mac-20230930
0000912242FALSE12/312023Q300009122422023-01-012023-09-3000009122422023-11-06xbrli:shares00009122422023-09-30iso4217:USD00009122422022-12-310000912242us-gaap:RelatedPartyMember2023-09-300000912242us-gaap:RelatedPartyMember2022-12-31iso4217:USDxbrli:shares00009122422023-07-012023-09-3000009122422022-07-012022-09-3000009122422022-01-012022-09-300000912242us-gaap:RealEstateOtherMember2023-07-012023-09-300000912242us-gaap:RealEstateOtherMember2022-07-012022-09-300000912242us-gaap:RealEstateOtherMember2023-01-012023-09-300000912242us-gaap:RealEstateOtherMember2022-01-012022-09-300000912242us-gaap:ManagementServiceMember2023-07-012023-09-300000912242us-gaap:ManagementServiceMember2022-07-012022-09-300000912242us-gaap:ManagementServiceMember2023-01-012023-09-300000912242us-gaap:ManagementServiceMember2022-01-012022-09-300000912242us-gaap:RealEstateMember2023-07-012023-09-300000912242us-gaap:RealEstateMember2022-07-012022-09-300000912242us-gaap:RealEstateMember2023-01-012023-09-300000912242us-gaap:RealEstateMember2022-01-012022-09-300000912242us-gaap:RelatedPartyMember2023-07-012023-09-300000912242us-gaap:RelatedPartyMember2022-07-012022-09-300000912242us-gaap:RelatedPartyMember2023-01-012023-09-300000912242us-gaap:RelatedPartyMember2022-01-012022-09-300000912242us-gaap:NonrelatedPartyMember2023-07-012023-09-300000912242us-gaap:NonrelatedPartyMember2022-07-012022-09-300000912242us-gaap:NonrelatedPartyMember2023-01-012023-09-300000912242us-gaap:NonrelatedPartyMember2022-01-012022-09-300000912242us-gaap:CommonStockMember2023-06-300000912242us-gaap:AdditionalPaidInCapitalMember2023-06-300000912242us-gaap:RetainedEarningsMember2023-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000912242us-gaap:ParentMember2023-06-300000912242us-gaap:NoncontrollingInterestMember2023-06-3000009122422023-06-300000912242us-gaap:RetainedEarningsMember2023-07-012023-09-300000912242us-gaap:ParentMember2023-07-012023-09-300000912242us-gaap:NoncontrollingInterestMember2023-07-012023-09-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000912242us-gaap:CommonStockMember2023-07-012023-09-300000912242us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000912242us-gaap:CommonStockMember2023-09-300000912242us-gaap:AdditionalPaidInCapitalMember2023-09-300000912242us-gaap:RetainedEarningsMember2023-09-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000912242us-gaap:ParentMember2023-09-300000912242us-gaap:NoncontrollingInterestMember2023-09-300000912242us-gaap:CommonStockMember2022-06-300000912242us-gaap:AdditionalPaidInCapitalMember2022-06-300000912242us-gaap:RetainedEarningsMember2022-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000912242us-gaap:ParentMember2022-06-300000912242us-gaap:NoncontrollingInterestMember2022-06-3000009122422022-06-300000912242us-gaap:RetainedEarningsMember2022-07-012022-09-300000912242us-gaap:ParentMember2022-07-012022-09-300000912242us-gaap:NoncontrollingInterestMember2022-07-012022-09-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000912242us-gaap:CommonStockMember2022-07-012022-09-300000912242us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300000912242us-gaap:CommonStockMember2022-09-300000912242us-gaap:AdditionalPaidInCapitalMember2022-09-300000912242us-gaap:RetainedEarningsMember2022-09-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000912242us-gaap:ParentMember2022-09-300000912242us-gaap:NoncontrollingInterestMember2022-09-3000009122422022-09-300000912242us-gaap:CommonStockMember2022-12-310000912242us-gaap:AdditionalPaidInCapitalMember2022-12-310000912242us-gaap:RetainedEarningsMember2022-12-310000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000912242us-gaap:ParentMember2022-12-310000912242us-gaap:NoncontrollingInterestMember2022-12-310000912242us-gaap:RetainedEarningsMember2023-01-012023-09-300000912242us-gaap:ParentMember2023-01-012023-09-300000912242us-gaap:NoncontrollingInterestMember2023-01-012023-09-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000912242us-gaap:CommonStockMember2023-01-012023-09-300000912242us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300000912242us-gaap:CommonStockMember2021-12-310000912242us-gaap:AdditionalPaidInCapitalMember2021-12-310000912242us-gaap:RetainedEarningsMember2021-12-310000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000912242us-gaap:ParentMember2021-12-310000912242us-gaap:NoncontrollingInterestMember2021-12-3100009122422021-12-310000912242us-gaap:RetainedEarningsMember2022-01-012022-09-300000912242us-gaap:ParentMember2022-01-012022-09-300000912242us-gaap:NoncontrollingInterestMember2022-01-012022-09-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000912242us-gaap:CommonStockMember2022-01-012022-09-300000912242us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300000912242mac:TheMacerichPartnershipLPMember2023-09-30xbrli:pure0000912242mac:TheMacerichPartnershipLPMember2022-12-31mac:entity0000912242us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-09-300000912242us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-12-310000912242mac:PreferredNonparticipatingConvertibleUnitsMember2023-07-012023-09-300000912242mac:PreferredNonparticipatingConvertibleUnitsMember2022-07-012022-09-300000912242mac:PreferredNonparticipatingConvertibleUnitsMember2022-01-012022-09-300000912242mac:PreferredNonparticipatingConvertibleUnitsMember2023-01-012023-09-300000912242mac:PartnershipUnitsMember2023-07-012023-09-300000912242mac:PartnershipUnitsMember2022-07-012022-09-300000912242mac:PartnershipUnitsMember2023-01-012023-09-300000912242mac:PartnershipUnitsMember2022-01-012022-09-300000912242mac:FlatIronCrossingMemberus-gaap:CorporateJointVentureMember2022-02-022022-02-020000912242us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembermac:FlatIronCrossingMemberus-gaap:CorporateJointVentureMember2022-02-022022-02-020000912242us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembermac:FlatIronCrossingMemberus-gaap:CorporateJointVentureMember2022-02-020000912242mac:SearsDeptfordMallAndVintageFaireMallMembermac:ThirdPartyMemberus-gaap:CorporateJointVentureMember2022-08-020000912242mac:SeritageMembermac:SearsDeptfordMallAndVintageFaireMallMemberus-gaap:CorporateJointVentureMember2022-08-01mac:property0000912242mac:SearsDeptfordMallAndVintageFaireMallMember2022-08-022022-08-020000912242mac:SearsSouthPlainsMemberus-gaap:CorporateJointVentureMember2022-08-022022-08-020000912242mac:SearsDeptfordMallAndVintageFaireMallMember2022-08-020000912242mac:WashingtonSquareMemberus-gaap:CorporateJointVentureMember2022-11-142022-11-140000912242mac:WashingtonSquareMember2022-11-142022-11-140000912242mac:WashingtonSquareMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:CorporateJointVentureMember2022-11-142022-11-140000912242mac:ScottsdaleFashionSquareMemberus-gaap:CorporateJointVentureMember2023-03-032023-03-030000912242mac:ScottsdaleFashionSquareMemberus-gaap:CorporateJointVentureMember2023-03-030000912242mac:DeptfordMallMemberus-gaap:CorporateJointVentureMember2023-04-252023-04-250000912242mac:DeptfordMallMember2023-04-252023-04-250000912242mac:DeptfordMallMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:CorporateJointVentureMember2023-04-250000912242us-gaap:CorporateJointVentureMembermac:CountryClubPlazaMember2023-05-090000912242mac:CountryClubPlazaMember2023-05-090000912242us-gaap:CorporateJointVentureMembermac:CountryClubPlazaMember2023-07-012023-09-300000912242us-gaap:CorporateJointVentureMembermac:CountryClubPlazaMember2023-01-012023-09-300000912242mac:ChandlerFashionCenterDanburyFairMallFreeholdRacewayMallLosCerritosCenterAndWashingtonSquareMembermac:ThirdPartyMemberus-gaap:CorporateJointVentureMember2023-05-180000912242mac:SeritageMembermac:ChandlerFashionCenterDanburyFairMallFreeholdRacewayMallLosCerritosCenterAndWashingtonSquareMemberus-gaap:CorporateJointVentureMember2018-05-170000912242mac:ChandlerFashionCenterDanburyFairMallFreeholdRacewayMallLosCerritosCenterAndWashingtonSquareMemberus-gaap:CorporateJointVentureMember2023-05-182023-05-180000912242mac:ChandlerFashionCenterDanburyFairMallFreeholdRacewayMallLosCerritosCenterAndWashingtonSquareMemberus-gaap:CorporateJointVentureMember2023-01-012023-03-310000912242mac:ChandlerFashionCenterDanburyFairMallFreeholdRacewayMallLosCerritosCenterAndWashingtonSquareMemberus-gaap:CorporateJointVentureMember2023-04-012023-06-300000912242mac:ChandlerFashionCenterDanburyFairMallFreeholdRacewayMallLosCerritosCenterAndWashingtonSquareMemberus-gaap:CorporateJointVentureMember2023-05-180000912242us-gaap:CorporateJointVentureMember2023-09-300000912242us-gaap:CorporateJointVentureMember2022-12-310000912242mac:PacificPremierRetailLLCMemberus-gaap:CorporateJointVentureMember2023-09-300000912242mac:PacificPremierRetailLLCMemberus-gaap:CorporateJointVentureMember2022-12-310000912242us-gaap:CorporateJointVentureMember2023-07-012023-09-300000912242us-gaap:CorporateJointVentureMember2022-07-012022-09-300000912242us-gaap:CorporateJointVentureMember2023-01-012023-09-300000912242us-gaap:CorporateJointVentureMember2022-01-012022-09-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2023-07-012023-09-300000912242mac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMember2023-07-012023-09-300000912242us-gaap:RealEstateOtherMembermac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2023-07-012023-09-300000912242mac:OtherJointVenturesMemberus-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMember2023-07-012023-09-300000912242us-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMember2023-07-012023-09-300000912242us-gaap:RealEstateMembermac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2023-07-012023-09-300000912242mac:OtherJointVenturesMemberus-gaap:RealEstateMemberus-gaap:CorporateJointVentureMember2023-07-012023-09-300000912242us-gaap:RealEstateMemberus-gaap:CorporateJointVentureMember2023-07-012023-09-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2022-07-012022-09-300000912242mac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMember2022-07-012022-09-300000912242us-gaap:RealEstateOtherMembermac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2022-07-012022-09-300000912242mac:OtherJointVenturesMemberus-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMember2022-07-012022-09-300000912242us-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMember2022-07-012022-09-300000912242us-gaap:RealEstateMembermac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2022-07-012022-09-300000912242mac:OtherJointVenturesMemberus-gaap:RealEstateMemberus-gaap:CorporateJointVentureMember2022-07-012022-09-300000912242us-gaap:RealEstateMemberus-gaap:CorporateJointVentureMember2022-07-012022-09-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2023-01-012023-09-300000912242mac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMember2023-01-012023-09-300000912242us-gaap:RealEstateOtherMembermac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2023-01-012023-09-300000912242mac:OtherJointVenturesMemberus-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMember2023-01-012023-09-300000912242us-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMember2023-01-012023-09-300000912242us-gaap:RealEstateMembermac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2023-01-012023-09-300000912242mac:OtherJointVenturesMemberus-gaap:RealEstateMemberus-gaap:CorporateJointVentureMember2023-01-012023-09-300000912242us-gaap:RealEstateMemberus-gaap:CorporateJointVentureMember2023-01-012023-09-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2022-01-012022-09-300000912242mac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMember2022-01-012022-09-300000912242us-gaap:RealEstateOtherMembermac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2022-01-012022-09-300000912242mac:OtherJointVenturesMemberus-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMember2022-01-012022-09-300000912242us-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMember2022-01-012022-09-300000912242us-gaap:RealEstateMembermac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2022-01-012022-09-300000912242mac:OtherJointVenturesMemberus-gaap:RealEstateMemberus-gaap:CorporateJointVentureMember2022-01-012022-09-300000912242us-gaap:RealEstateMemberus-gaap:CorporateJointVentureMember2022-01-012022-09-300000912242us-gaap:NondesignatedMembermac:SantaMonicaPlaceMemberus-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel2Member2023-09-300000912242us-gaap:NondesignatedMembermac:SantaMonicaPlaceMemberus-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel2Member2022-12-310000912242us-gaap:NondesignatedMemberus-gaap:InterestRateCapMembermac:TheMacerichPartnershipLPMemberus-gaap:FairValueInputsLevel2Member2023-09-300000912242us-gaap:NondesignatedMemberus-gaap:InterestRateCapMembermac:TheMacerichPartnershipLPMemberus-gaap:FairValueInputsLevel2Member2022-12-310000912242us-gaap:LandMember2023-09-300000912242us-gaap:LandMember2022-12-310000912242us-gaap:BuildingAndBuildingImprovementsMember2023-09-300000912242us-gaap:BuildingAndBuildingImprovementsMember2022-12-310000912242us-gaap:LeaseholdImprovementsMember2023-09-300000912242us-gaap:LeaseholdImprovementsMember2022-12-310000912242us-gaap:ConstructionInProgressMember2023-09-300000912242us-gaap:ConstructionInProgressMember2022-12-310000912242us-gaap:BuildingMember2023-07-012023-09-300000912242us-gaap:BuildingMember2022-07-012022-09-300000912242us-gaap:BuildingMember2023-01-012023-09-300000912242us-gaap:BuildingMember2022-01-012022-09-300000912242us-gaap:LandMember2023-07-012023-09-300000912242us-gaap:LandMember2022-07-012022-09-300000912242us-gaap:LandMember2023-01-012023-09-300000912242us-gaap:LandMember2022-01-012022-09-300000912242mac:FashionOutletOfNiagaraFallsMember2023-07-012023-09-300000912242mac:FashionOutletOfNiagaraFallsMember2023-01-012023-09-300000912242mac:TowneMallMember2023-07-012023-09-300000912242mac:TowneMallMember2023-01-012023-09-300000912242mac:TowneMallMember2022-01-012022-09-300000912242mac:TowneMallMember2022-07-012022-09-300000912242us-gaap:FairValueMeasurementsNonrecurringMember2022-09-300000912242us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2022-09-300000912242us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2022-09-300000912242us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-300000912242us-gaap:FairValueMeasurementsNonrecurringMember2023-09-300000912242us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2023-09-300000912242us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000912242us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300000912242us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputCapRateMember2023-09-300000912242us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputCapRateMember2022-12-310000912242us-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2023-09-300000912242us-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2022-12-310000912242us-gaap:IncomeApproachValuationTechniqueMembermac:MeasurementInputMarketRentsPerSquareFootMemberMember2023-09-30iso4217:USDutr:sqft0000912242us-gaap:IncomeApproachValuationTechniqueMembermac:MeasurementInputMarketRentsPerSquareFootMemberMember2022-12-310000912242us-gaap:AccruedIncomeReceivableMember2023-09-300000912242us-gaap:AccruedIncomeReceivableMember2022-12-31mac:lease0000912242us-gaap:LeasesAcquiredInPlaceMember2023-09-300000912242us-gaap:LeasesAcquiredInPlaceMember2022-12-310000912242us-gaap:LeasesAcquiredInPlaceMember2023-07-012023-09-300000912242us-gaap:LeasesAcquiredInPlaceMember2022-07-012022-09-300000912242us-gaap:LeasesAcquiredInPlaceMember2023-01-012023-09-300000912242us-gaap:LeasesAcquiredInPlaceMember2022-01-012022-09-300000912242us-gaap:AboveMarketLeasesMember2023-09-300000912242us-gaap:AboveMarketLeasesMember2022-12-310000912242mac:ChandlerFashionCenterMortgageMember2023-09-300000912242mac:ChandlerFashionCenterMortgageMember2022-12-310000912242mac:ChandlerFashionCenterMortgageMember2023-01-012023-09-300000912242mac:DanburyFairMallMortgageMember2023-09-300000912242mac:DanburyFairMallMortgageMember2022-12-310000912242mac:DanburyFairMallMortgageMember2023-01-012023-09-300000912242mac:FashionDistrictPhiladelphiaMember2023-09-300000912242mac:FashionDistrictPhiladelphiaMember2022-12-310000912242mac:FashionDistrictPhiladelphiaMember2023-01-012023-09-300000912242mac:FashionOutletsOfChicagoMortgageMember2023-09-300000912242mac:FashionOutletsOfChicagoMortgageMember2022-12-310000912242mac:FashionOutletsOfChicagoMortgageMember2023-01-012023-09-300000912242mac:FashionOutletsAtNiagaraMortgageMember2023-09-300000912242mac:FashionOutletsAtNiagaraMortgageMember2022-12-310000912242mac:FashionOutletsAtNiagaraMortgageMember2023-01-012023-09-300000912242mac:FreeholdRacewayMallMortgageMember2023-09-300000912242mac:FreeholdRacewayMallMortgageMember2022-12-310000912242mac:FreeholdRacewayMallMortgageMember2023-01-012023-09-300000912242mac:FresnoFashionFairMember2023-09-300000912242mac:FresnoFashionFairMember2022-12-310000912242mac:FresnoFashionFairMember2023-01-012023-09-300000912242mac:GreenAcresCommonsMember2023-09-300000912242mac:GreenAcresCommonsMember2022-12-310000912242mac:GreenAcresCommonsMember2023-01-012023-09-300000912242mac:GreenAcresMallMember2023-09-300000912242mac:GreenAcresMallMember2022-12-310000912242mac:GreenAcresMallMember2023-01-012023-09-300000912242mac:KingsPlazaMortgageMember2023-09-300000912242mac:KingsPlazaMortgageMember2022-12-310000912242mac:KingsPlazaMortgageMember2023-01-012023-09-300000912242mac:TheOaksOneMortgageMember2023-09-300000912242mac:TheOaksOneMortgageMember2022-12-310000912242mac:TheOaksOneMortgageMember2023-01-012023-09-300000912242mac:PacificViewMortgageMember2023-09-300000912242mac:PacificViewMortgageMember2022-12-310000912242mac:PacificViewMortgageMember2023-01-012023-09-300000912242mac:QueensCenterMember2023-09-300000912242mac:QueensCenterMember2022-12-310000912242mac:QueensCenterMember2023-01-012023-09-300000912242mac:SantaMonicaPlaceMortgageMember2023-09-300000912242mac:SantaMonicaPlaceMortgageMember2022-12-310000912242mac:SantaMonicaPlaceMortgageMember2023-01-012023-09-300000912242mac:SanTanVillageRegionalCenterMortgageMember2023-09-300000912242mac:SanTanVillageRegionalCenterMortgageMember2022-12-310000912242mac:SanTanVillageRegionalCenterMortgageMember2023-01-012023-09-300000912242mac:TowneMallMortgageMember2023-09-300000912242mac:TowneMallMortgageMember2022-12-310000912242mac:TowneMallMortgageMember2023-01-012023-09-300000912242mac:MallOfVictorValleyMortgageMember2023-09-300000912242mac:MallOfVictorValleyMortgageMember2022-12-310000912242mac:MallOfVictorValleyMortgageMember2023-01-012023-09-300000912242mac:VintageFaireMallMortgageMember2023-09-300000912242mac:VintageFaireMallMortgageMember2022-12-310000912242mac:VintageFaireMallMortgageMember2023-01-012023-09-300000912242mac:DanburyFairMallMember2022-07-010000912242mac:DanburyFairMallMember2022-07-012022-07-010000912242mac:DanburyFairMallMember2023-07-012023-07-010000912242mac:DanburyFairMallMember2023-07-010000912242srt:ScenarioForecastMembermac:DanburyFairMallMember2023-10-010000912242srt:ScenarioForecastMembermac:DanburyFairMallMember2024-01-010000912242srt:ScenarioForecastMembermac:DanburyFairMallMember2024-04-010000912242mac:FashionDistrictPhiladelphiaMember2022-08-262022-08-260000912242mac:FashionDistrictPhiladelphiaMember2022-11-282022-11-280000912242mac:FashionDistrictPhiladelphiaMember2023-01-202023-01-200000912242mac:FashionDistrictPhiladelphiaMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-200000912242mac:GreenAcresCommonsMember