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







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

2

THE MACERICH COMPANY
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except par value)
(Unaudited)
September 30,
2023		December 31,
2022
ASSETS:  
Property, net$5,950,089 $6,127,790 
Cash and cash equivalents111,802 100,320 
Restricted cash96,332 80,819 
Tenant and other receivables, net152,205 183,593 
Right-of-use assets, net120,410 126,606 
Deferred charges and other assets, net232,103 247,424 
Due from affiliates6,624 3,299 
Investments in unconsolidated joint ventures918,540 1,224,288 
Total assets$7,588,105 $8,094,139 
LIABILITIES AND EQUITY:  
Mortgage notes payable$4,166,335 $4,240,596 
Bank and other notes payable118,635 163,117 
Accounts payable and accrued expenses73,923 63,107 
Lease liabilities85,726 94,911 
Other accrued liabilities312,236 318,745 
Distributions in excess of investments in unconsolidated joint ventures195,179 121,093 
Financing arrangement obligation137,699 143,221 
Total liabilities5,089,733 5,144,790 
Commitments and contingencies
Equity:  
Stockholders' equity:  
Common stock, $0.01 par value, 500,000,000 shares authorized at September 30, 2023 and December 31, 2022, and 215,655,497 and 215,241,129 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
2,155 2,151 
Additional paid-in capital5,519,029 5,506,084 
Accumulated deficit(3,089,298)(2,643,094)
Accumulated other comprehensive income556 632 
Total stockholders' equity2,432,442 2,865,773 
Noncontrolling interests65,930 83,576 
Total equity2,498,372 2,949,349 
Total liabilities and equity$7,588,105 $8,094,139 
   The accompanying notes are an integral part of these consolidated financial statements.
3
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Revenues:  
Leasing revenue$197,305 $195,594 $589,003 $587,596 
Other13,403 7,503 34,143 21,911 
Management Companies7,444 7,607 22,234 21,432 
Total revenues218,152 210,704 645,380 630,939 
Expenses:  
Shopping center and operating expenses76,358 74,694 216,793 217,342 
Leasing expenses8,777 8,704 26,880 24,463 
Management Companies' operating expenses16,513 16,553 52,852 51,242 
REIT general and administrative expenses5,910 6,779 21,692 20,082 
Depreciation and amortization70,755 72,739 212,596 218,053 
178,313 179,469 530,813 531,182 
Interest expense (income):  
Related parties3,418 6,473 (9)23,368 
Other49,962 46,157 147,516 134,312 
53,380 52,630 147,507 157,680 
Total expenses231,693 232,099 678,320 688,862 
Equity in (loss) income of unconsolidated joint ventures(107,465)6,322 (176,235)(16,422)
Income tax (expense) benefit(1,672)166 (161)(963)
(Loss) gain on sale or write down of assets, net(149,287)1,405 (135,229)6,767 
Net loss(271,965)(13,502)(344,565)(68,541)
Less: net (loss) income attributable to noncontrolling interests(9,418)1,691 (8,321)(784)
Net loss attributable to the Company$(262,547)$(15,193)$(336,244)$(67,757)
Loss per common share—attributable to common stockholders:  
Basic$(1.22)$(0.07)$(1.56)$(0.32)
Diluted$(1.22)$(0.07)$(1.56)$(0.32)
Weighted average number of common shares outstanding:  
Basic215,632,000 215,134,000 215,461,000 214,982,000 
Diluted215,632,000 215,134,000 215,461,000 214,982,000 
   The accompanying notes are an integral part of these consolidated financial statements.
4
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Dollars in thousands, except per share amounts)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Net loss$(271,965)$(13,502)$(344,565)$(68,541)
Other comprehensive (loss) income:
Interest rate cap agreements(546)(3)(76)37 
Comprehensive loss(272,511)(13,505)(344,641)(68,504)
Less: net (loss) income attributable to noncontrolling interests(9,418)1,691 (8,321)(784)
Comprehensive loss attributable to the Company$(263,093)$(15,196)$(336,320)$(67,720)
   The accompanying notes are an integral part of these consolidated financial statements.




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

The accompanying notes are an integral part of these consolidated financial statements.
6
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in thousands, except per share data)
(Unaudited)
Nine Months Ended September 30, 2023 and 2022
 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital		Accumulated
Deficit		Accumulated
Other
Comprehensive
Income (Loss)		Total
Stockholders'
Equity		  
 SharesPar
Value		Noncontrolling
Interests		Total
Equity
Balance at January 1, 2023215,241,129 $2,151 $5,506,084 $(2,643,094)$632 $2,865,773 $83,576 $2,949,349 
Net loss— — — (336,244)— (336,244)(8,321)(344,565)
Interest rate cap agreements— — — — (76)(76)— (76)
Amortization of share and unit-based plans270,508 3 13,221 — — 13,224 — 13,224 
Employee stock purchases125,754 1 1,020 — — 1,021 — 1,021 
Stock offerings, net— — (399)— (399)— (399)
Distributions paid ($0.51 per share)
— — — (109,960)— (109,960)— (109,960)
Distributions to noncontrolling interests— — — — — — (10,173)(10,173)
Conversion of noncontrolling interests to common shares18,106 — 828 — — 828 (828)— 
Redemption of noncontrolling interests— — 35 — — 35 (84)(49)
Adjustment of noncontrolling interests in Operating Partnership— — (1,760)— — (1,760)1,760 — 
Balance at September 30, 2023215,655,497 $2,155 $5,519,029 $(3,089,298)$556 $2,432,442 $65,930 $2,498,372 
 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital		Accumulated
Deficit		Accumulated
Other
Comprehensive
(Loss) Income		Total
Stockholders'
Equity		  
 SharesPar
Value		Noncontrolling
Interests		Total
Equity
Balance at January 1, 2022214,797,057 $2,147 $5,488,440 $(2,443,696)$(24)$3,046,867 $129,282 $3,176,149 
Net loss— — — (67,757)— (67,757)(784)(68,541)
Interest rate cap agreement— — — — 37 37 — 37 
Amortization of share and unit-based plans206,564 2 16,813 — — 16,815 — 16,815 
Employee stock purchases96,942 1 959 — — 960 — 960 
Stock offerings, net— — (152)— — (152)— (152)
Distributions paid ($0.45 per share)
— — — (96,786)— (96,786)— (96,786)
Distributions to noncontrolling interests— — — — — — (50,011)(50,011)
Contributions from noncontrolling interests— — — — — — 2 2 
Conversion of noncontrolling interests to common shares45,578 — 2,700 — — 2,700 (2,700)— 
Redemption of noncontrolling interests— — 177 — — 177 (505)(328)
Adjustment of noncontrolling interests in Operating Partnership— — (3,630)— — (3,630)3,630 — 
Balance at September 30, 2022215,146,141 $2,150 $5,505,307 $(2,608,239)$13 $2,899,231 $78,914 $2,978,145 
  
 The accompanying notes are an integral part of these consolidated financial statements.
7
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
For the Nine Months Ended September 30,
 20232022
Cash flows from operating activities:  
Net loss$(344,565)$(68,541)
Adjustments to reconcile net loss to net cash provided by operating activities:  
Loss (gain) on sale or write down of assets, net135,229 (6,767)
Depreciation and amortization223,735 226,136 
Amortization of share and unit-based plans10,880 13,420 
Straight-line rent and amortization of above and below market leases50 821 
Recovery of doubtful accounts(1,873)(1,585)
Income tax expense161 963 
Equity in loss of unconsolidated joint ventures176,235 16,422 
Distributions of income from unconsolidated joint ventures280 866 
Change in fair value of financing arrangement obligation(5,522)14,837 
Changes in assets and liabilities, net of dispositions:  
Tenant and other receivables29,816 19,517 
Other assets14,757 5,639 
Due from affiliates(3,325)(9,495)
Accounts payable and accrued expenses14,677 8,177 
Other accrued liabilities(4,416)64,578 
Net cash provided by operating activities246,119 284,988 
Cash flows from investing activities:  
Acquisitions of property(46,687)(24,544)
Development, redevelopment, expansion and renovation of properties(51,678)(28,180)
Property improvements(48,792)(32,712)
Deferred leasing costs(11,765)(1,974)
Distributions from unconsolidated joint ventures212,108 107,255 
Contributions to unconsolidated joint ventures(55,578)(42,963)
Proceeds from collection of receivable in connection with sale of joint venture property— 21,000 
Proceeds from sale of assets34,707 48,768 
Net cash provided by investing activities32,315 46,650 
8
THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Dollars in thousands)
(Unaudited)
For the Nine Months Ended September 30,
20232022
Cash flows from financing activities:  
Proceeds from mortgages, bank and other notes payable314,000 130,000 
Payments on mortgages, bank and other notes payable(415,065)(312,630)
Deferred financing costs(28,813)(2,766)
Payments on finance leases(2,001)(1,923)
Costs from stock offerings(399)(152)
Proceeds from share and unit-based plans1,021 960 
Redemption of noncontrolling interests(49)(328)
Contributions from noncontrolling interests— 2 
Dividends and distributions(120,133)(146,797)
Net cash used in financing activities(251,439)(333,634)
Net increase (decrease) in cash, cash equivalents and restricted cash26,995 (1,996)
Cash, cash equivalents and restricted cash, beginning of period181,139 166,971 
Cash, cash equivalents and restricted cash, end of period$208,134 $164,975 
Supplemental cash flow information:  
Cash payments for interest, net of amounts capitalized$140,155 $135,548 
Non-cash investing and financing transactions:  
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities$39,849 $34,534 
Conversion of Operating Partnership Units to common stock$828 $2,700 
Assets acquired from unconsolidated joint venture$46,713 $23,554 
The accompanying notes are an integral part of these consolidated financial statements.
9

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

1. Organization:
The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional town centers and community/power shopping centers (the "Centers") located throughout the United States.
The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of September 30, 2023, the Company was the sole general partner of and held a 96% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code").
The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies."
All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.
2. Summary of Significant Accounting Policies:
Basis of Presentation:
The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm.
The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of consolidated variable interest entities ("VIEs"), including Fashion District Philadelphia and SanTan Village Regional Center.
The Operating Partnership's consolidated VIEs included the following assets and liabilities:
September 30,
2023		December 31,
2022
Assets:  
Property, net$444,613 $452,559 
Other assets94,602 93,102 
Total assets$539,215 $545,661 
Liabilities:  
Mortgage notes payable$292,688 $323,841 
Other liabilities124,972 135,340 
Total liabilities$417,660 $459,181 
All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

10
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)

2. Summary of Significant Accounting Policies: (Continued)

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

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

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

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

4. Investments in Unconsolidated Joint Ventures:
The Company has made the following recent financings or other events within its unconsolidated joint ventures:
On February 2, 2022, the Company’s joint venture in FlatIron Crossing replaced the existing $197,011 loan on the property with a new $175,000 loan that bears interest at the Secured Overnight Financing Rate ("SOFR") plus 3.70% and matures on February 9, 2025, including extension options. The loan is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through February 15, 2024.
On August 2, 2022, the Company acquired the remaining 50% ownership interest in two former Sears parcels (Deptford Mall and Vintage Faire Mall) in MS Portfolio LLC, the Company's joint venture with Seritage Growth Properties ("Seritage"), for a total purchase price of approximately $24,544. As a result of this transaction and the shortening of holding periods on certain other assets in the joint venture, an impairment loss was recorded for the twelve months ending December 31, 2022. The Company's share of the impairment loss was $27,054. Effective as of August 2, 2022, the Company now owns and has consolidated its 100% interest in these two former Sears parcels in its consolidated financial statements (See Note 15—Acquisitions).
On November 14, 2022, the Company's joint venture in Washington Square closed on a four-year maturity date extension for the existing loan to November 1, 2026, including extension options. The Company's joint venture repaid $15,000 ($9,000 at the Company's pro rata share) of the outstanding loan balance. The loan bears interest at SOFR plus 4.0% and is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through November 1, 2024.
On March 3, 2023, the Company’s joint venture in Scottsdale Fashion Square replaced the existing $403,931 mortgage loan on the property with a $700,000 loan that bears interest at a fixed rate of 6.21%, is interest only during the entire loan term and matures on March 6, 2028.
On April 25, 2023, the Company's joint venture in Deptford Mall closed on a three-year maturity date extension for the existing loan to April 3, 2026, including extension options. The Company's joint venture repaid $10,000 ($5,100 at the Company's pro rata share) of the outstanding loan balance at closing. The interest rate on the loan remains unchanged at 3.73%.
Effective May 9, 2023, the Company’s joint venture in Country Club Plaza defaulted on the $295,210 ($147,605 at the Company’s pro rata share) non-recourse loan on the property. The Company’s joint venture is in negotiations with the lender on the terms of this non-recourse loan. During the three months ending September 30, 2023, the joint venture shortened the holding period of the property due to the uncertainty as to the outcome of discussions with the lender. As a result of shortening the holding period, the joint venture estimated the fair value of the asset and recorded an impairment loss. The Company's share of the impairment loss was $107,673 for the three and nine months ended September 30, 2023.
On May 18, 2023, the Company acquired Seritage’s remaining 50% ownership interest in the MS Portfolio LLC joint venture that owns five former Sears parcels, for a total purchase price of $46,687. These parcels are located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square. The Company previously recorded an impairment loss of $50,197, at the Company’s share, during the three months ending March 31, 2023 as a result of the joint venture shortening the holding periods on these parcels. Upon the closing of this transaction, the Company recorded an additional loss of $1,166, at the Company’s share, during the three months ending June 30, 2023. Effective as of May 18, 2023, the Company now owns and has consolidated its 100% interest in these five former Sears parcels in its consolidated financial statements (See Note 15—Acquisitions).

12
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)

4. Investments in Unconsolidated Joint Ventures: (Continued)

Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures.
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:
September 30,
2023		December 31,
2022
Assets(1):  
Property, net$7,715,987 $8,156,632 
Other assets662,274 664,036 
Total assets$8,378,261 $8,820,668 
Liabilities and partners' capital(1):  
Mortgage and other notes payable$5,760,372 $5,491,250 
Other liabilities466,345 451,511 
Company's capital1,145,464 1,528,348 
Outside partners' capital1,006,080 1,349,559 
Total liabilities and partners' capital$8,378,261 $8,820,668 
Investments in unconsolidated joint ventures:  
Company's capital$1,145,464 $1,528,348 
Basis adjustment(2)(422,103)(425,153)
$723,361 $1,103,195 
Assets—Investments in unconsolidated joint ventures$918,540 $1,224,288 
Liabilities—Distributions in excess of investments in unconsolidated joint ventures(195,179)(121,093)
$723,361 $1,103,195 
(1)     These amounts include assets of $2,642,242 and $2,690,651 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2023 and December 31, 2022, respectively, and liabilities of $1,599,413 and $1,611,661 of the PPR Portfolio as of September 30, 2023 and December 31, 2022, respectively.
(2)     The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into (loss) income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $(2,494) and $2,164 for the three months ended September 30, 2023 and 2022, respectively, and $(13,942) and $7,034 for the nine months ended September 30, 2023 and 2022, respectively.








13
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)

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

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

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



14
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)







4. Investments in Unconsolidated Joint Ventures: (Continued)

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

PPR PortfolioOther
Joint
Ventures		Total
Nine Months Ended September 30, 2023   
Revenues:   
Leasing revenue$129,613 $505,490 $635,103 
Other1,770 14,011 15,781 
Total revenues131,383 519,501 650,884 
Expenses:   
Shopping center and operating expenses33,469 184,213 217,682 
Leasing expenses1,349 3,968 5,317 
Interest expense65,575 144,386 209,961 
Depreciation and amortization67,446 188,125 255,571 
Total expenses167,839 520,692 688,531 
Loss on sale or write down of assets, net— (266,252)(266,252)
Net loss$(36,456)$(267,443)$(303,899)
Company's equity in net loss$(15,329)$(160,906)$(176,235)
Nine Months Ended September 30, 2022   
Revenues:   
Leasing revenue$136,344 $488,513 $624,857 
Other269 12,040 12,309 
Total revenues136,613 500,553 637,166 
Expenses:   
Shopping center and operating expenses31,807 172,681 204,488 
Leasing expenses1,258 3,724 4,982 
Interest expense46,299 109,881 156,180 
Depreciation and amortization72,760 195,408 268,168 
Total expenses152,124 481,694 633,818 
Loss on sale or write down of assets, net— (30,870)(30,870)
Net loss$(15,511)$(12,011)$(27,522)
Company's equity in net loss$(2,354)$(14,068)$(16,422)
15
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
5. Derivative Instruments and Hedging Activities:
The Company uses interest rate cap agreements to manage the interest rate risk on certain floating rate debt. The Company recorded other comprehensive (loss) income related to the marking-to-market of derivative instruments of $(546) and $(3) for the three months ended September 30, 2023 and 2022, respectively, and $(76) and $37 for the nine months ended September 30, 2023 and 2022, respectively. The entire $(76) in other comprehensive (loss) income at September 30, 2023 is the Company's pro rata share of hedged derivative instruments from certain unconsolidated joint ventures.
The following derivatives were outstanding at September 30, 2023:    
Fair Value
PropertyDesignationNotional AmountProductSOFR/LIBOR RateMaturitySeptember 30,
2023		December 31,
2022
Santa Monica PlaceNon-Hedged$300,000 Cap4.00 %12/9/2023$837 $2,576 
The Macerich Partnership, L.P.Non-Hedged$(300,000)Sold Cap4.00 %12/9/2023$(836)$(2,567)
The above derivatives were valued with an aggregate fair value (Level 2 measurement) and were included in other assets (other accrued liabilities). The fair value of the Company's interest rate derivatives was determined using discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate caps. As a result, the Company determined that its interest rate cap valuations in their entirety are classified in Level 2 of the fair value hierarchy.
6. Property, net:
Property, net consists of the following:    
September 30,
2023		December 31,
2022
Land$1,383,176 $1,425,211 
Buildings and improvements6,125,673 6,378,736 
Tenant improvements734,389 711,007 
Equipment and furnishings(1)185,104 186,767 
Construction in progress427,771 218,859 
8,856,113 8,920,580 
Less accumulated depreciation(1)(2,906,024)(2,792,790)
$5,950,089 $6,127,790 
(1)      Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at September 30, 2023 and December 31, 2022 (See Note 8—Leases).
Depreciation expense was $66,390 and $67,631 for the three months ended September 30, 2023 and 2022, respectively, and $199,615 and $202,804 for the nine months ended September 30, 2023 and 2022, respectively.

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)

(Loss) gain on sale or write-down of assets, net for the three and nine months ended September 30, 2023 and 2022 consist of the following:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Gain on property sales, net(1)$3,031 $313 $13,381 $386 
Loss on write-down of assets(2)(152,798)(5,148)(153,464)(15,006)
Gain on land sales, net(1)480 6,240 4,854 21,387 
$(149,287)$1,405 $(135,229)$6,767 
(1)      See Note 16—Dispositions.
(2)    Includes impairment losses of $144,656 on Fashion Outlets of Niagara Falls and $7,880 on Towne Mall for the three and nine months ended September 30, 2023. Includes $5,140 on Towne Mall during the three and nine months ended September 30, 2022. The impairment losses were due to the reduction of the estimated holding periods of the properties (See Note 10—Mortgage Notes Payable). The remaining amounts for the three and nine months ended September 30, 2023 and 2022 mainly pertain to the write off of development costs.
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 nine months ended September 30, 2023 and 2022, as described above:
Total Fair Value MeasurementQuoted Prices in Active Markets for Identical AssetsSignificant Other Unobservable InputsSignificant Unobservable Inputs
(Level 1)(Level 2)(Level 3)
September 30, 2022$18,250 $— $— $18,250 
September 30, 2023$72,700 $— $9,500 $63,200 
The fair value (Level 2 measurement) relating to a portion of the 2023 impairment was based on a sales contract and is classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2022 and remaining 2023 impairments were based upon an income approach, using an estimated terminal capitalization rate of 9.5% and 13.0%, respectively, a discount rate of 10.5% and 14.5%, respectively, and market rents per square foot of $12 to $250. 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 $6,322 and $10,741 at September 30, 2023 and December 31, 2022, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $4,456 and $18,010 at September 30, 2023 and December 31, 2022, respectively, and a deferred rent receivable due to straight-line rent adjustments of $106,780 and $110,155 at September 30, 2023 and December 31, 2022, 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 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
17
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
8. Leases: (Continued)

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 nine months ended September 30, 2023 and 2022:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Leasing revenue—fixed payments$142,344 $139,261 $424,097 $409,518 
Leasing revenue—variable payments54,735 55,624 163,033 176,493 
Recovery of doubtful accounts, net226 709 1,873 1,585 
$197,305 $195,594 $589,003 $587,596 

The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, 
2024$407,380 
2025340,531 
2026275,457 
2027211,498 
2028160,525 
Thereafter545,805 
$1,941,196 

Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2075, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2025.
The following table summarizes the lease costs for the three and nine months ended September 30, 2023 and 2022:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Operating lease costs$3,262 $3,788 $10,346 $11,338 
Finance lease costs:
   Amortization of ROU assets487 483 1,456 1,446 
   Interest on lease liabilities81 100 341 402 
$3,830 $4,371 $12,143 $13,186 
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:        
September 30, 2023December 31, 2022
Year ending December 31,Operating
Leases		Finance LeasesOperating LeasesFinance Leases
2023$3,173 $2,450 $12,255 $2,450 
202411,391 9,478 11,563 9,478 
202511,574 1,400 11,746 1,400 
202611,691 — 11,864 — 
202711,862 — 12,035 — 
Thereafter83,083 — 109,158 — 
Total undiscounted rental payments132,774 13,328 168,621 13,328 
Less imputed interest(57,652)(2,724)(86,315)(723)
Total lease liabilities$75,122 $10,604 $82,306 $12,605 
Weighted average remaining term24.1 years0.9 years32.3 years1.7 years
Weighted average incremental borrowing rate7.1 %3.6 %7.4 %3.7 %

9. Deferred Charges and Other Assets, net:
Deferred charges and other assets, net consist of the following:
September 30,
2023		December 31,
2022
Leasing$90,413 $113,400 
Intangible assets:  
In-place lease values63,091 63,961 
Leasing commissions and legal costs17,866 17,299 
Above-market leases66,002 71,304 
Deferred tax assets22,952 23,114 
Deferred compensation plan assets57,799 54,353 
Other assets44,172 66,188 
362,295 409,619 
Less accumulated amortization(1)(130,192)(162,195)
$232,103 $247,424 
(1)   Accumulated amortization includes $42,903 and $44,362 relating to in-place lease values, leasing commissions and legal costs at September 30, 2023 and December 31, 2022, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,880 and $1,688 for the three months ended September 30, 2023 and 2022, respectively, and $5,665 and $5,019 for the nine months ended September 30, 2023 and 2022, 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:
September 30,
2023		December 31,
2022
Above-Market Leases  
Original allocated value$66,002 $71,304 
Less accumulated amortization(35,480)(35,156)
$30,522 $36,148 
Below-Market Leases(1)  
Original allocated value$89,238 $97,026 
Less accumulated amortization(39,130)(40,797)
$50,108 $56,229 
(1)   Below-market leases are included in other accrued liabilities.

