0000912242-24-000125 | 10-Q | XBRL Viewer

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Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease costs	$ 3,275	$ 3,290	$ 6,537	$ 7,084
Finance lease costs:
Amortization of ROU assets	487	484	975	969
Interest on lease liabilities	73	92	215	260
Total lease cost	$ 3,835	$ 3,866	$ 7,727	$ 8,313

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes:

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

The income tax provision of the TRSs are as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Current	$	—	$	—	$	—	$	—
Deferred	(258)		(371)		966		1,511
Total benefit	$	(258)	$	(371)	$	966	$	1,511

The net operating loss ("NOL") carryforwards generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2031. 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 $24,990 and $24,024 were included in deferred charges and other assets, net at June 30, 2024 and December 31, 2023, respectively.

The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of June 30, 2024, the Company had no valuation allowance recorded.

The tax years 2020 through 2022 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 tax.

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+ Details

Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

Earnings Per Share ("EPS"):

The following table reconciles the numerator and denominator used in the computation of EPS for the three and six months ended June 30, 2024 and 2023 (shares in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Numerator
Net income (loss)	$	265,499	$	(14,406)	$	134,053	$	(72,600)
Less: net income attributable to noncontrolling interests	13,492		558		8,774		1,097
Net income (loss) attributable to the Company	252,007		(14,964)		125,279		(73,697)
Allocation of earnings to participating securities	(397)		(213)		(440)		(438)
Numerator for basic and diluted EPS—net income (loss) attributable to common stockholders	$	251,610	$	(15,177)	$	124,839	$	(74,135)
Denominator



Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	216,180		215,457		216,108		215,375
EPS—net income (loss) attributable to common stockholders
Basic and diluted	$	1.16	$	(0.07)	$	0.58	$	(0.34)

(1) Diluted EPS excludes 99,565 convertible preferred units for each of the three months ended June 30, 2024 and 2023 and 99,565 convertible preferred partnership units for each of the six months ended June 30, 2024 and 2023, as their impact was antidilutive. Diluted EPS also excludes 10,090,429 and 8,985,493 Operating Partnership units ("OP Units") for the three months ended June 30, 2024 and 2023, respectively, and 10,097,546 and 8,982,075 OP Units for the six months ended June 30, 2024 and 2023, respectively, as their impact was antidilutive.

Property, net - Schedule of Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring $ in Thousands	Jun. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	$ 314,010
(Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	0
(Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	0
(Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	$ 314,010

COVER PAGE - shares	6 Months Ended
COVER PAGE - shares	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		215,991,342
Entity Central Index Key	0000912242
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Income Taxes - Schedule of Income Tax Benefit of TRSs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Current	$ 0	$ 0	$ 0	$ 0
Deferred	(258)	(371)	966	1,511
Total benefit	$ (258)	$ (371)	$ 966	$ 1,511

- Definition

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

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+ Details

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Allocation of Fair Value

The following is a summary of the allocation of the fair value of the former Sears parcels at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square:


Land	$	10,869
Building and improvements	39,359
Construction in progress	38,000
Deferred charges	6,821
Other accrued liabilities (below-market lease)	(1,649)
Fair value of acquired net assets (at 100% ownership)	$	93,400

The following is a summary of the allocation of the fair value of Arrowhead Towne Center:


Property	$	426,097
Deferred charges	22,307

Other assets	2,973
Total assets acquired	451,377
Mortgage note payable	383,881
Discount on mortgage note payable	(33,062)
Other accrued liabilities	9,439
Total liabilities assumed	360,258
Fair value of acquired net assets (at 100% ownership)	$	91,119

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


Property	$	183,434
Deferred charges	19,223
Other assets	4,114
Total assets acquired	206,771
Mortgage note payable	200,000
Discount on mortgage note payable	(10,372)
Other accrued liabilities	8,553
Total liabilities assumed	198,181
Fair value of acquired net assets (at 100% ownership)	$	8,590

Property, net - Schedule of Gain (Loss) on Sale or Write-Down of Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment
Loss on write-down of assets	$ (12,698)	$ (70)	$ (48,783)	$ (666)
Gain (loss) on sale or write down of assets, net	324,996	10,279	288,911	14,058
Impairment of real estate related to change in holding period	12,692		48,679
Freehold Chandler Holdings
Property, Plant and Equipment
Gain on reclassification of investment	334,285		334,285
Marketplace at Flagstaff
Property, Plant and Equipment
Gain on land sales, net		10,349		10,349
Gain on property sales, net
Property, Plant and Equipment
Gain on land sales, net	337,405	10,349	337,405	10,349
Gain on land sales, net
Property, Plant and Equipment
Gain on land sales, net	$ 289	$ 0	$ 289	$ 4,375

Share and Unit-Based Plans - Narrative (Details) $ in Thousands			3 Months Ended		6 Months Ended
	Mar. 01, 2024	Feb. 15, 2024	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate (as a percent)	4.25%	4.28%
Volatility (as a percent)	45.09%	45.04%
Capitalized share and unit-based compensation costs			$ (62)	$ 1,077	$ 254	$ 2,154
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			1,843		$ 1,843
LTI Units
Share-based Compensation Arrangement by Share-based Payment Award
Conversion rate of shares					1
Unrecognized compensation cost of share and unit-based plans			19,025		$ 19,025
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost of share and unit-based plans			$ 75		$ 75

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Leases - Schedule of Minimum Future Rental Payments Required (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leases For the Rolling 12 Months
2024	$ 6,097
2025	11,626
2026	11,743
2027	11,914
2028	8,303
Thereafter	74,831
Operating Leases
2024		$ 11,442
2025		11,626
2026		11,743
2027		11,914
2028		8,303
Thereafter		74,831
Total undiscounted rental payments	124,514	129,859
Less imputed interest	(54,146)	(56,475)
Total lease liabilities	$ 70,368	$ 73,384
Weighted average remaining lease term, operating leases (in years)	24 years 2 months 12 days	24 years 1 month 6 days
Weighted average incremental borrowing rate, operating leases (as a percent)	7.10%	7.10%
Finance Leases For the Rolling 12 Months
2024	$ 9,478
2025	1,400
2026	0
2027	0
2028	0
Thereafter	0
Finance Leases
2024		$ 9,478
2025		1,400
2026		0
2027		0
2028		0
Thereafter		0
Total undiscounted rental payments	10,878	10,878
Less imputed interest	(1,515)	(273)
Total lease liabilities	$ 9,363	$ 10,605
Weighted average remaining lease term, finance leases (in years)	2 months 12 days	8 months 12 days
Weighted average incremental borrowing rate, finance leases (as a percent)	3.50%	3.60%

Financing Arrangement (Tables)

6 Months Ended

Jun. 30, 2024

Co-Venture Arrangement [Abstract]

Schedule of Financing Arrangement Activity

During the three and six months ended June 30, 2024 and 2023, 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 June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Distributions equal to the partner's share of net income (loss)	$	766	$	260	$	1,565	$	(79)
Distributions in excess of the partner's share of net income	266		1,352		966		4,169
Adjustment to fair value of financing arrangement obligation	(16,733)		4,368		(13,795)		(7,517)
	$	(15,701)	$	5,980	$	(11,264)	$	(3,427)

Deferred Charges and Other Assets, net - Schedule of Allocated Values of Above-Market Leases and Below-Market Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Below-Market Leases
Original allocated value	$ 93,543	$ 85,174
Less accumulated amortization	(36,741)	(37,490)
Allocated value net	56,802	47,684
Above-Market Leases
Above-Market Leases
Original allocated value	56,636	66,002
Less accumulated amortization	(23,821)	(36,926)
Allocated value net	$ 32,815	$ 29,076

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2024

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 $305 and $350 for the three months ended June 30, 2024 and 2023, respectively, and $920 and $470 for the six months ended June 30, 2024 and 2023, respectively. The amounts in other comprehensive income represent the Company's pro rata share of hedged derivative instruments from certain unconsolidated joint ventures.

The following derivatives were outstanding at June 30, 2024 and December 31, 2023:


								Fair Value
Property	Designation	Notional Amount		Product	SOFR/LIBOR Rate		Maturity	June 30, 2024		December 31, 2023
Santa Monica Place	Non-Hedged	$	300,000	Cap	4.00	%	12/9/2024	$	1,757	$	2,665
The Macerich Partnership, L.P.	Non-Hedged	$	(300,000)	Sold Cap	4.00	%	12/9/2024	$	(1,756)	$	(2,658)

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.

Financing Arrangement - Schedule of Financing Arrangement Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Joint Ventures
Interest (income) expense	$ 39,765	$ 54,704	$ 91,955	$ 94,127
Related parties
Schedule of Joint Ventures
Interest (income) expense	(15,701)	5,980	(11,264)	(3,427)
Related parties \| Financing Arrangement
Schedule of Joint Ventures
Distributions equal to the partner's share of net income (loss)	766	260	1,565	(79)
Distributions in excess of the partner's share of net income	266	1,352	966	4,169
Adjustment to fair value of financing arrangement obligation	(16,733)	4,368	(13,795)	(7,517)
Interest (income) expense	$ (15,701)	$ 5,980	$ (11,264)	$ (3,427)

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Leases:

Lessor Leases:

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

including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.

The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2024 and 2023:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Leasing revenue—fixed payments	$	152,876	$	141,247	$	297,591	$	281,753
Leasing revenue—variable payments	46,594		50,782		96,454		108,298
(Provision for) recovery of doubtful accounts	(1,509)		624		(4,432)		1,647
	$	197,961	$	192,653	$	389,613	$	391,698

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


Twelve months ending June 30,
2025	$	496,506
2026	416,061
2027	331,748
2028	257,743
2029	196,539
Thereafter	812,237
	$	2,510,834

Lessee Leases:

The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2078, 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 2025.

The following table summarizes the lease costs for the three and six months ended June 30, 2024 and 2023:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease costs	$	3,275	$	3,290	$	6,537	$	7,084
Finance lease costs:
Amortization of ROU assets	487		484		975		969
Interest on lease liabilities	73		92		215		260
	$	3,835	$	3,866	$	7,727	$	8,313

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


	June 30, 2024						December 31, 2023
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2024	$	6,097		$	9,478		$	11,442		$	9,478
2025	11,626			1,400			11,626			1,400
2026	11,743			—			11,743			—
2027	11,914			—			11,914			—
2028	8,303			—			8,303			—
Thereafter	74,831			—			74,831			—
Total undiscounted rental payments	124,514			10,878			129,859			10,878
Less imputed interest	(54,146)			(1,515)			(56,475)			(273)
Total lease liabilities	$	70,368		$	9,363		$	73,384		$	10,605
Weighted average remaining term	24.2 years			0.2 years			24.1 years			0.7 years
Weighted average incremental borrowing rate	7.1		%	3.5		%	7.1		%	3.6		%

Leases

Leases:

Lessor Leases:

including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.

The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2024 and 2023:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Leasing revenue—fixed payments	$	152,876	$	141,247	$	297,591	$	281,753
Leasing revenue—variable payments	46,594		50,782		96,454		108,298
(Provision for) recovery of doubtful accounts	(1,509)		624		(4,432)		1,647
	$	197,961	$	192,653	$	389,613	$	391,698

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


Twelve months ending June 30,
2025	$	496,506
2026	416,061
2027	331,748
2028	257,743
2029	196,539
Thereafter	812,237
	$	2,510,834

Lessee Leases:

The following table summarizes the lease costs for the three and six months ended June 30, 2024 and 2023:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease costs	$	3,275	$	3,290	$	6,537	$	7,084
Finance lease costs:
Amortization of ROU assets	487		484		975		969
Interest on lease liabilities	73		92		215		260
	$	3,835	$	3,866	$	7,727	$	8,313

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


	June 30, 2024						December 31, 2023
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2024	$	6,097		$	9,478		$	11,442		$	9,478
2025	11,626			1,400			11,626			1,400
2026	11,743			—			11,743			—
2027	11,914			—			11,914			—
2028	8,303			—			8,303			—
Thereafter	74,831			—			74,831			—
Total undiscounted rental payments	124,514			10,878			129,859			10,878
Less imputed interest	(54,146)			(1,515)			(56,475)			(273)
Total lease liabilities	$	70,368		$	9,363		$	73,384		$	10,605
Weighted average remaining term	24.2 years			0.2 years			24.1 years			0.7 years
Weighted average incremental borrowing rate	7.1		%	3.5		%	7.1		%	3.6		%

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

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 SanTan Village Regional Center.

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


	June 30, 2024		December 31, 2023
Assets:
Property, net	$	125,564	$	128,673
Other assets	23,168		22,277
Total assets	$	148,732	$	150,950
Liabilities:
Mortgage notes payable	$	219,551	$	219,506
Other liabilities	74,343		78,794
Total liabilities	$	293,894	$	298,300

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, 2023. 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, 2023 has been derived from the audited financial statements but does not include all disclosures required by GAAP.

