10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File No.: 1-12504

THE MACERICH COMPANY

(Exact name of registrant as specified in its charter)

Maryland					95-4448705
(State or other jurisdiction of incorporation or organization)					(I.R.S. Employer Identification Number)
401 Wilshire Boulevard,	Suite 700,	Santa Monica,	California		90401
(Address of principal executive office)					(Zip Code)
		(310)		394-6000
(Registrant's telephone number, including area code)
N/A  (Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Securities Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $0.01 Par Value	MAC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days. Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding twelve (12) months (or for such shorter period that the registrant was required to submit such files). Yes ☒        No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	x	Accelerated Filer	☐	Non-Accelerated Filer	☐	Smaller Reporting Company	☐
						Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐       No ☒

Number of shares outstanding as of August 5, 2022 of the registrant's common stock, par value $0.01 per share: 214,775,995 shares

THE MACERICH COMPANY

FORM 10-Q

INDEX

Part I	Financial Information
Item 1.	Financial Statements (Unaudited)	3
	Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021	4
	Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2022 and 2021	5
	Consolidated Statements of Equity for the three and six months ended June 30, 2022 and 2021	6
	Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021	8
	Notes to Consolidated Financial Statements	10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	42
Part II	Other Information
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 3.	Defaults Upon Senior Securities	43
Item 4.	Mine Safety Disclosures	43
Item 5.	Other Information	43
Item 6.	Exhibits	44
Signature		46

2

THE MACERICH COMPANY

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except par value)

(Unaudited)

	June 30, 2022		December 31, 2021
ASSETS:
Property, net	$	6,175,685	$	6,284,206
Cash and cash equivalents	106,384		112,454
Restricted cash	52,060		54,517
Tenant and other receivables, net	162,310		211,361
Right-of-use assets, net	129,161		110,638
Deferred charges and other assets, net	238,847		254,908
Due from affiliates	3,209		—
Investments in unconsolidated joint ventures	1,246,730		1,317,571
Total assets	$	8,114,386	$	8,345,655
LIABILITIES AND EQUITY:
Mortgage notes payable	$	4,361,131	$	4,423,554
Bank and other notes payable	74,964		104,811
Accounts payable and accrued expenses	53,889		59,228
Due to affiliates	—		327
Lease liabilities	98,426		80,711
Other accrued liabilities	214,451		254,279
Distributions in excess of investments in unconsolidated joint ventures	126,359		127,608
Financing arrangement obligation	128,773		118,988
Total liabilities	5,057,993		5,169,506
Commitments and contingencies
Equity:
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at June 30, 2022 and December 31, 2021, and 215,113,342 and 214,797,057 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	2,150		2,147
Additional paid-in capital	5,500,101		5,488,440
Accumulated deficit	(2,560,793)		(2,443,696)
Accumulated other comprehensive income (loss)	16		(24)
Total stockholders' equity	2,941,474		3,046,867
Noncontrolling interests	114,919		129,282
Total equity	3,056,393		3,176,149
Total liabilities and equity	$	8,114,386	$	8,345,655

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

3

THE MACERICH COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share amounts)

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Revenues:
Leasing revenue	$	188,590	$	196,987	$	392,002	$	376,522
Other	8,081		11,855		14,408		17,176
Management Companies	7,420		6,631		13,825		12,199
Total revenues	204,091		215,473		420,235		405,897
Expenses:
Shopping center and operating expenses	69,728		67,655		142,648		143,810
Leasing expenses	8,148		6,637		15,759		11,803
Management Companies' operating expenses	17,746		15,021		34,691		29,864
REIT general and administrative expenses	6,441		6,679		13,303		14,766
Depreciation and amortization	72,458		77,630		145,314		156,026
	174,521		173,622		351,715		356,269
Interest expense:
Related parties	8,892		2,954		16,895		4,273
Other	44,297		51,960		88,155		104,537
	53,189		54,914		105,050		108,810
Total expenses	227,710		228,536		456,765		465,079
Equity in income (loss) of unconsolidated joint ventures	6,353		20,035		(22,744)		21,945
Income tax benefit (expense)	670		(7,107)		(1,129)		(9,345)
(Loss) gain on sale or write down of assets, net	(1,091)		(3,927)		5,362		(25,210)
Net loss	(17,687)		(4,062)		(55,041)		(71,792)
Less: net (loss) income attributable to noncontrolling interests	(2,303)		7,703		(2,475)		3,577
Net loss attributable to the Company	$	(15,384)	$	(11,765)	$	(52,566)	$	(75,369)
Loss per common share—attributable to common stockholders:
Basic	$	(0.07)	$	(0.06)	$	(0.25)	$	(0.42)
Diluted	$	(0.07)	$	(0.06)	$	(0.25)	$	(0.42)
Weighted average number of common shares outstanding:
Basic	214,990,000		205,757,000		214,905,000		182,299,000
Diluted	214,990,000		205,757,000		214,905,000		182,299,000

   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 June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Net loss	$	(17,687)	$	(4,062)	$	(55,041)	$	(71,792)
Other comprehensive income:
Interest rate cap/swap agreements	9		2,739		40		5,433
Comprehensive loss	(17,678)		(1,323)		(55,001)		(66,359)
Less: net (loss) income attributable to noncontrolling interests	(2,303)		7,703		(2,475)		3,577
Comprehensive loss attributable to the Company	$	(15,375)	$	(9,026)	$	(52,526)	$	(69,936)

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

5

THE MACERICH COMPANY

CONSOLIDATED STATEMENTS OF EQUITY

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended June 30, 2022 and 2021

	Stockholders' Equity
	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive (Loss) Income		Total Stockholders' Equity
	Shares	Par Value										Noncontrolling Interests		Total Equity
Balance at April 1, 2022	214,901,377	$	2,148	$	5,493,662	$	(2,513,179)	$	7	$	2,982,638	$	120,866	$	3,103,504
Net loss	—	—		—		(15,384)		—		(15,384)		(2,303)		(17,687)
Interest rate cap agreement	—	—		—		—		9		9		—		9
Amortization of share and unit-based plans	80,472	1		5,383		—		—		5,384		—		5,384
Employee stock purchases	96,942	1		959		—		—		960		—		960
Stock offerings, net	—	—		(50)		—		—		(50)		—		(50)
Distributions paid ($0.15 per share)	—	—		—		(32,230)		—		(32,230)		—		(32,230)
Distributions to noncontrolling interests	—	—		—		—		—		—		(3,169)		(3,169)
Conversion of noncontrolling interests to common shares	34,551	—		2,078		—		—		2,078		(2,078)		—
Redemption of noncontrolling interests	—	—		177		—		—		177		(505)		(328)
Adjustment of noncontrolling interests in Operating Partnership	—	—		(2,108)		—		—		(2,108)		2,108		—
Balance at June 30, 2022	215,113,342	$	2,150	$	5,500,101	$	(2,560,793)	$	16	$	2,941,474	$	114,919	$	3,056,393

	Stockholders' Equity
	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders' Equity
	Shares	Par Value										Noncontrolling Interests		Total Equity
Balance at April 1, 2021	197,036,176	$	1,971	$	5,263,994	$	(2,426,555)	$	(5,514)	$	2,833,896	$	163,409	$	2,997,305
Net (loss) income	—	—		—		(11,765)		—		(11,765)		7,703		(4,062)
Interest rate cap/swap agreements	—	—		—		—		2,739		2,739		—		2,739
Amortization of share and unit-based plans	129,928	1		4,331		—		—		4,332		—		4,332
Employee stock purchases	88,107	1		594		—		—		595		—		595
Stock offerings, net	13,915,443	139		167,771		—		—		167,910		—		167,910
Distributions paid ($0.15 per share)	—	—		—		(31,016)		—		(31,016)		—		(31,016)
Distributions to noncontrolling interests	—	—		—		—		—		—		(10,856)		(10,856)
Contributions from noncontrolling interests	—	—		—		—		—		—		(1)		(1)
Adjustment of noncontrolling interests in Operating Partnership	—	—		1,803		—		—		1,803		(1,803)		—
Balance at June 30, 2021	211,169,654	$	2,112	$	5,438,493	$	(2,469,336)	$	(2,775)	$	2,968,494	$	158,452	$	3,126,946

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

6

THE MACERICH COMPANY

CONSOLIDATED STATEMENTS OF EQUITY

(Dollars in thousands, except per share data)

(Unaudited)

Six Months Ended June 30, 2022 and 2021

	Stockholders' Equity
	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders' Equity
	Shares	Par Value										Noncontrolling Interests		Total Equity
Balance at January 1, 2022	214,797,057	$	2,147	$	5,488,440	$	(2,443,696)	$	(24)	$	3,046,867	$	129,282	$	3,176,149
Net loss	—	—		—		(52,566)		—		(52,566)		(2,475)		(55,041)
Interest rate cap agreement	—	—		—		—		40		40		—		40
Amortization of share and unit-based plans	184,792	2		11,444		—		—		11,446		—		11,446
Employee stock purchases	96,942	1		959		—		—		960		—		960
Stock offerings, net	—	—		(120)		—				(120)		—		(120)
Distributions paid ($0.30 per share)	—	—		—		(64,531)		—		(64,531)		—		(64,531)
Distributions to noncontrolling interests	—	—		—		—		—		—		(12,182)		(12,182)
Contributions from noncontrolling interests	—	—		—		—		—		—		—		—
Conversion of noncontrolling interests to common shares	34,551	—		2,078		—		—		2,078		(2,078)		—
Redemption of noncontrolling interests	—	—		177		—		—		177		(505)		(328)
Adjustment of noncontrolling interests in Operating Partnership	—	—		(2,877)		—		—		(2,877)		2,877		—
Balance at June 30, 2022	215,113,342	$	2,150	$	5,500,101	$	(2,560,793)	$	16	$	2,941,474	$	114,919	$	3,056,393

	Stockholders' Equity
	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders' Equity
	Shares	Par Value										Noncontrolling Interests		Total Equity
Balance at January 1, 2021	149,770,575	$	1,498	$	4,603,378	$	(2,339,619)	$	(8,208)	$	2,257,049	$	188,211	$	2,445,260
Net (loss) income	—	—		—		(75,369)		—		(75,369)		3,577		(71,792)
Interest rate cap/swap agreements	—	—		—		—		5,433		5,433		—		5,433
Amortization of share and unit-based plans	224,681	2		9,361		—		—		9,363		—		9,363
Employee stock purchases	88,107	1		594		—		—		595		—		595
Stock offerings, net	59,907,761	599		805,455		—		—		806,054		—		806,054
Distributions paid ($0.30 per share)	—	—		—		(54,348)		—		(54,348)		—		(54,348)
Distributions to noncontrolling interests	—	—		—		—		—		—		(14,194)		(14,194)
Contributions from noncontrolling interests	—	—		—		—		—		—		576		576
Conversion of noncontrolling interests to common shares	1,178,530	12		22,206		—		—		22,218		(22,218)		—
Redemption of noncontrolling interests	—	—		—		—		—		—		(1)		(1)
Adjustment of noncontrolling interests in Operating Partnership	—	—		(2,501)		—		—		(2,501)		2,501		—
Balance at June 30, 2021	211,169,654	$	2,112	$	5,438,493	$	(2,469,336)	$	(2,775)	$	2,968,494	$	158,452	$	3,126,946