10. Mortgage Notes Payable:
Mortgage notes payable at September 30, 2023 and December 31, 2022 consist of the following:
Carrying Amount of Mortgage Notes(1)
Property Pledged as CollateralSeptember 30, 2023December 31, 2022Effective Interest
Rate(2)		Monthly
Debt
Service(3)		Maturity
Date(4)
Chandler Fashion Center(5)$255,874 $255,736 4.18 %$875 2024
Danbury Fair Mall(6)130,134 148,207 8.01 %1,538 2024
Fashion District Philadelphia(7)73,205 104,427 9.49 %546 2024
Fashion Outlets of Chicago299,415 299,354 4.61 %1,145 2031
Fashion Outlets of Niagara Falls USA(8)86,415 90,514 6.45 %727 2023
Freehold Raceway Mall(5)399,002 398,878 3.94 %1,300 2029
Fresno Fashion Fair324,404 324,255 3.67 %971 2026
Green Acres Commons(9)— 125,256 7.14 %717 2023
Green Acres Mall(10)358,593 237,372 6.62 %1,819 2028
Kings Plaza Shopping Center536,828 536,442 3.71 %1,629 2030
Oaks, The(11)152,408 165,934 5.74 %1,138 2024
Pacific View(12)70,946 70,855 5.45 %328 2032
Queens Center600,000 600,000 3.49 %1,744 2025
Santa Monica Place(13)297,171 296,521 7.28 %1,713 2025
SanTan Village Regional Center219,483 219,414 4.34 %788 2029
Towne Mall(14)18,886 18,886 4.48 %69 2022
Victor Valley, Mall of114,951 114,908 4.00 %380 2024
Vintage Faire Mall228,620 233,637 3.55 %1,256 2026
$4,166,335 $4,240,596    

(1)The mortgage notes payable also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $23,023 and $13,830 at September 30, 2023 and December 31, 2022, respectively.
(2)The interest rate disclosed represents the effective interest rate, including the impact of debt premium and deferred finance costs.
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)
(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 July 1, 2022, the Company extended the loan maturity to July 1, 2023. The interest rate remained unchanged at 5.5%, and the Company repaid $10,000 of the outstanding loan balance at closing. On June 27, 2023, the Company further extended the loan maturity to July 1, 2024. The Company repaid $10,000 of the outstanding loan balance at closing and the amended interest rate was 7.5% as of July 1, 2023 incrementally increasing to 8.0% as of October 1, 2023, 8.5% as of January 1, 2024 and 9.0% as of April 1, 2024.
(7)On August 26, 2022 and November 28, 2022, the Company repaid $83,058 and $7,117, respectively, of the outstanding loan balance to satisfy certain loan conditions. On January 20, 2023, the Company repaid $26,107 of the outstanding loan balance and exercised its one-year extension option of the loan to January 22, 2024. The interest rate is SOFR plus 3.60%.
(8)Effective October 6, 2023, the loan is in default. The Company is in negotiations with the lender on the terms of this non-recourse loan.
(9)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate was LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears interest at a fixed rate of 5.90% and matures on January 6, 2028.
(10)On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also included a one-year extension option to February 3, 2023 which has been exercised. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears interest at a fixed rate of 5.90% and matures on January 6, 2028.
(11)On May 6, 2022, the Company closed on a two-year extension of the loan to June 5, 2024 at a new fixed interest rate of 5.25%. The Company repaid $5,000 of the outstanding loan balance at closing. On June 5, 2023, the Company repaid $10,000 of the outstanding loan balance.
(12)On April 29, 2022, the Company closed on a new $72,000 loan with a fixed rate of 5.29% that matures on May 6, 2032.
(13)On December 9, 2022, the Company closed on a three-year extension of the loan to December 9, 2025, including extension options. The interest rate remained unchanged at LIBOR plus 1.48%, and has converted to 1-month Term SOFR plus 1.52% effective July 9, 2023. The loan is covered by an interest rate cap agreement that effectively prevented LIBOR from exceeding 4.0% during the period ending December 9, 2023. The interest rate cap agreement was converted to 1-month Term SOFR effective July 9, 2023.
(14)The Company has completed transition of the property to a receiver, but is the owner of record as of September 30, 2023 and December 31, 2022.
Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt.
The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.
The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or with cash on hand, with the exception of Towne Mall and Fashion Outlets of Niagara Falls as noted above.
Total interest expense capitalized was $5,670 and $2,859 for the three months ended September 30, 2023 and 2022, respectively, and $15,364 and $7,151 for the nine months ended September 30, 2023 and 2022, respectively.
The estimated fair value (Level 2 measurement) of mortgage notes payable at September 30, 2023 and December 31, 2022 was $3,780,053 and $3,894,588, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.



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:
Bank and other notes payable consist of the following:
Credit Facility:
Previously, the Company had a $525,000 revolving loan facility, which was scheduled to mature on April 14, 2024. On September 11, 2023, the Company and the Operating Partnership entered into an amended and restated credit agreement, which amends and restates their prior credit agreement, and provides for an aggregate $650,000 revolving loan facility that matures on February 1, 2027, with a one-year extension option. The revolving loan facility can be expanded up to $950,000, subject to receipt of lender commitments and other conditions. All obligations under the credit facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The new credit facility bears interest, at the Operating Partnership’s option, at either the base rate (as defined in the credit agreement) or adjusted term SOFR (as defined in the credit agreement) plus, in both cases, an applicable margin. The applicable margin depends on the Company’s overall leverage ratio and ranges from 1.00% to 2.50% over the selected index rate. Adjusted term SOFR is Term SOFR (as defined in the credit agreement) plus 0.10% per annum. As of September 30, 2023, the borrowing rate was SOFR plus a spread of 2.35%. As of September 30, 2023, borrowings under the credit facility were $135,000 less unamortized deferred finance costs of $16,365 for the revolving loan facility at a total effective interest rate of 8.48%. Concurrently with the entry into the amended and restated credit agreement, the Company drew $152,000 of the amount available under the revolving loan facility and used the proceeds to repay in full amounts outstanding under its prior credit facility. As of September 30, 2023, the Company’s availability under the revolving loan facility for additional borrowings was $514,787. The estimated fair value (Level 2 measurement) of borrowings under the credit facility at September 30, 2023 was $138,661 for the revolving loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt.
As of September 30, 2023 and December 31, 2022, 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 1,320,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,549,000 square foot regional shopping center in Freehold, New Jersey (collectively referred to herein as "Chandler Freehold"). As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the formation of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The Company accounts for its investment in Chandler Freehold as a financing arrangement. The fair value (Level 3 measurement) of the financing arrangement obligation at September 30, 2023 and December 31, 2022 was based upon a terminal capitalization rate of approximately 6.50% and 6.25%, respectively, a discount rate at September 30, 2023 and December 31, 2022 of 8.25% and 7.75%, respectively, and market rents per square foot of $35 to $240. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Distributions to the partner, excluding distributions of excess loan proceeds, and changes in fair value of the financing arrangement obligation are recognized as related party interest expense (income) in the Company's consolidated statements of operations.
During the three and nine months ended September 30, 2023 and 2022, the Company recognized related party interest expense (income) in the Company's consolidated statements of operations in connection with the financing arrangement as follows:
22
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
12. Financing Arrangement: (Continued)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Distributions equal to the partner's share of net income (loss)$329 $(211)$250 $39 
Distributions in excess of the partner's share of net income1,094 1,631 5,263 8,492 
Adjustment to fair value of financing arrangement obligation1,995 5,053 (5,522)14,837 
$3,418 $6,473 $(9)$23,368 
13. Noncontrolling Interests:
The Company allocates net (loss) income of the Operating Partnership based on the weighted average ownership interest during the period. The net (loss) income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 96% ownership interest in the Operating Partnership as of September 30, 2023 and December 31, 2022. The remaining 4% limited partnership interest as of September 30, 2023 and December 31, 2022 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of September 30, 2023 and December 31, 2022, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $102,092 and $103,023, respectively.
The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity.
Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.
14. Stockholders' Equity:
Stock Offerings
In connection with the commencement of separate “at the market” offering programs, on each of February 1, 2021 and March 26, 2021, which are referred to as the “February 2021 ATM Program” and the “March 2021 ATM Program,” respectively, and collectively as the “ATM Programs,” the Company entered into separate equity distribution agreements with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500,000 under each of the February 2021 ATM Program and the March 2021 ATM Program, or a total of $1,000,000 under the ATM Programs. The February 2021 ATM Program was fully utilized as of June 30, 2021 and is no longer active.
During the nine months ended September 30, 2023, the Company did not issue any shares of common stock under the March 2021 ATM Program. As of September 30, 2023, $151,699 remained available to be sold under the March 2021 ATM Program. Actual future sales will depend upon a variety of factors including, but not limited to, market conditions, the trading price of the Company’s common stock and the Company’s capital needs. The Company has no obligation to sell the remaining shares available for sale under the March 2021 ATM Program.
Stock Buyback Program
On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market
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)
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 nine months ended September 30, 2023 or 2022.
15.   Acquisitions:
On August 2, 2022, the Company acquired the remaining 50% ownership interest in two former Sears parcels (Deptford Mall and Vintage Faire Mall) in the MS Portfolio LLC joint venture that it did not previously own for a total purchase price of $24,544. Effective as of August 2, 2022, the Company now owns and has consolidated its 100% interest in these two former Sears parcels in its consolidated financial statements.
The following is a summary of the allocation of the fair value of the former Sears parcels at Deptford Mall and Vintage Faire Mall:
Land$6,966 
Building and improvements32,934 
Deferred charges8,075 
Other assets (above-market leases)2,664 
Other accrued liabilities (below-market lease)(2,541)
Fair value of acquired net assets (at 100% ownership)
$48,098 

On May 18, 2023, the Company acquired Seritage’s remaining 50% ownership interest in the MS Portfolio LLC joint venture that owns five former Sears parcels, for a total purchase price of $46,687. These parcels are located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square. Effective as of May 18, 2023, the Company now owns and has consolidated its 100% interest in these five former Sears parcels in its consolidated financial statements.
The following is a summary of the allocation of the fair value of the former Sears parcels at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square:
Land$10,869 
Building and improvements39,359 
Construction in progress38,000 
Deferred charges6,821 
Other accrued liabilities (below-market lease)(1,649)
Fair value of acquired net assets (at 100% ownership)
$93,400 




24
THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)

16. Dispositions:
On May 2, 2023, the Company sold The Marketplace at Flagstaff, a 268,000 square foot power center in Flagstaff, Arizona, for $23,500, which resulted in a gain on sale of assets of $10,349. The Company used the net proceeds to pay down debt.
On July 17, 2023, the Company sold Superstition Springs Power Center, a 204,000 square foot power center in Mesa, Arizona, for $5,634, which resulted in a gain on sale of assets of $1,903. The Company used the net proceeds to pay down debt.
For the three and nine months ended September 30, 2023, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $480 and $4,854, respectively. For the three and nine months ended September 30, 2022, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $6,240 and $21,387, respectively. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.
17. Commitments and Contingencies:
As of September 30, 2023, the Company was contingently liable for $41,031 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of September 30, 2023, $40,818 of these letters of credit were secured by restricted cash. The Company does not believe that these letters of credit will result in a liability to the Company.
The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At September 30, 2023, the Company had $7,128 in outstanding obligations, which it believes will be settled in the next twelve months.
18. 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 September 30,For the Nine Months Ended September 30,
 2023202220232022
Management fees$4,474 $4,332 $12,917 $13,375 
Development and leasing fees2,238 2,711 6,966 6,202 
$6,712 $7,043 $19,883 $19,577 
Interest expense (income) from related party transactions includes $3,418 and $6,473 for the three months ended September 30, 2023 and 2022, respectively, and $(9) and $23,368 for the nine months ended September 30, 2023 and 2022, respectively, in connection with the financing arrangement (See Note 12—Financing Arrangement).
Due from affiliates includes $6,624 and $3,299 of unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies at September 30, 2023 and December 31, 2022, respectively.
19. Share and Unit-Based Plans:
Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership or form of restricted stock units (together with the LTIP Units, the "LTI Units"). Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTI Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include market-indexed awards, performance-based awards and service-based awards.
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THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
19. Share and Unit-Based Plans: (Continued)
The market-indexed LTI Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. The performance-based LTI Units vest over a specified period based on the Company's operational performance over that period.
During the nine months ended September 30, 2023, the Company granted the following LTI Units:
Grant DateUnitsTypeFair Value per LTI UnitVest Date
1/1/2023577,255 Service-based$11.26 12/31/2025
1/1/20231,030,077 Performance-based$10.97 12/31/2025
1,607,332 
The fair value of the service-based LTI Units was determined by the market price of the Company's common stock on the date of grant. The fair value (Level 3 measurement) of the performance-based LTI Units granted on January 1, 2023 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a three-year risk-free interest rate of 4.21% and an expected volatility of 74.23%.
The following table summarizes the activity of the non-vested LTI Units, phantom stock units and stock units:
 LTI UnitsPhantom Stock UnitsStock Units
 UnitsValue(1)UnitsValue(1)UnitsValue(1)
Balance at January 1, 20232,215,167 $12.90 34,039 $14.19 295,054 $14.58 
Granted1,607,332 11.07 4,938 11.27 246,879 10.89 
Vested(13,058)20.42 (17,650)13.37 (257,886)14.12 
Forfeited(37,592)21.28 — — — — 
Balance at September 30, 20233,771,849 $12.01 21,327 $14.19 284,047 $11.79 
(1) Value represents the weighted average grant date fair value.
The following table summarizes the activity of the stock options outstanding:
 Stock Options
 UnitsValue(1)
Balance at January 1, 202326,371 $54.56 
   Granted— — 
Balance at September 30, 202326,371 $54.56 
(1) Value represents the weighted average exercise price.
The following summarizes the compensation cost under the share and unit-based plans:
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THE MACERICH COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share and square foot amounts)
(Unaudited)
19. Share and Unit-Based Plans: (Continued)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
LTI Units$826 $4,632 $10,097 $14,035 
Stock units299 629 2,891 2,496 
Phantom stock units80 107 236 284 
$1,205 $5,368 $13,224 $16,815 
The Company capitalized share and unit-based compensation costs of $190 and $1,101 for the three months ended September 30, 2023 and 2022, respectively, and $2,344 and $3,395 for the nine months ended September 30, 2023 and 2022, respectively. Unrecognized compensation costs of share and unit-based plans at September 30, 2023 consisted of $7,624 from LTI Units, $1,991 from stock units and $303 from phantom stock units.
20. Income Taxes:
The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC.
The income tax provision of the TRSs are as follows:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Current$— $— $— $— 
Deferred(1,672)166 (161)(963)
   Total (expense) benefit$(1,672)$166 $(161)$(963)
The net operating loss ("NOL") carryforwards generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2025. Pursuant to the Tax Cuts and Jobs Act of 2017, NOLs generated in 2018 and subsequent tax years are carried forward indefinitely. The Coronavirus Aid, Relief and Economic Security Act removed the 80% of taxable income limitation, imposed by the Tax Cuts and Jobs Act, for NOLs generated in 2018, 2019 and 2020. Net deferred tax assets of $22,952 and $23,114 were included in deferred charges and other assets, net at September 30, 2023 and December 31, 2022, respectively.
The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of September 30, 2023, the Company had no valuation allowance recorded.
The tax years 2019 through 2021 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months.
21. Subsequent Events:
On October 27, 2023, the Company announced a dividend/distribution of $0.17 per share for common stockholders and OP Unitholders of record on November 9, 2023. All dividends/distributions will be paid 100% in cash on December 1, 2023.
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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations
IMPORTANT INFORMATION RELATED TO FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q of The Macerich Company (the "Company") contains or incorporates statements that constitute forward-looking statements within the meaning of the federal securities laws. Any statements that do not relate to historical or current facts or matters are forward-looking statements. You can identify some of the forward-looking statements by the use of forward-looking words, such as "may," "will," "could," "should," "expects," "anticipates," "intends," "projects," "predicts," "plans," "believes," "seeks," "estimates," "scheduled" and variations of these words and similar expressions. Statements concerning current conditions may also be forward-looking if they imply a continuation of current conditions. Forward-looking statements appear in a number of places in this Form 10-Q and include statements regarding, among other matters:
•expectations regarding the Company's growth;
•the Company's beliefs regarding its acquisition, redevelopment, development, leasing and operational activities and opportunities, including the performance and financial stability of its retailers;
•the Company's acquisition, disposition and other strategies;
•regulatory matters pertaining to compliance with governmental regulations;
•the Company's capital expenditure plans and expectations for obtaining capital for expenditures;
•the Company's expectations regarding income tax benefits;
•the Company's expectations regarding its financial condition or results of operations; and
•the Company's expectations for refinancing its indebtedness, entering into and servicing debt obligations and entering into joint venture arrangements.
Stockholders are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company or the industry to differ materially from the Company's future results, performance or achievements, or those of the industry, expressed or implied in such forward-looking statements. Such factors include, among others, general industry, as well as global, national, regional and local economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, rising interest rates and inflation and its impact on the financial condition and results of operation of the Company and its tenants, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment (including rising inflation, supply chain disruptions and construction delays), acquisitions and dispositions; adverse impacts from COVID-19 or any future pandemic, epidemic or outbreak of any other highly infectious disease on the U.S., regional and global economies and the financial condition and results of operations of the Company and its tenants; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. You are urged to carefully review the disclosures we make concerning these risks and other factors that may affect our business and operating results, including those made in "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, as well as our other reports filed with the Securities and Exchange Commission (the "SEC"), which disclosures are incorporated herein by reference. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless required by law to do so.
Management's Overview and Summary
The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P. (the "Operating Partnership"). As of September 30, 2023, the Operating Partnership owned or had an ownership interest in 44 regional town centers (including office, hotel and residential space adjacent to these shopping centers), three community/power shopping centers, one office property and one redevelopment property. These 49 regional town centers, community/power shopping centers, office and redevelopment properties consist of approximately 47 million square feet of gross leasable area ("GLA") and are referred to herein as the "Centers". The Centers consist of consolidated Centers ("Consolidated Centers") and unconsolidated joint venture Centers ("Unconsolidated Joint Venture Centers"), unless the context otherwise requires. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's seven management companies (collectively

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referred to herein as the "Management Companies"). The Company is a self-administered and self-managed real estate investment trust ("REIT") and conducts all of its operations through the Operating Partnership and the Management Companies.
The following discussion is based primarily on the consolidated financial statements of the Company for the three and nine months ended September 30, 2023 and 2022. It compares the results of operations for the three months ended September 30, 2023 to the results of operations for the three months ended September 30, 2022. It also compares the results of operations and cash flows for the nine months ended September 30, 2023 to the results of operations and cash flows for the nine months ended September 30, 2022.
This information should be read in conjunction with the accompanying consolidated financial statements and notes thereto.
Acquisitions:
On August 2, 2022, the Company acquired the remaining 50% ownership interest in two former Sears parcels (Deptford Mall and Vintage Faire Mall) in MS Portfolio LLC, the Company's joint venture with Seritage Growth Properties ("Seritage"), for a total purchase price of $24.5 million. Effective as of August 2, 2022, the Company now owns and has consolidated its 100% interest in these two former Sears parcels in its consolidated financial statements (See Note 15—Acquisitions in the Notes to the Consolidated Financial Statements).
On May 18, 2023, the Company acquired Seritage’s remaining 50% ownership interest in the MS Portfolio LLC joint venture that owns five former Sears parcels, for a total purchase price of approximately $46.7 million. These parcels are located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square. Effective as of May 18, 2023, the Company now owns and has consolidated its 100% interest in these five former Sears parcels in its consolidated financial statements (See Note 15—Acquisitions).
Dispositions:
For the twelve months ended December 31, 2022, the Company and certain joint venture partners sold various land parcels in separate transactions, resulting in the Company’s share of the gain on sale of land of $23.9 million. The Company used its share of the proceeds from these sales of $60.3 million to pay down debt and for other general corporate purposes.
For the nine months ended September 30, 2023, the Company and certain joint venture partners sold various land parcels in separate transactions, resulting in the Company’s share of the gain on sale of land of $9.7 million. The Company’s proceeds from these sales in the nine months ended September 30, 2023 were $14.6 million. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.
On May 2, 2023, the Company sold The Marketplace at Flagstaff, a 268,000 square foot power center in Flagstaff, Arizona, for $23.5 million, which resulted in a gain on sale of assets of $10.3 million. The Company used the net proceeds to pay down debt. (See "Liquidity and Capital Resources").
On July 17, 2023, the Company sold Superstition Springs Power Center, a 204,000 square foot power center in Mesa, Arizona, for $5.6 million, which resulted in a gain on sale of assets of $1.9 million. The Company used the net proceeds to pay down debt. (See "Liquidity and Capital Resources").
Financing Activities:
On February 2, 2022, the Company’s joint venture in FlatIron Crossing replaced the existing $197 million loan on the property with a new $175 million loan that bears interest at SOFR plus 3.70% and matures on February 9, 2025, including extension options. The loan is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through February 15, 2024.
On April 29, 2022, the Company replaced the existing $110.6 million loan on Pacific View with a new $72.0 million loan that bears interest at a fixed rate of 5.29% and matures on May 6, 2032.
On May 6, 2022, the Company closed on a two-year extension for The Oaks loan to June 5, 2024, at a new fixed interest rate of 5.25%. The Company repaid $5.0 million of the outstanding loan balance at closing.
On July 1, 2022, the Company further extended the loan maturity on Danbury Fair Mall to July 1, 2023. The interest rate remained unchanged at 5.5%, and the Company repaid $10.0 million of the outstanding loan balance at closing.
The Company did not repay the loan on Towne Mall on its maturity date of November 1, 2022, and has completed the process of transitioning the property to a loan receiver.

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On November 14, 2022, the Company’s joint venture in Washington Square extended the maturity date on the $503.0 million loan on the property to November 1, 2026, including extension options. The loan bears interest at a floating interest rate of SOFR plus 4.0%, subject to an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through November 1, 2024. The joint venture repaid $15.0 million ($9.0 million at the Company's pro rata share) of the loan at closing.
On December 9, 2022, the Company extended the maturity date on the $300.0 million loan on Santa Monica Place to December 9, 2025, including extension options. The loan previously bore interest at a floating interest rate of LIBOR plus 1.48% and converted to 1-month Term SOFR plus 1.52% effective July 9, 2023.
On January 3, 2023, the Company replaced the existing $363.0 million of combined loans on Green Acres Mall and Green Acres Commons, both of which were scheduled to mature during the first quarter of 2023, with a $370.0 million loan that bears interest at a fixed rate of 5.90%, is interest only during the entire loan term and matures on January 6, 2028.
On January 20, 2023, the Company exercised its one-year extension option of the loan on Fashion District Philadelphia to January 22, 2024. The interest rate is SOFR plus 3.60% and the Company repaid $26.1 million of the outstanding loan balance at closing.
On March 3, 2023, the Company’s joint venture in Scottsdale Fashion Square replaced the existing $403.9 million mortgage loan on the property with a new $700.0 million loan that bears interest at a fixed rate of 6.21%, is interest only during the entire loan term and matures on March 6, 2028.
On March 22, 2023, the Company executed the one-year extension option on its credit facility to April 14, 2024. Effective March 13, 2023, the credit facility converted from LIBOR to 1-month Term SOFR.
On April 25, 2023, the Company's joint venture in Deptford Mall closed on a three-year maturity date extension for the existing loan of $159.9 million to April 3, 2026, including extension options. The Company's joint venture repaid $10.0 million ($5.1 million at the Company's pro rata share) of the outstanding loan balance at closing. The interest rate on the loan remains unchanged at 3.73%.
Effective May 9, 2023, the Company’s joint venture in Country Club Plaza defaulted on the $295.2 million ($147.6 million at the Company's pro rata share) non-recourse loan on the property. The Company’s joint venture is in negotiations with the lender on the terms of this non-recourse loan.
On June 27, 2023, the Company closed on a one-year extension on the $133.5 million loan on Danbury Fair Mall to July 1, 2024. The Company repaid $10.0 million of the outstanding loan balance at closing and the amended interest rate will be 7.5% as of July 1, 2023 incrementally increasing to 8.0% as of October 1, 2023, 8.5% as of January 1, 2024 and 9.0% as of April 1, 2024.
On September 11, 2023, the Company and Operating Partnership entered into an amended and restated credit agreement, which amended and restated their prior credit agreement, and provides for an aggregate $650 million revolving loan facility that matures on February 1, 2027, with a one-year extension option. Concurrently with the entry into the amended and restated corporate credit agreement, the Company drew $152 million of the amount available under the revolving loan facility and used the proceeds to repay in full amounts outstanding under the Company’s prior credit facility. (See “Liquidity and Capital Resources”).
Effective October 6, 2023, the Company's $86.5 million loan on Fashion Outlets of Niagara Falls is in default. The Company is in negotiations with the lender on the terms of this non-recourse loan.
Redevelopment and Development Activities:
The Company has a 50/50 joint venture with Simon Property Group, which was initially formed to develop Los Angeles Premium Outlets, a premium outlet center in Carson, California. The Company has funded $39.5 million of the total $78.9 million incurred by the joint venture as of September 30, 2023.
The Company is redeveloping an approximately 150,000 square foot, three-level space (formerly occupied by Bloomingdale’s and Arclight Theatre) at Santa Monica Place, a 534,000 square foot regional town center in Santa Monica, California, with an entertainment destination use, high-end fitness, and other retail uses. The total cost of the project is estimated to be between $35.0 million and $40.0 million. The Company has incurred approximately $2.2 million as of September 30, 2023. The anticipated opening will happen in phases beginning in 2024 through 2025.
The Company’s joint venture in Scottsdale Fashion Square, a 1,881,000 square foot regional town center in Scottsdale, Arizona, is redeveloping a two-level Nordstrom wing with luxury-focused retail and restaurant uses. The total cost of the project is estimated to be between $80.0 million and $90.0 million, with $40.0 million and $45.0 million estimated to be the

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Company’s pro rata share. The Company has incurred $15.9 million of the total $31.8 million incurred by the joint venture as of September 30, 2023. The anticipated opening is in 2024.
Other Transactions and Events:
The Company declared a cash dividend of $0.15 per share of its common stock for each of the first three quarters of 2022 and a cash dividend of $0.17 per share of its common stock for the fourth quarter of 2022 and the first three quarters of 2023. On October 27, 2023, the Company announced a third quarter cash dividend of $0.17 per share of its common stock, which will be paid on December 1, 2023 to stockholders of record on November 9, 2023. The dividend amount will be reviewed by the Board on a quarterly basis.
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 million under each of the February 2021 ATM Program and the March 2021 ATM Program, or a total of $1 billion under the ATM Programs. As of September 30, 2023, the Company had approximately $151.7 million of gross sales of its common stock available under the March 2021 ATM Program. The February 2021 ATM Program was fully utilized as of June 30, 2021 and is no longer active.
See “—Liquidity and Capital Resources” for a further discussion of the Company’s anticipated liquidity needs, and the measures taken by the Company to meet those needs.
Inflation:
Most of the leases at the Centers have rent adjustments periodically throughout the lease term. These rent increases are either in fixed increments or based on using an annual multiple of increases in the Consumer Price Index. In addition, the routine expiration of leases for spaces 10,000 square feet and under each year enables the Company to replace existing leases with new leases at higher base rents if the rents of the existing leases are below the then existing market rate. The Company has generally entered into leases that require tenants to pay a stated amount for operating expenses, generally excluding property taxes, regardless of the expenses actually incurred at any Center, which places the burden of cost control on the Company. Additionally, most leases require the tenants to pay their pro rata share of property taxes and utilities. Inflation is expected to have a negative impact on the Company's costs in 2023 and 2024.
Critical Accounting Policies and Estimates
The preparation of financial statements in conformity with generally accepted accounting principles ("GAAP") in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Some of these estimates and assumptions include judgments on revenue recognition, estimates for common area maintenance and real estate tax accruals, provisions for uncollectible accounts, impairment of long-lived assets, the allocation of purchase price between tangible and intangible assets, capitalization of costs and fair value measurements. The Company's significant accounting policies and estimates are described in more detail in Note 2—Summary of Significant Accounting Policies in the Company's Notes to the Consolidated Financial Statements. However, the following policies are deemed to be critical.
Acquisitions:
Upon the acquisition of real estate properties, the Company evaluates whether the acquisition is a business combination or asset acquisition. For both business combinations and asset acquisitions, the Company allocates the purchase price of properties to acquired tangible assets and intangible assets and liabilities. For asset acquisitions, the Company capitalizes transaction costs and allocates the purchase price using a relative fair value method allocating all accumulated costs. For business combinations, the Company expenses transaction costs incurred and allocates purchase price based on the estimated fair value of each separately identified asset and liability. The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing

31
commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases are recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space.
Remeasurement gains and losses are recognized when the Company becomes the primary beneficiary of an existing equity method investment that is a variable interest entity to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment, and remeasurement losses to the extent the carrying value of the investment exceeds the fair value. The fair value is determined based on a discounted cash flow model, with the significant unobservable inputs including discount rate, terminal capitalization rate and market rents.
Asset Impairment:
The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis or a contracted sales price, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. A shortened holding period increases the risk that the carrying value of a long-lived asset is not recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell.
The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary.
Fair Value of Financial Instruments:
The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
The Company calculates the fair value of financial instruments and includes this additional information in the Notes to the Consolidated Financial Statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made.
The Company records its financing arrangement (See Note 12—Financing Arrangement in the Company's Notes to the Consolidated Financial Statements) obligation at fair value on a recurring basis with changes in fair value being recorded as interest expense in the Company’s consolidated statements of operations. The fair value is determined based on a discounted

32
cash flow model, with the significant unobservable inputs including discount rate, terminal capitalization rate, and market rents. 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.
Results of Operations
Many of the variations in the results of operations, discussed below, occurred because of the transactions affecting the Company’s properties described in Management’s Overview and Summary above, including the Redevelopment Properties, the JV Transition Centers and the Disposition Properties (as defined below).
For purposes of the discussion below, the Company defines “Same Centers” as those Centers that are substantially complete and in operation for the entirety of both periods of the comparison. Non-Same Centers for comparison purposes include those Centers or properties that are going through a substantial redevelopment often resulting in the closing of a portion of the Center (“Redevelopment Properties”), those properties that have recently transitioned to or from equity method joint ventures to or from consolidated assets ("JV Transition Centers") and properties that have been disposed of (“Disposition Properties”). The Company moves a Center in and out of Same Centers based on whether the Center is substantially complete and in operation for the entirety of both periods of the comparison. Accordingly, the Same Centers consist of all Consolidated Centers, excluding the Redevelopment Properties, the JV Transition Centers and the Disposition Properties, for the periods of comparison.
For the comparison of the three and nine months ended September 30, 2023 to the three and nine months ended September 30, 2022, the JV Transition Centers are the two former Sears parcels at Deptford Mall and Vintage Faire Mall and the five former Sears parcels at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square (See “Acquisitions” in Management’s Overview and Summary). The Disposition Properties are The Marketplace at Flagstaff and Superstition Springs Power Center (See "Dispositions" in Management’s Overview and Summary). For the comparison of the three and nine months ended September 30, 2023 to the three and nine months ended September 30, 2022, there are no Redevelopment Properties.
Unconsolidated joint ventures are reflected using the equity method of accounting. The Company’s pro rata share of the results from these Centers is reflected in the Consolidated Statements of Operations as equity in loss of unconsolidated joint ventures.
The Company considers tenant annual sales, occupancy rates (excluding large retail stores or “Anchors”) and releasing spreads (i.e., a comparison of initial average base rent per square foot on leases executed during the trailing twelve months to average base rent per square foot at expiration for the leases expiring during the trailing twelve months based on the spaces 10,000 square feet and under) to be key performance indicators of the Company’s internal growth.
During the third quarter of 2023, comparable tenant sales for spaces less than 10,000 square feet across the portfolio decreased by 2.0% relative to the third quarter of 2022. The leased occupancy rate of 93.4% at September 30, 2023 represented a 1.3% increase from 92.1% at September 30, 2022. Releasing spreads increased as the Company executed leases at an average rent of $59.27 for new and renewal leases executed compared to $53.58 on leases expiring, resulting in a releasing spread increase of $5.69 per square foot, or 10.6%, for the trailing twelve months ended September 30, 2023.
The Company continues to renew or replace leases that are scheduled to expire in 2023, however, due to a variety of factors, the Company cannot be certain of its ability to sign, renew or replace leases expiring in 2023 or beyond. The remaining 2023 lease expirations continue to be an important focal point for the Company. As of September 30, 2023, the Company has executed renewal leases or commitments on 84% of its 2023 expiring square footage of space that is not otherwise expected to close, with another 13% in the letter of intent stage.
During the quarter ended September 30, 2023, the Company signed 71 new leases and 135 renewal leases comprising approximately 0.8 million square feet of GLA. The average tenant allowance was $20.29 per square foot.
Outlook
The Company has a long-term four-pronged business strategy that focuses on the acquisition, leasing and management, redevelopment and development of regional town centers. Although the majority of the key performance indicators at the Centers continued to improve during 2022 and through the first three quarters of 2023, operating results in the remainder of 2023 could be negatively impacted by certain macro-economic factors, including any continued increase in inflation and interest rates or an economic slowdown or recession.
Traffic at the Company’s Centers for the first three quarters of 2023 was approximately 94% of 2022 levels. Portfolio tenant sales from spaces less than 10,000 square feet were $847 compared to $869 for the trailing twelve months ended

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December 31, 2022. Comparable tenant sales from spaces less than 10,000 square feet across the portfolio for the trailing twelve months ended September 30, 2023 decreased by 1.8% compared to the same timeframe in 2022.
During the third quarter of 2023, the Company signed 206 leases for approximately 0.8 million square feet, compared to 218 leases and 1.1 million square feet leased during the third quarter of 2022, representing a 29% decrease in the amount of square footage leased and a 5.5% decrease in the number of leases signed on a comparable center basis. For the nine months ending September 30, 2023, the Company has signed leases for 3.14 million square feet, which is 10% more square footage than during the same timeframe in 2022, on a comparable center basis.
The Company believes that diversity of use within its tenant base will be a prominent internal growth catalyst at its Centers going forward, as new uses enhance the productivity and diversity of the tenant mix and have the potential to significantly increase customer traffic at the applicable Centers. During the quarter ended September 30, 2023, the Company signed deals for new stores with new-to-Macerich portfolio uses for 60,000 square feet, with another 322,000 square feet of such new-to-Macerich portfolio leases currently in negotiation as of the date of this Quarterly Report on Form 10-Q. During the twelve months ended December 31, 2022, the Company signed 101 leases for new stores with new-to-Macerich portfolio uses totaling approximately 441,000 square feet.
As of September 30, 2023, the leased occupancy rate was 93.4%, a 1.3% increase compared to the leased occupancy rate at September 30, 2022 of 92.1% and a sequential 0.8% increase compared to the 92.6% occupancy rate at June 30, 2023.
Many of the Company’s leases contain co-tenancy clauses. Certain Anchor or small tenant closures have become permanent, whether caused by the pandemic, or otherwise, and co-tenancy clauses within certain leases may be triggered as a result. The Company does not anticipate that the negative impact of such clauses on lease revenue will be significant.
During 2022, the pace of bankruptcy filings involving the Company’s tenants decreased substantially as compared to 2021, with only two bankruptcy filings involving three of the Company’s tenants representing approximately 111,000 square feet of leased space and $2.2 million of annual leasing revenue at the Company’s share. The Company expects that the pace of bankruptcy filings in 2023 will be among the lowest levels in the last decade. Year-to-date in 2023, there have been nine bankruptcy filings involving the Company’s tenants totaling fourteen leases and representing approximately 99,000 square feet of leased space and $3.2 million of annual leasing revenue at the Company's share.
During 2023, the Company expects to generate positive cash flow from operations after recurring operating capital expenditures, leasing capital expenditures and payment of dividends. This assumption does not include any potential capital generated from dispositions, refinancings or issuances of common equity. This expected surplus will be used to fund the Company's development and redevelopment pipeline and to the extent available, de-lever the Company's balance sheet.
The Company continues to make progress addressing its near-term, non-recourse loan maturities, with six completed transactions since the start of the fourth quarter of 2022 totaling over $2.2 billion, or approximately $1.5 billion at the Company’s pro rata share. The Company's joint ventures are currently in the process of refinancing the loans on Tysons Corner Center and Boulevard Shops, and both loans are expected to close during the fourth quarter of 2023. For additional information on the Company’s financing transactions in the year ended 2022 through the date of this Quarterly Report on Form 10-Q, see “Financing Activities” in Management’s Overview and Summary.
On September 11, 2023, the Company and Operating Partnership entered into an amended and restated corporate credit agreement, which amended and restated their prior credit agreement and provides for an aggregate $650 million revolving loan facility that matures on February 1, 2027, with a one-year extension option. Concurrently with the entry into the amended and restated credit agreement, the Company drew $152 million of the amount available under the revolving loan facility and used the proceeds to repay in full amounts outstanding under the Company’s prior credit facility. (See “Liquidity and Capital Resources”).
Rising interest rates are increasing the cost of the Company’s borrowings due to its outstanding floating-rate debt and have led to higher interest rates on new fixed-rate debt. The Company expects to incur increased interest expense from the refinancing or extension of loans that may currently carry below-market interest rates. In certain cases, the Company may limit its exposure to interest rate fluctuations related to a portion of its floating-rate debt by using interest rate cap and swap agreements. Such agreements, subject to current market conditions, allow the Company to replace floating-rate debt with fixed-rate debt in order to achieve its desired ratio of floating-rate to fixed-rate debt. However, any interest rate cap or swap agreements that the Company enters into may not be effective in reducing its exposure to interest rate changes.




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Comparison of Three Months Ended September 30, 2023 and 2022
Revenues:
Leasing revenue increased by $1.7 million, or 0.9%, from 2022 to 2023. The increase in leasing revenue is attributed to increases of $0.6 million from the Same Centers and $1.9 million from the JV Transition Centers offset in part by a decrease of $0.8 million from the Disposition Properties. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases was $0.5 million for both 2022 and 2023. The amortization of straight-line rents decreased from $0.4 million in 2022 to $(0.6) million in 2023. Lease termination income decreased from $0.5 million in 2022 to $0.1 million in 2023. Percentage rent decreased from $10.5 million in 2022 to $8.2 million in 2023. Recovery of bad debts decreased from $0.7 million in 2022 to $0.2 million in 2023.
Other revenue increased from $7.5 million in 2022 to $13.4 million in 2023. This increase is primarily due to parking, interest and other income related to the Same Centers.
Shopping Center and Operating Expenses:
Shopping center and operating expenses increased $1.7 million, or 2.2%, from 2022 to 2023. The increase in shopping center and operating expenses is attributed to increases of $1.3 million from the Disposition Properties and $0.5 million from the JV Transition Centers offset in part by a decrease of $0.1 million from the Same Centers.
REIT General and Administrative Expenses:
REIT general and administrative expenses decreased $0.9 million from 2022 to 2023 primarily due to a decrease in compensation expense.
Depreciation and Amortization:
Depreciation and amortization decreased $2.0 million from 2022 to 2023. The decrease in depreciation and amortization is attributed to a decrease of $2.4 million from the Same Centers and $0.5 million from the Disposition Properties offset in part by an increase of $0.9 million from the JV Transition Centers.
Interest Expense:
Interest expense increased $0.8 million from 2022 to 2023. The increase in interest expense is attributed to increases of $3.4 million from the Same Centers and $1.4 million from higher outstanding balances and interest rates on the Company's revolving line of credit offset in part by decreases of $0.9 million from the JV Transition Centers and $3.1 million from the financing arrangement (See Note 12—Financing Arrangement in the Company's Notes to the Consolidated Financial Statements). The decrease in interest expense from the financing arrangement is primarily due to the change in fair value of the underlying properties and the mortgage notes payable on the underlying properties.
Equity in (Loss) Income of Unconsolidated Joint Ventures:
Equity in (loss) income of unconsolidated joint ventures increased $113.8 million from 2022 to 2023. The increase in equity in (loss) income of unconsolidated joint ventures is primarily due to an impairment loss of $107.7 million at Country Club Plaza, as a result of the reduction in the estimated holding period of the property.
Loss (gain) on Sale or Write Down of Assets, net:
The loss (gain) on sale or write down of assets, net increased $150.7 million from 2022 to 2023 primarily due to an impairment loss of $144.7 million as a result of the reduction in the estimated holding period of Fashion Outlets of Niagara Falls.
Net Loss:
Net loss increased $258.5 million from 2022 to 2023. The increase in net loss is primarily due to the impairment losses at Fashion Outlets of Niagara Falls and Country Club Plaza along with the other variances noted above.
Funds From Operations ("FFO"):
Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders—diluted, excluding financing expense in connection with Chandler Freehold and accrued default interest expense decreased 3.6% from $102.8 million in 2022 to $99.1 million in 2023. For a reconciliation of net loss attributable to the Company, the most directly comparable GAAP financial measure, to FFO attributable to common stockholders and unit holders—diluted, and FFO

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attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold and accrued default interest expense—diluted, see "Funds From Operations ("FFO")" below.
Comparison of Nine Months Ended September 30, 2023 and 2022
Revenues:
Leasing revenue increased by $1.4 million, or 0.2%, from 2022 to 2023. The increase in leasing revenue is attributed to an increase of $5.1 million from the JV Transition Centers offset in part by decreases of $2.2 million from the Same Centers and $1.5 million from the Disposition Properties. Leasing revenue includes the amortization of above and below-market leases, the amortization of straight-line rents, lease termination income, percentage rent and the recovery of bad debts. The amortization of above and below-market leases increased from $1.7 million in 2022 to $2.1 million in 2023. Straight-line rents decreased from $(2.2) million in 2022 to $(3.2) million in 2023. Lease termination income decreased from $12.8 million in 2022 to $1.8 million in 2023. Percentage rent decreased from $26.0 million in 2022 to $18.2 million in 2023. Recovery of bad debts increased from $1.6 million in 2022 to $1.9 million in 2023. The decrease in lease revenue at the Same Centers is primarily due to the decrease in lease termination and percentage rent income offset by increases in tenant recoveries income and recovery of bad debts.
Other revenue increased from $21.9 million in 2022 to $34.1 million in 2023. This increase is primarily due to parking, interest and other income related to the Same Centers.
Management Companies' revenue increased from $21.4 million in 2022 to $22.2 million in 2023 due to an increase in leasing and development fees.
Shopping Center and Operating Expenses:
Shopping center and operating expenses decreased $0.5 million, or 0.3%, from 2022 to 2023. The decrease in shopping center and operating expenses is attributed to a decrease of $3.0 million from the Same Centers, which is primarily from a decrease in property taxes and is offset in part by increases of $1.4 million from the JV Transition Centers and $1.1 million from the Disposition Properties.
Leasing Expenses:
Leasing expenses increased from $24.5 million in 2022 to $26.9 million in 2023 due to an increase in compensation expense.
Management Companies' Operating Expenses:
Management Companies' operating expenses increased $1.6 million from 2022 to 2023 due to an increase in compensation expense.
REIT General and Administrative Expenses:
REIT general and administrative expenses increased $1.6 million from 2022 to 2023 due to an increase in compensation and consulting expense.
Depreciation and Amortization:
Depreciation and amortization decreased $5.5 million from 2022 to 2023. The decrease in depreciation and amortization is attributed to decreases of $6.7 million from the Same Centers and $1.2 million from the Disposition Properties offset in part by an increase of $2.4 million from the JV Transition Centers.
Interest Expense:
Interest expense decreased $10.2 million from 2022 to 2023. The decrease in interest expense is attributed to decreases of $23.4 million from the financing arrangement discussed in Note 12 in the Company's Notes to the Consolidated Financial Statements and $1.1 million from the JV Transition Centers offset in part by increases of $9.2 million from the Same Centers and $5.1 million from higher interest rates and outstanding balances on the Company's revolving line of credit. The decrease in interest expense from the financing arrangement is primarily due to the change in fair value of the underlying properties and the mortgage notes payable on the underlying properties.



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Equity in Loss of Unconsolidated Joint Ventures:
Equity in loss of unconsolidated joint ventures increased $159.8 million from 2022 to 2023. The increase in equity in loss of unconsolidated joint ventures is primarily due to the impairment losses in 2023 at Country Club Plaza of $107.7 million and the JV Transition Centers of $51.4 million, as a result of the reduction in the estimated holding periods.
(Loss) Gain on Sale or Write Down of Assets, net:
(Loss) gain on sale or write down of assets, net increased $142.0 million from 2022 to 2023. The increase is primarily due to the impairment loss of $144.7 million at Fashion Outlets of Niagara Falls, as a result of the reduction in the estimated holding period of the property.
Net Loss:
Net loss increased $276.0 million from 2022 to 2023. The increase in net loss is primarily due to the impairment losses at Fashion Outlets of Niagara Falls, Country Club Plaza and the JV Transition Centers, along with the other variances noted above.
Funds From Operations ("FFO"):
Primarily as a result of the factors mentioned above, FFO attributable to common stockholders and unit holders—diluted, excluding financing expense in connection with Chandler Freehold and accrued default interest expense decreased 13.1% from $318.0 million in 2022 to $276.5 million in 2023. For a reconciliation of net loss attributable to the Company, the most directly comparable GAAP financial measure, to FFO attributable to common stockholders and unit holders—diluted, and FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold and accrued default interest expense—diluted, see "Funds From Operations ("FFO")" below.
Operating Activities:
Cash provided by operating activities decreased $38.9 million from 2022 to 2023. The decrease is primarily due to the changes in assets and liabilities and the results, as discussed above.
Investing Activities:
Cash provided by investing activities decreased $14.3 million from 2022 to 2023. The decrease in cash provided by investing activities is primarily attributed to increases in acquisitions of property of $22.1 million, development, redevelopment and renovation of $23.5 million, property improvements of $16.1 million, deferred leasing costs of $9.8 million, decreases in contributions to unconsolidated joint ventures of $12.6 million, decreases of proceeds from the sale of assets of $14.1 million and proceeds from collection of receivable in connection with sale of joint venture property of $21.0 million offset in part by an increase in distributions from unconsolidated joint ventures of $104.9 million. The increase in distributions from unconsolidated joint ventures is primarily due to the distribution of net loan proceeds from the Scottsdale Fashion Square refinance (See “—Financing Activities” in Management’s Overview and Summary).
Financing Activities:
Cash used in financing activities decreased $82.2 million from 2022 to 2023. The decrease in cash used in financing activities is primarily due to the increase in proceeds from mortgages, bank and other notes payable of $184.0 million offset in part by an increase in payments on mortgages, bank and other notes payable of $102.4 million.










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Liquidity and Capital Resources
The Company anticipates meeting its liquidity needs for its operating expenses, debt service and dividend requirements for the next twelve months and beyond through cash generated from operations, distributions from unconsolidated joint ventures, working capital reserves and/or borrowings under its line of credit.
Uses of Capital
The following tables summarize capital expenditures incurred at the Centers (at the Company's pro rata share):
 For the Nine Months Ended September 30,
(Dollars in thousands)20232022
Consolidated Centers:  
Acquisitions of property, building improvement and equipment(1)$69,255 $37,741 
Development, redevelopment, expansions and renovations of Centers56,575 40,679 
Tenant allowances22,530 18,004 
Deferred leasing charges4,836 1,657 
$153,196 $98,081 
Unconsolidated Joint Venture Centers:  
Acquisitions of property, building improvement and equipment$8,765 $6,720 
Development, redevelopment, expansions and renovations of Centers51,944 43,454 
Tenant allowances11,075 12,205 
Deferred leasing charges3,444 2,748 
$75,228 $65,127 
(1)Includes $46.7 million for the nine months ended September 30, 2023, relating to the acquisition of five former Sears parcels in the MS Portfolio LLC joint venture (See "Acquisitions" in Management's Overview and Summary).
The Company expects amounts to be incurred during the next twelve months for tenant allowances and deferred leasing charges to be comparable to 2022. The Company expects to incur approximately $45.0 million to $60.0 million during the remainder of 2023 for development, redevelopment, expansion and renovations. Capital for these expenditures, developments and/or redevelopments has been, and is expected to continue to be, obtained from a combination of cash on hand, debt or equity financings, which are expected to include borrowings under the Company's line of credit, from property financings and construction loans, each to the extent available.
Sources of Capital
The Company has also generated liquidity in the past, and may continue to do so in the future, through equity offerings and issuances, property refinancings, joint venture transactions and the sale of non-core assets. For example, the Company sold The Marketplace at Flagstaff in Flagstaff, Arizona on May 2, 2023 and Superstition Springs Power Center in Mesa, Arizona on July 17, 2023. The Company used the proceeds from these sales to pay down its line of credit and other debt obligations. During the year ended December 31, 2022 and nine months ended September 30, 2023, the Company and certain joint venture partners sold various land parcels in separate transactions for aggregate proceeds of $74.9 million at the Company's share, which the Company used to pay down debt and for other general corporate purposes. Furthermore, the Company has filed a shelf registration statement, which registered an unspecified amount of common stock, preferred stock, depositary shares, debt securities, warrants, rights, stock purchase contracts and units that may be sold from time to time by the Company.
On each of February 1, 2021 and March 26, 2021, the Company registered a separate "at the market" offering program, pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500 million under each ATM Program, or a total of $1.0 billion under the ATM Programs, in amounts and at times to be determined by the Company. The February 2021 ATM Program was fully utilized as of June 30, 2021 and is no longer active. During the three and nine months ended September 30, 2023, no shares were issued under the March 2021 ATM Program. As of September 30, 2023, the Company had approximately $151.7 million of gross sales of its common stock available under the March 2021 ATM Program.
The capital and credit markets can fluctuate and, at times, limit access to debt and equity financing for companies. The Company has been able to access capital; however, there is no assurance the Company will be able to do so in future periods or on similar terms and conditions. Many factors impact the Company's ability to access capital, such as its overall debt level, interest rates, interest coverage ratios and prevailing market conditions, including periods of economic slowdown or recession.