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


	For the Six Months Ended June 30,
	2024		2023
Beginning of period
Cash and cash equivalents	$	94,936	$	100,320
Restricted cash	95,358		80,819
Cash, cash equivalents and restricted cash	$	190,294	$	181,139
End of period
Cash and cash equivalents	$	70,692	$	92,465
Restricted cash	110,962		92,338
Cash, cash equivalents and restricted cash	$	181,654	$	184,803

Recent Accounting Pronouncements:

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate Related Disclosures for Investors, which requires registrants to disclose climate-related information in registration statements and annual reports. The new rules would be effective for annual reporting periods beginning in fiscal year 2025. However, in April 2024, the SEC exercised its discretion to stay these rules pending the completion of judicial review of certain consolidated petitions with the United States Court of Appeals for the Eighth Circuit in connection with these rules. The Company is evaluating the impact of this rule on its consolidated financial statements and disclosures.

Acquisitions

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

Acquisitions:

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. 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.


Land	$	10,869
Building and improvements	39,359
Construction in progress	38,000
Deferred charges	6,821
Other accrued liabilities (below-market lease)	(1,649)
Fair value of acquired net assets (at 100% ownership)	$	93,400

On November 16, 2023, the Company acquired its joint venture partner's 49.9% ownership interest in Freehold Raceway Mall for $5,587 and assumed its joint venture partner's share of debt. The Company now owns 100% of this property. Prior to November 16, 2023, the Company accounted for its investment in Freehold Raceway Mall as part of a financing arrangement (See Note 12—Financing Arrangement).

On December 9, 2023, the Company acquired its joint venture partner's 50% interest in Fashion District Philadelphia for no consideration, and the Company now owns 100% of this property. Prior to December 9, 2023, due to the Company's joint venture partner having no substantive participation rights, the Company accounted for this joint venture as a consolidated VIE in its consolidated financial statements (See Note 2—Summary of Significant Accounting Policies).

15. Acquisitions: (Continued)

On May 14, 2024, the Company acquired the remaining 40% ownership interest in Arrowhead Towne Center that it did not previously own for a total purchase price of $36,447 and the assumption of its joint venture partner's share of the debt on the property. Effective as of May 14, 2024, the Company now owns and has consolidated its 100% interest in Arrowhead Towne Center.

The following is a summary of the allocation of the fair value of Arrowhead Towne Center:


Property	$	426,097
Deferred charges	22,307

Other assets	2,973
Total assets acquired	451,377
Mortgage note payable	383,881
Discount on mortgage note payable	(33,062)
Other accrued liabilities	9,439
Total liabilities assumed	360,258
Fair value of acquired net assets (at 100% ownership)	$	91,119

The net assets acquired upon consolidation of Arrowhead Towne Center were initially recorded at their relative fair values as shown in the table above. The carrying value of the property was then reduced by the remaining negative basis of $58,683 from the equity method investment previously held by the Company.

On May 14, 2024, the Company acquired the remaining 40% ownership interest in South Plains Mall that it did not previously own for no cash consideration and the assumption of its joint venture partner's share of the debt on the property. Effective as of May 14, 2024, the Company now owns and has consolidated its 100% interest in South Plains Mall.

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


Property	$	183,434
Deferred charges	19,223
Other assets	4,114
Total assets acquired	206,771
Mortgage note payable	200,000
Discount on mortgage note payable	(10,372)
Other accrued liabilities	8,553
Total liabilities assumed	198,181
Fair value of acquired net assets (at 100% ownership)	$	8,590

The net assets acquired upon consolidation of South Plains Mall were initially recorded at their relative fair values as shown in the table above. The carrying value of the property was then reduced by the remaining negative basis of $72,160 from the equity method investment previously held by the Company.

On May 17, 2024, the Company acquired the former Sears parcel located at Inland Center for $5,382.

Share and Unit-Based Plans - Schedule of Activity of Non-vested LTI Units, Stock Awards, Phantom Stock and Stock Units (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
LTI Units
Units
Balance at beginning of period (in shares) \| shares	2,256,847
Granted (in shares) \| shares	1,290,216
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Balance at end of period (in shares) \| shares	3,547,063
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 12.86
Granted (in dollars per share) \| $ / shares	16.82
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Balance at end of period (in dollars per share) \| $ / shares	$ 14.30
Phantom Stock Units
Units
Balance at beginning of period (in shares) \| shares	17,043
Granted (in shares) \| shares	2,664
Vested (in shares) \| shares	(9,972)
Forfeited (in shares) \| shares	(3,910)
Balance at end of period (in shares) \| shares	5,825
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 14.19
Granted (in dollars per share) \| $ / shares	15.87
Vested (in dollars per share) \| $ / shares	21.01
Forfeited (in dollars per share) \| $ / shares	16.43
Balance at end of period (in dollars per share) \| $ / shares	$ 14.19
Stock Units
Units
Balance at beginning of period (in shares) \| shares	284,047
Granted (in shares) \| shares	156,010
Vested (in shares) \| shares	(205,730)
Forfeited (in shares) \| shares	0
Balance at end of period (in shares) \| shares	234,327
Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 11.79
Granted (in dollars per share) \| $ / shares	15.13
Vested (in dollars per share) \| $ / shares	11.42
Forfeited (in dollars per share) \| $ / shares	0
Balance at end of period (in dollars per share) \| $ / shares	$ 14.34

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) from derivative instrument recorded in OCI	$ 305	$ 350	$ 920	$ 470

Deferred Charges and Other Assets, net (Tables)

6 Months Ended

Jun. 30, 2024

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

Schedule of Deferred Charges and Other Assets, Net

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


	June 30, 2024		December 31, 2023
Leasing	$	57,136	$	89,175
Intangible assets:
In-place lease values	90,279		59,478
Leasing commissions and legal costs	20,380		16,364
Above-market leases	56,636		66,002
Deferred tax assets	24,990		24,024
Deferred compensation plan assets	67,387		62,755
Other assets	60,698		73,576
	377,506		391,374
Less accumulated amortization(1)	(93,264)		(128,306)
	$	284,242	$	263,068

(1) Accumulated amortization includes $37,419 and $39,540 relating to in-place lease values, leasing commissions and legal costs at June 30, 2024 and December 31, 2023, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $2,384 and $1,876 for the three months ended June 30, 2024 and 2023, respectively, and $4,160 and $3,785 for the six months ended June 30, 2024 and 2023, respectively.

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:


	June 30, 2024		December 31, 2023
Above-Market Leases
Original allocated value	$	56,636	$	66,002
Less accumulated amortization	(23,821)		(36,926)
	$	32,815	$	29,076
Below-Market Leases(1)
Original allocated value	$	93,543	$	85,174
Less accumulated amortization	(36,741)		(37,490)
	$	56,802	$	47,684

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

Leases - Narrative (Details)	6 Months Ended
Leases - Narrative (Details)	Jun. 30, 2024 lease
Leases [Abstract]
Number of finance leases	5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 265,499	$ (14,406)	$ 134,053	$ (72,600)
Other comprehensive income:
Interest rate cap agreements	305	350	920	470
Comprehensive income (loss)	265,804	(14,056)	134,973	(72,130)
Less: net income attributable to noncontrolling interests	13,492	558	8,774	1,097
Comprehensive income (loss) attributable to the Company	$ 252,312	$ (14,614)	$ 126,199	$ (73,227)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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+ 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

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
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"), including SanTan Village Regional Center.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate Related Disclosures for Investors, which requires registrants to disclose climate-related information in registration statements and annual reports. The new rules would be effective for annual reporting periods beginning in fiscal year 2025. However, in April 2024, the SEC exercised its discretion to stay these rules pending the completion of judicial review of certain consolidated petitions with the United States Court of Appeals for the Eighth Circuit in connection with these rules. The Company is evaluating the impact of this rule on its consolidated financial statements and disclosures.

Mortgage Notes Payable (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Mortgage notes payable at June 30, 2024 and December 31, 2023 consist of the following:


	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	June 30, 2024		December 31, 2023		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Arrowhead Towne Center(5)	$	351,353	$	—	6.75	%	$	1,921	2028
Chandler Fashion Center(6)	—		255,924		—	%	—		—
Danbury Fair Mall(7)	151,996		122,502		6.59	%	836		2034
Fashion District Philadelphia(8)	—		70,820		—	%	—		—
Fashion Outlets of Chicago	299,420		299,375		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA(9)	82,376		86,470		6.51	%	727		2026
Freehold Raceway Mall(6)	399,127		399,044		3.94	%	1,300		2029
Fresno Fashion Fair	324,553		324,453		3.67	%	971		2026

Green Acres Mall(10)	360,606		359,264		6.62	%	1,819		2028
Kings Plaza Shopping Center	537,214		536,956		3.71	%	1,629		2030
Oaks, The(11)	148,943		151,496		7.72	%	1,233		2026
Pacific View	70,967		70,976		5.45	%	328		2032
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(12)	298,132		297,474		7.28	%	1,712		2025
SanTan Village Regional Center	219,551		219,506		4.34	%	788		2029

South Plains Mall(13)	190,536		—		7.97	%	703		2025
Victor Valley, Mall of	114,995		114,966		4.00	%	380		2024
Vintage Faire Mall	223,465		226,910		3.55	%	1,256		2026
	$	4,373,234	$	4,136,136

(1)The mortgage notes payable balances include the unamortized debt discounts. Debt discounts represent the deficiency of the fair value of debt under the principal value of debt assumed in various acquisitions. The debt discounts are being amortized into interest expense over the term of the related debt in a manner which approximates the effective interest method. The debt discounts as of June 30, 2024 and December 31, 2023 consisted of the following:


Property Pledged as Collateral	June 30, 2024		December 31, 2023
Arrowhead Towne Center	$	31,903	$	—
South Plains Mall	9,464		—
Total	$	41,367	$	—

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 $22,641 and $21,148 at June 30, 2024 and December 31, 2023, respectively.

(2)The interest rate disclosed represents the effective interest rate, including the impact of debt discounts 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)On May 14, 2024, the Company acquired the remaining 40% ownership interest in Arrowhead Towne Center that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions). In connection with the acquisition, the Company assumed the partner's share of the loan on the property.

(6)A 49.9% interest in the loan had been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 12—Financing Arrangement). On November 16, 2023, the Company acquired the partner's 49.9% interest in Freehold Raceway Mall for $5.6 million and assumed the partner's share of debt. The Company now owns 100% of Freehold Raceway Mall (See Note 15—Acquisitions). On June 13, 2024, the partnership agreement between the Company and its partner was amended and as a result, the Company no longer accounts for its investment in Chandler Fashion Center as a financing arrangement. Effective June 13, 2024, the Company accounts for its investment in Chandler Fashion Center under the equity method of accounting (See Note 12—Financing Arrangement and Note 16—Dispositions).

(7)On January 25, 2024, the Company replaced the existing loan with a $155,000 loan that bears interest at a fixed rate of 6.39%, is interest only during the majority of the loan term and matures on February 6, 2034.

(8)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 was SOFR plus 3.60%. On January 22, 2024, the Company repaid the majority of the loan balance and the remaining $8,171 matured on April 21, 2024 and was paid in full on April 19, 2024.

(9)Effective October 6, 2023, the loan was in default and the Company was in negotiations with the lender on the terms of this non-recourse loan. On March 19, 2024, the Company closed on a three-year extension of the loan to October 6, 2026. The interest rate remained unchanged at 5.90%.

(10)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.

(11)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. On June 5, 2023, the Company repaid $10,000 of the outstanding loan balance. On May 24, 2024, the Company closed on a two-year extension of the loan to June 5, 2026. The interest rate during the first year of the extended term will be 7.50%, increasing to 8.50% during the second year of the extended term.

(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%, and has converted to 1-month Term SOFR plus 1.52% effective July 9, 2023. The loan is covered by an interest rate cap agreement that effectively prevented LIBOR from exceeding 4.0% during the period ending December 9, 2023. The interest rate cap agreement was converted to 1-month Term SOFR effective July 9, 2023. The interest rate cap agreement has since been extended with a 4% strike rate to December 9, 2024. Effective April 9, 2024, the loan is in default and the Company is in negotiations with the lender on the terms of this non-recourse loan.

(13)On May 14, 2024, the Company acquired the remaining 40% ownership interest in South Plains Mall that it did not previously own and has consolidated its 100% interest (See Note 15—Acquisitions). In connection with the acquisition, the Company assumed the partner's share of the loan on the property.

Subsequent Events (Details) - Subsequent Event $ / shares in Units, ft² in Thousands, $ in Thousands	Jul. 31, 2024 USD ($) ft²	Jul. 26, 2024 $ / shares
Subsequent Events
Dividend declared (in dollars per share) \| $ / shares		$ 0.17
Biltmore Fashion Park Retail Center in Phoenix, Arizona \| Sold
Subsequent Events
Interest percentage sold	50.00%
Property area (in square feet) \| ft²	611
Proceeds from sale \| $	$ 110,000

Acquisitions - Schedule of Allocation of Fair Value (Details) - Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square $ in Thousands	May 18, 2023 USD ($)
Acquisition
Land	$ 10,869
Building and improvements	39,359
Construction in progress	38,000
Deferred charges	6,821
Other accrued liabilities (below-market lease)	(1,649)
Fair value of acquired net assets (at 100% ownership)	$ 93,400
Ownership percentage at completion of acquisition (as a percent)	100.00%

Summary of Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Property, net	$ 6,138,889	$ 5,900,489
Total assets	7,777,706	7,513,512
Liabilities:
Mortgage notes payable	4,373,234	4,136,136
Total liabilities	5,188,966	4,985,911
Operating Partnership
Assets:
Property, net	125,564	128,673
Other assets	23,168	22,277
Total assets	148,732	150,950
Liabilities:
Mortgage notes payable	219,551	219,506
Other liabilities	74,343	78,794
Total liabilities	$ 293,894	$ 298,300

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

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Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ References

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+ Details

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Amount of liabilities classified as other.

