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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	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator
Net loss	$ (201,059)	$ (197,665)	$ (278,099)
Less: net loss attributable to noncontrolling interests	(3,910)	(3,545)	(4,034)
Net loss attributable to the Company	(197,149)	(194,120)	(274,065)
Allocation of earnings to participating securities	(774)	(906)	(870)
Allocation of earnings to participating securities	(774)	(906)	(870)
Numerator for basic EPS—net loss attributable to common stockholders	(197,923)	(195,026)	(274,935)
Numerator for diluted EPS—net loss attributable to common stockholders	$ (197,923)	$ (195,026)	$ (274,935)
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding (in shares)	254,216,000	221,845,000	215,548,000
Denominator for diluted EPS—weighted average number of common shares outstanding (in shares)	254,216,000	221,845,000	215,548,000
EPS—net loss attributable to common stockholders:
Basic (in dollars per share)	$ (0.78)	$ (0.88)	$ (1.28)
Diluted (in dollars per share)	$ (0.78)	$ (0.88)	$ (1.28)
Convertible Preferred Units
Antidilutive securities
Antidilutive securities (in shares)	99,565	99,565	99,565
Partnership Unit
Antidilutive securities
Antidilutive securities (in shares)	10,755,282	10,017,081	8,952,452

Summary of Significant Accounting Policies - Schedule Operating Partnership's VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Property, net	$ 6,688,128	$ 7,097,113
Total assets	8,368,685	8,567,039
Liabilities:
Mortgage notes payable	5,068,946	4,894,525
Total liabilities	5,841,615	5,724,614
Operating Partnership's VIEs
Assets:
Property, net	118,073	122,102
Other assets	18,396	22,034
Total assets	136,469	144,136
Liabilities:
Mortgage notes payable	219,687	219,595
Other liabilities	65,778	71,268
Total liabilities	$ 285,465	$ 290,863

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Segment Reporting	12 Months Ended
Segment Reporting	Dec. 31, 2025
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting: The Company operates as one operating segment and is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company's chief operating decision maker ("CODM") is the chief executive officer, who reviews financial information presented on a consolidated basis. The CODM assesses performance for the Company's single reportable segment and decides how to allocate resources based on consolidated net income (see the Consolidated Statements of Operations). The Company's objective in making resource allocation decisions is to optimize the consolidated financial results. The accounting policies of the Company’s single reportable segment are the same as those described in the summary of significant accounting policies. As the Company's operations comprise of a single reporting segment, the measure of segment assets is reported in the accompanying consolidated balance sheets as “Total assets.” Consolidated net income, which is reported in the accompanying Consolidated Statements of Operations as “Net loss attributable to the Company” is the measure of segment profit or loss that is most consistent with GAAP that is regularly reviewed by the CODM. Consolidated net income is used by the CODM in assessing the performance of the segment and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
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+ Details

Organization (Details)	12 Months Ended
Organization (Details)	Dec. 31, 2025 entity
Subsidiary of Limited Liability Company or Limited Partnership
Number of management companies (in entities)	7
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership
Ownership interest in operating partnership (as a percent)	96.00%

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Capitalized interest cost	$ 17,253	$ 22,589	$ 20,531
Fair value of mortgage notes payable	$ 4,982,754	$ 4,726,227

- Definition

Fair value portion of notes payable.

+ References

+ Details

Deferred Charges and Other Assets, net (Tables)

12 Months Ended

Dec. 31, 2025

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

Schedule of Deferred Charges and Other Assets, Net

Deferred charges and other assets, net at December 31, 2025 and 2024 consist of the following:


	2025		2024
Leasing	$	55,072	$	69,077
Intangible assets:
In-place lease values(1)	136,239		142,979
Leasing commissions and legal costs(1)	30,134		27,676
Above-market leases	75,756		74,712
Deferred tax assets	27,517		25,324
Deferred compensation plan assets	75,003		69,031
Other assets	60,019		48,771
	459,740		457,570
Less accumulated amortization(2)	(116,309)		(88,017)
	$	343,431	$	369,553

_______________________________

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


Year Ending December 31,
2026	$	37,999
2027	19,705
2028	11,576
2029	8,444
2030	5,776
Thereafter	17,132
	$	100,632

(2)Accumulated amortization includes $65,741 and $33,883 relating to in-place lease values, leasing commissions and legal costs at December 31, 2025 and 2024, respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $58,004, $18,423 and $7,417 for the years ended December 31, 2025, 2024 and 2023, respectively.

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

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


Year Ending December 31,
2026	$	37,999
2027	19,705
2028	11,576
2029	8,444
2030	5,776
Thereafter	17,132
	$	100,632

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 as of December 31, 2025 and 2024:


	2025		2024
Above-Market Leases(1)
Original allocated value	$	75,756	$	74,712
Less accumulated amortization	(35,665)		(26,173)
	$	40,091	$	48,539
Below-Market Leases(1)
Original allocated value	$	106,194	$	114,150
Less accumulated amortization	(43,081)		(36,338)
	$	63,113	$	77,812

_______________________________

(1)Above-market leases are included in deferred charges and other assets, net. Below-market leases are included in other accrued liabilities.

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

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


Year Ending December 31,	Above Market		Below Market
2026	$	10,884	$	13,937
2027	8,324		10,512
2028	5,810		8,131
2029	4,636		7,029
2030	3,175		4,607
Thereafter	7,262		18,897
	$	40,091	$	63,113

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Leasing revenue	$ 950,764	$ 850,453	$ 809,023
Total revenues	1,013,983	918,204	884,068
Expenses:
Leasing expenses	46,626	41,340	36,423
REIT general and administrative expenses	31,539	28,145	29,238
Depreciation and amortization	357,083	294,780	282,361
Total expenses before interest	846,222	753,192	706,489
Interest (income) expense:
Interest (income) expense	283,542	219,987	172,920
Gain on extinguishment of debt	0	(14,403)	(8,208)
Total expenses	1,129,764	958,776	871,201
Equity in income (loss) of unconsolidated joint ventures	35,946	(197,352)	(156,937)
Income tax benefit	2,193	1,300	494
(Loss) gain on sale or write down of assets, net	(123,417)	38,959	(134,523)
Net loss	(201,059)	(197,665)	(278,099)
Less net loss attributable to noncontrolling interests	(3,910)	(3,545)	(4,034)
Net loss attributable to the Company	$ (197,149)	$ (194,120)	$ (274,065)
Earnings per common share attributable to common stockholders:
Basic (in dollars per share)	$ (0.78)	$ (0.88)	$ (1.28)
Diluted (in dollars per share)	$ (0.78)	$ (0.88)	$ (1.28)
Weighted average number of common shares outstanding:
Basic (in shares)	254,216	221,845	215,548
Diluted (in shares)	254,216	221,845	215,548
Related parties
Revenues:
Revenues	$ 22,125	$ 26,536	$ 27,345
Interest (income) expense:
Interest (income) expense	0	(11,264)	(24,206)
Other
Interest (income) expense:
Interest (income) expense	283,542	231,251	197,126
Other
Revenues:
Revenues	40,513	37,937	44,860
Management Companies
Revenues:
Revenues	22,706	29,814	30,185
Expenses:
Shopping center and management companies operating expenses	84,644	82,059	70,060
Management Companies \| Related parties
Revenues:
Revenues	14,593	17,518	18,144
Shopping center and operating expenses
Expenses:
Shopping center and management companies operating expenses	$ 326,330	$ 306,868	$ 288,407

Earnings Per Share ("EPS")

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

Earnings Per Share ("EPS"):

The following table reconciles the numerator and denominator used in the computation of earnings per share for the years ended December 31 (shares in thousands):


	2025		2024		2023
Numerator
Net loss	$	(201,059)	$	(197,665)	$	(278,099)
Less: net loss attributable to noncontrolling interests	(3,910)		(3,545)		(4,034)
Net loss attributable to the Company	(197,149)		(194,120)		(274,065)
Allocation of earnings to participating securities	(774)		(906)		(870)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$	(197,923)	$	(195,026)	$	(274,935)
Denominator




Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	254,216		221,845		215,548
EPS—net loss attributable to common stockholders:
Basic and diluted	$	(0.78)	$	(0.88)	$	(1.28)

____________________________________

(1)Diluted EPS excludes 99,565, 99,565 and 99,565 convertible preferred units for the years ended December 31, 2025, 2024 and 2023, respectively, as their impact was antidilutive.

Diluted EPS excludes 10,755,282, 10,017,081 and 8,952,452 Operating Partnership units ("OP Units") for the years ended December 31, 2025, 2024 and 2023, respectively, as their effect was antidilutive.

Share and Unit-based Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Activity of Non-vested Stock Units

The following table summarizes the activity of non-vested stock units during the years ended December 31, 2025, 2024 and 2023:

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


	2025			2024			2023
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance at beginning of year	240,547	$	14.39	284,047	$	11.79	295,054	$	14.58
Granted	145,262	17.85		169,878	15.28		251,738	10.92
Vested	(165,181)	14.86		(212,347)	11.62		(262,745)	14.08
Forfeited	—	—		(1,031)	15.27		—	—
Balance at end of year	220,628	$	16.32	240,547	$	14.39	284,047	$	11.79

Schedule of LTIP Units Granted

The Company has granted the following LTI units during the years ended December 31, 2025, 2024 and 2023:


Grant Date	Units	Type	Fair Value per LTI Unit		Vest Date
1/1/2023	577,255	Service-based	$	11.26	12/31/2025
1/1/2023	1,030,077	Performance-based	$	10.97	12/31/2025
	1,607,332

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
11/12/2024	77,399	Service-based	$	19.38	11/30/2027
	1,367,615

2/21/2025	193,776	Service-based	20.88		12/31/2027
2/21/2025	504,780	Performance-based	34.81		12/31/2027
	698,556

Schedule LTIP Units Valuation Assumptions

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


Grant Date	Risk Free Interest Rate		Expected Volatility
1/1/2023	4.21	%	74.23	%
2/15/2024	4.28	%	45.04	%
3/1/2024	4.25	%	45.09	%
2/21/2025	4.10	%	42.25	%

Schedule of Activity of Stock Options

The following table summarizes the activity of the non-vested LTI Units during the years ended December 31, 2025, 2024 and 2023:


	2025			2024			2023
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance at beginning of year	2,391,933	$	13.95	2,256,847	$	12.86	2,215,167	$	12.90
Granted	698,556	30.95		1,367,615	16.96		1,607,332	11.07
Vested	(1,447,273)	12.30		(1,126,234)	15.25		(1,378,528)	10.94
Forfeited	—	—		(106,295)	15.77		(187,124)	12.15
Balance at end of year	1,643,216	$	22.63	2,391,933	$	13.95	2,256,847	$	12.86

The following table summarizes the activity of vested stock options for the years ended December 31, 2025, 2024 and 2023:


	2025			2024			2023
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	26,371	$	54.56	26,371	$	54.56	26,371	$	54.56


Forfeited	—	—		—	—		—	—
Balance at end of year	26,371	$	54.56	26,371	$	54.56	26,371	$	54.56

Schedule of Activity of Non-vested Phantom Stock Units

The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2025, 2024 and 2023:


	2025			2024			2023
	Stock Units	Weighted Average Grant Date Fair Value		Stock Units	Weighted Average Grant Date Fair Value		Stock Units	Weighted Average Grant Date Fair Value
Balance at beginning of year	—	$	—	17,043	$	14.19	34,039	$	14.19
Granted	12,934	18.79		6,157	16.01		6,513	11.48
Vested	(12,934)	18.79		(19,290)	17.65		(23,509)	13.44
Forfeited	—	—		(3,910)	16.43		—	—
Balance at end of year	—	$	—	—	$	—	17,043	$	14.19

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 years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Stock units	$	2,334	$	2,359	$	3,150
LTI units	15,783		11,353		12,599

Phantom stock units	243		276		316
	$	18,360	$	13,988	$	16,065

Financing Arrangement - Narrative (Details) ft² in Thousands, $ in Thousands	Nov. 16, 2023 USD ($)	Sep. 30, 2009 ft²	Jun. 13, 2024 USD ($) $ / ft²	Dec. 31, 2023 $ / ft²	Nov. 15, 2023
Schedule of Joint Ventures
Ownership percentage (as a percent)	49.90%
Measurement Input, Terminal Capitalization Rate
Schedule of Joint Ventures
Debt instrument, measurement input			0.070	0.065
Measurement Input, Discount Rate
Schedule of Joint Ventures
Debt instrument, measurement input			0.0825	0.080
Measurement Input, Markets Rents Per Square Foot
Schedule of Joint Ventures
Debt instrument, measurement input \| $ / ft²			45	240
Joint Venture \| Freehold Raceway Mall
Schedule of Joint Ventures
Purchase price on acquisition \| $	$ 5,587
Financing Arrangement
Schedule of Joint Ventures
Financing arrangement obligation \| $			$ 88,721
Chandler Fashion Center \| Financing Arrangement
Schedule of Joint Ventures
Ownership interest sold (as a percent)		49.90%
Chandler Fashion Center and Freehold Raceway Mall \| Financing Arrangement
Schedule of Joint Ventures
Property area (in square feet) \| ft²		1,412
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%
Freehold Raceway Mall \| Financing Arrangement
Schedule of Joint Ventures
Property area (in square feet) \| ft²		1,653

Share and Unit-based Plans - Stock Units Roll Forward Activity (Details) - Stock units	12 Months Ended
	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of common shares into which units can be converted (in shares)	1
Share Units
Balance at beginning of year (in shares) \| shares	240,547	284,047	295,054
Granted (in shares) \| shares	145,262	169,878	251,738
Vested (in shares) \| shares	(165,181)	(212,347)	(262,745)
Forfeited (in shares) \| shares	0	(1,031)	0
Balance at end of year (in shares) \| shares	220,628	240,547	284,047
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share) \| $ / shares	$ 14.39	$ 11.79	$ 14.58
Granted (in dollars per share) \| $ / shares	17.85	15.28	10.92
Vested (in dollars per share) \| $ / shares	14.86	11.62	14.08
Forfeited (in dollars per share) \| $ / shares	0	15.27	0
Balance at end of year (in dollars per share) \| $ / shares	$ 16.32	$ 14.39	$ 11.79

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
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)	256,990,913	252,925,496
Common stock, shares outstanding (in shares)	256,990,913	252,925,496

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2025
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 “2021 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 2021 ATM Program. During the year ended December 31, 2024, the Company issued 9,401,596 shares of common stock under the 2021 ATM Program for aggregate gross proceeds of $151,699 and net proceeds of $148,624 after commissions and other transaction costs. The proceeds from the sales under the 2021 ATM Program were used to pay down the Company's revolving credit facility (See Note 11—Bank and Other Notes Payable). As of December 31, 2024, the 2021 ATM Program was fully utilized and is no longer active. In connection with the commencement of an “at the market” offering program on November 12, 2024, which is referred to as the “2024 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 2024 ATM Program. During the year ended December 31, 2024, the Company issued 3,709,322 shares of common stock under the 2024 ATM Program for aggregate gross proceeds of $70,706 and net proceeds of $69,057 after commissions and other transaction costs. During the year ended December 31, 2025, the Company issued 3,059,861 shares of common stock under the 2024 ATM Program for aggregate gross proceeds of $55,192 and net proceeds of $53,891 after commissions and other transaction costs. As of December 31, 2025, $374,102 remained available to be sold under the 2024 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 2024 ATM Program. On November 27, 2024, the Company completed a public offering of 23,000,000 shares of its common stock at a price per share of $19.75, which includes the underwriters' full exercise of their option to purchase an additional 3,000,000 shares, for gross proceeds of approximately $454,250. The net proceeds of the offering were approximately $439,410 after deducting the underwriting discount and offering costs of approximately $14,840. The Company used the proceeds from the offering, together with cash on hand, to repay the mortgage loan secured by its Washington Square property. Stock Buyback Program: On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated share repurchase transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program". There were no repurchases under the Stock Buyback Program during the years ended December 31, 2025, 2024 and 2023.

- Definition

The entire disclosure for equity.

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+ Details

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 0.68	$ 0.68	$ 0.68

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
The Plan
Employee Benefit Plans:
Employer match of employee contributions of first 3% of eligible compensation (as a percent)	100.00%
Percentage of eligible compensation, matched 100% by employer (as a percent)	3.00%
Employer match of employee contributions of next 2% of eligible compensation (as a percent)	50.00%
Percentage of eligible compensation, matched 50% by employer (as a percent)	2.00%
Employer contribution	$ 3,868	$ 3,644	$ 3,593
Deferred Compensation Plans
Employee Benefit Plans:
Employer contribution	$ 446	$ 492	$ 463

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (201,059)	$ (197,665)	$ (278,099)
Other comprehensive income (loss):
Interest rate cap/swap agreements	25	918	(1,584)
Comprehensive loss	(201,034)	(196,747)	(279,683)
Less net loss attributable to noncontrolling interests	(3,910)	(3,545)	(4,034)
Comprehensive loss attributable to the Company	$ (197,124)	$ (193,202)	$ (275,649)

- 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.

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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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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

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+ Details

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Outstanding

The following derivative was outstanding at December 31, 2025:


								Fair Value
Property	Designation	Notional Amount		Product	SOFR/LIBOR Rate		Maturity	2025		2024
Crabtree Mall	Non-Hedged	$	159,100	Cap	5.00	%	8/7/2027	$	15	$	—

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Other comprehensive (loss) income related to mark to market of derivatives	$ 25	$ 918	$ (1,584)

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes:

For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2025, 2024 and 2023:


	2025				2024(1)				2023(2)
Ordinary income	$	—	—	%	$	—	—	%	$	0.36	53.0	%
Capital gains	—		—	%	0.36		52.9	%	0.32		47.0	%

Return of capital	0.68		100.0	%	0.32		47.1	%	—		—	%
Dividends paid	$	0.68	100.0	%	$	0.68	100.0	%	$	0.68	100.0	%

_______________________________________________________________________________

(1)The 2024 capital gains are treated as "unrecaptured Section 1250 gains."

(2)The 2023 ordinary income is treated as "qualified REIT dividends" for purposes of Section 199A of the Code and the 2023 capital gains are treated as "unrecaptured Section 1250 gains."

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.

21. Income Taxes: (Continued)

The income tax provision of the TRSs for the year ended December 31, 2025 is as follows (ASU 2023-09 Presentation):


	2025(1)(2)
Current tax benefit
US federal	$	—
US state and local	—
Total current tax benefit	$	—

Deferred tax benefit
US federal	$	1,869
US state and local	324
Total deferred tax benefit	$	2,193

Total income tax benefit
US federal	$	1,869
US state and local	324
Total income tax benefit	$	2,193

_______________________________________________________________________________

(1)The Company did not make any income tax payments during 2025.

(2)The Company has no foreign income tax benefit or expense.

The income tax provision of the TRSs for the years ended December 31, 2024 and 2023 are as follows (pre-ASU 2023-09 presentation):


	2024		2023
Current	$	—	$	—
Deferred	1,300		494
Income tax benefit	$	1,300	$	494

21. Income Taxes: (Continued)

The effective income tax rate of the TRSs for the year ended December 31, 2025 is reconciled to the amount by applying the Federal Corporate tax rate as follows (ASU 2023-09 presentation):


	2025
	Amount		Percent
U.S. federal statutory income tax benefit	$	2,828	21.0	%
State and local taxes, net of federal benefit(1)	324		2.4	%
Nondeductible expenses(2):
Executive compensation: LTI Units	(792)		(5.9)	%
Restricted stock units	208		1.5	%
Meals	(161)		(1.2)	%
Life insurance	(223)		(1.7)	%
Other nontaxable or nondeductible items	9		0.1	%
Income tax benefit	$	2,193	16.2	%

_______________________________________________________________________________

(1)The state and local income tax effect is primarily attributable to California, New York State and New York City, and Virginia

(2)The significant items within nontaxable or nondeductible items relate primarily to executive compensation limitations (LTI Units), equity compensation permanent differences, and nondeductible meals and life insurance.

The income tax provision of the TRSs for the years ended December 31, 2024 and 2023 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows (pre-ASU 2023-09 presentation):


	2024		2023
Book loss for TRSs	$	9,893	$	7,671
Tax at statutory rate on earnings from continuing operations before income taxes	$	2,078	$	1,611

State taxes	266		220
Other	(1,044)		(1,337)
Income tax benefit	$	1,300	$	494

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2025 and 2024 are summarized as follows:


	2025		2024
Net operating loss carryforwards	$	14,204	$	12,533
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	12,516		11,992
Other	797		799
Net deferred tax assets	$	27,517	$	25,324

The net operating loss ("NOL") carryforwards for NOLs 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.

For the years ended December 31, 2025, 2024 and 2023 there were no unrecognized tax benefits.

21. Income Taxes: (Continued)

The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of December 31, 2025, the Company had no valuation allowance recorded.