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For example, the credit markets have experienced and may continue to experience a slowdown stemming from broader market issues pertaining to various factors, including among others, the health of regional banks, prevailing market sentiment regarding various commercial real estate sectors and interest rate increases imposed by the Federal Reserve. The duration of any such impact is unknown. The Company expects to incur increased interest expense from the refinancing or extension of loans that may carry below-market interest rates. In addition, increases in the Company's proportion of floating rate debt will cause it to be subject to interest rate fluctuations in the future.
The Company's total outstanding loan indebtedness, which includes mortgages and other notes payable, at September 30, 2023 was $6.83 billion (consisting of $4.28 billion of consolidated debt, less $0.40 billion of noncontrolling interests, plus $2.94 billion of its pro rata share of unconsolidated joint venture debt). The majority of the Company's debt consists of fixed-rate conventional mortgage notes collateralized by individual properties. The Company expects that all of the maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or cash on hand, with the exception of Towne Mall and Fashion Outlets of Niagara Falls (See “—Financing Activities” in Management’s Overview and Summary).
The Company believes that the pro rata debt provides useful information to investors regarding its financial condition because it includes the Company’s share of debt from unconsolidated joint ventures and, for consolidated debt, excludes the Company’s partners’ share from consolidated joint ventures, in each case presented on the same basis. The Company has several significant joint ventures and presenting its pro rata share of debt in this manner can help investors better understand the Company’s financial condition after taking into account the Company's economic interest in these joint ventures. The Company’s pro rata share of debt should not be considered as a substitute for the Company’s total consolidated debt determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.
The Company accounts for its investments in joint ventures that it does not have a controlling interest or is not the primary beneficiary using the equity method of accounting and those investments are reflected on the consolidated balance sheets of the Company as investments in unconsolidated joint ventures.
Additionally, as of September 30, 2023, the Company was contingently liable for $41.0 million in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of September 30, 2023, $40.8 million 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 continues to make progress addressing its near-term, non-recourse loan maturities, with six completed transactions since the start of the fourth quarter of 2022 totaling over $2.2 billion, or approximately $1.5 billion at the Company’s pro rata share. The Company's joint ventures are currently in the process of refinancing the loans on Tysons Corner Center and Boulevard Shops, and both loans are expected to close during the fourth quarter of 2023. For additional information on the Company’s financing transactions in the year ended 2022 through the date of this Quarterly Report on Form 10-Q, see “Financing Activities” in Management’s Overview and Summary.
Previously, the Company had a $525 million revolving loan facility, which was scheduled to mature on April 14, 2024. On September 11, 2023, the Company and the Operating Partnership entered into an amended and restated credit agreement, which amends and restates their prior credit agreement, and provides for an aggregate $650 million revolving loan facility that matures on February 1, 2027, with a one-year extension option. The revolving loan facility can be expanded up to $950 million, subject to receipt of lender commitments and other conditions. All obligations under the credit facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The new credit facility bears interest, at the Operating Partnership’s option, at either the base rate (as defined in the credit agreement) or adjusted term SOFR (as defined in the credit agreement) plus, in both cases, an applicable margin. The applicable margin depends on the Company’s overall leverage ratio and ranges from 1.00% to 2.50% over the selected index rate. Adjusted term SOFR is Term SOFR (as defined in the credit agreement) plus 0.10% per annum. Concurrently with the entry into the amended and restated credit agreement, the Company drew $152 million of the amount available under the revolving loan facility and used the proceeds to repay in full amounts outstanding under its prior credit facility. As of September 30, 2023, the borrowing rate was SOFR plus a spread of 2.35%. As of September 30, 2023, borrowings under the credit facility were $135.0 million less unamortized deferred finance costs of $16.4 million for the revolving loan facility at a total effective interest rate of 8.48%. As of September 30, 2023, the Company’s availability under the revolving loan facility for additional borrowings was $514.8 million.
Cash dividends and distributions for the nine months ended September 30, 2023 were $120.1 million (including distributions from consolidated joint ventures of $4.4 million), which were funded by operations.
At September 30, 2023, the Company was in compliance with all applicable loan covenants under its agreements.

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At September 30, 2023, the Company had cash and cash equivalents of $111.8 million.
Material Cash Commitments:
The following is a schedule of material cash commitments as of September 30, 2023 for the Consolidated Centers over the periods in which they are expected to be paid (in thousands):
 Payment Due by Period
Cash CommitmentsTotalLess than
1 year		1 - 3
years		3 - 5
years		More than
five years
Long-term debt obligations (includes expected interest payments)(1)$5,044,054 $1,033,275 $1,382,608 $1,008,523 $1,619,648 
Lease obligations(2)146,102 5,623 33,843 23,553 83,083 
$5,190,156 $1,038,898 $1,416,451 $1,032,076 $1,702,731 
__________________________________________________________
(1)Interest payments on floating rate debt were based on rates in effect at September 30, 2023.
(2)See Note 8—Leases in the Company's Notes to the Consolidated Financial Statements.


























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Funds From Operations ("FFO")
The Company uses FFO in addition to net income to report its operating and financial results and considers FFO and FFO —diluted as supplemental measures for the real estate industry and a supplement to GAAP measures. The National Association of Real Estate Investment Trusts defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of properties, plus real estate related depreciation and amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.
The Company accounts for its joint venture in Chandler Freehold as a financing arrangement. In connection with this treatment, the Company recognizes financing expense on (i) the changes in fair value of the financing arrangement obligation, (ii) any payments to the joint venture partner equal to their pro rata share of net income and (iii) any payments to the joint venture partner less than or in excess of their pro rata share of net income. The Company excludes from its definition of FFO the noted expenses related to the changes in fair value and for the payments to the joint venture partner less than or in excess of their pro rata share of net income. 
The Company also presents FFO excluding financing expense in connection with Chandler Freehold and accrued default interest expense.
FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a meaningful measure of its operating results in comparison to the operating results of other REITs. In addition, the Company believes that FFO excluding financing expense in connection with Chandler Freehold and accrued default interest expense provides useful supplemental information regarding the Company’s performance as it shows a more meaningful and consistent comparison of the Company’s operating performance and allows investors to more easily compare the Company’s results. The default interest expense reflects the interest accruing on the nonrecourse loans associated with Towne Mall and Country Club Plaza. GAAP requires that the Company accrue these amounts, which are not expected to be paid and are expected to be reversed once a loan is modified or once title to the mortgage loan collateral is transferred.
The Company believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO, as presented, may not be comparable to similarly titled measures reported by other real estate investment trusts.
Management compensates for the limitations of FFO by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of FFO and a reconciliation of net (loss) income to FFO and FFO—diluted. Management believes that to further understand the Company's performance, FFO should be compared with the Company's reported net income (loss) and considered in addition to cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements.











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The following reconciles net loss attributable to the Company to FFO and FFO—diluted attributable to common stockholders and unit holders-basic and diluted, excluding financing expense in connection with Chandler Freehold and accrued default interest expense for the three and nine months ended September 30, 2023 and 2022 (dollars and shares in thousands):
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Net loss attributable to the Company$(262,547)$(15,193)$(336,244)$(67,757)
Adjustments to reconcile net loss attributable to the Company to FFO attributable to common stockholders and unit holders—basic and diluted:    
Noncontrolling interests in the Operating Partnership(10,939)(607)(14,009)(2,729)
Loss (gain) on sale or write down of assets, net—consolidated assets149,287 (1,405)135,229 (6,767)
Add: noncontrolling interests share of gain on sale or write down of assets—consolidated assets338 1,373 2,224 5,816 
Add: gain on sale of undepreciated assets—consolidated assets480 6,240 4,854 21,387 
Less: noncontrolling interests share of gain of undepreciated assets—consolidated assets— (1,373)(1,886)(5,795)
Loss on write-down of non-real estate assets—consolidated assets— — — (2,000)
Loss (gain) on sale or write down of assets—unconsolidated joint ventures, net(1)101,048 (8,922)152,396 20,060 
Add: gain on sale of undepreciated assets—unconsolidated joint ventures(1)6,636 5,561 6,740 7,116 
Depreciation and amortization—consolidated assets70,755 72,739 212,596 218,053 
Less: noncontrolling interests in depreciation and amortization—consolidated assets(3,660)(3,683)(10,927)(17,976)
Depreciation and amortization—unconsolidated joint ventures(1)42,464 44,028 127,801 133,591 
Less: depreciation on personal property(1,905)(2,632)(6,053)(8,296)
FFO attributable to common stockholders and unit holders—basic and diluted91,957 96,126 272,721 294,703 
Financing expense in connection with Chandler Freehold3,089 6,684 (259)23,329 
FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold—basic and diluted$95,046 $102,810 $272,462 $318,032 
Accrued default interest expense4,050 — 4,050 — 
FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold and accrued default interest expense—basic and diluted$99,096 $102,810 $276,512 $318,032 
Weighted average number of FFO shares outstanding for:    
FFO attributable to common stockholders and unit holders—basic(2)224,611 223,754 224,441 223,636 
Adjustments for impact of dilutive securities in computing FFO—diluted:
   Share and unit based compensation plans— — — — 
Weighted average number of FFO shares outstanding for FFO attributable to common stockholders and unit holders—basic and diluted(2)224,611 223,754 224,441 223,636 
(1)     Unconsolidated joint ventures are presented at the Company's pro rata share.
(2)     Calculated based upon basic net income as adjusted to reach basic FFO. Includes 9.0 million and 8.6 million of OP Units outstanding for the three months ended September 30, 2023 and 2022, respectively, and 9.0 million and 8.7 million of OP Units outstanding for the nine months ended September 30, 2023 and 2022, respectively.
The computation of FFO—diluted shares outstanding includes the effect of share and unit-based compensation plans using the treasury stock method. It also assumes the conversion of MACWH, LP common and preferred units to the extent that they are dilutive to the FFO—diluted computation.

42
Item 3.    Quantitative and Qualitative Disclosures About Market Risk
The Company's primary market risk exposure is interest rate risk. The Company has managed and will continue to manage interest rate risk by (1) maintaining a ratio of fixed rate, long-term debt to total debt such that floating rate exposure is kept at an acceptable level, (2) reducing interest rate exposure on certain long-term floating rate debt through the use of interest rate caps and/or swaps with matching maturities where appropriate, (3) using treasury rate locks where appropriate to fix rates on anticipated debt transactions, and (4) taking advantage of favorable market conditions for long-term debt and/or equity.
The following table sets forth information as of September 30, 2023 concerning the Company's long-term debt obligations, including principal cash flows by scheduled maturity, weighted average interest rates and estimated fair value (dollars in thousands):
Expected Maturity Date
 For the twelve months ending September 30,   
 20242025202620272028ThereafterTotalFair Value
CONSOLIDATED CENTERS:        
Long-term debt:        
Fixed rate$767,382 $608,305 $215,645 $326,080 $377,082 $1,521,544 $3,816,038 $3,413,968 
Average interest rate5.09 %3.49 %3.50 %3.59 %5.87 %4.05 %4.28 % 
Floating rate73,320 — 300,000 — 135,000 — 508,320 504,746 
Average interest rate8.93 %— %6.85 %— %7.90 %— %7.43 % 
Total debt—Consolidated Centers$840,702 $608,305 $515,645 $326,080 $512,082 $1,521,544 $4,324,358 $3,918,714 
UNCONSOLIDATED JOINT VENTURE CENTERS:        
Long-term debt (at Company's pro rata share):        
Fixed rate$380,411 $128,925 $616,996 $428,832 $950,028 $348,306 $2,853,498 $2,637,947 
Average interest rate4.17 %6.71 %3.82 %6.91 %4.78 %3.85 %4.78 % 
Floating rate11,500 81,158 — 73 674 — 93,405 92,057 
Average interest rate7.29 %6.93 %— %8.32 %8.08 %— %6.98 % 
Total debt—Unconsolidated Joint Venture Centers$391,911 $210,083 $616,996 $428,905 $950,702 $348,306 $2,946,903 $2,730,004 
The Consolidated Centers' total fixed rate debt at September 30, 2023 and December 31, 2022 was $3.8 billion and $3.7 billion, respectively. The average interest rate on the fixed rate debt at September 30, 2023 and December 31, 2022 was 4.28% and 4.01%, respectively. The Consolidated Centers' total floating rate debt at September 30, 2023 and December 31, 2022 was $508.3 million and $700.7 million, respectively. The average interest rate on the floating rate debt at September 30, 2023 and December 31, 2022 was 7.43% and 6.53%, respectively.
The Company's pro rata share of the unconsolidated joint venture Centers' fixed rate debt at September 30, 2023 and December 31, 2022 was $2.9 billion and $2.7 billion, respectively. The average interest rate on the fixed rate debt at September 30, 2023 and December 31, 2022 was 4.78% and 4.46%, respectively. The Company's pro rata share of the unconsolidated joint venture Centers' floating rate debt at September 30, 2023 and December 31, 2022 was $93.4 million and $90.7 million, respectively. The average interest rate on the floating rate debt at September 30, 2023 and December 31, 2022 was 6.98% and 5.81%, respectively.
The Company uses derivative financial instruments in the normal course of business to manage or hedge interest rate risk and records all derivatives on the balance sheet at fair value. Interest rate cap agreements offer protection against floating rates on the notional amount from exceeding the rates noted in the above schedule, and interest rate swap agreements effectively replace a floating rate on the notional amount with a fixed rate as noted above. As of September 30, 2023, the Company has interest rate cap agreements in place (See Note 4—Investments in Unconsolidated Joint Ventures and Note 5—Derivative Instruments and Hedging Activities in the Company's Notes to the Consolidated Financial Statements). The respective loans each require an interest rate cap agreement to be in place at all times, which limits how high the prevailing floating loan rate index (i.e., SOFR) for the loans can rise. As of the date of this Quarterly Report on Form 10-Q, SOFR for each of these loans exceeded the strike interest rate (the "Strike Rate") within the required interest rate cap agreement. If SOFR does exceed the Strike Rate, each of these loans would then be considered fixed rate debt. If SOFR for these respective loans thereafter no longer exceeds the Strike Rate, then these loans would once again be considered floating rate debt.

43
In addition, the Company has assessed the market risk for its floating rate debt and believes that a 1% increase in interest rates would decrease future earnings and cash flows by approximately $6.0 million per year based on $601.7 million of floating rate debt outstanding at September 30, 2023.
The fair value of the Company's long-term debt is estimated based on a present value model utilizing interest rates that reflect the risks associated with long-term debt of similar risk and duration. In addition, the method of computing fair value for mortgage notes payable included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt (See Note 10—Mortgage Notes Payable and Note 11—Bank and Other Notes Payable in the Company's Notes to the Consolidated Financial Statements).
The discontinuation of LIBOR has not affected the Company’s ability to borrow or maintain already outstanding borrowings or hedging transactions. As of September 30, 2023, each of the agreements governing the Company’s variable rate debt has been converted to a SOFR-based interest rate. The Company has not incurred significant costs in completing such conversions to SOFR, nor have the Company’s borrowing costs changed significantly from such conversions.
Item 4.    Controls and Procedures
As required by Rule 13a-15(b) under the Securities Exchange Act of 1934, management carried out an evaluation, under the supervision and with the participation of the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on their evaluation as of September 30, 2023, the Company's Chief Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) were effective to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is (a) recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms and (b) accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
In addition, there has been no change in the Company's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15(d)-15(f) under the Securities Exchange Act of 1934) that occurred during the Company's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
PART II OTHER INFORMATION
Item 1.   Legal Proceedings
None of the Company, the Operating Partnership, the Management Companies or their respective affiliates are currently involved in any material legal proceedings, although from time-to-time they are involved in various legal proceedings that arise in the ordinary course of business.
Item 1A.  Risk Factors
There have been no material changes to the risk factors relating to the Company set forth under the caption "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.











44
Item 2.  Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
On September 14, 2023 and September 20, 2023, the Company, as general partner of the Operating Partnership, issued 12,000 and 6,106 shares of common stock of the Company, respectively, upon the redemption of an aggregate of 18,106 common partnership units of the Operating Partnership. These shares of common stock were issued in private placements to two limited partners of the Operating Partnership, each an accredited investor, pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

Issuer Purchases of Equity Securities
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1)
July 1, 2023 to July 31, 2023— $— — $278,707,048 
August 1, 2023 to August 31, 2023— — — $278,707,048 
September 1, 2023 to September 30, 2023— — — $278,707,048 
Total— $— — 
(1)On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500.0 million of the Company's outstanding common shares from time to time as market conditions warrant.
Item 3.  Defaults Upon Senior Securities
Not Applicable
Item 4.  Mine Safety Disclosures
Not Applicable
Item 5.  Other Information
During the three months ended September 30, 2023, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

45
Item 6.  Exhibits
Exhibit
Number		Description
3.1Articles of Amendment and Restatement of the Company (incorporated by reference as an exhibit to the Company's Registration Statement on Form S-11, as amended (No. 33-68964)) (Filed in paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T).
3.1.1Articles Supplementary of the Company (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date May 30, 1995) (Filed in paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T).


46
Exhibit
Number		Description
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).
** Furnished herewith.

47
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  THE MACERICH COMPANY
 By:/s/ SCOTT W. KINGSMORE
Scott W. Kingsmore
 Senior Executive Vice President, Treasurer and Chief Financial Officer
Date:November 6, 2023(Principal Financial Officer)


48

Exhibit 31.1

THE MACERICH COMPANY
SECTION 302 CERTIFICATION
I, Thomas E. O'Hern, certify that:
1.I have reviewed this report on Form 10-Q for the quarter ended September 30, 2023 of The Macerich Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
/s/ THOMAS E. O'HERN
Date:November 6, 2023Chief Executive Officer



Exhibit 31.2

THE MACERICH COMPANY
SECTION 302 CERTIFICATION
I, Scott W. Kingsmore, certify that:
1.I have reviewed this report on Form 10-Q for the quarter ended September 30, 2023 of The Macerich Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
/s/ SCOTT W. KINGSMORE
Date:November 6, 2023Senior Executive Vice President and Chief Financial Officer



Exhibit 32.1

THE MACERICH COMPANY
WRITTEN STATEMENT
PURSUANT TO
18 U.S.C. SECTION 1350
The undersigned, Thomas E. O'Hern and Scott W. Kingsmore, the Chief Executive Officer and Chief Financial Officer, respectively, of The Macerich Company (the "Company"), pursuant to 18 U.S.C. §1350, each hereby certifies that, to the best of his knowledge:
(i)the Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 of the Company (the "Report") fully complies with the requirements of Section 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended; and
(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 6, 2023
/s/ THOMAS E. O'HERN
Chief Executive Officer
/s/ SCOTT W. KINGSMORE
Senior Executive Vice President and Chief Financial Officer



v3.23.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2023
Nov. 06, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2023  
Document Transition Report false  
Entity File Number 1-12504  
Entity Registrant Name MACERICH CO  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 95-4448705  
Entity Address, Address Line One 401 Wilshire Boulevard,  
Entity Address, Address Line Two Suite 700,  
Entity Address, City or Town Santa Monica,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 90401  
City Area Code (310)  
Local Phone Number 394-6000  
Title of each class Common Stock, $0.01 Par Value  
Trading symbol MAC  
Name of each exchange on which registered NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   215,448,177
Entity Central Index Key 0000912242  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
v3.23.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
ASSETS:    
Property, net $ 5,950,089 $ 6,127,790
Cash and cash equivalents 111,802 100,320
Restricted cash 96,332 80,819
Tenant and other receivables, net 152,205 183,593
Right-of-use assets, net 120,410 126,606
Deferred charges and other assets, net 232,103 247,424
Investments in unconsolidated joint ventures 918,540 1,224,288
Total assets 7,588,105 8,094,139
LIABILITIES AND EQUITY:    
Mortgage notes payable 4,166,335 4,240,596
Bank and other notes payable 118,635 163,117
Accounts payable and accrued expenses 73,923 63,107
Lease liabilities 85,726 94,911
Other accrued liabilities 312,236 318,745
Distributions in excess of investments in unconsolidated joint ventures 195,179 121,093
Financing arrangement obligation 137,699 143,221
Total liabilities 5,089,733 5,144,790
Commitments and contingencies
Stockholders' equity:    
Common stock, $0.01 par value, 500,000,000 shares authorized at September 30, 2023 and December 31, 2022, and 215,655,497 and 215,241,129 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 2,155 2,151
Additional paid-in capital 5,519,029 5,506,084
Accumulated deficit (3,089,298) (2,643,094)
Accumulated other comprehensive income 556 632
Total stockholders' equity 2,432,442 2,865,773
Noncontrolling interests 65,930 83,576
Total equity 2,498,372 2,949,349
Total liabilities and partners' capital 7,588,105 8,094,139
Related Party    
ASSETS:    
Due from affiliates $ 6,624 $ 3,299
v3.23.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 215,655,497 215,241,129
Common Stock, shares outstanding (in shares) 215,655,497 215,241,129
v3.23.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Leasing revenue $ 197,305 $ 195,594 $ 589,003 $ 587,596
Total revenues 218,152 210,704 645,380 630,939
Expenses:        
Leasing expenses 8,777 8,704 26,880 24,463
REIT general and administrative expenses 5,910 6,779 21,692 20,082
Depreciation and amortization 70,755 72,739 212,596 218,053
Total expenses before interest 178,313 179,469 530,813 531,182
Interest expense (income):        
Interest expense 53,380 52,630 147,507 157,680
Total expenses 231,693 232,099 678,320 688,862
Equity in (loss) income of unconsolidated joint ventures (107,465) 6,322 (176,235) (16,422)
Income tax (expense) benefit (1,672) 166 (161) (963)
(Loss) gain on sale or write down of assets, net (149,287) 1,405 (135,229) 6,767
Net loss (271,965) (13,502) (344,565) (68,541)
Less: net (loss) income attributable to noncontrolling interests (9,418) 1,691 (8,321) (784)
Net loss attributable to the Company $ (262,547) $ (15,193) $ (336,244) $ (67,757)
Loss per common share—attributable to common stockholders:        
Basic (in dollars per share) $ (1.22) $ (0.07) $ (1.56) $ (0.32)
Diluted (in dollars per share) $ (1.22) $ (0.07) $ (1.56) $ (0.32)
Weighted average number of common shares outstanding:        
Basic (in shares) 215,632 215,134 215,461 214,982
Diluted (in shares) 215,632 215,134 215,461 214,982
Related Party        
Revenues:        
Revenue $ 6,712 $ 7,043 $ 19,883 $ 19,577
Interest expense (income):        
Interest expense 3,418 6,473 (9) 23,368
Nonrelated Party        
Interest expense (income):        
Interest expense 49,962 46,157 147,516 134,312
Other        
Revenues:        
Revenue 13,403 7,503 34,143 21,911
Management Companies        
Revenues:        
Revenue 7,444 7,607 22,234 21,432
Expenses:        
Shopping center and operating expenses 16,513 16,553 52,852 51,242
Management Companies | Related Party        
Revenues:        
Revenue 4,474 4,332 12,917 13,375
Shopping center and operating expenses        
Expenses:        
Shopping center and operating expenses $ 76,358 $ 74,694 $ 216,793 $ 217,342
v3.23.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net loss $ (271,965) $ (13,502) $ (344,565) $ (68,541)
Other comprehensive (loss) income:        
Interest rate cap agreements (546) (3) (76) 37
Comprehensive loss (272,511) (13,505) (344,641) (68,504)
Less: net (loss) income attributable to noncontrolling interests (9,418) 1,691 (8,321) (784)
Comprehensive loss attributable to the Company $ (263,093) $ (15,196) $ (336,320) $ (67,720)
v3.23.3
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Total Stockholders' Equity
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021     214,797,057        
Beginning balance at Dec. 31, 2021 $ 3,176,149 $ 3,046,867 $ 2,147 $ 5,488,440 $ (2,443,696) $ (24) $ 129,282
Increase (Decrease) in Stockholders' Equity              
Net (loss) income (68,541) (67,757)     (67,757)   (784)
Interest rate cap agreements 37 37       37  
Amortization of share and unit-based plans (in shares)     206,564        
Amortization of share and unit-based plans 16,815 16,815 $ 2 16,813      
Employee stock purchases (in shares)     96,942        
Employee stock purchases 960 960 $ 1 959      
Stock offerings, net (152) (152)   (152)      
Distributions paid (96,786) (96,786)     (96,786)    
Distributions to noncontrolling interests (50,011)           (50,011)
Contributions from noncontrolling interests 2           2
Conversion of noncontrolling interests to common shares (in shares)     45,578        
Conversion of noncontrolling interests to common shares 0 2,700   2,700     (2,700)
Redemption of noncontrolling interests (328) 177   177     (505)
Adjustment of noncontrolling interests in Operating Partnership 0 (3,630)   (3,630)     3,630
Ending balance (in shares) at Sep. 30, 2022     215,146,141        
Ending balance at Sep. 30, 2022 2,978,145 2,899,231 $ 2,150 5,505,307 (2,608,239) 13 78,914
Beginning balance (in shares) at Jun. 30, 2022     215,113,342        
Beginning balance at Jun. 30, 2022 3,056,393 2,941,474 $ 2,150 5,500,101 (2,560,793) 16 114,919
Increase (Decrease) in Stockholders' Equity              
Net (loss) income (13,502) (15,193)     (15,193)   1,691
Interest rate cap agreements (3) (3)       (3)  
Amortization of share and unit-based plans (in shares)     21,772        
Amortization of share and unit-based plans 5,369 5,369   5,369      
Stock offerings, net (32) (32)   (32)      
Distributions paid (32,253) (32,253)     (32,253)    
Distributions to noncontrolling interests (37,829)           (37,829)
Contributions from noncontrolling interests 2           2
Conversion of noncontrolling interests to common shares (in shares)     11,027        
Conversion of noncontrolling interests to common shares 0 622   622     (622)
Adjustment of noncontrolling interests in Operating Partnership 0 (753)   (753)     753
Ending balance (in shares) at Sep. 30, 2022     215,146,141        
Ending balance at Sep. 30, 2022 $ 2,978,145 2,899,231 $ 2,150 5,505,307 (2,608,239) 13 78,914
Beginning balance (in shares) at Dec. 31, 2022 215,241,129   215,241,129        
Beginning balance at Dec. 31, 2022 $ 2,949,349 2,865,773 $ 2,151 5,506,084 (2,643,094) 632 83,576
Increase (Decrease) in Stockholders' Equity              
Net (loss) income (344,565) (336,244)     (336,244)   (8,321)
Interest rate cap agreements (76) (76)       (76)  
Amortization of share and unit-based plans (in shares)     270,508        
Amortization of share and unit-based plans 13,224 13,224 $ 3 13,221      
Employee stock purchases (in shares)     125,754        
Employee stock purchases 1,021 1,021 $ 1 1,020      
Stock offerings, net (399) (399)   (399)      
Distributions paid (109,960) (109,960)     (109,960)    
Distributions to noncontrolling interests (10,173)           (10,173)
Conversion of noncontrolling interests to common shares (in shares)     18,106        
Conversion of noncontrolling interests to common shares 0 828   828     (828)
Redemption of noncontrolling interests (49) 35   35     (84)
Adjustment of noncontrolling interests in Operating Partnership $ 0 (1,760)   (1,760)     1,760
Ending balance (in shares) at Sep. 30, 2023 215,655,497   215,655,497        
Ending balance at Sep. 30, 2023 $ 2,498,372 2,432,442 $ 2,155 5,519,029 (3,089,298) 556 65,930
Beginning balance (in shares) at Jun. 30, 2023     215,617,797        
Beginning balance at Jun. 30, 2023 2,809,037 2,731,396 $ 2,154 5,518,237 (2,790,097) 1,102 77,641
Increase (Decrease) in Stockholders' Equity              
Net (loss) income (271,965) (262,547)     (262,547)   (9,418)
Interest rate cap agreements (546) (546)       (546)  
Amortization of share and unit-based plans (in shares)     19,594        
Amortization of share and unit-based plans 1,205 1,205 $ 1 1,204      
Stock offerings, net (322) (322)   (322)      
Distributions paid (36,654) (36,654)     (36,654)    
Distributions to noncontrolling interests (2,334)           (2,334)
Conversion of noncontrolling interests to common shares (in shares)     18,106        
Conversion of noncontrolling interests to common shares 0 828   828     (828)
Redemption of noncontrolling interests (49) 35   35     (84)
Adjustment of noncontrolling interests in Operating Partnership $ 0 (953)   (953)     953
Ending balance (in shares) at Sep. 30, 2023 215,655,497   215,655,497        
Ending balance at Sep. 30, 2023 $ 2,498,372 $ 2,432,442 $ 2,155 $ 5,519,029 $ (3,089,298) $ 556 $ 65,930
v3.23.3
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]        
Distributions declared, per share (in dollars per share) $ 0.17 $ 0.15 $ 0.51 $ 0.45
v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (344,565) $ (68,541)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Loss (gain) on sale or write down of assets, net 135,229 (6,767)
Depreciation and amortization 223,735 226,136
Amortization of share and unit-based plans 10,880 13,420
Straight-line rent and amortization of above and below market leases 50 821
Recovery of doubtful accounts (1,873) (1,585)
Income tax expense 161 963
Equity in loss of unconsolidated joint ventures 176,235 16,422
Distributions of income from unconsolidated joint ventures 280 866
Change in fair value of financing arrangement obligation (5,522) 14,837
Changes in assets and liabilities, net of dispositions:    
Tenant and other receivables 29,816 19,517
Other assets 14,757 5,639
Due from affiliates (3,325) (9,495)
Accounts payable and accrued expenses 14,677 8,177
Other accrued liabilities (4,416) 64,578
Net cash provided by operating activities 246,119 284,988
Cash flows from investing activities:    
Acquisitions of property (46,687) (24,544)
Development, redevelopment, expansion and renovation of properties (51,678) (28,180)
Property improvements (48,792) (32,712)
Deferred leasing costs (11,765) (1,974)
Distributions from unconsolidated joint ventures 212,108 107,255
Contributions to unconsolidated joint ventures (55,578) (42,963)
Proceeds from collection of receivable in connection with sale of joint venture property 0 21,000
Proceeds from sale of assets 34,707 48,768
Net cash provided by investing activities 32,315 46,650
Cash flows from financing activities:    
Proceeds from mortgages, bank and other notes payable 314,000 130,000
Payments on mortgages, bank and other notes payable (415,065) (312,630)
Deferred financing costs (28,813) (2,766)
Payments on finance leases (2,001) (1,923)
Costs from stock offerings (399) (152)
Proceeds from share and unit-based plans 1,021 960
Redemption of noncontrolling interests (49) (328)
Contributions from noncontrolling interests 0 2
Dividends and distributions (120,133) (146,797)
Net cash used in financing activities (251,439) (333,634)
Net increase (decrease) in cash, cash equivalents and restricted cash 26,995 (1,996)
Cash, cash equivalents and restricted cash, beginning of period 181,139 166,971
Cash, cash equivalents and restricted cash, end of period 208,134 164,975
Supplemental cash flow information:    
Cash payments for interest, net of amounts capitalized 140,155 135,548
Non-cash investing and financing transactions:    
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities 39,849 34,534
Conversion of Operating Partnership Units to common stock 828 2,700
Assets acquired from unconsolidated joint venture $ 46,713 $ 23,554
v3.23.3
Organization
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization:
The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional town centers and community/power shopping centers (the "Centers") located throughout the United States.
The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of September 30, 2023, the Company was the sole general partner of and held a 96% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code").
The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies."
All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.
v3.23.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies:
Basis of Presentation:
The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm.
The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of consolidated variable interest entities ("VIEs"), including Fashion District Philadelphia and SanTan Village Regional Center.
The Operating Partnership's consolidated VIEs included the following assets and liabilities:
September 30,
2023		December 31,
2022
Assets:  
Property, net$444,613 $452,559 
Other assets94,602 93,102 
Total assets$539,215 $545,661 
Liabilities:  
Mortgage notes payable$292,688 $323,841 
Other liabilities124,972 135,340 
Total liabilities$417,660 $459,181 
All intercompany accounts and transactions have been eliminated in the consolidated financial statements.
2. Summary of Significant Accounting Policies: (Continued)