+ References + Details

Financing Arrangement - Narrative (Details) ft² in Thousands, $ in Thousands	Nov. 16, 2023 USD ($)	Sep. 30, 2009 ft²	Jun. 30, 2024 USD ($) $ / ft²	Jun. 13, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / ft²	Nov. 15, 2023
Schedule of Joint Ventures
Ownership percentage (as a percent)	49.90%
Financing arrangement obligation			$ 0		$ 102,516
Measurement Input, Terminal Capitalization Rate
Schedule of Joint Ventures
Debt instrument, measurement input				0.0700	0.0650
Measurement Input, Discount Rate
Schedule of Joint Ventures
Debt instrument, measurement input				0.0825	0.0800
Freehold Raceway Mall \| Joint Venture
Schedule of Joint Ventures
Purchase price	$ 5,587
Minimum \| Measurement Input, Markets Rents Per Square Foot
Schedule of Joint Ventures
Debt instrument, measurement input \| $ / ft²			45		45
Maximum \| Measurement Input, Markets Rents Per Square Foot
Schedule of Joint Ventures
Debt instrument, measurement input \| $ / ft²			240		240
Freehold Raceway Mall
Schedule of Joint Ventures
Ownership percentage (as a percent)	100.00%
Freehold Raceway Mall \| Joint Venture
Schedule of Joint Ventures
Ownership percentage (as a percent)						49.90%
Financing Arrangement
Schedule of Joint Ventures
Financing arrangement obligation				$ 88,721
Financing Arrangement \| Chandler Fashion Center
Schedule of Joint Ventures
Percentage of loan assumed by third party (as a percent)		49.90%
Financing Arrangement \| Chandler Fashion Center and Freehold Raceway Mall
Schedule of Joint Ventures
Property area (in square feet) \| ft²		1,402
Financing Arrangement \| Freehold Raceway Mall
Schedule of Joint Ventures
Property area (in square feet) \| ft²		1,546

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 134,053	$ (72,600)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sale or write down of assets, net	(288,911)	(14,058)
Depreciation and amortization	145,789	149,336
Amortization of discount on mortgage notes payable	2,067	0
Amortization of share and unit-based plans	5,189	9,865
Straight-line rent and amortization of above and below market leases	2,392	(373)
Provision for (recovery of) doubtful accounts	4,432	(1,647)
Income tax benefit	(966)	(1,511)
Equity in loss of unconsolidated joint ventures	130,113	68,770
Distributions of income from unconsolidated joint ventures	0	280
Change in fair value of financing arrangement obligation	(13,795)	(7,517)
Changes in assets and liabilities, net of dispositions:
Tenant and other receivables	27,340	20,406
Other assets	(5,432)	3,364
Due from affiliates	1,457	(2,446)
Accounts payable and accrued expenses	5,703	(3,095)
Other accrued liabilities	(20,905)	(10,053)
Net cash provided by operating activities	128,526	138,721
Cash flows from investing activities:
Acquisitions of property	(41,852)	(46,687)
Development, redevelopment, expansion and renovation of properties	(50,312)	(32,724)
Property improvements	(23,132)	(35,367)
Deferred leasing costs	(2,979)	(3,368)
Distributions from unconsolidated joint ventures	57,698	186,057
Contributions to unconsolidated joint ventures	(30,013)	(37,238)
Cash acquired from acquisition of unconsolidated joint ventures	7,373	0
Derecognition of cash previously held by a consolidated joint venture to an unconsolidated joint venture	(13,005)	0
Proceeds from sale of assets	12,872	28,244
Net cash (used in) provided by investing activities	(83,350)	58,917
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	289,996	500,000
Payments on mortgages, bank and other notes payable	(257,922)	(596,086)
Deferred financing costs	(5,371)	(16,494)
Payments on finance leases	(1,242)	(1,193)
Costs from stock offerings	(66)	(77)
Proceeds from share and unit-based plans	1,021	1,021
Dividends and distributions	(80,232)	(81,145)
Net cash used in financing activities	(53,816)	(193,974)
Net (decrease) increase in cash, cash equivalents and restricted cash	(8,640)	3,664
Cash, cash equivalents and restricted cash, beginning of period	190,294	181,139
Cash, cash equivalents and restricted cash, end of period	181,654	184,803
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	91,503	94,686
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	39,686	40,197
Derecognition of previously consolidated property and related liabilities to investment in unconsolidated joint venture	347,290	0
Conversion of Operating Partnership Units to common stock	5,970	0
Assets acquired from unconsolidated joint venture	621,701	46,713
Liabilities assumed from unconsolidated joint venture	$ 558,439	$ 0

Investments in Unconsolidated Joint Ventures - Schedule of Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Leasing revenue	$ 197,961	$ 192,653	$ 389,613	$ 391,698
Total revenues	215,521	212,374	424,304	427,228
Expenses:
Leasing expenses	9,590	8,447	20,112	18,103
Depreciation and amortization	71,676	70,388	140,027	141,841
Total expenses	217,923	229,728	450,015	446,627
Gain (loss) on sale or write down of assets, net	324,996	10,279	288,911	14,058
Net loss	265,499	(14,406)	134,053	(72,600)
Company's equity in net loss	(56,837)	(6,960)	(130,113)	(68,770)
Other
Revenues:
Other	10,781	11,686	19,683	20,740
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	70,446	69,948	144,633	140,435
Joint Venture
Revenues:
Leasing revenue	192,261	210,484	385,334	416,923
Total revenues	199,417	218,601	393,472	426,386
Expenses:
Leasing expenses	1,375	1,878	3,339	3,920
Interest expense	70,547	72,638	144,210	136,743
Depreciation and amortization	73,210	85,561	151,364	170,943
Total expenses	212,460	229,892	434,748	452,938
Gain (loss) on sale or write down of assets, net	(218,242)	(1,088)	(439,708)	(71,651)
Net loss	(231,285)	(12,379)	(480,984)	(98,203)
Company's equity in net loss	(56,837)	(6,960)	(130,113)	(68,770)
Joint Venture \| PPR Portfolio
Revenues:
Leasing revenue	39,277	42,095	82,288	85,166
Total revenues	40,168	42,591	83,496	86,342
Expenses:
Leasing expenses	294	425	873	994
Interest expense	20,499	21,849	42,626	43,658
Depreciation and amortization	19,718	22,330	41,675	45,207
Total expenses	50,171	54,879	105,397	111,532
Gain (loss) on sale or write down of assets, net	7,588	0	(92,684)	0
Net loss	(2,415)	(12,288)	(114,585)	(25,190)
Company's equity in net loss	(50,949)	(4,457)	(60,270)	(10,715)
Joint Venture \| Other Joint Ventures
Revenues:
Leasing revenue	152,984	168,389	303,046	331,757
Total revenues	159,249	176,010	309,976	340,044
Expenses:
Leasing expenses	1,081	1,453	2,466	2,926
Interest expense	50,048	50,789	101,584	93,085
Depreciation and amortization	53,492	63,231	109,689	125,736
Total expenses	162,289	175,013	329,351	341,406
Gain (loss) on sale or write down of assets, net	(225,830)	(1,088)	(347,024)	(71,651)
Net loss	(228,870)	(91)	(366,399)	(73,013)
Company's equity in net loss	(5,888)	(2,503)	(69,843)	(58,055)
Joint Venture \| Other
Revenues:
Other	7,156	8,117	8,138	9,463
Joint Venture \| Other \| PPR Portfolio
Revenues:
Other	891	496	1,208	1,176
Joint Venture \| Other \| Other Joint Ventures
Revenues:
Other	6,265	7,621	6,930	8,287
Joint Venture \| Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	67,328	69,815	135,835	141,332
Joint Venture \| Shopping center and operating expenses \| PPR Portfolio
Expenses:
Shopping center and operating expenses	9,660	10,275	20,223	21,673
Joint Venture \| Shopping center and operating expenses \| Other Joint Ventures
Expenses:
Shopping center and operating expenses	$ 57,668	$ 59,540	$ 115,612	$ 119,659

Mortgage Notes Payable

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage Notes Payable:

Mortgage notes payable at June 30, 2024 and December 31, 2023 consist of the following:


	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	June 30, 2024		December 31, 2023		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Arrowhead Towne Center(5)	$	351,353	$	—	6.75	%	$	1,921	2028
Chandler Fashion Center(6)	—		255,924		—	%	—		—
Danbury Fair Mall(7)	151,996		122,502		6.59	%	836		2034
Fashion District Philadelphia(8)	—		70,820		—	%	—		—
Fashion Outlets of Chicago	299,420		299,375		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA(9)	82,376		86,470		6.51	%	727		2026
Freehold Raceway Mall(6)	399,127		399,044		3.94	%	1,300		2029
Fresno Fashion Fair	324,553		324,453		3.67	%	971		2026

Green Acres Mall(10)	360,606		359,264		6.62	%	1,819		2028
Kings Plaza Shopping Center	537,214		536,956		3.71	%	1,629		2030
Oaks, The(11)	148,943		151,496		7.72	%	1,233		2026
Pacific View	70,967		70,976		5.45	%	328		2032
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(12)	298,132		297,474		7.28	%	1,712		2025
SanTan Village Regional Center	219,551		219,506		4.34	%	788		2029

South Plains Mall(13)	190,536		—		7.97	%	703		2025
Victor Valley, Mall of	114,995		114,966		4.00	%	380		2024
Vintage Faire Mall	223,465		226,910		3.55	%	1,256		2026
	$	4,373,234	$	4,136,136


Property Pledged as Collateral	June 30, 2024		December 31, 2023
Arrowhead Towne Center	$	31,903	$	—
South Plains Mall	9,464		—
Total	$	41,367	$	—

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

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

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 Santa Monica Place as noted above.

Total interest expense capitalized was $5,313 and $4,850 for the three months ended June 30, 2024 and 2023, respectively, and $10,389 and $9,693 for the six months ended June 30, 2024 and 2023, respectively.

The estimated fair value (Level 2 measurement) of mortgage notes payable at June 30, 2024 and December 31, 2023 was $4,158,327 and $3,863,997, 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.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Leasing revenue	$ 197,961	$ 192,653	$ 389,613	$ 391,698
Total revenues	215,521	212,374	424,304	427,228
Expenses:
Leasing expenses	9,590	8,447	20,112	18,103
REIT general and administrative expenses	6,996	8,802	14,639	15,782
Depreciation and amortization	71,676	70,388	140,027	141,841
Total expenses before interest	178,158	175,024	358,060	352,500
Interest (income) expense:
Interest expense	39,765	54,704	91,955	94,127
Total expenses	217,923	229,728	450,015	446,627
Equity in loss of unconsolidated joint ventures	(56,837)	(6,960)	(130,113)	(68,770)
Income tax (expense) benefit	(258)	(371)	966	1,511
Gain on sale or write down of assets, net	324,996	10,279	288,911	14,058
Net income (loss)	265,499	(14,406)	134,053	(72,600)
Less: net income attributable to noncontrolling interests	13,492	558	8,774	1,097
Net income (loss) attributable to the Company	$ 252,007	$ (14,964)	$ 125,279	$ (73,697)
Income (loss) per common share—attributable to common stockholders:
Basic (in dollars per share)	$ 1.16	$ (0.07)	$ 0.58	$ (0.34)
Diluted (in dollars per share)	$ 1.16	$ (0.07)	$ 0.58	$ (0.34)
Weighted average number of common shares outstanding:
Basic (in shares)	216,180	215,457	216,108	215,375
Diluted (in shares)	216,180	215,457	216,108	215,375
Related parties
Revenues:
Revenue	$ 6,232	$ 6,913	$ 13,252	$ 13,172
Interest (income) expense:
Interest expense	(15,701)	5,980	(11,264)	(3,427)
Nonrelated Party
Interest (income) expense:
Interest expense	55,466	48,724	103,219	97,554
Other
Revenues:
Revenue	10,781	11,686	19,683	20,740
Management Companies
Revenues:
Revenue	6,779	8,035	15,008	14,790
Expenses:
Shopping center and operating expenses	19,450	17,439	38,649	36,339
Management Companies \| Related parties
Revenues:
Revenue	4,235	4,224	8,683	8,444
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	$ 70,446	$ 69,948	$ 144,633	$ 140,435

Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2024

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:


	June 30, 2024		December 31, 2023
Assets(1):
Property, net	$	5,658,163	$	7,201,941
Other assets	592,620		607,864
Total assets	$	6,250,783	$	7,809,805
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	4,777,115	$	5,445,411
Other liabilities	367,478		436,179
Company's capital	617,092		1,090,403
Outside partners' capital	489,098		837,812
Total liabilities and partners' capital	$	6,250,783	$	7,809,805
Investments in unconsolidated joint ventures:
Company's capital	$	617,092	$	1,090,403
Basis adjustment(2)	113,288		(412,425)
	$	730,380	$	677,978

Assets—Investments in unconsolidated joint ventures	$	915,817	$	852,764
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(185,437)		(174,786)
	$	730,380	$	677,978

(1) These amounts include assets of $2,269,612 and $2,613,690 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2024 and December 31, 2023, respectively, and liabilities of $1,353,917 and $1,578,328 of the PPR Portfolio as of June 30, 2024 and December 31, 2023, 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 the Company's share of net income (loss). The amortization of this difference was $107,378 and $1,106 for the three months ended June 30, 2024 and 2023, respectively, and $182,561 and $(11,448) for the six months ended June 30, 2024 and 2023, respectively.