The tax years 2022 through 2024 remain open to examination by the taxing jurisdictions to which the Company is subject.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Subsequent Events (Details) - USD ($)				12 Months Ended
Subsequent Events (Details) - USD ($)	Feb. 12, 2026	Jan. 15, 2026	Dec. 10, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 06, 2026
Subsequent events
Proceeds from sale of assets				$ 159,612,000	$ 282,148,000	$ 35,528,000
Washington Square in Portland, Oregon \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent events
Proceeds from sale of assets			$ 5,375,000
Subsequent Event
Subsequent events
Payment of general and administrative expenses		$ 12,409,000
Dividends declared for common stock (in dollars per share)	$ 0.17
Subsequent Event \| South Plains Mall \| Joint Venture
Subsequent events
Debt instrument, face amount							$ 200,000,000
Interest rate on debt (as a percent)							4.22%
Subsequent Event \| Washington Square in Portland, Oregon \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent events
Proceeds from sale of assets		$ 13,000
Subsequent Event \| Twenty Ninth Street
Subsequent events
Debt instrument, debt default, amount							$ 76,500,000
Subsequent Event \| Twenty Ninth Street \| Joint Venture
Subsequent events
Debt instrument, debt default, amount							$ 150,000,000

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction
Interest (income) expense	$ 283,542	$ 219,987	$ 172,920
Due from affiliates	2,449	1,840
Related parties
Related Party Transaction
Interest (income) expense	0	(11,264)	$ (24,206)
Due from affiliates	$ 2,449	$ 1,840

- 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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Stockholders' Equity (Details) - USD ($)		12 Months Ended
Stockholders' Equity (Details) - USD ($)	Nov. 27, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 26, 2021	Feb. 12, 2017
Class of Stock
Authorized repurchase amount						$ 500,000,000
Shares repurchased (in shares)		0	0	0
Common Stock
Class of Stock
Stock offerings, net (in shares)		3,059,861	36,110,918
2021 ATM Program
Class of Stock
Authorized repurchase amount					$ 500,000,000
Number of shares issued in transaction (in shares)			9,401,596
Gross proceeds from stock offerings			$ 151,699,000
Net proceeds from stock offerings			148,624,000
2024 ATM Program
Class of Stock
Authorized repurchase amount			$ 500,000,000
Number of shares issued in transaction (in shares)			3,709,322
Gross proceeds from stock offerings			$ 70,706,000
Net proceeds from stock offerings			$ 69,057,000
Remaining authorized repurchase amount		$ 374,102
2024 ATM Program \| Common Stock
Class of Stock
Gross proceeds from stock offerings		55,192,000
Net proceeds from stock offerings		$ 53,891,000
Stock offerings, net (in shares)		3,059,861
Public Offering
Class of Stock
Number of shares issued in transaction (in shares)	23,000,000
Gross proceeds from stock offerings	$ 454,250,000
Net proceeds from stock offerings	$ 439,410,000
Sale of stock, price per share (in dollars per share)	$ 19.75
Underwriting discount and offering costs	$ 14,840,000
Underwriters
Class of Stock
Number of shares issued in transaction (in shares)	3,000,000

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Feb. 18, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-12504
Entity Registrant Name	MACERICH CO
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-4448705
Entity Address, Address Line One	401 Wilshire Boulevard,
Entity Address, Address Line Two	Suite 700,
Entity Address, City or Town	Santa Monica,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90401
City Area Code	(310)
Local Phone Number	394-6000
Title of each class	Common Stock, $0.01 Par Value
Trading Symbol(s)	MAC
Name of each exchange on which registered	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 4.1
Entity Common Stock, Shares Outstanding		256,670,747
Documents Incorporated by Reference	Portions of the proxy statement for the annual stockholders meeting to be held in 2026 are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0000912242
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Property, net - Schedule of Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	$ 225,700	$ 436,000	$ 63,200
(Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	0	0	0
(Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	21,500	26,000	0
(Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total Fair Value Measurement	$ 204,200	$ 410,000	$ 63,200

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 280,246	$ 89,858	$ 94,936	$ 100,320
Restricted cash	92,717	87,621	95,358	80,819
Cash and cash equivalents and restricted cash	$ 372,963	$ 177,479	$ 190,294	$ 181,139

Schedule III—Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

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

Schedule III—Real Estate and Accumulated Depreciation


	Initial Cost to Company								Gross Amount at Which Carried at Close of Period
Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition, net of (impairments)		Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation

Arrowhead Towne Center	$	57,388	$	310,026	$	—	$	6,326	$	57,388	$	315,931	$	410	$	11	$	373,740	$	15,019	$	358,721
Crabtree Mall	55,784		196,227		—		7,248		55,784		200,237		58		3,180		259,259		5,774		253,485
Danbury Fair Mall	130,367		316,951		—		134,015		142,751		427,169		11,241		172		581,333		229,712		351,621
Desert Sky Mall	9,447		37,245		12		10,289		6,628		45,114		5,139		112		56,993		22,243		34,750
Eastland Mall	22,050		151,605		—		18,341		20,810		168,585		2,601		—		191,996		70,952		121,044
Fashion District Philadelphia	38,402		293,112		—		(249,322)		10,331		71,132		567		162		82,192		4,198		77,994
Fashion Outlets of Chicago	—		—		—		280,485		40,575		235,930		3,893		87		280,485		104,203		176,282
Fashion Outlets of Niagara Falls USA	18,581		210,139		—		(162,764)		6,961		58,733		262		—		65,956		8,719		57,237

Freehold Raceway Mall	164,986		362,841		—		129,939		168,098		477,675		9,158		2,835		657,766		284,496		373,270
Fresno Fashion Fair	17,966		72,194		—		65,509		17,966		133,212		3,650		841		155,669		90,871		64,798
Green Acres Mall	156,640		321,034		—		266,784		156,919		440,250		12,165		135,124		744,458		196,375		548,083
Inland Center	8,321		83,550		—		53,044		10,291		123,588		2,239		8,797		144,915		53,811		91,104
Kings Plaza Shopping Center	209,041		485,548		20,000		308,533		203,646		707,998		67,316		44,162		1,023,122		296,307		726,815
La Cumbre Plaza	18,122		21,492		—		(28,633)		5,583		5,373		25		—		10,981		139		10,842

Los Cerritos Center	141,737		415,727		—		7,772		137,101		407,276		132		20,727		565,236		13,509		551,727
Macerich Management Co.	1,150		10,475		26,562		(3,439)		—		14,513		20,235		—		34,748		20,504		14,244
MACWH, LP	—		25,771		—		(759)		—		25,012		—		—		25,012		13,817		11,195
NorthPark Mall	7,746		74,661		—		13,014		6,714		86,995		1,606		106		95,421		42,403		53,018

Pacific View	8,697		8,696		—		139,042		7,854		147,033		1,548		—		156,435		103,257		53,178
Prasada	6,615		—		—		19,607		—		26,222		—		—		26,222		8,671		17,551
Queens Center	251,474		1,039,922		—		97,582		256,786		1,122,252		7,812		2,128		1,388,978		310,385		1,078,593
Santa Monica Place	26,400		105,600		—		71,584		30,673		156,937		559		15,415		203,584		3,375		200,209

SanTan Village Regional Center	7,827		—		—		236,006		5,921		233,136		3,208		1,568		243,833		142,851		100,982


South Plains Mall	13,274		89,410		—		3,786		10,414		69,392		116		26,548		106,470		4,167		102,303
Stonewood Center	4,948		302,527		—		22,112		4,935		320,285		2,230		2,137		329,587		105,805		223,782
Superstition Springs Center	10,928		112,718		—		15,995		10,928		125,215		3,498		—		139,641		48,079		91,562

The Macerich Partnership, L.P.	—		2,534		—		2,222		—		—		4,756		—		4,756		317		4,439


Valley River Center	24,854		147,715		—		39,572		24,854		184,471		1,882		934		212,141		104,302		107,839
Victor Valley, Mall of	15,700		75,230		—		61,175		20,080		130,278		1,738		9		152,105		79,958		72,147
Vintage Faire Mall	14,902		60,532		—		68,712		17,647		123,960		1,708		831		144,146		93,719		50,427
Washington Square	80,847		470,233		—		9,011		80,848		477,911		195		1,137		560,091		15,674		544,417

Other freestanding stores	47,083		111,936		—		15,884		20,430		98,932		922		54,619		174,903		16,234		158,669


	Initial Cost to Company								Gross Amount at Which Carried at Close of Period
Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition, net of (impairments)		Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation
Other land and development properties	37,850		—		—		(29,377)		—		6,973		—		1,500		8,473		2,673		5,800
	$	1,609,127	$	5,915,651	$	46,574	$	1,629,295	$	1,538,916	$	7,167,720	$	170,869	$	323,142	$	9,200,647	$	2,512,519	$	6,688,128

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


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

The changes in total real estate assets for the three years ended December 31, 2025 are as follows:


	2025		2024		2023
Balances, beginning of year	$	9,444,980	$	8,710,352	$	8,920,580
Additions	427,765		2,072,258		257,160
Dispositions, impairments and retirements	(672,098)		(1,337,630)		(467,388)
Balances, end of year	$	9,200,647	$	9,444,980	$	8,710,352

The aggregate cost of the property included in the table above for federal income tax purposes was $10,688,254 (unaudited) at December 31, 2025.

The changes in accumulated depreciation for the three years ended December 31, 2025 are as follows:


	2025		2024		2023
Balances, beginning of year	$	2,347,867	$	2,809,863	$	2,792,790
Additions	293,258		269,020		265,140
Dispositions, impairments and retirements	(128,606)		(731,016)		(248,067)
Balances, end of year	$	2,512,519	$	2,347,867	$	2,809,863

See accompanying report of independent registered public accounting firm.

Investments in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures:

The Company owns operating properties through various unconsolidated joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2025 was as follows:


Joint Venture	Ownership %(1)

AM Tysons LLC	50.0	%

Corte Madera Village, LLC	50.1	%


Freehold Chandler Holdings LP - Chandler Fashion Center	50.1	%
Kierland Commons Investment LLC	50.0	%
Macerich HHF Broadway Plaza LLC—Broadway Plaza	50.0	%
Macerich HHF Centers LLC—Various Properties(2)	51.0	%




Propcor II Associates, LLC—Boulevard Shops	50.0	%

Scottsdale Fashion Square Partnership	50.0	%
TM TRS Holding Company LLC	50.0	%

Tysons Corner LLC	50.0	%
Tysons Corner Hotel I LLC	50.0	%
Tysons Corner Property Holdings II LLC	50.0	%
Tysons Corner Property LLC	50.0	%
West Acres Development, LLP	19.0	%

_______________________________________________________________________________

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

(2)The residential portion under development at one of the properties has an effective ownership interest of 43.4%.

The Company has made the following investments, dispositions and financings in unconsolidated joint ventures during the years ended December 31, 2025, 2024 and 2023 and events subsequent to December 31, 2025:

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 these 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 was reduced to zero.

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. 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 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 credit 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.

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. The Company recognized a gain of approximately $42,815 in connection with this transaction (See Note 6—Property, net).

On October 24, 2024, the Company acquired its joint venture partner's 40% interest in the Pacific Premier Retail Trust portfolio ("PPR Portfolio"), which includes Los Cerritos Center, Washington Square and Lakewood Center, for a net purchase

price of approximately $122,132, which includes the assumption of the partner's share of property level indebtedness. 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 $117,031. The Company now owns and consolidates its 100% interests in these properties (See Note 15—Acquisitions).

On February 7, 2025, the Company's joint venture in Flatiron Crossing repaid in full the $14,532 mezzanine loan and $14,532 of the first mortgage, and obtained a 90-day extension for the remaining $140,480 of the first mortgage. The mezzanine loan had an interest rate of SOFR plus 12.25% and the first mortgage had an interest rate of SOFR plus 2.90% for a weighted average aggregate interest rate of SOFR plus 3.70%. The interest rate on the first mortgage was SOFR plus 2.90% during the extension period. On March 28, 2025, the Company's joint venture in Flatiron Crossing repaid in full the remaining $140,479 ($71,644 at the Company's pro rata share) of the first mortgage.

On June 30, 2025, the Company sold its remaining 5% effective interest in Paradise Valley Mall in Phoenix, Arizona for $5,532. The Company used the proceeds for general corporate purposes. The Company recognized a loss of approximately $1,157 in connection with this transaction (See Note 6 – Property, net).

On July 30, 2025, the Company’s joint venture closed on the sale of Atlas Park for $72,000. Concurrent with the sale, the $65,000 loan ($32,500 at the Company’s share) owed by the joint venture was paid off in full. The Company used its share of net proceeds for general corporate purposes. The Company's share of the gain from this transaction was $11,953.

Effective February 6, 2026, the $150,000 ($76,500 at the Company's pro rata share) loan on Twenty Ninth Street went into default. The Company's joint venture is in negotiations with the lender on the terms of this loan.

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

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


	2025		2024
Assets(1):
Property, net	$	3,206,517	$	3,519,602
Other assets	407,271		459,468
Total assets	$	3,613,788	$	3,979,070
Liabilities and partners' capital:
Mortgage and other notes payable	$	3,145,872	$	3,461,032
Other liabilities	308,150		324,799
Company's capital	140,911		100,684
Outside partners' capital	18,855		92,555
Total liabilities and partners' capital	$	3,613,788	$	3,979,070
Investment in unconsolidated joint ventures:
Company's capital	$	140,911	$	100,684
Basis adjustment(1)	371,776		361,303
	$	512,687	$	461,987

Assets—Investments in unconsolidated joint ventures	707,075		$	654,667
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(194,388)		(192,680)
	$	512,687	$	461,987

_______________________________________________________________________________

(1)The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity and adjusts the basis adjustment for impairment and disposition transactions that may occur, into the Company's share of net loss. The amortization of this difference was $20,235, $343,722 and $(14,316) for the years ended December 31, 2025, 2024 and 2023, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



Year Ended December 31, 2025
Revenues:
Leasing revenue	$	606,746
Other	28,716
Total revenues	635,462
Expenses:
Shopping center and operating expenses	221,492
Leasing expense	5,607
Interest expense	169,582
Depreciation and amortization	190,208
Total operating expenses	586,889
Loss on sale or write down of assets, net	(57,016)
Other income, net(1)	49,663
Net income	$	41,220
Company's equity in net income(2)	$	35,946

	PPR Portfolio(3)		Other Joint Ventures		Total
Year Ended December 31, 2024
Revenues:
Leasing revenue	$	131,449	$	610,011	$	741,460
Other	1,416		26,344		27,760
Total revenues	132,865		636,355		769,220
Expenses:
Shopping center and operating expenses	32,413		212,023		244,436
Leasing expense	1,218		4,858		6,076
Interest expense	67,319		195,123		262,442
Depreciation and amortization	60,276		208,844		269,120
Total operating expenses	161,226		620,848		782,074
Loss on sale or write down of assets, net	(640,803)		(199,169)		(839,972)

Net loss	$	(669,164)	$	(183,662)	$	(852,826)
Company's equity in net loss(2)	$	(134,398)	$	(62,954)	$	(197,352)


	PPR Portfolio(3)		Other Joint Ventures		Total
Year Ended December 31, 2023
Revenues:
Leasing revenue	$	178,790	$	690,013	$	868,803
Other	2,295		21,628		23,923
Total revenues	181,085		711,641		892,726
Expenses:
Shopping center and operating expenses	44,096		247,843		291,939
Leasing expense	1,709		4,960		6,669
Interest expense	87,586		197,840		285,426
Depreciation and amortization	89,629		250,005		339,634
Total operating expenses	223,020		700,648		923,668
Loss on sale or write down of assets, net	—		(192,336)		(192,336)

Net loss	$	(41,935)	$	(181,343)	$	(223,278)
Company's equity in net loss(2)	$	(16,517)	$	(140,420)	$	(156,937)

_______________________________________________________________________________

(1)This represents income received from legal claims settlements.

(2)These amounts include impairment losses at the Company's share of $879, $179,960 and $152,360 for the years ended December 31, 2025, 2024 and 2023, respectively.

(3)On October 24, 2024, the Company acquired its joint venture partner's 40% interest in the PPR Portfolio as described above.

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

Mortgage Notes Payable

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage Notes Payable:

Mortgage notes payable at December 31, 2025 and 2024 consist of the following:


	Carrying Amounts of Mortgage Notes(1)				Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Property Pledged as Collateral	2025		2024
Arrowhead Towne Center(5)	$	352,776	$	351,905	6.75	%	$	1,921	2028
Crabtree Mall(6)	155,793		—		6.74	%	833		2029
Danbury Fair Mall(7)	152,455		152,149		6.59	%	836		2034

Fashion Outlets of Chicago	299,554		299,465		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA(8)	76,995		80,775		6.52	%	727		2026
Freehold Raceway Mall(9)	399,376		399,210		3.94	%	1,300		2029
Fresno Fashion Fair	324,851		324,652		3.67	%	971		2026

Green Acres Mall	364,632		361,948		6.62	%	1,819		2028
Kings Plaza Shopping Center	528,906		537,471		3.71	%	2,414		2030
Lakewood Center(10)	—		304,557		—	%	—		—
Los Cerritos Center(11)	465,727		472,745		5.77	%	2,506		2027

Pacific View	69,691		70,560		5.45	%	399		2032
Queens Center(12)	523,346		522,945		5.45	%	2,349		2029
Santa Monica Place(13)	300,000		298,791		5.27	%	1,318		2024
SanTan Village Regional Center	219,687		219,595		4.34	%	788		2029
South Plains Mall(14)	200,000		193,870		4.22	%	703		2025


Victor Valley, Mall of(15)	84,033		83,928		6.85	%	476		2034
Vintage Faire Mall	212,728		219,959		3.55	%	1,256		2026
Washington Square(16)	338,396		—		5.63	%	1,580		2035
	$	5,068,946	$	4,894,525

(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 at December 31, 2025 and 2024 consist of the following:


Property Pledged as Collateral	2025		2024


Arrowhead Towne Center	$	18,851	$	27,552
Lakewood Center(10)	—		19,723
Los Cerritos Center	14,573		22,521
South Plains	—		6,130
	$	33,424	$	75,926

The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $20,274 and $22,042 at December 31, 2025 and 2024, 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)On August 7, 2025, the Company closed on an initial $159,100 two-year term loan with two one-year extension options on Crabtree Mall. The term loan also allows for additional requested advances of up to $51,180 based on defined conditions for capital expenditures and leasing costs for a maximum total term loan of $210,280. The term loan bears interest at a rate of SOFR plus 2.50%. The Company has purchased a SOFR interest rate cap for the initial term loan advance with a strike rate of 5.0% for the two-year base term of the term loan. The Company used a portion of the net proceeds from this term loan to fully repay borrowings outstanding on the Company's revolving credit facility (See Note 15—Acquisitions).

(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 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%.

(9)On November 16, 2023, the Company acquired its joint venture 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 and the related debt has been deconsolidated (See Note 12—Financing Arrangement and Note 16—Dispositions).

(10)On October 24, 2024, the Company acquired the remaining 40% ownership interest in Lakewood 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. On August 18, 2025, the Company sold Lakewood Center and the buyer assumed the mortgage loan (See Note 16—Dispositions).

(11)On October 24, 2024, the Company acquired the remaining 40% ownership interest in Los Cerritos 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.

(12)On October 28, 2024, the Company closed a $525,000, five-year refinance of the loan on Queens Center. The new loan bears interest at a fixed rate of 5.37%, is interest only during the entire loan term and matures on November 6, 2029.

(13)Effective April 9, 2024, the loan is in default and accrues incremental default interest of 4%. On March 18, 2025, a court appointed receiver assumed operational control and managerial responsibility for Santa Monica Place. The Company anticipates the disposition of the asset, which is under the control of the receiver, will be executed through foreclosure, deed-in-lieu of foreclosure, or by some other means, and is expected to be completed in the near future. Although the Company is no longer funding any cash shortfall, it will continue to record the operations of the property until the title for the Center is transferred and its obligation for the loan is discharged. Once title to the property is transferred, the Company will remove the net assets and liabilities from the Company's consolidated balance sheets. The loan is non-recourse to the Company.

(14)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. Effective November 6, 2025, the loan was in default and accrued incremental default interest of 4%. On February 6, 2026, the Company extended the loan maturity on the $200,000 loan to November 6, 2029, at the existing rate of 4.22%.

(15)On August 22, 2024, the Company replaced the existing loan with an $85,000 loan that bears interest at a fixed rate of 6.72%, is interest only during the entire loan term and matures on September 6, 2034.

(16)On March 27, 2025, the Company closed a $340,000, ten-year loan on Washington Square, which matures on April 6, 2035. The loan bears interest at a fixed rate of 5.58% and is interest only during the entire loan term.

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

As of December 31, 2025, all of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.

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

Total interest expense capitalized during the years ended December 31, 2025, 2024 and 2023 was $17,253, $22,589 and $20,531, respectively.

The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2025 and 2024 was $4,982,754 and $4,726,227, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.