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

7

THE MACERICH COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

	For the Six Months Ended June 30,
	2022		2021
Cash flows from operating activities:
Net loss	$	(55,041)	$	(71,792)
Adjustments to reconcile net loss to net cash provided by operating activities:
(Gain) loss on sale or write down of assets, net	(5,362)		25,210
Depreciation and amortization	150,759		162,603
Amortization of share and unit-based plans	9,152		7,460
Straight-line rent and amortization of above and below market leases	1,664		(11,318)
Recovery of doubtful accounts	(876)		(5,907)
Income tax expense	1,129		9,345
Equity in loss (income) of unconsolidated joint ventures	22,744		(21,945)
Distributions of income from unconsolidated joint ventures	385		—
Change in fair value of financing arrangement obligation	9,785		(2,302)
Changes in assets and liabilities, net of dispositions:
Tenant and other receivables	26,355		81,168
Other assets	(9,577)		9,480
Due from affiliates	(3,536)		(3,200)
Accounts payable and accrued expenses	(5,202)		(15,426)
Other accrued liabilities	(26,957)		(50,349)
Net cash provided by operating activities	115,422		113,027
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(21,225)		(35,560)
Property improvements	(17,708)		(16,107)
Proceeds from repayment of notes receivable	—		1,300
Deferred leasing costs	(915)		(1,176)
Distributions from unconsolidated joint ventures	70,857		45,978
Contributions to unconsolidated joint ventures	(31,886)		(39,487)
Proceeds from collection of receivable in connection with sale of joint venture property	21,000		—
Proceeds from sale of assets	30,994		149,993
Net cash provided by investing activities	51,117		104,941

8

THE MACERICH COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Dollars in thousands) (Unaudited)
	For the Six Months Ended June 30,
	2022		2021
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	25,000		495,000
Payments on mortgages, bank and other notes payable	(120,796)		(1,632,572)
Deferred financing costs	(1,922)		(22,228)
Payments on finance leases	(1,147)		(1,102)
Net (costs) proceeds from stock offerings	(120)		791,425
Proceeds from share and unit-based plans	960		595
Redemption of noncontrolling interests	(328)		(1)
Contribution from noncontrolling interests	—		124
Dividends and distributions	(76,713)		(68,542)
Net cash used in financing activities	(175,066)		(437,301)
Net decrease in cash, cash equivalents and restricted cash	(8,527)		(219,333)
Cash, cash equivalents and restricted cash, beginning of period	166,971		482,659
Cash, cash equivalents and restricted cash, end of period	$	158,444	$	263,326
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	$	90,733	$	113,484
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	$	23,340	$	22,378
Conversion of Operating Partnership Units to common stock	$	2,078	$	22,218
Accrued receivable of net proceeds from stock offering	$	—	$	14,629

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

9

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per share and square foot amounts)

(Unaudited)

1. Organization:

The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional 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 June 30, 2022, the Company was the sole general partner of and held a 96% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code").

The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies."

All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

2. Summary of Significant Accounting Policies:

Basis of Presentation:

The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm.

The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition, the Operating Partnership has investments in a number of consolidated variable interest entities ("VIEs"), including Fashion District Philadelphia and SanTan Village Regional Center.

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

	June 30, 2022		December 31, 2021
Assets:
Property, net	$	449,717	$	458,964
Other assets	83,546		83,685
Total assets	$	533,263	$	542,649
Liabilities:
Mortgage notes payable	$	413,971	$	413,925
Other liabilities	56,081		56,947
Total liabilities	$	470,052	$	470,872

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, 2021. 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, 2021 has been derived from the audited financial statements but does not include all disclosures required by GAAP. The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows:

	For the Six Months Ended June 30,
	2022		2021
Beginning of period
Cash and cash equivalents	$	112,454	$	465,297
Restricted cash	54,517		17,362
Cash, cash equivalents and restricted cash	$	166,971	$	482,659
End of period
Cash and cash equivalents	$	106,384	$	194,028
Restricted cash	52,060		69,298
Cash, cash equivalents and restricted cash	$	158,444	$	263,326

COVID-19 Pandemic:

In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. As a result, all of the markets that the Company operates in were subject to stay-at-home orders, and the majority of its properties were temporarily closed in part or completely. Following staggered re-openings during 2020, all Centers have been open and operating since October 7, 2020 and government-imposed capacity restrictions resulting from COVID-19 have been essentially eliminated across the Company’s markets.

COVID-19 Lease Accounting:

In April 2020, the Financial Accounting Standards Board issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under Accounting Standards Codification ("ASC") 842, "Leases" ("the lease modification accounting framework"). Under ASC 842, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant or an enforceable right and obligation within the existing lease. The Q&A allows for the bypass of a lease-by-lease analysis, and allows the Company to elect to either apply the lease modification accounting framework or not to all of its lease concessions with similar characteristics and circumstances. The Company has elected to apply the lease modification accounting framework to lease concessions that include the abatement of rent in its consolidated financial statements for the three and six months ended June 30, 2022 and 2021.

11

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share and square foot amounts)

(Unaudited)

3. Earnings Per Share ("EPS"):

The following table reconciles the numerator and denominator used in the computation of EPS for the three and six months ended June 30, 2022 and 2021 (shares in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Numerator
Net loss	$	(17,687)	$	(4,062)	$	(55,041)	$	(71,792)
Less: net (loss) income attributable to noncontrolling interests	(2,303)		7,703		(2,475)		3,577
Net loss attributable to the Company	(15,384)		(11,765)		(52,566)		(75,369)
Allocation of earnings to participating securities	(209)		(214)		(431)		(429)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$	(15,593)	$	(11,979)	$	(52,997)	$	(75,798)
Denominator
Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	214,990		205,757		214,905		182,299
EPS—net loss attributable to common stockholders
Basic and diluted	$	(0.07)	$	(0.06)	$	(0.25)	$	(0.42)

(1)     Diluted EPS excludes 99,565 and 103,235 convertible preferred partnership units for the three months ended June 30, 2022 and 2021, respectively, and 99,565 and 103,235 convertible preferred partnership units for the six months ended June 30, 2022 and 2021, respectively, as their impact was antidilutive. Diluted EPS also excludes 8,658,193 and 9,818,495 Operating Partnership units ("OP Units") for the three months ended June 30, 2022 and 2021, respectively, and 8,669,907 and 10,334,235 OP Units for the six months ended June 30, 2022 and 2021, respectively, as their impact was antidilutive.

4. Investments in Unconsolidated Joint Ventures:

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

On March 29, 2021, concurrent with the sale of Paradise Valley Mall (see Note 15 – Dispositions), the Company elected to reinvest into the newly formed joint venture at a 5% ownership interest for $3,819 in cash that is accounted for under the equity method of accounting.

On October 26, 2021, the Company's joint venture in The Shops at Atlas Park replaced the existing loan on the property with a new $65,000 loan that bears interest at a floating rate of LIBOR plus 4.15% and matures on November 9, 2026, including extension options. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 3.0% through November 7, 2023.

On December 31, 2021, the Company assigned its joint venture interest in The Shops at North Bridge in Chicago, Illinois to its partner in the joint venture. The assignment included the assumption by the joint venture partner of the Company’s share of the debt owed by the joint venture and no cash consideration was received by the Company. The Company recognized a loss of $28,276 in connection with the assignment.

On December 31, 2021, the Company sold its joint venture interest in the undeveloped property at 443 North Wabash Avenue in Chicago, Illinois to its partner in the joint venture for $21,000. The Company recognized an immaterial gain in connection with the sale.

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.

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)

For the six months ended June 30, 2022, the Company’s joint venture with Seritage Growth Properties (“MS Portfolio LLC”) recorded an impairment loss as a result of shortening the holding periods on certain assets in the joint venture. The Company’s share of the impairment loss was $30,426.

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

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:

	June 30, 2022		December 31, 2021
Assets(1):
Property, net	$	8,215,389	$	8,289,412
Other assets	771,455		750,629
Total assets	$	8,986,844	$	9,040,041
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,634,189	$	5,686,500
Other liabilities	434,599		325,115
Company's capital	1,558,737		1,638,112
Outside partners' capital	1,359,319		1,390,314
Total liabilities and partners' capital	$	8,986,844	$	9,040,041
Investments in unconsolidated joint ventures:
Company's capital	$	1,558,737	$	1,638,112
Basis adjustment(2)	(438,366)		(448,149)
	$	1,120,371	$	1,189,963
Assets—Investments in unconsolidated joint ventures	$	1,246,730	$	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(126,359)		(127,608)
	$	1,120,371	$	1,189,963

(1)     These amounts include assets of $2,722,667 and $2,789,568 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2022 and December 31, 2021, respectively, and liabilities of $1,642,822 and $1,661,110 of the PPR Portfolio as of June 30, 2022 and December 31, 2021, respectively.

(2)     The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $2,295 and $2,420 for the three months ended June 30, 2022 and 2021, respectively, and $4,870 and $4,663 for the six months ended June 30, 2022 and 2021, respectively.