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

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

For the Nine Months Ended September 30,
20232022
Beginning of period
Cash and cash equivalents$100,320 $112,454 
Restricted cash80,819 54,517 
Cash, cash equivalents and restricted cash$181,139 $166,971 
End of period
Cash and cash equivalents$111,802 $109,991 
Restricted cash96,332 54,984 
Cash, cash equivalents and restricted cash$208,134 $164,975 
v3.23.3
Earnings Per Share ("EPS")
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share ("EPS") Earnings Per Share ("EPS"):The following table reconciles the numerator and denominator used in the computation of EPS for the three and nine months ended September 30, 2023 and 2022 (shares in thousands):
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Numerator    
Net loss$(271,965)$(13,502)$(344,565)$(68,541)
Less: net (loss) income attributable to noncontrolling interests(9,418)1,691 (8,321)(784)
Net loss attributable to the Company(262,547)(15,193)(336,244)(67,757)
Allocation of earnings to participating securities(213)(211)(655)(642)
Numerator for basic and diluted EPS—net loss attributable to common stockholders$(262,760)$(15,404)$(336,899)$(68,399)
Denominator    
Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)215,632 215,134 215,461 214,982 
EPS—net loss attributable to common stockholders    
Basic and diluted$(1.22)$(0.07)$(1.56)$(0.32)
3. Earnings Per Share ("EPS"): (Continued)
(1)     Diluted EPS excludes 99,565 convertible preferred partnership units for each of the three months ended September 30, 2023 and 2022 and 99,565 convertible preferred partnership units for each of the nine months ended September 30, 2023 and 2022, as their impact was antidilutive. Diluted EPS also excludes 8,979,065 and 8,620,767 Operating Partnership units ("OP Units") for the three months ended September 30, 2023 and 2022, respectively, and 8,981,061 and 8,653,348 OP Units for the nine months ended September 30, 2023 and 2022, respectively, as their impact was antidilutive.
v3.23.3
Investments in Unconsolidated Joint Ventures
 9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Joint Ventures Investments in Unconsolidated Joint Ventures:
The Company has made the following recent financings or other events within its unconsolidated joint ventures:
On February 2, 2022, the Company’s joint venture in FlatIron Crossing replaced the existing $197,011 loan on the property with a new $175,000 loan that bears interest at the Secured Overnight Financing Rate ("SOFR") plus 3.70% and matures on February 9, 2025, including extension options. The loan is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through February 15, 2024.
On August 2, 2022, the Company acquired the remaining 50% ownership interest in two former Sears parcels (Deptford Mall and Vintage Faire Mall) in MS Portfolio LLC, the Company's joint venture with Seritage Growth Properties ("Seritage"), for a total purchase price of approximately $24,544. As a result of this transaction and the shortening of holding periods on certain other assets in the joint venture, an impairment loss was recorded for the twelve months ending December 31, 2022. The Company's share of the impairment loss was $27,054. Effective as of August 2, 2022, the Company now owns and has consolidated its 100% interest in these two former Sears parcels in its consolidated financial statements (See Note 15—Acquisitions).
On November 14, 2022, the Company's joint venture in Washington Square closed on a four-year maturity date extension for the existing loan to November 1, 2026, including extension options. The Company's joint venture repaid $15,000 ($9,000 at the Company's pro rata share) of the outstanding loan balance. The loan bears interest at SOFR plus 4.0% and is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through November 1, 2024.
On March 3, 2023, the Company’s joint venture in Scottsdale Fashion Square replaced the existing $403,931 mortgage loan on the property with a $700,000 loan that bears interest at a fixed rate of 6.21%, is interest only during the entire loan term and matures on March 6, 2028.
On April 25, 2023, the Company's joint venture in Deptford Mall closed on a three-year maturity date extension for the existing loan to April 3, 2026, including extension options. The Company's joint venture repaid $10,000 ($5,100 at the Company's pro rata share) of the outstanding loan balance at closing. The interest rate on the loan remains unchanged at 3.73%.
Effective May 9, 2023, the Company’s joint venture in Country Club Plaza defaulted on the $295,210 ($147,605 at the Company’s pro rata share) non-recourse loan on the property. The Company’s joint venture is in negotiations with the lender on the terms of this non-recourse loan. During the three months ending September 30, 2023, the joint venture shortened the holding period of the property due to the uncertainty as to the outcome of discussions with the lender. As a result of shortening the holding period, the joint venture estimated the fair value of the asset and recorded an impairment loss. The Company's share of the impairment loss was $107,673 for the three and nine months ended September 30, 2023.
On May 18, 2023, the Company acquired Seritage’s remaining 50% ownership interest in the MS Portfolio LLC joint venture that owns five former Sears parcels, for a total purchase price of $46,687. These parcels are located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square. The Company previously recorded an impairment loss of $50,197, at the Company’s share, during the three months ending March 31, 2023 as a result of the joint venture shortening the holding periods on these parcels. Upon the closing of this transaction, the Company recorded an additional loss of $1,166, at the Company’s share, during the three months ending June 30, 2023. Effective as of May 18, 2023, the Company now owns and has consolidated its 100% interest in these five former Sears parcels in its consolidated financial statements (See Note 15—Acquisitions).
4. Investments in Unconsolidated Joint Ventures: (Continued)

Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures.
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:
September 30,
2023		December 31,
2022
Assets(1):  
Property, net$7,715,987 $8,156,632 
Other assets662,274 664,036 
Total assets$8,378,261 $8,820,668 
Liabilities and partners' capital(1):  
Mortgage and other notes payable$5,760,372 $5,491,250 
Other liabilities466,345 451,511 
Company's capital1,145,464 1,528,348 
Outside partners' capital1,006,080 1,349,559 
Total liabilities and partners' capital$8,378,261 $8,820,668 
Investments in unconsolidated joint ventures:  
Company's capital$1,145,464 $1,528,348 
Basis adjustment(2)(422,103)(425,153)
$723,361 $1,103,195 
Assets—Investments in unconsolidated joint ventures$918,540 $1,224,288 
Liabilities—Distributions in excess of investments in unconsolidated joint ventures(195,179)(121,093)
$723,361 $1,103,195 
(1)     These amounts include assets of $2,642,242 and $2,690,651 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2023 and December 31, 2022, respectively, and liabilities of $1,599,413 and $1,611,661 of the PPR Portfolio as of September 30, 2023 and December 31, 2022, respectively.
(2)     The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into (loss) income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $(2,494) and $2,164 for the three months ended September 30, 2023 and 2022, respectively, and $(13,942) and $7,034 for the nine months ended September 30, 2023 and 2022, respectively.
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

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

Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

PPR PortfolioOther
Joint
Ventures		Total
Nine Months Ended September 30, 2023   
Revenues:   
Leasing revenue$129,613 $505,490 $635,103 
Other1,770 14,011 15,781 
Total revenues131,383 519,501 650,884 
Expenses:   
Shopping center and operating expenses33,469 184,213 217,682 
Leasing expenses1,349 3,968 5,317 
Interest expense65,575 144,386 209,961 
Depreciation and amortization67,446 188,125 255,571 
Total expenses167,839 520,692 688,531 
Loss on sale or write down of assets, net— (266,252)(266,252)
Net loss$(36,456)$(267,443)$(303,899)
Company's equity in net loss$(15,329)$(160,906)$(176,235)
Nine Months Ended September 30, 2022   
Revenues:   
Leasing revenue$136,344 $488,513 $624,857 
Other269 12,040 12,309 
Total revenues136,613 500,553 637,166 
Expenses:   
Shopping center and operating expenses31,807 172,681 204,488 
Leasing expenses1,258 3,724 4,982 
Interest expense46,299 109,881 156,180 
Depreciation and amortization72,760 195,408 268,168 
Total expenses152,124 481,694 633,818 
Loss on sale or write down of assets, net— (30,870)(30,870)
Net loss$(15,511)$(12,011)$(27,522)
Company's equity in net loss$(2,354)$(14,068)$(16,422)
v3.23.3
Derivative Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities:
The Company uses interest rate cap agreements to manage the interest rate risk on certain floating rate debt. The Company recorded other comprehensive (loss) income related to the marking-to-market of derivative instruments of $(546) and $(3) for the three months ended September 30, 2023 and 2022, respectively, and $(76) and $37 for the nine months ended September 30, 2023 and 2022, respectively. The entire $(76) in other comprehensive (loss) income at September 30, 2023 is the Company's pro rata share of hedged derivative instruments from certain unconsolidated joint ventures.
The following derivatives were outstanding at September 30, 2023:    
Fair Value
PropertyDesignationNotional AmountProductSOFR/LIBOR RateMaturitySeptember 30,
2023		December 31,
2022
Santa Monica PlaceNon-Hedged$300,000 Cap4.00 %12/9/2023$837 $2,576 
The Macerich Partnership, L.P.Non-Hedged$(300,000)Sold Cap4.00 %12/9/2023$(836)$(2,567)
The above derivatives were valued with an aggregate fair value (Level 2 measurement) and were included in other assets (other accrued liabilities). The fair value of the Company's interest rate derivatives was determined using discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate caps. As a result, the Company determined that its interest rate cap valuations in their entirety are classified in Level 2 of the fair value hierarchy.
v3.23.3
Property, net
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property, net Property, net:
Property, net consists of the following:    
September 30,
2023		December 31,
2022
Land$1,383,176 $1,425,211 
Buildings and improvements6,125,673 6,378,736 
Tenant improvements734,389 711,007 
Equipment and furnishings(1)185,104 186,767 
Construction in progress427,771 218,859 
8,856,113 8,920,580 
Less accumulated depreciation(1)(2,906,024)(2,792,790)
$5,950,089 $6,127,790 
(1)      Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at September 30, 2023 and December 31, 2022 (See Note 8—Leases).
Depreciation expense was $66,390 and $67,631 for the three months ended September 30, 2023 and 2022, respectively, and $199,615 and $202,804 for the nine months ended September 30, 2023 and 2022, respectively.
(Loss) gain on sale or write-down of assets, net for the three and nine months ended September 30, 2023 and 2022 consist of the following:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Gain on property sales, net(1)$3,031 $313 $13,381 $386 
Loss on write-down of assets(2)(152,798)(5,148)(153,464)(15,006)
Gain on land sales, net(1)480 6,240 4,854 21,387 
$(149,287)$1,405 $(135,229)$6,767 
(1)      See Note 16—Dispositions.
(2)    Includes impairment losses of $144,656 on Fashion Outlets of Niagara Falls and $7,880 on Towne Mall for the three and nine months ended September 30, 2023. Includes $5,140 on Towne Mall during the three and nine months ended September 30, 2022. The impairment losses were due to the reduction of the estimated holding periods of the properties (See Note 10—Mortgage Notes Payable). The remaining amounts for the three and nine months ended September 30, 2023 and 2022 mainly pertain to the write off of development costs.
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 nine months ended September 30, 2023 and 2022, as described above:
Total Fair Value MeasurementQuoted Prices in Active Markets for Identical AssetsSignificant Other Unobservable InputsSignificant Unobservable Inputs
(Level 1)(Level 2)(Level 3)
September 30, 2022$18,250 $— $— $18,250 
September 30, 2023$72,700 $— $9,500 $63,200 
The fair value (Level 2 measurement) relating to a portion of the 2023 impairment was based on a sales contract and is classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2022 and remaining 2023 impairments were based upon an income approach, using an estimated terminal capitalization rate of 9.5% and 13.0%, respectively, a discount rate of 10.5% and 14.5%, respectively, and market rents per square foot of $12 to $250. The fair value is sensitive to these significant unobservable inputs.
v3.23.3
Tenant and Other Receivables, net
 9 Months Ended
Sep. 30, 2023
Loans and Leases Receivable Disclosure [Abstract]  
Tenant and Other Receivables, net Tenant and Other Receivables, net:Included in tenant and other receivables, net is an allowance for doubtful accounts of $6,322 and $10,741 at September 30, 2023 and December 31, 2022, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $4,456 and $18,010 at September 30, 2023 and December 31, 2022, respectively, and a deferred rent receivable due to straight-line rent adjustments of $106,780 and $110,155 at September 30, 2023 and December 31, 2022, respectively.
v3.23.3
Leases
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases Leases:
Lessor Leases:
The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as
revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.
The following table summarizes the components of leasing revenue for the three and nine months ended September 30, 2023 and 2022:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Leasing revenue—fixed payments$142,344 $139,261 $424,097 $409,518 
Leasing revenue—variable payments54,735 55,624 163,033 176,493 
Recovery of doubtful accounts, net226 709 1,873 1,585 
$197,305 $195,594 $589,003 $587,596 

The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, 
2024$407,380 
2025340,531 
2026275,457 
2027211,498 
2028160,525 
Thereafter545,805 
$1,941,196 

Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2075, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2025.
The following table summarizes the lease costs for the three and nine months ended September 30, 2023 and 2022:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Operating lease costs$3,262 $3,788 $10,346 $11,338 
Finance lease costs:
   Amortization of ROU assets487 483 1,456 1,446 
   Interest on lease liabilities81 100 341 402 
$3,830 $4,371 $12,143 $13,186 
The following table summarizes the future rental payments required under the leases:        
September 30, 2023December 31, 2022
Year ending December 31,Operating
Leases		Finance LeasesOperating LeasesFinance Leases
2023$3,173 $2,450 $12,255 $2,450 
202411,391 9,478 11,563 9,478 
202511,574 1,400 11,746 1,400 
202611,691 — 11,864 — 
202711,862 — 12,035 — 
Thereafter83,083 — 109,158 — 
Total undiscounted rental payments132,774 13,328 168,621 13,328 
Less imputed interest(57,652)(2,724)(86,315)(723)
Total lease liabilities$75,122 $10,604 $82,306 $12,605 
Weighted average remaining term24.1 years0.9 years32.3 years1.7 years
Weighted average incremental borrowing rate7.1 %3.6 %7.4 %3.7 %
Leases Leases:
Lessor Leases:
The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as
revenues on a straight-line basis over the term of the related leases. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection.
The following table summarizes the components of leasing revenue for the three and nine months ended September 30, 2023 and 2022:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Leasing revenue—fixed payments$142,344 $139,261 $424,097 $409,518 
Leasing revenue—variable payments54,735 55,624 163,033 176,493 
Recovery of doubtful accounts, net226 709 1,873 1,585 
$197,305 $195,594 $589,003 $587,596 

The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, 
2024$407,380 
2025340,531 
2026275,457 
2027211,498 
2028160,525 
Thereafter545,805 
$1,941,196 

Lessee Leases:
The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2075, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2025.
The following table summarizes the lease costs for the three and nine months ended September 30, 2023 and 2022:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Operating lease costs$3,262 $3,788 $10,346 $11,338 
Finance lease costs:
   Amortization of ROU assets487 483 1,456 1,446 
   Interest on lease liabilities81 100 341 402 
$3,830 $4,371 $12,143 $13,186 
The following table summarizes the future rental payments required under the leases:        
September 30, 2023December 31, 2022
Year ending December 31,Operating
Leases		Finance LeasesOperating LeasesFinance Leases
2023$3,173 $2,450 $12,255 $2,450 
202411,391 9,478 11,563 9,478 
202511,574 1,400 11,746 1,400 
202611,691 — 11,864 — 
202711,862 — 12,035 — 
Thereafter83,083 — 109,158 — 
Total undiscounted rental payments132,774 13,328 168,621 13,328 
Less imputed interest(57,652)(2,724)(86,315)(723)
Total lease liabilities$75,122 $10,604 $82,306 $12,605 
Weighted average remaining term24.1 years0.9 years32.3 years1.7 years
Weighted average incremental borrowing rate7.1 %3.6 %7.4 %3.7 %
v3.23.3
Deferred Charges and Other Assets, net
 9 Months Ended
Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Deferred Charges and Other Assets, net Deferred Charges and Other Assets, net:
Deferred charges and other assets, net consist of the following:
September 30,
2023		December 31,
2022
Leasing$90,413 $113,400 
Intangible assets:  
In-place lease values63,091 63,961 
Leasing commissions and legal costs17,866 17,299 
Above-market leases66,002 71,304 
Deferred tax assets22,952 23,114 
Deferred compensation plan assets57,799 54,353 
Other assets44,172 66,188 
362,295 409,619 
Less accumulated amortization(1)(130,192)(162,195)
$232,103 $247,424 
(1)   Accumulated amortization includes $42,903 and $44,362 relating to in-place lease values, leasing commissions and legal costs at September 30, 2023 and December 31, 2022, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,880 and $1,688 for the three months ended September 30, 2023 and 2022, respectively, and $5,665 and $5,019 for the nine months ended September 30, 2023 and 2022, respectively.
The allocated values of above-market leases and below-market leases consist of the following:
September 30,
2023		December 31,
2022
Above-Market Leases  
Original allocated value$66,002 $71,304 
Less accumulated amortization(35,480)(35,156)
$30,522 $36,148 
Below-Market Leases(1)  
Original allocated value$89,238 $97,026 
Less accumulated amortization(39,130)(40,797)
$50,108 $56,229 
(1)   Below-market leases are included in other accrued liabilities.
v3.23.3
Mortgage Notes Payable
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Mortgage Notes Payable Mortgage Notes Payable:
Mortgage notes payable at September 30, 2023 and December 31, 2022 consist of the following:
Carrying Amount of Mortgage Notes(1)
Property Pledged as CollateralSeptember 30, 2023December 31, 2022Effective Interest
Rate(2)		Monthly
Debt
Service(3)		Maturity
Date(4)
Chandler Fashion Center(5)$255,874 $255,736 4.18 %$875 2024
Danbury Fair Mall(6)130,134 148,207 8.01 %1,538 2024
Fashion District Philadelphia(7)73,205 104,427 9.49 %546 2024
Fashion Outlets of Chicago299,415 299,354 4.61 %1,145 2031
Fashion Outlets of Niagara Falls USA(8)86,415 90,514 6.45 %727 2023
Freehold Raceway Mall(5)399,002 398,878 3.94 %1,300 2029
Fresno Fashion Fair324,404 324,255 3.67 %971 2026
Green Acres Commons(9)— 125,256 7.14 %717 2023
Green Acres Mall(10)358,593 237,372 6.62 %1,819 2028
Kings Plaza Shopping Center536,828 536,442 3.71 %1,629 2030
Oaks, The(11)152,408 165,934 5.74 %1,138 2024
Pacific View(12)70,946 70,855 5.45 %328 2032
Queens Center600,000 600,000 3.49 %1,744 2025
Santa Monica Place(13)297,171 296,521 7.28 %1,713 2025
SanTan Village Regional Center219,483 219,414 4.34 %788 2029
Towne Mall(14)18,886 18,886 4.48 %69 2022
Victor Valley, Mall of114,951 114,908 4.00 %380 2024
Vintage Faire Mall228,620 233,637 3.55 %1,256 2026
$4,166,335 $4,240,596    