The future maturities of mortgage notes payable are as follows:


Year Ended December 31,
2026	$	1,145,700
2027	490,009
2028	744,265
2029	1,308,949
2030	489,025
Thereafter	944,696
	5,122,644
Debt premium, net	(33,424)
Deferred finance cost, net	(20,274)
	$	5,068,946

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

Summary of Significant Accounting Policies - Property and Investment in Unconsolidated Joint Ventures (Details)	Dec. 31, 2025
Investment in unconsolidated joint ventures
Threshold ownership percentage above which to use equity method of accounting only if no controlling financial interest (as a percent)	50.00%
Buildings and improvements \| Minimum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	40 years
Tenant improvements \| Minimum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	5 years
Tenant improvements \| Maximum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	7 years
Equipment and furnishings \| Minimum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	5 years
Equipment and furnishings \| Maximum
Property, Plant and Equipment
Estimated useful lives of assets (in years)	7 years

Share and Unit-based Plans - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Options
Balance at beginning of year (in shares)	26,371	26,371	26,371
Forfeited (in shares)	0	0	0
Balance at end of year (in shares)	26,371	26,371	26,371
Weighted Average Exercise Price
Balance at beginning of year (in dollars per share)	$ 54.56	$ 54.56	$ 54.56
Forfeited (in dollars per share)	0	0	0
Balance at end of year (in dollars per share)	$ 54.56	$ 54.56	$ 54.56

Leases - Schedule of Components of Leasing Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Leasing revenue - fixed payments	$ 712,249	$ 629,902	$ 570,869
Leasing revenue - variable payments	243,148	226,704	235,455
(Provision for) recovery of doubtful accounts	(4,633)	(6,153)	2,699
Leasing revenue	$ 950,764	$ 850,453	$ 809,023

Bank and Other Notes Payable (Details) - USD ($)		12 Months Ended
Bank and Other Notes Payable (Details) - USD ($)	Sep. 11, 2023	Dec. 31, 2025	Dec. 31, 2024
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 20,274,000	$ 22,042,000
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
Adjusted term premium (as a percent)	0.10%
Variable interest rate spread (as a percent)		2.10%	2.35%
Outstanding borrowings under the line of credit		$ 0	$ 110,000,000
Unamortized deferred finance costs		7,890,000	$ 11,677,000
Average interest rate (as a percent)			7.59%
Availability for additional borrowings		$ 649,409,000
Revolving Loan Facility Matures on February 1, 2027 \| Revolving Line of Credit \| Minimum
Mortgage loans payable on real estate
Debt instrument, leverage ratio requirement (as a percent)	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 (as a percent)	2.50%
Revolving Loan Facility Matures on February 1, 2027 \| Line of Credit \| Revolving Line of Credit
Mortgage loans payable on real estate
Borrowing capacity	$ 650,000,000

Income Taxes - Schedule of Tax Effects of Temporary Differences and Carryforwards of the TRSs Included in Net Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 14,204,000	$ 12,533,000
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	12,516,000	11,992,000
Other	797,000	799,000
Net deferred tax assets	27,517,000	25,324,000
Unrecognized tax benefits	$ 0	$ 0	$ 0

Income Taxes - Schedule of Components of Distributions Made to Common Stockholders on a Per Share Basis (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Dividends, dollars per share
Ordinary income (in dollars per share)	$ 0	$ 0	$ 0.36
Capital gains (in dollars per share)	0	0.36	0.32
Return of capital (in dollars per share)	0.68	0.32	0
Dividends paid for income tax purposes (in dollars per share)	$ 0.68	$ 0.68	$ 0.68
Dividends, percent
Ordinary income (as a percent)	0.00%	0.00%	53.00%
Capital gains (as a percent)	0.00%	52.90%	47.00%
Return of capital (as a percent)	100.00%	47.10%	0.00%
Dividends paid (as a percent)	100.00%	100.00%	100.00%

Property, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Components of Property, Net

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


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

Property, net at December 31, 2025 and 2024 consists of the following:


	2025		2024
Land	$	1,538,916	$	1,713,296
Buildings and improvements	6,492,487		6,608,217
Tenant improvements	675,233		617,007
Equipment and furnishings(1)	170,869		170,570
Construction in progress	323,142		335,890
	9,200,647		9,444,980
Less accumulated depreciation(1)	(2,512,519)		(2,347,867)
	$	6,688,128	$	7,097,113

(1)Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at December 31, 2025 and 2024 (See Note 8—Leases).

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

The (loss) gain on sale or write down of assets, net for the years ended December 31, 2025, 2024 and 2023 consist of the following:


	2025		2024		2023
Property sales(1)	$	21,485	$	372,149	$	13,380
Write-down of assets(2)	(151,447)		(334,375)		(153,495)
Land sales(3)	6,545		1,185		5,592

	$	(123,417)	$	38,959	$	(134,523)

_______________________________________________________________________________

(1)For the year ended December 31, 2025, includes gains related to the sale of Lakewood Center, Valley Mall, 1010-1016 Market Street parcels and a former department store parcel located in Petaluma, California offset in part by losses related to the sale of Wilton Mall and the Company's partnership's interest in Paradise Valley Mall (See Note 4—Investments in Unconsolidated Joint Ventures and Note 16—Dispositions). For the year ended December 31, 2024, includes a gain of $334,285 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). Also includes a gain of $42,815 from the sale of the Company's interest in Biltmore Fashion Park (See Note 4—Investments in Unconsolidated Joint Ventures). For the year ended December 31, 2023, includes gains related to the sale of The Marketplace at Flagstaff and Superstition Springs Power Center (See Note 16—Dispositions).

(2)For the year ended December 31, 2025, includes impairment losses of $147,356 due to the reduction in the estimated holding periods of certain properties, including South Park Mall, Valley Mall and Santa Monica Place. For the year ended December 31, 2024, includes impairment losses of $334,265 due to the reduction of the estimated holding periods of certain properties, including Fashion District Philadelphia, The Oaks, Santa Monica Place and Wilton Mall. For the year ended December 31, 2023, includes impairment losses of $144,656 on Fashion Outlets of Niagara Falls and $7,880 on Towne Mall. The impairment losses were due to the reduction

of the estimated holding periods of the properties. The remaining amounts for the years ended December 31, 2025, 2024 and 2023 mainly pertain to the write off of development costs.

(3)See Note 16—Dispositions.

Schedule of Assets Measured on a Nonrecurring Basis

The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2025, 2024 and 2023 as described above:


Years ended December 31,	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
2025	$	225,700	$	—	$	21,500	$	204,200
2024	$	436,000	$	—	$	26,000	$	410,000
2023	$	63,200	$	—	$	—	$	63,200

Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal statutory income tax benefit	$ 2,828	$ 2,078	$ 1,611
State and local taxes, net of federal benefit	324	266	220
Executive compensation: LTI Units	(792)
Restricted stock units	208
Meals	(161)
Life insurance	(223)
Other nontaxable or nondeductible items	9
Income tax benefit	$ 2,193	$ 1,300	$ 494
Percent
U.S. federal statutory income tax benefit	21.00%
State and local taxes, net of federal benefit	2.40%
Executive compensation: LTI Units	(5.90%)
Restricted stock units	1.50%
Meals	(1.20%)
Life insurance	(1.70%)
Other nontaxable or nondeductible items	0.10%
Effective income tax rate	16.20%
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES	UNITED STATES	UNITED STATES

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans: 401(k) Plan: The Company has a defined contribution retirement plan that covers its eligible employees (the "Plan"). The Plan is a defined contribution retirement plan covering eligible employees of the Macerich Property Management Company, LLC and participating affiliates. In accordance with the Plan, the Company makes matching contributions equal to 100 percent of the first three percent of compensation deferred by a participant and 50 percent of the next two percent of compensation deferred by a participant. During the years ended December 31, 2025, 2024 and 2023, these matching contributions made by the Company were $3,868, $3,644 and $3,593, respectively. Contributions and matching contributions to the Plan by the plan sponsor and/or participating affiliates are recognized as an expense of the Company in the period that they are made. Deferred Compensation Plans: The Company has established deferred compensation plans under which executives and key employees of the Company may elect to defer receiving a portion of their cash compensation otherwise payable in one calendar year until a later year. The Company may, as determined by the Board of Directors in its sole discretion prior to the beginning of the plan year, credit a participant's account with a matching amount equal to a percentage of the participant's deferral. The Company contributed $446, $492 and $463 to the plans during the years ended December 31, 2025, 2024 and 2023, respectively. Contributions are recognized as compensation in the periods they are made.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Dispositions

12 Months Ended

Dec. 31, 2025

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 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 (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 $756. The Company used the net proceeds to pay down debt.

On November 25, 2024, the Company sold Southridge Mall, a 791,000 square foot power center in Des Moines, Iowa, for $4,000, which resulted in a loss on sale or write down of assets of $911. The Company used the net proceeds to pay down debt.

On December 10, 2024, the Company sold The Oaks, a 1,206,000 square foot regional retail center in Thousand Oaks, California, for $157,000, which resulted in a loss on sale or write down of assets of $6,932. The Company used the net proceeds to pay off the $147,751 loan on the property.

On March 27, 2025, the Company sold Wilton Mall, a 740,000 square foot regional retail center in Saratoga Springs, New York, for $24,800, which resulted in a loss on sale or write down of assets of $2,932. The Company used the net proceeds to pay down debt.

On April 16, 2025, the Company sold a parcel at SanTan Adjacent in Gilbert, Arizona for $3,000, which resulted in a loss on sale or write down of assets of $247. On April 28, 2025, the Company sold various parcels at SanTan Adjacent in Gilbert, Arizona for $24,500, which resulted in a gain on sale of assets of $108. The Company used the proceeds from these sales to pay down debt and for other general corporate purposes.

On April 30, 2025, the Company sold SouthPark Mall, an 802,000 square foot regional retail center in Moline, Illinois, for $10,500, which resulted in a loss on sale or write down of assets of $4,267. The Company used the net proceeds for general corporate purposes. This asset was unencumbered.

On May 28, 2025, the Company sold Paradise Village Office Park in Phoenix, Arizona for $6,200, which resulted in a loss on sale or write down of assets of $643. The Company used the net proceeds for general corporate purposes.

On June 11, 2025, the Company sold a former department store parcel located in Petaluma, California, for $2,625, which resulted in a gain on sale of assets of $1,953. The Company used the net proceeds for general corporate purposes.

On June 30, 2025, the Company sold 1010-1016 Market Street parcels at Fashion District Philadelphia in Philadelphia, Pennsylvania for $10,750, which resulted in a gain on sale of assets of $2,378. The Company used the net proceeds for general corporate purposes.

On August 18, 2025, the Company sold Lakewood Center in Lakewood, California for $332,115, including the assumption by the buyer of the $317,115 loan on the property, which resulted in a gain on sale of assets of $21,099. The Company used its share of the net proceeds of $4,933 for general corporate purposes.

On August 20, 2025, the Company sold Valley Mall in Harrisonburg, Virginia for $22,100, which resulted in a gain on sale of assets of $319. The Company used the net proceeds for general corporate purposes. This asset was unencumbered.

On November 17, 2025, the Company sold an outparcel at Los Cerritos Mall in Los Cerritos, California for $5,000, which resulted in a loss on sale of assets of $181. The Company used the net proceeds to pay down a portion of the debt at the property of $4,508.

On December 10, 2025, the Company sold an outparcel at Washington Square in Portland, Oregon for $5,375, which resulted in a gain on sale of assets of $2,595; and on December 19, 2025, the Company sold the retail strip center at Washington Square for $25,750, which resulted in a loss on sale of assets of $2,718. The Company used the net proceeds of $29,708 from these two transactions for general corporate purposes.

For the years ended December 31, 2025, 2024 and 2023, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $6,545, $1,185 and $5,592, respectively. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.

Acquisitions - Narrative (Details) ft² in Millions										12 Months Ended
Acquisitions - Narrative (Details) ft² in Millions	Jun. 23, 2025 USD ($) ft²	Mar. 28, 2025 USD ($)	Mar. 27, 2025 USD ($)	Feb. 07, 2025 USD ($)	Oct. 24, 2024 USD ($)	May 17, 2024 USD ($)	May 14, 2024 USD ($)	Nov. 16, 2023 USD ($)	May 18, 2023 USD ($) property	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 09, 2023	May 17, 2023 property
Acquisition
Ownership percentage (as a percent)								49.90%
Gain (loss) on extinguishment of debt										$ 0	$ 14,403,000	$ 8,208,000
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							$ 58,683,000
South Plains Mall
Acquisition
Fair value of net assets							$ 80,750,000
Arrowhead Towne Center
Acquisition
Asset acquisition, percentage of shares owned (as a percent)							100.00%
Sears box at Inland Center
Acquisition
Payments to acquire land						$ 5,382,000
Washington Square
Acquisition
Debt instrument, face amount			$ 340,000,000
Debt instrument term (in years)			10 years
Interest rate on debt (as a percent)			5.58%
Washington Square \| Mortgage notes payable
Acquisition
Debt instrument, face amount			$ 340,000,000
Debt instrument term (in years)			10 years
Interest rate on debt (as a percent)			5.58%
FlatIron Crossing \| Line of Credit
Acquisition
Repayments of debt			$ 110,000,000
FlatIron Crossing \| First Mortgage
Acquisition
Repayments of debt		$ 71,644,000	$ 71,644,000	$ 14,532,000
Joint Venture \| Freehold Raceway Mall
Acquisition
Purchase price on acquisition								$ 5,587,000
Joint Venture \| Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square \| Seritage
Acquisition
Number of properties \| property														5
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square
Acquisition
Asset acquisition, percentage of shares owned (as a percent)									100.00%
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square \| Joint Venture
Acquisition
Number of properties \| property									5
Asset acquisition, consideration transferred									$ 46,687,000
Arrowhead Towne Center \| Joint Venture
Acquisition
Asset acquisition, percentage of shares owned (as a percent)							100.00%
South Plains Mall \| Joint Venture
Acquisition
Asset acquisition, percentage of shares owned (as a percent)							100.00%
Pacific Premier Retail LLC—Various Properties
Acquisition
Fair value of net assets							$ 98,800,000
Pacific Premier Retail LLC—Various Properties \| Joint Venture
Acquisition
Asset acquisition, consideration transferred					$ 129,000,000
Asset acquisition, percentage of shares owned (as a percent)					100.00%
Cash adjustments					$ 6,868,000
Net purchase price					122,132,000
Crabtree Mall
Acquisition
Asset acquisition, consideration transferred	$ 290,000,000
Asset acquisition, percentage of shares owned (as a percent)	100.00%
Property area (in square feet) \| ft²	1.3
Crabtree Mall \| Joint Venture
Acquisition
Payments for Asset Acquisitions	$ 100,000,000
Third Party \| Joint Venture \| Freehold Raceway Mall
Acquisition
Ownership percentage (as a percent)								49.90%
Third Party \| Joint Venture \| Fashion District Philadelphia
Acquisition
Ownership percentage (as a percent)													50.00%
Third Party \| Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square \| Joint Venture
Acquisition
Joint venture ownership percent acquired (as a percent)									50.00%
Third Party \| Arrowhead Towne Center \| Joint Venture
Acquisition
Joint venture ownership percent acquired (as a percent)							40.00%
Asset acquisition, consideration transferred							$ 36,447,000
Third Party \| South Plains Mall \| Joint Venture
Acquisition
Joint venture ownership percent acquired (as a percent)							40.00%
Asset acquisition, consideration transferred							$ 0
Third Party \| Pacific Premier Retail LLC—Various Properties \| Joint Venture
Acquisition
Fair value of net assets					$ 0.40

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1

Share and Unit-based Plans - Employee Stock Purchase Plan (Details) - ESPP	12 Months Ended
	Dec. 31, 2025 shares
Share and unit-based plans
Discount from market price (as a percent)	15.00%
Maximum shares authorized under plan (in shares)	1,791,117
Shares available for issuance under plan (in shares)	238,805

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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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 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
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: 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 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: 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 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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+ Details

Share and Unit-based Plans - 2003 Equity Incentive Plan (Details) - 2003 Equity Incentive Plan	12 Months Ended
	Dec. 31, 2025 shares
Share and unit-based plans
Term of award (in years)	10 years
Maximum shares authorized under plan (in shares)	26,112,331
Shares available for issuance under plan (in shares)	6,123,193

- 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

Mortgage Notes Payable - Schedule of Future Maturities of Bank and Other Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Mortgage loans payable on real estate
Deferred finance cost, net	$ (20,274)	$ (22,042)
Mortgage notes payable
Mortgage loans payable on real estate
2026	1,145,700
2027	490,009
2028	744,265
2029	1,308,949
2030	489,025
Thereafter	944,696
Long term debt including debt premium	5,122,644
Debt premium, net	(33,424)
Deferred finance cost, net	(20,274)
Long-term debt	$ 5,068,946

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
Asset acquisition, percentage of shares owned (as a percent)	100.00%

Organization	12 Months Ended
Organization	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization: The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of December 31, 2025, the Company was the sole general partner of and held a 96% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are owned by the Company and are collectively referred to herein as the "Management Companies."

Property, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, net

Property, net:

Property, net at December 31, 2025 and 2024 consists of the following:


	2025		2024
Land	$	1,538,916	$	1,713,296
Buildings and improvements	6,492,487		6,608,217
Tenant improvements	675,233		617,007
Equipment and furnishings(1)	170,869		170,570
Construction in progress	323,142		335,890
	9,200,647		9,444,980
Less accumulated depreciation(1)	(2,512,519)		(2,347,867)
	$	6,688,128	$	7,097,113

Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $293,258, $269,020 and $265,140, respectively.

The (loss) gain on sale or write down of assets, net for the years ended December 31, 2025, 2024 and 2023 consist of the following:


	2025		2024		2023
Property sales(1)	$	21,485	$	372,149	$	13,380
Write-down of assets(2)	(151,447)		(334,375)		(153,495)
Land sales(3)	6,545		1,185		5,592

	$	(123,417)	$	38,959	$	(134,523)

_______________________________________________________________________________

of the estimated holding periods of the properties. The remaining amounts for the years ended December 31, 2025, 2024 and 2023 mainly pertain to the write off of development costs.

(3)See Note 16—Dispositions.


Years ended December 31,	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
2025	$	225,700	$	—	$	21,500	$	204,200
2024	$	436,000	$	—	$	26,000	$	410,000
2023	$	63,200	$	—	$	—	$	63,200

The fair value (Level 2 measurement) relating to a portion of the 2025 and 2024 impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2025, 2024 and 2023 impairments were based upon an income approach, using an estimated terminal capitalization rate in the range of 7.3% to 13.0%, a discount rate in the range of 9.0% and 14.5% and market rents per square foot of $5 to $500. The fair value is sensitive to these significant unobservable inputs.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation:

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

The accompanying consolidated financial statements include the accounts of the Company. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity ("VIE") in accordance with Accounting Standards Codification ("ASC") Topic 810, "Consolidation", in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures.

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 VIEs, including SanTan Village Regional Center.

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents and Restricted Cash:

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

Revenues

Revenues:

Leasing revenue includes minimum rents, percentage rents, tenant recoveries and other leasing income. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." Minimum rents were increased (decreased) by $4,533, $(759) and $(4,624) due to the straight-line rent adjustment during the years ended December 31, 2025, 2024 and 2023, respectively. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases.

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

Property

Property:

Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. Gains on the disposition of real estate are recognized when the Company transfers control as well as the risks and rewards of ownership to the buyer.

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


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

Capitalization of Costs

Capitalization of Costs:

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

Investment in Unconsolidated Joint Ventures

Investment in Unconsolidated Joint Ventures:

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

Equity method investments are typically recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company ceases recognizing its proportionate share of net losses when such losses reduce the investment to zero and the Company has no obligation to guarantee the joint venture’s obligations and is not otherwise committed to provide further financial support to the joint venture. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization.

Acquisitions

Acquisitions:

Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets and intangible assets and liabilities. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates purchase price based on the estimated fair value of each separately identified asset and liability. The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets

associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases is recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space.

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

Deferred Charges

Deferred Charges:

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

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


Deferred leasing costs			1 - 20 years
Deferred financing costs			1 - 15 years

Accounting for Impairment

Accounting for Impairment:

The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as capitalization rates and estimated holding periods. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. Changes in events or changes in circumstances may alter the expected hold period of an asset or asset group, which may result in an impairment loss and such loss could be material to the Company's financial condition or operating performance. If the carrying value of the property exceeds the estimated undiscounted cash flows, an impairment loss is recognized equal to the excess of carrying value over its estimated fair value. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell.

The estimated fair value of a property is typically determined through a discounted cash flow analysis or based upon a contracted sales price. The discounted cash flow method includes significant unobservable inputs including the discount rate, terminal capitalization rate and market rents. Cash flow projections and rates are subject to management’s judgment and changes in those assumptions could impact the estimation of fair value.

The Company’s investments in unconsolidated joint ventures apply the same accounting model for property level impairment as described above. Further, the Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary. The Company records any such impairment up to the extent of its investment.

Share and Unit-based Compensation Plans

Share and Unit-based Compensation Plans:

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

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities:

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

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

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

Income Taxes

Income Taxes:

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

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

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

Fair Value of Financial Instruments

Fair Value of Financial Instruments:

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

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

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

The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash payments or receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

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

Concentration of Risk

Concentration of Risk:

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

Management Estimates

Management Estimates:

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

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures. This ASU requires disaggregated information about a reporting

entity's effective tax rate reconciliation as well as information on income taxes paid and will be effective for annual periods beginning after December 15, 2024. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. The Company adopted ASU 2023-09 on a prospective basis beginning with its fiscal year ended December 31, 2025. The adoption of ASU 2023-09 did not have any material impact on the Company's consolidated financial statements as the primary change was the inclusion of additional disclosures related to the Company's Taxable REIT subsidiaries (See Note 21– Income Taxes).

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). The amendments in ASU 2024-03 apply to all public business entities and require disclosure of specified information about certain costs and expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of adopting ASU 2024-03.

In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ("ASU 2024-04"). The amendments in ASU 2024-04 clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The new guidance is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual periods. The Company is currently evaluating the potential impact of adopting ASU 2024-04.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-09 clarify interim reporting disclosure requirements in ASC 270 and introduce a new disclosure principle for reporting material events occurring after the most recent annual period. ASU 2025-09 is effective for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of adopting ASU 2025-11.