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 June 30, 2024
Revenues:
Leasing revenue	$	39,277	$	152,984	$	192,261
Other	891		6,265		7,156
Total revenues	40,168		159,249		199,417
Expenses:
Shopping center and operating expenses	9,660		57,668		67,328
Leasing expenses	294		1,081		1,375
Interest expense	20,499		50,048		70,547
Depreciation and amortization	19,718		53,492		73,210
Total expenses	50,171		162,289		212,460
Gain (loss) on sale or write down of assets, net	7,588		(225,830)		(218,242)

Net loss	$	(2,415)	$	(228,870)	$	(231,285)
Company's equity in net loss	$	(50,949)	$	(5,888)	$	(56,837)
Three Months Ended June 30, 2023
Revenues:
Leasing revenue	$	42,095	$	168,389	$	210,484
Other	496		7,621		8,117
Total revenues	42,591		176,010		218,601
Expenses:
Shopping center and operating expenses	10,275		59,540		69,815
Leasing expenses	425		1,453		1,878
Interest expense	21,849		50,789		72,638
Depreciation and amortization	22,330		63,231		85,561
Total expenses	54,879		175,013		229,892
Loss on sale or write down of assets, net	—		(1,088)		(1,088)

Net loss	$	(12,288)	$	(91)	$	(12,379)
Company's equity in net loss	$	(4,457)	$	(2,503)	$	(6,960)

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Six Months Ended June 30, 2024
Revenues:
Leasing revenue	$	82,288	$	303,046	$	385,334
Other	1,208		6,930		8,138
Total revenues	83,496		309,976		393,472
Expenses:
Shopping center and operating expenses	20,223		115,612		135,835
Leasing expenses	873		2,466		3,339
Interest expense	42,626		101,584		144,210
Depreciation and amortization	41,675		109,689		151,364
Total expenses	105,397		329,351		434,748
Loss on sale or write down of assets, net	(92,684)		(347,024)		(439,708)

Net loss	$	(114,585)	$	(366,399)	$	(480,984)
Company's equity in net loss	$	(60,270)	$	(69,843)	$	(130,113)
Six Months Ended June 30, 2023
Revenues:
Leasing revenue	$	85,166	$	331,757	$	416,923
Other	1,176		8,287		9,463
Total revenues	86,342		340,044		426,386
Expenses:
Shopping center and operating expenses	21,673		119,659		141,332
Leasing expenses	994		2,926		3,920
Interest expense	43,658		93,085		136,743
Depreciation and amortization	45,207		125,736		170,943
Total expenses	111,532		341,406		452,938
Loss on sale or write down of assets, net	—		(71,651)		(71,651)

Net loss	$	(25,190)	$	(73,013)	$	(98,203)
Company's equity in net loss	$	(10,715)	$	(58,055)	$	(68,770)

Property, net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, net

Property, net:

Property, net consists of the following:


	June 30, 2024		December 31, 2023
Land	$	1,412,634	$	1,388,345
Buildings and improvements	6,062,557		6,070,367
Tenant improvements	653,945		724,427
Equipment and furnishings(1)	169,540		186,717
Construction in progress	408,207		340,496
	8,706,883		8,710,352
Less accumulated depreciation(1)	(2,567,994)		(2,809,863)
	$	6,138,889	$	5,900,489

(1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at June 30, 2024 and December 31, 2023 (See Note 8—Leases).

Depreciation expense was $67,421 and $66,162 for the three months ended June 30, 2024 and 2023, respectively, and $132,180 and $133,225 for the six months ended June 30, 2024 and 2023, respectively.

Gain on sale or write-down of assets, net for the three and six months ended June 30, 2024 and 2023 consist of the following:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

Gain on property sales, net(1)	$	337,405	$	10,349	$	337,405	$	10,349
Loss on write-down of assets(2)	(12,698)		(70)		(48,783)		(666)

Gain on land sales, net(3)	289		—		289		4,375
	$	324,996	$	10,279	$	288,911	$	14,058

(1) This includes a gain of $334,285 for the three and six months ended June 30, 2024, as a result of the Company no longer recognizing its investment in Chandler Fashion Center as a financing arrangement. Effective June 13, 2024, the Company accounts for its investment under the equity method of accounting (See Note 12—Financing Arrangement and Note 16—Dispositions). For the three and six months ended June 30, 2023, the $10,349 of gain is from the sale of Marketplace at Flagstaff (See Note 16—Dispositions).

(2) This includes impairment losses of $12,692 and $48,679 for the three and six months ended June 30, 2024, respectively, due to the reduction of the estimated holding periods of certain properties. The remaining amounts for the three and six months ended June 30, 2024 and 2023 mainly pertain to the write off of development costs.

(3) See Note 16—Dispositions.

The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of the impairment losses recorded for the three and six months ended June 30, 2024 and 2023, as described above:


	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Unobservable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)

June 30, 2024	$	314,010	$	—	$	—	$	314,010

The fair value (Level 3 measurement) related to the 2024 impairments are based upon an income approach, using an estimated terminal capitalization rate in the range of 7.3% to 9.0%, a discount rate in the range of 9.0% to 11.0% and market rents per square foot of $20 to $200. The fair value is sensitive to these significant unobservable inputs.

Deferred Charges and Other Assets, net

6 Months Ended

Jun. 30, 2024

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

Deferred Charges and Other Assets, net

Deferred Charges and Other Assets, net:

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


	June 30, 2024		December 31, 2023
Leasing	$	57,136	$	89,175
Intangible assets:
In-place lease values	90,279		59,478
Leasing commissions and legal costs	20,380		16,364
Above-market leases	56,636		66,002
Deferred tax assets	24,990		24,024
Deferred compensation plan assets	67,387		62,755
Other assets	60,698		73,576
	377,506		391,374
Less accumulated amortization(1)	(93,264)		(128,306)
	$	284,242	$	263,068

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


	June 30, 2024		December 31, 2023
Above-Market Leases
Original allocated value	$	56,636	$	66,002
Less accumulated amortization	(23,821)		(36,926)
	$	32,815	$	29,076
Below-Market Leases(1)
Original allocated value	$	93,543	$	85,174
Less accumulated amortization	(36,741)		(37,490)
	$	56,802	$	47,684

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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 252,007	$ (14,964)	$ 125,279	$ (73,697)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Dispositions - Narrative (Details) ft² in Thousands, $ in Thousands					3 Months Ended	6 Months Ended
	Jun. 28, 2024 USD ($)	Dec. 04, 2023 USD ($)	Jul. 17, 2023 USD ($) ft²	May 02, 2023 USD ($) ft²	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Discontinued Operations:
Proceeds from sale of assets						$ 12,872	$ 28,244
Land
Discontinued Operations:
Gain on sale or land					$ 289	$ 289	$ 4,375
Square Foot Power Center, Flagstaff Arizona \| Sold
Discontinued Operations:
Property area (in square feet) \| ft²				268
Proceeds from sale of assets				$ 23,500
Gain on sale of assets				$ 10,349
Superstition Springs Power Center \| Sold
Discontinued Operations:
Property area (in square feet) \| ft²			204
Proceeds from sale of assets			$ 5,634
Gain on sale of assets			$ 1,903
Towne Mall \| Sold
Discontinued Operations:
Proceeds from sale of assets		$ 9,500
Loss on extinguishment of debt		$ 8,208
Valle Vista Mall \| Sold
Discontinued Operations:
Proceeds from sale of assets	$ 7,100
Gain on sale of assets	$ 1,019

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: As of June 30, 2024, the Company was contingently liable for $40,899 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of June 30, 2024, $40,820 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 June 30, 2024, the Company had $25,016 in outstanding obligations, which it believes will be settled in the next twelve months.

Share and Unit-Based Plans - Schedule of Vested Stock Options Rollforward (Details) - Stock options	6 Months Ended
	Jun. 30, 2024 $ / 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

Investments in Unconsolidated Joint Ventures - Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Property, net	$ 6,138,889	$ 5,900,489
Total assets	7,777,706	7,513,512
Liabilities and partners' capital:
Mortgage and other notes payable	4,373,234	4,136,136
Total liabilities and partners' capital	7,777,706	7,513,512
Investments in unconsolidated joint ventures:
Assets—Investments in unconsolidated joint ventures	915,817	852,764
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(185,437)	(174,786)
Joint Venture
Assets:
Property, net	5,658,163	7,201,941
Other assets	592,620	607,864
Total assets	6,250,783	7,809,805
Liabilities and partners' capital:
Mortgage and other notes payable	4,777,115	5,445,411
Other liabilities	367,478	436,179
Company's capital	617,092	1,090,403
Outside partners' capital	489,098	837,812
Total liabilities and partners' capital	6,250,783	7,809,805
Investments in unconsolidated joint ventures:
Company's capital	617,092	1,090,403
Basis adjustment	113,288	(412,425)
Investments in unconsolidated joint ventures	730,380	677,978
Assets—Investments in unconsolidated joint ventures	915,817	852,764
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(185,437)	(174,786)
Investments in unconsolidated joint ventures	$ 730,380	$ 677,978

Dispositions (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Gain on Sale of Assets

The Company recognized the following gain on sale of assets on Chandler Fashion Center:


Fair value of investment in unconsolidated joint ventures - Chandler Fashion Center	$	141,291
Reversal of the financing arrangement obligation	88,721
Deconsolidation of Chandler Fashion Center - liabilities in excess of assets	104,273
	$	334,285

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Property, net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Components of Property, Net

Property, net consists of the following:


	June 30, 2024		December 31, 2023
Land	$	1,412,634	$	1,388,345
Buildings and improvements	6,062,557		6,070,367
Tenant improvements	653,945		724,427
Equipment and furnishings(1)	169,540		186,717
Construction in progress	408,207		340,496
	8,706,883		8,710,352
Less accumulated depreciation(1)	(2,567,994)		(2,809,863)
	$	6,138,889	$	5,900,489

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

Gain on sale or write-down of assets, net for the three and six months ended June 30, 2024 and 2023 consist of the following:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

Gain on property sales, net(1)	$	337,405	$	10,349	$	337,405	$	10,349
Loss on write-down of assets(2)	(12,698)		(70)		(48,783)		(666)

Gain on land sales, net(3)	289		—		289		4,375
	$	324,996	$	10,279	$	288,911	$	14,058

(3) See Note 16—Dispositions.