13

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share and square foot amounts)

(Unaudited)

4. Investments in Unconsolidated Joint Ventures: (Continued)

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

	PPR Portfolio		Other Joint Ventures		Total
Three Months Ended June 30, 2022
Revenues:
Leasing revenue	$	48,339	$	168,827	$	217,166
Other	55		2,766		2,821
Total revenues	48,394		171,593		219,987
Expenses:
Shopping center and operating expenses	10,139		55,365		65,504
Leasing expenses	365		1,200		1,565
Interest expense	15,378		36,582		51,960
Depreciation and amortization	24,218		66,226		90,444
Total expenses	50,100		159,373		209,473
Gain on sale or write down of assets, net	—		2,032		2,032
Net (loss) income	$	(1,706)	$	14,252	$	12,546
Company's equity in net income	$	1,289	$	5,064	$	6,353
Three Months Ended June 30, 2021
Revenues:
Leasing revenue	$	41,234	$	150,465	$	191,699
Other	37		32,884		32,921
Total revenues	41,271		183,349		224,620
Expenses:
Shopping center and operating expenses	9,896		56,546		66,442
Leasing expenses	372		1,106		1,478
Interest expense	15,835		36,889		52,724
Depreciation and amortization	24,582		63,874		88,456
Total expenses	50,685		158,415		209,100
Loss on sale or write down of assets, net	—		(235)		(235)
Net (loss) income	$	(9,414)	$	24,699	$	15,285
Company's equity in net (loss) income	$	(3,372)	$	23,407	$	20,035

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 Portfolio		Other Joint Ventures		Total
Six Months Ended June 30, 2022
Revenues:
Leasing revenue	$	92,189	$	323,993	$	416,182
Other	119		10,105		10,224
Total revenues	92,308		334,098		426,406
Expenses:
Shopping center and operating expenses	20,857		113,232		134,089
Leasing expenses	834		2,521		3,355
Interest expense	30,751		72,327		103,078
Depreciation and amortization	48,491		131,406		179,897
Total expenses	100,933		319,486		420,419
Loss on sale or write down of assets, net	—		(56,659)		(56,659)
Net loss	$	(8,625)	$	(42,047)	$	(50,672)
Company's equity in net loss	$	(503)	$	(22,241)	$	(22,744)
Six Months Ended June 30, 2021
Revenues:
Leasing revenue	$	78,008	$	299,781	$	377,789
Other	129		49,851		49,980
Total revenues	78,137		349,632		427,769
Expenses:
Shopping center and operating expenses	19,263		115,385		134,648
Leasing expenses	775		2,459		3,234
Interest expense	31,637		74,103		105,740
Depreciation and amortization	48,887		130,416		179,303
Total expenses	100,562		322,363		422,925
Loss on sale or write down of assets, net	—		(181)		(181)
Net (loss) income	$	(22,425)	$	27,088	$	4,663
Company's equity in net (loss) income	$	(8,879)	$	30,824	$	21,945

15

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share and square foot amounts)

(Unaudited)

5. Derivative Instruments and Hedging Activities:

The Company uses an interest rate cap agreement to manage the interest rate risk on certain floating rate debt. The Company recorded other comprehensive income related to the marking-to-market of derivative instruments of $9 and $2,739 for the three months ended June 30, 2022 and 2021, respectively, and $40 and $5,433 for the six months ended June 30, 2022 and 2021, respectively.

The following derivative was outstanding at June 30, 2022:    

							Fair Value
Property	Notional Amount		Product	LIBOR Rate		Maturity	June 30, 2022		December 31, 2021
Santa Monica Place	$	300,000	Cap	4.00	%	12/9/2022	$	29	$	6

The above derivative was valued with an aggregate fair value (Level 2 measurement) and was included in other accrued liabilities. The fair value of the Company's interest rate derivative was determined using discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.

Although the Company has determined that the majority of the inputs used to value its derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swap. As a result, the Company determined that its interest rate cap valuation in its entirety is classified in Level 2 of the fair value hierarchy.

6. Property, net:

Property, net consists of the following:    

	June 30, 2022		December 31, 2021
Land	$	1,432,149	$	1,441,858
Buildings and improvements	6,343,434		6,306,764
Tenant improvements	688,929		685,242
Equipment and furnishings(1)	189,909		191,266
Construction in progress	199,348		222,420
	8,853,769		8,847,550
Less accumulated depreciation(1)	(2,678,084)		(2,563,344)
	$	6,175,685	$	6,284,206

(1)      Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at June 30, 2022 and December 31, 2021 (See Note 8—Leases).

Depreciation expense was $67,394 and $70,762 for the three months ended June 30, 2022 and 2021, respectively, and $135,179 and $142,426 for the six months ended June 30, 2022 and 2021, 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 six months ended June 30, 2022 and 2021 consist of the following:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Gain (loss) on property sales, net(1)	$	73	$	(10,895)	$	73	$	(6,666)
Loss on write-down of assets(2)	(1,230)		(8,754)		(9,858)		(38,362)
Gain on land sales, net	66		15,722		15,147		19,818
	$	(1,091)	$	(3,927)	$	5,362	$	(25,210)

(1)    Includes $4,229 of gain related to the sale of Paradise Valley Mall during the six months ended June 30, 2021 (See Note 15-Dispositions).

(2)    Includes impairment loss of $5,492 relating to the Company's investment in MS Portfolio LLC (See Note 4-Investments in Unconsolidated Joint Ventures) during the six months ended June 30, 2022 and impairment loss of $27,281 on Estrella Falls during the six months ended June 30, 2021. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three and six months ended June 30, 2022 and 2021 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 six months ended June 30, 2021, as described above:

	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Unobservable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
June 30, 2021	$	23,690	$	—	$	4,720	$	18,970

The fair values relating to a portion of the 2021 impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2021 impairment was based upon an income approach, using an estimated terminal capitalization rate, discount rate, and in-place contractual rent and other income. The fair value is sensitive to these significant unobservable inputs.

7. Tenant and Other Receivables, net:

Included in tenant and other receivables, net is an allowance for doubtful accounts of $12,286 and $14,917 at June 30, 2022 and December 31, 2021, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $3,066 and $19,907 at June 30, 2022 and December 31, 2021, respectively, and a deferred rent receivable due to straight-line rent adjustments of $108,398 and $110,969 at June 30, 2022 and December 31, 2021, 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 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,

17

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share and square foot amounts)

(Unaudited)

8. Leases: (Continued)

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

The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2022 and 2021:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Leasing revenue—fixed payments	$	135,048	$	131,512	$	270,257	$	263,007
Leasing revenue—variable payments	52,099		56,360		120,869		107,608
Recovery of doubtful accounts, net	1,443		9,115		876		5,907
	$	188,590	$	196,987	$	392,002	$	376,522

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

Twelve months ending June 30,
2023	$	369,308
2024	320,103
2025	260,120
2026	207,837
2027	159,357
Thereafter	461,006
	$	1,777,731

Lessee Leases:

The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2024.

The following table summarizes the lease costs for the three and six months ended June 30, 2022 and 2021:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease costs	$	3,775	$	3,814	$	7,550	$	7,629
Finance lease costs:
Amortization of ROU assets	482		478		963		956
Interest on lease liabilities	108		124		302		343
	$	4,365	$	4,416	$	8,815	$	8,928

18

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share and square foot amounts)

(Unaudited)

8. Leases: (Continued)

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

	June 30, 2022						December 31, 2021
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2022	$	7,736		$	4,461		$	14,302		$	4,461
2023	11,876			2,043			8,452			2,043
2024	11,054			9,072			6,471			9,072
2025	11,231			—			6,513			—
2026	11,343			—			6,470			—
Thereafter	120,534			—			109,358			—
Total undiscounted rental payments	173,774			15,576			151,566			15,576
Less imputed interest	(88,729)			(2,195)			(85,383)			(1,048)
Total lease liabilities	$	85,045		$	13,381		$	66,183		$	14,528
Weighted average remaining term	32.2 years			1.7 years			36.3 years			2.1 years
Weighted average incremental borrowing rate	7.4		%	3.7		%	7.8		%	3.7		%

9. Deferred Charges and Other Assets, net:

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

	June 30, 2022		December 31, 2021
Leasing	$	112,492	$	134,887
Intangible assets:
In-place lease values	59,470		62,826
Leasing commissions and legal costs	16,052		16,710
Above-market leases	70,101		72,289
Deferred tax assets	22,690		23,406
Deferred compensation plan assets	55,245		68,807
Other assets	56,900		46,319
	392,950		425,244
Less accumulated amortization(1)	(154,103)		(170,336)
	$	238,847	$	254,908

(1)   Accumulated amortization includes $43,294 and $43,978 relating to in-place lease values, leasing commissions and legal costs at June 30, 2022 and December 31, 2021, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,664 and $2,403 for the three months ended June 30, 2022 and 2021, respectively, and $3,331 and $4,606 for the six months ended June 30, 2022 and 2021, respectively.

19

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share and square foot amounts)

(Unaudited)

9. Deferred Charges and Other Assets, net: (Continued)

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

	June 30, 2022		December 31, 2021
Above-Market Leases
Original allocated value	$	70,101	$	72,289
Less accumulated amortization	(33,434)		(32,484)
	$	36,667	$	39,805
Below-Market Leases(1)
Original allocated value	$	96,054	$	99,332
Less accumulated amortization	(38,191)		(37,122)
	$	57,863	$	62,210

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

10. Mortgage Notes Payable:

Mortgage notes payable at June 30, 2022 and December 31, 2021 consist of the following:

	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	June 30, 2022		December 31, 2021		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	255,643	$	255,548	4.18	%	$	875	2024
Danbury Fair Mall(6)	163,677		168,037		5.71	%	1,538		2023
Fashion District Philadelphia	194,602		194,602		4.56	%	740		2024
Fashion Outlets of Chicago	299,314		299,274		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA	92,825		95,329		6.45	%	727		2023
Freehold Raceway Mall(5)	398,794		398,711		3.94	%	1,300		2029
Fresno Fashion Fair	324,155		324,056		3.67	%	971		2026
Green Acres Commons(7)	125,066		124,875		4.08	%	398		2023
Green Acres Mall(8)	241,863		246,061		3.94	%	1,447		2023
Kings Plaza Shopping Center	536,185		535,928		3.71	%	1,629		2030
Oaks, The(9)	168,208		176,721		5.49	%	1,138		2024
Pacific View(10)	70,903		111,481		5.44	%	328		2032
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(11)	299,688		299,314		2.92	%	666		2022
SanTan Village Regional Center	219,368		219,323		4.34	%	788		2029
Towne Mall	19,063		19,320		4.48	%	117		2022
Victor Valley, Mall of	114,879		114,850		4.00	%	380		2024
Vintage Faire Mall	236,898		240,124		3.55	%	1,256		2026
	$	4,361,131	$	4,423,554

(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 $11,575 and $11,946 at June 30, 2022 and December 31, 2021, 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 September 15, 2020, the Company closed on a loan extension agreement for Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021 and subsequently to October 1, 2021. The loan amount and interest rate remained unchanged following these extensions. On September 15, 2021, the Company further extended the loan maturity to July 1, 2022. The interest rate remained unchanged, and the Company repaid $10,000 of the outstanding loan balance at closing. On July 1, 2022, the Company further 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.

(7)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing.

(8)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.

(9)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.

(10)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.

(11)The loan bears interest at LIBOR plus 1.48%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 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.

Total interest expense capitalized was $2,441 and $2,247 for the three months ended June 30, 2022 and 2021, respectively, and $4,292 and $3,709 for the six months ended June 30, 2022 and 2021, respectively.

The estimated fair value (Level 2 measurement) of mortgage notes payable at June 30, 2022 and December 31, 2021 was $4,025,925 and $4,261,429, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.

