0000912242FALSE12/312021Q200009122422021-01-012021-06-30xbrli:shares00009122422021-08-05iso4217:USD00009122422021-06-3000009122422020-12-31iso4217:USDxbrli:shares00009122422021-04-012021-06-3000009122422020-04-012020-06-3000009122422020-01-012020-06-300000912242us-gaap:RealEstateOtherMember2021-04-012021-06-300000912242us-gaap:RealEstateOtherMember2020-04-012020-06-300000912242us-gaap:RealEstateOtherMember2021-01-012021-06-300000912242us-gaap:RealEstateOtherMember2020-01-012020-06-300000912242us-gaap:ManagementServiceMember2021-04-012021-06-300000912242us-gaap:ManagementServiceMember2020-04-012020-06-300000912242us-gaap:ManagementServiceMember2021-01-012021-06-300000912242us-gaap:ManagementServiceMember2020-01-012020-06-300000912242us-gaap:RealEstateMember2021-04-012021-06-300000912242us-gaap:RealEstateMember2020-04-012020-06-300000912242us-gaap:RealEstateMember2021-01-012021-06-300000912242us-gaap:RealEstateMember2020-01-012020-06-300000912242us-gaap:CommonStockMember2021-03-310000912242us-gaap:AdditionalPaidInCapitalMember2021-03-310000912242us-gaap:RetainedEarningsMember2021-03-310000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000912242us-gaap:ParentMember2021-03-310000912242us-gaap:NoncontrollingInterestMember2021-03-3100009122422021-03-310000912242us-gaap:RetainedEarningsMember2021-04-012021-06-300000912242us-gaap:ParentMember2021-04-012021-06-300000912242us-gaap:NoncontrollingInterestMember2021-04-012021-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000912242us-gaap:CommonStockMember2021-04-012021-06-300000912242us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000912242us-gaap:CommonStockMember2021-06-300000912242us-gaap:AdditionalPaidInCapitalMember2021-06-300000912242us-gaap:RetainedEarningsMember2021-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000912242us-gaap:ParentMember2021-06-300000912242us-gaap:NoncontrollingInterestMember2021-06-300000912242us-gaap:CommonStockMember2020-03-310000912242us-gaap:AdditionalPaidInCapitalMember2020-03-310000912242us-gaap:RetainedEarningsMember2020-03-310000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000912242us-gaap:ParentMember2020-03-310000912242us-gaap:NoncontrollingInterestMember2020-03-3100009122422020-03-310000912242us-gaap:RetainedEarningsMember2020-04-012020-06-300000912242us-gaap:ParentMember2020-04-012020-06-300000912242us-gaap:NoncontrollingInterestMember2020-04-012020-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000912242us-gaap:CommonStockMember2020-04-012020-06-300000912242us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300000912242us-gaap:CommonStockMember2020-06-300000912242us-gaap:AdditionalPaidInCapitalMember2020-06-300000912242us-gaap:RetainedEarningsMember2020-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000912242us-gaap:ParentMember2020-06-300000912242us-gaap:NoncontrollingInterestMember2020-06-3000009122422020-06-300000912242us-gaap:CommonStockMember2020-12-310000912242us-gaap:AdditionalPaidInCapitalMember2020-12-310000912242us-gaap:RetainedEarningsMember2020-12-310000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000912242us-gaap:ParentMember2020-12-310000912242us-gaap:NoncontrollingInterestMember2020-12-310000912242us-gaap:RetainedEarningsMember2021-01-012021-06-300000912242us-gaap:ParentMember2021-01-012021-06-300000912242us-gaap:NoncontrollingInterestMember2021-01-012021-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300000912242us-gaap:CommonStockMember2021-01-012021-06-300000912242us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300000912242us-gaap:CommonStockMember2019-12-310000912242us-gaap:AdditionalPaidInCapitalMember2019-12-310000912242us-gaap:RetainedEarningsMember2019-12-310000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000912242us-gaap:ParentMember2019-12-310000912242us-gaap:NoncontrollingInterestMember2019-12-3100009122422019-12-310000912242us-gaap:RetainedEarningsMember2020-01-012020-06-300000912242us-gaap:ParentMember2020-01-012020-06-300000912242us-gaap:NoncontrollingInterestMember2020-01-012020-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300000912242us-gaap:CommonStockMember2020-01-012020-06-300000912242us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-30xbrli:pure0000912242mac:TheMacerichPartnershipLPMember2021-06-30mac:entity0000912242us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-06-300000912242us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310000912242mac:PreferredNonparticipatingConvertibleUnitsMember2021-04-012021-06-300000912242mac:PreferredNonparticipatingConvertibleUnitsMember2020-04-012020-06-300000912242mac:PreferredNonparticipatingConvertibleUnitsMember2021-01-012021-06-300000912242mac:PreferredNonparticipatingConvertibleUnitsMember2020-01-012020-06-300000912242mac:PartnershipUnitsMember2021-04-012021-06-300000912242mac:PartnershipUnitsMember2020-04-012020-06-300000912242mac:PartnershipUnitsMember2021-01-012021-06-300000912242mac:PartnershipUnitsMember2020-01-012020-06-300000912242mac:TysonsCornerLLCMemberus-gaap:CorporateJointVentureMember2020-11-170000912242mac:TysonsCornerLLCMemberus-gaap:CorporateJointVentureMember2020-11-172020-11-170000912242us-gaap:ScenarioPlanMembermac:TysonsCornerLLCMemberus-gaap:CorporateJointVentureMember2020-11-172020-11-170000912242mac:TysonsCornerLLCMember2020-11-172020-11-170000912242mac:FashionDistrictPhiladelphiaMemberus-gaap:CorporateJointVentureMember2020-12-102020-12-100000912242mac:FashionDistrictPhiladelphiaMemberus-gaap:CorporateJointVentureMember2020-12-090000912242mac:FashionDistrictPhiladelphiaMemberus-gaap:CorporateJointVentureMember2020-12-100000912242us-gaap:CorporateJointVentureMembermac:FashionDistrictPhiladelphiaMember2020-12-102020-12-100000912242us-gaap:CorporateJointVentureMemberus-gaap:LondonInterbankOfferedRateLIBORMembermac:FashionDistrictPhiladelphiaMember2020-12-102020-12-100000912242us-gaap:CorporateJointVentureMemberus-gaap:BaseRateMembermac:FashionDistrictPhiladelphiaMember2020-12-102020-12-100000912242us-gaap:CorporateJointVentureMembermac:FashionDistrictPhiladelphiaMember2020-12-100000912242us-gaap:CoVenturerMembermac:FashionDistrictPhiladelphiaMember2020-12-100000912242us-gaap:CorporateJointVentureMembermac:FlatIronCrossingMember2020-12-292020-12-290000912242us-gaap:CorporateJointVentureMembermac:FlatIronCrossingMember2020-12-280000912242us-gaap:CorporateJointVentureMembermac:FlatIronCrossingMember2020-12-290000912242mac:FlatIronCrossingMember2020-12-292020-12-29mac:property0000912242us-gaap:CorporateJointVentureMember2020-12-310000912242mac:SearsSouthPlainsMember2020-12-310000912242mac:ParadiseValleyMallMemberus-gaap:CorporateJointVentureMember2021-03-290000912242mac:ParadiseValleyMallMemberus-gaap:CorporateJointVentureMember2021-03-292021-03-290000912242us-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-06-300000912242us-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-12-310000912242us-gaap:CorporateJointVentureMember2021-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMembermac:PacificPremierRetailLLCMember2021-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMembermac:PacificPremierRetailLLCMember2020-12-310000912242us-gaap:CorporateJointVentureMember2021-04-012021-06-300000912242us-gaap:CorporateJointVentureMember2020-04-012020-06-300000912242us-gaap:CorporateJointVentureMember2021-01-012021-06-300000912242us-gaap:CorporateJointVentureMember2020-01-012020-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-04-012021-06-300000912242mac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-04-012021-06-300000912242us-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-04-012021-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-04-012021-06-300000912242us-gaap:RealEstateOtherMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-04-012021-06-300000912242us-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-04-012021-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-04-012021-06-300000912242mac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-04-012021-06-300000912242us-gaap:CorporateJointVentureMemberus-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-04-012021-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-04-012020-06-300000912242mac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-04-012020-06-300000912242us-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-04-012020-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-04-012020-06-300000912242us-gaap:RealEstateOtherMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-04-012020-06-300000912242us-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-04-012020-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-04-012020-06-300000912242mac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-04-012020-06-300000912242us-gaap:CorporateJointVentureMemberus-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-04-012020-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-06-300000912242mac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-06-300000912242us-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-06-300000912242us-gaap:RealEstateOtherMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-06-300000912242us-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-06-300000912242mac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-06-300000912242us-gaap:CorporateJointVentureMemberus-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-06-300000912242mac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-06-300000912242us-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-06-300000912242us-gaap:RealEstateOtherMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-06-300000912242us-gaap:RealEstateOtherMemberus-gaap:CorporateJointVentureMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-06-300000912242mac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-06-300000912242mac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-06-300000912242us-gaap:CorporateJointVentureMemberus-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-06-30mac:derivative0000912242us-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel2Member2021-06-300000912242us-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel2Member2020-12-310000912242us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2021-06-300000912242us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2020-12-310000912242mac:SantaMonicaPlaceSwappedMemberus-gaap:InterestRateSwapMember2021-04-140000912242us-gaap:LandBuildingsAndImprovementsMember2021-04-012021-06-300000912242us-gaap:LandBuildingsAndImprovementsMember2020-04-012020-06-300000912242us-gaap:LandBuildingsAndImprovementsMember2021-01-012021-06-300000912242us-gaap:LandBuildingsAndImprovementsMember2020-01-012020-06-300000912242us-gaap:LandMember2021-04-012021-06-300000912242us-gaap:LandMember2020-04-012020-06-300000912242us-gaap:LandMember2021-01-012021-06-300000912242us-gaap:LandMember2020-01-012020-06-300000912242mac:ParadiseValleyMallMember2021-01-012021-06-300000912242mac:ParadiseValleyMallMember2021-04-012021-06-300000912242mac:EstrellaFallsMember2021-01-012021-06-300000912242mac:WiltonMallMember2020-01-012020-06-300000912242mac:ParadiseValleyMallMember2020-01-012020-06-300000912242mac:ParadiseValleyMallMemberus-gaap:LandMember2021-01-012021-06-300000912242mac:ParadiseValleyMallMemberus-gaap:LandMember2021-04-012021-06-300000912242us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000912242us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300000912242us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2020-06-300000912242us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-06-300000912242us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