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)

June 30, 2024	$	314,010	$	—	$	—	$	314,010

Investments in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands										3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 28, 2024 USD ($)	Jun. 27, 2024 USD ($)	May 14, 2024 USD ($)	Jan. 10, 2024 USD ($)	Dec. 27, 2023 USD ($) ft²	Dec. 04, 2023 USD ($)	May 18, 2023 USD ($) property	Apr. 25, 2023 USD ($)	Mar. 03, 2023 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Nov. 16, 2023	May 09, 2023 USD ($)	May 17, 2018 property
Schedule of Equity Method Investments
Impairment loss										$ 12,698,000		$ 70,000	$ 48,783,000	$ 666,000
Ownership percentage (as a percent)																49.90%
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square
Schedule of Equity Method Investments
Ownership percentage at completion of acquisition (as a percent)							100.00%
Joint Venture \| Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square
Schedule of Equity Method Investments
Impairment loss							$ 51,363,000
Number of properties (property) \| property							5
Purchase price							$ 46,687,000
Ownership percentage at completion of acquisition (as a percent)							100.00%
Joint Venture \| Arrowhead Towne Center
Schedule of Equity Method Investments
Ownership percentage at completion of acquisition (as a percent)			100.00%
Joint Venture \| South Plains Mall
Schedule of Equity Method Investments
Ownership percentage at completion of acquisition (as a percent)			100.00%
Joint Venture \| Third Party \| Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square
Schedule of Equity Method Investments
Ownership percentage (as a percent)							50.00%
Joint Venture \| Third Party \| Arrowhead Towne Center
Schedule of Equity Method Investments
Ownership percentage (as a percent)			40.00%
Purchase price			$ 36,447,000
Joint Venture \| Third Party \| South Plains Mall
Schedule of Equity Method Investments
Ownership percentage (as a percent)			40.00%
Scottsdale Fashion Square \| Joint Venture
Schedule of Equity Method Investments
Repayments of debt									$ 403,931,000
Debt issued									$ 700,000,000
Interest rate on debt (as a percent)									6.21%
Deptford Mall
Schedule of Equity Method Investments
Repayments of debt								$ 5,100,000
Deptford Mall \| Joint Venture
Schedule of Equity Method Investments
Repayments of debt								$ 10,000,000
Interest rate on debt (as a percent)								3.73%
Debt instrument term (in years)								3 years
Country Club Plaza
Schedule of Equity Method Investments
Debt instrument, default amount																	$ 147,605,000
Debt extinguished	$ 147,735,000
Country Club Plaza \| Joint Venture
Schedule of Equity Method Investments
Debt instrument, default amount																	$ 295,210,000
Impairment loss															$ 100,997,000
Proceeds from sale of building	175,600,000
Debt extinguished	$ 295,470,000
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square \| Joint Venture
Schedule of Equity Method Investments
Impairment loss										$ 53,690,000
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square \| Joint Venture \| Seritage
Schedule of Equity Method Investments
Number of properties (property) \| property																		5
Tysons Corner LLC \| Joint Venture
Schedule of Equity Method Investments
Repayments of debt						$ 666,465,000
Debt issued						$ 710,000,000
Tysons Corner LLC \| Joint Venture \| Fixed Rate Residential Mortgage
Schedule of Equity Method Investments
Interest rate on debt (as a percent)						6.60%
Office Property in Los Angeles
Schedule of Equity Method Investments
Repayments of debt					$ 324,632,000
Proceeds from sale of building					$ 77,643,000
Ownership percentage (as a percent)					25.00%
Loss (gain) on sale or write down of assets, net					$ 8,118,000
Office Property in Los Angeles \| Joint Venture
Schedule of Equity Method Investments
Property area (in square feet) \| ft²					680,000
Proceeds from sale of building					$ 700,000,000
Propcor II Associates, LLC Boulevard Shops \| Joint Venture
Schedule of Equity Method Investments
Repayments of debt				$ 23,000,000
Debt issued				$ 24,000,000
Variable interest rate spread (as a percent)				2.50%
Interest rate cap (as a percent)				7.50%
Development of Premium Outlets in Los Angeles
Schedule of Equity Method Investments
Impairment loss											$ 57,686,000
Development of Premium Outlets in Los Angeles \| Joint Venture
Schedule of Equity Method Investments
Ownership percentage (as a percent)											50.00%
Chandler Fashion Center \| Joint Venture
Schedule of Equity Method Investments
Repayments of debt		$ 256,000,000
Debt issued		$ 17,700,000
Interest rate on debt (as a percent)		7.06%
Face amount on debt		$ 275,000,000

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

Related Party Transactions:

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

The following are fees charged to unconsolidated joint ventures:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Management fees	$	4,235	$	4,224	$	8,683	$	8,444
Development and leasing fees	1,997		2,689		4,569		4,728
	$	6,232	$	6,913	$	13,252	$	13,172

Interest (income) expense from related party transactions includes $(15,701) and $5,980 for the three months ended June 30, 2024 and 2023, respectively, and $(11,264) and $(3,427) for the six months ended June 30, 2024 and 2023, respectively, in connection with the financing arrangement (See Note 12—Financing Arrangement).

Due from affiliates includes $3,298 and $4,755 of unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies at June 30, 2024 and December 31, 2023, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Dispositions - Investment Reclassification (Details) - USD ($) $ in Thousands	Jun. 13, 2024	Jun. 30, 2024	Dec. 31, 2023
Discontinued Operations:
Investments in unconsolidated joint ventures		$ 915,817	$ 852,764
Chandler Fashion Center
Discontinued Operations:
Investments in unconsolidated joint ventures	$ 334,285
Discontinued Operations, Disposed of by Means Other than Sale \| Chandler Fashion Center
Discontinued Operations:
Fair value of investment in unconsolidated joint ventures	141,291
Reversal of the financing arrangement obligation	88,721
Deconsolidation of Chandler Fashion Center - liabilities in excess of assets	$ 104,273

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 70,692	$ 94,936	$ 92,465	$ 100,320
Restricted cash	110,962	95,358	92,338	80,819
Cash, cash equivalents and restricted cash	$ 181,654	$ 190,294	$ 184,803	$ 181,139

Acquisitions - Schedule of Allocation of Fair Value of Arrowhead Towne Center and South Plains Mall (Details) $ in Thousands	May 14, 2024 USD ($)
Arrowhead Towne Center
Acquisition
Property	$ 426,097
Deferred charges	22,307
Other assets	2,973
Total assets acquired	451,377
Mortgage note payable	383,881
Discount on mortgage note payable	(33,062)
Other accrued liabilities	9,439
Total liabilities assumed	360,258
Fair value of acquired net assets (at 100% ownership)	91,119
South Plains Mall
Acquisition
Property	183,434
Deferred charges	19,223
Other assets	4,114
Total assets acquired	206,771
Mortgage note payable	200,000
Discount on mortgage note payable	(10,372)
Other accrued liabilities	8,553
Total liabilities assumed	198,181
Fair value of acquired net assets (at 100% ownership)	$ 8,590

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: On July 26, 2024, the Company announced a dividend/distribution of $0.17 per share for common stockholders and OP Unitholders of record on August 19, 2024. All dividends/distributions will be paid 100% in cash on September 9, 2024. On July 31, 2024, the Company sold its 50% interest in Biltmore Fashion Park, a 611,000 square foot regional retail center in Phoenix, Arizona, for $110,000. The Company used the net proceeds to pay down debt.

Leases - Schedule of Minimum Rental Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Twelve months ending June 30,
2025	$ 496,506
2026	416,061
2027	331,748
2028	257,743
2029	196,539
Thereafter	812,237
Total minimum rental payments	$ 2,510,834

Share and Unit-Based Plans - Schedule of LTI Units Granted (Details) - First Vesting Period	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Service-based \| February 15, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares	305,129
Granted (in dollars per share) \| $ / shares	$ 17.47
Service-based \| March 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares	138,634
Granted (in dollars per share) \| $ / shares	$ 16.41
Performance-based \| February 15, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares	280,637
Granted (in dollars per share) \| $ / shares	$ 17.37
Performance-based \| March 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares	261,124
Granted (in dollars per share) \| $ / shares	$ 16.18
Service-based \| March 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares	152,346
Granted (in dollars per share) \| $ / shares	$ 16.41
Service-based \| March 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares	76,173
Granted (in dollars per share) \| $ / shares	$ 16.41
Service-based \| March 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) \| shares	76,173
Granted (in dollars per share) \| $ / shares	$ 16.41

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction
Interest (income) expense	$ 39,765	$ 54,704	$ 91,955	$ 94,127
Related parties
Related Party Transaction
Interest (income) expense	(15,701)	$ 5,980	(11,264)	$ (3,427)
Due from affiliates	$ 3,298		$ 3,298		$ 4,755

Share and Unit-Based Plans - Schedule of Compensation Cost under the Share and Unit-based Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	$ 2,397	$ 6,047	$ 5,443	$ 12,019
LTI Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	1,433	4,609	3,609	9,271
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	898	1,360	1,689	2,592
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	$ 66	$ 78	$ 145	$ 156

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Variable Interest Entities

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


	June 30, 2024		December 31, 2023
Assets:
Property, net	$	125,564	$	128,673
Other assets	23,168		22,277
Total assets	$	148,732	$	150,950
Liabilities:
Mortgage notes payable	$	219,551	$	219,506
Other liabilities	74,343		78,794
Total liabilities	$	293,894	$	298,300

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

Schedule of Cash and Cash Equivalents


	For the Six Months Ended June 30,
	2024		2023
Beginning of period
Cash and cash equivalents	$	94,936	$	100,320
Restricted cash	95,358		80,819
Cash, cash equivalents and restricted cash	$	190,294	$	181,139
End of period
Cash and cash equivalents	$	70,692	$	92,465
Restricted cash	110,962		92,338
Cash, cash equivalents and restricted cash	$	181,654	$	184,803

Schedule of Restricted Cash


	For the Six Months Ended June 30,
	2024		2023
Beginning of period
Cash and cash equivalents	$	94,936	$	100,320
Restricted cash	95,358		80,819
Cash, cash equivalents and restricted cash	$	190,294	$	181,139
End of period
Cash and cash equivalents	$	70,692	$	92,465
Restricted cash	110,962		92,338
Cash, cash equivalents and restricted cash	$	181,654	$	184,803

- 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

Share and Unit-Based Plans

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024, the Company granted the following LTI Units:


Grant Date	Units	Type	Fair Value per LTI Unit		Vest Date
2/15/2024	305,129	Service-based	$	17.47	12/31/2026
2/15/2024	280,637	Performance-based	$	17.37	12/31/2026
3/1/2024	138,634	Service-based	$	16.41	12/31/2026
3/1/2024	152,346	Service-based	$	16.41	3/1/2027
3/1/2024	76,173	Service-based	$	16.41	3/1/2028
3/1/2024	76,173	Service-based	$	16.41	3/1/2029
3/1/2024	261,124	Performance-based	$	16.18	12/31/2026
	1,290,216

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 February 15, 2024 was

estimated on the date of grant using a Monte Carlo Simulation model that assumed an approximate three-year risk-free interest rate of 4.28% and an expected volatility of 45.04%. The fair value (Level 3 measurement) of the performance-based LTI Units granted on March 1, 2024 was estimated on the date of grant using a Monte Carlo Simulation model that assumed an approximate three-year risk-free interest rate of 4.25% and an expected volatility of 45.09%.

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, 2024	2,256,847	$	12.86		17,043	$	14.19	284,047	$	11.79
Granted	1,290,216	16.82			2,664	15.87		156,010	15.13
Vested	—	—			(9,972)	21.01		(205,730)	11.42
Forfeited	—	—			(3,910)	16.43		—	—
Balance at June 30, 2024	3,547,063	$	14.30		5,825	$	14.19	234,327	$	14.34

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

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


	Stock Options
		Units	Value(1)
Balance at January 1, 2024		26,371	$	54.56


Granted		—	—
Balance at June 30, 2024		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 June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
LTI Units	$	1,433	$	4,609	$	3,609	$	9,271

Stock units	898		1,360		1,689		2,592


Phantom stock units	66		78		145		156
	$	2,397	$	6,047	$	5,443	$	12,019

The Company capitalized share and unit-based compensation costs of $(62) and $1,077 for the three months ended June 30, 2024 and 2023, respectively, and $254 and $2,154 for the six months ended June 30, 2024 and 2023, respectively. Unrecognized compensation costs of share and unit-based plans at June 30, 2024 consisted of $19,025 from LTI Units, $1,843 from stock units and $75 from phantom stock units.

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity: Stock Offerings In connection with the commencement of an “at the market” offering program on March 26, 2021, which is referred to as the “ATM Program,” the Company entered into an equity distribution agreement 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 the ATM Program. During the six months ended June 30, 2024, the Company did not issue any shares of common stock under the ATM Program. As of June 30, 2024, $151,699 remained available to be sold under the 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 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 accelerated share repurchase transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program". There were no repurchases under the Stock Buyback Program during the six months ended June 30, 2024 or 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Contingencies
Contingent liability under letters of credit	$ 40,899
Outstanding obligations under construction agreements	25,016
Secured by Restricted Cash
Contingencies
Contingent liability under letters of credit	$ 40,820

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Related Party Transactions - Schedule of Fees Charged to Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Management fees
Related Party Transaction
Revenue	$ 6,779	$ 8,035	$ 15,008	$ 14,790
Related parties
Related Party Transaction
Revenue	6,232	6,913	13,252	13,172
Related parties \| Management fees
Related Party Transaction
Revenue	4,235	4,224	8,683	8,444
Related parties \| Development and leasing fees
Related Party Transaction
Revenue	$ 1,997	$ 2,689	$ 4,569	$ 4,728

- 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

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+ Details

Dispositions

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

Dispositions:

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 $10,349. The Company used the net proceeds to pay down debt.

On July 17, 2023, the Company sold Superstition Springs Power Center, a 204,000 square foot power center in Mesa, Arizona, for $5,634, which resulted in a gain on sale of assets of $1,903. The Company used the net proceeds to pay down debt.

The Company did not repay the loan on Towne Mall on its maturity date of November 1, 2022, and completed transition of the property to a receiver. On December 4, 2023, Towne Mall was sold by the receiver for $9,500, resulting in a gain on extinguishment of debt of $8,208.

On June 13, 2024, the partnership agreement between the Company and its partner was amended and as a result, the Company no longer accounts for its investment in Chandler Fashion Center as a financing arrangement (See Note 12—Financing Arrangement). Effective June 13, 2024, the Company accounts for its investment in Chandler Fashion Center under the equity method of accounting.