2021-03-252021-03-250000912242mac:LondonInterbankOfferedRateLIBOR1Membermac:GreenAcresCommonsMember2021-03-252021-03-250000912242mac:GreenAcresMallAndGreenAcresCommonsMember2023-01-032023-01-030000912242mac:GreenAcresMallMember2021-01-222021-01-220000912242mac:GreenAcresMallAndGreenAcresCommonsMember2023-01-030000912242mac:TheOaksOneMortgageMember2022-05-062022-05-060000912242mac:TheOaksOneMortgageMember2022-05-060000912242mac:TheOaksOneMortgageMember2023-06-052023-06-050000912242mac:PacificViewMortgageMember2022-04-292022-04-290000912242mac:PacificViewMortgageMember2022-04-290000912242mac:SantaMonicaPlaceMember2022-12-092022-12-090000912242mac:SantaMonicaPlaceMembermac:LondonInterbankOfferedRateLIBOR1Member2023-07-092023-07-090000912242mac:SantaMonicaPlaceMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-07-092023-07-090000912242mac:SantaMonicaPlaceMembermac:LondonInterbankOfferedRateLIBOR1Member2022-12-090000912242us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnApril142024Member2021-04-140000912242us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnFebruary12027Member2023-09-110000912242us-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnFebruary12027Member2023-09-112023-09-110000912242us-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnFebruary12027Member2021-04-140000912242us-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnFebruary12027Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MinimumMember2021-04-142021-04-140000912242us-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnFebruary12027Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MaximumMember2021-04-142021-04-140000912242us-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnFebruary12027Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-09-300000912242us-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnFebruary12027Member2023-09-300000912242us-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnFebruary12027Member2023-01-012023-09-300000912242us-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnFebruary12027Memberus-gaap:FairValueInputsLevel2Member2023-09-300000912242mac:FinancingArrangementMembermac:ChandlerFashionCenterMember2009-09-302009-09-300000912242mac:FinancingArrangementMembermac:FreeholdRacewayMallMember2009-09-302009-09-300000912242mac:FinancingArrangementMembermac:ChandlerFashionCenterAndFreeholdRacewayMallMember2009-09-30utr:sqft0000912242mac:FinancingArrangementMembermac:FreeholdRacewayMallMember2009-09-300000912242mac:FinancingArrangementMembersrt:MinimumMember2023-09-300000912242mac:FinancingArrangementMembersrt:MinimumMember2022-12-310000912242mac:FinancingArrangementMembersrt:MaximumMember2022-12-310000912242mac:FinancingArrangementMembersrt:MaximumMember2023-09-300000912242mac:FinancingArrangementMemberus-gaap:RelatedPartyMember2023-07-012023-09-300000912242mac:FinancingArrangementMemberus-gaap:RelatedPartyMember2022-07-012022-09-300000912242mac:FinancingArrangementMemberus-gaap:RelatedPartyMember2023-01-012023-09-300000912242mac:FinancingArrangementMemberus-gaap:RelatedPartyMember2022-01-012022-09-300000912242mac:February2021ATMProgramMember2021-02-010000912242mac:March2021ATMProgramMember2021-03-260000912242mac:ATMProgramsMember2023-09-300000912242mac:March2021ATMProgramMember2023-09-3000009122422017-02-120000912242mac:ChandlerFashionCenterDanburyFairMallFreeholdRacewayMallLosCerritosCenterAndWashingtonSquareMember2023-05-180000912242mac:ChandlerFashionCenterDanburyFairMallFreeholdRacewayMallLosCerritosCenterAndWashingtonSquareMember2023-05-182023-05-180000912242us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembermac:MarketPlaceAtFlagstaffMember2023-05-020000912242us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembermac:MarketPlaceAtFlagstaffMember2023-05-022023-05-020000912242us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembermac:SuperstitionSpringsPowerCenterInMesaArizonaMember2023-07-170000912242us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembermac:SuperstitionSpringsPowerCenterInMesaArizonaMember2023-07-172023-07-170000912242us-gaap:LandMember2023-07-012023-09-300000912242us-gaap:LandMember2023-01-012023-09-300000912242us-gaap:LandMember2022-07-012022-09-300000912242us-gaap:LandMember2022-01-012022-09-300000912242us-gaap:SecuredDebtMember2023-09-300000912242us-gaap:RelatedPartyMemberus-gaap:ManagementServiceMember2023-07-012023-09-300000912242us-gaap:RelatedPartyMemberus-gaap:ManagementServiceMember2022-07-012022-09-300000912242us-gaap:RelatedPartyMemberus-gaap:ManagementServiceMember2023-01-012023-09-300000912242us-gaap:RelatedPartyMemberus-gaap:ManagementServiceMember2022-01-012022-09-300000912242us-gaap:RelatedPartyMembermac:DevelopmentandLeasingFeesMember2023-07-012023-09-300000912242us-gaap:RelatedPartyMembermac:DevelopmentandLeasingFeesMember2022-07-012022-09-300000912242us-gaap:RelatedPartyMembermac:DevelopmentandLeasingFeesMember2023-01-012023-09-300000912242us-gaap:RelatedPartyMembermac:DevelopmentandLeasingFeesMember2022-01-012022-09-300000912242mac:StockUnitsMember2023-01-012023-09-300000912242mac:LongTermIncentivePlanMember2023-01-012023-09-300000912242us-gaap:ShareBasedCompensationAwardTrancheOneMembermac:LongTermIncentivePlanServicebasedMember2023-01-012023-09-300000912242us-gaap:ShareBasedCompensationAwardTrancheOneMembermac:LongTermIncentivePlanPerformanceBasedMember2023-01-012023-09-300000912242mac:LongTermIncentivePlanMember2022-12-310000912242us-gaap:PhantomShareUnitsPSUsMember2022-12-310000912242mac:StockUnitsMember2022-12-310000912242us-gaap:PhantomShareUnitsPSUsMember2023-01-012023-09-300000912242mac:LongTermIncentivePlanMember2023-09-300000912242us-gaap:PhantomShareUnitsPSUsMember2023-09-300000912242mac:StockUnitsMember2023-09-300000912242us-gaap:EmployeeStockOptionMember2022-12-310000912242us-gaap:EmployeeStockOptionMember2023-01-012023-09-300000912242us-gaap:EmployeeStockOptionMember2023-09-300000912242mac:LongTermIncentivePlanMember2023-07-012023-09-300000912242mac:LongTermIncentivePlanMember2022-07-012022-09-300000912242mac:LongTermIncentivePlanMember2022-01-012022-09-300000912242mac:StockUnitsMember2023-07-012023-09-300000912242mac:StockUnitsMember2022-07-012022-09-300000912242mac:StockUnitsMember2022-01-012022-09-300000912242us-gaap:PhantomShareUnitsPSUsMember2023-07-012023-09-300000912242us-gaap:PhantomShareUnitsPSUsMember2022-07-012022-09-300000912242us-gaap:PhantomShareUnitsPSUsMember2022-01-012022-09-300000912242us-gaap:SubsequentEventMember2023-10-272023-10-27





UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File No.: 1-12504
THE MACERICH COMPANY
(Exact name of registrant as specified in its charter)
Maryland95-4448705
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification Number)
401 Wilshire Boulevard,Suite 700,Santa Monica,California90401
(Address of principal executive office)(Zip Code)
(310) 394-6000
 (Registrant's telephone number, including area code)
N/A
 (Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Securities Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, $0.01 Par ValueMACNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days. Yes ☒   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding twelve (12) months (or for such shorter period that the registrant was required to submit such files). Yes         No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated FilerNon-Accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes        No
Number of shares outstanding as of November 6, 2023 of the registrant's common stock, par value $0.01 per share: 215,448,177 shares








THE MACERICH COMPANY
FORM 10-Q
INDEX
Part IFinancial Information 
Part IIOther Information 

2

Table of Contents

THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except par value)
(Unaudited)
September 30,
2023
December 31,
2022
ASSETS:  
Property, net$5,950,089 $6,127,790 
Cash and cash equivalents111,802 100,320 
Restricted cash96,332 80,819 
Tenant and other receivables, net152,205 183,593 
Right-of-use assets, net120,410 126,606 
Deferred charges and other assets, net232,103 247,424 
Due from affiliates6,624 3,299 
Investments in unconsolidated joint ventures918,540 1,224,288 
Total assets$7,588,105 $8,094,139 
LIABILITIES AND EQUITY:  
Mortgage notes payable$4,166,335 $4,240,596 
Bank and other notes payable118,635 163,117 
Accounts payable and accrued expenses73,923 63,107 
Lease liabilities85,726 94,911 
Other accrued liabilities312,236 318,745 
Distributions in excess of investments in unconsolidated joint ventures195,179 121,093 
Financing arrangement obligation137,699 143,221 
Total liabilities5,089,733 5,144,790 
Commitments and contingencies
Equity:  
Stockholders' equity:  
Common stock, $0.01 par value, 500,000,000 shares authorized at September 30, 2023 and December 31, 2022, and 215,655,497 and 215,241,129 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
2,155 2,151 
Additional paid-in capital5,519,029 5,506,084 
Accumulated deficit(3,089,298)(2,643,094)
Accumulated other comprehensive income556 632 
Total stockholders' equity2,432,442 2,865,773 
Noncontrolling interests65,930 83,576 
Total equity2,498,372 2,949,349 
Total liabilities and equity$7,588,105 $8,094,139 
   The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Revenues:  
Leasing revenue$197,305 $195,594 $589,003 $587,596 
Other13,403 7,503 34,143 21,911 
Management Companies7,444 7,607 22,234 21,432 
Total revenues218,152 210,704 645,380 630,939 
Expenses:  
Shopping center and operating expenses76,358 74,694 216,793 217,342 
Leasing expenses8,777 8,704 26,880 24,463 
Management Companies' operating expenses16,513 16,553 52,852 51,242 
REIT general and administrative expenses5,910 6,779 21,692 20,082 
Depreciation and amortization70,755 72,739 212,596 218,053 
178,313 179,469 530,813 531,182 
Interest expense (income):  
Related parties3,418 6,473 (9)23,368 
Other49,962 46,157 147,516 134,312 
53,380 52,630 147,507 157,680 
Total expenses231,693 232,099 678,320 688,862 
Equity in (loss) income of unconsolidated joint ventures(107,465)6,322 (176,235)(16,422)
Income tax (expense) benefit(1,672)166 (161)(963)
(Loss) gain on sale or write down of assets, net(149,287)1,405 (135,229)6,767 
Net loss(271,965)(13,502)(344,565)(68,541)
Less: net (loss) income attributable to noncontrolling interests(9,418)1,691 (8,321)(784)
Net loss attributable to the Company$(262,547)$(15,193)$(336,244)$(67,757)
Loss per common share—attributable to common stockholders:  
Basic$(1.22)$(0.07)$(1.56)$(0.32)
Diluted$(1.22)$(0.07)$(1.56)$(0.32)
Weighted average number of common shares outstanding:  
Basic215,632,000 215,134,000 215,461,000 214,982,000 
Diluted215,632,000 215,134,000 215,461,000 214,982,000 
   The accompanying notes are an integral part of these consolidated financial statements.
4