-06-300000912242us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-06-300000912242us-gaap:AccruedIncomeReceivableMember2021-06-300000912242us-gaap:AccruedIncomeReceivableMember2020-12-31mac:lease0000912242us-gaap:LeasesAcquiredInPlaceMember2021-06-300000912242us-gaap:LeasesAcquiredInPlaceMember2020-12-310000912242us-gaap:LeasesAcquiredInPlaceMember2021-04-012021-06-300000912242us-gaap:LeasesAcquiredInPlaceMember2020-04-012020-06-300000912242us-gaap:LeasesAcquiredInPlaceMember2021-01-012021-06-300000912242us-gaap:LeasesAcquiredInPlaceMember2020-01-012020-06-300000912242us-gaap:AboveMarketLeasesMember2021-06-300000912242us-gaap:AboveMarketLeasesMember2020-12-310000912242mac:BelowMarketLeaseMember2021-06-300000912242mac:BelowMarketLeaseMember2020-12-310000912242mac:ChandlerFashionCenterMortgageMember2021-06-300000912242mac:ChandlerFashionCenterMortgageMember2020-12-310000912242mac:ChandlerFashionCenterMortgageMember2021-01-012021-06-300000912242mac:DanburyFairMallMortgageMember2021-06-300000912242mac:DanburyFairMallMortgageMember2020-12-310000912242mac:DanburyFairMallMortgageMember2021-01-012021-06-300000912242mac:FashionDistrictPhiladelphiaMember2021-06-300000912242mac:FashionDistrictPhiladelphiaMember2020-12-310000912242mac:FashionDistrictPhiladelphiaMember2021-01-012021-06-300000912242mac:FashionOutletsOfChicagoMortgageMember2021-06-300000912242mac:FashionOutletsOfChicagoMortgageMember2020-12-310000912242mac:FashionOutletsOfChicagoMortgageMember2021-01-012021-06-300000912242mac:FashionOutletsAtNiagaraMortgageMember2021-06-300000912242mac:FashionOutletsAtNiagaraMortgageMember2020-12-310000912242mac:FashionOutletsAtNiagaraMortgageMember2021-01-012021-06-300000912242mac:FreeholdRacewayMallMortgageMember2021-06-300000912242mac:FreeholdRacewayMallMortgageMember2020-12-310000912242mac:FreeholdRacewayMallMortgageMember2021-01-012021-06-300000912242mac:FresnoFashionFairMember2021-06-300000912242mac:FresnoFashionFairMember2020-12-310000912242mac:FresnoFashionFairMember2021-01-012021-06-300000912242mac:GreenAcresCommonsMember2021-06-300000912242mac:GreenAcresCommonsMember2020-12-310000912242mac:GreenAcresCommonsMember2021-01-012021-06-300000912242mac:GreenAcreCommonSwappedMember2021-06-300000912242mac:GreenAcreCommonSwappedMember2020-12-310000912242mac:GreenAcreCommonSwappedMember2021-01-012021-06-300000912242mac:GreenAcresMallMember2021-06-300000912242mac:GreenAcresMallMember2020-12-310000912242mac:GreenAcresMallMember2021-01-012021-06-300000912242mac:KingsPlazaMortgageMember2021-06-300000912242mac:KingsPlazaMortgageMember2020-12-310000912242mac:KingsPlazaMortgageMember2021-01-012021-06-300000912242mac:TheOaksOneMortgageMember2021-06-300000912242mac:TheOaksOneMortgageMember2020-12-310000912242mac:TheOaksOneMortgageMember2021-01-012021-06-300000912242mac:PacificViewMortgageMember2021-06-300000912242mac:PacificViewMortgageMember2020-12-310000912242mac:PacificViewMortgageMember2021-01-012021-06-300000912242mac:QueensCenterMember2021-06-300000912242mac:QueensCenterMember2020-12-310000912242mac:QueensCenterMember2021-01-012021-06-300000912242mac:SantaMonicaPlaceSwappedMember2021-06-300000912242mac:SantaMonicaPlaceSwappedMember2020-12-310000912242mac:SantaMonicaPlaceSwappedMember2021-01-012021-06-300000912242mac:SanTanVillageRegionalCenterMortgageMember2021-06-300000912242mac:SanTanVillageRegionalCenterMortgageMember2020-12-310000912242mac:SanTanVillageRegionalCenterMortgageMember2021-01-012021-06-300000912242mac:TowneMallMortgageMember2021-06-300000912242mac:TowneMallMortgageMember2020-12-310000912242mac:TowneMallMortgageMember2021-01-012021-06-300000912242mac:TucsonLaEncantadaMortgageMember2021-06-300000912242mac:TucsonLaEncantadaMortgageMember2020-12-310000912242mac:TucsonLaEncantadaMortgageMember2021-01-012021-06-300000912242mac:MallOfVictorValleyMortgageMember2021-06-300000912242mac:MallOfVictorValleyMortgageMember2020-12-310000912242mac:MallOfVictorValleyMortgageMember2021-01-012021-06-300000912242mac:VintageFaireMallMortgageMember2021-06-300000912242mac:VintageFaireMallMortgageMember2020-12-310000912242mac:VintageFaireMallMortgageMember2021-01-012021-06-300000912242mac:GreenAcresCommonsMember2021-03-252021-03-250000912242mac:GreenAcresCommonsMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-03-250000912242mac:GreenAcreCommonSwappedMemberus-gaap:InterestRateSwapMember2021-06-300000912242mac:GreenAcresMallMember2021-01-222021-01-220000912242mac:SantaMonicaPlaceSwappedMemberus-gaap:InterestRateSwapMember2021-06-300000912242mac:NewCreditAgreementMemberus-gaap:LineOfCreditMember2021-04-140000912242us-gaap:LineOfCreditMembermac:RevolvingLoanFacilityMaturesOnApril142023Memberus-gaap:RevolvingCreditFacilityMember2021-04-140000912242us-gaap:LineOfCreditMembermac:RevolvingLoanFacilityMaturesOnApril142023Memberus-gaap:RevolvingCreditFacilityMember2021-04-142021-04-140000912242mac:TermLoanMembermac:TermLoanFacilityMaturesOnApril142024Member2021-04-140000912242mac:TermLoanMembermac:TermLoanFacilityMaturesOnApril142024Member2021-04-142021-04-140000912242us-gaap:LineOfCreditMembermac:PriorRevolvingLineOfCreditFacilityMember2021-04-142021-04-140000912242mac:NewCreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMembersrt:MinimumMember2021-04-142021-04-140000912242mac:NewCreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMembersrt:MaximumMember2021-04-142021-04-140000912242mac:NewCreditAgreementMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-06-300000912242mac:NewCreditAgreementMemberus-gaap:LineOfCreditMember2021-06-300000912242us-gaap:LineOfCreditMembermac:RevolvingLoanFacilityMaturesOnApril142023Memberus-gaap:RevolvingCreditFacilityMember2021-01-012021-06-300000912242us-gaap:LineOfCreditMembermac:RevolvingLoanFacilityMaturesOnApril142023Memberus-gaap:RevolvingCreditFacilityMember2021-06-300000912242mac:TermLoanMembermac:TermLoanFacilityMaturesOnApril142024Member2021-01-012021-06-300000912242us-gaap:LineOfCreditMemberus-gaap:FairValueInputsLevel2Membermac:RevolvingLoanFacilityMaturesOnApril142023Memberus-gaap:RevolvingCreditFacilityMember2021-06-300000912242us-gaap:FairValueInputsLevel2Memberus-gaap:LineOfCreditMembermac:TermLoanFacilityMaturesOnApril142024Member2021-06-300000912242us-gaap:LineOfCreditMembermac:PriorRevolvingLineOfCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-06-300000912242us-gaap:LineOfCreditMembermac:PriorRevolvingLineOfCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMember2021-01-012021-06-300000912242us-gaap:LineOfCreditMembermac:PriorRevolvingLineOfCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMembersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2021-01-012021-06-300000912242us-gaap:LineOfCreditMembermac:PriorRevolvingLineOfCreditFacilityMember2020-12-310000912242us-gaap:InterestRateSwapMember2021-06-300000912242us-gaap:LineOfCreditMembermac:PriorRevolvingLineOfCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-12-310000912242mac:PriorRevolvingLineOfCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2021-01-012021-06-300000912242mac:PriorRevolvingLineOfCreditFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:LineOfCreditMember2020-12-310000912242mac:FinancingArrangementMembermac:FreeholdRacewayMallAndChandlerFashionCenterMember2009-09-302009-09-30utr:sqft0000912242mac:ChandlerFashionCenterMembermac:FinancingArrangementMember2009-09-300000912242mac:FreeholdRacewayMallMembermac:FinancingArrangementMember2009-09-30iso4217:USDutr:sqft0000912242srt:MinimumMembermac:FinancingArrangementMember2020-12-310000912242srt:MinimumMembermac:FinancingArrangementMember2021-06-300000912242srt:MaximumMembermac:FinancingArrangementMember2021-06-300000912242srt:MaximumMembermac:FinancingArrangementMember2020-12-310000912242us-gaap:CorporateJointVentureMembermac:FinancingArrangementMember2021-04-012021-06-300000912242us-gaap:CorporateJointVentureMembermac:FinancingArrangementMember2020-04-012020-06-300000912242us-gaap:CorporateJointVentureMembermac:FinancingArrangementMember2021-01-012021-06-300000912242us-gaap:CorporateJointVentureMembermac:FinancingArrangementMember2020-01-012020-06-300000912242mac:TheMacerichPartnershipLPMember2020-12-3100009122422020-06-032020-06-0300009122422021-03-162021-03-1600009122422020-05-202020-05-220000912242mac:February2021ATMProgramMember2021-02-010000912242mac:March2021ATMProgramMember2021-03-260000912242mac:ATMProgramsMember2021-06-300000912242mac:ATMProgramsMember2021-01-012021-06-300000912242mac:ATMProgramsMember2021-04-012021-06-3000009122422017-02-120000912242us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembermac:ParadiseValleyMallMember2021-03-292021-03-290000912242us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembermac:ParadiseValleyMallMember2021-03-290000912242us-gaap:LetterOfCreditMemberus-gaap:SecuredDebtMember2021-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMemberus-gaap:ManagementServiceMember2021-04-012021-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMemberus-gaap:ManagementServiceMember2020-04-012020-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMemberus-gaap:ManagementServiceMember2021-01-012021-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMemberus-gaap:ManagementServiceMember2020-01-012020-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMembermac:DevelopmentandLeasingFeesMember2021-04-012021-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMembermac:DevelopmentandLeasingFeesMember2020-04-012020-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMembermac:DevelopmentandLeasingFeesMember2021-01-012021-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMembermac:DevelopmentandLeasingFeesMember2020-01-012020-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMember2021-04-012021-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMember2020-04-012020-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMember2021-01-012021-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMember2020-01-012020-06-300000912242mac:UnconsolidatedJointVenturesMember2021-06-300000912242mac:UnconsolidatedJointVenturesMember2020-12-310000912242mac:StockUnitsMember2021-01-012021-06-300000912242mac:LongTermIncentivePlanMember2021-01-012021-06-300000912242mac:LongTermIncentivePlanServicebasedMember2021-01-012021-06-300000912242mac:LongTermIncentivePlanMarketbasedMember2021-01-012021-06-300000912242mac:LongTermIncentivePlanMembermac:January12021Member2020-01-012020-01-010000912242mac:LongTermIncentivePlanMember2020-12-310000912242us-gaap:PhantomShareUnitsPSUsMember2020-12-310000912242mac:StockUnitsMember2020-12-310000912242us-gaap:PhantomShareUnitsPSUsMember2021-01-012021-06-300000912242mac:LongTermIncentivePlanMember2021-06-300000912242us-gaap:PhantomShareUnitsPSUsMember2021-06-300000912242mac:StockUnitsMember2021-06-300000912242us-gaap:EmployeeStockOptionMember2020-12-310000912242us-gaap:EmployeeStockOptionMember2021-01-012021-06-300000912242us-gaap:EmployeeStockOptionMember2021-06-300000912242mac:LongTermIncentivePlanMember2021-04-012021-06-300000912242mac:LongTermIncentivePlanMember2020-04-012020-06-300000912242mac:LongTermIncentivePlanMember2020-01-012020-06-300000912242mac:StockUnitsMember2021-04-012021-06-300000912242mac:StockUnitsMember2020-04-012020-06-300000912242mac:StockUnitsMember2020-01-012020-06-300000912242us-gaap:EmployeeStockOptionMember2021-04-012021-06-300000912242us-gaap:EmployeeStockOptionMember2020-04-012020-06-300000912242us-gaap:EmployeeStockOptionMember2020-01-012020-06-300000912242us-gaap:PhantomShareUnitsPSUsMember2021-04-012021-06-300000912242us-gaap:PhantomShareUnitsPSUsMember2020-04-012020-06-300000912242us-gaap:PhantomShareUnitsPSUsMember2020-01-012020-06-300000912242us-gaap:SubsequentEventMember2021-07-302021-07-30





UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File No. 1-12504
THE MACERICH COMPANY
(Exact name of registrant as specified in its charter)
Maryland 95-4448705
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification Number)
401 Wilshire Boulevard, Suite 700, Santa Monica, California 90401
(Address of principal executive office) (Zip Code)
(310)  394-6000
 (Registrant's telephone number, including area code)
N/A
 (Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Securities Act:
Title of each class Trading symbol Name of each exchange on which registered
Common Stock, $0.01 Par Value MAC New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days. Yes ☒   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding twelve (12) months (or for such shorter period that the registrant was required to submit such files). Yes         No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer x Accelerated Filer Non-Accelerated Filer Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes        No
Number of shares outstanding as of August 5, 2021 of the registrant's common stock, par value $0.01 per share: 213,008,898 shares








THE MACERICH COMPANY
FORM 10-Q
INDEX
Part I Financial Information  
3
3
4
5
6
8
Part II Other Information  

2


THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except par value)
(Unaudited)
June 30,
2021
December 31,
2020
ASSETS:    
Property, net $ 6,432,877  $ 6,694,579 
Cash and cash equivalents 194,028  465,297 
Restricted cash 69,298  17,362 
Tenant and other receivables, net 186,254  239,194 
Right-of-use assets, net 114,921  118,355 
Deferred charges and other assets, net 270,963  306,959 
Due from affiliates 4,812  1,612 
Investments in unconsolidated joint ventures 1,370,299  1,340,647 
Total assets $ 8,643,452  $ 9,184,005 
LIABILITIES AND EQUITY:    
Mortgage notes payable $ 4,518,108  $ 4,560,810 
Bank and other notes payable 367,020  1,477,540 
Accounts payable and accrued expenses 51,514  68,825 
Lease liabilities 86,198  90,216 
Other accrued liabilities 236,811  298,594 
Distributions in excess of investments in unconsolidated joint ventures 124,779  108,381 
Financing arrangement obligation 132,076  134,379 
Total liabilities 5,516,506  6,738,745 
Commitments and contingencies
Equity:    
Stockholders' equity:    
Common stock, $0.01 par value, 500,000,000 and 250,000,000 shares authorized at June 30, 2021 and December 31, 2020, respectively, and 211,169,654 and 149,770,575 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
2,112  1,498 
Additional paid-in capital 5,438,493  4,603,378 
Accumulated deficit (2,469,336) (2,339,619)
Accumulated other comprehensive loss (2,775) (8,208)
Total stockholders' equity 2,968,494  2,257,049 
Noncontrolling interests 158,452  188,211 
Total equity 3,126,946  2,445,260 
Total liabilities and equity $ 8,643,452  $ 9,184,005 
   The accompanying notes are an integral part of these consolidated financial statements.
3

THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
  For the Three Months Ended June 30, For the Six Months Ended June 30,
  2021 2020 2021 2020
Revenues:    
Leasing revenue $ 196,987  $ 168,754  $ 376,522  $ 379,475 
Other 11,855  3,003  17,176  12,261 
Management Companies 6,631  6,830  12,199  13,803 
Total revenues 215,473  178,587  405,897  405,539 
Expenses:    
Shopping center and operating expenses 67,655  57,133  143,810  127,858 
Leasing expenses 6,637  6,653  11,803  14,078 
Management Companies' operating expenses 15,021  16,442  29,864  32,666 
REIT general and administrative expenses 6,679  8,242  14,766  15,063 
Depreciation and amortization 77,630  80,294  156,026  162,507 
173,622  168,764  356,269  352,172 
Interest expense (income):    
Related parties 2,954  (32,807) 4,273  (77,050)
Other 51,960  52,841  104,537  105,158 
54,914  20,034  108,810  28,108 
Total expenses 228,536  188,798  465,079  380,280 
Equity in income (loss) of unconsolidated joint ventures 20,035  (14,173) 21,945  (4,475)
Income tax (expense) benefit (7,107) 1,524  (9,345) 1,790 
Loss on sale or write down of assets, net (3,927) (3,867) (25,210) (40,570)
Net loss (4,062) (26,727) (71,792) (17,996)
Less net income (loss) attributable to noncontrolling interests 7,703  (1,611) 3,577  (402)
Net loss attributable to the Company $ (11,765) $ (25,116) $ (75,369) $ (17,594)
Loss per common share—attributable to common stockholders:    
Basic $ (0.06) $ (0.18) $ (0.42) $ (0.13)
Diluted $ (0.06) $ (0.18) $ (0.42) $ (0.13)
Weighted average number of common shares outstanding:    
Basic 205,757,000  144,102,000  182,299,000  142,769,000 
Diluted 205,757,000  144,102,000  182,299,000  142,769,000 
   The accompanying notes are an integral part of these consolidated financial statements.
4

THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Dollars in thousands, except per share amounts)
  For the Three Months Ended June 30, For the Six Months Ended June 30,
  2021 2020 2021 2020
Net loss $ (4,062) $ (26,727) $ (71,792) $ (17,996)
Other comprehensive income (loss):
Interest rate cap/swap agreements 2,739  1,745  5,433  (4,650)
Comprehensive loss (1,323) (24,982) (66,359) (22,646)
Less net income (loss) attributable to noncontrolling interests 7,703  (1,611) 3,577  (402)
Comprehensive loss attributable to the Company $ (9,026) $ (23,371) $ (69,936) $ (22,244)
   The accompanying notes are an integral part of these consolidated financial statements.




5

THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended June 30, 2021 and 2020
  Stockholders' Equity    
  Common Stock Additional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
(Loss) Income
Total
Stockholders'
Equity
   
  Shares Par
Value
Noncontrolling
Interests
Total
Equity
Balance at April 1, 2021 197,036,176  $ 1,971  $ 5,263,994  $ (2,426,555) $ (5,514) $ 2,833,896  $ 163,409  $ 2,997,305 
Net (loss) income (11,765) (11,765) 7,703  (4,062)
Interest rate cap/swap agreements 2,739  2,739  2,739 
Amortization of share and unit-based plans 129,928  4,331  4,332  4,332 
Employee stock purchases 88,107  594  595  595 
Stock offerings, net 13,915,443  139  167,771  167,910  167,910 
Distributions paid ($0.15 per share)
(31,016) (31,016) (31,016)
Distributions to noncontrolling interests —  (10,856) (10,856)
Contributions from noncontrolling interests —  (1) (1)
Adjustment of noncontrolling interests in Operating Partnership 1,803  1,803  (1,803) — 
Balance at June 30, 2021 211,169,654  $ 2,112  $ 5,438,493  $ (2,469,336) $ (2,775) $ 2,968,494  $ 158,452  $ 3,126,946 
  Stockholders' Equity    
  Common Stock Additional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
   
  Shares Par
Value
Noncontrolling
Interests
Total
Equity
Balance at April 1, 2020 141,572,289  $ 1,416  $ 4,590,709  $ (2,042,688) $ (15,446) $ 2,533,991  $ 190,369  $ 2,724,360 
Net loss —  —  —  (25,116) —  (25,116) (1,611) (26,727)
Interest rate cap/swap agreements —  —  —  —  1,745  1,745  —  1,745 
Amortization of share and unit-based plans 45,171  —  4,210  —  —  4,210  —  4,210 
Employee stock purchases 141,568  851  —  —  852  —  852 
Distributions paid ($0.10 per share)
—  —  —  (14,278) —  (14,278) —  (14,278)
Stock dividend 7,759,280  78  (78) —  —  —  —  — 
Distributions to noncontrolling interests —  —  —  —  —  —  (1,587) (1,587)
Conversion of noncontrolling interests to common shares 82,856  5,879  —  —  5,880  (5,880) — 
Redemption of noncontrolling interests —  —  14  —  —  14  (30) (16)
Adjustment of noncontrolling interests in Operating Partnership —  —  (4,901) —  —  (4,901) 4,901  — 
Balance at June 30, 2020 149,601,164  $ 1,496  $ 4,596,684  $ (2,082,082) $ (13,701) $ 2,502,397  $ 186,162  $ 2,688,559 

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

THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in thousands, except per share data)
(Unaudited)
Six Months Ended June 30, 2021 and 2020
  Stockholders' Equity    
  Common Stock Additional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
   
  Shares Par
Value
Noncontrolling
Interests
Total
Equity
Balance at January 1, 2021 149,770,575  $ 1,498  $ 4,603,378  $ (2,339,619) $ (8,208) $ 2,257,049  $ 188,211  $ 2,445,260 
Net (loss) income —  —  —  (75,369) —  (75,369) 3,577  (71,792)
Interest rate cap/swap agreements —  —  —  —  5,433  5,433  —  5,433 
Amortization of share and unit-based plans 224,681  9,361  —  —  9,363  —  9,363 
Employee stock purchases 88,107  594  —  —  595  —  595 
Stock offerings, net 59,907,761  599  805,455  —  806,054  —  806,054 
Distributions paid ($0.30 per share)
—  —  —  (54,348) —  (54,348) —  (54,348)
Distributions to noncontrolling interests —  —  —  —  —  —  (14,194) (14,194)
Contributions from noncontrolling interests —  —  —  —  —  —  576  576 
Conversion of noncontrolling interests to common shares 1,178,530  12  22,206  —  —  22,218  (22,218) — 
Redemption of noncontrolling interests —  —  —  —  —  —  (1) (1)
Adjustment of noncontrolling interests in Operating Partnership —  —  (2,501) —  —  (2,501) 2,501  — 
Balance at June 30, 2021 211,169,654  $ 2,112  $ 5,438,493  $ (2,469,336) $ (2,775) $ 2,968,494  $ 158,452  $ 3,126,946 
  Stockholders' Equity    
  Common Stock Additional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
   
  Shares Par
Value
Noncontrolling
Interests
Total
Equity
Balance at January 1, 2020 141,407,650  $ 1,414  $ 4,583,911  $ (1,944,012) $ (9,051) $ 2,632,262  $ 198,708  $ 2,830,970 
Net loss —  —  —  (17,594) —  (17,594) (402) (17,996)
Interest rate cap/swap agreements —  —  —  —  (4,650) (4,650) —  (4,650)
Amortization of share and unit-based plans 126,088  9,812  —  —  9,813  —  9,813 
Employee stock purchases 141,568  851  —  —  852  —  852 
Distributions paid ($0.85 per share)
—  —  —  (120,476) —  (120,476) —  (120,476)
Stock dividend 7,759,280  78  (78) —  —  —  —  — 
Distributions to noncontrolling interests —  —  —  —  —  —  (10,061) (10,061)
Contributions from noncontrolling interests —  —  —  —  —  —  125  125 
Conversion of noncontrolling interests to common shares 166,578  11,675  —  —  11,677  (11,677) — 
Redemption of noncontrolling interests —  —  13  —  —  13  (31) (18)
Adjustment of noncontrolling interests in Operating Partnership —  —  (9,500) —  —  (9,500) 9,500  — 
Balance at June 30, 2020 149,601,164  $ 1,496  $ 4,596,684  $ (2,082,082) $ (13,701) $ 2,502,397  $ 186,162  $ 2,688,559 
  
 The accompanying notes are an integral part of these consolidated financial statements.
7

THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
For the Six Months Ended June 30,
  2021 2020
Cash flows from operating activities:    
Net loss $ (71,792) $ (17,996)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Loss on sale or write down of assets, net 25,210  40,570 
Depreciation and amortization 162,603  165,751 
Amortization of premium on mortgage notes payable —  (464)
Amortization of share and unit-based plans 7,460  7,493 
Straight-line rent and amortization of above and below market leases (11,318) 1,353 
(Recovery of) provision for doubtful accounts (5,907) 28,690 
Income tax expense (benefit) 9,345  (1,790)
Equity in (income) loss of unconsolidated joint ventures (21,945) 4,475 
Change in fair value of financing arrangement obligation (2,302) (81,291)
Changes in assets and liabilities, net of dispositions:    
Tenant and other receivables 81,168  (121,649)
Other assets 9,480  (10,551)
Due from affiliates (3,200) (5,273)
Accounts payable and accrued expenses (15,426) 13,037 
Other accrued liabilities (50,349) (37,737)
Net cash provided by (used in) operating activities 113,027  (15,382)
Cash flows from investing activities:    
Development, redevelopment, expansion and renovation of properties (35,560) (35,780)
Property improvements (16,107) (15,787)
Proceeds from repayment of notes receivable 1,300  — 
Deferred leasing costs (1,176) (1,581)
Distributions from unconsolidated joint ventures 45,978  24,139 
Contributions to unconsolidated joint ventures (39,487) (80,413)
Proceeds from sale of assets 149,993  331 
Net cash provided by (used in) investing activities 104,941  (109,091)
8

THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Dollars in thousands)
(Unaudited)
For the Six Months Ended June 30,
2021 2020
Cash flows from financing activities:    
Proceeds from mortgages, bank and other notes payable 495,000  660,000 
Payments on mortgages, bank and other notes payable (1,632,572) (16,138)
Deferred financing costs (22,228) (189)
Proceeds from finance lease —  4,115 
Payments on finance leases (1,102) (289)
Net proceeds from stock offerings 791,425  — 
Proceeds from share and unit-based plans 595  852 
Redemption of noncontrolling interests (1) (18)
Contribution from noncontrolling interests 124  125 
Dividends and distributions (68,542) (130,537)
Net cash (used in) provided by financing activities (437,301) 517,921 
Net (decrease) increase in cash, cash equivalents and restricted cash (219,333) 393,448 
Cash, cash equivalents and restricted cash, beginning of period 482,659  114,216 
Cash, cash equivalents and restricted cash, end of period $ 263,326  $ 507,664 
Supplemental cash flow information:    
Cash payments for interest, net of amounts capitalized $ 113,484  $ 100,237 
Non-cash investing and financing transactions:    
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities $ 22,378  $ 20,564 
Conversion of Operating Partnership Units to common stock $ 22,218  $ 11,677 
Accrued receivable of net proceeds from stock offering $ 14,629  $ — 
The accompanying notes are an integral part of these consolidated financial statements.
9


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

1. Organization:
The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States.
The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of June 30, 2021, the Company was the sole general partner of and held a 96% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code").
The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies."
All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.
2. Summary of Significant Accounting Policies:
Basis of Presentation:
The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm.
The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of consolidated variable interest entities ("VIEs"), including Fashion District Philadelphia and SanTan Village Regional Center.
The Operating Partnership's consolidated VIEs included the following assets and liabilities:
June 30,
2021
December 31,
2020
Assets:    
Property, net $ 475,184  $ 551,062 
Other assets 100,635  97,713 
Total assets $ 575,819  $ 648,775 
Liabilities:    
Mortgage notes payable $ 413,879  $ 420,233 
Other liabilities 59,715  81,266 
Total liabilities $ 473,594  $ 501,499 
All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

10

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

2. Summary of Significant Accounting Policies: (Continued)

The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2020 has been derived from the audited financial statements but does not include all disclosures required by GAAP. The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows:

For the Six Months Ended June 30,
2021 2020
Beginning of period
Cash and cash equivalents $ 465,297  $ 100,005 
Restricted cash 17,362  14,211 
Cash, cash equivalents and restricted cash $ 482,659  $ 114,216 
End of period
Cash and cash equivalents $ 194,028  $ 497,581 
Restricted cash 69,298  10,083 
Cash, cash equivalents and restricted cash $ 263,326  $ 507,664 

COVID-19 Pandemic:
In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. As a result, all of the markets that the Company operates in were subject to stay-at-home orders, and the majority of its properties were temporarily closed in part or completely. Following staggered re-openings during 2020, all Centers have been open and operating since October 7, 2020. The governments in the markets in which the Company operates continued to lift the COVID-19 related mandated restrictions throughout the second quarter of 2021 and essentially all of these markets reached a full economic re-opening during the quarter, including in the Company's key markets of California and New York, which were the most capacity-restricted markets upon re-opening in 2020.
COVID-19 Lease Accounting:
In April 2020, the Financial Accounting Standards Board issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under Accounting Standards Codification ("ASC") 842, "Leases" ("the lease modification accounting framework"). Under ASC 842, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant or an enforceable right and obligation within the existing lease. The Q&A allows for the bypass of a lease-by-lease analysis, and allows the Company to elect to either apply the lease modification accounting framework or not to all of its lease concessions with similar characteristics and circumstances. The Company has elected to apply the lease modification accounting framework to lease concessions that include the abatement of rent in its consolidated financial statements for the three and six months ended June 30, 2021.

11

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


3. Earnings Per Share ("EPS"):
The following table reconciles the numerator and denominator used in the computation of EPS for the three and six months ended June 30, 2021 and 2020 (shares in thousands):
  For the Three Months Ended June 30, For the Six Months Ended June 30,
  2021 2020 2021 2020
Numerator        
Net loss $ (4,062) $ (26,727) $ (71,792) $ (17,996)
Less net income (loss) attributable to noncontrolling interests 7,703  (1,611) 3,577  (402)
Net loss attributable to the Company (11,765) (25,116) (75,369) (17,594)
Allocation of earnings to participating securities (214) (297) (429) (619)
Numerator for basic and diluted EPS—net loss attributable to common stockholders $ (11,979) $ (25,413) $ (75,798) $ (18,213)
Denominator        
Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 205,757  144,102  182,299  142,769 
EPS—net loss attributable to common stockholders        
Basic and diluted $ (0.06) $ (0.18) $ (0.42) $ (0.13)
(1)     Diluted EPS excludes 103,235 and 94,619 for the three months ended June 30, 2021 and 2020, respectively, and 103,235 and 92,619 convertible preferred partnership units for the six months ended June 30, 2021 and 2020, respectively, as their impact was antidilutive. Diluted EPS also excludes 9,818,495 and 10,504,452 Operating Partnership units ("OP Units") for the three months ended June 30, 2021 and 2020, respectively, and 10,334,235 and 10,491,138 OP Units for the six months ended June 30, 2021 and 2020, respectively, as their impact was antidilutive.

4. Investments in Unconsolidated Joint Ventures:
The Company has made the following recent financings of its unconsolidated joint ventures:
On November 17, 2020, the Company’s joint venture in Tysons VITA, the residential tower at Tysons Corner Center, placed a new $95,000 loan on the property that bears interest at an effective rate of 3.43% and matures on December 1, 2030. Initial loan funding for the Company’s joint venture was $90,000 with future advance potential of up to $5,000. The Company used its share of the initial proceeds of $45,000 for general corporate purposes.
On December 10, 2020, the Company made a loan (the “Partnership Loan”) to the Company’s joint venture in Fashion District Philadelphia to fund the entirety of a $100,000 repayment to reduce the mortgage loan on Fashion District Philadelphia from $301,000 to $201,000. This mortgage loan now matures on January 22, 2024, including a one-year extension option, and bears interest at LIBOR plus 3.5%, with a LIBOR floor of 0.50%. The partnership agreement for the joint venture was amended in connection with the Partnership Loan, and pursuant to the amended agreement, the Partnership Loan plus 15% accrued interest must be repaid prior to the resumption of 50/50 cash distributions to the Company and its joint venture partner. As a result of the substantive participation rights of the Company’s joint venture partner being terminated in the amended agreement, the Company determined that the joint venture is a VIE and the Company is the primary beneficiary. Effective December 10, 2020, the Company has consolidated the results of the joint venture into the consolidated financial statements of the Company.
On December 29, 2020, the Company’s joint venture in FlatIron Crossing closed on a one-year maturity date extension for the existing loan to January 5, 2022. The interest rate increased from 3.85% to 4.10%, and the Company’s joint venture repaid $15,000, $7,650 at the Company's pro rata share, of the outstanding loan balance at closing.
12