The Company recognized the following gain on sale of assets on Chandler Fashion Center:


Fair value of investment in unconsolidated joint ventures - Chandler Fashion Center	$	141,291
Reversal of the financing arrangement obligation	88,721
Deconsolidation of Chandler Fashion Center - liabilities in excess of assets	104,273
	$	334,285

On June 28, 2024, the Company sold a former department store parcel at Valle Vista Mall in Harlingen, Texas for $7,100, which resulted in a gain on sale of assets of $1,019. The Company used the net proceeds to pay down debt.

For the three and six months ended June 30, 2024, the Company sold a land parcel, resulting in a gain on sale of land of $289. For the six months ended June 30, 2023, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $4,375. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
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
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(72,600)	(73,697)			(73,697)		1,097
Interest rate cap agreements	470	470				470
Amortization of share and unit-based plans	12,019	12,019	$ 2	12,017
Amortization of share and unit-based plans (in shares)			250,914
Employee stock purchases	1,021	1,021	$ 1	1,020
Employee stock purchases (in shares)			125,754
Stock offerings, net	(77)	(77)		(77)
Distributions paid	(73,306)	(73,306)			(73,306)
Distributions to noncontrolling interests	(7,839)						(7,839)
Adjustment of noncontrolling interests in Operating Partnership	0	(807)		(807)			807
Ending balance at Jun. 30, 2023	2,809,037	2,731,396	$ 2,154	5,518,237	(2,790,097)	1,102	77,641
Ending balance (in shares) at Jun. 30, 2023			215,617,797
Beginning balance at Mar. 31, 2023	2,855,414	2,775,892	$ 2,152	5,511,513	(2,738,525)	752	79,522
Beginning balance (in shares) at Mar. 31, 2023			215,361,920
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(14,406)	(14,964)			(14,964)		558
Interest rate cap agreements	350	350				350
Amortization of share and unit-based plans	6,047	6,047	$ 1	6,046
Amortization of share and unit-based plans (in shares)			130,123
Employee stock purchases	1,021	1,021	$ 1	1,020
Employee stock purchases (in shares)			125,754
Stock offerings, net	(56)	(56)		(56)
Distributions paid	(36,608)	(36,608)			(36,608)
Distributions to noncontrolling interests	(2,725)						(2,725)
Adjustment of noncontrolling interests in Operating Partnership	0	(286)		(286)			286
Ending balance at Jun. 30, 2023	2,809,037	2,731,396	$ 2,154	5,518,237	(2,790,097)	1,102	77,641
Ending balance (in shares) at Jun. 30, 2023			215,617,797
Beginning balance at Dec. 31, 2023	$ 2,527,601	2,447,020	$ 2,158	5,509,603	(3,063,789)	(952)	80,581
Beginning balance (in shares) at Dec. 31, 2023	215,976,614		215,976,614
Increase (Decrease) in Stockholders' Equity
Net (loss) income	$ 134,053	125,279			125,279		8,774
Interest rate cap agreements	920	920				920
Amortization of share and unit-based plans	5,443	5,443	$ 2	5,441
Amortization of share and unit-based plans (in shares)			228,844
Employee stock purchases	1,021	1,021	$ 1	1,020
Employee stock purchases (in shares)			105,240
Stock offerings, net	(66)	(66)		(66)
Distributions paid	(73,519)	(73,519)			(73,519)
Distributions to noncontrolling interests	(6,713)						(6,713)
Conversion of noncontrolling interests to common shares	0	5,970	$ 1	5,969			(5,970)
Conversion of noncontrolling interests to common shares (in shares)			92,523
Adjustment of noncontrolling interests in Operating Partnership	0	(6,634)		(6,634)			6,634
Ending balance at Jun. 30, 2024	$ 2,588,740	2,505,434	$ 2,162	5,515,333	(3,012,029)	(32)	83,306
Ending balance (in shares) at Jun. 30, 2024	216,403,221		216,403,221
Beginning balance at Mar. 31, 2024	$ 2,360,615	2,287,138	$ 2,159	5,512,628	(3,227,312)	(337)	73,477
Beginning balance (in shares) at Mar. 31, 2024			216,091,693
Increase (Decrease) in Stockholders' Equity
Net (loss) income	265,499	252,007			252,007		13,492
Interest rate cap agreements	305	305				305
Amortization of share and unit-based plans	2,397	2,397	$ 1	2,396
Amortization of share and unit-based plans (in shares)			113,765
Employee stock purchases	1,021	1,021	$ 1	1,020
Employee stock purchases (in shares)			105,240
Stock offerings, net	(66)	(66)		(66)
Distributions paid	(36,724)	(36,724)			(36,724)
Distributions to noncontrolling interests	(4,307)						(4,307)
Conversion of noncontrolling interests to common shares	0	5,970	$ 1	5,969			(5,970)
Conversion of noncontrolling interests to common shares (in shares)			92,523
Adjustment of noncontrolling interests in Operating Partnership	0	(6,614)		(6,614)			6,614
Ending balance at Jun. 30, 2024	$ 2,588,740	$ 2,505,434	$ 2,162	$ 5,515,333	$ (3,012,029)	$ (32)	$ 83,306
Ending balance (in shares) at Jun. 30, 2024	216,403,221		216,403,221

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 4,373,234	$ 4,136,136
Arrowhead Towne Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 351,353	0
Effective Interest Rate (as a percent)	6.75%
Monthly Debt Service	$ 1,921
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 0	255,924
Effective Interest Rate (as a percent)	0.00%
Monthly Debt Service	$ 0
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 151,996	122,502
Effective Interest Rate (as a percent)	6.59%
Monthly Debt Service	$ 836
Fashion District Philadelphia
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 0	70,820
Effective Interest Rate (as a percent)	0.00%
Monthly Debt Service	$ 0
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 299,420	299,375
Effective Interest Rate (as a percent)	4.61%
Monthly Debt Service	$ 1,145
Fashion Outlets at Niagara Falls USA
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 82,376	86,470
Effective Interest Rate (as a percent)	6.51%
Monthly Debt Service	$ 727
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 399,127	399,044
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	$ 324,553	324,453
Effective Interest Rate (as a percent)	3.67%
Monthly Debt Service	$ 971
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 360,606	359,264
Effective Interest Rate (as a percent)	6.62%
Monthly Debt Service	$ 1,819
Kings Plaza Shopping Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 537,214	536,956
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	$ 148,943	151,496
Effective Interest Rate (as a percent)	7.72%
Monthly Debt Service	$ 1,233
Pacific View
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 70,967	70,976
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
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 298,132	297,474
Effective Interest Rate (as a percent)	7.28%
Monthly Debt Service	$ 1,712
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 219,551	219,506
Effective Interest Rate (as a percent)	4.34%
Monthly Debt Service	$ 788
South Plains Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 190,536	0
Effective Interest Rate (as a percent)	7.97%
Monthly Debt Service	$ 703
Victor Valley, Mall of
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 114,995	114,966
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	$ 223,465	$ 226,910
Effective Interest Rate (as a percent)	3.55%
Monthly Debt Service	$ 1,256

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	216,403,221	215,976,614
Common Stock, shares outstanding (in shares)	216,403,221	215,976,614

Bank and Other Notes Payable	6 Months Ended
Bank and Other Notes Payable	Jun. 30, 2024
Debt Disclosure [Abstract]
Bank and Other Notes Payable	Bank and Other Notes Payable: Bank and other notes payable consist of the following: Credit Facility: Previously, the Company had a $525,000 revolving loan facility, which was scheduled to mature on April 14, 2024. On September 11, 2023, the Company and the Operating Partnership entered into an amended and restated credit agreement, which amended and restated their prior credit agreement, and provides for an aggregate $650,000 revolving loan facility that matures on February 1, 2027, with a one-year extension option. The revolving loan facility can be expanded up to $950,000, subject to receipt of lender commitments and other conditions. Concurrently with the entry into the amended and restated credit agreement, the Company drew $152,000 of the amount available under the revolving loan facility and used the proceeds to repay in full amounts outstanding under its prior credit facility. All obligations under the credit facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The new credit facility bears interest, at the Operating Partnership’s option, at either the base rate (as defined in the credit agreement) or adjusted term SOFR (as defined in the credit agreement) plus, in both cases, an applicable margin. The applicable margin depends on the Company’s overall leverage ratio and ranges from 1.00% to 2.50% over the selected index rate. Adjusted term SOFR is Term SOFR (as defined in the credit agreement) plus 0.10% per annum. As of June 30, 2024, the borrowing rate was SOFR plus a spread of 2.35%. As of June 30, 2024, borrowings under the credit facility were $185,000 less unamortized deferred finance costs of $13,564 for the revolving loan facility at a total effective interest rate of 8.40%. As of June 30, 2024, the Company’s availability under the revolving loan facility for additional borrowings was $464,921. The estimated fair value (Level 2 measurement) of borrowings under the credit facility at June 30, 2024 was $190,568 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 June 30, 2024 and December 31, 2023, 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Income Taxes - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 24,990,000	$ 24,024,000
Valuation allowance	$ 0

Tenant and Other Receivables, net	6 Months Ended
Tenant and Other Receivables, net	Jun. 30, 2024
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 $7,183 and $4,824 at June 30, 2024 and December 31, 2023, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $1,496 and $15,076 at June 30, 2024 and December 31, 2023, respectively, and a deferred rent receivable due to straight-line rent adjustments of $98,699 and $105,260 at June 30, 2024 and December 31, 2023, respectively.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS:
Property, net	$ 6,138,889	$ 5,900,489
Cash and cash equivalents	70,692	94,936
Restricted cash	110,962	95,358
Tenant and other receivables, net	139,358	183,478
Right-of-use assets, net	114,448	118,664
Deferred charges and other assets, net	284,242	263,068
Investments in unconsolidated joint ventures	915,817	852,764
Total assets	7,777,706	7,513,512
LIABILITIES AND EQUITY:
Mortgage notes payable	4,373,234	4,136,136
Bank and other notes payable	171,436	89,548
Accounts payable and accrued expenses	67,703	64,194
Lease liabilities	79,731	83,989
Other accrued liabilities	311,425	334,742
Distributions in excess of investments in unconsolidated joint ventures	185,437	174,786
Financing arrangement obligation	0	102,516
Total liabilities	5,188,966	4,985,911
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at June 30, 2024 and December 31, 2023, and 216,403,221 and 215,976,614 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	2,162	2,158
Additional paid-in capital	5,515,333	5,509,603
Accumulated deficit	(3,012,029)	(3,063,789)
Accumulated other comprehensive loss	(32)	(952)
Total stockholders' equity	2,505,434	2,447,020
Noncontrolling interests	83,306	80,581
Total equity	2,588,740	2,527,601
Total liabilities and partners' capital	7,777,706	7,513,512
Related parties
ASSETS:
Due from affiliates	$ 3,298	$ 4,755

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest expense capitalized	$ 5,313	$ 4,850	$ 10,389	$ 9,693
Fair value of mortgage notes payable	$ 4,158,327		$ 4,158,327		$ 3,863,997

Earnings Per Share ("EPS") - Schedule of Reconciliation of Numerator and Denominator Used in Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net income (loss)	$ 265,499	$ (14,406)	$ 134,053	$ (72,600)
Less: net income attributable to noncontrolling interests	13,492	558	8,774	1,097
Net income (loss) attributable to the Company	252,007	(14,964)	125,279	(73,697)
Allocation of earnings to participating securities	(397)	(213)	(440)	(438)
Allocation of earnings to participating securities	(397)	(213)	(440)	(438)
Numerator for basic and diluted EPS—net income (loss) attributable to common stockholders	251,610	(15,177)	124,839	(74,135)
Numerator for basic and diluted EPS—net income (loss) attributable to common stockholders	$ 251,610	$ (15,177)	$ 124,839	$ (74,135)
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding (in shares)	216,180,000	215,457,000	216,108,000	215,375,000
Denominator for diluted EPS—weighted average number of common shares outstanding (in shares)	216,180,000	215,457,000	216,108,000	215,375,000
EPS—net income (loss) attributable to common stockholders
Basic (in dollars per share)	$ 1.16	$ (0.07)	$ 0.58	$ (0.34)
Diluted (in dollars per share)	$ 1.16	$ (0.07)	$ 0.58	$ (0.34)
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	99,565	99,565
Partnership Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities excluded from Diluted EPS (in shares)	10,090,429	8,985,493	10,097,546	8,982,075

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - Level 2 Measurement - Cap - Non-Hedged - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Santa Monica Place
Derivatives, Fair Value
Notional Amount	$ 300,000
SOFR/LIBOR Rate	4.00%
Fair Value	$ 1,757	$ 2,665
The Macerich Partnership, L.P.
Derivatives, Fair Value
Notional Amount	$ 300,000
SOFR/LIBOR Rate	4.00%
Fair Value	$ (1,756)	$ (2,658)

