variable interest rate spread (as a percent)		5.90%
Green Acres Mall
Mortgage loans payable on real estate
Repayments of debt											$ 9,000
Extension term (in years)											1 year
Oaks, The
Mortgage loans payable on real estate
Repayments of debt							$ 5,000
Interest rate on debt (as a percent)							5.25%
Extension term (in years)							2 years
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
Santa Monica Place
Mortgage loans payable on real estate
Extension term (in years)			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%

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Disclosure [Abstract]
Interest expense capitalized	$ 4,844	$ 1,851
Fair value of mortgage notes payable	$ 3,853,581		$ 3,894,588

Bank and Other Notes Payable (Details) - USD ($)		3 Months Ended
Bank and Other Notes Payable (Details) - USD ($)	Apr. 14, 2021	Mar. 31, 2023	Dec. 31, 2022
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 25,084,000	$ 13,830,000
Line of Credit \| New Credit Agreement
Mortgage loans payable on real estate
Outstanding borrowings under the line of credit		78,000,000
Unamortized deferred finance costs		6,306,000
Availability for additional borrowing		$ 446,787,000
Line of Credit \| New Credit Agreement \| SOFR
Mortgage loans payable on real estate
Borrowing rate (as a percent)		2.25%
Line of Credit \| New Credit Agreement \| Minimum \| LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)	2.25%
Line of Credit \| New Credit Agreement \| Maximum \| LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)	3.25%
Line of Credit \| Revolving Loan Facility Matures On April 14, 2024 \| Revolving line of credit
Mortgage loans payable on real estate
Borrowing capacity	$ 525,000,000
Expanded line of credit facility (up to)	$ 800,000,000
Interest rate (as a percent)		8.35%
Line of Credit \| Revolving Loan Facility Matures On April 14, 2024 \| Revolving line of credit \| Level 2 measurement
Mortgage loans payable on real estate
Fair value of outstanding line of credit		$ 78,422,000

Financing Arrangement - Narrative (Details) ft² in Thousands	Sep. 30, 2009 ft²	Mar. 31, 2023 $ / ft²	Dec. 31, 2022 $ / ft²
Schedule of Joint Ventures
Terminal capitalization rate (as a percent)		6.50%	6.25%
Discount rate (as a percent)		8.25%	7.75%
Financing Arrangement \| Minimum
Schedule of Joint Ventures
Market rent per square foot (in square feet) \| $ / ft²		35	35
Financing Arrangement \| Maximum
Schedule of Joint Ventures
Market rent per square foot (in square feet) \| $ / ft²		105	105
Financing Arrangement \| Chandler Fashion Center
Schedule of Joint Ventures
Percentage of loan assumed by third party (as a percent)	49.90%
Financing Arrangement \| Freehold Raceway Mall
Schedule of Joint Ventures
Percentage of loan assumed by third party (as a percent)	49.90%
Property area (in square feet) \| ft²	1,549
Financing Arrangement \| Chandler Fashion Center And Freehold Raceway Mall
Schedule of Joint Ventures
Property area (in square feet) \| ft²	1,320

Financing Arrangement - Financing arrangement activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Joint Ventures
Interest (income) expense	$ (9,407)	$ 8,002
Joint Venture \| Financing Arrangement
Schedule of Joint Ventures
Distributions equal to the partner's share of net (loss) income	(340)	497
Distributions in excess of the partner's share of net (loss) income	2,818	4,962
Adjustment to fair value of financing arrangement obligation	(11,885)	2,543
Interest (income) expense	$ (9,407)	$ 8,002

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Noncontrolling Interest
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Number of trading days used to calculate redemption value (in days)	10 days
Redemption value of outstanding OP Units not owned by the Company	$ 87,429	$ 103,023
The Macerich Partnership, L.P.
Noncontrolling Interest
Ownership interest in operating partnership (as a percent)	96.00%	96.00%
Limited partnership interest of the operating partnership (as a percent)	4.00%	4.00%

Stockholders' Equity (Details) - USD ($)	3 Months Ended
Stockholders' Equity (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Mar. 26, 2021	Feb. 01, 2021	Feb. 12, 2017
Class of Stock
Authorized repurchase amount (up to)					$ 500,000,000
Stock repurchased (in shares)	0	0
ATM Programs
Class of Stock
Authorized repurchase amount (up to)	$ 1,000,000,000
March 2021 ATM Program
Class of Stock
Authorized repurchase amount (up to)			$ 500,000,000
Shares available for sale	$ 151,699,000
February 2021 ATM Program
Class of Stock
Authorized repurchase amount (up to)				$ 500,000,000

Acquisitions - Narrative (Details) - Sears Deptford Mall And Vintage Faire Mall $ in Thousands	Aug. 02, 2022 USD ($)
Acquisition
Ownership percentage at completion of acquisition (as a percent)	100.00%
Joint Venture
Acquisition
Purchase price	$ 24,544
Joint Venture \| Third Party
Acquisition
Ownership percentage (as a percent)	50.00%

Acquisitions - Allocation of Fair Value (Details) - Sears Deptford Mall And Vintage Faire Mall $ in Thousands	Aug. 02, 2022 USD ($)
Acquisition
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
Ownership percentage at completion of acquisition (as a percent)	100.00%

Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended
Dispositions (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Land
Discontinued Operations:
Gain on sale of land	$ 4,374	$ 15,082

Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Contingencies
Contingent liability under letters of credit	$ 40,931
Outstanding obligations under construction agreements	9,002
Secured by restricted cash
Contingencies
Contingent liability under letters of credit	$ 40,680

Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Management fees
Related Party Transaction
Revenue	$ 6,755	$ 6,405
Unconsolidated Joint Ventures and Third Party Managed Properties
Related Party Transaction
Revenue	6,259	5,744
Unconsolidated Joint Ventures and Third Party Managed Properties \| Management fees
Related Party Transaction
Revenue	4,220	4,361
Unconsolidated Joint Ventures and Third Party Managed Properties \| Development and leasing fees
Related Party Transaction
Revenue	$ 2,039	$ 1,383

- 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

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction
Related party interest (income) expense	$ (9,407)	$ 8,002
Due from affiliates	7,891		$ 3,299
Joint Venture \| Financing Arrangement
Related Party Transaction
Related party interest (income) expense	(9,407)	$ 8,002
Unconsolidated Joint Ventures
Related Party Transaction
Due from affiliates	$ 7,891		$ 3,299

Share and Unit-Based Plans - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Capitalized share and unit-based compensation costs	$ 1,077	$ 1,193
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Conversion rate of shares	1
Unrecognized compensation cost of share and unit-based plans	$ 1,402
LTI Units
Share-based Compensation Arrangement by Share-based Payment Award
Conversion rate of shares	1
Risk free interest rate (as a percent)	4.21%
Volatility (as a percent)	74.23%
Unrecognized compensation cost of share and unit-based plans	$ 16,936
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost of share and unit-based plans	$ 424

Share and Unit-Based Plans - LTI units granted (Details) - First vesting period	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Service-based
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares	577,255
Granted (in dollars per share) \| $ / shares	$ 11.26
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares	1,030,077
Granted (in dollars per share) \| $ / shares	$ 10.97

Share and Unit-Based Plans - Nonvested equity awards (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
LTI Units
Units
Balance at beginning of period (in shares) \| shares	2,215,167
Granted (in shares) \| shares	1,607,332
Vested (in shares) \| shares	(13,058)
Forfeited (in shares) \| shares	(37,592)
Balance at end of period (in shares) \| shares	3,771,849
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 12.90
Granted (in dollars per share) \| $ / shares	11.07
Vested (in dollars per share) \| $ / shares	20.42
Forfeited (in dollars per share) \| $ / shares	21.28
Balance at end of period (in dollars per share) \| $ / shares	$ 12.01
Phantom Stock Units
Units
Balance at beginning of period (in shares) \| shares	34,039
Granted (in shares) \| shares	1,511
Vested (in shares) \| shares	(5,702)
Forfeited (in shares) \| shares	0
Balance at end of period (in shares) \| shares	29,848
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 14.19
Granted (in dollars per share) \| $ / shares	12.09
Vested (in dollars per share) \| $ / shares	13.63
Forfeited (in dollars per share) \| $ / shares	0
Balance at end of period (in dollars per share) \| $ / shares	$ 14.19
Stock Units
Units
Balance at beginning of period (in shares) \| shares	295,054
Granted (in shares) \| shares	116,018
Vested (in shares) \| shares	(120,118)
Forfeited (in shares) \| shares	0
Balance at end of period (in shares) \| shares	290,954
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 14.58
Granted (in dollars per share) \| $ / shares	12.14
Vested (in dollars per share) \| $ / shares	15.61
Forfeited (in dollars per share) \| $ / shares	0
Balance at end of period (in dollars per share) \| $ / shares	$ 13.18

Share and Unit-Based Plans - Options Rollforward (Details) - Stock options	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Units
Balance at beginning of period (in shares) \| shares	26,371
Granted (in shares) \| shares	0
Balance at end of period (in shares) \| shares	26,371
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 54.56
Granted (in dollars per share) \| $ / shares	0
Balance at end of period (in dollars per share) \| $ / shares	$ 54.56

Share and Unit-Based Plans - Compensation cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	$ 5,972	$ 6,062
LTI Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	4,662	4,685
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	1,232	1,291
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	$ 78	$ 86

Income Taxes - Schedule of Income Tax Benefit of TRSs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Current	$ 0	$ 0
Deferred	1,882	(1,799)
Total benefit (expense)	$ 1,882	$ (1,799)

- Definition

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

+ References + Details

Income Taxes - Narratives (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 24,996,000	$ 23,114,000
Valuation allowance	$ 0

Subsequent Events (Details) $ / shares in Units, ft² in Thousands, $ in Thousands			3 Months Ended
	May 02, 2023 USD ($) ft²	Apr. 28, 2023 $ / shares	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Subsequent Events
Proceeds from sale of assets			$ 5,018	$ 26,085
Subsequent Events
Subsequent Events
Dividend declared (in dollars per share) \| $ / shares		$ 0.17
Subsequent Events \| Sold \| Square Foot Power Center, Flagstaff Arizona
Subsequent Events
Proceeds from sale of assets	$ 23,500
Gain on sale of assets	$ 10,200
Subsequent Events \| Square Foot Power Center, Flagstaff Arizona
Subsequent Events
Property area (in square feet) \| ft²	268