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Dollars in thousands, except per share amounts)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Net loss$(271,965)$(13,502)$(344,565)$(68,541)
Other comprehensive (loss) income:
Interest rate cap agreements(546)(3)(76)37 
Comprehensive loss(272,511)(13,505)(344,641)(68,504)
Less: net (loss) income attributable to noncontrolling interests(9,418)1,691 (8,321)(784)
Comprehensive loss attributable to the Company$(263,093)$(15,196)$(336,320)$(67,720)
   The accompanying notes are an integral part of these consolidated financial statements.




5

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended September 30, 2023 and 2022
 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at July 1, 2023215,617,797 $2,154 $5,518,237 $(2,790,097)$1,102 $2,731,396 $77,641 $2,809,037 
Net loss(262,547)(262,547)(9,418)(271,965)
Interest rate cap agreements(546)(546)(546)
Amortization of share and unit-based plans19,594 1 1,204 1,205 1,205 
Stock offerings, net— — (322)(322)(322)
Distributions paid ($0.17 per share)
(36,654)(36,654)(36,654)
Distributions to noncontrolling interests— (2,334)(2,334)
Conversion of noncontrolling interests to common shares18,106 — 828 828 (828) 
Redemption of noncontrolling interests35 35 (84)(49)
Adjustment of noncontrolling interests in Operating Partnership(953)(953)953  
Balance at September 30, 2023215,655,497 $2,155 $5,519,029 $(3,089,298)$556 $2,432,442 $65,930 $2,498,372 
 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at July 1, 2022215,113,342 $2,150 $5,500,101 $(2,560,793)$16 $2,941,474 $114,919 $3,056,393 
Net (loss) income— — — (15,193)— (15,193)1,691 (13,502)
Interest rate cap agreement— — — — (3)(3)— (3)
Amortization of share and unit-based plans21,772 — 5,369 — — 5,369 — 5,369 
Stock offerings, net— — (32)— — (32)— (32)
Distributions paid ($0.15 per share)
— — — (32,253)— (32,253)— (32,253)
Distributions to noncontrolling interests— — — — — — (37,829)(37,829)
Contributions from noncontrolling interests— — — — — — 2 2 
Conversion of noncontrolling interests to common shares11,027 — 622 — — 622 (622) 
Adjustment of noncontrolling interests in Operating Partnership— — (753)— — (753)753  
Balance at September 30, 2022215,146,141 $2,150 $5,505,307 $(2,608,239)$13 $2,899,231 $78,914 $2,978,145 

The accompanying notes are an integral part of these consolidated financial statements.
6

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in thousands, except per share data)
(Unaudited)
Nine Months Ended September 30, 2023 and 2022
 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at January 1, 2023215,241,129 $2,151 $5,506,084 $(2,643,094)$632 $2,865,773 $83,576 $2,949,349 
Net loss— — — (336,244)— (336,244)(8,321)(344,565)
Interest rate cap agreements— — — — (76)(76)— (76)
Amortization of share and unit-based plans270,508 3 13,221 — — 13,224 — 13,224 
Employee stock purchases125,754 1 1,020 — — 1,021 — 1,021 
Stock offerings, net— — (399)— (399)— (399)
Distributions paid ($0.51 per share)
— — — (109,960)— (109,960)— (109,960)
Distributions to noncontrolling interests— — — — — — (10,173)(10,173)
Conversion of noncontrolling interests to common shares18,106 — 828 — — 828 (828) 
Redemption of noncontrolling interests— — 35 — — 35 (84)(49)
Adjustment of noncontrolling interests in Operating Partnership— — (1,760)— — (1,760)1,760  
Balance at September 30, 2023215,655,497 $2,155 $5,519,029 $(3,089,298)$556 $2,432,442 $65,930 $2,498,372 
 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
(Loss) Income
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at January 1, 2022214,797,057 $2,147 $5,488,440 $(2,443,696)$(24)$3,046,867 $129,282 $3,176,149 
Net loss— — — (67,757)— (67,757)(784)(68,541)
Interest rate cap agreement— — — — 37 37 — 37 
Amortization of share and unit-based plans206,564 2 16,813 — — 16,815 — 16,815 
Employee stock purchases96,942 1 959 — — 960 — 960 
Stock offerings, net— — (152)— — (152)— (152)
Distributions paid ($0.45 per share)
— — — (96,786)— (96,786)— (96,786)
Distributions to noncontrolling interests— — — — — — (50,011)(50,011)
Contributions from noncontrolling interests— — — — — — 2 2 
Conversion of noncontrolling interests to common shares45,578 — 2,700 — — 2,700 (2,700) 
Redemption of noncontrolling interests— — 177 — — 177 (505)(328)
Adjustment of noncontrolling interests in Operating Partnership— — (3,630)— — (3,630)3,630  
Balance at September 30, 2022215,146,141 $2,150 $5,505,307 $(2,608,239)$13 $2,899,231 $78,914 $2,978,145 
  