11. Bank and Other Notes Payable:

Bank and other notes payable consist of the following:

Credit Facility:

On April 14, 2021, the Company terminated its existing credit facility and entered into a new credit agreement, which provides for an aggregate $700,000 facility, including a $525,000 revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175,000 term loan facility that matures on April 14, 2024. The revolving loan facility can be expanded up to $800,000, subject to receipt of lender commitments and other conditions. Concurrently with entering into the new credit agreement, the Company drew the $175,000 term loan facility in its entirety and drew $320,000 of the amount available under the revolving loan facility. Simultaneously with entering into the new credit agreement, the Company repaid $985,000 of debt, which included terminating and repaying all amounts outstanding under its prior revolving line of credit facility. All obligations under the facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The

21

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share and square foot amounts)

(Unaudited)

11. Bank and Other Notes Payable: (Continued)

credit facility bears interest at LIBOR plus a spread of 2.25% to 3.25% depending on the Company’s overall leverage level. As of June 30, 2022, the borrowing rate was LIBOR plus 2.25%. As of June 30, 2022, borrowings under the facility were $86,000, less unamortized deferred finance costs of $11,036, for the revolving loan facility at a total interest rate of 5.21%. As of June 30, 2022, the Company's availability under the revolving loan facility for additional borrowings was $438,719. On September 20, 2021, the Company paid off the remaining balance outstanding on the term loan facility with proceeds from the sale of Tucson La Encantada (See Note 15—Dispositions). The estimated fair value (Level 2 measurement) of borrowings under the credit facility at June 30, 2022 was $84,900 for the revolving loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt.

As of June 30, 2022 and December 31, 2021, 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 1,319,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,553,000 square foot regional shopping center in Freehold, New Jersey (collectively referred to herein as "Chandler Freehold"). As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the formation of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The Company accounts for its investment in Chandler Freehold as a financing arrangement. The fair value (Level 3 measurement) of the financing arrangement obligation at June 30, 2022 and December 31, 2021 was based upon a terminal capitalization rate of approximately 5.75%, a discount rate at June 30, 2022 and December 31, 2021 of 7.75% and 7.25%, respectively, and market rents per square foot of $35 to $105. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Distributions to the partner, excluding distributions of excess loan proceeds, and changes in fair value of the financing arrangement obligation are recognized as interest (income) expense in the Company's consolidated statements of operations.

During the three and six months ended June 30, 2022 and 2021, the Company recognized interest expense in the Company's consolidated statements of operations in connection with the financing arrangement as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Distributions equal to the partner's share of net (loss) income	$	(248)	$	(1,193)	$	249	$	(2,425)
Distributions in excess of the partner's share of net income	1,899		5,586		6,861		9,000
Adjustment to fair value of financing arrangement obligation	7,241		(1,439)		9,785		(2,302)
	$	8,892	$	2,954	$	16,895	$	4,273

13. Noncontrolling Interests:

The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 96% ownership interest in the Operating Partnership as of June 30, 2022 and December 31, 2021. The remaining 4% limited partnership interest as of June 30, 2022 and December 31, 2021 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of June 30, 2022 and

22

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share and square foot amounts)

(Unaudited)

13. Noncontrolling Interests: (Continued)

December 31, 2021, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $78,019 and $147,259, 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 six months ended June 30, 2022, the Company did not issue any shares of common stock under the March 2021 ATM Program. As of June 30, 2022, $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.

During the six months ended June 30, 2021, the Company issued 59,907,761 shares of common stock under the ATM Programs for aggregate gross proceeds of $808,492 and net proceeds of $791,425 after commissions and other transaction costs. In addition, under the ATM Programs, the Company sold additional common shares at the end of the quarter ending June 30, 2021 for aggregate gross proceeds of $14,927 and net proceeds of $14,629 after commissions, of which the shares settled and the proceeds were received in July 2021.

Stock Buyback Program

On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program".

There were no repurchases under the Stock Buyback Program during the six months ended June 30, 2022 or 2021.

15. Dispositions:

On March 29, 2021, the Company sold Paradise Valley Mall in Phoenix, Arizona to a newly formed joint venture for $100,000 resulting in a gain on sale of assets and land of $5,563. Concurrent with the sale, the Company elected to reinvest into the new joint venture at a 5% ownership interest (see Note 4 – Investments in Unconsolidated Joint Ventures). The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes.

On September 17, 2021, the Company sold Tucson La Encantada in Tucson, Arizona for $165,250, resulting in a gain on sale of assets of approximately $117,242. The Company used the net cash proceeds of $100,142 to pay down debt.

23

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share and square foot amounts)

(Unaudited)

15. Dispositions: (Continued)

For the three and six months ended June 30, 2022, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $66 and $15,147, respectively. For the three and six months ended June 30, 2021, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $15,722 and $19,818, respectively. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.

16. Commitments and Contingencies:

As of June 30, 2022, the Company was contingently liable for $40,997 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of June 30, 2022, $40,680 of these letters of credit were secured by restricted cash. The Company does not believe that these letters of credit will result in a liability to the Company.

The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At June 30, 2022, the Company had $6,443 in outstanding obligations, which it believes will be settled in the next twelve months.

17. Related Party Transactions:

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

The following are fees charged to unconsolidated joint ventures:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Management fees	$	4,682	$	3,986	$	9,043	$	7,803
Development and leasing fees	2,108		1,555		3,491		2,985
	$	6,790	$	5,541	$	12,534	$	10,788

Interest expense from related party transactions includes $8,892 and $2,954 for the three months ended June 30, 2022 and 2021, respectively, and $16,895 and $4,273 for the six months ended June 30, 2022 and 2021, respectively, in connection with the financing arrangement (See Note 12—Financing Arrangement).

Due from (to) affiliates includes $3,209 and $(327) of unreimbursed (prepaid) costs and fees from unconsolidated joint ventures due to (from) the Management Companies at June 30, 2022 and December 31, 2021, respectively.

18. 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.

24

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share and square foot amounts)

(Unaudited)

18. Share and Unit-Based Plans: (Continued)

During the six months ended June 30, 2022, the Company granted the following LTI Units:

Grant Date	Units	Type	Fair Value per LTI Unit		Vest Date
1/1/2022	376,153	Service-based	$	17.28	12/31/2024
1/1/2022	716,545	Performance-based	$	15.77	12/31/2024
	1,092,698

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, 2022 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk-free interest rate of 0.97% and an expected volatility of 70.83%.

The following table summarizes the activity of the non-vested LTI Units, phantom stock units and stock units:

	LTI Units			Phantom Stock Units			Stock Units
	Units	Value(1)		Units	Value(1)		Units	Value(1)
Balance at January 1, 2022	1,837,691	$	14.14	—	$	—	266,505	$	19.05
Granted	1,092,698	16.29		53,660	14.89		200,280	13.53
Vested	(16,467)	29.86		(11,302)	15.62		(162,969)	19.86
Forfeited	—	—		—	—		—	—
Balance at June 30, 2022	2,913,922	$	14.86	42,358	$	14.69	303,816	$	14.98
(1) Value represents the weighted average grant date fair value.

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

	Stock Options
	Units	Value(1)
Balance at January 1, 2022	37,515	$	54.34
Granted	—	—
Exercised	—	—
Balance at June 30, 2022	37,515	$	54.34
(1) Value represents the weighted average exercise price.

25

THE MACERICH COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands, except per share and square foot amounts)

(Unaudited)

18. Share and Unit-Based Plans: (Continued)

The following summarizes the compensation cost under the share and unit-based plans:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
LTI Units	$	4,717	$	3,586	$	9,402	$	7,197
Stock units	576		652		1,867		1,979
Phantom stock units	91		94		177		187
	$	5,384	$	4,332	$	11,446	$	9,363

The Company capitalized share and unit-based compensation costs of $1,101 and $902 for the three months ended June 30, 2022 and 2021, respectively, and $2,294 and $1,903 for the six months ended June 30, 2022 and 2021, respectively. Unrecognized compensation costs of share and unit-based plans at June 30, 2022 consisted of $13,007 from LTI Units, $2,377 from stock units and $0 from phantom stock units.

19. Income Taxes:

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

The income tax provision of the TRSs are as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Current	$	—	$	—	$	—	$	—
Deferred	670		(7,107)		(1,129)		(9,345)
Total benefit (expense)	$	670	$	(7,107)	$	(1,129)	$	(9,345)

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 $22,690 and $23,406 were included in deferred charges and other assets, net at June 30, 2022 and December 31, 2021, respectively.

The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of June 30, 2022, the Company had no valuation allowance recorded.

The tax years 2018 through 2020 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.

20. Subsequent Events:

On July 20, 2022, the Company announced a dividend/distribution of $0.15 per share for common stockholders and OP Unitholders of record on August 19, 2022. All dividends/distributions will be paid 100% in cash on September 8, 2022.

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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; the continuing adverse impact of the novel coronavirus ("COVID-19") 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, 2021, 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 June 30, 2022, the Operating Partnership owned or had an ownership interest in 44 regional town centers, five community/power shopping centers and two redevelopment properties. These 51 regional town centers, community/power shopping centers and redevelopment properties (which include any adjoining mixed-use improvements) consist of approximately 48 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 referred to herein as the "Management Companies"). The Company

27

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 six months ended June 30, 2022 and 2021. It compares the results of operations for the three months ended June 30, 2022 to the results of operations for the three months ended June 30, 2021. It also compares the results of operations and cash flows for the six months ended June 30, 2022 to the results of operations and cash flows for the six months ended June 30, 2021.

This information should be read in conjunction with the accompanying consolidated financial statements and notes thereto.

Dispositions:

On March 29, 2021, the Company sold Paradise Valley Mall in Phoenix, Arizona to a newly formed joint venture for $100.0 million, resulting in a gain on sale of assets of approximately $5.6 million. Concurrent with the sale, the Company elected to reinvest into the new joint venture at a 5% ownership interest. The Company used the $95.3 million of net proceeds from the sale to pay down its line of credit (See "—Liquidity and Capital Resources").

On September 17, 2021, the Company sold Tucson La Encantada in Tucson, Arizona for $165.3 million, resulting in a gain on sale of assets of approximately $117.2 million. The Company used the net cash proceeds of approximately $100.1 million to pay down debt (See "—Liquidity and Capital Resources").

On December 31, 2021, the Company assigned its joint venture interest in The Shops at North Bridge in Chicago, Illinois to its partner in the joint venture. The assignment included the assumption by the joint venture partner of the Company’s share of the debt owed by the joint venture and no cash consideration was received by the Company. The Company recognized a loss of approximately $28.3 million in connection with the assignment.

On December 31, 2021, the Company sold its joint venture interest in the undeveloped property at 443 North Wabash Avenue in Chicago, Illinois to its partner in the joint venture for $21.0 million. The Company recognized an immaterial gain in connection with the sale.

For the twelve months ended December 31, 2021, 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 $19.6 million. The Company used its share of the proceeds from these sales of $46.5 million to pay down debt and for other general corporate purposes.

For the three and six months ended June 30, 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 $1.0 million and $12.3 million, respectively. The Company’s proceeds from these sales in the three and six months ended June 30, 2022 were $6.9 million and $27.3 million, respectively. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.