(1)The mortgage notes payable also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $23,023 and $13,830 at September 30, 2023 and December 31, 2022, respectively.
(2)The interest rate disclosed represents the effective interest rate, including the impact of debt premium and deferred finance costs.
(3)The monthly debt service represents the payment of principal and interest.
(4)The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.
(5)A 49.9% interest in the loan has been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 12—Financing Arrangement).
(6)On July 1, 2022, the Company extended the loan maturity to July 1, 2023. The interest rate remained unchanged at 5.5%, and the Company repaid $10,000 of the outstanding loan balance at closing. On June 27, 2023, the Company further extended the loan maturity to July 1, 2024. The Company repaid $10,000 of the outstanding loan balance at closing and the amended interest rate was 7.5% as of July 1, 2023 incrementally increasing to 8.0% as of October 1, 2023, 8.5% as of January 1, 2024 and 9.0% as of April 1, 2024.
(7)On August 26, 2022 and November 28, 2022, the Company repaid $83,058 and $7,117, respectively, of the outstanding loan balance to satisfy certain loan conditions. On January 20, 2023, the Company repaid $26,107 of the outstanding loan balance and exercised its one-year extension option of the loan to January 22, 2024. The interest rate is SOFR plus 3.60%.
(8)Effective October 6, 2023, the loan is in default. The Company is in negotiations with the lender on the terms of this non-recourse loan.
(9)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate was LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears interest at a fixed rate of 5.90% and matures on January 6, 2028.
(10)On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also included a one-year extension option to February 3, 2023 which has been exercised. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears interest at a fixed rate of 5.90% and matures on January 6, 2028.
(11)On May 6, 2022, the Company closed on a two-year extension of the loan to June 5, 2024 at a new fixed interest rate of 5.25%. The Company repaid $5,000 of the outstanding loan balance at closing. On June 5, 2023, the Company repaid $10,000 of the outstanding loan balance.
(12)On April 29, 2022, the Company closed on a new $72,000 loan with a fixed rate of 5.29% that matures on May 6, 2032.
(13)On December 9, 2022, the Company closed on a three-year extension of the loan to December 9, 2025, including extension options. The interest rate remained unchanged at LIBOR plus 1.48%, and has converted to 1-month Term SOFR plus 1.52% effective July 9, 2023. The loan is covered by an interest rate cap agreement that effectively prevented LIBOR from exceeding 4.0% during the period ending December 9, 2023. The interest rate cap agreement was converted to 1-month Term SOFR effective July 9, 2023.
(14)The Company has completed transition of the property to a receiver, but is the owner of record as of September 30, 2023 and December 31, 2022.
Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt.
The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.
The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or with cash on hand, with the exception of Towne Mall and Fashion Outlets of Niagara Falls as noted above.
Total interest expense capitalized was $5,670 and $2,859 for the three months ended September 30, 2023 and 2022, respectively, and $15,364 and $7,151 for the nine months ended September 30, 2023 and 2022, respectively.
The estimated fair value (Level 2 measurement) of mortgage notes payable at September 30, 2023 and December 31, 2022 was $3,780,053 and $3,894,588, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.
v3.23.3
Bank and Other Notes Payable
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Bank and Other Notes Payable Bank and other notes payable consist of the following:
Credit Facility:
Previously, the Company had a $525,000 revolving loan facility, which was scheduled to mature on April 14, 2024. On September 11, 2023, the Company and the Operating Partnership entered into an amended and restated credit agreement, which amends and restates their prior credit agreement, and provides for an aggregate $650,000 revolving loan facility that matures on February 1, 2027, with a one-year extension option. The revolving loan facility can be expanded up to $950,000, subject to receipt of lender commitments and other conditions. All obligations under the credit facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The new credit facility bears interest, at the Operating Partnership’s option, at either the base rate (as defined in the credit agreement) or adjusted term SOFR (as defined in the credit agreement) plus, in both cases, an applicable margin. The applicable margin depends on the Company’s overall leverage ratio and ranges from 1.00% to 2.50% over the selected index rate. Adjusted term SOFR is Term SOFR (as defined in the credit agreement) plus 0.10% per annum. As of September 30, 2023, the borrowing rate was SOFR plus a spread of 2.35%. As of September 30, 2023, borrowings under the credit facility were $135,000 less unamortized deferred finance costs of $16,365 for the revolving loan facility at a total effective interest rate of 8.48%. Concurrently with the entry into the amended and restated credit agreement, the Company drew $152,000 of the amount available under the revolving loan facility and used the proceeds to repay in full amounts outstanding under its prior credit facility. As of September 30, 2023, the Company’s availability under the revolving loan facility for additional borrowings was $514,787. The estimated fair value (Level 2 measurement) of borrowings under the credit facility at September 30, 2023 was $138,661 for the revolving loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt.
As of September 30, 2023 and December 31, 2022, the Company was in compliance with all applicable financial loan covenants.
v3.23.3
Financing Arrangement
 9 Months Ended
Sep. 30, 2023
Co-Venture Arrangement [Abstract]  
Financing Arrangement Financing Arrangement:
On September 30, 2009, the Company formed a joint venture whereby a third party acquired a 49.9% interest in Chandler Fashion Center, a 1,320,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,549,000 square foot regional shopping center in Freehold, New Jersey (collectively referred to herein as "Chandler Freehold"). As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the formation of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The Company accounts for its investment in Chandler Freehold as a financing arrangement. The fair value (Level 3 measurement) of the financing arrangement obligation at September 30, 2023 and December 31, 2022 was based upon a terminal capitalization rate of approximately 6.50% and 6.25%, respectively, a discount rate at September 30, 2023 and December 31, 2022 of 8.25% and 7.75%, respectively, and market rents per square foot of $35 to $240. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Distributions to the partner, excluding distributions of excess loan proceeds, and changes in fair value of the financing arrangement obligation are recognized as related party interest expense (income) in the Company's consolidated statements of operations.
During the three and nine months ended September 30, 2023 and 2022, the Company recognized related party interest expense (income) in the Company's consolidated statements of operations in connection with the financing arrangement as follows:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Distributions equal to the partner's share of net income (loss)$329 $(211)$250 $39 
Distributions in excess of the partner's share of net income1,094 1,631 5,263 8,492 
Adjustment to fair value of financing arrangement obligation1,995 5,053 (5,522)14,837 
$3,418 $6,473 $(9)$23,368 
v3.23.3
Noncontrolling Interests
 9 Months Ended
Sep. 30, 2023
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests:
The Company allocates net (loss) income of the Operating Partnership based on the weighted average ownership interest during the period. The net (loss) income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 96% ownership interest in the Operating Partnership as of September 30, 2023 and December 31, 2022. The remaining 4% limited partnership interest as of September 30, 2023 and December 31, 2022 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of September 30, 2023 and December 31, 2022, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $102,092 and $103,023, respectively.
The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity.
Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.
v3.23.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity:
Stock Offerings
In connection with the commencement of separate “at the market” offering programs, on each of February 1, 2021 and March 26, 2021, which are referred to as the “February 2021 ATM Program” and the “March 2021 ATM Program,” respectively, and collectively as the “ATM Programs,” the Company entered into separate equity distribution agreements with certain sales agents pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500,000 under each of the February 2021 ATM Program and the March 2021 ATM Program, or a total of $1,000,000 under the ATM Programs. The February 2021 ATM Program was fully utilized as of June 30, 2021 and is no longer active.
During the nine months ended September 30, 2023, the Company did not issue any shares of common stock under the March 2021 ATM Program. As of September 30, 2023, $151,699 remained available to be sold under the March 2021 ATM Program. Actual future sales will depend upon a variety of factors including, but not limited to, market conditions, the trading price of the Company’s common stock and the Company’s capital needs. The Company has no obligation to sell the remaining shares available for sale under the March 2021 ATM Program.
Stock Buyback Program
On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market
14. Stockholders' Equity: (Continued)
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 nine months ended September 30, 2023 or 2022.
v3.23.3
Acquisitions
 9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions:
On August 2, 2022, the Company acquired the remaining 50% ownership interest in two former Sears parcels (Deptford Mall and Vintage Faire Mall) in the MS Portfolio LLC joint venture that it did not previously own for a total purchase price of $24,544. Effective as of August 2, 2022, the Company now owns and has consolidated its 100% interest in these two former Sears parcels in its consolidated financial statements.
The following is a summary of the allocation of the fair value of the former Sears parcels at Deptford Mall and Vintage Faire Mall:
Land$6,966 
Building and improvements32,934 
Deferred charges8,075 
Other assets (above-market leases)2,664 
Other accrued liabilities (below-market lease)(2,541)
Fair value of acquired net assets (at 100% ownership)
$48,098 

On May 18, 2023, the Company acquired Seritage’s remaining 50% ownership interest in the MS Portfolio LLC joint venture that owns five former Sears parcels, for a total purchase price of $46,687. These parcels are located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square. Effective as of May 18, 2023, the Company now owns and has consolidated its 100% interest in these five former Sears parcels in its consolidated financial statements.
The following is a summary of the allocation of the fair value of the former Sears parcels at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square:
Land$10,869 
Building and improvements39,359 
Construction in progress38,000 
Deferred charges6,821 
Other accrued liabilities (below-market lease)(1,649)
Fair value of acquired net assets (at 100% ownership)
$93,400 
v3.23.3
Dispositions
 9 Months Ended
Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions Dispositions
On May 2, 2023, the Company sold The Marketplace at Flagstaff, a 268,000 square foot power center in Flagstaff, Arizona, for $23,500, which resulted in a gain on sale of assets of $10,349. The Company used the net proceeds to pay down debt.
On July 17, 2023, the Company sold Superstition Springs Power Center, a 204,000 square foot power center in Mesa, Arizona, for $5,634, which resulted in a gain on sale of assets of $1,903. The Company used the net proceeds to pay down debt.
For the three and nine months ended September 30, 2023, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $480 and $4,854, respectively. For the three and nine months ended September 30, 2022, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $6,240 and $21,387, respectively. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.
v3.23.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies:
As of September 30, 2023, the Company was contingently liable for $41,031 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of September 30, 2023, $40,818 of these letters of credit were secured by restricted cash. The Company does not believe that these letters of credit will result in a liability to the Company.
The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At September 30, 2023, the Company had $7,128 in outstanding obligations, which it believes will be settled in the next twelve months.
v3.23.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions:
Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses.
The following are fees charged to unconsolidated joint ventures:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Management fees$4,474 $4,332 $12,917 $13,375 
Development and leasing fees2,238 2,711 6,966 6,202 
$6,712 $7,043 $19,883 $19,577 
Interest expense (income) from related party transactions includes $3,418 and $6,473 for the three months ended September 30, 2023 and 2022, respectively, and $(9) and $23,368 for the nine months ended September 30, 2023 and 2022, respectively, in connection with the financing arrangement (See Note 12—Financing Arrangement).
Due from affiliates includes $6,624 and $3,299 of unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies at September 30, 2023 and December 31, 2022, respectively.
v3.23.3
Share and Unit-Based Plans
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share and Unit-Based Plans Share and Unit-Based Plans:Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership or form of restricted stock units (together with the LTIP Units, the "LTI Units"). Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one-unit for one-share basis. LTI Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include market-indexed awards, performance-based awards and service-based awards.
The market-indexed LTI Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. The performance-based LTI Units vest over a specified period based on the Company's operational performance over that period.
During the nine months ended September 30, 2023, the Company granted the following LTI Units:
Grant DateUnitsTypeFair Value per LTI UnitVest Date
1/1/2023577,255 Service-based$11.26 12/31/2025
1/1/20231,030,077 Performance-based$10.97 12/31/2025
1,607,332 
The fair value of the service-based LTI Units was determined by the market price of the Company's common stock on the date of grant. The fair value (Level 3 measurement) of the performance-based LTI Units granted on January 1, 2023 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a three-year risk-free interest rate of 4.21% and an expected volatility of 74.23%.
The following table summarizes the activity of the non-vested LTI Units, phantom stock units and stock units:
 LTI UnitsPhantom Stock UnitsStock Units
 UnitsValue(1)UnitsValue(1)UnitsValue(1)
Balance at January 1, 20232,215,167 $12.90 34,039 $14.19 295,054 $14.58 
Granted1,607,332 11.07 4,938 11.27 246,879 10.89 
Vested(13,058)20.42 (17,650)13.37 (257,886)14.12 
Forfeited(37,592)21.28 — — — — 
Balance at September 30, 20233,771,849 $12.01 21,327 $14.19 284,047 $11.79 
(1) Value represents the weighted average grant date fair value.
The following table summarizes the activity of the stock options outstanding:
 Stock Options
 UnitsValue(1)
Balance at January 1, 202326,371 $54.56 
   Granted— — 
Balance at September 30, 202326,371 $54.56 
(1) Value represents the weighted average exercise price.
The following summarizes the compensation cost under the share and unit-based plans:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
LTI Units$826 $4,632 $10,097 $14,035 
Stock units299 629 2,891 2,496 
Phantom stock units80 107 236 284 
$1,205 $5,368 $13,224 $16,815 
The Company capitalized share and unit-based compensation costs of $190 and $1,101 for the three months ended September 30, 2023 and 2022, respectively, and $2,344 and $3,395 for the nine months ended September 30, 2023 and 2022, respectively. Unrecognized compensation costs of share and unit-based plans at September 30, 2023 consisted of $7,624 from LTI Units, $1,991 from stock units and $303 from phantom stock units.
v3.23.3
Income Taxes
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes:
The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC.
The income tax provision of the TRSs are as follows:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Current$— $— $— $— 
Deferred(1,672)166 (161)(963)
   Total (expense) benefit$(1,672)$166 $(161)$(963)
The net operating loss ("NOL") carryforwards generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2025. Pursuant to the Tax Cuts and Jobs Act of 2017, NOLs generated in 2018 and subsequent tax years are carried forward indefinitely. The Coronavirus Aid, Relief and Economic Security Act removed the 80% of taxable income limitation, imposed by the Tax Cuts and Jobs Act, for NOLs generated in 2018, 2019 and 2020. Net deferred tax assets of $22,952 and $23,114 were included in deferred charges and other assets, net at September 30, 2023 and December 31, 2022, respectively.
The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of September 30, 2023, the Company had no valuation allowance recorded.
The tax years 2019 through 2021 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months.
v3.23.3
Subsequent Events
 9 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events:On October 27, 2023, the Company announced a dividend/distribution of $0.17 per share for common stockholders and OP Unitholders of record on November 9, 2023. All dividends/distributions will be paid 100% in cash on December 1, 2023.
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure        
Net Income (Loss) $ (262,547) $ (15,193) $ (336,244) $ (67,757)
v3.23.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation:
The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm.
Consolidation of VIE The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of consolidated variable interest entities ("VIEs"),
v3.23.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Schedule of Variable Interest Entities
The Operating Partnership's consolidated VIEs included the following assets and liabilities:
September 30,
2023		December 31,
2022
Assets:  
Property, net$444,613 $452,559 
Other assets94,602 93,102 
Total assets$539,215 $545,661 
Liabilities:  
Mortgage notes payable$292,688 $323,841 
Other liabilities124,972 135,340 
Total liabilities$417,660 $459,181 
All intercompany accounts and transactions have been eliminated in the consolidated financial statements.
Schedule of Cash and Cash Equivalents
The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows:

For the Nine Months Ended September 30,
20232022
Beginning of period
Cash and cash equivalents$100,320 $112,454 
Restricted cash80,819 54,517 
Cash, cash equivalents and restricted cash$181,139 $166,971 
End of period
Cash and cash equivalents$111,802 $109,991 
Restricted cash96,332 54,984 
Cash, cash equivalents and restricted cash$208,134 $164,975 
Schedule of Restricted Cash
The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows:

For the Nine Months Ended September 30,
20232022
Beginning of period
Cash and cash equivalents$100,320 $112,454 
Restricted cash80,819 54,517 
Cash, cash equivalents and restricted cash$181,139 $166,971 
End of period
Cash and cash equivalents$111,802 $109,991 
Restricted cash96,332 54,984 
Cash, cash equivalents and restricted cash$208,134 $164,975 
v3.23.3
Earnings Per Share ("EPS") (Tables)
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Numerator and Denominator Used in Computation of Earnings Per Share The following table reconciles the numerator and denominator used in the computation of EPS for the three and nine months ended September 30, 2023 and 2022 (shares in thousands):
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Numerator    
Net loss$(271,965)$(13,502)$(344,565)$(68,541)
Less: net (loss) income attributable to noncontrolling interests(9,418)1,691 (8,321)(784)
Net loss attributable to the Company(262,547)(15,193)(336,244)(67,757)
Allocation of earnings to participating securities(213)(211)(655)(642)
Numerator for basic and diluted EPS—net loss attributable to common stockholders$(262,760)$(15,404)$(336,899)$(68,399)
Denominator    
Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)215,632 215,134 215,461 214,982 
EPS—net loss attributable to common stockholders    
Basic and diluted$(1.22)$(0.07)$(1.56)$(0.32)
3. Earnings Per Share ("EPS"): (Continued)
(1)     Diluted EPS excludes 99,565 convertible preferred partnership units for each of the three months ended September 30, 2023 and 2022 and 99,565 convertible preferred partnership units for each of the nine months ended September 30, 2023 and 2022, as their impact was antidilutive. Diluted EPS also excludes 8,979,065 and 8,620,767 Operating Partnership units ("OP Units") for the three months ended September 30, 2023 and 2022, respectively, and 8,981,061 and 8,653,348 OP Units for the nine months ended September 30, 2023 and 2022, respectively, as their impact was antidilutive.
v3.23.3
Investments in Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures
Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures.
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:
September 30,
2023		December 31,
2022
Assets(1):  
Property, net$7,715,987 $8,156,632 
Other assets662,274 664,036 
Total assets$8,378,261 $8,820,668 
Liabilities and partners' capital(1):  
Mortgage and other notes payable$5,760,372 $5,491,250 
Other liabilities466,345 451,511 
Company's capital1,145,464 1,528,348 
Outside partners' capital1,006,080 1,349,559 
Total liabilities and partners' capital$8,378,261 $8,820,668 
Investments in unconsolidated joint ventures:  
Company's capital$1,145,464 $1,528,348 
Basis adjustment(2)(422,103)(425,153)
$723,361 $1,103,195 
Assets—Investments in unconsolidated joint ventures$918,540 $1,224,288 
Liabilities—Distributions in excess of investments in unconsolidated joint ventures(195,179)(121,093)
$723,361 $1,103,195 
(1)     These amounts include assets of $2,642,242 and $2,690,651 of Pacific Premier Retail LLC (the "PPR Portfolio") as of September 30, 2023 and December 31, 2022, respectively, and liabilities of $1,599,413 and $1,611,661 of the PPR Portfolio as of September 30, 2023 and December 31, 2022, respectively.
(2)     The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into (loss) income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $(2,494) and $2,164 for the three months ended September 30, 2023 and 2022, respectively, and $(13,942) and $7,034 for the nine months ended September 30, 2023 and 2022, respectively.
Schedule of Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

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

PPR PortfolioOther
Joint
Ventures		Total
Nine Months Ended September 30, 2023   
Revenues:   
Leasing revenue$129,613 $505,490 $635,103 
Other1,770 14,011 15,781 
Total revenues131,383 519,501 650,884 
Expenses:   
Shopping center and operating expenses33,469 184,213 217,682 
Leasing expenses1,349 3,968 5,317 
Interest expense65,575 144,386 209,961 
Depreciation and amortization67,446 188,125 255,571 
Total expenses167,839 520,692 688,531 
Loss on sale or write down of assets, net— (266,252)(266,252)
Net loss$(36,456)$(267,443)$(303,899)
Company's equity in net loss$(15,329)$(160,906)$(176,235)
Nine Months Ended September 30, 2022   
Revenues:   
Leasing revenue$136,344 $488,513 $624,857 
Other269 12,040 12,309 
Total revenues136,613 500,553 637,166 
Expenses:   
Shopping center and operating expenses31,807 172,681 204,488 
Leasing expenses1,258 3,724 4,982 
Interest expense46,299 109,881 156,180 
Depreciation and amortization72,760 195,408 268,168 
Total expenses152,124 481,694 633,818 
Loss on sale or write down of assets, net— (30,870)(30,870)
Net loss$(15,511)$(12,011)$(27,522)
Company's equity in net loss$(2,354)$(14,068)$(16,422)
v3.23.3
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments The following derivatives were outstanding at September 30, 2023:    
Fair Value
PropertyDesignationNotional AmountProductSOFR/LIBOR RateMaturitySeptember 30,
2023		December 31,
2022
Santa Monica PlaceNon-Hedged$300,000 Cap4.00 %12/9/2023$837 $2,576 
The Macerich Partnership, L.P.Non-Hedged$(300,000)Sold Cap4.00 %12/9/2023$(836)$(2,567)
v3.23.3
Property, net (Tables)
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Components of Property, Net
Property, net consists of the following:    
September 30,
2023		December 31,
2022
Land$1,383,176 $1,425,211 
Buildings and improvements6,125,673 6,378,736 
Tenant improvements734,389 711,007 
Equipment and furnishings(1)185,104 186,767 
Construction in progress427,771 218,859 
8,856,113 8,920,580 
Less accumulated depreciation(1)(2,906,024)(2,792,790)
$5,950,089 $6,127,790 
(1)      Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at September 30, 2023 and December 31, 2022 (See Note 8—Leases).
Schedule of Gain (Loss) on Sale or Write-Down of Assets
(Loss) gain on sale or write-down of assets, net for the three and nine months ended September 30, 2023 and 2022 consist of the following:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Gain on property sales, net(1)$3,031 $313 $13,381 $386 
Loss on write-down of assets(2)(152,798)(5,148)(153,464)(15,006)
Gain on land sales, net(1)480 6,240 4,854 21,387 
$(149,287)$1,405 $(135,229)$6,767 
(1)      See Note 16—Dispositions.
(2)    Includes impairment losses of $144,656 on Fashion Outlets of Niagara Falls and $7,880 on Towne Mall for the three and nine months ended September 30, 2023. Includes $5,140 on Towne Mall during the three and nine months ended September 30, 2022. The impairment losses were due to the reduction of the estimated holding periods of the properties (See Note 10—Mortgage Notes Payable). The remaining amounts for the three and nine months ended September 30, 2023 and 2022 mainly pertain to the write off of development costs.
Schedule of Assets Measured on a Nonrecurring Basis
The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of the impairment losses recorded for the nine months ended September 30, 2023 and 2022, as described above:
Total Fair Value MeasurementQuoted Prices in Active Markets for Identical AssetsSignificant Other Unobservable InputsSignificant Unobservable Inputs
(Level 1)(Level 2)(Level 3)
September 30, 2022$18,250 $— $— $18,250 
September 30, 2023$72,700 $— $9,500 $63,200 
v3.23.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Schedule of Components of Leasing Revenue
The following table summarizes the components of leasing revenue for the three and nine months ended September 30, 2023 and 2022:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Leasing revenue—fixed payments$142,344 $139,261 $424,097 $409,518 
Leasing revenue—variable payments54,735 55,624 163,033 176,493 
Recovery of doubtful accounts, net226 709 1,873 1,585 
$197,305 $195,594 $589,003 $587,596 
Schedule of Minimum Rental Payments
The following table summarizes the future rental payments to the Company:
Twelve months ending September 30, 
2024$407,380 
2025340,531 
2026275,457 
2027211,498 
2028160,525 
Thereafter545,805 
$1,941,196 
Schedule of Lease Costs
The following table summarizes the lease costs for the three and nine months ended September 30, 2023 and 2022:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Operating lease costs$3,262 $3,788 $10,346 $11,338 
Finance lease costs:
   Amortization of ROU assets487 483 1,456 1,446 
   Interest on lease liabilities81 100 341 402 
$3,830 $4,371 $12,143 $13,186 
Schedule of Minimum Future Rental Payments Required The following table summarizes the future rental payments required under the leases:        
September 30, 2023December 31, 2022
Year ending December 31,Operating
Leases		Finance LeasesOperating LeasesFinance Leases
2023$3,173 $2,450 $12,255 $2,450 
202411,391 9,478 11,563 9,478 
202511,574 1,400 11,746 1,400 
202611,691 — 11,864 — 
202711,862 — 12,035 — 
Thereafter83,083 — 109,158 — 
Total undiscounted rental payments132,774 13,328 168,621 13,328 
Less imputed interest(57,652)(2,724)(86,315)(723)
Total lease liabilities$75,122 $10,604 $82,306 $12,605 
Weighted average remaining term24.1 years0.9 years32.3 years1.7 years
Weighted average incremental borrowing rate7.1 %3.6 %7.4 %3.7 %
Schedule of Finance Lease, Fiscal Year Maturity The following table summarizes the future rental payments required under the leases:        
September 30, 2023December 31, 2022
Year ending December 31,Operating
Leases		Finance LeasesOperating LeasesFinance Leases
2023$3,173 $2,450 $12,255 $2,450 
202411,391 9,478 11,563 9,478 
202511,574 1,400 11,746 1,400 
202611,691 — 11,864 — 
202711,862 — 12,035 — 
Thereafter83,083 — 109,158 — 
Total undiscounted rental payments132,774 13,328 168,621 13,328 
Less imputed interest(57,652)(2,724)(86,315)(723)
Total lease liabilities$75,122 $10,604 $82,306 $12,605 
Weighted average remaining term24.1 years0.9 years32.3 years1.7 years
Weighted average incremental borrowing rate7.1 %3.6 %7.4 %3.7 %
v3.23.3
Deferred Charges and Other Assets, net (Tables)
 9 Months Ended
Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Deferred Charges and Other Assets, Net
Deferred charges and other assets, net consist of the following:
September 30,
2023		December 31,
2022
Leasing$90,413 $113,400 
Intangible assets:  
In-place lease values63,091 63,961 
Leasing commissions and legal costs17,866 17,299 
Above-market leases66,002 71,304 
Deferred tax assets22,952 23,114 
Deferred compensation plan assets57,799 54,353 
Other assets44,172 66,188 
362,295 409,619 
Less accumulated amortization(1)(130,192)(162,195)
$232,103 $247,424 
(1)   Accumulated amortization includes $42,903 and $44,362 relating to in-place lease values, leasing commissions and legal costs at September 30, 2023 and December 31, 2022, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,880 and $1,688 for the three months ended September 30, 2023 and 2022, respectively, and $5,665 and $5,019 for the nine months ended September 30, 2023 and 2022, respectively.
Schedule of Allocated Values of Above-Market Leases and Below-Market Leases
The allocated values of above-market leases and below-market leases consist of the following:
September 30,
2023		December 31,
2022
Above-Market Leases  
Original allocated value$66,002 $71,304 
Less accumulated amortization(35,480)(35,156)
$30,522 $36,148 
Below-Market Leases(1)  
Original allocated value$89,238 $97,026 
Less accumulated amortization(39,130)(40,797)
$50,108 $56,229 
(1)   Below-market leases are included in other accrued liabilities.
v3.23.3
Mortgage Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
Mortgage notes payable at September 30, 2023 and December 31, 2022 consist of the following:
Carrying Amount of Mortgage Notes(1)
Property Pledged as CollateralSeptember 30, 2023December 31, 2022Effective Interest
Rate(2)		Monthly
Debt
Service(3)		Maturity
Date(4)
Chandler Fashion Center(5)$255,874 $255,736 4.18 %$875 2024
Danbury Fair Mall(6)130,134 148,207 8.01 %1,538 2024
Fashion District Philadelphia(7)73,205 104,427 9.49 %546 2024
Fashion Outlets of Chicago299,415 299,354 4.61 %1,145 2031
Fashion Outlets of Niagara Falls USA(8)86,415 90,514 6.45 %727 2023
Freehold Raceway Mall(5)399,002 398,878 3.94 %1,300 2029
Fresno Fashion Fair324,404 324,255 3.67 %971 2026
Green Acres Commons(9)— 125,256 7.14 %717 2023
Green Acres Mall(10)358,593 237,372 6.62 %1,819 2028
Kings Plaza Shopping Center536,828 536,442 3.71 %1,629 2030
Oaks, The(11)152,408 165,934 5.74 %1,138 2024
Pacific View(12)70,946 70,855 5.45 %328 2032
Queens Center600,000 600,000 3.49 %1,744 2025
Santa Monica Place(13)297,171 296,521 7.28 %1,713 2025
SanTan Village Regional Center219,483 219,414 4.34 %788 2029
Towne Mall(14)18,886 18,886 4.48 %69 2022
Victor Valley, Mall of114,951 114,908 4.00 %380 2024
Vintage Faire Mall228,620 233,637 3.55 %1,256 2026
$4,166,335 $4,240,596    