 The accompanying notes are an integral part of these consolidated financial statements.
7

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
For the Nine Months Ended September 30,
 20232022
Cash flows from operating activities:  
Net loss$(344,565)$(68,541)
Adjustments to reconcile net loss to net cash provided by operating activities:  
Loss (gain) on sale or write down of assets, net135,229 (6,767)
Depreciation and amortization223,735 226,136 
Amortization of share and unit-based plans10,880 13,420 
Straight-line rent and amortization of above and below market leases50 821 
Recovery of doubtful accounts(1,873)(1,585)
Income tax expense161 963 
Equity in loss of unconsolidated joint ventures176,235 16,422 
Distributions of income from unconsolidated joint ventures280 866 
Change in fair value of financing arrangement obligation(5,522)14,837 
Changes in assets and liabilities, net of dispositions:  
Tenant and other receivables29,816 19,517 
Other assets14,757 5,639 
Due from affiliates(3,325)(9,495)
Accounts payable and accrued expenses14,677 8,177 
Other accrued liabilities(4,416)64,578 
Net cash provided by operating activities246,119 284,988 
Cash flows from investing activities:  
Acquisitions of property(46,687)(24,544)
Development, redevelopment, expansion and renovation of properties(51,678)(28,180)
Property improvements(48,792)(32,712)
Deferred leasing costs(11,765)(1,974)
Distributions from unconsolidated joint ventures212,108 107,255 
Contributions to unconsolidated joint ventures(55,578)(42,963)
Proceeds from collection of receivable in connection with sale of joint venture property 21,000 
Proceeds from sale of assets34,707 48,768 
Net cash provided by investing activities32,315 46,650 
8

Table of Contents
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Dollars in thousands)
(Unaudited)
For the Nine Months Ended September 30,
20232022
Cash flows from financing activities:  
Proceeds from mortgages, bank and other notes payable314,000 130,000 
Payments on mortgages, bank and other notes payable(415,065)(312,630)
Deferred financing costs(28,813)(2,766)
Payments on finance leases(2,001)(1,923)
Costs from stock offerings(399)(152)
Proceeds from share and unit-based plans1,021 960 
Redemption of noncontrolling interests(49)(328)
Contributions from noncontrolling interests 2 
Dividends and distributions(120,133)(146,797)
Net cash used in financing activities(251,439)(333,634)
Net increase (decrease) in cash, cash equivalents and restricted cash26,995 (1,996)
Cash, cash equivalents and restricted cash, beginning of period181,139 166,971 
Cash, cash equivalents and restricted cash, end of period$208,134 $164,975 
Supplemental cash flow information:  
Cash payments for interest, net of amounts capitalized$140,155 $135,548 
Non-cash investing and financing transactions:  
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities$39,849 $34,534 
Conversion of Operating Partnership Units to common stock$828 $2,700 
Assets acquired from unconsolidated joint venture$46,713 $23,554 
The accompanying notes are an integral part of these consolidated financial statements.
9


THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)

1. 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 September 30, 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.
2. 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:
September 30,
2023
December 31,
2022
Assets:  
Property, net$444,613 $452,559 
Other assets94,602 93,102 
Total assets$539,215 $545,661 
Liabilities:  
Mortgage notes payable$292,688 $323,841 
Other liabilities124,972 135,340 
Total liabilities$417,660 $459,181 
All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

10

Table of Contents
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)

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 Nine Months Ended September 30,
20232022
Beginning of period
Cash and cash equivalents$100,320 $112,454 
Restricted cash80,819 54,517 
Cash, cash equivalents and restricted cash$181,139 $166,971 
End of period
Cash and cash equivalents$111,802 $109,991 
Restricted cash96,332 54,984 
Cash, cash equivalents and restricted cash$208,134 $164,975 
3. Earnings Per Share ("EPS"):
The following table reconciles the numerator and denominator used in the computation of EPS for the three and nine months ended September 30, 2023 and 2022 (shares in thousands):
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Numerator    
Net loss$(271,965)$(13,502)$(344,565)$(68,541)
Less: net (loss) income attributable to noncontrolling interests(9,418)1,691 (8,321)(784)
Net loss attributable to the Company(262,547)(15,193)(336,244)(67,757)
Allocation of earnings to participating securities(213)(211)(655)(642)
Numerator for basic and diluted EPS—net loss attributable to common stockholders$(262,760)$(15,404)$(336,899)$(68,399)
Denominator    
Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)215,632 215,134 215,461 214,982 
EPS—net loss attributable to common stockholders    
Basic and diluted$(1.22)$(0.07)$(1.56)$(0.32)
11

Table of Contents
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)

3. Earnings Per Share ("EPS"): (Continued)
(1)     Diluted EPS excludes 99,565 convertible preferred partnership units for each of the three months ended September 30, 2023 and 2022 and 99,565 convertible preferred partnership units for each of the nine months ended September 30, 2023 and 2022, as their impact was antidilutive. Diluted EPS also excludes 8,979,065 and 8,620,767 Operating Partnership units ("OP Units") for the three months ended September 30, 2023 and 2022, respectively, and 8,981,061 and 8,653,348 OP Units for the nine months ended September 30, 2023 and 2022, respectively, as their impact was antidilutive.

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 ("Seritage"), 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 15Acquisitions).
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% through November 1, 2024.
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%.
Effective May 9, 2023, the Company’s joint venture in Country Club Plaza defaulted on the $295,210 ($147,605 at the Company’s pro rata share) non-recourse loan on the property. The Company’s joint venture is in negotiations with the lender on the terms of this non-recourse loan. During the three months ending September 30, 2023, the joint venture shortened the holding period of the property due to the uncertainty as to the outcome of discussions with the lender. As a result of shortening the holding period, the joint venture estimated the fair value of the asset and recorded an impairment loss. The Company's share of the impairment loss was $107,673 for the three and nine months ended September 30, 2023.
On May 18, 2023, the Company acquired Seritage’s remaining 50% ownership interest in the MS Portfolio LLC joint venture that owns five former Sears parcels, for a total purchase price of $46,687. These parcels are located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square. The Company previously recorded an impairment loss of $50,197, at the Company’s share, during the three months ending March 31, 2023 as a result of the joint venture shortening the holding periods on these parcels. Upon the closing of this transaction, the Company recorded an additional loss of $1,166, at the Company’s share, during the three months ending June 30, 2023. Effective as of May 18, 2023, the Company now owns and has consolidated its 100% interest in these five former Sears parcels in its consolidated financial statements (See Note 15—Acquisitions).