Leases - Schedule of Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2026	$ 602,125
2027	526,000
2028	456,983
2029	366,403
2030	288,328
Thereafter	1,048,015
Total	$ 3,287,854

Investments in Unconsolidated Joint Ventures - Schedule of Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 24, 2024
Revenues:
Leasing revenue	$ 950,764	$ 850,453	$ 809,023
Total revenues	1,013,983	918,204	884,068
Expenses:
Leasing expense	46,626	41,340	36,423
Depreciation and amortization	357,083	294,780	282,361
Total expenses	1,129,764	958,776	871,201
Loss on sale or write down of assets, net	(123,417)	38,959	(134,523)
Net loss	(201,059)	(197,665)	(278,099)
Company's equity in net loss	35,946	(197,352)	(156,937)
Impairment loss on real estate	151,447	334,375	153,495
PPR Portfolio \| Lakewood Center, Los Cerritos Center and Washington Square Retail Center in Phoenix, Arizona
Expenses:
Joint venture ownership percent acquired (as a percent)				40.00%
Other
Revenues:
Other	40,513	37,937	44,860
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	326,330	306,868	288,407
Joint Venture
Revenues:
Leasing revenue	606,746	741,460	868,803
Total revenues	635,462	769,220	892,726
Expenses:
Leasing expense	5,607	6,076	6,669
Interest expense	169,582	262,442	285,426
Depreciation and amortization	190,208	269,120	339,634
Total expenses	586,889	782,074	923,668
Loss on sale or write down of assets, net	(57,016)	(839,972)	(192,336)
Other income, net(1)	49,663
Net loss	41,220	(852,826)	(223,278)
Company's equity in net loss	35,946	(197,352)	(156,937)
Impairment loss on real estate	879	179,960	152,360
Joint Venture \| PPR Portfolio
Revenues:
Leasing revenue		131,449	178,790
Total revenues		132,865	181,085
Expenses:
Leasing expense		1,218	1,709
Interest expense		67,319	87,586
Depreciation and amortization		60,276	89,629
Total expenses		161,226	223,020
Loss on sale or write down of assets, net		(640,803)	0
Net loss		(669,164)	(41,935)
Company's equity in net loss		(134,398)	(16,517)
Joint Venture \| Other Joint Ventures
Revenues:
Leasing revenue		610,011	690,013
Total revenues		636,355	711,641
Expenses:
Leasing expense		4,858	4,960
Interest expense		195,123	197,840
Depreciation and amortization		208,844	250,005
Total expenses		620,848	700,648
Loss on sale or write down of assets, net		(199,169)	(192,336)
Net loss		(183,662)	(181,343)
Company's equity in net loss		(62,954)	(140,420)
Joint Venture \| Other
Revenues:
Other	28,716	27,760	23,923
Joint Venture \| Other \| PPR Portfolio
Revenues:
Other		1,416	2,295
Joint Venture \| Other \| Other Joint Ventures
Revenues:
Other		26,344	21,628
Joint Venture \| Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	$ 221,492	244,436	291,939
Joint Venture \| Shopping center and operating expenses \| PPR Portfolio
Expenses:
Shopping center and operating expenses		32,413	44,096
Joint Venture \| Shopping center and operating expenses \| Other Joint Ventures
Expenses:
Shopping center and operating expenses		$ 212,023	$ 247,843

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Leases:

Lessor Leases:

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

The following table summarizes the components of leasing revenue for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Leasing revenue - fixed payments	$	712,249	$	629,902	$	570,869
Leasing revenue - variable payments	243,148		226,704		235,455
(Provision for) recovery of doubtful accounts	(4,633)		(6,153)		2,699
	$	950,764	$	850,453	$	809,023

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


2026	$	602,125
2027	526,000
2028	456,983
2029	366,403
2030	288,328
Thereafter	1,048,015
	$	3,287,854

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.

The following table summarizes the lease costs for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Operating lease costs	$	13,744	$	13,060	$	13,608
Finance lease costs:
Amortization of ROU assets	7		1,181		1,366
Interest on lease liabilities	10		256		420
	$	13,761	$	14,497	$	15,394

The following table summarizes the future rental payments required under the leases as of December 31, 2025:


Year ending	Operating Leases
2026	$	12,012
2027	12,231
2028	8,785
2029	6,620
2030	6,663
Thereafter	69,745
Total undiscounted rental payments	116,056
Less imputed interest	(49,077)
Total lease liabilities	$	66,979

The Company's weighted average remaining lease term of its operating leases at December 31, 2025 was 24.2 years. The Company's weighted average incremental borrowing rate of its operating leases at December 31, 2025 was 6.9%.

Leases

Leases:

Lessor Leases:

The following table summarizes the components of leasing revenue for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Leasing revenue - fixed payments	$	712,249	$	629,902	$	570,869
Leasing revenue - variable payments	243,148		226,704		235,455
(Provision for) recovery of doubtful accounts	(4,633)		(6,153)		2,699
	$	950,764	$	850,453	$	809,023

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


2026	$	602,125
2027	526,000
2028	456,983
2029	366,403
2030	288,328
Thereafter	1,048,015
	$	3,287,854

Lessee Leases:

The following table summarizes the lease costs for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Operating lease costs	$	13,744	$	13,060	$	13,608
Finance lease costs:
Amortization of ROU assets	7		1,181		1,366
Interest on lease liabilities	10		256		420
	$	13,761	$	14,497	$	15,394

The following table summarizes the future rental payments required under the leases as of December 31, 2025:


Year ending	Operating Leases
2026	$	12,012
2027	12,231
2028	8,785
2029	6,620
2030	6,663
Thereafter	69,745
Total undiscounted rental payments	116,056
Less imputed interest	(49,077)
Total lease liabilities	$	66,979

Share and Unit-based Plans - Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 18,360	$ 13,988	$ 16,065
Capitalized share and unit-based compensation costs	192	1,857	2,899
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	2,334	2,359	3,150
Unrecognized compensation cost of share and unit-based plans	1,821
LTI units
Share and unit-based plans
Compensation cost under share and unit-based plans	15,783	11,353	12,599
Unrecognized compensation cost of share and unit-based plans	18,615
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	243	276	316
Stock Awards and Units
Share and unit-based plans
Fair value of equity-based awards vested during period	$ 3,057	$ 3,317	$ 2,736

- 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

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Leasing Revenue

The following table summarizes the components of leasing revenue for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Leasing revenue - fixed payments	$	712,249	$	629,902	$	570,869
Leasing revenue - variable payments	243,148		226,704		235,455
(Provision for) recovery of doubtful accounts	(4,633)		(6,153)		2,699
	$	950,764	$	850,453	$	809,023

Schedule of Future Minimum Rental Payments by the Company

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


2026	$	602,125
2027	526,000
2028	456,983
2029	366,403
2030	288,328
Thereafter	1,048,015
	$	3,287,854

Schedule of Lease Costs

The following table summarizes the lease costs for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Operating lease costs	$	13,744	$	13,060	$	13,608
Finance lease costs:
Amortization of ROU assets	7		1,181		1,366
Interest on lease liabilities	10		256		420
	$	13,761	$	14,497	$	15,394

Schedule of Operating Lease Summary of Future Minimum Rental Payments Required

The following table summarizes the future rental payments required under the leases as of December 31, 2025:


Year ending	Operating Leases
2026	$	12,012
2027	12,231
2028	8,785
2029	6,620
2030	6,663
Thereafter	69,745
Total undiscounted rental payments	116,056
Less imputed interest	(49,077)
Total lease liabilities	$	66,979

Schedule of Finance Lease Summary of Future Minimum Rental Payments Required

The following table summarizes the future rental payments required under the leases as of December 31, 2025:


Year ending	Operating Leases
2026	$	12,012
2027	12,231
2028	8,785
2029	6,620
2030	6,663
Thereafter	69,745
Total undiscounted rental payments	116,056
Less imputed interest	(49,077)
Total lease liabilities	$	66,979

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Los Angeles, California

Bank and Other Notes Payable	12 Months Ended
Bank and Other Notes Payable	Dec. 31, 2025
Debt Disclosure [Abstract]
Bank and Other Notes Payable	Bank and Other Notes Payable: Bank and other notes payable at December 31, 2025 and 2024 consist of the following: Credit Facility: 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 credit facility that matures on February 1, 2027, with a one-year extension option. The revolving credit facility can be expanded up to $950,000, subject to receipt of lender commitments and other conditions. All obligations under the revolving 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 revolving 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 December 31, 2025 and 2024, the borrowing rate was SOFR plus a spread of 2.10% and 2.35%, respectively. As of December 31, 2025, there were no borrowings outstanding under the revolving credit facility. Unamortized deferred finance costs were $7,890 as of December 31, 2025, which are netted against balances outstanding or within deferred charges and other assets, net when no borrowings are outstanding on the revolving credit facility which was the case as of December 31, 2025. As of December 31, 2024, the revolving credit facility was $110,000, less unamortized deferred finance costs of $11,677, at a total interest rate of 7.59%. As of December 31, 2025, the Company's availability under the revolving credit facility for additional borrowings was $649,409. As of December 31, 2025 and 2024, 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: 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 4: 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 5: 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 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Subparagraph (a)(3)
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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 405
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-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 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: As of December 31, 2025, the Company was contingently liable for $984 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified 17. Commitments and Contingencies: (Continued) in the relevant agreement. At December 31, 2025, the Company had $84,239 in outstanding obligations, which it believes will be settled in the next twelve months.

Mortgage Notes Payable - Footnotes (Details)									12 Months Ended
Mortgage Notes Payable - Footnotes (Details)	Aug. 07, 2025 USD ($) Number_of_extensions	Mar. 27, 2025 USD ($)	Oct. 28, 2024 USD ($)	Aug. 22, 2024 USD ($)	Mar. 19, 2024	Jan. 25, 2024 USD ($)	Nov. 16, 2023 USD ($)	Oct. 06, 2023	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 06, 2026 USD ($)	Nov. 06, 2025	Oct. 24, 2024	May 14, 2024	Apr. 09, 2024
Mortgage loans payable on real estate
Debt, fair value									$ 33,424,000	$ 75,926,000
Unamortized deferred finance costs									20,274,000	22,042,000
Payments to acquire interest in joint venture									157,615,000	48,967,000	$ 81,158,000
Mortgage notes payable
Mortgage loans payable on real estate
Unamortized deferred finance costs									20,274,000
Debt instrument, principal amount extended									5,122,644,000
Arrowhead Towne Center \| Joint Venture
Mortgage loans payable on real estate
Asset acquisition, percentage of shares owned (as a percent)															100.00%
Arrowhead Towne Center \| Third Party \| Joint Venture
Mortgage loans payable on real estate
Joint venture ownership percent acquired (as a percent)															40.00%
Lakewood Center \| Joint Venture
Mortgage loans payable on real estate
Asset acquisition, percentage of shares owned (as a percent)														100.00%
Lakewood Center \| Third Party \| Joint Venture
Mortgage loans payable on real estate
Joint venture ownership percent acquired (as a percent)														40.00%
Los Cerritos Center \| Joint Venture
Mortgage loans payable on real estate
Asset acquisition, percentage of shares owned (as a percent)														100.00%
Los Cerritos Center \| Third Party \| Joint Venture
Mortgage loans payable on real estate
Joint venture ownership percent acquired (as a percent)														40.00%
South Plains Mall \| Joint Venture
Mortgage loans payable on real estate
Asset acquisition, percentage of shares owned (as a percent)															100.00%
Debt instrument, default rate													4.00%
South Plains Mall \| Joint Venture \| Subsequent Event
Mortgage loans payable on real estate
Interest rate on debt (as a percent)												4.22%
Debt instrument, face amount												$ 200,000,000
South Plains Mall \| Third Party \| Joint Venture
Mortgage loans payable on real estate
Joint venture ownership percent acquired (as a percent)															40.00%
Arrowhead Towne Center
Mortgage loans payable on real estate
Debt, fair value									18,851,000	27,552,000
Asset acquisition, percentage of shares owned (as a percent)															100.00%
Lakewood Center
Mortgage loans payable on real estate
Debt, fair value									0	19,723,000
Los Cerritos Center
Mortgage loans payable on real estate
Debt, fair value									14,573,000	22,521,000
South Plains Mall
Mortgage loans payable on real estate
Debt, fair value									$ 0	$ 6,130,000
Freehold Raceway Mall
Mortgage loans payable on real estate
Joint venture ownership percent acquired (as a percent)							49.90%
Asset acquisition, percentage of shares owned (as a percent)							100.00%
Payments to acquire interest in joint venture							$ 5,600,000
Danbury Fair Mall
Mortgage loans payable on real estate
Debt issued				$ 85,000,000		$ 155,000,000
Interest rate on debt (as a percent)				6.72%		6.39%
Fashion Outlets at Niagara Mortgage
Mortgage loans payable on real estate
Extension term (in years)					3 years
Variable interest rate spread (as a percent)								5.90%
Queens Center
Mortgage loans payable on real estate
Debt instrument term (in years)			5 years
Interest rate on debt (as a percent)			5.37%
Debt instrument, face amount			$ 525,000,000
Santa Monica Place
Mortgage loans payable on real estate
Debt instrument, default rate																4.00%
Crabtree Mall \| Mortgage notes payable
Mortgage loans payable on real estate
Outstanding borrowings under the line of credit	$ 159,100,000
Debt instrument term (in years)	2 years
Term loan facility, number of extensions allowed \| Number_of_extensions	2
Extension term (in years)	1 year
Additional borrowing capacity	$ 51,180,000
Borrowing capacity	$ 210,280,000
Variable interest rate spread (as a percent)	2.50%
Interest rate cap (as a percent)	5.00%
Washington Square
Mortgage loans payable on real estate
Debt instrument term (in years)		10 years
Interest rate on debt (as a percent)		5.58%
Debt instrument, face amount		$ 340,000,000
Washington Square \| Mortgage notes payable
Mortgage loans payable on real estate
Debt instrument term (in years)		10 years
Interest rate on debt (as a percent)		5.58%
Debt instrument, face amount		$ 340,000,000

Noncontrolling Interests (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) trading_day $ / shares	Dec. 31, 2024 USD ($) $ / shares
Noncontrolling Interest
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Number of trading days used to calculate redemption value \| trading_day	10
Redemption value of outstanding OP Units not owned by the Company \| $	$ 216,826	$ 218,988
The Macerich Partnership, L.P.
Noncontrolling Interest
Ownership interest in operating partnership (as a percent)	96.00%
Limited partnership interest of the operating partnership (as a percent)	4.00%	4.00%

Deferred Charges and Other Assets, net - Schedule of Deferred Charges and Other Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 55,072	$ 69,077
Intangible assets:
In-place lease values	136,239	142,979
Leasing commissions and legal costs	30,134	27,676
Above-market leases	75,756	74,712
Deferred tax assets	27,517	25,324
Deferred compensation plan assets	75,003	69,031
Other assets	60,019	48,771
Deferred charges and other assets, gross	459,740	457,570
Less accumulated amortization	(116,309)	(88,017)
Deferred charges and other assets, net	343,431	369,553
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets
Accumulated amortization	65,741	33,883
Amortization expense	$ 58,004	$ 18,423	$ 7,417

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Operating Partnership's VIEs

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


	December 31,
	2025		2024
Assets:
Property, net	$	118,073	$	122,102
Other assets	18,396		22,034
Total assets	$	136,469	$	144,136
Liabilities:
Mortgage notes payable	$	219,687	$	219,595
Other liabilities	65,778		71,268
Total liabilities	$	285,465	$	290,863

Schedule of Cash and Cash Equivalents

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


	2025		2024		2023
Beginning of year
Cash and cash equivalents	$	89,858	$	94,936	$	100,320
Restricted cash	87,621		95,358		80,819
Cash and cash equivalents and restricted cash	$	177,479	$	190,294	$	181,139
End of year
Cash and cash equivalents	$	280,246	$	89,858	$	94,936
Restricted cash	92,717		87,621		95,358
Cash and cash equivalents and restricted cash	$	372,963	$	177,479	$	190,294

Schedule of Restricted Cash


	2025		2024		2023
Beginning of year
Cash and cash equivalents	$	89,858	$	94,936	$	100,320
Restricted cash	87,621		95,358		80,819
Cash and cash equivalents and restricted cash	$	177,479	$	190,294	$	181,139
End of year
Cash and cash equivalents	$	280,246	$	89,858	$	94,936
Restricted cash	92,717		87,621		95,358
Cash and cash equivalents and restricted cash	$	372,963	$	177,479	$	190,294

Schedule of Real Estate Properties

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


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

Property, net at December 31, 2025 and 2024 consists of the following:


	2025		2024
Land	$	1,538,916	$	1,713,296
Buildings and improvements	6,492,487		6,608,217
Tenant improvements	675,233		617,007
Equipment and furnishings(1)	170,869		170,570
Construction in progress	323,142		335,890
	9,200,647		9,444,980
Less accumulated depreciation(1)	(2,512,519)		(2,347,867)
	$	6,688,128	$	7,097,113

Schedule of Range of the Terms of Loan and Lease Agreements

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


Deferred leasing costs			1 - 20 years
Deferred financing costs			1 - 15 years

- Definition

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

+ References + Details

Leases - Schedule of Minimum Future Rental Payments Required (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Operating Leases
2026	$ 12,012
2027	12,231
2028	8,785
2029	6,620
2030	6,663
Thereafter	69,745
Total undiscounted rental payments	116,056
Less imputed interest	(49,077)
Total lease liabilities	$ 66,979
Operating Lease, Liability, Statement of Financial Position	Lease liabilities

Investments in Unconsolidated Joint Ventures - Schedule of Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets:
Property, net	$ 6,688,128	$ 7,097,113
Total assets	8,368,685	8,567,039
Liabilities and partners' capital:
Mortgage and other notes payable	5,068,946	4,894,525
Total liabilities and equity	8,368,685	8,567,039
Investment in unconsolidated joint ventures:
Assets—Investments in unconsolidated joint ventures	707,075	654,667
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(194,388)	(192,680)
Joint Venture
Assets:
Property, net	3,206,517	3,519,602
Other assets	407,271	459,468
Total assets	3,613,788	3,979,070
Liabilities and partners' capital:
Mortgage and other notes payable	3,145,872	3,461,032
Other liabilities	308,150	324,799
Company's capital	140,911	100,684
Outside partners' capital	18,855	92,555
Total liabilities and equity	3,613,788	3,979,070
Investment in unconsolidated joint ventures:
Company's capital	140,911	100,684
Basis adjustment	371,776	361,303
Investments in unconsolidated joint ventures	512,687	461,987
Assets—Investments in unconsolidated joint ventures	707,075	654,667
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(194,388)	(192,680)
Investments in unconsolidated joint ventures	512,687	461,987
Amortization of difference between cost of investments and book value of underlying equity	$ 20,235	$ 343,722	$ (14,316)

Property, net - Narrative (Details) $ in Thousands	12 Months Ended
Property, net - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 $ / ft²
Property, Plant and Equipment
Depreciation expense \| $	$ 293,258	$ 269,020	$ 265,140
Measurement Input, Cap Rate \| Valuation, Income Approach \| Minimum
Property, Plant and Equipment
Other real estate owned, measurement input (as a percent)		0.073
Measurement Input, Cap Rate \| Valuation, Income Approach \| Maximum
Property, Plant and Equipment
Other real estate owned, measurement input (as a percent)		0.130
Measurement Input, Discount Rate \| Valuation, Income Approach \| Minimum
Property, Plant and Equipment
Other real estate owned, measurement input (as a percent)			0.090
Measurement Input, Discount Rate \| Valuation, Income Approach \| Maximum
Property, Plant and Equipment
Other real estate owned, measurement input (as a percent)			0.145
Measurement Input, Market Rents Per Square Foot \| Valuation, Income Approach \| Minimum
Property, Plant and Equipment
Other real estate owned, measurement input (as a percent)				5
Measurement Input, Market Rents Per Square Foot \| Valuation, Income Approach \| Maximum
Property, Plant and Equipment
Other real estate owned, measurement input (as a percent)				500