(1)The mortgage notes payable also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $23,023 and $13,830 at September 30, 2023 and December 31, 2022, respectively.
(2)The interest rate disclosed represents the effective interest rate, including the impact of debt premium and deferred finance costs.
(3)The monthly debt service represents the payment of principal and interest.
(4)The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.
(5)A 49.9% interest in the loan has been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 12—Financing Arrangement).
(6)On July 1, 2022, the Company extended the loan maturity to July 1, 2023. The interest rate remained unchanged at 5.5%, and the Company repaid $10,000 of the outstanding loan balance at closing. On June 27, 2023, the Company further extended the loan maturity to July 1, 2024. The Company repaid $10,000 of the outstanding loan balance at closing and the amended interest rate was 7.5% as of July 1, 2023 incrementally increasing to 8.0% as of October 1, 2023, 8.5% as of January 1, 2024 and 9.0% as of April 1, 2024.
(7)On August 26, 2022 and November 28, 2022, the Company repaid $83,058 and $7,117, respectively, of the outstanding loan balance to satisfy certain loan conditions. On January 20, 2023, the Company repaid $26,107 of the outstanding loan balance and exercised its one-year extension option of the loan to January 22, 2024. The interest rate is SOFR plus 3.60%.
(8)Effective October 6, 2023, the loan is in default. The Company is in negotiations with the lender on the terms of this non-recourse loan.
(9)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate was LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears interest at a fixed rate of 5.90% and matures on January 6, 2028.
(10)On January 22, 2021, the Company closed on a one-year extension of the loan to February 3, 2022, which also included a one-year extension option to February 3, 2023 which has been exercised. The interest rate remained unchanged, and the Company repaid $9,000 of the outstanding loan balance at closing. On January 3, 2023, the Company closed on a five-year $370,000 combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears interest at a fixed rate of 5.90% and matures on January 6, 2028.
(11)On May 6, 2022, the Company closed on a two-year extension of the loan to June 5, 2024 at a new fixed interest rate of 5.25%. The Company repaid $5,000 of the outstanding loan balance at closing. On June 5, 2023, the Company repaid $10,000 of the outstanding loan balance.
(12)On April 29, 2022, the Company closed on a new $72,000 loan with a fixed rate of 5.29% that matures on May 6, 2032.
(13)On December 9, 2022, the Company closed on a three-year extension of the loan to December 9, 2025, including extension options. The interest rate remained unchanged at LIBOR plus 1.48%, and has converted to 1-month Term SOFR plus 1.52% effective July 9, 2023. The loan is covered by an interest rate cap agreement that effectively prevented LIBOR from exceeding 4.0% during the period ending December 9, 2023. The interest rate cap agreement was converted to 1-month Term SOFR effective July 9, 2023.
(14)The Company has completed transition of the property to a receiver, but is the owner of record as of September 30, 2023 and December 31, 2022.
v3.23.3
Financing Arrangement (Tables)
 9 Months Ended
Sep. 30, 2023
Co-Venture Arrangement [Abstract]  
Schedule of Financing Arrangement Activity During the three and nine months ended September 30, 2023 and 2022, the Company recognized related party interest expense (income) in the Company's consolidated statements of operations in connection with the financing arrangement as follows:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Distributions equal to the partner's share of net income (loss)$329 $(211)$250 $39 
Distributions in excess of the partner's share of net income1,094 1,631 5,263 8,492 
Adjustment to fair value of financing arrangement obligation1,995 5,053 (5,522)14,837 
$3,418 $6,473 $(9)$23,368 
v3.23.3
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Allocation of Fair Value
The following is a summary of the allocation of the fair value of the former Sears parcels at Deptford Mall and Vintage Faire Mall:
Land$6,966 
Building and improvements32,934 
Deferred charges8,075 
Other assets (above-market leases)2,664 
Other accrued liabilities (below-market lease)(2,541)
Fair value of acquired net assets (at 100% ownership)
$48,098 
The following is a summary of the allocation of the fair value of the former Sears parcels at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square:
Land$10,869 
Building and improvements39,359 
Construction in progress38,000 
Deferred charges6,821 
Other accrued liabilities (below-market lease)(1,649)
Fair value of acquired net assets (at 100% ownership)
$93,400 
v3.23.3
Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
Schedule of Fees Charged to Unconsolidated Joint Ventures
The following are fees charged to unconsolidated joint ventures:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Management fees$4,474 $4,332 $12,917 $13,375 
Development and leasing fees2,238 2,711 6,966 6,202 
$6,712 $7,043 $19,883 $19,577 
v3.23.3
Share and Unit-Based Plans (Tables)
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of LTI Units Granted
During the nine months ended September 30, 2023, the Company granted the following LTI Units:
Grant DateUnitsTypeFair Value per LTI UnitVest Date
1/1/2023577,255 Service-based$11.26 12/31/2025
1/1/20231,030,077 Performance-based$10.97 12/31/2025
1,607,332 
Schedule of Activity of Non-vested LTI Units, Stock Awards, Phantom Stock and Stock Units
The following table summarizes the activity of the non-vested LTI Units, phantom stock units and stock units:
 LTI UnitsPhantom Stock UnitsStock Units
 UnitsValue(1)UnitsValue(1)UnitsValue(1)
Balance at January 1, 20232,215,167 $12.90 34,039 $14.19 295,054 $14.58 
Granted1,607,332 11.07 4,938 11.27 246,879 10.89 
Vested(13,058)20.42 (17,650)13.37 (257,886)14.12 
Forfeited(37,592)21.28 — — — — 
Balance at September 30, 20233,771,849 $12.01 21,327 $14.19 284,047 $11.79 
(1) Value represents the weighted average grant date fair value.
Schedule of Activity of SARs and Stock Options Outstanding
The following table summarizes the activity of the stock options outstanding:
 Stock Options
 UnitsValue(1)
Balance at January 1, 202326,371 $54.56 
   Granted— — 
Balance at September 30, 202326,371 $54.56 
(1) Value represents the weighted average exercise price.
Schedule of Compensation Cost under the Share and Unit-based Plans The following summarizes the compensation cost under the share and unit-based plans:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
LTI Units$826 $4,632 $10,097 $14,035 
Stock units299 629 2,891 2,496 
Phantom stock units80 107 236 284 
$1,205 $5,368 $13,224 $16,815 
v3.23.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Benefit of TRSs The income tax provision of the TRSs are as follows:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Current$— $— $— $— 
Deferred(1,672)166 (161)(963)
   Total (expense) benefit$(1,672)$166 $(161)$(963)
v3.23.3
Organization (Details) - entity
 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Subsidiary of Limited Liability Company or Limited Partnership    
Number of management companies (in entities) 7  
The Macerich Partnership, L.P.    
Subsidiary of Limited Liability Company or Limited Partnership    
Ownership interest in operating partnership (as a percent) 96.00% 96.00%
v3.23.3
Summary of Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Assets:    
Property, net $ 5,950,089 $ 6,127,790
Total assets 7,588,105 8,094,139
Liabilities:    
Mortgage notes payable 4,166,335 4,240,596
Total liabilities 5,089,733 5,144,790
Operating Partnership    
Assets:    
Property, net 444,613 452,559
Other assets 94,602 93,102
Total assets 539,215 545,661
Liabilities:    
Mortgage notes payable 292,688 323,841
Other liabilities 124,972 135,340
Total liabilities $ 417,660 $ 459,181
v3.23.3
Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents        
Cash and cash equivalents $ 111,802 $ 100,320 $ 109,991 $ 112,454
Restricted cash 96,332 80,819 54,984 54,517
Cash, cash equivalents and restricted cash $ 208,134 $ 181,139 $ 164,975 $ 166,971
v3.23.3
Earnings Per Share ("EPS") - Schedule of Reconciliation of Numerator and Denominator Used in Computation of Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Numerator        
Net loss $ (271,965) $ (13,502) $ (344,565) $ (68,541)
Less: net (loss) income attributable to noncontrolling interests (9,418) 1,691 (8,321) (784)
Net loss attributable to the Company (262,547) (15,193) (336,244) (67,757)
Allocation of earnings to participating securities (213) (211) (655) (642)
Allocation of earnings to participating securities (213) (211) (655) (642)
Numerator for basic and diluted EPS—net loss attributable to common stockholders (262,760) (15,404) (336,899) (68,399)
Numerator for basic and diluted EPS—net loss attributable to common stockholders $ (262,760) $ (15,404) $ (336,899) $ (68,399)
Denominator        
Denominator for basic EPS—weighted average number of common shares outstanding (in shares) 215,632,000 215,134,000 215,461,000 214,982,000
Denominator for diluted EPS—weighted average number of common shares outstanding (in shares) 215,632,000 215,134,000 215,461,000 214,982,000
EPS—net loss attributable to common stockholders        
Basic (in dollars per share) $ (1.22) $ (0.07) $ (1.56) $ (0.32)
Diluted (in dollars per share) $ (1.22) $ (0.07) $ (1.56) $ (0.32)
Convertible Non-participating Preferred Units        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Securities excluded from Diluted EPS (in shares) 99,565 99,565 99,565 99,565
Partnership Unit        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Securities excluded from Diluted EPS (in shares) 8,979,065 8,620,767 8,981,061 8,653,348
v3.23.3
Investments in Unconsolidated Joint Ventures - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
May 18, 2023
USD ($)
property
Apr. 25, 2023
USD ($)
Mar. 03, 2023
USD ($)
Nov. 14, 2022
USD ($)
Aug. 02, 2022
USD ($)
property
Feb. 02, 2022
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
May 09, 2023
USD ($)
Aug. 01, 2022
property
May 17, 2018
property
Schedule of Equity Method Investments                              
Impairment loss             $ 152,798     $ 5,148 $ 153,464 $ 15,006      
Sears Deptford Mall And Vintage Faire Mall                              
Schedule of Equity Method Investments                              
Purchase price         $ 24,544                    
Ownership percentage at completion of acquisition (as a percent)         100.00%                    
Number of properties (property) | property         2                    
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square                              
Schedule of Equity Method Investments                              
Ownership percentage at completion of acquisition (as a percent) 100.00%                            
Joint Venture | Sears South Plains                              
Schedule of Equity Method Investments                              
Impairment loss         $ 27,054                    
Joint Venture | Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square                              
Schedule of Equity Method Investments                              
Purchase price $ 46,687                            
Impairment loss                 $ 50,197            
Ownership percentage at completion of acquisition (as a percent) 100.00%                            
Loss on acquisition of real estate               $ 1,166              
Number of properties (property) | property 5                            
Joint Venture | Third Party | Sears Deptford Mall And Vintage Faire Mall                              
Schedule of Equity Method Investments                              
Ownership percentage (as a percent)         50.00%                    
Joint Venture | Third Party | Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square                              
Schedule of Equity Method Investments                              
Ownership percentage (as a percent) 50.00%                            
FlatIron Crossing | Joint Venture                              
Schedule of Equity Method Investments                              
Repayments of debt           $ 197,011                  
Debt issued           $ 175,000                  
FlatIron Crossing | Joint Venture | SOFR                              
Schedule of Equity Method Investments                              
Variable interest rate spread (as a percent)           3.70%                  
Interest rate cap (as a percent)           4.00%                  
Washington Square                              
Schedule of Equity Method Investments                              
Repayments of debt       $ 9,000                      
Washington Square | Joint Venture                              
Schedule of Equity Method Investments                              
Repayments of debt       $ 15,000                      
Extension term (in years)       4 years                      
Washington Square | Joint Venture | SOFR                              
Schedule of Equity Method Investments                              
Variable interest rate spread (as a percent)       4.00%                      
Scottsdale Fashion Square | Joint Venture                              
Schedule of Equity Method Investments                              
Repayments of debt     $ 403,931                        
Debt issued     $ 700,000                        
Interest rate on debt (as a percent)     6.21%                        
Deptford Mall                              
Schedule of Equity Method Investments                              
Repayments of debt   $ 5,100                          
Deptford Mall | Joint Venture                              
Schedule of Equity Method Investments                              
Repayments of debt   $ 10,000                          
Debt instrument term (in years)   3 years                          
Deptford Mall | Joint Venture | SOFR                              
Schedule of Equity Method Investments                              
Interest rate on debt (as a percent)   3.73%                          
Country Club Plaza                              
Schedule of Equity Method Investments                              
Debt instrument, default amount                         $ 147,605    
Country Club Plaza | Joint Venture                              
Schedule of Equity Method Investments                              
Impairment loss             $ 107,673       $ 107,673        
Debt instrument, default amount                         $ 295,210    
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square | Joint Venture | Seritage                              
Schedule of Equity Method Investments                              
Number of properties (property) | property                             5
Sears Deptford Mall And Vintage Faire Mall | Joint Venture | Seritage                              
Schedule of Equity Method Investments                              
Number of properties (property) | property                           2  
v3.23.3
Investments in Unconsolidated Joint Ventures - Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Assets:    
Property, net $ 5,950,089 $ 6,127,790
Total assets 7,588,105 8,094,139
Liabilities and partners' capital:    
Mortgage and other notes payable 4,166,335 4,240,596
Total liabilities and partners' capital 7,588,105 8,094,139
Investments in unconsolidated joint ventures:    
Assets—Investments in unconsolidated joint ventures 918,540 1,224,288
Liabilities—Distributions in excess of investments in unconsolidated joint ventures (195,179) (121,093)
Joint Venture    
Assets:    
Property, net 7,715,987 8,156,632
Other assets 662,274 664,036
Total assets 8,378,261 8,820,668
Liabilities and partners' capital:    
Mortgage and other notes payable 5,760,372 5,491,250
Other liabilities 466,345 451,511
Company's capital 1,145,464 1,528,348
Outside partners' capital 1,006,080 1,349,559
Total liabilities and partners' capital 8,378,261 8,820,668
Investments in unconsolidated joint ventures:    
Company's capital 1,145,464 1,528,348
Basis adjustment (422,103) (425,153)
Basic adjustment 723,361 1,103,195
Assets—Investments in unconsolidated joint ventures 918,540 1,224,288
Liabilities—Distributions in excess of investments in unconsolidated joint ventures (195,179) (121,093)
Investments in unconsolidated joint ventures $ 723,361 $ 1,103,195
v3.23.3
Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Schedule of Equity Method Investments          
Total assets $ 7,588,105   $ 7,588,105   $ 8,094,139
Liabilities 5,089,733   5,089,733   5,144,790
Joint Venture          
Schedule of Equity Method Investments          
Total assets 8,378,261   8,378,261   8,820,668
Amortization of difference between cost of investments and book value of underlying equity (2,494) $ 2,164 (13,942) $ 7,034  
Joint Venture | Pacific Premier Retail LLC—Various Properties          
Schedule of Equity Method Investments          
Total assets 2,642,242   2,642,242   2,690,651
Liabilities $ 1,599,413   $ 1,599,413   $ 1,611,661
v3.23.3
Investments in Unconsolidated Joint Ventures - Schedule of Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Leasing revenue $ 197,305 $ 195,594 $ 589,003 $ 587,596
Total revenues 218,152 210,704 645,380 630,939
Expenses:        
Leasing expenses 8,777 8,704 26,880 24,463
Depreciation and amortization 70,755 72,739 212,596 218,053
Total expenses 231,693 232,099 678,320 688,862
Gain on sale or write down of assets, net (149,287) 1,405 (135,229) 6,767
Net (loss) income (271,965) (13,502) (344,565) (68,541)
Company's equity in net income (107,465) 6,322 (176,235) (16,422)
Other        
Revenues:        
Other 13,403 7,503 34,143 21,911
Shopping center and operating expenses        
Expenses:        
Shopping center and operating expenses 76,358 74,694 216,793 217,342
Joint Venture        
Revenues:        
Leasing revenue 218,181 208,675 635,103 624,857
Total revenues 224,500 210,760 650,884 637,166
Expenses:        
Leasing expenses 1,398 1,627 5,317 4,982
Interest expense 73,218 53,102 209,961 156,180
Depreciation and amortization 84,628 88,271 255,571 268,168
Total expenses 235,594 213,399 688,531 633,818
Gain on sale or write down of assets, net (194,601) 25,788 (266,252) (30,870)
Net (loss) income (205,695) 23,149 (303,899) (27,522)
Company's equity in net income (107,465) 6,322 (176,235) (16,422)
Joint Venture | PPR Portfolio        
Revenues:        
Leasing revenue 44,446 44,157 129,613 136,344
Total revenues 45,041 44,308 131,383 136,613
Expenses:        
Leasing expenses 355 424 1,349 1,258
Interest expense 21,916 15,546 65,575 46,299
Depreciation and amortization 22,240 24,269 67,446 72,760
Total expenses 56,305 51,188 167,839 152,124
Gain on sale or write down of assets, net 0 0 0 0
Net (loss) income (11,264) (6,880) (36,456) (15,511)
Company's equity in net income (4,614) 1,851 (15,329) (2,354)
Joint Venture | Other Joint Ventures        
Revenues:        
Leasing revenue 173,735 164,518 505,490 488,513
Total revenues 179,459 166,452 519,501 500,553
Expenses:        
Leasing expenses 1,043 1,203 3,968 3,724
Interest expense 51,302 37,556 144,386 109,881
Depreciation and amortization 62,388 64,002 188,125 195,408
Total expenses 179,289 162,211 520,692 481,694
Gain on sale or write down of assets, net (194,601) 25,788 (266,252) (30,870)
Net (loss) income (194,431) 30,029 (267,443) (12,011)
Company's equity in net income (102,851) 4,471 (160,906) (14,068)
Joint Venture | Other        
Revenues:        
Other 6,319 2,085 15,781 12,309
Joint Venture | Other | PPR Portfolio        
Revenues:        
Other 595 151 1,770 269
Joint Venture | Other | Other Joint Ventures        
Revenues:        
Other 5,724 1,934 14,011 12,040
Joint Venture | Shopping center and operating expenses        
Expenses:        
Shopping center and operating expenses 76,350 70,399 217,682 204,488
Joint Venture | Shopping center and operating expenses | PPR Portfolio        
Expenses:        
Shopping center and operating expenses 11,794 10,949 33,469 31,807
Joint Venture | Shopping center and operating expenses | Other Joint Ventures        
Expenses:        
Shopping center and operating expenses $ 64,556 $ 59,450 $ 184,213 $ 172,681
v3.23.3
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Gain (loss) from derivative instrument recorded in OCI $ (546) $ (3) $ (76) $ 37
v3.23.3
Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - Level 2 Measurement - Cap - Non-Hedged - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Santa Monica Place    
Derivatives, Fair Value    
Notional Amount $ 300,000  
SOFR/LIBOR Rate 4.00%  
Fair Value $ 837 $ 2,576
The Macerich Partnership, L.P.    
Derivatives, Fair Value    
Notional Amount $ 300,000  
SOFR/LIBOR Rate 4.00%  
Fair Value $ (836) $ (2,567)
v3.23.3
Property, net - Schedule of Components of Property, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Property, Plant and Equipment    
Equipment and furnishings $ 185,104 $ 186,767
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization 8,856,113 8,920,580
Less accumulated depreciation (2,906,024) (2,792,790)
Property, net 5,950,089 6,127,790
Land    
Property, Plant and Equipment    
Property, plant and equipment, gross 1,383,176 1,425,211
Buildings and improvements    
Property, Plant and Equipment    
Property, plant and equipment, gross 6,125,673 6,378,736
Tenant improvements    
Property, Plant and Equipment    
Property, plant and equipment, gross 734,389 711,007
Construction in progress    
Property, Plant and Equipment    
Property, plant and equipment, gross $ 427,771 $ 218,859
v3.23.3
Property, net - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
$ / ft²
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
$ / ft²
Sep. 30, 2022
USD ($)
Dec. 31, 2022
$ / ft²
Property, Plant and Equipment          
Depreciation expense | $ $ 66,390 $ 67,631 $ 199,615 $ 202,804  
Measurement Input, Cap Rate | Valuation, Income Approach          
Property, Plant and Equipment          
Other real estate owned, measurement input 0.095   0.095   0.130
Measurement Input, Discount Rate | Valuation, Income Approach          
Property, Plant and Equipment          
Other real estate owned, measurement input 0.105   0.105   0.145
Measurement Input, Market Rents Per Square Foot | Valuation, Income Approach          
Property, Plant and Equipment          
Other real estate owned, measurement input | $ / ft² 12   12   250
v3.23.3
Property, Plant, and Equipment - Schedule of Gain (Loss) on Sale or Write-Down of Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Property, Plant and Equipment        
Loss on write-down of assets(2) $ (152,798) $ (5,148) $ (153,464) $ (15,006)
Gain (loss) on sale or write down of assets, net (149,287) 1,405 (135,229) 6,767
Fashion Outlet of Niagara Falls        
Property, Plant and Equipment        
Loss on write-down of assets(2) (144,656)   (144,656)  
Towne Mall        
Property, Plant and Equipment        
Loss on write-down of assets(2) (7,880) (5,140) (7,880) (5,140)
Building        
Property, Plant and Equipment        
Gain on land sales, net 3,031 313 13,381 386
Gain On Land Sales, Net        
Property, Plant and Equipment        
Gain on land sales, net $ 480 $ 6,240 $ 4,854 $ 21,387
v3.23.3
Property, net - Schedule of Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring - USD ($)
$ in Thousands
Sep. 30, 2023
Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Total Fair Value Measurement $ 72,700 $ 18,250
(Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Total Fair Value Measurement 0 0
(Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Total Fair Value Measurement 9,500 0
(Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Total Fair Value Measurement $ 63,200 $ 18,250
v3.23.3
Tenant and Other Receivables, net (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Components of tenant and other receivables, net    
Allowance for doubtful accounts $ 6,322 $ 10,741
Deferred rent receivable due to straight-line rent adjustments 106,780 110,155
Accrued Percentage Rents    
Components of tenant and other receivables, net    
Accounts receivable $ 4,456 $ 18,010
v3.23.3
Leases - Schedule of Components of Leasing Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Leases [Abstract]        
Leasing revenue—fixed payments $ 142,344 $ 139,261 $ 424,097 $ 409,518
Leasing revenue—variable payments 54,735 55,624 163,033 176,493
Recovery of doubtful accounts, net 226 709 1,873 1,585
Total leasing revenue $ 197,305 $ 195,594 $ 589,003 $ 587,596
v3.23.3
Leases - Schedule of Minimum Rental Payments (Details)
$ in Thousands
Sep. 30, 2023
USD ($)
Twelve months ending September 30,  
2024 $ 407,380
2025 340,531
2026 275,457
2027 211,498
2028 160,525
Thereafter 545,805
Total minimum rental payments $ 1,941,196
v3.23.3
Leases - Narrative (Details)
 9 Months Ended
Sep. 30, 2023