12

Table of Contents
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)

4. Investments in Unconsolidated Joint Ventures: (Continued)

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:
September 30,
2023
December 31,
2022
Assets(1):  
Property, net$7,715,987 $8,156,632 
Other assets662,274 664,036 
Total assets$8,378,261 $8,820,668 
Liabilities and partners' capital(1):  
Mortgage and other notes payable$5,760,372 $5,491,250 
Other liabilities466,345 451,511 
Company's capital1,145,464 1,528,348 
Outside partners' capital1,006,080 1,349,559 
Total liabilities and partners' capital$8,378,261 $8,820,668 
Investments in unconsolidated joint ventures:  
Company's capital$1,145,464 $1,528,348 
Basis adjustment(2)(422,103)(425,153)
$723,361 $1,103,195 
Assets—Investments in unconsolidated joint ventures$918,540 $1,224,288 
Liabilities—Distributions in excess of investments in unconsolidated joint ventures(195,179)(121,093)
$723,361 $1,103,195 
(1)     These amounts include assets of $2,642,242 and $2,690,651 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2023 and December 31, 2022, respectively, and liabilities of $1,599,413 and $1,611,661 of the PPR Portfolio as of September 30, 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 $(2,494) and $2,164 for the three months ended September 30, 2023 and 2022, respectively, and $(13,942) and $7,034 for the nine months ended September 30, 2023 and 2022, respectively.








13

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)

4. Investments in Unconsolidated Joint Ventures: (Continued)
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

PPR PortfolioOther
Joint
Ventures
Total
Three Months Ended September 30, 2023   
Revenues:   
Leasing revenue$44,446 $173,735 $218,181 
Other595 5,724 6,319 
Total revenues45,041 179,459 224,500 
Expenses:   
Shopping center and operating expenses11,794 64,556 76,350 
Leasing expenses355 1,043 1,398 
Interest expense21,916 51,302 73,218 
Depreciation and amortization22,240 62,388 84,628 
Total expenses56,305 179,289 235,594 
Loss on sale or write down of assets, net (194,601)(194,601)
Net loss$(11,264)$(194,431)$(205,695)
Company's equity in net loss$(4,614)$(102,851)$(107,465)
Three Months Ended September 30, 2022   
Revenues:   
Leasing revenue$44,157 $164,518 $208,675 
Other151 1,934 2,085 
Total revenues44,308 166,452 210,760 
Expenses:   
Shopping center and operating expenses10,949 59,450 70,399 
Leasing expenses424 1,203 1,627 
Interest expense15,546 37,556 53,102 
Depreciation and amortization24,269 64,002 88,271 
Total expenses51,188 162,211 213,399 
Gain on sale or write down of assets, net 25,788 25,788 
Net (loss) income$(6,880)$30,029 $23,149 
Company's equity in net income$1,851 $4,471 $6,322 

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



14

Table of Contents
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)







4. Investments in Unconsolidated Joint Ventures: (Continued)

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

PPR PortfolioOther
Joint
Ventures
Total
Nine Months Ended September 30, 2023   
Revenues:   
Leasing revenue$129,613 $505,490 $635,103 
Other1,770 14,011 15,781 
Total revenues131,383 519,501 650,884 
Expenses:   
Shopping center and operating expenses33,469 184,213 217,682 
Leasing expenses1,349 3,968 5,317 
Interest expense65,575 144,386 209,961 
Depreciation and amortization67,446 188,125 255,571 
Total expenses167,839 520,692 688,531 
Loss on sale or write down of assets, net (266,252)(266,252)
Net loss$(36,456)$(267,443)$(303,899)
Company's equity in net loss$(15,329)$(160,906)$(176,235)
Nine Months Ended September 30, 2022   
Revenues:   
Leasing revenue$136,344 $488,513 $624,857 
Other269 12,040 12,309 
Total revenues136,613 500,553 637,166 
Expenses:   
Shopping center and operating expenses31,807 172,681 204,488 
Leasing expenses1,258 3,724 4,982 
Interest expense46,299 109,881 156,180 
Depreciation and amortization72,760 195,408 268,168 
Total expenses152,124 481,694 633,818 
Loss on sale or write down of assets, net (30,870)(30,870)
Net loss$(15,511)$(12,011)$(27,522)
Company's equity in net loss$(2,354)$(14,068)$(16,422)
15

Table of Contents
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
5. 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 (loss) income related to the marking-to-market of derivative instruments of $(546) and $(3) for the three months ended September 30, 2023 and 2022, respectively, and $(76) and $37 for the nine months ended September 30, 2023 and 2022, respectively. The entire $(76) in other comprehensive (loss) income at September 30, 2023 is the Company's pro rata share of hedged derivative instruments from certain unconsolidated joint ventures.
The following derivatives were outstanding at September 30, 2023:    
Fair Value
PropertyDesignationNotional AmountProductSOFR/LIBOR RateMaturitySeptember 30,
2023
December 31,
2022
Santa Monica PlaceNon-Hedged$300,000 Cap4.00 %12/9/2023$837 $2,576 
The Macerich Partnership, L.P.Non-Hedged$(300,000)Sold Cap4.00 %12/9/2023$(836)$(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.
6. Property, net:
Property, net consists of the following:    
September 30,
2023
December 31,
2022
Land$1,383,176 $1,425,211 
Buildings and improvements6,125,673 6,378,736 
Tenant improvements734,389 711,007 
Equipment and furnishings(1)185,104 186,767 
Construction in progress427,771 218,859 
8,856,113 8,920,580 
Less accumulated depreciation(1)(2,906,024)(2,792,790)
$