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
4. Investments in Unconsolidated Joint Ventures: (Continued)
On December 31, 2020, the Company and its joint venture partner in MS Portfolio LLC entered into a distribution agreement. The joint venture owned nine properties, including the former Sears parcels at the South Plains Mall and the Arrowhead Towne Center. The joint venture distributed the former Sears parcel at South Plains Mall to the Company and the former Sears parcel at Arrowhead Towne Center to the joint venture partner. The joint venture partners agreed that the distributed properties were of equal value. The Company now owns 100% of the former Sears parcel at South Plains Mall. Effective December 31, 2020, the Company consolidated its 100% interest in the Sears parcel at South Plains Mall in its consolidated financial statements.
On March 29, 2021, concurrent with the sale of Paradise Valley Mall (see Note 15 – Dispositions), the Company elected to reinvest into the newly formed joint venture at a 5% ownership interest for $3,819 in cash that is accounted for under the equity method of accounting.
Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures.
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:
June 30,
2021
December 31,
2020
Assets(1):    
Property, net $ 8,796,400  $ 8,721,551 
Other assets 815,642  774,583 
Total assets $ 9,612,042  $ 9,496,134 
Liabilities and partners' capital(1):    
Mortgage and other notes payable $ 6,044,153  $ 5,942,478 
Other liabilities 391,762  397,483 
Company's capital 1,710,793  1,711,944 
Outside partners' capital 1,465,334  1,444,229 
Total liabilities and partners' capital $ 9,612,042  $ 9,496,134 
Investments in unconsolidated joint ventures:    
Company's capital $ 1,710,793  $ 1,711,944 
Basis adjustment(2) (465,273) (479,678)
$ 1,245,520  $ 1,232,266 
Assets—Investments in unconsolidated joint ventures $ 1,370,299  $ 1,340,647 
Liabilities—Distributions in excess of investments in unconsolidated joint ventures (124,779) (108,381)
$ 1,245,520  $ 1,232,266 
(1)     These amounts include assets of $2,821,851 and $2,857,757 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2021 and December 31, 2020, respectively, and liabilities of $1,673,662 and $1,687,042 of the PPR Portfolio as of June 30, 2021 and December 31, 2020, respectively.
(2)     The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $2,420 and $3,729 for the three months ended June 30, 2021 and 2020, respectively, and $4,663 and $7,728 for the six months ended June 30, 2021 and 2020, respectively.
13

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
4. Investments in Unconsolidated Joint Ventures: (Continued)
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

PPR Portfolio Other
Joint
Ventures
Total
Three Months Ended June 30, 2021      
Revenues:      
Leasing revenue $ 41,234  $ 150,465  $ 191,699 
Other 37  32,884  32,921 
Total revenues 41,271  183,349  224,620 
Expenses:      
Shopping center and operating expenses 9,896  56,546  66,442 
Leasing expenses 372  1,106  1,478 
Interest expense 15,835  36,889  52,724 
Depreciation and amortization 24,582  63,874  88,456 
Total expenses 50,685  158,415  209,100 
Loss on sale or write down of assets, net —  (235) (235)
Net (loss) income $ (9,414) $ 24,699  $ 15,285 
Company's equity in net (loss) income $ (3,372) $ 23,407  $ 20,035 
Three Months Ended June 30, 2020      
Revenues:      
Leasing revenue $ 38,806  $ 139,452  $ 178,258 
Other 253  (399) (146)
Total revenues 39,059  139,053  178,112 
Expenses:      
Shopping center and operating expenses 8,240  53,145  61,385 
Leasing expenses 290  832  1,122 
Interest expense 16,363  36,790  53,153 
Depreciation and amortization 24,565  66,095  90,660 
Total expenses 49,458  156,862  206,320 
Loss on sale or write down of assets, net —  (12) (12)
Net loss $ (10,399) $ (17,821) $ (28,220)
Company's equity in net loss $ (3,777) $ (10,396) $ (14,173)


14

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
4. Investments in Unconsolidated Joint Ventures: (Continued)
PPR Portfolio Other
Joint
Ventures
Total
Six Months Ended June 30, 2021      
Revenues:      
Leasing revenue $ 78,008  $ 299,781  $ 377,789 
Other 129  49,851  49,980 
Total revenues 78,137  349,632  427,769 
Expenses:      
Shopping center and operating expenses 19,263  115,385  134,648 
Leasing expenses 775  2,459  3,234 
Interest expense 31,637  74,103  105,740 
Depreciation and amortization 48,887  130,416  179,303 
Total expenses 100,562  322,363  422,925 
Loss on sale or write down of assets, net —  (181) (181)
Net (loss) income $ (22,425) $ 27,088  $ 4,663 
Company's equity in net (loss) income $ (8,879) $ 30,824  $ 21,945 
Six Months Ended June 30, 2020      
Revenues:      
Leasing revenue $ 97,184  $ 311,696  $ 408,880 
Other 302  6,492  6,794 
Total revenues 97,486  318,188  415,674 
Expenses:      
Shopping center and operating expenses 17,881  114,654  132,535 
Leasing expenses 763  2,127  2,890 
Interest expense 32,458  74,930  107,388 
Depreciation and amortization 53,182  134,456  187,638 
Total expenses 104,284  326,167  430,451 
Loss on sale or write down of assets, net —  (12) (12)
Net loss $ (6,798) $ (7,991) $ (14,789)
Company's equity in net income (loss) $ 944  $ (5,419) $ (4,475)

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

15

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
5. Derivative Instruments and Hedging Activities:
The Company uses an interest rate cap and four interest rate swap agreements to manage the interest rate risk of its floating rate debt. The Company recorded other comprehensive income (loss) related to the marking-to-market of derivative instruments of $2,739 and $1,745 for the three months ended June 30, 2021 and 2020, respectively, and $5,433 and $(4,650) for the six months ended June 30, 2021 and 2020, respectively.
The following derivatives were outstanding at June 30, 2021:
Fair Value
Property Notional Amount Product LIBOR Rate Maturity June 30,
2021
December 31,
2020
Santa Monica Place(1) $ 300,000  Cap 4.00  % 12/9/2021 $ —  $ — 
The Macerich Partnership, L.P.(1) $ 400,000  Swaps 2.85  % 9/30/2021 $ (2,775) $ (8,208)
(1)     On April 14, 2021, the Company entered into a new credit facility to replace the existing credit facility (See Note 11 - Bank and Other Notes Payable). Concurrent with entering into the new credit facility, the Company de-designated the Santa Monica Place $300,000 interest rate cap. As a result of the new credit facility and the Santa Monica Place cap de-designation, the notional amounts of the swaps that were previously hedged against the Company’s prior revolving line of credit are now hedged against the Santa Monica Place floating rate debt and a portion of the Green Acres Commons floating rate debt effectively converting the Santa Monica Place loan and a majority of the Green Acres Commons loan to fixed rate debt through September 30, 2021 (See Note 10 – Mortgage Payable).
The above derivatives were valued with an aggregate fair value (Level 2 measurement) and were included in other accrued liabilities. The fair value of the Company's interest rate derivatives was determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swap. As a result, the Company determined that its interest rate cap and swap valuations in their entirety are classified in Level 2 of the fair value hierarchy.
6. Property, net:
Property, net consists of the following:    
June 30,
2021
December 31,
2020
Land $ 1,462,406  $ 1,538,270 
Buildings and improvements 6,332,882  6,620,708 
Tenant improvements 733,681  750,250 
Equipment and furnishings(1) 190,807  194,231 
Construction in progress 253,768  153,253 
8,973,544  9,256,712 
Less accumulated depreciation(1) (2,540,667) (2,562,133)
$ 6,432,877  $ 6,694,579 
16

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

(1)      Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at June 30, 2021 and December 31, 2020 (See Note 8—Leases).
Depreciation expense was $70,762 and $72,519 for the three months ended June 30, 2021 and 2020, respectively, and $142,426 and $145,205 for the six months ended June 30, 2021 and 2020, respectively.
Loss on sale or write-down of assets, net for the three and six months ended June 30, 2021 and 2020 consist of the following:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2021 2020 2021 2020
Loss on property sales, net(1) $ (10,895) $ —  $ (6,666) $ — 
Write-down of assets(2) (8,754) (3,907) (38,362) (40,610)
Gain on land sales, net(3) 15,722  40  19,818  40 
$ (3,927) $ (3,867) $ (25,210) $ (40,570)
(1)    Includes $4,229 of gain related to the sale of Paradise Valley Mall (See Note 15-Dispositions).
(2)    Includes impairment loss of $27,281 on Estrella Falls during the six months ended June 30, 2021 and impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the six months ended June 30, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the six months ended June 30, 2021 mainly pertain to the write off of development costs.
(3)    Includes $1,334 related to the sale of Paradise Valley Mall (See Note 15-Dispositions).