lease
Leases [Abstract]  
Number of finance leases 5
v3.23.3
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Leases [Abstract]        
Operating lease costs $ 3,262 $ 3,788 $ 10,346 $ 11,338
Finance lease costs:        
Amortization of ROU assets 487 483 1,456 1,446
Interest on lease liabilities 81 100 341 402
Total lease cost $ 3,830 $ 4,371 $ 12,143 $ 13,186
v3.23.3
Leases - Schedule of Minimum Future Rental Payments Required (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Operating Leases For the Rolling 12 Months    
2023 $ 3,173  
2024 11,391  
2025 11,574  
2026 11,691  
2027 11,862  
Thereafter 83,083  
Operating Leases    
2024   $ 12,255
2025   11,563
2026   11,746
2027   11,864
2027   12,035
Thereafter   109,158
Total undiscounted rental payments 132,774 168,621
Less imputed interest (57,652) (86,315)
Total lease liabilities $ 75,122 $ 82,306
Weighted average remaining lease term, operating leases (in years) 24 years 1 month 6 days 32 years 3 months 18 days
Weighted average incremental borrowing rate, operating leases (as a percent) 7.10% 7.40%
Finance Leases For the Rolling 12 Months    
2023 $ 2,450  
2024 9,478  
2025 1,400  
2026 0  
2027 0  
Thereafter 0  
Finance Leases    
2024   $ 2,450
2025   9,478
2026   1,400
2027   0
2027   0
Thereafter   0
Total undiscounted rental payments 13,328 13,328
Less imputed interest (2,724) (723)
Total lease liabilities $ 10,604 $ 12,605
Weighted average remaining lease term, finance leases (in years) 10 months 24 days 1 year 8 months 12 days
Weighted average incremental borrowing rate, finance leases (as a percent) 3.60% 3.70%
v3.23.3
Deferred Charges and Other Assets, net - Schedule of Deferred Charges and Other Assets, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]          
Leasing $ 90,413   $ 90,413   $ 113,400
Intangible assets:          
In-place lease values 63,091   63,091   63,961
Leasing commissions and legal costs 17,866   17,866   17,299
Above-market leases 66,002   66,002   71,304
Deferred tax assets 22,952   22,952   23,114
Deferred compensation plan assets 57,799   57,799   54,353
Other assets 44,172   44,172   66,188
Deferred charges and other assets, gross 362,295   362,295   409,619
Less accumulated amortization (130,192)   (130,192)   (162,195)
Deferred charges and other assets, net 232,103   232,103   247,424
In-place Lease Values, Leasing Commissions And Legal Costs          
Finite-Lived Intangible Assets          
Accumulated amortization for intangible assets 42,903   42,903   $ 44,362
Amortization expense for intangible assets $ 1,880 $ 1,688 $ 5,665 $ 5,019  
v3.23.3
Deferred Charges and Other Assets, net - Schedule of Allocated Values of Above-Market Leases and Below-Market Leases (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Below-Market Leases    
Original allocated value $ 89,238 $ 97,026
Less accumulated amortization (39,130) (40,797)
Allocated value net 50,108 56,229
Above-Market Leases    
Above-Market Leases    
Original allocated value 66,002 71,304
Less accumulated amortization (35,480) (35,156)
Allocated value net $ 30,522 $ 36,148
v3.23.3
Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 4,166,335 $ 4,240,596
Chandler Fashion Center    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 255,874 255,736
Effective Interest Rate (as a percent) 4.18%  
Monthly Debt Service $ 875  
Danbury Fair Mall    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 130,134 148,207
Effective Interest Rate (as a percent) 8.01%  
Monthly Debt Service $ 1,538  
Fashion District Philadelphia    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 73,205 104,427
Effective Interest Rate (as a percent) 9.49%  
Monthly Debt Service $ 546  
Fashion Outlets of Chicago    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 299,415 299,354
Effective Interest Rate (as a percent) 4.61%  
Monthly Debt Service $ 1,145  
Fashion Outlets at Niagara Falls USA    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 86,415 90,514
Effective Interest Rate (as a percent) 6.45%  
Monthly Debt Service $ 727  
Freehold Raceway Mall    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 399,002 398,878
Effective Interest Rate (as a percent) 3.94%  
Monthly Debt Service $ 1,300  
Fresno Fashion Fair    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 324,404 324,255
Effective Interest Rate (as a percent) 3.67%  
Monthly Debt Service $ 971  
Green Acres Commons    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 0 125,256
Effective Interest Rate (as a percent) 7.14%  
Monthly Debt Service $ 717  
Green Acres Mall    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 358,593 237,372
Effective Interest Rate (as a percent) 6.62%  
Monthly Debt Service $ 1,819  
Kings Plaza Shopping Center    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 536,828 536,442
Effective Interest Rate (as a percent) 3.71%  
Monthly Debt Service $ 1,629  
Oaks, The    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 152,408 165,934
Effective Interest Rate (as a percent) 5.74%  
Monthly Debt Service $ 1,138  
Pacific View    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 70,946 70,855
Effective Interest Rate (as a percent) 5.45%  
Monthly Debt Service $ 328  
Queens Center    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 600,000 600,000
Effective Interest Rate (as a percent) 3.49%  
Monthly Debt Service $ 1,744  
Santa Monica Place    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 297,171 296,521
Effective Interest Rate (as a percent) 7.28%  
Monthly Debt Service $ 1,713  
SanTan Village Regional Center    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 219,483 219,414
Effective Interest Rate (as a percent) 4.34%  
Monthly Debt Service $ 788  
Towne Mall    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 18,886 18,886
Effective Interest Rate (as a percent) 4.48%  
Monthly Debt Service $ 69  
Victor Valley, Mall of    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 114,951 114,908
Effective Interest Rate (as a percent) 4.00%  
Monthly Debt Service $ 380  
Vintage Faire Mall    
Mortgage loans payable on real estate    
Carrying Amount of Mortgage Notes $ 228,620 $ 233,637
Effective Interest Rate (as a percent) 3.55%  
Monthly Debt Service $ 1,256  
v3.23.3
Mortgage Notes Payable - Footnotes (Details) - USD ($)
$ in Thousands
 9 Months Ended
Jul. 09, 2023
Jul. 01, 2023
Jun. 05, 2023
Jan. 20, 2023
Jan. 03, 2023
Dec. 09, 2022
Nov. 28, 2022
Aug. 26, 2022
Jul. 01, 2022
May 06, 2022
Apr. 29, 2022
Mar. 25, 2021
Jan. 22, 2021
Sep. 30, 2023
Sep. 30, 2022
Apr. 01, 2024
Jan. 01, 2024
Oct. 01, 2023
Dec. 31, 2022
Mortgage loans payable on real estate                                      
Unamortized deferred finance costs                           $ 23,023         $ 13,830
Proceeds from mortgages, bank and other notes payable                           $ 314,000 $ 130,000        
Chandler Fashion Center                                      
Mortgage loans payable on real estate                                      
Interest in the loan assumed by a third party (as a percent)                           49.90%          
Freehold Raceway Mall                                      
Mortgage loans payable on real estate                                      
Interest in the loan assumed by a third party (as a percent)                           49.90%          
Danbury Fair Mall                                      
Mortgage loans payable on real estate                                      
Interest rate on debt (as a percent)   7.50%             5.50%                    
Repayments of debt   $ 10,000             $ 10,000                    
Danbury Fair Mall | Forecast                                      
Mortgage loans payable on real estate                                      
Interest rate on debt (as a percent)                               9.00% 8.50% 8.00%  
Fashion District Philadelphia                                      
Mortgage loans payable on real estate                                      
Repayments of debt       $ 26,107     $ 7,117 $ 83,058                      
Extension term (in years)       1 year                              
Fashion District Philadelphia | SOFR                                      
Mortgage loans payable on real estate                                      
Interest rate on debt (as a percent)       3.60%                              
Green Acres Commons                                      
Mortgage loans payable on real estate                                      
Repayments of debt                       $ 4,680              
Extension term (in years)                       2 years              
Green Acres Commons | LIBOR                                      
Mortgage loans payable on real estate                                      
Variable interest rate spread (as a percent)                       2.75%              
Green Acres Mall And Commons                                      
Mortgage loans payable on real estate                                      
Interest rate on debt (as a percent)         5.90%                            
Repayments of debt         $ 370                            
Extension term (in years)         5 years                            
Variable interest rate spread (as a percent)         5.90%                            
Green Acres Mall                                      
Mortgage loans payable on real estate                                      
Repayments of debt                         $ 9,000            
Extension term (in years)                         1 year            
Oaks, The                                      
Mortgage loans payable on real estate                                      
Interest rate on debt (as a percent)                   5.25%                  
Repayments of debt     $ 10,000             $ 5,000                  
Extension term (in years)                   2 years                  
Pacific View                                      
Mortgage loans payable on real estate                                      
Interest rate on debt (as a percent)                     5.29%                
Proceeds from mortgages, bank and other notes payable                     $ 72,000                
Santa Monica Place                                      
Mortgage loans payable on real estate                                      
Extension term (in years)           3 years                          
Santa Monica Place | SOFR                                      
Mortgage loans payable on real estate                                      
Variable interest rate spread (as a percent) 1.52%                                    
Santa Monica Place | LIBOR                                      
Mortgage loans payable on real estate                                      
Variable interest rate spread (as a percent) 1.48%                                    
Interest rate cap (as a percent)           4.00%                          
v3.23.3
Mortgage Notes Payable - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Debt Disclosure [Abstract]          
Interest expense capitalized $ 5,670 $ 2,859 $ 15,364 $ 7,151  
Fair value of mortgage notes payable $ 3,780,053   $ 3,780,053   $ 3,894,588
v3.23.3
Bank and Other Notes Payable (Details) - USD ($)
 9 Months Ended
Sep. 11, 2023
Apr. 14, 2021
Sep. 30, 2023
Dec. 31, 2022
Mortgage loans payable on real estate        
Unamortized deferred finance costs     $ 23,023,000 $ 13,830,000
Revolving Loan Facility Matures On February 1, 2027 | Revolving Line of Credit        
Mortgage loans payable on real estate        
Extension term (in years) 1 year      
Expanded line of credit facility (up to)   $ 950,000,000    
Outstanding borrowings under the line of credit     135,000,000  
Unamortized deferred finance costs     $ 16,365,000  
Interest rate (as a percent)     8.48%  
Availability for additional borrowing     $ 514,787,000  
Proceeds from lines of credit     152,000,000  
Revolving Loan Facility Matures On February 1, 2027 | Revolving Line of Credit | Level 2 Measurement        
Mortgage loans payable on real estate        
Fair value of outstanding line of credit     $ 138,661,000  
Revolving Loan Facility Matures On February 1, 2027 | Revolving Line of Credit | SOFR        
Mortgage loans payable on real estate        
Variable interest rate spread (as a percent)     2.35%  
Debt instrument, increase rate (as a percent)     0.10%  
Revolving Loan Facility Matures On February 1, 2027 | Revolving Line of Credit | Minimum | SOFR        
Mortgage loans payable on real estate        
Debt instrument, leverage ratio requirement   1.00%    
Revolving Loan Facility Matures On February 1, 2027 | Revolving Line of Credit | Maximum | SOFR        
Mortgage loans payable on real estate        
Debt instrument, leverage ratio requirement   2.50%    
Line of Credit | Revolving Loan Facility Matures On April 14, 2024 | Revolving Line of Credit        
Mortgage loans payable on real estate        
Borrowing capacity   $ 525,000,000    
Line of Credit | Revolving Loan Facility Matures On February 1, 2027 | Revolving Line of Credit        
Mortgage loans payable on real estate        
Borrowing capacity $ 650,000,000      
v3.23.3
Financing Arrangement - Narrative (Details)
ft² in Thousands
Sep. 30, 2009
ft²
Sep. 30, 2023
$ / ft²
Dec. 31, 2022
$ / ft²
Schedule of Joint Ventures      
Terminal capitalization rate (as a percent)   6.50% 6.25%
Discount rate (as a percent)   8.25% 7.75%
Financing Arrangement | Minimum      
Schedule of Joint Ventures      
Market rent per square foot (in square feet) | $ / ft²   35 35
Financing Arrangement | Maximum      
Schedule of Joint Ventures      
Market rent per square foot (in square feet) | $ / ft²   240 240
Financing Arrangement | Chandler Fashion Center      
Schedule of Joint Ventures      
Percentage of loan assumed by third party (as a percent) 49.90%    
Financing Arrangement | Chandler Fashion Center And Freehold Raceway Mall      
Schedule of Joint Ventures      
Property area (in square feet) | ft² 1,320    
Financing Arrangement | Freehold Raceway Mall      
Schedule of Joint Ventures      
Percentage of loan assumed by third party (as a percent) 49.90%    
Property area (in square feet) | ft² 1,549    
v3.23.3
Financing Arrangement - Schedule of Financing arrangement activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Schedule of Joint Ventures        
Interest (income) expense $ 53,380 $ 52,630 $ 147,507 $ 157,680
Related Party        
Schedule of Joint Ventures        
Interest (income) expense 3,418 6,473 (9) 23,368
Related Party | Financing Arrangement        
Schedule of Joint Ventures        
Distributions equal to the partner's share of net income (loss) 329 (211) 250 39
Distributions in excess of the partner's share of net income 1,094 1,631 5,263 8,492
Adjustment to fair value of financing arrangement obligation 1,995 5,053 (5,522) 14,837
Interest (income) expense $ 3,418 $ 6,473 $ (9) $ 23,368
v3.23.3
Noncontrolling Interests (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Noncontrolling Interest    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Number of trading days used to calculate redemption value (in days) 10 days  
Redemption value of outstanding OP units not owned by the Company $ 102,092 $ 103,023
The Macerich Partnership, L.P.    
Noncontrolling Interest    
Ownership interest in operating partnership (as a percent) 96.00% 96.00%
Limited partnership interest of the operating partnership (as a percent) 4.00% 4.00%
v3.23.3
Stockholders' Equity (Details) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Mar. 26, 2021
Feb. 01, 2021
Feb. 12, 2017
Class of Stock          
Authorized repurchase amount (up to)         $ 500,000,000
Stock repurchased (in shares) 0 0      
ATM Programs          
Class of Stock          
Authorized repurchase amount (up to) $ 1,000,000,000        
March 2021 ATM Program          
Class of Stock          
Authorized repurchase amount (up to)     $ 500,000,000    
Shares available for sale $ 151,699,000        
February 2021 ATM Program          
Class of Stock          
Authorized repurchase amount (up to)       $ 500,000,000  
v3.23.3
Acquisitions - Narrative (Details)
$ in Thousands
May 18, 2023
USD ($)
property
Aug. 02, 2022
USD ($)
property
Sears Deptford Mall And Vintage Faire Mall    
Acquisition    
Purchase price | $   $ 24,544
Ownership percentage at completion of acquisition (as a percent)   100.00%
Number of properties (property) | property   2
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square    
Acquisition    
Ownership percentage at completion of acquisition (as a percent) 100.00%  
Joint Venture | Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square    
Acquisition    
Purchase price | $ $ 46,687  
Ownership percentage at completion of acquisition (as a percent) 100.00%  
Number of properties (property) | property 5  
Joint Venture | Third Party | Sears Deptford Mall And Vintage Faire Mall    
Acquisition    
Ownership percentage (as a percent)   50.00%
Joint Venture | Third Party | Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square    
Acquisition    
Ownership percentage (as a percent) 50.00%  
v3.23.3
Acquisitions - Schedule of Allocation of Fair Value (Details) - USD ($)
$ in Thousands
May 18, 2023
Aug. 02, 2022
Sears Deptford Mall And Vintage Faire Mall    
Acquisition    
Land   $ 6,966
Building and improvements   32,934
Deferred charges   8,075
Other assets (above-market leases)   2,664
Other accrued liabilities (below-market lease)   (2,541)
Fair value of acquired net assets (at 100% ownership)   $ 48,098
Ownership percentage at completion of acquisition (as a percent)   100.00%
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square    
Acquisition    
Land $ 10,869  
Building and improvements 39,359  
Construction in progress 38,000  
Deferred charges 6,821  
Other accrued liabilities (below-market lease) (1,649)  
Fair value of acquired net assets (at 100% ownership) $ 93,400  
Ownership percentage at completion of acquisition (as a percent) 100.00%  
v3.23.3
Dispositions (Details)
ft² in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Jul. 17, 2023
USD ($)
ft²
May 02, 2023
USD ($)
ft²
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Discontinued Operations:            
Proceeds from sale of assets         $ 34,707 $ 48,768
Square Foot Power Center, Flagstaff Arizona | Sold            
Discontinued Operations:            
Property area (in square feet) | ft²   268        
Proceeds from sale of assets   $ 23,500        
Gain on sale of assets   $ 10,349        
Superstition Springs Power Center | Sold            
Discontinued Operations:            
Property area (in square feet) | ft² 204          
Proceeds from sale of assets $ 5,634          
Gain on sale of assets $ 1,903          
Land            
Discontinued Operations:            
Gain on sale or write down of assets, net     $ 480 $ 6,240 $ 4,854 $ 21,387
v3.23.3
Commitments and Contingencies (Details)
$ in Thousands
Sep. 30, 2023
USD ($)
Contingencies  
Contingent liability under letters of credit $ 41,031
Outstanding obligations under construction agreements 7,128
Secured by Restricted Cash  
Contingencies  
Contingent liability under letters of credit $ 40,818
v3.23.3
Related Party Transactions - Schedule of Fees Charged to Unconsolidated Joint Ventures (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Management fees        
Related Party Transaction        
Revenue $ 7,444 $ 7,607 $ 22,234 $ 21,432
Related Party        
Related Party Transaction        
Revenue 6,712 7,043 19,883 19,577
Related Party | Management fees        
Related Party Transaction        
Revenue 4,474 4,332 12,917 13,375
Related Party | Development and leasing fees        
Related Party Transaction        
Revenue $ 2,238 $ 2,711 $ 6,966 $ 6,202
v3.23.3
Related Party Transactions - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Related Party Transaction          
Interest (income) expense $ 53,380 $ 52,630 $ 147,507 $ 157,680  
Related Party          
Related Party Transaction          
Interest (income) expense 3,418 $ 6,473 (9) $ 23,368  
Due from affiliates $ 6,624   $ 6,624   $ 3,299
v3.23.3
Share and Unit-Based Plans - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award        
Capitalized share and unit-based compensation costs $ 190 $ 1,101 $ 2,344 $ 3,395
Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award        
Conversion rate of shares     1  
Unrecognized compensation cost of share and unit-based plans 1,991   $ 1,991  
LTI Units        
Share-based Compensation Arrangement by Share-based Payment Award        
Conversion rate of shares     1  
Risk free interest rate (as a percent)     4.21%  
Volatility (as a percent)     74.23%  
Unrecognized compensation cost of share and unit-based plans 7,624   $ 7,624  
Phantom Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award        
Unrecognized compensation cost of share and unit-based plans $ 303   $ 303  
v3.23.3
Share and Unit-Based Plans - Schedule of LTI Units Granted (Details) - First Vesting Period
 9 Months Ended
Sep. 30, 2023
$ / shares
shares
Service-based  
Share-based Compensation Arrangement by Share-based Payment Award  
Granted (in shares) | shares 577,255
Granted (in dollars per share) | $ / shares $ 11.26
Performance-based  
Share-based Compensation Arrangement by Share-based Payment Award  
Granted (in shares) | shares 1,030,077
Granted (in dollars per share) | $ / shares $ 10.97
v3.23.3
Share and Unit-Based Plans - Schedule of Activity of Non-vested LTI Units, Stock Awards, Phantom Stock and Stock Units (Details)
 9 Months Ended
Sep. 30, 2023
$ / shares
shares
LTI Units  
Units  
Balance at beginning of period (in shares) | shares 2,215,167
Granted (in shares) | shares 1,607,332
Vested (in shares) | shares (13,058)
Forfeited (in shares) | shares (37,592)
Balance at end of period (in shares) | shares 3,771,849
Value  
Balance at beginning of period (in dollars per share) | $ / shares $ 12.90
Granted (in dollars per share) | $ / shares 11.07
Vested (in dollars per share) | $ / shares 20.42
Forfeited (in dollars per share) | $ / shares 21.28
Balance at end of period (in dollars per share) | $ / shares $ 12.01
Phantom Stock Units  
Units  
Balance at beginning of period (in shares) | shares 34,039
Granted (in shares) | shares 4,938
Vested (in shares) | shares (17,650)
Forfeited (in shares) | shares 0
Balance at end of period (in shares) | shares 21,327
Value  
Balance at beginning of period (in dollars per share) | $ / shares $ 14.19
Granted (in dollars per share) | $ / shares 11.27
Vested (in dollars per share) | $ / shares 13.37
Forfeited (in dollars per share) | $ / shares 0
Balance at end of period (in dollars per share) | $ / shares $ 14.19
Stock Units  
Units  
Balance at beginning of period (in shares) | shares 295,054
Granted (in shares) | shares 246,879
Vested (in shares) | shares (257,886)
Forfeited (in shares) | shares 0
Balance at end of period (in shares) | shares 284,047
Value  
Balance at beginning of period (in dollars per share) | $ / shares $ 14.58
Granted (in dollars per share) | $ / shares 10.89
Vested (in dollars per share) | $ / shares 14.12
Forfeited (in dollars per share) | $ / shares 0
Balance at end of period (in dollars per share) | $ / shares $ 11.79
v3.23.3
Share and Unit-Based Plans - Schedule of Options Rollforward (Details) - Stock options
 9 Months Ended
Sep. 30, 2023
$ / shares
shares
Units  
Balance at beginning of period (in shares) | shares 26,371
Granted (in shares) | shares 0
Balance at end of period (in shares) | shares 26,371
Value  
Balance at beginning of period (in dollars per share) | $ / shares $ 54.56
Granted (in dollars per share) | $ / shares 0
Balance at end of period (in dollars per share) | $ / shares $ 54.56
v3.23.3
Share and Unit-Based Plans - Schedule of Compensation Cost under the Share and Unit-based Plans (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award        
Compensation cost under share and unit-based plans $ 1,205 $ 5,368 $ 13,224 $ 16,815
LTI Units        
Share-based Compensation Arrangement by Share-based Payment Award        
Compensation cost under share and unit-based plans 826 4,632 10,097 14,035
Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award        
Compensation cost under share and unit-based plans 299 629 2,891 2,496
Phantom Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award        
Compensation cost under share and unit-based plans $ 80 $ 107 $ 236 $ 284
v3.23.3
Income Taxes - Schedule of Income Tax Benefit of TRSs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Tax Disclosure [Abstract]        
Current $ 0 $ 0 $ 0 $ 0
Deferred (1,672) 166 (161) (963)
Total (expense) benefit $ (1,672) $ 166 $ (161) $ (963)
v3.23.3
Income Taxes - Narrative (Details) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Deferred tax assets $ 22,952,000 $ 23,114,000
Valuation allowance $ 0  
v3.23.3
Subsequent Events (Details)
Oct. 27, 2023
$ / shares
Subsequent Events  
Subsequent Events  
Dividend declared (in dollars per share) $ 0.17
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