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company, under the oversight of the Audit Committee of its Board of Directors, has implemented and maintains a cybersecurity risk management program that includes processes for the systematic identification, assessment and treatment (through mitigation, transfer, avoidance and/or acceptance) of cybersecurity risks. This program extends to third-party vendors and the various properties under the Company’s management, including corporate and commercial properties, through establishing vendor risk requirements and conducting vendor risk assessments. This risk management program addresses, but is not limited to, risks identified by external auditors and assessors, internal auditors and assessors, threat intelligence providers, internal stakeholders, vulnerability management programs and security management programs. An internal audit team at the Company manages and maintains remediation strategies for identified risks for the Company and its vendors, and reports on them regularly to senior leadership. As part of the Company’s cyber risk management program, the Company has engaged external independent assessors to conduct cyber risk assessments, evaluate cyber risk management controls, and report both findings and recommendations to management. The Company, like other companies in its industry, faces a number of cybersecurity risks in connection with its business. Although such risks have not materially affected the Company, including its business strategy, results of operations or financial condition, to date, the Company has, from time to time, experienced threats to and security incidents related to its data and systems. For more information about the cybersecurity risks the Company faces, see Item 1A. Risk Factors.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company, under the oversight of the Audit Committee of its Board of Directors, has implemented and maintains a cybersecurity risk management program that includes processes for the systematic identification, assessment and treatment (through mitigation, transfer, avoidance and/or acceptance) of cybersecurity risks. This program extends to third-party vendors and the various properties under the Company’s management, including corporate and commercial properties, through establishing vendor risk requirements and conducting vendor risk assessments.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Company’s cyber risk management program and related operations and processes are directed by the Senior Vice President of Information Technology (the “SVP-IT”). Currently, the SVP-IT role is held by an individual who has over twenty five years of cybersecurity, information technology and systems engineering experience. The SVP-IT meets with the Chief Financial Officer and Chief Legal Officer quarterly to monitor and review the outcomes of the Company’s cybersecurity risk management processes and to discuss and decide matters related to cybersecurity risk treatment strategy (including mitigations). The Company also formed the Business Continuity Plan ("BCP") and Cyber Security Risk Committee (the “Security Committee”), which oversees the prioritization and escalation of risks from cybersecurity threats to senior leadership, is chaired by the SVP-IT and the Executive Vice President of Enterprise Operations. The Security Committee reports to the Chief Financial Officer and Chief Legal Officer, and the committee’s members include senior company leadership responsible for asset management, risk management, property management, marketing, and business development. Collectively, the Security Committee members possess experience in information security, risk management, oversight and legal compliance. The Company’s Board of Directors plays an important role in risk oversight and discharges its duties both as a full board and through its committees. The Board has delegated oversight of risk management matters, including cybersecurity and information technology matters, to its Audit Committee. As reflected in the Audit Committee charter, the committee is responsible for reviewing information technology, cybersecurity and other data protection strategies and plans, as well as assessing incident response protocols. The Security Committee provides quarterly reports to the Board of Directors and the SVP-IT attends board meetings yearly, or more frequently as appropriate, to inform the Company’s Board of Directors on cybersecurity risks. Additionally, the Company is subject to the requirements of the Sarbanes-Oxley Act of 2002 and information technology general controls are an important part of the Company's internal control over financial reporting and are subject to controls testing. Control deficiencies that represent cybersecurity risks would be reported by management to the Audit Committee.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company’s Board of Directors plays an important role in risk oversight and discharges its duties both as a full board and through its committees. The Board has delegated oversight of risk management matters, including cybersecurity and information technology matters, to its Audit Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company also formed the Business Continuity Plan ("BCP") and Cyber Security Risk Committee (the “Security Committee”), which oversees the prioritization and escalation of risks from cybersecurity threats to senior leadership, is chaired by the SVP-IT and the Executive Vice President of Enterprise Operations. The Security Committee reports to the Chief Financial Officer and Chief Legal Officer, and the committee’s members include senior company leadership responsible for asset management, risk management, property management, marketing, and business development. Collectively, the Security Committee members possess experience in information security, risk management, oversight and legal compliance.
Cybersecurity Risk Role of Management [Text Block]	The Company’s cyber risk management program and related operations and processes are directed by the Senior Vice President of Information Technology (the “SVP-IT”). Currently, the SVP-IT role is held by an individual who has over twenty five years of cybersecurity, information technology and systems engineering experience. The SVP-IT meets with the Chief Financial Officer and Chief Legal Officer quarterly to monitor and review the outcomes of the Company’s cybersecurity risk management processes and to discuss and decide matters related to cybersecurity risk treatment strategy (including mitigations). The Company also formed the Business Continuity Plan ("BCP") and Cyber Security Risk Committee (the “Security Committee”), which oversees the prioritization and escalation of risks from cybersecurity threats to senior leadership, is chaired by the SVP-IT and the Executive Vice President of Enterprise Operations. The Security Committee reports to the Chief Financial Officer and Chief Legal Officer, and the committee’s members include senior company leadership responsible for asset management, risk management, property management, marketing, and business development. Collectively, the Security Committee members possess experience in information security, risk management, oversight and legal compliance.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Security Committee reports to the Chief Financial Officer and Chief Legal Officer, and the committee’s members include senior company leadership responsible for asset management, risk management, property management, marketing, and business development. Collectively, the Security Committee members possess experience in information security, risk management, oversight and legal compliance.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Currently, the SVP-IT role is held by an individual who has over twenty five years of cybersecurity, information technology and systems engineering experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	As reflected in the Audit Committee charter, the committee is responsible for reviewing information technology, cybersecurity and other data protection strategies and plans, as well as assessing incident response protocols. The Security Committee provides quarterly reports to the Board of Directors and the SVP-IT attends board meetings yearly, or more frequently as appropriate, to inform the Company’s Board of Directors on cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Noncontrolling Interests	12 Months Ended
Noncontrolling Interests	Dec. 31, 2025
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests: The Company allocates net income of the Operating Partnership based on the weighted-average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership periodically to reflect its ownership interest in the Company. The Company had a 96% ownership interest in the Operating Partnership as of December 31, 2025 and 2024. The remaining 4% limited partnership interest as of December 31, 2025 and 2024 was owned by certain of the Company's executive officers and directors, certain of their affiliates, and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of registered or unregistered stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the ten trading days ending on the respective balance sheet date. Accordingly, as of December 31, 2025 and 13. Noncontrolling Interests: (Continued) 2024, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $216,826 and $218,988, respectively. The Company issued common and cumulative preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder, the Company may redeem them for cash or shares of the Company's stock at the Company's option, and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Asset Acquisition

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

The following is a summary of the allocation of the fair value of Lakewood Center, Los Cerritos Center and Washington Square:


Property	$	1,526,515
Deferred charges	85,661
Other assets	19,635
Total assets acquired	1,631,811
Mortgage note payable	1,312,718
Discount on mortgage note payable	(31,119)
Other accrued liabilities	27,711
Total liabilities assumed	1,309,310
Fair value of acquired net assets (at 100% ownership)	$	322,501

The following is a summary of the allocation of the fair value of Crabtree Mall, exclusive of closing costs and credits received:


Property	$	252,011
Deferred charges	38,446
Other assets	8,666
Total assets acquired	299,123


Other accrued liabilities	9,123
Total liabilities assumed	9,123
Fair value of acquired net assets (at 100% ownership)	$	290,000

The following is a reconciliation of the allocation of the fair value of acquired net assets to total cash paid:


Fair value of acquired net assets (at 100% ownership)	$	290,000
Credits received at closing	(24,612)
Closing and other transaction costs	1,538
Total cash paid	$	266,926

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Financing Arrangement - Schedule of Financing Arrangement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Joint Ventures
Interest (income) expense	$ 283,542	$ 219,987	$ 172,920
Related parties
Schedule of Joint Ventures
Interest (income) expense	$ 0	(11,264)	(24,206)
Financing Arrangement \| Related parties
Schedule of Joint Ventures
Distributions of the partner's share of net income		1,565	2,105
Distributions in excess of the partner's share of net income		966	8,807
Adjustment to fair value of financing arrangement obligation		(13,795)	(35,118)
Interest (income) expense		$ (11,264)	$ (24,206)

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingent liability under letters of credit	$ 984
Outstanding obligations under construction agreements	$ 84,239

Share and Unit-based Plans - Schedule of LTIP Grants (Details) - $ / shares						12 Months Ended
	Feb. 21, 2025	Nov. 12, 2024	Mar. 01, 2024	Feb. 15, 2024	Jan. 01, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
LTI units
Share and unit-based plans
Granted (in shares)	698,556				1,607,332	698,556	1,367,615	1,607,332
Granted (in dollars per share)						$ 30.95	$ 16.96	$ 11.07
January 1, 2023 \| Service-based \| First Vesting Period
Share and unit-based plans
Granted (in shares)					577,255
Granted (in dollars per share)					$ 11.26
January 1, 2023 \| Performance-based \| First Vesting Period
Share and unit-based plans
Granted (in shares)					1,030,077
Granted (in dollars per share)					$ 10.97
February 15, 2024 \| Service-based \| First Vesting Period
Share and unit-based plans
Granted (in shares)				305,129
Granted (in dollars per share)				$ 17.47
February 15, 2024 \| Performance-based \| First Vesting Period
Share and unit-based plans
Granted (in shares)				280,637
Granted (in dollars per share)				$ 17.37
March 1, 2024 \| Service-based \| First Vesting Period
Share and unit-based plans
Granted (in shares)			138,634
Granted (in dollars per share)			$ 16.41
March 1, 2024 \| Performance-based \| First Vesting Period
Share and unit-based plans
Granted (in shares)			261,124
Granted (in dollars per share)			$ 16.18
March 1, 2024 \| Service-based \| First Vesting Period
Share and unit-based plans
Granted (in shares)			152,346
Granted (in dollars per share)			$ 16.41
March 1, 2024 \| Service-based \| First Vesting Period
Share and unit-based plans
Granted (in shares)			76,173
Granted (in dollars per share)			$ 16.41
March 1, 2024 \| Service-based \| First Vesting Period
Share and unit-based plans
Granted (in shares)			76,173
Granted (in dollars per share)			$ 16.41
November 12, 2024 \| Service-based \| First Vesting Period
Share and unit-based plans
Granted (in shares)		77,399
Granted (in dollars per share)		$ 19.38
February 21 2025 \| Service-based
Share and unit-based plans
Granted (in shares)	193,776
Granted (in dollars per share)	$ 20.88
February 21 2025 \| Performance-based
Share and unit-based plans
Granted (in shares)	504,780
Granted (in dollars per share)	$ 34.81

Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 7,789	$ 7,146
Deferred rent receivables due to straight-line rent adjustments	94,539	94,445
Accrued Percentage Rents
Components of tenant and other receivables, net
Accounts receivable	$ 15,360	$ 17,214

Earnings Per Share ("EPS") (Tables)

12 Months Ended

Dec. 31, 2025

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


	2025		2024		2023
Numerator
Net loss	$	(201,059)	$	(197,665)	$	(278,099)
Less: net loss attributable to noncontrolling interests	(3,910)		(3,545)		(4,034)
Net loss attributable to the Company	(197,149)		(194,120)		(274,065)
Allocation of earnings to participating securities	(774)		(906)		(870)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$	(197,923)	$	(195,026)	$	(274,935)
Denominator




Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	254,216		221,845		215,548
EPS—net loss attributable to common stockholders:
Basic and diluted	$	(0.78)	$	(0.88)	$	(1.28)

____________________________________

(1)Diluted EPS excludes 99,565, 99,565 and 99,565 convertible preferred units for the years ended December 31, 2025, 2024 and 2023, respectively, as their impact was antidilutive.

Share and Unit-based Plans - Schedule LTIP Units Valuation Assumptions (Details) - LTI units	Feb. 21, 2025	Mar. 01, 2024	Feb. 15, 2024	Jan. 01, 2023
January 1, 2023
Share and unit-based plans
Risk Free Interest Rate				4.21%
Expected Volatility				74.23%
February 15, 2024
Share and unit-based plans
Risk Free Interest Rate			4.28%
Expected Volatility			45.04%
March 1, 2024
Share and unit-based plans
Risk Free Interest Rate		4.25%
Expected Volatility		45.09%
Febrauary 21, 2025
Share and unit-based plans
Risk Free Interest Rate	4.10%
Expected Volatility	42.25%

- 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

Share and Unit-based Plans - LTIP Activity (Details) - LTI units - $ / shares			12 Months Ended
	Feb. 21, 2025	Jan. 01, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Units
Balance at beginning of year (in shares)		2,215,167	2,391,933	2,256,847	2,215,167
Granted (in shares)	698,556	1,607,332	698,556	1,367,615	1,607,332
Vested (in shares)			(1,447,273)	(1,126,234)	(1,378,528)
Forfeited (in shares)			0	(106,295)	(187,124)
Balance at end of year (in shares)			1,643,216	2,391,933	2,256,847
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share)		$ 12.90	$ 13.95	$ 12.86	$ 12.90
Granted (in dollars per share)			30.95	16.96	11.07
Vested (in dollars per share)			12.30	15.25	10.94
Forfeited (in dollars per share)			0	15.77	12.15
Balance at end of year (in dollars per share)			$ 22.63	$ 13.95	$ 12.86

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

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

The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2025, 2024 and 2023:


	2025				2024(1)				2023(2)
Ordinary income	$	—	—	%	$	—	—	%	$	0.36	53.0	%
Capital gains	—		—	%	0.36		52.9	%	0.32		47.0	%

Return of capital	0.68		100.0	%	0.32		47.1	%	—		—	%
Dividends paid	$	0.68	100.0	%	$	0.68	100.0	%	$	0.68	100.0	%

_______________________________________________________________________________

(1)The 2024 capital gains are treated as "unrecaptured Section 1250 gains."

(2)The 2023 ordinary income is treated as "qualified REIT dividends" for purposes of Section 199A of the Code and the 2023 capital gains are treated as "unrecaptured Section 1250 gains."

Schedule of Income Tax Provision of TRSs

The income tax provision of the TRSs for the year ended December 31, 2025 is as follows (ASU 2023-09 Presentation):


	2025(1)(2)
Current tax benefit
US federal	$	—
US state and local	—
Total current tax benefit	$	—

Deferred tax benefit
US federal	$	1,869
US state and local	324
Total deferred tax benefit	$	2,193

Total income tax benefit
US federal	$	1,869
US state and local	324
Total income tax benefit	$	2,193

_______________________________________________________________________________

(1)The Company did not make any income tax payments during 2025.

(2)The Company has no foreign income tax benefit or expense.

The income tax provision of the TRSs for the years ended December 31, 2024 and 2023 are as follows (pre-ASU 2023-09 presentation):


	2024		2023
Current	$	—	$	—
Deferred	1,300		494
Income tax benefit	$	1,300	$	494

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

The effective income tax rate of the TRSs for the year ended December 31, 2025 is reconciled to the amount by applying the Federal Corporate tax rate as follows (ASU 2023-09 presentation):


	2025
	Amount		Percent
U.S. federal statutory income tax benefit	$	2,828	21.0	%
State and local taxes, net of federal benefit(1)	324		2.4	%
Nondeductible expenses(2):
Executive compensation: LTI Units	(792)		(5.9)	%
Restricted stock units	208		1.5	%
Meals	(161)		(1.2)	%
Life insurance	(223)		(1.7)	%
Other nontaxable or nondeductible items	9		0.1	%
Income tax benefit	$	2,193	16.2	%

_______________________________________________________________________________

(1)The state and local income tax effect is primarily attributable to California, New York State and New York City, and Virginia


	2024		2023
Book loss for TRSs	$	9,893	$	7,671
Tax at statutory rate on earnings from continuing operations before income taxes	$	2,078	$	1,611

State taxes	266		220
Other	(1,044)		(1,337)
Income tax benefit	$	1,300	$	494

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

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2025 and 2024 are summarized as follows:


	2025		2024
Net operating loss carryforwards	$	14,204	$	12,533
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	12,516		11,992
Other	797		799
Net deferred tax assets	$	27,517	$	25,324

Summary of Significant Accounting Policies - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue Benchmark \| Customer Concentration Risk \| Center In New York City
Revenues
Concentration risk (as a percent)	10.00%	11.00%	11.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2025

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 (loss) related to the marking-to-market of derivative instruments of $25, $918 and $(1,584) during the years ended December 31, 2025, 2024 and 2023, respectively. Other comprehensive income (loss) is the Company's pro rata share of hedged derivative instruments from certain unconsolidated joint ventures.

The following derivative was outstanding at December 31, 2025:


								Fair Value
Property	Designation	Notional Amount		Product	SOFR/LIBOR Rate		Maturity	2025		2024
Crabtree Mall	Non-Hedged	$	159,100	Cap	5.00	%	8/7/2027	$	15	$	—

The above derivative was valued with an aggregate fair value (Level 2 measurement) and was included in deferred charges and other assets, net. The fair value of the Company's interest rate derivatives was determined using discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivative, 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 measurement.

Although the Company has determined that the majority of the inputs used to value its derivative falls within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative 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 cap. As a result, the Company determined that its interest rate cap valuation in its entirety is classified in Level 2 of the fair value hierarchy.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fees Charged to Unconsolidated Joint Ventures

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


	2025		2024		2023
Management fees	$	14,593	$	17,518	$	18,144
Development and leasing fees	7,532		9,018		9,201
	$	22,125	$	26,536	$	27,345

Leases - Narrative (Details)	Dec. 31, 2025
Leases [Abstract]
Weighted average remaining lease term, operating leases	24 years 2 months 12 days
Weighted average incremental borrowing rate, operating leases (as a percent)	6.90%

Related Party Transactions - Schedule of Fees Charged to Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Management fees
Related Party Transaction
Revenue	$ 22,706	$ 29,814	$ 30,185
Related parties
Related Party Transaction
Revenue	22,125	26,536	27,345
Related parties \| Management fees
Related Party Transaction
Revenue	14,593	17,518	18,144
Related parties \| Development and leasing fees
Related Party Transaction
Revenue	$ 7,532	$ 9,018	$ 9,201

- 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

- 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.

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-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Acquisitions - Schedule of Allocation of Fair Value For Arrowhead Towne Center, South Plains Mall & Pacific Premier Retail LLC (Details) - USD ($) $ in Thousands	Oct. 24, 2024	May 14, 2024
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
Pacific Premier Retail LLC—Various Properties
Acquisition
Property	$ 1,526,515
Deferred charges	85,661
Other assets	19,635
Total assets acquired	1,631,811
Mortgage note payable	1,312,718
Discount on mortgage note payable	(31,119)
Other accrued liabilities	27,711
Total liabilities assumed	1,309,310
Fair value of acquired net assets (at 100% ownership)	$ 322,501

Income Taxes - Schedule of Reconciliation of Income Tax Provision of the TRSs to the Amount Computed by Applying the Federal Corporate Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Book loss for TRSs		$ 9,893	$ 7,671
Tax at statutory rate on earnings from continuing operations before income taxes	$ 2,828	2,078	1,611
State taxes	324	266	220
Other		(1,044)	(1,337)
Income tax benefit	$ 2,193	$ 1,300	$ 494

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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-Topic 220
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Share and Unit-based Plans - Long-Term Incentive Plan Units Narrative (Details)	12 Months Ended
	Dec. 31, 2025
Stock units
Share and unit-based plans
Conversion rate	1
LTI units
Share and unit-based plans
Conversion rate	1

- 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

Deferred Charges and Other Assets, net

12 Months Ended

Dec. 31, 2025

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

Deferred Charges and Other Assets, net

Deferred Charges and Other Assets, net:

Deferred charges and other assets, net at December 31, 2025 and 2024 consist of the following:


	2025		2024
Leasing	$	55,072	$	69,077
Intangible assets:
In-place lease values(1)	136,239		142,979
Leasing commissions and legal costs(1)	30,134		27,676
Above-market leases	75,756		74,712
Deferred tax assets	27,517		25,324
Deferred compensation plan assets	75,003		69,031
Other assets	60,019		48,771
	459,740		457,570
Less accumulated amortization(2)	(116,309)		(88,017)
	$	343,431	$	369,553

_______________________________

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


Year Ending December 31,
2026	$	37,999
2027	19,705
2028	11,576
2029	8,444
2030	5,776
Thereafter	17,132
	$	100,632

The allocated values of above-market leases and below-market leases consist of the following as of December 31, 2025 and 2024:


	2025		2024
Above-Market Leases(1)
Original allocated value	$	75,756	$	74,712
Less accumulated amortization	(35,665)		(26,173)
	$	40,091	$	48,539
Below-Market Leases(1)
Original allocated value	$	106,194	$	114,150
Less accumulated amortization	(43,081)		(36,338)
	$	63,113	$	77,812

_______________________________

(1)Above-market leases are included in deferred charges and other assets, net. Below-market leases are included in other accrued liabilities.

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


Year Ending December 31,	Above Market		Below Market
2026	$	10,884	$	13,937
2027	8,324		10,512
2028	5,810		8,131
2029	4,636		7,029
2030	3,175		4,607
Thereafter	7,262		18,897
	$	40,091	$	63,113

Financing Arrangement (Tables)

12 Months Ended

Dec. 31, 2025

Co-Venture Arrangement [Abstract]

Schedule of Financing Arrangement

During the years ended December 31, 2024 and 2023 the Company recognized related party interest (income) expense in connection with the financing arrangement as follows:


	2024		2023
Distributions of the partner's share of net income	$	1,565	$	2,105
Distributions in excess of the partner's share of net income	966		8,807
Adjustment to fair value of financing arrangement obligation	(13,795)		(35,118)
	$	(11,264)	$	(24,206)

Deferred Charges and Other Assets, net - Schedule of Estimated Amortization of Intangible Assets for the Next Five Years and Thereafter (Details) - In-place lease values, leasing commissions and legal costs $ in Thousands	Dec. 31, 2025 USD ($)
Year Ending December 31,
2026	$ 37,999
2027	19,705
2028	11,576
2029	8,444
2030	5,776
Thereafter	17,132
Allocated value net	$ 100,632

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease costs	$ 13,744	$ 13,060	$ 13,608
Finance lease costs:
Amortization of ROU assets	7	1,181	1,366
Interest on lease liabilities	10	256	420
Total lease cost	$ 13,761	$ 14,497	$ 15,394

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: On January 15, 2026, the Company sold an additional outparcel at Washington Square in Portland, Oregon for $13,000 and used the net proceeds of approximately $12,409 for general corporate purposes. On February 12, 2026, the Company announced a dividend/distribution of $0.17 per share for common stockholders and OP Unit holders of record on March 16, 2026. All dividends/distributions will be paid 100% in cash on March 30, 2026. On February 6, 2026, the Company extended the loan maturity on the $200,000 loan at South Plains Mall to November 6, 2029, at the existing rate of 4.22%. The loan was previously in default as of November 6, 2025. Effective February 6, 2026, the $76,500 loan (at the Company’s pro rata share) at Twenty Ninth Street went into default. The Company’s joint venture is in negotiations with the lender on the terms of this loan.