Acquisitions - Narrative (Details) $ in Thousands	May 17, 2024 USD ($)	Nov. 16, 2023 USD ($)	May 18, 2023 USD ($) property	May 14, 2024 USD ($)	Dec. 09, 2023	May 17, 2018 property
Acquisition
Ownership percentage (as a percent)		49.90%
Freehold Raceway Mall
Acquisition
Ownership percentage at completion of acquisition (as a percent)		100.00%
Fashion District Philadelphia
Acquisition
Ownership percentage at completion of acquisition (as a percent)					100.00%
Arrowhead Towne Center
Acquisition
Fair value of net assets				$ 58,683
South Plains Mall
Acquisition
Fair value of net assets				$ 72,160
Arrowhead Towne Center
Acquisition
Ownership percentage at completion of acquisition (as a percent)				100.00%
Sears box at Inland Center
Acquisition
Payments to acquire land	$ 5,382
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square
Acquisition
Ownership percentage at completion of acquisition (as a percent)			100.00%
Joint Venture \| Freehold Raceway Mall
Acquisition
Amount of acquisition		$ 5,587
Joint Venture \| Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square \| Seritage
Acquisition
Number of properties (property) \| property						5
Joint Venture \| Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square
Acquisition
Number of properties (property) \| property			5
Purchase price			$ 46,687
Ownership percentage at completion of acquisition (as a percent)			100.00%
Joint Venture \| Third Party \| Freehold Raceway Mall
Acquisition
Ownership percentage (as a percent)		49.90%
Joint Venture \| Third Party \| Fashion District Philadelphia
Acquisition
Ownership percentage (as a percent)					50.00%
Joint Venture \| Third Party \| Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square
Acquisition
Ownership percentage (as a percent)			50.00%

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit of TRSs

The income tax provision of the TRSs are as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Current	$	—	$	—	$	—	$	—
Deferred	(258)		(371)		966		1,511
Total benefit	$	(258)	$	(371)	$	966	$	1,511

Investments in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures:

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

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 was in negotiations with the lender on the terms of this non-recourse loan. Accordingly, the joint venture shortened the holding period of the property due to the uncertainty as to the outcome of those discussions. As a result of shortening the holding period, the joint venture determined the fair value of the property was less than the carrying value and recorded an impairment loss during 2023. The Company recognized $100,997 as its share of the impairment which was limited to the extent of its investment which has been reduced to zero. As discussed below, the joint venture subsequently sold the property on June 28, 2024.

On May 18, 2023, the Company acquired Seritage Growth Properties' ("Seritage") 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. As a result of this transaction and the shortening of holding periods, an impairment loss was recorded by the joint venture. The Company's share of the impairment loss was $51,363. Effective as of May 18, 2023, the Company now owns and has

4. Investments in Unconsolidated Joint Ventures: (Continued)

consolidated its 100% interest in these five former Sears parcels in its consolidated financial statements (See Note 15—Acquisitions).

On December 4, 2023, the Company's joint venture in Tysons Corner Center replaced the existing $666,465 mortgage loan on the property with a new $710,000 loan that bears interest at a fixed rate of 6.60%, is interest only during the entire loan term and matures on December 6, 2028.

On December 27, 2023, the Company’s joint venture in One Westside sold the property, a 680,000 square foot office property in Los Angeles, California for $700,000. The existing $324,632 loan on the property was repaid, and $77,643 of net proceeds were generated at the Company’s 25% ownership share, which were used to reduce the Company’s revolving loan facility. As a result of this transaction, the Company recognized its share of gain on sale of assets of $8,118.

On January 10, 2024, the Company's joint venture in Boulevard Shops replaced the existing $23,000 mortgage loan on the property with a new $24,000 loan that bears interest at a variable rate of SOFR plus 2.50%, is interest only during the entire loan term and matures on December 5, 2028. The new loan has a required interest rate cap throughout the term of the loan at a strike rate of 7.5%.

The Company has a 50/50 joint venture with Simon Property Group, which was initially formed to develop Los Angeles Premium Outlets, a premium outlet center in Carson, California. During the three months ended March 31, 2024, the Company evaluated its investment and concluded that due to certain conditions, the Company should not continue to invest capital in this development project. As a result, the Company determined the investment was impaired on an other-than-temporary basis and wrote-off its entire investment of $57,686 in the first quarter of 2024 through equity in loss of unconsolidated joint ventures.

On May 14, 2024, the Company acquired the remaining 40% ownership interest in Arrowhead Towne Center in the New River Associates LLC joint venture that it did not previously own for a total purchase price of $36,447 and the assumption of its joint venture partner's share of debt on the property. Effective as of May 14, 2024, the Company now owns and has consolidated its 100% interest in Arrowhead Towne Center (See Note 15—Acquisitions).

On May 14, 2024, the Company acquired the remaining 40% ownership interest in South Plains Mall in the Pacific Premier Retail LLC joint venture that it did not previously own for no cash consideration and the assumption of its joint venture partner's share of debt on the property. Effective as of May 14, 2024, the Company now owns and has consolidated its 100% interest in South Plains Mall (See Note 15—Acquisitions).

On June 13, 2024, the partnership agreement between the Company and its joint venture partner was amended and as a result, the Company no longer accounts for its investment in Chandler Fashion Center as a financing arrangement. Effective June 13, 2024, the Company accounts for its investment in Chandler Fashion Center under the equity method of accounting (See Note 12—Financing Arrangement and Note 16—Dispositions).

On June 27, 2024, the Company's joint venture in Chandler Fashion Center refinanced the existing $256,000 loan on the property with a $275,000 loan that bears interest at a fixed rate of 7.06%, is interest only during the entire loan term and matures on July 1, 2029. The Company received a distribution of $17,700 in connection with this transaction.

On June 28, 2024, the Company's joint venture in Country Club Plaza sold the property for $175,600. Concurrent with the transaction, the remaining amount owed by the joint venture under the $295,470 loan ($147,735 at the Company's pro rata share) was forgiven by the lender.

During the three months ending June 30, 2024, the Company shortened the holding periods on certain joint venture properties and recorded impairment losses in equity in loss of unconsolidated joint ventures of $53,690, at the Company's pro rata share.

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

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:


	June 30, 2024		December 31, 2023
Assets(1):
Property, net	$	5,658,163	$	7,201,941
Other assets	592,620		607,864
Total assets	$	6,250,783	$	7,809,805
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	4,777,115	$	5,445,411
Other liabilities	367,478		436,179
Company's capital	617,092		1,090,403
Outside partners' capital	489,098		837,812
Total liabilities and partners' capital	$	6,250,783	$	7,809,805
Investments in unconsolidated joint ventures:
Company's capital	$	617,092	$	1,090,403
Basis adjustment(2)	113,288		(412,425)
	$	730,380	$	677,978

Assets—Investments in unconsolidated joint ventures	$	915,817	$	852,764
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(185,437)		(174,786)
	$	730,380	$	677,978

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 June 30, 2024
Revenues:
Leasing revenue	$	39,277	$	152,984	$	192,261
Other	891		6,265		7,156
Total revenues	40,168		159,249		199,417
Expenses:
Shopping center and operating expenses	9,660		57,668		67,328
Leasing expenses	294		1,081		1,375
Interest expense	20,499		50,048		70,547
Depreciation and amortization	19,718		53,492		73,210
Total expenses	50,171		162,289		212,460
Gain (loss) on sale or write down of assets, net	7,588		(225,830)		(218,242)

Net loss	$	(2,415)	$	(228,870)	$	(231,285)
Company's equity in net loss	$	(50,949)	$	(5,888)	$	(56,837)
Three Months Ended June 30, 2023
Revenues:
Leasing revenue	$	42,095	$	168,389	$	210,484
Other	496		7,621		8,117
Total revenues	42,591		176,010		218,601
Expenses:
Shopping center and operating expenses	10,275		59,540		69,815
Leasing expenses	425		1,453		1,878
Interest expense	21,849		50,789		72,638
Depreciation and amortization	22,330		63,231		85,561
Total expenses	54,879		175,013		229,892
Loss on sale or write down of assets, net	—		(1,088)		(1,088)

Net loss	$	(12,288)	$	(91)	$	(12,379)
Company's equity in net loss	$	(4,457)	$	(2,503)	$	(6,960)

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

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:


	PPR Portfolio		Other Joint Ventures		Total
Six Months Ended June 30, 2024
Revenues:
Leasing revenue	$	82,288	$	303,046	$	385,334
Other	1,208		6,930		8,138
Total revenues	83,496		309,976		393,472
Expenses:
Shopping center and operating expenses	20,223		115,612		135,835
Leasing expenses	873		2,466		3,339
Interest expense	42,626		101,584		144,210
Depreciation and amortization	41,675		109,689		151,364
Total expenses	105,397		329,351		434,748
Loss on sale or write down of assets, net	(92,684)		(347,024)		(439,708)

Net loss	$	(114,585)	$	(366,399)	$	(480,984)
Company's equity in net loss	$	(60,270)	$	(69,843)	$	(130,113)
Six Months Ended June 30, 2023
Revenues:
Leasing revenue	$	85,166	$	331,757	$	416,923
Other	1,176		8,287		9,463
Total revenues	86,342		340,044		426,386
Expenses:
Shopping center and operating expenses	21,673		119,659		141,332
Leasing expenses	994		2,926		3,920
Interest expense	43,658		93,085		136,743
Depreciation and amortization	45,207		125,736		170,943
Total expenses	111,532		341,406		452,938
Loss on sale or write down of assets, net	—		(71,651)		(71,651)

Net loss	$	(25,190)	$	(73,013)	$	(98,203)
Company's equity in net loss	$	(10,715)	$	(58,055)	$	(68,770)

Organization	6 Months Ended
Organization	Jun. 30, 2024
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 retail 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 June 30, 2024, 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.

Stockholders' Equity (Details) - USD ($)	6 Months Ended
Stockholders' Equity (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Mar. 26, 2021	Feb. 12, 2017
Class of Stock
Authorized repurchase amount (up to)				$ 500,000,000
Stock repurchased (in shares)	0	0
ATM Program
Class of Stock
Authorized repurchase amount (up to)			$ 500,000,000
Shares available for sale	$ 151,699,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Noncontrolling Interests	6 Months Ended
Noncontrolling Interests	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests: The Company allocates net (loss) income of the Operating Partnership based on the weighted average ownership interest during the period. The net (loss) income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 96% ownership interest in the Operating Partnership as of June 30, 2024 and December 31, 2023. The remaining 4% limited partnership interest as of June 30, 2024 and December 31, 2023 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of June 30, 2024 and December 31, 2023, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $148,380 and $158,157, 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.

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Fees Charged to Unconsolidated Joint Ventures

The following are fees charged to unconsolidated joint ventures:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Management fees	$	4,235	$	4,224	$	8,683	$	8,444
Development and leasing fees	1,997		2,689		4,569		4,728
	$	6,232	$	6,913	$	13,252	$	13,172

Organization (Details) - entity	6 Months Ended
Organization (Details) - entity	Jun. 30, 2024	Dec. 31, 2023
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%

Bank and Other Notes Payable (Details) - USD ($)			6 Months Ended
Bank and Other Notes Payable (Details) - USD ($)	Sep. 11, 2023	Apr. 14, 2021	Jun. 30, 2024	Dec. 31, 2023
Mortgage loans payable on real estate
Unamortized deferred finance costs			$ 22,641,000	$ 21,148,000
Revolving Loan Facility Matures on February 1, 2027 \| Revolving Line of Credit
Mortgage loans payable on real estate
Extension term (in years)	1 year
Expanded line of credit facility (up to)		$ 950,000,000
Debt instrument, increase rate (as a percent)			0.10%
Variable interest rate spread (as a percent)			2.35%
Outstanding borrowings under the line of credit			$ 185,000,000
Unamortized deferred finance costs			$ 13,564,000
Interest rate (as a percent)			8.40%
Availability for additional borrowing			$ 464,921,000
Revolving Loan Facility Matures on February 1, 2027 \| Revolving Line of Credit \| Level 2 Measurement
Mortgage loans payable on real estate
Fair value of outstanding line of credit			$ 190,568,000
Revolving Loan Facility Matures on February 1, 2027 \| Revolving Line of Credit \| Minimum
Mortgage loans payable on real estate
Debt instrument, leverage ratio requirement		1.00%
Revolving Loan Facility Matures on February 1, 2027 \| Revolving Line of Credit \| Maximum
Mortgage loans payable on real estate
Debt instrument, leverage ratio requirement		2.50%
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
Line of Credit \| Revolving Loan Facility Matures on February 1, 2027 \| Revolving Line of Credit
Mortgage loans payable on real estate
Borrowing capacity	$ 650,000,000
Term Loan \| Revolving Loan Facility Matures on February 1, 2027
Mortgage loans payable on real estate
Proceeds from lines of credit	$ 152,000

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 0.17	$ 0.17	$ 0.34	$ 0.34

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 7,183	$ 4,824
Deferred rent receivable due to straight-line rent adjustments	98,699	105,260
Accrued Percentage Rents
Components of tenant and other receivables, net
Accounts receivable	$ 1,496	$ 15,076

Property, net - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Property, net - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) $ / ft²	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / ft²	Jun. 30, 2023 USD ($)	Dec. 31, 2023
Property, Plant and Equipment
Depreciation expense \| $	$ 67,421	$ 66,162	$ 132,180	$ 133,225
Measurement Input, Cap Rate \| Valuation, Income Approach
Property, Plant and Equipment
Other real estate owned, measurement input	0.073		0.073		0.090
Measurement Input, Discount Rate \| Valuation, Income Approach
Property, Plant and Equipment
Other real estate owned, measurement input	0.090		0.090		0.110
Measurement Input, Market Rents Per Square Foot \| Valuation, Income Approach \| Minimum
Property, Plant and Equipment
Other real estate owned, measurement input	20		20
Measurement Input, Market Rents Per Square Foot \| Valuation, Income Approach \| Maximum
Property, Plant and Equipment
Other real estate owned, measurement input	200		200

Financing Arrangement

6 Months Ended

Jun. 30, 2024

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 1,402,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,546,000 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 of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, was not obligated to repurchase the assets. The Company accounted for its investment in Chandler Freehold as a financing arrangement.