Financing Activities:

On January 22, 2021, the Company closed on a one-year extension for the Green Acres Mall $258.2 million loan to February 3, 2022, which also included a one-year extension option to February 3, 2023 that has been exercised. The interest rate remained unchanged, and the Company repaid $9 million of the outstanding loan balance at closing.

On March 25, 2021, the Company closed on a two-year extension for the Green Acres Commons $124.6 million loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4.7 million of the outstanding loan balance at closing.

On April 14, 2021, the Company terminated its existing credit facility and entered into a new credit agreement, which provides for an aggregate $700 million facility, including a $525 million revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175 million term loan facility that matures on April 14, 2024. The Company drew the $175 million term loan facility in its entirety simultaneously with entering into the new credit agreement in April 2021 and subsequently paid off the remaining balance outstanding on the term loan facility with proceeds from the sale of Tucson La Encantada in September 2021.

On September 15, 2021, the Company further extended the loan maturity on Danbury Fair Mall to July 1, 2022. The interest rate remained unchanged at 5.5%, and the Company repaid $10.0 million of the outstanding loan balance at closing. The loan maturity was further extended in July 2022.

On October 26, 2021, the Company's joint venture in The Shops at Atlas Park replaced the existing loan on the property with a new $65 million loan that bears interest at a floating rate of LIBOR plus 4.15% and matures on November 9, 2026,

28

including extension options. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 3.0% through November 7, 2023.

During the year ended December 31, 2021, the Company repaid $1.7 billion of debt then outstanding, including the $985 million repaid in connection with entering into the new credit agreement in April 2021. These repaid amounts represented an approximately 20% reduction in the debt outstanding, at the Company’s share, since December 31, 2020.

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.

Redevelopment and Development Activities:

The Company's joint venture with Hudson Pacific Properties is redeveloping One Westside into 584,000 square feet of creative office space and 96,000 square feet of dining and entertainment space. The entire creative office space has been leased to Google and is expected to be completed in the third quarter of 2022. During the fourth quarter of 2021, the joint venture delivered the office space to Google for tenant improvement work, which Google has commenced. The total cost of the project is estimated to be between $500.0 million and $550.0 million, with $125.0 million to $137.5 million estimated to be the Company's pro rata share. The Company has incurred $118.7 million of the total $474.9 million incurred by the joint venture as of June 30, 2022. The joint venture expects to fund the remaining costs of the development with its $414.6 million construction loan.

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 $40.6 million of the total $81.2 million incurred by the joint venture as of June 30, 2022.

In connection with the closures and lease rejections of several Sears stores owned or partially owned by the Company, the Company anticipates spending between $130.0 million to $160.0 million at the Company’s pro rata share to redevelop the Sears stores. The anticipated openings of such redevelopments are expected to occur over several years. The estimated range of redevelopment costs could increase if the Company or its joint venture decides to expand the scope of the redevelopments. The Company has funded $42.7 million at its pro rata share as of June 30, 2022.

Other Transactions and Events:

In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. As a result, all of the markets that the Company operates in were subject to stay-at-home orders, and the majority of its properties were temporarily closed in part or completely. Following staggered re-openings during 2020, all Centers have been open and operating since October 7, 2020. As of the date of this Quarterly Report on Form 10-Q, government-imposed capacity restrictions resulting from COVID-19 have been essentially eliminated across the Company's markets. Although overall fundamentals at the Centers continued to improve during 2021 and into the first half of 2022, the Company expects that its results will continue to be negatively impacted for the remainder of 2022 due, in part, to the continued impact of the COVID-19 pandemic, which has resulted in reduced occupancy relative to pre-COVID levels and additional Anchor closures, among other factors.

The Company declared a cash dividend of $0.15 per share of its common stock for each quarter in the year ended December 31, 2021 and for the first and second quarters of 2022. On July 20, 2022, the Company declared a third quarter cash dividend of $0.15 per share of its common stock, which will be paid on September 8, 2022 to stockholders of record on August 19, 2022. 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

29

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 June 30, 2022, 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:

In the last five years, inflation has not had a significant impact on the Company. 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.

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 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.

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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 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 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”) 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

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entirety of both periods of the comparison. Accordingly, the Same Centers consist of all consolidated Centers, excluding the Redevelopment Properties and the Disposition Properties, for the periods of comparison.

For the comparison of the three and six months ended June 30, 2022 to the three and six months ended June 30, 2021, the Disposition Properties are Paradise Valley Mall and Tucson La Encantada.

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) income 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 second quarter of 2022, comparable tenant sales for spaces less than 10,000 square feet across the portfolio increased by 2.2% relative to the second quarter of 2021 and 16.8% relative to pre-COVID sales during the second quarter of 2019. The leased occupancy rate of 91.8% at June 30, 2022 represented a 2.4% increase from 89.4% at June 30, 2021 and a 0.5% sequential increase compared to the 91.3% occupancy rate at March 31, 2022. Releasing spreads increased as the Company executed leases at an average rent of $57.58 for new and renewal leases executed compared to $57.23 on leases expiring, resulting in a releasing spread increase of $0.35 per square foot, or 0.6%, for the trailing twelve months ended June 30, 2022.

The Company continues to renew or replace leases that are scheduled to expire in 2022, however, for a variety of factors, the Company cannot be certain of its ability to sign, renew or replace leases expiring in 2022 or beyond. The remaining 2022 lease expirations continue to be an important focal point for the Company. As of June 30, 2022, the Company has executed leases or commitments from retailers that are in lease documentation for 71% of the leased space expiring in 2022, and another 22% of such expiring space is in the letter of intent stage. Excluding those leases, the remaining leases expiring in 2022, which represent approximately 145,000 square feet of the Centers, are in the prospecting stage.

During the quarter ended June 30, 2022, the Company signed 94 new leases and 180 renewal leases comprising approximately 1.2 million square feet of GLA. The average tenant allowance was $18.79 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 fundamentals at the Centers continued to improve during 2021 and into the first half of 2022, the Company expects that its results will continue to be negatively impacted for the remainder of 2022 due, in part, to the continued impact of the COVID-19 pandemic, which has resulted in reduced occupancy relative to pre-COVID levels and additional Anchor closures, among other factors.

All Centers have been open and operating since October 7, 2020. As of the date of this Quarterly Report on Form 10-Q, government-imposed capacity restrictions resulting from COVID-19 have been essentially eliminated across the Company’s markets. The Company experienced a positive impact to its leasing revenue during the three months ended June 30, 2022 as leasing revenue increased by approximately 4.15% compared to the three months ended June 30, 2021. This increase includes the joint ventures at the Company’s share and excludes the Disposition Properties and The Shops at Northbridge, at the Company’s share (See “Dispositions” above). This increase was primarily due to decreases in retroactive rent abatements incurred in the second quarter of 2022 compared to the second quarter of 2021 and increases in lease termination income, which were partially offset by decreases in straight-line rent revenue and lower recovery from bad debt reserves compared to the second quarter of 2021.

Sales and traffic at the Company’s Centers continued to improve during the second quarter of 2022. Traffic levels during the second quarter of 2022 continued to range in the mid 90%’s relative to the pre-pandemic second quarter of 2019 and although the Company experienced high customer conversion rates, sales increased at a more modest pace than the double-digit tenant sales growth from 2021 and early 2022. Comparable tenant sales from spaces less than 10,000 square feet across the portfolio increased by 2.2% and 16.8% relative to the second quarter of 2021 and the pre-COVID sales during the second quarter of 2019, respectively. Portfolio tenant sales per square foot for spaces less than 10,000 square feet for the trailing twelve months ended June 30, 2022 were $860, which represents a record high for the Company for the second quarter in a row.

During the second quarter of 2022, the Company signed 274 new and renewal leases for approximately 1.2 million square feet, compared to 216 leases and 686,000 square feet signed during the second quarter of 2021.

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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 June 30, 2022, the Company signed deals for new stores with new-to-Macerich portfolio uses for over 82,000 square feet, with another 279,000 square feet of such new-to-Macerich portfolio leases currently in negotiation as of the date of this Quarterly Report on Form 10-Q.

As of June 30, 2022, the leased occupancy rate was 91.8%, a 2.4% increase compared to the leased occupancy rate at June 30, 2021 of 89.4%.

The Company’s rent collections for the first half of 2022 have been comparable to pre-COVID-19 levels for the same period. The Company previously completed its negotiations with national and local tenants to secure rental payments. Those negotiations resulted in the Company entering into lease amendments which granted significant rental assistance in the form of rent deferral and/or rent reduction. 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 the year ended December 31, 2021, the Company incurred $47.6 million of rent abatements at the Company’s share relating primarily to 2020 rents as a result of COVID-19 and negotiated $4.6 million of rent deferrals during the year ended December 31, 2021 at the Company’s share. During the six months ended June 30, 2022, the Company incurred less than $1.1 million of rent abatements at the Company’s share compared to $44.3 million for the six months ended June 30, 2021 which related primarily to 2020 rents as a result of COVID-19. The Company negotiated $4.3 million of rent deferrals during the three months ended June 30, 2021 at the Company’s share compared to less than $0.1 million of rent deferrals during the three months ended June 30, 2022. As of June 30, 2022, $3.4 million of the rent deferrals remain outstanding, with $1.2 million scheduled to be repaid during the remainder of 2022 and the balance scheduled for repayment in 2023 and thereafter.

During 2021, the pace of bankruptcy filings involving the Company’s tenants decreased substantially as compared to 2020, with ten bankruptcy filings, totaling 62 leases and involving approximately 369,000 square feet and $11.9 million of annual leasing revenue at the Company’s share. This included two leases totaling 139,000 square feet with a single department store retailer that quickly emerged from bankruptcy and assumed both of its leases with the Company. Excluding this department store retailer, bankruptcy filings during 2021 only involved approximately 230,000 square feet. The Company continues to expect that the pace of bankruptcy filings in 2022 will be low. Year-to-date in 2022, there has only been one bankruptcy filing involving a single tenant of the Company involving approximately 3,000 square feet of leased space.

During 2022, 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 de-lever the Company’s balance sheet as well as to fund the Company’s development and redevelopment pipeline.

The Company has successfully secured all requested extensions from both balance sheet lenders and CMBS lenders/servicers spanning nine loan extensions totaling over $1.6 billion of debt since September 2020, including the following refinancing and extensions in 2022. 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. On April 29, 2022, the Company closed on a new $72 million loan at Pacific View with a fixed rate of 5.29% that matures on May 6, 2032. On May 6, 2022, the Company closed on a two-year extension of the loan on The Oaks to June 5, 2024. The loan will now bear a fixed interest rate of 5.25%, and the Company repaid $5.0 million of the outstanding loan balance at closing. Additionally, on July 1, 2022, the Company 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 (See “—Financing Activities” in Management’s Overview and Summary).

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. For example, the Company’s prior swap agreements, which expired on September 30, 2021, resulted in increases in interest expense in 2021.