Deferred Charges and Other Assets, net - Schedule of Estimated Amortization of Allocated Values of Above and Below-market Leases for the Next Five Years and Thereafter (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Below Market
2026	$ 13,937
2027	10,512
2028	8,131
2029	7,029
2030	4,607
Thereafter	18,897
Allocated value, net	63,113	$ 77,812
Above Market
Above Market
2026	10,884
2027	8,324
2028	5,810
2029	4,636
2030	3,175
Thereafter	7,262
Allocated value net	$ 40,091	$ 48,539

Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Ownership Interest in Joint Ventures


Joint Venture	Ownership %(1)

AM Tysons LLC	50.0	%

Corte Madera Village, LLC	50.1	%


Freehold Chandler Holdings LP - Chandler Fashion Center	50.1	%
Kierland Commons Investment LLC	50.0	%
Macerich HHF Broadway Plaza LLC—Broadway Plaza	50.0	%
Macerich HHF Centers LLC—Various Properties(2)	51.0	%




Propcor II Associates, LLC—Boulevard Shops	50.0	%

Scottsdale Fashion Square Partnership	50.0	%
TM TRS Holding Company LLC	50.0	%

Tysons Corner LLC	50.0	%
Tysons Corner Hotel I LLC	50.0	%
Tysons Corner Property Holdings II LLC	50.0	%
Tysons Corner Property LLC	50.0	%
West Acres Development, LLP	19.0	%

_______________________________________________________________________________

(2)The residential portion under development at one of the properties has an effective ownership interest of 43.4%.

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

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

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


	2025		2024
Assets(1):
Property, net	$	3,206,517	$	3,519,602
Other assets	407,271		459,468
Total assets	$	3,613,788	$	3,979,070
Liabilities and partners' capital:
Mortgage and other notes payable	$	3,145,872	$	3,461,032
Other liabilities	308,150		324,799
Company's capital	140,911		100,684
Outside partners' capital	18,855		92,555
Total liabilities and partners' capital	$	3,613,788	$	3,979,070
Investment in unconsolidated joint ventures:
Company's capital	$	140,911	$	100,684
Basis adjustment(1)	371,776		361,303
	$	512,687	$	461,987

Assets—Investments in unconsolidated joint ventures	707,075		$	654,667
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(194,388)		(192,680)
	$	512,687	$	461,987

_______________________________________________________________________________

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

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:



Year Ended December 31, 2025
Revenues:
Leasing revenue	$	606,746
Other	28,716
Total revenues	635,462
Expenses:
Shopping center and operating expenses	221,492
Leasing expense	5,607
Interest expense	169,582
Depreciation and amortization	190,208
Total operating expenses	586,889
Loss on sale or write down of assets, net	(57,016)
Other income, net(1)	49,663
Net income	$	41,220
Company's equity in net income(2)	$	35,946

	PPR Portfolio(3)		Other Joint Ventures		Total
Year Ended December 31, 2024
Revenues:
Leasing revenue	$	131,449	$	610,011	$	741,460
Other	1,416		26,344		27,760
Total revenues	132,865		636,355		769,220
Expenses:
Shopping center and operating expenses	32,413		212,023		244,436
Leasing expense	1,218		4,858		6,076
Interest expense	67,319		195,123		262,442
Depreciation and amortization	60,276		208,844		269,120
Total operating expenses	161,226		620,848		782,074
Loss on sale or write down of assets, net	(640,803)		(199,169)		(839,972)

Net loss	$	(669,164)	$	(183,662)	$	(852,826)
Company's equity in net loss(2)	$	(134,398)	$	(62,954)	$	(197,352)


	PPR Portfolio(3)		Other Joint Ventures		Total
Year Ended December 31, 2023
Revenues:
Leasing revenue	$	178,790	$	690,013	$	868,803
Other	2,295		21,628		23,923
Total revenues	181,085		711,641		892,726
Expenses:
Shopping center and operating expenses	44,096		247,843		291,939
Leasing expense	1,709		4,960		6,669
Interest expense	87,586		197,840		285,426
Depreciation and amortization	89,629		250,005		339,634
Total operating expenses	223,020		700,648		923,668
Loss on sale or write down of assets, net	—		(192,336)		(192,336)

Net loss	$	(41,935)	$	(181,343)	$	(223,278)
Company's equity in net loss(2)	$	(16,517)	$	(140,420)	$	(156,937)

_______________________________________________________________________________

(1)This represents income received from legal claims settlements.

(2)These amounts include impairment losses at the Company's share of $879, $179,960 and $152,360 for the years ended December 31, 2025, 2024 and 2023, respectively.

(3)On October 24, 2024, the Company acquired its joint venture partner's 40% interest in the PPR Portfolio as described above.

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
Balance at the beginning at Dec. 31, 2022	$ 2,949,349	$ 2,865,773	$ 2,151	$ 5,506,084	$ (2,643,094)	$ 632	$ 83,576
Balance at the beginning (in shares) at Dec. 31, 2022			215,241,129
Increase (Decrease) in Stockholders' Equity
Net loss	(278,099)	(274,065)			(274,065)		(4,034)
Interest rate cap agreements	(1,584)	(1,584)				(1,584)
Amortization of share and unit-based plans	16,065	16,065	$ 3	16,062
Amortization of share and unit-based plans (in shares)			325,229
Employee stock purchases	1,798	1,798	$ 2	1,796
Employee stock purchases (in shares)			226,766
Stock offerings, net	(583)	(583)		(583)
Distributions declared	(146,630)	(146,630)			(146,630)
Distributions to noncontrolling interests	(12,660)						(12,660)
Conversion of noncontrolling interests to common shares	0	5,429	$ 2	5,427			(5,429)
Conversion of noncontrolling interests to common shares (in shares)			183,490
Redemption of noncontrolling interests	(55)	39		39			(94)
Adjustment of noncontrolling interests in Operating Partnership	0	(19,222)		(19,222)			19,222
Balance at the end at Dec. 31, 2023	2,527,601	2,447,020	$ 2,158	5,509,603	(3,063,789)	(952)	80,581
Balance at the end (in shares) at Dec. 31, 2023			215,976,614
Increase (Decrease) in Stockholders' Equity
Net loss	(197,665)	(194,120)			(194,120)		(3,545)
Interest rate cap agreements	918	918				918
Amortization of share and unit-based plans	13,988	13,988	$ 4	13,984
Amortization of share and unit-based plans (in shares)			434,654
Employee stock purchases	1,847	1,847	$ 2	1,845
Employee stock purchases (in shares)			176,240
Stock offerings, net	657,025	657,025	$ 361	656,664
Stock offerings, net (in shares)			36,110,918
Distributions declared	(148,877)	(148,877)			(148,877)
Distributions to noncontrolling interests	(12,412)						(12,412)
Conversion of noncontrolling interests to common shares	0	11,208	$ 2	11,206			(11,208)
Conversion of noncontrolling interests to common shares (in shares)			227,070
Adjustment of noncontrolling interests in Operating Partnership	0	(32,522)		(32,522)			32,522
Balance at the end at Dec. 31, 2024	$ 2,842,425	2,756,487	$ 2,527	6,160,780	(3,406,786)	(34)	85,938
Balance at the end (in shares) at Dec. 31, 2024	252,925,496		252,925,496
Increase (Decrease) in Stockholders' Equity
Net loss	$ (201,059)	(197,149)			(197,149)		(3,910)
Interest rate cap agreements	25	25				25
Amortization of share and unit-based plans	18,360	18,360	$ 5	18,355
Amortization of share and unit-based plans (in shares)			463,037
Employee stock purchases	2,274	2,274	$ 2	2,272
Employee stock purchases (in shares)			167,827
Stock offerings, net	53,253	53,253	$ 31	53,222
Stock offerings, net (in shares)			3,059,861
Distributions declared	(173,881)	(173,881)			(173,881)
Distributions to noncontrolling interests	(14,327)						(14,327)
Contributions from noncontrolling interests	4						4
Conversion of noncontrolling interests to common shares	0	6,951	$ 4	6,947			(6,951)
Conversion of noncontrolling interests to common shares (in shares)			374,692
Redemption of noncontrolling interests	(4)	0		0			(4)
Adjustment of noncontrolling interests in Operating Partnership	0	(17,449)		(17,449)			17,449
Balance at the end at Dec. 31, 2025	$ 2,527,070	$ 2,448,871	$ 2,569	$ 6,224,127	$ (3,777,816)	$ (9)	$ 78,199
Balance at the end (in shares) at Dec. 31, 2025	256,990,913		256,990,913

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (201,059)	$ (197,665)	$ (278,099)
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on extinguishment of debt	0	(14,403)	(8,208)
Loss (gain) on sale or write down of assets, net	123,417	(38,959)	134,523
Depreciation and amortization	368,103	305,875	296,394
Amortization of net discount on mortgage notes payable	31,110	13,061	0
Amortization of share and unit-based plans	18,168	12,131	13,166
Straight-line rent and amortization of above and below market leases, net	(6,982)	(3,057)	522
Provision for (recovery of) doubtful accounts	4,633	6,153	(2,699)
Income tax benefit	(2,193)	(1,300)	(494)
Equity in (income) loss of unconsolidated joint ventures	(35,946)	197,352	156,937
Change in fair value of financing arrangement obligation	0	(13,795)	(35,118)
Distributions of income from unconsolidated joint ventures	0	0	280
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	3,398	3,441	354
Other assets	612	(16,193)	6,100
Due from affiliates	(609)	2,915	(1,456)
Accounts payable and accrued expenses	32,516	21,306	1,870
Other accrued liabilities	(13,564)	6,583	11,430
Net cash provided by operating activities	321,604	283,445	295,502
Cash flows from investing activities:
Acquisition of property	(266,926)	(170,829)	(46,687)
Development, redevelopment, expansion and renovation of properties	(101,010)	(109,317)	(77,941)
Property improvements	(66,415)	(58,330)	(74,562)
Proceeds from collection of notes receivable	0	0	3,500
Deferred leasing costs	(5,620)	(4,910)	(7,000)
Distributions from unconsolidated joint ventures	112,635	93,998	300,861
Contributions to unconsolidated joint ventures	(157,615)	(48,967)	(81,158)
Cash and restricted cash acquired from acquisition of previously unconsolidated joint venture	0	49,002	0
Derecognition of cash previously held by a consolidated joint venture to an unconsolidated joint venture	0	(13,005)	0
Proceeds from sale of assets	159,612	282,148	35,528
Net cash (used in) provided by investing activities	(325,339)	19,790	52,541
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	599,100	1,225,000	719,000
Payments on mortgages, bank and other notes payable	(257,325)	(2,023,651)	(863,258)
Deferred financing costs	(5,467)	(8,785)	(28,913)
Payment on finance arrangement obligation	0	0	(5,587)
Payments on finance leases	(4,408)	(6,197)	(2,000)
Proceeds from share and unit-based plans	2,274	1,847	1,798
Proceeds (costs) from stock offerings, net	53,253	657,025	(583)
Redemption of noncontrolling interests	(4)	0	(55)
Contributions from noncontrolling interests	4	0	0
Dividends and distributions	(188,208)	(161,289)	(159,290)
Net cash provided by (used in) financing activities	199,219	(316,050)	(338,888)
Net increase (decrease) in cash and cash equivalents and restricted cash	195,484	(12,815)	9,155
Cash and cash equivalents and restricted cash at beginning of year	177,479	190,294	181,139
Cash and cash equivalents and restricted cash at end of year	372,963	177,479	190,294
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	207,922	186,345	191,500
Non-cash investing and financing activities:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	57,589	49,484	48,191
Derecognition of previously consolidated property and related liabilities to investment in unconsolidated joint venture	0	347,290	0
Conversion of Operating Partnership Units to common stock	6,951	11,208	5,429
Assets acquired from unconsolidated joint ventures	0	2,124,511	46,713
Liabilities assumed from unconsolidated joint ventures	0	1,867,749	0
Mortgage note payable assumed by buyer	$ 317,115	$ 0	$ 0

Dispositions - Narrative (Details) ft² in Thousands, $ in Thousands																			12 Months Ended
	Dec. 19, 2025 USD ($)	Dec. 10, 2025 USD ($)	Nov. 17, 2025 USD ($)	Aug. 20, 2025 USD ($)	Aug. 18, 2025 USD ($)	Jun. 30, 2025 USD ($)	Jun. 11, 2025 USD ($)	May 28, 2025 USD ($)	Apr. 30, 2025 USD ($) ft²	Apr. 28, 2025 USD ($)	Apr. 16, 2025 USD ($)	Mar. 27, 2025 USD ($) ft²	Dec. 10, 2024 USD ($) ft²	Nov. 25, 2024 USD ($) ft²	Jun. 28, 2024 USD ($)	Dec. 04, 2023 USD ($)	Jul. 17, 2023 USD ($) ft²	May 02, 2023 USD ($) ft²	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Discontinued Operations:
Gain (loss) on extinguishment of debt																			$ 0	$ 14,403	$ 8,208
Repayments of debt																			257,325	2,023,651	863,258
Proceeds from sale of assets																			159,612	282,148	35,528
Mortgage notes payable																			5,068,946	4,894,525
Payment of corporate expenses					$ 4,933
Land
Discontinued Operations:
Gains on sales of investment real estate																			$ 6,545	$ 1,185	$ 5,592
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Market Place at Flagstaff
Discontinued Operations:
Property area (in square feet) \| ft²																		268
Proceeds from sale of assets																		$ 23,500
Gain (loss) on sale of assets																		$ 10,349
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Superstition Springs Power Center in Mesa Arizona
Discontinued Operations:
Property area (in square feet) \| ft²																	204
Proceeds from sale of assets																	$ 5,634
Gain (loss) on sale of assets																	$ 1,903
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Towne Mall
Discontinued Operations:
Proceeds from sale of assets																$ 9,500
Gain (loss) on extinguishment of debt																$ 8,208
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Valle Vista Mall
Discontinued Operations:
Proceeds from sale of assets															$ 7,100
Gain (loss) on sale of assets															$ 756
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Southridge Mall
Discontinued Operations:
Property area (in square feet) \| ft²														791
Proceeds from sale of assets														$ 4,000
Gain (loss) on sale of assets														$ 911
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Oaks, The
Discontinued Operations:
Property area (in square feet) \| ft²													1,206
Proceeds from sale of assets													$ 157,000
Gain (loss) on sale of assets													6,932
Repayments of debt													$ 147,751
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Wilton Mall
Discontinued Operations:
Property area (in square feet) \| ft²												740
Gain (loss) on sale of assets												$ (2,932)
Proceeds from sale of assets												$ 24,800
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| SanTan Adjacent in Gilbert, Arizona
Discontinued Operations:
Gain (loss) on sale of assets										$ 108	$ 247
Proceeds from sale of assets										$ 24,500	$ 3,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| SouthPark Mall
Discontinued Operations:
Property area (in square feet) \| ft²									802
Gain (loss) on sale of assets									$ (4,267)
Proceeds from sale of assets									$ 10,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Paradise Valley Mall in Phoenix, Arizona
Discontinued Operations:
Gain (loss) on sale of assets						$ (1,157)		$ (643)
Proceeds from sale of assets						5,532		$ 6,200
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Petaluma, California
Discontinued Operations:
Gain (loss) on sale of assets							$ 1,953
Proceeds from sale of assets							$ 2,625
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Fashion District Philadelphia in Philadelphia, Pennsylvania
Discontinued Operations:
Gain (loss) on sale of assets						2,378
Proceeds from sale of assets						$ 10,750
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Lakewood Center In Lakewood, California
Discontinued Operations:
Gain (loss) on sale of assets					21,099
Proceeds from sale of assets					332,115
Mortgage notes payable					$ 317,115
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Valley Mall in Harrisonburg, Virginia
Discontinued Operations:
Gain (loss) on sale of assets				$ 319
Proceeds from sale of assets				$ 22,100
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Los Cerritos Mall in Los Cerritos, California
Discontinued Operations:
Gain (loss) on sale of assets			$ (181)
Repayments of debt			4,508
Proceeds from sale of assets			$ 5,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Washington Square in Portland, Oregon
Discontinued Operations:
Gain (loss) on sale of assets		$ 2,595
Proceeds from sale of assets		$ 5,375
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Retail Strip Center At Washington Square
Discontinued Operations:
Gain (loss) on sale of assets	$ (2,718)
Repayments of debt	29,708
Proceeds from sale of assets	$ 25,750

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS:
Property, net	$ 6,688,128	$ 7,097,113
Cash and cash equivalents	280,246	89,858
Restricted cash	92,717	87,621
Tenant and other receivables, net	145,721	155,350
Right-of-use assets, net	108,918	111,037
Deferred charges and other assets, net	343,431	369,553
Due from affiliates	2,449	1,840
Investments in unconsolidated joint ventures	707,075	654,667
Total assets	8,368,685	8,567,039
LIABILITIES AND EQUITY:
Mortgage notes payable	5,068,946	4,894,525
Bank and other notes payable	0	98,323
Accounts payable and accrued expenses	125,210	87,540
Lease liabilities	66,979	71,683
Other accrued liabilities	386,092	379,863
Distributions in excess of investments in unconsolidated joint ventures	194,388	192,680
Total liabilities	5,841,615	5,724,614
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at December 31, 2025 and 2024, 256,990,913 and 252,925,496 shares issued and outstanding at December 31, 2025 and 2024, respectively	2,569	2,527
Additional paid-in capital	6,224,127	6,160,780
Accumulated deficit	(3,777,816)	(3,406,786)
Accumulated other comprehensive loss	(9)	(34)
Total stockholders' equity	2,448,871	2,756,487
Noncontrolling interests	78,199	85,938
Total equity	2,527,070	2,842,425
Total liabilities and equity	$ 8,368,685	$ 8,567,039

Dispositions - Investment Reclassification (Details) - USD ($) $ in Thousands	Jun. 13, 2024	Dec. 31, 2025	Dec. 31, 2024
Discontinued Operations:
Investments in unconsolidated joint ventures		$ 707,075	$ 654,667
Chandler Fashion Center Mortgage
Discontinued Operations:
Investments in unconsolidated joint ventures	$ 334,285
Discontinued Operations, Disposed of by Means Other than Sale \| Chandler Fashion Center Mortgage
Discontinued Operations:
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

- 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

Investments in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands																		3 Months Ended	12 Months Ended
	Jul. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	May 28, 2025 USD ($)	Mar. 28, 2025 USD ($)	Mar. 27, 2025 USD ($)	Feb. 07, 2025 USD ($)	Oct. 24, 2024 USD ($)	Jul. 31, 2024 USD ($) ft²	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 ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 06, 2026 USD ($)	Nov. 16, 2023	May 17, 2023 property	May 09, 2023 USD ($)
Investments in unconsolidated joint ventures:
Write-down of assets																			$ 151,447,000	$ 334,375,000	$ 153,495,000
Ownership percentage (as a percent)																							49.90%
Mortgage notes payable																			5,068,946,000	4,894,525,000
Debt instrument, variable interest rate, type						Secured Overnight Financing Rate (SOFR) [Member]
Proceeds from sale of assets																			159,612,000	282,148,000	35,528,000
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square
Investments in unconsolidated joint ventures:
Asset acquisition, percentage of shares owned (as a percent)															100.00%
Sears Deptford Mall and Vintage Faire Mall
Investments in unconsolidated joint ventures:
Asset acquisition, percentage of shares owned (as a percent)															100.00%
Joint Venture
Investments in unconsolidated joint ventures:
Write-down of assets																			879,000	179,960,000	152,360,000
Mortgage notes payable																			$ 3,145,872,000	$ 3,461,032,000
Joint Venture \| Sears South Plains
Investments in unconsolidated joint ventures:
Write-down of assets															$ 51,363,000
Joint Venture \| Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square
Investments in unconsolidated joint ventures:
Asset acquisition, consideration transferred															$ 46,687,000
Number of properties \| property															5
Joint Venture \| Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Asset acquisition, percentage of shares owned (as a percent)											100.00%
Joint Venture \| South Plains Mall
Investments in unconsolidated joint ventures:
Asset acquisition, percentage of shares owned (as a percent)											100.00%
Joint Venture \| South Plains Mall \| Subsequent Event
Investments in unconsolidated joint ventures:
Interest rate on debt (as a percent)																						4.22%
Debt instrument, face amount																						$ 200,000,000
Joint Venture \| Third Party \| Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square
Investments in unconsolidated joint ventures:
Joint venture ownership percent acquired (as a percent)															50.00%
Joint Venture \| Third Party \| Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Joint venture ownership percent acquired (as a percent)											40.00%
Asset acquisition, consideration transferred											$ 36,447,000
Joint Venture \| Third Party \| South Plains Mall
Investments in unconsolidated joint ventures:
Joint venture ownership percent acquired (as a percent)											40.00%
Asset acquisition, consideration transferred											$ 0
Scottsdale Fashion Square \| Joint Venture
Investments in unconsolidated joint ventures:
Repayments of debt																	$ 403,931,000
Debt issued																	$ 700,000,000
Interest rate on debt (as a percent)																	6.21%
Deptford Mall
Investments in unconsolidated joint ventures:
Repayments of debt																$ 5,100,000
Deptford Mall \| Joint Venture
Investments in unconsolidated joint ventures:
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
Investments in unconsolidated joint ventures:
Debt instrument, debt default, amount																									$ 147,605,000
Extinguishment of debt, amount									$ 147,735,000
Country Club Plaza \| Joint Venture
Investments in unconsolidated joint ventures:
Debt instrument, debt default, amount																									$ 295,210,000
Write-down of assets																					$ 100,997,000
Proceeds from sale of property									175,600,000
Extinguishment of debt, amount									$ 295,470,000
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square \| Joint Venture \| Seritage
Investments in unconsolidated joint ventures:
Number of properties \| property																								5
Tysons Corner LLC \| Joint Venture
Investments in unconsolidated joint ventures:
Repayments of debt														$ 666,465,000
Debt issued														$ 710,000,000
Tysons Corner LLC \| Joint Venture \| Fixed Rate Residential Mortgage
Investments in unconsolidated joint ventures:
Interest rate on debt (as a percent)														6.60%
Office Property in Los Angeles
Investments in unconsolidated joint ventures:
Repayments of debt													$ 324,632,000
Proceeds from sale of property													$ 77,643,000
Ownership percentage (as a percent)													25.00%
Gains on sales of investment real estate													$ 8,118,000
Office Property in Los Angeles \| Joint Venture
Investments in unconsolidated joint ventures:
Property area (in square feet) \| ft²													680
Proceeds from sale of property													$ 700,000,000
Propcor II Associates, LLC—Boulevard Shops \| Joint Venture
Investments in unconsolidated joint ventures:
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
Investments in unconsolidated joint ventures:
Write-down of assets																		$ 57,686,000
Development of Premium Outlets in Los Angeles \| Joint Venture
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)																			50.00%
Chandler Fashion Center \| Joint Venture
Investments in unconsolidated joint ventures:
Repayments of debt										$ 256,000,000
Debt issued										$ 17,700,000
Interest rate on debt (as a percent)										7.06%
Debt instrument, face amount										$ 275,000,000
Biltmore Fashion Park Retail Center in Phoenix, Arizona \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Investments in unconsolidated joint ventures:
Property area (in square feet) \| ft²								611
Gains on sales of investment real estate								$ 42,815,000
Equity interest percentage sold (as a percent)								50.00%
Sale of partnership interests other assets								$ 110,000,000
Lakewood Center, Los Cerritos Center and Washington Square Retail Center in Phoenix, Arizona \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Investments in unconsolidated joint ventures:
Write-down of assets							$ 117,031,000
Joint venture ownership percent acquired (as a percent)							40.00%
Asset acquisition, consideration transferred							$ 122,132,000
Asset acquisition, percentage of shares owned (as a percent)							100.00%
Lakewood Center, Los Cerritos Center and Washington Square Retail Center in Phoenix, Arizona \| PPR Portfolio
Investments in unconsolidated joint ventures:
Joint venture ownership percent acquired (as a percent)							40.00%
FlatIron Crossing
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)						2.90%
FlatIron Crossing \| Mezzanine Loan
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)						12.25%
Extension term (in years)						90 days
FlatIron Crossing \| First Mortgage
Investments in unconsolidated joint ventures:
Repayments of debt				$ 71,644,000	$ 71,644,000	$ 14,532,000
Variable interest rate spread (as a percent)						2.90%
Mortgage notes payable						$ 140,480,000
FlatIron Crossing \| Weighted Average \| First Mortgage
Investments in unconsolidated joint ventures:
Variable interest rate spread (as a percent)						3.70%
FlatIron Crossing \| Joint Venture \| Mezzanine Loan
Investments in unconsolidated joint ventures:
Repayments of debt				$ 140,479,000		$ 14,532,000
Paradise Valley Mall in Phoenix, Arizona \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Investments in unconsolidated joint ventures:
Percentage of Joint Venture Sold		5.00%
Proceeds from sale of assets		$ 5,532,000	$ 6,200,000
Gain (loss) on sale of assets		$ 1,157,000	$ 643,000
Atlas Park
Investments in unconsolidated joint ventures:
Extinguishment of debt, amount	$ 32,500,000
Gain (loss) on sale of assets	(11,953,000)
Atlas Park \| Joint Venture
Investments in unconsolidated joint ventures:
Extinguishment of debt, amount	65,000,000
Proceeds from sale of real estate	$ 72,000,000
Twenty Ninth Street \| Subsequent Event
Investments in unconsolidated joint ventures:
Debt instrument, debt default, amount																						76,500,000
Twenty Ninth Street \| Joint Venture \| Subsequent Event
Investments in unconsolidated joint ventures:
Debt instrument, debt default, amount																						$ 150,000,000