The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of the impairment losses recorded for the six months ended June 30, 2021 and 2020, as described above:
Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Unobservable Inputs Significant Unobservable Inputs
(Level 1) (Level 2) (Level 3)
June 30, 2020 $ 140,000  $ —  $ 140,000  $ — 
June 30, 2021 $ 23,690  $ —  $ 4,720  $ 18,970 
The fair values relating to the 2020 impairments and a portion of the 2021 impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2021 impairment was based upon an income approach, using an estimated terminal capitalization rate, discount rate, and in-place contractual rent and other income. The fair value is sensitive to these significant unobservable inputs.
7. Tenant and Other Receivables, net:
Included in tenant and other receivables, net is an allowance for doubtful accounts of $22,790 and $37,545 at June 30, 2021 and December 31, 2020, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $3,819 and $4,673 at June 30, 2021 and December 31, 2020, respectively, and a deferred rent receivable due to straight-line rent adjustments of $117,377 and $107,003 at June 30, 2021 and December 31, 2020, respectively.
8. 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
17

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

pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.
The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2021 2020 2021 2020
Leasing revenue—fixed payments $ 131,512  $ 150,292  $ 263,007  $ 306,339 
Leasing revenue—variable payments 56,360  46,239  107,608  101,826 
Recovery of (provision for) doubtful accounts 9,115  (27,777) 5,907  (28,690)
$ 196,987  $ 168,754  $ 376,522  $ 379,475 
The following table summarizes the future rental payments to the Company:
Twelve months ending June 30,  
2022 $ 386,588 
2023 344,928 
2024 291,702 
2025 236,750 
2026 190,709 
Thereafter 547,608 
$ 1,998,285 

Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2024.
The following table summarizes the lease costs for the three and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30, For the Six Months Ended June 30,
2021 2020 2021 2020
Operating lease costs $ 3,814  $ 3,701  $ 7,629  $ 7,639 
Finance lease costs:
   Amortization of ROU assets 478  476  956  951 
   Interest on lease liabilities 124  142  343  284 
$ 4,416  $ 4,319  $ 8,928  $ 8,874 
18

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

The following table summarizes the future rental payments required under the leases:
June 30, 2021 December 31, 2020
Year ending December 31, Operating
Leases
Finance Leases Operating Leases Finance Leases
2021 $ 7,671  $ 10,785  $ 14,695  $ 10,785 
2022 14,883  2,762  14,558  2,762 
2023 9,076  344  8,746  344 
2024 7,094  3,085  6,759  3,085 
2025 7,136  —  6,796  — 
Thereafter 116,918  —  116,660  — 
Total undiscounted rental payments 162,778  16,976  168,214  16,976 
Less imputed interest (91,855) (1,701) (94,375) (599)
Total lease liabilities $ 70,923  $ 15,275  $ 73,839  $ 16,377 
Weighted average remaining term 34.8 years 0.6 years 34.5 years 1.1 years
Weighted average incremental borrowing rate 7.7  % 3.7  % 7.7  % 3.7  %

9. Deferred Charges and Other Assets, net:
Deferred charges and other assets, net consist of the following:
June 30,
2021
December 31,
2020
Leasing $ 141,627  $ 162,652 
Intangible assets:    
In-place lease values 67,336  74,298 
Leasing commissions and legal costs 18,283  21,096 
Above-market leases 76,810  80,120 
Deferred tax assets 21,422  30,767 
Deferred compensation plan assets 63,615  62,874 
Other assets 51,272  61,553 
440,365  493,360 
Less accumulated amortization(1) (169,402) (186,401)
$ 270,963  $ 306,959 
(1)   Accumulated amortization includes $43,434 and $47,249 relating to in-place lease values, leasing commissions and legal costs at June 30, 2021 and December 31, 2020, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $2,403 and $1,996 for the three months ended June 30, 2021 and 2020, respectively, and $4,606 and $5,715 for the six months ended June 30, 2021 and 2020, respectively.

19

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
9. Deferred Charges and Other Assets, net: (Continued)
The allocated values of above-market leases and below-market leases consist of the following:
June 30,
2021
December 31,
2020
Above-Market Leases    
Original allocated value $ 76,810  $ 80,120 
Less accumulated amortization (33,344) (33,271)
$ 43,466  $ 46,849 
Below-Market Leases(1)    
Original allocated value $ 102,103  $ 114,790 
Less accumulated amortization (35,342) (43,656)
$ 66,761  $ 71,134 
(1)   Below-market leases are included in other accrued liabilities.

10. Mortgage Notes Payable:
Mortgage notes payable at June 30, 2021 and December 31, 2020 consist of the following:
Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral June 30, 2021 December 31, 2020 Effective Interest
Rate(2)
Monthly
Debt
Service(3)
Maturity
Date(4)
Chandler Fashion Center(5) $ 255,453  $ 255,361  4.18  % $ 875  2024
Danbury Fair Mall(6) 182,693  186,741  5.53  % 1,538  2021
Fashion District Philadelphia 194,602  201,000  4.00  % 649  2024
Fashion Outlets of Chicago 299,233  299,193  4.61  % 1,145  2031
Fashion Outlets of Niagara Falls USA 97,901  101,463  6.45  % 727  2023
Freehold Raceway Mall(5) 398,629  398,545  3.94  % 1,300  2029
Fresno Fashion Fair 323,957  323,857  3.67  % 971  2026
Green Acres Commons(7) 29,685  129,847  3.11  % 72  2023
Green Acres Commons - Swapped(8) 95,000  —  5.60  % 444  2023
Green Acres Mall(9) 255,764  270,570  3.94  % 1,447  2023
Kings Plaza Shopping Center 535,670  535,413  3.71  % 1,629  2030
Oaks, The 179,408  183,108  4.14  % 1,064  2022
Pacific View 113,212  114,909  4.08  % 668  2022
Queens Center 600,000  600,000  3.49  % 1,744  2025
Santa Monica Place - Swapped(10) 298,940  298,566  4.58  % 1,082  2022
SanTan Village Regional Center 219,277  219,233  4.34  % 788  2029
Towne Mall 19,569  19,815  4.48  % 117  2022
Tucson La Encantada 61,026  62,018  4.23  % 368  2022
Victor Valley, Mall of 114,820  114,791  4.00  % 380  2024
Vintage Faire Mall 243,269  246,380  3.55  % 1,256  2026
$ 4,518,108  $ 4,560,810       

(1)The mortgage notes payable also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $14,814 and $14,085 at June 30, 2021 and December 31, 2020, respectively.
20

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
10. Mortgage Notes Payable: (Continued)
(2)The interest rate disclosed represents the effective interest rate, including the impact of debt premium and deferred finance costs.
(3)The monthly debt service represents the payment of principal and interest.
(4)The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.
(5)A 49.9% interest in the loan has been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 12—Financing Arrangement).
(6)On September 15, 2020, the Company closed on a loan extension agreement for Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021. The loan was further extended to October 1, 2021. The loan amount and interest rate are unchanged following the extension.
(7)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing.
(8)The loan includes an interest rate swap that effectively converts $95,000 of the outstanding balance to fixed rate debt through September 30, 2021, the expiration of the interest rate swap. This swap was previously hedged against the Company's prior revolving line of credit that was terminated in April 2021 (See Note 5—Derivative Instruments and Hedging Activities).
(9)On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also includes a one-year extension option to February 3, 2023. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing.
(10)The loan includes an interest rate swap that effectively converts $300,000 of the outstanding balance to fixed rate debt through September 30, 2021, the expiration of the interest rate swap. This swap was previously hedged against the Company's prior revolving line of credit that was terminated in April 2021. Additionally, the loan is covered by an interest rate cap agreement that effectively prevents the LIBOR rate from exceeding 4% during the period ending December 9, 2021 (See Note 5—Derivative Instruments and Hedging Activities).
Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt.
The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.
The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or with cash on hand.
Total interest expense capitalized was $2,247 and $1,361 for the three months ended June 30, 2021 and 2020, respectively, and $3,709 and $2,656 for the six months ended June 30, 2021 and 2020, respectively.
The estimated fair value (Level 2 measurement) of mortgage notes payable at June 30, 2021 and December 31, 2020 was $4,433,143 and $4,459,797, 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.
11. Bank and Other Notes Payable:
Bank and other notes payable consist of the following:
Credit Facility:
On April 14, 2021, the Company terminated its existing credit facility and entered into a new credit agreement, which provides for an aggregate $700,000 facility, including a $525,000 revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175,000 term loan facility that matures on April 14, 2024. The revolving loan facility can be expanded up to $800,000, subject to receipt of lender commitments and other conditions. Concurrently with entering into the new credit agreement, the Company drew the $175,000 term loan in its entirety and drew $320,000 of the amount available under the revolving loan facility. Simultaneously with entering into the new credit agreement, the Company repaid $985,000 of debt, which included terminating and repaying all amounts outstanding under its prior revolving line of credit facility. All obligations under the facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The new credit facility bears interest at LIBOR plus a spread of 2.25% to 3.25% depending on the Company’s overall leverage level. As of
21