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Comparison of Three Months Ended June 30, 2022 and 2021

Revenues:

Leasing revenue decreased by $8.4 million, or 4.3%, from 2021 to 2022. The decrease in leasing revenue is attributed to decreases of $5.5 million from the Same Centers and $2.9 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 $0.6 million for both 2021 and 2022. The amortization of straight-line rents decreased from $6.0 million in 2021 to $(0.5) million in 2022. Lease termination income decreased from $5.2 million in 2021 to $0.6 million in 2022. Percentage rent decreased from $10.3 million in 2021 to $6.9 million in 2022. Recovery of bad debts decreased from $9.1 million in 2021 to $1.4 million in 2022.

Other income decreased from $11.9 million in 2021 to $8.1 million in 2022. This decrease is primarily due to the Disposition Properties.

Management Companies' revenue increased from $6.6 million in 2021 to $7.4 million in 2022.

Shopping Center and Operating Expenses:

Shopping center and operating expenses increased $2.1 million, or 3.1%, from 2021 to 2022. The increase in shopping center and operating expenses is attributed to increases of $3.2 million from the Same Centers offset in part by a decrease of $1.1 million from the Disposition Properties.

Leasing Expenses:

Leasing expenses increased from $6.6 million in 2021 to $8.1 million in 2022 due to an increase in compensation expense.

Management Companies' Operating Expenses:

Management Companies' operating expenses increased $2.7 million from 2021 to 2022 due to an increase in compensation expense.

REIT General and Administrative Expenses:

REIT general and administrative expenses decreased $0.2 million from 2021 to 2022 primarily due to a decrease in consulting expense.

Depreciation and Amortization:

Depreciation and amortization decreased $5.2 million from 2021 to 2022. The decrease in depreciation and amortization is attributed to a decrease of $3.8 million from the Same Centers and $1.4 million from the Disposition Properties.

Interest Expense:

Interest expense decreased $1.7 million from 2021 to 2022. The decrease in interest expense is attributed to decreases of $6.5 million from lower outstanding balances on the Company's revolving line of credit, $0.4 million from the Same Centers and $0.7 million from the Disposition Properties offset in part by an increase of $5.9 million from the financing arrangement (See Note 12—Financing Arrangement in the Company's Notes to the Consolidated Financial Statements). The increase 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 Income of Unconsolidated Joint Ventures:

Equity in income of unconsolidated joint ventures decreased $13.7 million from 2021 to 2022. The decrease in equity in income of unconsolidated joint ventures is primarily due to a decrease in other income related to mark-to-market valuation adjustments on investments in 2021 compared to 2022.

Loss on Sale or Write Down of Assets, net:

The loss on sale or write down of assets, net decreased $2.8 million from 2021 to 2022 primarily due to lower impairment charges in 2022 compared to 2021 and a decrease in gains from land sales in 2022 compared to 2021.

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Net Loss:

Net loss increased $13.6 million from 2021 to 2022. The increase in net loss is primarily due to the 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 decreased 19.4% from $127.6 million in 2021 to $102.9 million in 2022. 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—diluted, see "Funds From Operations ("FFO")" below.

Comparison of Six Months Ended June 30, 2022 and 2021

Revenues:

Leasing revenue increased by $15.5 million, or 4.1%, from 2021 to 2022. The increase in leasing revenue is attributed to an increase of $22.8 million from the Same Centers offset in part by a decrease of $7.3 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 $1.0 million in 2021 to $1.2 million in 2022. Straight-line rents decreased from $10.8 million in 2021 to $(2.5) million in 2022. Lease termination income increased from $8.1 million in 2021 to $12.4 million in 2022. Percentage rent decreased from $17.2 million in 2021 to $15.5 million in 2022. Recovery of bad debts decreased from $5.9 million in 2021 to $0.9 million in 2022.

Other revenue decreased from $17.2 million in 2021 to $14.4 million in 2022. This decrease is primarily due to income related to the Disposition Properties.

Management Companies' revenue increased from $12.2 million in 2021 to $13.8 million in 2022 due to an increase in management fees.

Shopping Center and Operating Expenses:

Shopping center and operating expenses decreased $1.2 million, or 0.8%, from 2021 to 2022. The decrease in shopping center and operating expenses is attributed to a decrease of $2.8 million from the Disposition Properties offset in part by an increase of $1.6 million from the Same Centers.

Leasing Expenses:

Leasing expenses increased from $11.8 million in 2021 to $15.8 million in 2022 due to an increase in compensation expense.

Management Companies' Operating Expenses:

Management Companies' operating expenses increased $4.8 million from 2021 to 2022 due to an increase in compensation expense.

REIT General and Administrative Expenses:

REIT general and administrative expenses decreased $1.5 million from 2021 to 2022 primarily due to a decrease in consulting expense.

Depreciation and Amortization:

Depreciation and amortization decreased $10.7 million from 2021 to 2022. The decrease in depreciation and amortization is attributed to decreases of $6.2 million from the Same Centers and $4.5 million from the Disposition Properties.

Interest Expense:

Interest expense decreased $3.8 million from 2021 to 2022. The decrease in interest expense was attributed to a decrease of $14.4 million from lower outstanding balances on the Company's revolving line of credit, $1.5 million from the Disposition Properties and $0.5 million from the Same Centers offset in part by an increase of $12.6 million from the financing arrangement discussed in Note 12 in the Company's Notes to the Consolidated Financial Statements. The increase in interest expense from

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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 decreased $44.7 million from 2021 to 2022. The decrease in equity in (loss) income of unconsolidated joint ventures is primarily due to the write-down of assets as a result of the reduction in the estimated holding periods of certain properties.

Gain (Loss) on Sale or Write Down of Assets, net:

Gain (loss) on sale or write down of assets, net increased from a loss of $25.2 million in 2021 to a gain of $5.4 million in 2022. The increase is primarily due to the impairment and loss on sale of $41.6 million on Estrella Falls in 2021 offset in part by the gain on sale of Paradise Valley Mall of $4.2 million in 2021 and land sales gain of $20.4 million in 2021 compared to land sales gain of $15.2 million in 2022.

Net Loss:

Net loss decreased $16.8 million from 2021 to 2022. The decrease in net loss is primarily due to the variances noted above.

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 increased 5.9% from $203.1 million in 2021 to $215.2 million in 2022. 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—diluted, see "Funds From Operations ("FFO")" below.

Operating Activities:

Cash provided by operating activities increased $2.4 million from 2021 to 2022. The increase is primarily due to the changes in assets and liabilities and the results, as discussed above.

Investing Activities:

Cash provided by investing activities decreased $53.8 million from 2021 to 2022. The decrease in cash provided by investing activities is primarily attributed to a decrease in proceeds from the sale of assets of $119.0 million offset in part by increases in distributions from unconsolidated joint ventures of $24.9 million, proceeds from collection of receivable in connection with sale of joint venture property of $21.0 million and decreases of contributions to unconsolidated joint ventures of $7.6 million.

Financing Activities:

Cash used in financing activities decreased $0.3 billion from 2021 to 2022. The decrease in cash used in financing activities is primarily due to the decrease in payments on mortgages, bank and other notes payable of $1.5 billion offset by proceeds received from sales of common shares under the ATM Programs of $791.5 million and proceeds from mortgages, bank and other notes payable of $470.0 million.

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. Following the uncertain environment brought about by COVID-19, the Company took a number of previously disclosed measures in the years ended December 31, 2020 and 2021 to enhance its liquidity position over the short-term, but currently anticipates meeting its liquidity needs for the next twelve months as it has done historically.

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Uses of Capital

The following tables summarize capital expenditures incurred at the Centers (at the Company's pro rata share):

	For the Six Months Ended June 30,
(Dollars in thousands)	2022		2021
Consolidated Centers:
Acquisitions of property, building improvement and equipment	$	5,981	$	7,285
Development, redevelopment, expansions and renovations of Centers	23,519		22,764
Tenant allowances	10,618		8,141
Deferred leasing charges	791		1,427
	$	40,909	$	39,617
Joint Venture Centers:
Acquisitions of property, building improvement and equipment	$	4,102	$	3,365
Development, redevelopment, expansions and renovations of Centers	27,679		24,585
Tenant allowances	8,962		3,949
Deferred leasing charges	1,700		1,408
	$	42,443	$	33,307

The Company expects amounts to be incurred during the next twelve months for tenant allowances and deferred leasing charges to be less than or comparable to 2021. The Company expects to incur approximately $80.0 million to $90.0 million during the remainder of 2022 for development, redevelopment, expansion and renovations. This includes the Company's share of the development costs of One Westside of approximately $12.0 million, which is fully funded by a non-recourse construction facility. 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 Paradise Valley Mall in Phoenix, Arizona and Tucson La Encantada in Tucson, Arizona during the year ended December 31, 2021. The Company used the proceeds from these sales to pay down its line of credit and other debt obligations. 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 six months ended June 30, 2022, no shares were issued under the March 2021 ATM Program. As of June 30, 2022, 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, prevailing market conditions and the impact of COVID-19. The Company expects to incur increased interest expense from the refinancing or extension of loans that may currently 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 June 30, 2022 was $6.86 billion (consisting of $4.44 billion of consolidated debt, less $0.46 billion of noncontrolling interests, plus $2.88

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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.

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.

As of June 30, 2022, one of the Company’s joint ventures had $50.0 million of debt that could become recourse to the Company should the joint venture be unable to discharge the obligation of the related debt.

Additionally, as of June 30, 2022, 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 June 30, 2022, $40.7 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 has successfully secured all requested extensions from both balance sheet lenders and CMBS lenders/servicers spanning nine loan extensions totaling over $1.6 billion of debt since September 2020, including the following refinancing and extensions in 2022. 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. On April 29, 2022, the Company closed on a new $72 million loan at Pacific View with a fixed rate of 5.29% that matures on May 6, 2032. On May 6, 2022, the Company closed on a two-year extension of the loan on The Oaks to June 5, 2024. The loan will now bear a fixed interest rate of 5.25%, and the Company repaid $5.0 million of the outstanding balance at closing. Additionally, on July 1, 2022, the Company 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 has a $700 million credit facility, including a $525 million revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175 million term loan facility that matures on April 14, 2024. The revolving loan facility can be expanded up to $800 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 credit facility bears interest at LIBOR plus a spread of 2.25% to 3.25% depending on Company’s overall leverage level. As of June 30, 2022, the borrowing rate was LIBOR plus 2.25%. As of June 30, 2022, borrowings under the credit facility were $86.0 million less unamortized deferred finance costs of $11.0 million for the revolving loan facility at a total interest rate of 5.21%. As of June 30, 2022, the Company’s availability under the revolving loan facility for additional borrowings was $438.7 million.

Cash dividends and distributions for the six months ended June 30, 2022 were $76.7 million, which were funded by operations.

At June 30, 2022, the Company was in compliance with all applicable loan covenants under its agreements.

At June 30, 2022, the Company had cash and cash equivalents of $106.4 million.