Share and Unit-based Plans - Directors' Phantom Stock Plan (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Phantom stock units
Share and unit-based plans
Number of common shares into which units can be converted (in shares)	1
Units
Balance at beginning of year (in shares)	0	17,043	34,039
Granted (in shares)	12,934	6,157	6,513
Vested (in shares)	(12,934)	(19,290)	(23,509)
Forfeited (in shares)	0	(3,910)	0
Balance at end of year (in shares)	0	0	17,043
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share) \| $ / shares	$ 0	$ 14.19	$ 14.19
Granted (in dollars per share) \| $ / shares	18.79	16.01	11.48
Vested (in dollars per share) \| $ / shares	18.79	17.65	13.44
Forfeited (in dollars per share) \| $ / shares	0	16.43	0
Balance at end of year (in dollars per share) \| $ / shares	$ 0	$ 0	$ 14.19
Director's Phantom Stock Plan
Share and unit-based plans
Deferral period for grant of units (in years)	3 years
Number of common shares into which units can be converted (in shares)	1
Maximum shares authorized under plan (in shares)	650,000
Shares available for issuance under plan (in shares)	155,484

Financing Arrangement

12 Months Ended

Dec. 31, 2025

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 1,412,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,653,000 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 Company recognized interest expense on (i) the changes in fair value of the financing arrangement obligation, (ii) any payments to the joint venture partner equal to their pro rata share of net income (loss) and (iii) any payments to the joint venture partner less than or in excess of their pro rata share of net income.

During the years ended December 31, 2024 and 2023 the Company recognized related party interest (income) expense in connection with the financing arrangement as follows:


	2024		2023
Distributions of the partner's share of net income	$	1,565	$	2,105
Distributions in excess of the partner's share of net income	966		8,807
Adjustment to fair value of financing arrangement obligation	(13,795)		(35,118)
	$	(11,264)	$	(24,206)

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 7.0% and 6.5%, respectively, a discount rate at June 13, 2024 and December 31, 2023 of 8.25% and 8.0%, respectively, and market rents per square foot of $45 to $240. The fair value of the financing arrangement obligation was sensitive to these significant unobservable inputs and a change in these inputs could have resulted 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 were recognized as related party interest expense (income) in the Company's consolidated statements of operations.

Dispositions (Tables)

12 Months Ended

Dec. 31, 2025

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
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
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+ Details

Property, net - Schedule of Components of Property, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment
Equipment and furnishings	$ 170,869	$ 170,570
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization	9,200,647	9,444,980
Less accumulated depreciation	(2,512,519)	(2,347,867)
Property, net	6,688,128	7,097,113
Land
Property, Plant and Equipment
Property, plant and equipment gross	1,538,916	1,713,296
Buildings and improvements
Property, Plant and Equipment
Property, plant and equipment gross	6,492,487	6,608,217
Tenant improvements
Property, Plant and Equipment
Property, plant and equipment gross	675,233	617,007
Construction in progress
Property, Plant and Equipment
Property, plant and equipment gross	$ 323,142	$ 335,890

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Acquisitions:

MS Portfolio LLC:

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

Freehold Raceway Mall:

On November 16, 2023, the Company acquired its joint venture partner’s 49.9% ownership interest in Freehold Raceway Mall for $5,587 and the assumption of its joint venture partner’s share of debt. The Company now owns 100% interest 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).

Fashion District Philadelphia:

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).

Arrowhead Towne Center:

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.

15. Acquisitions: (Continued)

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.

South Plains Mall:

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 $80,750 from the equity method investment previously held by the Company.

Sears parcel at Inland Center:

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

15. Acquisitions: (Continued)

Pacific Premier Retail LLC:

On October 24, 2024, the Company acquired the remaining 40% ownership interest in the Pacific Premier Retail LLC joint venture that owns Lakewood Center, Los Cerritos Center and Washington Square that it did not previously own for a total purchase price of $129,000 less the assumption of the partner's share of certain cash balances of $6,868 for a net purchase price of $122,132, and the assumption of its joint venture partner's share of debt on the properties. Effective as of October 24, 2024, the Company now owns and has consolidated its 100% interest in Lakewood Center, Los Cerritos Center and Washington Square.

The following is a summary of the allocation of the fair value of Lakewood Center, Los Cerritos Center and Washington Square:


Property	$	1,526,515
Deferred charges	85,661
Other assets	19,635
Total assets acquired	1,631,811
Mortgage note payable	1,312,718
Discount on mortgage note payable	(31,119)
Other accrued liabilities	27,711
Total liabilities assumed	1,309,310
Fair value of acquired net assets (at 100% ownership)	$	322,501

The net assets acquired upon consolidation of Lakewood Center, Los Cerritos Center and Washington Square 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 $98,800 from the equity method investment previously held by the Company.

On December 2, 2024, the Company paid off the remaining loan balance assumed on Washington Square with the proceeds from the Company's public offering on November 27, 2024 (See Note 14 – Stockholders' Equity) and recognized a gain on extinguishment of debt of $14,403 for the year ended December 31, 2024.

On March 27, 2025, the Company closed a $340,000, ten-year loan on Washington Square, which matures on April 6, 2035. The loan bears interest at a fixed rate of 5.58% and is interest only during the entire loan term (See Note 10 – Mortgage Notes Payable). The Company used a portion of the net proceeds from this refinancing to repay the remaining first mortgage on Flatiron Crossing, which was $71,644 at the Company’s share (See Note 4 – Investments in Unconsolidated Joint Ventures), and to repay the balance outstanding on the Company’s credit facility of $110,000.

Crabtree Mall:

On June 23, 2025, the Company acquired Crabtree Mall, a regional retail center totaling approximately 1.3 million square feet in Raleigh, North Carolina, for a total purchase price of $290,000, excluding transaction costs and credits received at closing. The acquisition was initially funded with cash on hand and $100,000 of borrowings on the Company's credit facility.

15. Acquisitions: (Continued)

The following is a summary of the allocation of the fair value of Crabtree Mall, exclusive of closing costs and credits received:


Property	$	252,011
Deferred charges	38,446
Other assets	8,666
Total assets acquired	299,123


Other accrued liabilities	9,123
Total liabilities assumed	9,123
Fair value of acquired net assets (at 100% ownership)	$	290,000

The following is a reconciliation of the allocation of the fair value of acquired net assets to total cash paid:


Fair value of acquired net assets (at 100% ownership)	$	290,000
Credits received at closing	(24,612)
Closing and other transaction costs	1,538
Total cash paid	$	266,926

- Definition

The entire disclosure for business combination.

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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Related Party Transactions:

Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures for the years ended December 31:


	2025		2024		2023
Management fees	$	14,593	$	17,518	$	18,144
Development and leasing fees	7,532		9,018		9,201
	$	22,125	$	26,536	$	27,345

Interest (income) expense from related party transactions also includes $(11,264) and $(24,206) for the years ended December 31, 2024 and 2023, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement).

Due from affiliates includes $2,449 and $1,840 of unreimbursed costs and fees from unconsolidated joint ventures under management agreements at December 31, 2025 and 2024, 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.

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+ Details

Summary of Significant Accounting Policies - Deferred Charges, Segment Information and Shareholder Activism Costs (Details)	12 Months Ended
	Dec. 31, 2025
Minimum
Deferred Charges:
Deferred lease costs, amortization period (in years)	1 year
Deferred financing costs, amortization period (in years)	1 year
Maximum
Deferred Charges:
Deferred lease costs, amortization period (in years)	20 years
Deferred financing costs, amortization period (in years)	15 years

Derivative Instruments and Hedging Activities - Schedule of Derivative Outstanding (Details) - Crabtree Mall - Cap - Level 2 - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value
Notional Amount	$ 159,100
SOFR/LIBOR Rate	5.00%
Fair Value	$ 15	$ 0

Property, net - Schedule of Gain (Loss) on Sale or Write down of Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment
Write-down of assets	$ (151,447)	$ (334,375)	$ (153,495)
Gain (loss) on sale or write down of assets, net	(123,417)	38,959	(134,523)
Gain (loss) on extinguishment of debt	0	14,403	8,208
Freehold Chandler Holdings
Property, Plant and Equipment
Gain (loss) on extinguishment of debt		334,285
Biltmore Fashion Park
Property, Plant and Equipment
Gain (loss) on extinguishment of debt		42,815
Fair Value Adjustment on Certain Properties
Property, Plant and Equipment
Write-down of assets		(334,265)
Fashion Outlet of Niagara Falls
Property, Plant and Equipment
Write-down of assets			(144,656)
Towne Mall
Property, Plant and Equipment
Write-down of assets			(7,880)
Certain Properties in South Park Mall, Valley Mall and Santa Monica Place
Property, Plant and Equipment
Write-down of assets	(147,356)
Property sales
Property, Plant and Equipment
Gain on sales	21,485	372,149	13,380
Land sales
Property, Plant and Equipment
Gain on sales	$ 6,545	$ 1,185	$ 5,592

Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Mortgage Notes Payable

Mortgage notes payable at December 31, 2025 and 2024 consist of the following:


	Carrying Amounts of Mortgage Notes(1)				Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Property Pledged as Collateral	2025		2024
Arrowhead Towne Center(5)	$	352,776	$	351,905	6.75	%	$	1,921	2028
Crabtree Mall(6)	155,793		—		6.74	%	833		2029
Danbury Fair Mall(7)	152,455		152,149		6.59	%	836		2034

Fashion Outlets of Chicago	299,554		299,465		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA(8)	76,995		80,775		6.52	%	727		2026
Freehold Raceway Mall(9)	399,376		399,210		3.94	%	1,300		2029
Fresno Fashion Fair	324,851		324,652		3.67	%	971		2026

Green Acres Mall	364,632		361,948		6.62	%	1,819		2028
Kings Plaza Shopping Center	528,906		537,471		3.71	%	2,414		2030
Lakewood Center(10)	—		304,557		—	%	—		—
Los Cerritos Center(11)	465,727		472,745		5.77	%	2,506		2027

Pacific View	69,691		70,560		5.45	%	399		2032
Queens Center(12)	523,346		522,945		5.45	%	2,349		2029
Santa Monica Place(13)	300,000		298,791		5.27	%	1,318		2024
SanTan Village Regional Center	219,687		219,595		4.34	%	788		2029
South Plains Mall(14)	200,000		193,870		4.22	%	703		2025


Victor Valley, Mall of(15)	84,033		83,928		6.85	%	476		2034
Vintage Faire Mall	212,728		219,959		3.55	%	1,256		2026
Washington Square(16)	338,396		—		5.63	%	1,580		2035
	$	5,068,946	$	4,894,525

The debt discounts at December 31, 2025 and 2024 consist of the following:


Property Pledged as Collateral	2025		2024


Arrowhead Towne Center	$	18,851	$	27,552
Lakewood Center(10)	—		19,723
Los Cerritos Center	14,573		22,521
South Plains	—		6,130
	$	33,424	$	75,926

(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.

(8)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%.

Schedule of Future Maturities of Bank and Other Notes Payable

The future maturities of mortgage notes payable are as follows:


Year Ended December 31,
2026	$	1,145,700
2027	490,009
2028	744,265
2029	1,308,949
2030	489,025
Thereafter	944,696
	5,122,644
Debt premium, net	(33,424)
Deferred finance cost, net	(20,274)
	$	5,068,946

Schedule III—Real Estate and Accumulated Depreciation - Property And Accumulated Depreciation Roll forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Changes in total real estate assets
Balances, beginning of year	$ 9,444,980	$ 8,710,352	$ 8,920,580
Additions	427,765	2,072,258	257,160
Dispositions, impairments and retirements	(672,098)	(1,337,630)	(467,388)
Balances, end of year	9,200,647	9,444,980	8,710,352
Aggregate gross cost of the property for federal income tax purposes	10,688,254
Changes in accumulated depreciation
Balances, beginning of year	2,347,867	2,809,863	2,792,790
Additions	293,258	269,020	265,140
Dispositions, impairments and retirements	(128,606)	(731,016)	(248,067)
Balances, end of year	$ 2,512,519	$ 2,347,867	$ 2,809,863

Share and Unit-based Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share and Unit-based Plans

Share and Unit-based Plans:

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

2003 Equity Incentive Plan:

The 2003 Equity Incentive Plan ("2003 Plan") authorizes the grant of stock awards, stock options, stock appreciation rights, stock units, stock bonuses, performance-based awards, dividend equivalent rights and OP Units or other convertible or exchangeable units. As of December 31, 2025, stock awards, stock units, LTIP Units (as defined below), stock appreciation rights ("SARs") and stock options have been granted under the 2003 Plan. All stock options or other rights to acquire common stock granted under the 2003 Plan have a term of 10 years or less. These awards were generally granted based on the performance of the Company and the employees. None of the awards have performance requirements other than a service condition of continued employment unless otherwise provided. All awards are subject to restrictions determined by the Company's compensation committee. The aggregate number of shares of common stock that may be issued under the 2003 Plan is 26,112,331 shares. As of December 31, 2025, there were 6,123,193 shares available for issuance under the 2003 Plan.

Stock Units:

The stock units represent the right to receive upon vesting one share of the Company's common stock for one stock unit. The value of the stock units was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock units during the years ended December 31, 2025, 2024 and 2023:

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


	2025			2024			2023
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance at beginning of year	240,547	$	14.39	284,047	$	11.79	295,054	$	14.58
Granted	145,262	17.85		169,878	15.28		251,738	10.92
Vested	(165,181)	14.86		(212,347)	11.62		(262,745)	14.08
Forfeited	—	—		(1,031)	15.27		—	—
Balance at end of year	220,628	$	16.32	240,547	$	14.39	284,047	$	11.79

Long-Term Incentive Plan Units:

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

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

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

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

The Company has granted the following LTI units during the years ended December 31, 2025, 2024 and 2023:


Grant Date	Units	Type	Fair Value per LTI Unit		Vest Date
1/1/2023	577,255	Service-based	$	11.26	12/31/2025
1/1/2023	1,030,077	Performance-based	$	10.97	12/31/2025
	1,607,332

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
11/12/2024	77,399	Service-based	$	19.38	11/30/2027
	1,367,615

2/21/2025	193,776	Service-based	20.88		12/31/2027
2/21/2025	504,780	Performance-based	34.81		12/31/2027
	698,556


Grant Date	Risk Free Interest Rate		Expected Volatility
1/1/2023	4.21	%	74.23	%
2/15/2024	4.28	%	45.04	%
3/1/2024	4.25	%	45.09	%
2/21/2025	4.10	%	42.25	%

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

The following table summarizes the activity of the non-vested LTI Units during the years ended December 31, 2025, 2024 and 2023:


	2025			2024			2023
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance at beginning of year	2,391,933	$	13.95	2,256,847	$	12.86	2,215,167	$	12.90
Granted	698,556	30.95		1,367,615	16.96		1,607,332	11.07
Vested	(1,447,273)	12.30		(1,126,234)	15.25		(1,378,528)	10.94
Forfeited	—	—		(106,295)	15.77		(187,124)	12.15
Balance at end of year	1,643,216	$	22.63	2,391,933	$	13.95	2,256,847	$	12.86

Stock Options:

The following table summarizes the activity of vested stock options for the years ended December 31, 2025, 2024 and 2023:


	2025			2024			2023
	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Balance at beginning of year	26,371	$	54.56	26,371	$	54.56	26,371	$	54.56


Forfeited	—	—		—	—		—	—
Balance at end of year	26,371	$	54.56	26,371	$	54.56	26,371	$	54.56

Directors' Phantom Stock Plan:

The Directors' Phantom Stock Plan offers non-employee members of the board of directors ("Directors") the opportunity to defer their cash compensation and to receive that compensation in common stock rather than in cash after termination of service or a predetermined period. Compensation generally includes the annual retainers payable by the Company to the Directors. Deferred amounts are generally credited as units of phantom stock at the beginning of each three-year deferral period by dividing the present value of the deferred compensation by the average fair market value of the Company's common stock at the date of award. Compensation expense related to the phantom stock awards was determined by the amortization of the value of the stock units on a straight-line basis over the applicable service period. The stock units (including dividend equivalents) vest as the Directors' services (to which the fees relate) are rendered. Vested phantom stock units are ultimately paid out in common stock on a one-unit for one-share basis. To the extent elected by a Director, stock units receive dividend equivalents in the form of additional stock units based on the dividend amount paid on the common stock. The aggregate number of phantom stock units that may be granted under the Directors' Phantom Stock Plan is 650,000. As of December 31, 2025, there were 155,484 stock units available for grant under the Directors' Phantom Stock Plan.

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

The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2025, 2024 and 2023:


	2025			2024			2023
	Stock Units	Weighted Average Grant Date Fair Value		Stock Units	Weighted Average Grant Date Fair Value		Stock Units	Weighted Average Grant Date Fair Value
Balance at beginning of year	—	$	—	17,043	$	14.19	34,039	$	14.19
Granted	12,934	18.79		6,157	16.01		6,513	11.48
Vested	(12,934)	18.79		(19,290)	17.65		(23,509)	13.44
Forfeited	—	—		(3,910)	16.43		—	—
Balance at end of year	—	$	—	—	$	—	17,043	$	14.19

Employee Stock Purchase Plan ("ESPP"):

The ESPP authorizes eligible employees to purchase the Company's common stock through voluntary payroll deductions made during periodic offering periods. Under the ESPP, common stock is purchased at a 15% discount from the lesser of the fair value of common stock at the beginning and end of the offering period. A maximum of 1,791,117 shares of common stock is available for purchase under the ESPP. The number of shares available for future purchase under the plan at December 31, 2025 was 238,805.

Compensation:

The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2025, 2024 and 2023:


	2025		2024		2023
Stock units	$	2,334	$	2,359	$	3,150
LTI units	15,783		11,353		12,599

Phantom stock units	243		276		316
	$	18,360	$	13,988	$	16,065

The Company capitalized share and unit-based compensation costs of $192, $1,857 and $2,899 for the years ended December 31, 2025, 2024 and 2023, respectively.