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
11. Bank and Other Notes Payable: (Continued)
June 30, 2021, the borrowing rate was LIBOR plus 2.25%. As of June 30, 2021, borrowings under the facility were $280,000, less unamortized deferred finance costs of $17,380, for the revolving loan facility at a total interest rate of 3.69% and $104,400 for the term loan facility at a total interest rate of 2.50%. The estimated fair value (Level 2 measurement) of the credit facility at June 30, 2021, was $280,077 for the revolving loan facility and $104,429 for the term loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt.
The Company had a $1,500,000 revolving line of credit that bore interest at LIBOR plus a spread of 1.30% to 1.90%, depending on the Company's overall leverage level, and was to mature on July 6, 2020. On April 8, 2020, the Company exercised its option to extend the maturity of the facility to July 6, 2021. The line of credit could have been expanded, depending on certain conditions, up to a total facility of $2,000,000. Based on the Company's leverage level as of December 31, 2020, the borrowing rate on the facility was LIBOR plus 1.65%. On April 14, 2021, the Company repaid the $985,000 of outstanding debt and terminated this credit facility. The Company had four interest rate swap agreements that effectively converted a total of $400,000 of the outstanding balance from floating rate debt of LIBOR plus 1.65% to fixed rate debt of 4.50% until September 30, 2021. These swaps are now hedged against the Santa Monica Place floating rate loan and a portion of the Green Acres Commons floating rate loan effectively converting these loans to fixed rate debt through September 30, 2021 (See Note 5 – Derivative Instruments and Hedging Activities and Note 10 – Mortgage Notes Payable). As of December 31, 2020, borrowings under the prior line of credit was $1,480,000 less unamortized deferred finance costs of $2,460 at a total interest rate of 2.73%. As of December 31, 2020, the Company's availability under the prior line of credit for additional borrowings was $19,719. The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2020 was $1,485,598 based on a present value model using a credit interest rate spread offered to the Company for comparable debt.
As of June 30, 2021 and December 31, 2020, the Company was in compliance with all applicable financial loan covenants.
12. 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 1,318,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,552,000 square foot regional shopping center in Freehold, New Jersey (collectively referred to herein as "Chandler Freehold"). As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the formation of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The Company accounts for its investment in Chandler Freehold as a financing arrangement. The fair value (Level 3 measurement) of the financing arrangement obligation at June 30, 2021 and December 31, 2020 was based upon a terminal capitalization rate of 5.75% and 5.5%, respectively, a discount rate of 7.25% and 7.0%, respectively, and market rents per square foot of $35 to $105. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Distributions to the partner, excluding distributions of excess loan proceeds, and changes in fair value of the financing arrangement obligation are recognized as interest (income) expense in the Company's consolidated statements of operations.
During the three and six months ended June 30, 2021 and 2020, the Company incurred interest expense (income) in connection with the financing arrangement as follows:

  For the Three Months Ended June 30, For the Six Months Ended June 30,
  2021 2020 2021 2020
Distributions equal to the partner's share of net (loss) income $ (1,193) $ (181) $ (2,425) $ 1,283 
Distributions in excess of the partner's share of net income 5,586  281  9,000  2,958 
Adjustment to fair value of financing arrangement obligation (1,439) (32,907) (2,302) (81,291)
$ 2,954  $ (32,807) $ 4,273  $ (77,050)
22

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
13. 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 at the end of each period to reflect its ownership interest in the Company. The Company had a 96% and 93% ownership interest in the Operating Partnership as of June 30, 2021 and December 31, 2020, respectively. The remaining 4% and 7% limited partnership interest as of June 30, 2021 and December 31, 2020, respectively, was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of June 30, 2021 and December 31, 2020, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $176,635 and $117,602, respectively.
The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity.
Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.
14. Stockholders' Equity:
Stock Dividend
On June 3, 2020, the Company issued 7,759,280 common shares to its common stockholders in connection with the quarterly dividend of $0.50 per share of common stock declared on March 16, 2020. The dividend consisted of a combination of cash and shares of the Company's common stock. The cash component of the dividend (not including cash paid in lieu of fractional shares) was 20% in the aggregate, or $0.10 per share, with the balance paid in shares of the Company's common stock.
In accordance with the provisions of Internal Revenue Service Revenue Procedure 2017-45, stockholders were asked to make an election to receive the dividend all in cash or all in shares. To the extent that more than 20% of cash was elected in the aggregate, the cash portion was prorated. Stockholders who elected to receive the dividend in cash received a cash payment of at least $0.10 per share. Stockholders who did not make an election received 20% in cash and 80% in shares of common stock. The number of shares issued as a result of the dividend was calculated based on the volume weighted average trading price of the Company's common stock on the New York Stock Exchange on May 20, May 21 and May 22, 2020 of $7.2956.
The Company accounted for the stock portion of its distribution as a stock issuance as opposed to a stock dividend. Accordingly, the impact of the shares issued is reflected in the Company's earnings per share calculation on a prospective basis.
Stock Offerings
In connection with the commencement of separate “at the market” offering programs, on each of February 1, 2021 and March 26, 2021, which are referred to as the “February 2021 ATM Program” and the “March 2021 ATM Program,” respectively, and collectively as the “ATM Programs,” the Company entered into separate equity distribution agreements with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500,000 under each of the February 2021 ATM Program and the March 2021 ATM Program, or a total of $1,000,000 under the ATM Programs.
During the six months ended June 30, 2021, the Company issued 59,907,761 shares of common stock under the ATM Programs for aggregate gross proceeds of $808,492 and net proceeds of $791,425 after commissions and other transaction costs. In addition, under the ATM Programs, the Company sold additional common shares at the end of the quarter ending June
23

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
14. Stockholders' Equity: (Continued)
30, 2021 for aggregate gross proceeds of $14,927 and net proceeds of $14,629 after commissions, of which the shares settled and the proceeds were received in July 2021. The proceeds from the sales under the ATM Programs were used to pay down the Company’s line of credit (See Note 11 – Bank and Other Notes Payable). As of June 30, 2021, $176,581 remained available to be sold under the ATM Programs. Actual future sales will depend upon a variety of factors including, but not limited to, market conditions, the trading price of the Company’s common stock and the Company’s capital needs. The Company has no obligation to sell the remaining shares available for sale under the ATM Programs.
Stock Buyback Program
On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program".
There were no repurchases under the Stock Buyback Program during the six months ended June 30, 2021 or 2020.
15. Dispositions:
On March 29, 2021, the Company sold Paradise Valley Mall in Phoenix, Arizona to a newly formed joint venture for $100,000 resulting in a gain on sale of assets and land of $5,563. Concurrent with the sale, the Company elected to reinvest into the new joint venture at a 5% ownership interest (see Note 4 – Investments in Unconsolidated Joint Ventures). The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes.
16. Commitments and Contingencies:
As of June 30, 2021, the Company was contingently liable for $40,915 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of June 30, 2021, $40,600 of these letters of credit were secured by restricted cash. The Company does not believe that these letters of credit will result in a liability to the Company.
The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the agreements. At June 30, 2021, the Company had $2,841 in outstanding obligations, which it believes will be settled in the next twelve months.

24

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
17. Related Party Transactions:
Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses.

The following are fees charged to unconsolidated joint ventures:
  For the Three Months Ended June 30, For the Six Months Ended June 30,
  2021 2020 2021 2020
Management fees $ 3,986  $ 4,295  $ 7,803  $ 8,781 
Development and leasing fees 1,555  2,311  2,985  4,395 
$ 5,541  $ 6,606  $ 10,788  $ 13,176 

Interest expense (income) from related party transactions includes $2,954 and $(32,807) for the three months ended June 30, 2021 and 2020, respectively, and $4,273 and $(77,050) for the six months ended June 30, 2021 and 2020, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement).
Due from affiliates includes $4,812 and $1,612 of unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies as of June 30, 2021 and December 31, 2020, respectively.
18. Share and Unit-Based Plans:
Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of units ("LTIP Units") in the Operating Partnership. 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. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards.
The market-indexed LTIP Units vest over the service period of the award based on certain performance conditions of the Company and 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.

25

THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
18. Share and Unit-Based Plans: (Continued)
During the six months ended June 30, 2021, the Company granted the following LTIP Units:
Grant Date Units Type Fair Value per LTIP Unit Vest Date
1/1/2021 576,378  Service-based $ 10.67  12/31/2023
1/1/2021 1,005,073  Market-indexed $ 9.85  12/31/2023
1,581,451 
The fair value of the market-indexed LTIP Units (Level 3) granted on January 1, 2021 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk-free interest rate of 0.17% and an expected volatility of 62.82%.
The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units:
  LTIP Units Phantom Stock Units Stock Units
  Units Value(1) Units Value(1) Units Value(1)
Balance at January 1, 2021 784,052  $ 28.11  4,662  $ 35.35  309,845  $ 21.47 
Granted 1,581,451  10.15  15,556  11.38  165,347  14.55 
Vested (16,467) 29.86  (11,160) 16.75  (198,937) 18.64 
Forfeited —  —  —  —  (987) 22.12 
Balance at June 30, 2021 2,349,036