On November 16, 2023, the Company acquired the 49.9% ownership interest in Freehold Raceway Mall (See Note 15—Acquisitions). As a result, Freehold Raceway Mall is no longer part of the financing arrangement and is 100% owned by the

Company. In connection with the acquisition of the 49.9% ownership interest, the Company recorded the $5,587 purchase amount as a reduction to the financing arrangement obligation.

On June 13, 2024, the partnership agreement between the Company and its partner was amended, removing the specific rights that prohibited the transaction's qualification for sale treatment. As a result, the transaction qualified for sale treatment and the Company no longer accounts for its investment in Chandler Fashion Center as a financing arrangement. The financing arrangement obligation was $88,721 on June 13, 2024 and was reversed and included in gain on sale of assets (See Note 16—Dispositions). References to Chandler Freehold for the period after November 16, 2023 through June 13, 2024 shall be deemed to only refer to Chandler Fashion Center.

The fair value (Level 3 measurement) of the financing arrangement obligation at June 13, 2024 and December 31, 2023 was based upon a terminal capitalization rate of approximately 7.00% and 6.50%, respectively, a discount rate at June 13, 2024 and December 31, 2023 of 8.25% and 8.00%, respectively, and market rents per square foot of $45 to $240. 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.


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Distributions equal to the partner's share of net income (loss)	$	766	$	260	$	1,565	$	(79)
Distributions in excess of the partner's share of net income	266		1,352		966		4,169
Adjustment to fair value of financing arrangement obligation	(16,733)		4,368		(13,795)		(7,517)
	$	(15,701)	$	5,980	$	(11,264)	$	(3,427)

Property, net - Schedule of Components of Property, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment
Equipment and furnishings	$ 169,540	$ 186,717
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization	8,706,883	8,710,352
Less accumulated depreciation	(2,567,994)	(2,809,863)
Property, net	6,138,889	5,900,489
Land
Property, Plant and Equipment
Property, plant and equipment, gross	1,412,634	1,388,345
Buildings and improvements
Property, Plant and Equipment
Property, plant and equipment, gross	6,062,557	6,070,367
Tenant improvements
Property, Plant and Equipment
Property, plant and equipment, gross	653,945	724,427
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, gross	$ 408,207	$ 340,496

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Components of Leasing Revenue

The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2024 and 2023:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Leasing revenue—fixed payments	$	152,876	$	141,247	$	297,591	$	281,753
Leasing revenue—variable payments	46,594		50,782		96,454		108,298
(Provision for) recovery of doubtful accounts	(1,509)		624		(4,432)		1,647
	$	197,961	$	192,653	$	389,613	$	391,698

Schedule of Minimum Rental Payments

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


Twelve months ending June 30,
2025	$	496,506
2026	416,061
2027	331,748
2028	257,743
2029	196,539
Thereafter	812,237
	$	2,510,834

Schedule of Lease Costs

The following table summarizes the lease costs for the three and six months ended June 30, 2024 and 2023:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease costs	$	3,275	$	3,290	$	6,537	$	7,084
Finance lease costs:
Amortization of ROU assets	487		484		975		969
Interest on lease liabilities	73		92		215		260
	$	3,835	$	3,866	$	7,727	$	8,313

Schedule of Minimum Future Rental Payments Required

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


	June 30, 2024						December 31, 2023
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2024	$	6,097		$	9,478		$	11,442		$	9,478
2025	11,626			1,400			11,626			1,400
2026	11,743			—			11,743			—
2027	11,914			—			11,914			—
2028	8,303			—			8,303			—
Thereafter	74,831			—			74,831			—
Total undiscounted rental payments	124,514			10,878			129,859			10,878
Less imputed interest	(54,146)			(1,515)			(56,475)			(273)
Total lease liabilities	$	70,368		$	9,363		$	73,384		$	10,605
Weighted average remaining term	24.2 years			0.2 years			24.1 years			0.7 years
Weighted average incremental borrowing rate	7.1		%	3.5		%	7.1		%	3.6		%

Schedule of Finance Lease, Fiscal Year Maturity

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


	June 30, 2024						December 31, 2023
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2024	$	6,097		$	9,478		$	11,442		$	9,478
2025	11,626			1,400			11,626			1,400
2026	11,743			—			11,743			—
2027	11,914			—			11,914			—
2028	8,303			—			8,303			—
Thereafter	74,831			—			74,831			—
Total undiscounted rental payments	124,514			10,878			129,859			10,878
Less imputed interest	(54,146)			(1,515)			(56,475)			(273)
Total lease liabilities	$	70,368		$	9,363		$	73,384		$	10,605
Weighted average remaining term	24.2 years			0.2 years			24.1 years			0.7 years
Weighted average incremental borrowing rate	7.1		%	3.5		%	7.1		%	3.6		%

Leases - Schedule of Components of Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Leasing revenue—fixed payments	$ 152,876	$ 141,247	$ 297,591	$ 281,753
Leasing revenue—variable payments	46,594	50,782	96,454	108,298
(Provision for) recovery of doubtful accounts	(1,509)	624	(4,432)	1,647
Total leasing revenue	$ 197,961	$ 192,653	$ 389,613	$ 391,698

Deferred Charges and Other Assets, net - Schedule of Deferred Charges and Other Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 57,136		$ 57,136		$ 89,175
Intangible assets:
In-place lease values	90,279		90,279		59,478
Leasing commissions and legal costs	20,380		20,380		16,364
Above-market leases	56,636		56,636		66,002
Deferred tax assets	24,990		24,990		24,024
Deferred compensation plan assets	67,387		67,387		62,755
Other assets	60,698		60,698		73,576
Deferred charges and other assets, gross	377,506		377,506		391,374
Less accumulated amortization	(93,264)		(93,264)		(128,306)
Deferred charges and other assets, net	284,242		284,242		263,068
In-place Lease Values, Leasing Commissions and Legal Costs
Finite-Lived Intangible Assets
Accumulated amortization for intangible assets	37,419		37,419		$ 39,540
Amortization expense for intangible assets	$ 2,384	$ 1,876	$ 4,160	$ 3,785

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following derivatives were outstanding at June 30, 2024 and December 31, 2023:


								Fair Value
Property	Designation	Notional Amount		Product	SOFR/LIBOR Rate		Maturity	June 30, 2024		December 31, 2023
Santa Monica Place	Non-Hedged	$	300,000	Cap	4.00	%	12/9/2024	$	1,757	$	2,665
The Macerich Partnership, L.P.	Non-Hedged	$	(300,000)	Sold Cap	4.00	%	12/9/2024	$	(1,756)	$	(2,658)

- 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 + Details

Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands												6 Months Ended
	May 24, 2024	Mar. 19, 2024	Jan. 25, 2024	Nov. 16, 2023	Oct. 06, 2023	Jul. 09, 2023	Jun. 05, 2023	Jan. 20, 2023	Jan. 03, 2023	Dec. 09, 2022	May 06, 2022	Jun. 30, 2024	Jun. 30, 2023	May 14, 2024	Apr. 21, 2024	Dec. 31, 2023
Mortgage loans payable on real estate
Debt, fair value												$ 41,367				$ 0
Unamortized deferred finance costs												22,641				21,148
Payments to acquire interest in joint venture												30,013	$ 37,238
Mortgage notes payable												4,373,234				4,136,136
Arrowhead Towne Center
Mortgage loans payable on real estate
Debt, fair value												31,903				0
Ownership percentage at completion of acquisition (as a percent)														100.00%
South Plains Mall
Mortgage loans payable on real estate
Debt, fair value												$ 9,464				$ 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
Ownership percentage (as a percent)				49.90%
Ownership percentage at completion of acquisition (as a percent)				100.00%
Interest in the loan assumed by a third party (as a percent)												49.90%
Payments to acquire interest in joint venture				$ 5,600
Danbury Fair Mall
Mortgage loans payable on real estate
Debt issued			$ 155,000
Interest rate on debt (as a percent)			6.39%
Fashion District Philadelphia
Mortgage loans payable on real estate
Repayments of debt								$ 26,107
Extension term (in years)								1 year
Mortgage notes payable															$ 8,171
Fashion District Philadelphia \| SOFR
Mortgage loans payable on real estate
Interest rate on debt (as a percent)								3.60%
Fashion Outlets at Niagara Falls USA
Mortgage loans payable on real estate
Extension term (in years)		3 years
Variable interest rate spread (as a percent)					5.90%
Green Acres Mall And Commons
Mortgage loans payable on real estate
Interest rate on debt (as a percent)									5.90%
Repayments of debt									$ 370
Extension term (in years)									5 years
Oaks, The
Mortgage loans payable on real estate
Interest rate on debt (as a percent)											5.25%
Repayments of debt							$ 10,000				$ 5,000
Extension term (in years)	2 years										2 years
Oaks, The \| Period One
Mortgage loans payable on real estate
Interest rate on debt (as a percent)	7.50%
Oaks, The \| Period Two
Mortgage loans payable on real estate
Interest rate on debt (as a percent)	8.50%
Santa Monica Place
Mortgage loans payable on real estate
Extension term (in years)										3 years
Santa Monica Place \| SOFR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)						1.52%
Interest rate cap (as a percent)										4.00%
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%

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
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	$ 148,380	$ 158,157
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%

Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments
Total assets	$ 7,777,706		$ 7,777,706		$ 7,513,512
Liabilities	5,188,966		5,188,966		4,985,911
Joint Venture
Schedule of Equity Method Investments
Total assets	6,250,783		6,250,783		7,809,805
Amortization of difference between cost of investments and book value of underlying equity	107,378	$ 1,106	182,561	$ (11,448)
Joint Venture \| Pacific Premier Retail LLC—Various Properties
Schedule of Equity Method Investments
Total assets	2,269,612		2,269,612		2,613,690
Liabilities	$ 1,353,917		$ 1,353,917		$ 1,578,328

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ References

+ Details

Earnings Per Share ("EPS") (Tables)

6 Months Ended

Jun. 30, 2024

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 and six months ended June 30, 2024 and 2023 (shares in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Numerator
Net income (loss)	$	265,499	$	(14,406)	$	134,053	$	(72,600)
Less: net income attributable to noncontrolling interests	13,492		558		8,774		1,097
Net income (loss) attributable to the Company	252,007		(14,964)		125,279		(73,697)
Allocation of earnings to participating securities	(397)		(213)		(440)		(438)
Numerator for basic and diluted EPS—net income (loss) attributable to common stockholders	$	251,610	$	(15,177)	$	124,839	$	(74,135)
Denominator



Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	216,180		215,457		216,108		215,375
EPS—net income (loss) attributable to common stockholders
Basic and diluted	$	1.16	$	(0.07)	$	0.58	$	(0.34)

Share and Unit-Based Plans (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of LTI Units Granted

During the six months ended June 30, 2024, the Company granted the following LTI Units:


Grant Date	Units	Type	Fair Value per LTI Unit		Vest Date
2/15/2024	305,129	Service-based	$	17.47	12/31/2026
2/15/2024	280,637	Performance-based	$	17.37	12/31/2026
3/1/2024	138,634	Service-based	$	16.41	12/31/2026
3/1/2024	152,346	Service-based	$	16.41	3/1/2027
3/1/2024	76,173	Service-based	$	16.41	3/1/2028
3/1/2024	76,173	Service-based	$	16.41	3/1/2029
3/1/2024	261,124	Performance-based	$	16.18	12/31/2026
	1,290,216

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, 2024	2,256,847	$	12.86		17,043	$	14.19	284,047	$	11.79
Granted	1,290,216	16.82			2,664	15.87		156,010	15.13
Vested	—	—			(9,972)	21.01		(205,730)	11.42
Forfeited	—	—			(3,910)	16.43		—	—
Balance at June 30, 2024	3,547,063	$	14.30		5,825	$	14.19	234,327	$	14.34

(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 vested stock options outstanding:


	Stock Options
		Units	Value(1)
Balance at January 1, 2024		26,371	$	54.56


Granted		—	—
Balance at June 30, 2024		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 June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
LTI Units	$	1,433	$	4,609	$	3,609	$	9,271

Stock units	898		1,360		1,689		2,592


Phantom stock units	66		78		145		156
	$	2,397	$	6,047	$	5,443	$	12,019