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Material Cash Commitments:

The following is a schedule of material cash commitments as of June 30, 2022 for the consolidated Centers over the periods in which they are expected to be paid (in thousands):

	Payment Due by Period
Cash Commitments	Total		Less than 1 year		1 - 3 years		3 - 5 years		More than five years
Long-term debt obligations (includes expected interest payments)(1)	$	5,175,862	$	1,040,506	$	1,739,771	$	690,717	$	1,704,868
Lease obligations(2)	189,350		12,197		34,045		22,574		120,534
	$	5,365,212	$	1,052,703	$	1,773,816	$	713,291	$	1,825,402

__________________________________________________________

(1)Interest payments on floating rate debt were based on rates in effect at June 30, 2022.

(2)See Note 8—Leases in the Company's Notes to the Consolidated Financial Statements.

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.

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 non-routine costs associated with extinguishment of debt provide useful supplemental information regarding the Company’s performance as they show a more meaningful and consistent comparison of the Company’s operating performance and allows investors to more easily compare the Company’s results. The Company further believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities.

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 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 (loss) income and considered in addition to cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements.

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 for the three and six months ended June 30, 2022 and 2021 (dollars and shares in thousands):

39

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Net loss attributable to the Company	$	(15,384)	$	(11,765)	$	(52,566)	$	(75,369)
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	(622)		87		(2,122)		(4,269)
Loss (gain) on sale or write down of assets, net—consolidated assets	1,091		3,927		(5,362)		25,210
Add: noncontrolling interests share of gain on sale or write down of assets—consolidated assets	22		5,902		4,443		5,855
Add: gain on sale of undepreciated assets—consolidated assets	66		15,722		15,147		19,818
Less: noncontrolling interests share of gain of undepreciated assets—consolidated assets	—		(4,894)		(4,422)		(6,085)
Loss on write-down of non-real estate assets—consolidated assets	—		(1,000)		(2,000)		(2,200)
(Gain) loss on sale or write down of assets—unconsolidated joint ventures, net(1)	(845)		106		28,982		79
Add: gain on sale of undepreciated assets—unconsolidated joint ventures(1)	956		—		1,555		—
Depreciation and amortization—consolidated assets	72,458		77,630		145,314		156,026
Less: noncontrolling interests in depreciation and amortization—consolidated assets	(6,480)		(5,085)		(14,293)		(9,160)
Depreciation and amortization—unconsolidated joint ventures(1)	45,162		46,126		89,563		93,232
Less: depreciation on personal property	(2,714)		(3,309)		(5,664)		(6,687)
FFO attributable to common stockholders and unit holders—basic and diluted	93,710		123,447		198,575		196,450
Financing expense in connection with Chandler Freehold	9,140		4,147		16,646		6,698
FFO attributable to common stockholders and unit holders, excluding financing expense in connection with Chandler Freehold—basic and diluted	$	102,850	$	127,594	$	215,221	$	203,148
Weighted average number of FFO shares outstanding for:
FFO attributable to common stockholders and unit holders—basic(2)	223,649		215,576		223,576		192,633
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)	223,649		215,576		223,576		192,633

(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 8.7 million and 9.8 million of OP Units outstanding for the three months ended June 30, 2022 and 2021, respectively, and 8.7 million and 10.3 million of OP Units outstanding for the six months ended June 30, 2022 and 2021, 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.

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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 June 30, 2022 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 June 30,
	2023			2024			2025			2026			2027			Thereafter			Total			Fair Value
CONSOLIDATED CENTERS:
Long-term debt:
Fixed rate	$	449,501		$	251,620		$	979,227		$	217,473		$	326,066		$	1,528,895		$	3,752,782		$	3,423,190
Average interest rate	4.30		%	5.43		%	3.71		%	3.50		%	3.59		%	4.05		%	4.01		%
Floating rate	430,320			275,602			—			—			—			—			705,922			687,635
Average interest rate	3.02		%	4.39		%	—		%	—		%	—		%	—		%	3.56		%
Total debt—Consolidated Centers	$	879,821		$	527,222		$	979,227		$	217,473		$	326,066		$	1,528,895		$	4,458,704		$	4,110,825
UNCONSOLIDATED JOINT VENTURE CENTERS:
Long-term debt (at Company's pro rata share):
Fixed rate	$	673,581		$	367,756		$	32,742		$	549,311		$	110,060		$	953,209		$	2,686,659		$	2,490,598
Average interest rate	3.51		%	4.08		%	3.95		%	3.83		%	3.96		%	3.90		%	3.82		%
Floating rate	—			11,500			156,929			—			32,500			—			200,929			186,482
Average interest rate	—		%	2.91		%	3.74		%	—		%	5.27		%	—		%	3.94		%
Total debt—Unconsolidated Joint Venture Centers	$	673,581		$	379,256		$	189,671		$	549,311		$	142,560		$	953,209		$	2,887,588		$	2,677,080

The Consolidated Centers' total fixed rate debt at each of June 30, 2022 and December 31, 2021 was $3.8 billion. The average interest rate on the fixed rate debt at June 30, 2022 and December 31, 2021 was 4.01% and 3.94%, respectively. The Consolidated Centers' total floating rate debt at June 30, 2022 and December 31, 2021 was $705.9 million and $738.9 million, respectively. The average interest rate on the floating rate debt at June 30, 2022 and December 31, 2021 was 3.56% and 2.61%, respectively.

The Company's pro rata share of the unconsolidated joint venture Centers' fixed rate debt at June 30, 2022 and December 31, 2021 was $2.7 billion and $2.8 billion, respectively. The average interest rate on the fixed rate debt at June 30, 2022 and December 31, 2021 was 3.82% and 3.83%, respectively. The Company's pro rata share of the unconsolidated joint venture Centers' floating rate debt at June 30, 2022 and December 31, 2021 was $200.9 million and $104.3 million, respectively. The average interest rate on the floating rate debt at June 30, 2022 and December 31, 2021 was 3.94% and 2.60%, 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 June 30, 2022, the Company had three 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).

41

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 $9.1 million per year based on $0.9 billion of floating rate debt outstanding at June 30, 2022.

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 LIBOR benchmark has been the subject of national, international and other regulatory guidance and proposals for reform and replacement, with most LIBOR settings relevant to the Company not expected to be published after June 30, 2023. As a result, any of the Company's LIBOR-based borrowings that extend beyond such date will need to be converted to a replacement rate. If a contract is not transitioned to an alternative variable rate and LIBOR is discontinued, the impact is likely to vary by contract. As of June 30, 2022, each of the agreements governing the Company's variable rate debt provides for the replacement of LIBOR if it becomes unavailable during the term of such agreement.

The discontinuation of LIBOR will not affect the Company's ability to borrow or maintain already outstanding borrowings or swaps, but if the Company's contracts indexed to LIBOR, including certain contracts governing the Company's variable rate debt, the variable rate debt of the Company's joint ventures and the Company's interest rate swaps, are converted to an alternative rate, the differences could result in interest costs that are higher than if LIBOR remained available. It is not yet possible to predict the magnitude of LIBOR’s end on the Company's borrowing costs given the remaining uncertainty about which rates will replace LIBOR.

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 June 30, 2022, 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, 2021.

42

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

On April 28, 2022 and June 23, 2022, the Company, as general partner of the Operating Partnership, issued 28,735 and 5,816 shares of common stock of the Company, respectively, upon the redemption of 34,551 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

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1)
April 1, 2022 to April 30, 2022	—	$	—	—	$	278,707,048
May 1, 2022 to May 31, 2022	—	—		—	$	278,707,048
June 1, 2022 to June 30, 2022	—	—		—	$	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

Not Applicable

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Item 6.  Exhibits

Exhibit Number	Description
2.1	Master Agreement, dated November 14, 2014, by and among Pacific Premier Retail LP, MACPT LLC, Macerich PPR GP LLC, Queens JV LP, Macerich Queens JV LP, Queens JV GP LLC, 1700480 Ontario Inc. and the Company (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date November 14, 2014).
3.1	Articles 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).
3.1.1	Articles 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).
3.1.2	Articles Supplementary of the Company (with respect to the first paragraph) (incorporated by reference as an exhibit to the Company's 1998 Form 10-K).
3.1.3	Articles Supplementary of the Company (Series D Preferred Stock) (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date July 26, 2002).
3.1.4	Articles Supplementary of the Company (incorporated by reference as an exhibit to the Company's Registration Statement on Form S-3, as amended (No. 333-88718)).
3.1.5	Articles of Amendment of the Company (declassification of Board) (incorporated by reference as an exhibit to the Company's 2008 Form 10-K).
3.1.6	Articles Supplementary of the Company (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date February 5, 2009).
3.1.7	Articles of Amendment of the Company (increased authorized shares) (incorporated by reference as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2009).
3.1.8	Articles of Amendment of the Company (to eliminate the supermajority vote requirement to amend the charter and to clarify a reference in Article NINTH) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date May 30, 2014).
3.1.9	Articles Supplementary of the Company (election to be subject to Section 3-803 of the Maryland General Corporation Law) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date March 17, 2015).
3.1.10	Articles Supplementary of the Company (Series E Preferred Stock) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date March 18, 2015).
3.1.11	Articles Supplementary of the Company (reclassification of Series E Preferred Stock to Preferred Stock) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date May 7, 2015).
3.1.12	Articles Supplementary of the Company (repeal of election to be subject to Section 3-803 of the Maryland General Corporation Law) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date May 28, 2015).
3.1.13	Articles Supplementary of the Company (opting out of provisions of Subtitle 8 of Title 3 of the Maryland General Corporate Law (MUTA provisions)) (incorporated by reference as an exhibit to the Company’s Current Report on Form 8-K, event date April 24, 2019).
3.1.14	Articles of Amendment of the Company (increased authorized shares) (incorporated by reference as an exhibit to the Company's current Report on Form 8-K, event date May 28, 2021).
3.2	Amended and Restated Bylaws of the Company (incorporated by reference as an exhibit to the Company's Current Report on Form 8-K, event date April 24, 2019).

44

Exhibit Number	Description
31.1	Section 302 Certification of Thomas O'Hern, Chief Executive Officer
31.2	Section 302 Certification of Scott Kingsmore, Chief Financial Officer
32.1**	Section 906 Certifications of Thomas O'Hern and Scott Kingsmore
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).