The fair value of the stock units that vested during the years ended December 31, 2025, 2024 and 2023 was $3,057, $3,317 and $2,736, respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2025 consisted of $18,615 from LTI Units and $1,821 from stock units.

Summary of Significant Accounting Policies - Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Increase (decrease) in minimum rent due to straight-line rent adjustment	$ 4,533	$ (759)	$ (4,624)
Minimum
Revenues
Management fees as a percentage of gross monthly rental revenue (as a percent)	1.50%
Maximum
Revenues
Management fees as a percentage of gross monthly rental revenue (as a percent)	4.00%

Summary of Significant Accounting Policies - Acquisitions (Details)	12 Months Ended
	Dec. 31, 2025 form
Accounting Policies [Abstract]
Number of forms of in-place operating lease intangible assets and liabilities	3

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies:

Basis of Presentation:

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

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


	December 31,
	2025		2024
Assets:
Property, net	$	118,073	$	122,102
Other assets	18,396		22,034
Total assets	$	136,469	$	144,136
Liabilities:
Mortgage notes payable	$	219,687	$	219,595
Other liabilities	65,778		71,268
Total liabilities	$	285,465	$	290,863

Basis of Presentation: (Continued)

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


	2025		2024		2023
Beginning of year
Cash and cash equivalents	$	89,858	$	94,936	$	100,320
Restricted cash	87,621		95,358		80,819
Cash and cash equivalents and restricted cash	$	177,479	$	190,294	$	181,139
End of year
Cash and cash equivalents	$	280,246	$	89,858	$	94,936
Restricted cash	92,717		87,621		95,358
Cash and cash equivalents and restricted cash	$	372,963	$	177,479	$	190,294

Cash and Cash Equivalents and Restricted Cash:

Revenues:

The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. In consideration for these services, the Management Companies receive monthly management fees generally ranging from 1.5% to 4.0% of the gross monthly rental revenue of the properties managed.

Property:

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


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

Capitalization of Costs:

Investment in Unconsolidated Joint Ventures:

Acquisitions:

Deferred Charges:

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


Deferred leasing costs			1 - 20 years
Deferred financing costs			1 - 15 years

Accounting for Impairment:

Share and Unit-based Compensation Plans:

Derivative Instruments and Hedging Activities:

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

Income Taxes:

Fair Value of Financial Instruments:

Concentration of Risk:

No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2025, 2024 or 2023, with the exception of one Center in New York, which represented approximately 10%, 11% and 11% of the Company's consolidated revenues for the years ended December 31, 2025, 2024 and 2023, respectively.

Management Estimates:

Recent Accounting Pronouncements:

Investments in Unconsolidated Joint Ventures - Schedule of Ownership Interest in Joint Ventures (Details)	Dec. 31, 2025
AM Tysons LLC
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	50.00%
Corte Madera Village, LLC
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	50.10%
Freehold Chandler Holdings LP - Chandler Fashion Center
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	50.10%
Kierland Commons Investment LLC
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	50.00%
Macerich HHF Broadway Plaza LLC—Broadway Plaza
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	50.00%
Macerich HHF Centers LLC—Various Properties(2)
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	51.00%
Macerich HHF Centers LLC—Various Properties(2) \| Residential Property
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	43.40%
Propcor II Associates, LLC—Boulevard Shops
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	50.00%
Scottsdale Fashion Square Partnership
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	50.00%
TM TRS Holding Company LLC
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	50.00%
Tysons Corner LLC
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	50.00%
Tysons Corner Hotel I LLC
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	50.00%
Tysons Corner Property Holdings II LLC
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	50.00%
Tysons Corner Property LLC
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	50.00%
West Acres Development, LLP
Investments in unconsolidated joint ventures:
Ownership percentage (as a percent)	19.00%

Schedule III—Real Estate and Accumulated Depreciation - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Initial Cost to Company
Land	$ 1,609,127
Building and Improvements	5,915,651
Equipment and Furnishings	46,574
Cost Capitalized Subsequent to Acquisition, net of (impairments)	1,629,295
Gross Amount at Which Carried at Close of Period
Land	1,538,916
Building and Improvements	7,167,720
Equipment and Furnishings	170,869
Construction in Progress	323,142
Total	9,200,647	$ 9,444,980	$ 8,710,352	$ 8,920,580
Accumulated Depreciation	2,512,519	$ 2,347,867	$ 2,809,863	$ 2,792,790
Total Cost Net of Accumulated Depreciation	6,688,128
Arrowhead Towne Center
Initial Cost to Company
Land	57,388
Building and Improvements	310,026
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	6,326
Gross Amount at Which Carried at Close of Period
Land	57,388
Building and Improvements	315,931
Equipment and Furnishings	410
Construction in Progress	11
Total	373,740
Accumulated Depreciation	15,019
Total Cost Net of Accumulated Depreciation	358,721
Crabtree Mall
Initial Cost to Company
Land	55,784
Building and Improvements	196,227
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	7,248
Gross Amount at Which Carried at Close of Period
Land	55,784
Building and Improvements	200,237
Equipment and Furnishings	58
Construction in Progress	3,180
Total	259,259
Accumulated Depreciation	5,774
Total Cost Net of Accumulated Depreciation	253,485
Danbury Fair Mall
Initial Cost to Company
Land	130,367
Building and Improvements	316,951
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	134,015
Gross Amount at Which Carried at Close of Period
Land	142,751
Building and Improvements	427,169
Equipment and Furnishings	11,241
Construction in Progress	172
Total	581,333
Accumulated Depreciation	229,712
Total Cost Net of Accumulated Depreciation	351,621
Desert Sky Mall
Initial Cost to Company
Land	9,447
Building and Improvements	37,245
Equipment and Furnishings	12
Cost Capitalized Subsequent to Acquisition, net of (impairments)	10,289
Gross Amount at Which Carried at Close of Period
Land	6,628
Building and Improvements	45,114
Equipment and Furnishings	5,139
Construction in Progress	112
Total	56,993
Accumulated Depreciation	22,243
Total Cost Net of Accumulated Depreciation	34,750
Eastland Mall
Initial Cost to Company
Land	22,050
Building and Improvements	151,605
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	18,341
Gross Amount at Which Carried at Close of Period
Land	20,810
Building and Improvements	168,585
Equipment and Furnishings	2,601
Construction in Progress	0
Total	191,996
Accumulated Depreciation	70,952
Total Cost Net of Accumulated Depreciation	121,044
Fashion District Philadelphia
Initial Cost to Company
Land	38,402
Building and Improvements	293,112
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	(249,322)
Gross Amount at Which Carried at Close of Period
Land	10,331
Building and Improvements	71,132
Equipment and Furnishings	567
Construction in Progress	162
Total	82,192
Accumulated Depreciation	4,198
Total Cost Net of Accumulated Depreciation	77,994
Fashion Outlets of Chicago
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	280,485
Gross Amount at Which Carried at Close of Period
Land	40,575
Building and Improvements	235,930
Equipment and Furnishings	3,893
Construction in Progress	87
Total	280,485
Accumulated Depreciation	104,203
Total Cost Net of Accumulated Depreciation	176,282
Fashion Outlets of Niagara Falls USA
Initial Cost to Company
Land	18,581
Building and Improvements	210,139
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	(162,764)
Gross Amount at Which Carried at Close of Period
Land	6,961
Building and Improvements	58,733
Equipment and Furnishings	262
Construction in Progress	0
Total	65,956
Accumulated Depreciation	8,719
Total Cost Net of Accumulated Depreciation	57,237
Freehold Raceway Mall
Initial Cost to Company
Land	164,986
Building and Improvements	362,841
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	129,939
Gross Amount at Which Carried at Close of Period
Land	168,098
Building and Improvements	477,675
Equipment and Furnishings	9,158
Construction in Progress	2,835
Total	657,766
Accumulated Depreciation	284,496
Total Cost Net of Accumulated Depreciation	373,270
Fresno Fashion Fair
Initial Cost to Company
Land	17,966
Building and Improvements	72,194
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	65,509
Gross Amount at Which Carried at Close of Period
Land	17,966
Building and Improvements	133,212
Equipment and Furnishings	3,650
Construction in Progress	841
Total	155,669
Accumulated Depreciation	90,871
Total Cost Net of Accumulated Depreciation	64,798
Green Acres Mall
Initial Cost to Company
Land	156,640
Building and Improvements	321,034
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	266,784
Gross Amount at Which Carried at Close of Period
Land	156,919
Building and Improvements	440,250
Equipment and Furnishings	12,165
Construction in Progress	135,124
Total	744,458
Accumulated Depreciation	196,375
Total Cost Net of Accumulated Depreciation	548,083
Inland Center
Initial Cost to Company
Land	8,321
Building and Improvements	83,550
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	53,044
Gross Amount at Which Carried at Close of Period
Land	10,291
Building and Improvements	123,588
Equipment and Furnishings	2,239
Construction in Progress	8,797
Total	144,915
Accumulated Depreciation	53,811
Total Cost Net of Accumulated Depreciation	91,104
Kings Plaza Shopping Center
Initial Cost to Company
Land	209,041
Building and Improvements	485,548
Equipment and Furnishings	20,000
Cost Capitalized Subsequent to Acquisition, net of (impairments)	308,533
Gross Amount at Which Carried at Close of Period
Land	203,646
Building and Improvements	707,998
Equipment and Furnishings	67,316
Construction in Progress	44,162
Total	1,023,122
Accumulated Depreciation	296,307
Total Cost Net of Accumulated Depreciation	726,815
La Cumbre Plaza
Initial Cost to Company
Land	18,122
Building and Improvements	21,492
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	(28,633)
Gross Amount at Which Carried at Close of Period
Land	5,583
Building and Improvements	5,373
Equipment and Furnishings	25
Construction in Progress	0
Total	10,981
Accumulated Depreciation	139
Total Cost Net of Accumulated Depreciation	10,842
Los Cerritos Center
Initial Cost to Company
Land	141,737
Building and Improvements	415,727
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	7,772
Gross Amount at Which Carried at Close of Period
Land	137,101
Building and Improvements	407,276
Equipment and Furnishings	132
Construction in Progress	20,727
Total	565,236
Accumulated Depreciation	13,509
Total Cost Net of Accumulated Depreciation	551,727
Macerich Management Co.
Initial Cost to Company
Land	1,150
Building and Improvements	10,475
Equipment and Furnishings	26,562
Cost Capitalized Subsequent to Acquisition, net of (impairments)	(3,439)
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	14,513
Equipment and Furnishings	20,235
Construction in Progress	0
Total	34,748
Accumulated Depreciation	20,504
Total Cost Net of Accumulated Depreciation	14,244
MACWH, LP
Initial Cost to Company
Land	0
Building and Improvements	25,771
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	(759)
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	25,012
Equipment and Furnishings	0
Construction in Progress	0
Total	25,012
Accumulated Depreciation	13,817
Total Cost Net of Accumulated Depreciation	11,195
NorthPark Mall
Initial Cost to Company
Land	7,746
Building and Improvements	74,661
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	13,014
Gross Amount at Which Carried at Close of Period
Land	6,714
Building and Improvements	86,995
Equipment and Furnishings	1,606
Construction in Progress	106
Total	95,421
Accumulated Depreciation	42,403
Total Cost Net of Accumulated Depreciation	53,018
Pacific View
Initial Cost to Company
Land	8,697
Building and Improvements	8,696
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	139,042
Gross Amount at Which Carried at Close of Period
Land	7,854
Building and Improvements	147,033
Equipment and Furnishings	1,548
Construction in Progress	0
Total	156,435
Accumulated Depreciation	103,257
Total Cost Net of Accumulated Depreciation	53,178
Prasada
Initial Cost to Company
Land	6,615
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	19,607
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	26,222
Equipment and Furnishings	0
Construction in Progress	0
Total	26,222
Accumulated Depreciation	8,671
Total Cost Net of Accumulated Depreciation	17,551
Queens Center
Initial Cost to Company
Land	251,474
Building and Improvements	1,039,922
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	97,582
Gross Amount at Which Carried at Close of Period
Land	256,786
Building and Improvements	1,122,252
Equipment and Furnishings	7,812
Construction in Progress	2,128
Total	1,388,978
Accumulated Depreciation	310,385
Total Cost Net of Accumulated Depreciation	1,078,593
Santa Monica Place
Initial Cost to Company
Land	26,400
Building and Improvements	105,600
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	71,584
Gross Amount at Which Carried at Close of Period
Land	30,673
Building and Improvements	156,937
Equipment and Furnishings	559
Construction in Progress	15,415
Total	203,584
Accumulated Depreciation	3,375
Total Cost Net of Accumulated Depreciation	200,209
SanTan Village Regional Center
Initial Cost to Company
Land	7,827
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	236,006
Gross Amount at Which Carried at Close of Period
Land	5,921
Building and Improvements	233,136
Equipment and Furnishings	3,208
Construction in Progress	1,568
Total	243,833
Accumulated Depreciation	142,851
Total Cost Net of Accumulated Depreciation	100,982
South Plains Mall
Initial Cost to Company
Land	13,274
Building and Improvements	89,410
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	3,786
Gross Amount at Which Carried at Close of Period
Land	10,414
Building and Improvements	69,392
Equipment and Furnishings	116
Construction in Progress	26,548
Total	106,470
Accumulated Depreciation	4,167
Total Cost Net of Accumulated Depreciation	102,303
Stonewood Center
Initial Cost to Company
Land	4,948
Building and Improvements	302,527
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	22,112
Gross Amount at Which Carried at Close of Period
Land	4,935
Building and Improvements	320,285
Equipment and Furnishings	2,230
Construction in Progress	2,137
Total	329,587
Accumulated Depreciation	105,805
Total Cost Net of Accumulated Depreciation	223,782
Superstition Springs Center
Initial Cost to Company
Land	10,928
Building and Improvements	112,718
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	15,995
Gross Amount at Which Carried at Close of Period
Land	10,928
Building and Improvements	125,215
Equipment and Furnishings	3,498
Construction in Progress	0
Total	139,641
Accumulated Depreciation	48,079
Total Cost Net of Accumulated Depreciation	91,562
The Macerich Partnership, L.P.
Initial Cost to Company
Land	0
Building and Improvements	2,534
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	2,222
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	0
Equipment and Furnishings	4,756
Construction in Progress	0
Total	4,756
Accumulated Depreciation	317
Total Cost Net of Accumulated Depreciation	4,439
Valley River Center
Initial Cost to Company
Land	24,854
Building and Improvements	147,715
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	39,572
Gross Amount at Which Carried at Close of Period
Land	24,854
Building and Improvements	184,471
Equipment and Furnishings	1,882
Construction in Progress	934
Total	212,141
Accumulated Depreciation	104,302
Total Cost Net of Accumulated Depreciation	107,839
Victor Valley, Mall of
Initial Cost to Company
Land	15,700
Building and Improvements	75,230
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	61,175
Gross Amount at Which Carried at Close of Period
Land	20,080
Building and Improvements	130,278
Equipment and Furnishings	1,738
Construction in Progress	9
Total	152,105
Accumulated Depreciation	79,958
Total Cost Net of Accumulated Depreciation	72,147
Vintage Faire Mall
Initial Cost to Company
Land	14,902
Building and Improvements	60,532
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	68,712
Gross Amount at Which Carried at Close of Period
Land	17,647
Building and Improvements	123,960
Equipment and Furnishings	1,708
Construction in Progress	831
Total	144,146
Accumulated Depreciation	93,719
Total Cost Net of Accumulated Depreciation	50,427
Washington Square
Initial Cost to Company
Land	80,847
Building and Improvements	470,233
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	9,011
Gross Amount at Which Carried at Close of Period
Land	80,848
Building and Improvements	477,911
Equipment and Furnishings	195
Construction in Progress	1,137
Total	560,091
Accumulated Depreciation	15,674
Total Cost Net of Accumulated Depreciation	544,417
Other freestanding stores
Initial Cost to Company
Land	47,083
Building and Improvements	111,936
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	15,884
Gross Amount at Which Carried at Close of Period
Land	20,430
Building and Improvements	98,932
Equipment and Furnishings	922
Construction in Progress	54,619
Total	174,903
Accumulated Depreciation	16,234
Total Cost Net of Accumulated Depreciation	158,669
Other land and development properties
Initial Cost to Company
Land	37,850
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition, net of (impairments)	(29,377)
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	6,973
Equipment and Furnishings	0
Construction in Progress	1,500
Total	8,473
Accumulated Depreciation	2,673
Total Cost Net of Accumulated Depreciation	$ 5,800

Tenant and Other Receivables, net	12 Months Ended
Tenant and Other Receivables, net	Dec. 31, 2025
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 $7,789 and $7,146 at December 31, 2025 and 2024, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $15,360 and $17,214 at December 31, 2025 and 2024, respectively, and a deferred rent receivable due to straight-line rent adjustments of $94,539 and $94,445 at December 31, 2025 and 2024, respectively.

Acquisitions - Schedule of Allocation of Fair Value of Assets Acquired (Details) - Crabtree Mall $ in Thousands	Jun. 23, 2025 USD ($)
Acquisition
Property	$ 252,011
Deferred charges	38,446
Other assets	8,666
Total assets acquired	299,123
Other accrued liabilities	9,123
Total liabilities assumed	9,123
Fair value of acquired net assets (at 100% ownership)	290,000
Credits received at closing	(24,612)
Closing and other transaction costs	1,538
Total cash paid	$ 266,926
Asset acquisition, percentage of shares owned (as a percent)	100.00%

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 5,068,946	$ 4,894,525
Arrowhead Towne Center
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 352,776	351,905
Effective Interest Rate (as a percent)	6.75%
Monthly Debt Service	$ 1,921
Crabtree Mall
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 155,793	0
Effective Interest Rate (as a percent)	6.74%
Monthly Debt Service	$ 833
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 152,455	152,149
Effective Interest Rate (as a percent)	6.59%
Monthly Debt Service	$ 836
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 299,554	299,465
Effective Interest Rate (as a percent)	4.61%
Monthly Debt Service	$ 1,145
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 76,995	80,775
Effective Interest Rate (as a percent)	6.52%
Monthly Debt Service	$ 727
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 399,376	399,210
Effective Interest Rate (as a percent)	3.94%
Monthly Debt Service	$ 1,300
Fresno Fashion Fair
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 324,851	324,652
Effective Interest Rate (as a percent)	3.67%
Monthly Debt Service	$ 971
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 364,632	361,948
Effective Interest Rate (as a percent)	6.62%
Monthly Debt Service	$ 1,819
Kings Plaza Shopping Center
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 528,906	537,471
Effective Interest Rate (as a percent)	3.71%
Monthly Debt Service	$ 2,414
Lakewood Center
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 0	304,557
Effective Interest Rate (as a percent)	0.00%
Monthly Debt Service	$ 0
Los Cerritos Center
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 465,727	472,745
Effective Interest Rate (as a percent)	5.77%
Monthly Debt Service	$ 2,506
Pacific View
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 69,691	70,560
Effective Interest Rate (as a percent)	5.45%
Monthly Debt Service	$ 399
Queens Center
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 523,346	522,945
Effective Interest Rate (as a percent)	5.45%
Monthly Debt Service	$ 2,349
Santa Monica Place - Swapped
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 300,000	298,791
Effective Interest Rate (as a percent)	5.27%
Monthly Debt Service	$ 1,318
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 219,687	219,595
Effective Interest Rate (as a percent)	4.34%
Monthly Debt Service	$ 788
South Plains Mall
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 200,000	193,870
Effective Interest Rate (as a percent)	4.22%
Monthly Debt Service	$ 703
Victor Valley, Mall of
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 84,033	83,928
Effective Interest Rate (as a percent)	6.85%
Monthly Debt Service	$ 476
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 212,728	219,959
Effective Interest Rate (as a percent)	3.55%
Monthly Debt Service	$ 1,256
Washington Square
Mortgage loans payable on real estate
Carrying Amounts of Mortgage Notes	$ 338,396	$ 0
Effective Interest Rate (as a percent)	5.63%
Monthly Debt Service	$ 1,580

Deferred Charges and Other Assets, net - Schedule of Allocated Values of Above-market Leases and Below-Market Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Below-Market Leases
Original allocated value	$ 106,194	$ 114,150
Less accumulated amortization	(43,081)	(36,338)
Allocated value, net	63,113	77,812
Above-Market Leases
Above-Market Leases
Original allocated value	75,756	74,712
Less accumulated amortization	(35,665)	(26,173)
Allocated value net	$ 40,091	$ 48,539

Income Taxes - Schedule of Income Tax Provision of TRSs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current tax benefit
US federal	$ 0
US state and local	0
Total current tax benefit	0	$ 0	$ 0
Deferred tax benefit
US federal	1,869
US state and local	324
Total deferred tax benefit	2,193	1,300	494
Total income tax benefit
US federal	1,869
US state and local	324
Income tax benefit	$ 2,193	$ 1,300	$ 494

Schedule III—Real Estate and Accumulated Depreciation - Depreciation Schedule (Details)	Dec. 31, 2025
Buildings and improvements \| Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Buildings and improvements \| Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	40 years
Tenant improvements \| Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Tenant improvements \| Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	7 years
Equipment and furnishings \| Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Equipment and furnishings \| Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	7 years

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column A
-Footnote 2
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column I
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column H
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column G
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column F
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column E
-Publisher SEC

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column D
-Publisher SEC

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column C
-Publisher SEC

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Paragraph Column B
-Publisher SEC

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column F))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column I))
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column G))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28(Column H))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1

+ Details