** Furnished herewith.

45

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:	August 8, 2022		(Principal Financial Officer)

46

EX-31.1

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 June 30, 2022 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:	August 8, 2022	Chief Executive Officer

EX-31.2

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 June 30, 2022 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:	August 8, 2022	Senior Executive Vice President and Chief Financial Officer

EX-32.1

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 June 30, 2022 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: August 8, 2022

/s/ THOMAS E. O'HERN

Chief Executive Officer

/s/ SCOTT W. KINGSMORE

Senior Executive Vice President and Chief Financial Officer

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Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	MAC
Security Exchange Name	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		214,775,995
Entity Central Index Key	0000912242
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS:
Property, net	$ 6,175,685	$ 6,284,206
Cash and cash equivalents	106,384	112,454
Restricted cash	52,060	54,517
Tenant and other receivables, net	162,310	211,361
Right-of-use assets, net	129,161	110,638
Deferred charges and other assets, net	238,847	254,908
Due from affiliates	3,209	0
Investments in unconsolidated joint ventures	1,246,730	1,317,571
Total assets	8,114,386	8,345,655
LIABILITIES AND EQUITY:
Mortgage notes payable	4,361,131	4,423,554
Bank and other notes payable	74,964	104,811
Accounts payable and accrued expenses	53,889	59,228
Due to affiliates	0	327
Lease liabilities	98,426	80,711
Other accrued liabilities	214,451	254,279
Distributions in excess of investments in unconsolidated joint ventures	126,359	127,608
Financing arrangement obligation	128,773	118,988
Total liabilities	5,057,993	5,169,506
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at June 30, 2022 and December 31, 2021, and 215,113,342 and 214,797,057 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	2,150	2,147
Additional paid-in capital	5,500,101	5,488,440
Accumulated deficit	(2,560,793)	(2,443,696)
Accumulated other comprehensive income (loss)	16	(24)
Total stockholders' equity	2,941,474	3,046,867
Noncontrolling interests	114,919	129,282
Total equity	3,056,393	3,176,149
Total liabilities and equity	$ 8,114,386	$ 8,345,655

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	215,113,342	214,797,057
Common Stock, shares outstanding	215,113,342	214,797,057

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Leasing revenue	$ 188,590	$ 196,987	$ 392,002	$ 376,522
Total revenues	204,091	215,473	420,235	405,897
Expenses:
Leasing expenses	8,148	6,637	15,759	11,803
REIT general and administrative expenses	6,441	6,679	13,303	14,766
Depreciation and amortization	72,458	77,630	145,314	156,026
Total expenses before interest	174,521	173,622	351,715	356,269
Interest expense:
Related parties	8,892	2,954	16,895	4,273
Other	44,297	51,960	88,155	104,537
Interest expense	53,189	54,914	105,050	108,810
Total expenses	227,710	228,536	456,765	465,079
Equity in income (loss) of unconsolidated joint ventures	6,353	20,035	(22,744)	21,945
Income tax benefit (expense)	670	(7,107)	(1,129)	(9,345)
(Loss) gain on sale or write down of assets, net	(1,091)	(3,927)	5,362	(25,210)
Net loss	(17,687)	(4,062)	(55,041)	(71,792)
Less: net (loss) income attributable to noncontrolling interests	(2,303)	7,703	(2,475)	3,577
Net loss attributable to the Company	$ (15,384)	$ (11,765)	$ (52,566)	$ (75,369)
Loss per common share—attributable to common stockholders:
Basic (in dollars per share)	$ (0.07)	$ (0.06)	$ (0.25)	$ (0.42)
Diluted (in dollars per share)	$ (0.07)	$ (0.06)	$ (0.25)	$ (0.42)
Weighted average number of common shares outstanding:
Basic (in shares)	214,990	205,757	214,905	182,299
Diluted (in shares)	214,990	205,757	214,905	182,299
Other
Revenues:
Revenue	$ 8,081	$ 11,855	$ 14,408	$ 17,176
Management Companies
Revenues:
Revenue	7,420	6,631	13,825	12,199
Expenses:
Shopping center and operating expenses	17,746	15,021	34,691	29,864
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	$ 69,728	$ 67,655	$ 142,648	$ 143,810

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (17,687)	$ (4,062)	$ (55,041)	$ (71,792)
Other comprehensive income:
Interest rate cap/swap agreements	9	2,739	40	5,433
Comprehensive loss	(17,678)	(1,323)	(55,001)	(66,359)
Less: net (loss) income attributable to noncontrolling interests	(2,303)	7,703	(2,475)	3,577
Comprehensive loss attributable to the Company	$ (15,375)	$ (9,026)	$ (52,526)	$ (69,936)

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CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Beginning balance at Dec. 31, 2020	$ 2,445,260	$ 2,257,049	$ 1,498	$ 4,603,378	$ (2,339,619)	$ (8,208)	$ 188,211
Beginning balance (in shares) at Dec. 31, 2020			149,770,575
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(71,792)	(75,369)			(75,369)		3,577
Interest rate cap agreement	5,433	5,433				5,433
Amortization of share and unit-based plans	9,363	9,363	$ 2	9,361
Amortization of share and unit-based plans (in shares)			224,681
Employee stock purchases	595	595	$ 1	594
Employee stock purchases (in shares)			88,107
Stock offerings, net	806,054	806,054	$ 599	805,455
Stock offerings, net (in shares)			59,907,761
Distributions paid	(54,348)	(54,348)			(54,348)
Distributions to noncontrolling interests	(14,194)						(14,194)
Contributions from noncontrolling interests	576						576
Conversion of noncontrolling interests to common shares	0	22,218	$ 12	22,206			(22,218)
Conversion of noncontrolling interests to common shares (in shares)			1,178,530
Redemption of noncontrolling interests	(1)						(1)
Adjustment of noncontrolling interests in Operating Partnership	0	(2,501)		(2,501)			2,501
Ending balance at Jun. 30, 2021	3,126,946	2,968,494	$ 2,112	5,438,493	(2,469,336)	(2,775)	158,452
Ending balance (in shares) at Jun. 30, 2021			211,169,654
Beginning balance at Mar. 31, 2021	2,997,305	2,833,896	$ 1,971	5,263,994	(2,426,555)	(5,514)	163,409
Beginning balance (in shares) at Mar. 31, 2021			197,036,176
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(4,062)	(11,765)			(11,765)		7,703
Interest rate cap agreement	2,739	2,739				2,739
Amortization of share and unit-based plans	4,332	4,332	$ 1	4,331
Amortization of share and unit-based plans (in shares)			129,928
Employee stock purchases	595	595	$ 1	594
Employee stock purchases (in shares)			88,107
Stock offerings, net	167,910	167,910	$ 139	167,771
Stock offerings, net (in shares)			13,915,443
Distributions paid	(31,016)	(31,016)			(31,016)
Distributions to noncontrolling interests	(10,856)						(10,856)
Contributions from noncontrolling interests	(1)						(1)
Adjustment of noncontrolling interests in Operating Partnership	0	1,803		1,803			(1,803)
Ending balance at Jun. 30, 2021	3,126,946	2,968,494	$ 2,112	5,438,493	(2,469,336)	(2,775)	158,452
Ending balance (in shares) at Jun. 30, 2021			211,169,654
Beginning balance at Dec. 31, 2021	$ 3,176,149	3,046,867	$ 2,147	5,488,440	(2,443,696)	(24)	129,282
Beginning balance (in shares) at Dec. 31, 2021	214,797,057		214,797,057
Increase (Decrease) in Stockholders' Equity
Net (loss) income	$ (55,041)	(52,566)			(52,566)		(2,475)
Interest rate cap agreement	40	40				40
Amortization of share and unit-based plans	11,446	11,446	$ 2	11,444
Amortization of share and unit-based plans (in shares)			184,792
Employee stock purchases	960	960	$ 1	959
Employee stock purchases (in shares)			96,942
Stock offerings, net	(120)	(120)		(120)
Distributions paid	(64,531)	(64,531)			(64,531)
Distributions to noncontrolling interests	(12,182)						(12,182)
Contributions from noncontrolling interests	0
Conversion of noncontrolling interests to common shares	0	2,078		2,078			(2,078)
Conversion of noncontrolling interests to common shares (in shares)			34,551
Redemption of noncontrolling interests	(328)	177		177			(505)
Adjustment of noncontrolling interests in Operating Partnership	0	(2,877)		(2,877)			2,877
Ending balance at Jun. 30, 2022	$ 3,056,393	2,941,474	$ 2,150	5,500,101	(2,560,793)	16	114,919
Ending balance (in shares) at Jun. 30, 2022	215,113,342		215,113,342
Beginning balance at Mar. 31, 2022	$ 3,103,504	2,982,638	$ 2,148	5,493,662	(2,513,179)	7	120,866
Beginning balance (in shares) at Mar. 31, 2022			214,901,377
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(17,687)	(15,384)			(15,384)		(2,303)
Interest rate cap agreement	9	9				9
Amortization of share and unit-based plans	5,384	5,384	$ 1	5,383
Amortization of share and unit-based plans (in shares)			80,472
Employee stock purchases	960	960	$ 1	959
Employee stock purchases (in shares)			96,942
Stock offerings, net	(50)	(50)		(50)
Distributions paid	(32,230)	(32,230)			(32,230)
Distributions to noncontrolling interests	(3,169)						(3,169)
Conversion of noncontrolling interests to common shares	0	2,078		2,078			(2,078)
Conversion of noncontrolling interests to common shares (in shares)			34,551
Redemption of noncontrolling interests	(328)	177		177			(505)
Adjustment of noncontrolling interests in Operating Partnership	0	(2,108)		(2,108)			2,108
Ending balance at Jun. 30, 2022	$ 3,056,393	$ 2,941,474	$ 2,150	$ 5,500,101	$ (2,560,793)	$ 16	$ 114,919
Ending balance (in shares) at Jun. 30, 2022	215,113,342		215,113,342

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CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 0.15	$ 0.15	$ 0.30	$ 0.30

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (55,041)	$ (71,792)
Adjustments to reconcile net loss to net cash provided by operating activities:
(Gain) loss on sale or write down of assets, net	(5,362)	25,210
Depreciation and amortization	150,759	162,603
Amortization of share and unit-based plans	9,152	7,460
Straight-line rent and amortization of above and below market leases	1,664	(11,318)
Recovery of doubtful accounts	(876)	(5,907)
Income tax expense	1,129	9,345
Equity in loss (income) of unconsolidated joint ventures	22,744	(21,945)
Distributions of income from unconsolidated joint ventures	385	0
Change in fair value of financing arrangement obligation	9,785	(2,302)
Changes in assets and liabilities, net of dispositions:
Tenant and other receivables	26,355	81,168
Other assets	(9,577)	9,480
Due from affiliates	(3,536)	(3,200)
Accounts payable and accrued expenses	(5,202)	(15,426)
Other accrued liabilities	(26,957)	(50,349)
Net cash provided by operating activities	115,422	113,027
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(21,225)	(35,560)
Property improvements	(17,708)	(16,107)
Proceeds from repayment of notes receivable	0	1,300
Deferred leasing costs	(915)	(1,176)
Distributions from unconsolidated joint ventures	70,857	45,978
Contributions to unconsolidated joint ventures	(31,886)	(39,487)
Proceeds from collection of receivable in connection with sale of joint venture property	21,000	0
Proceeds from sale of assets	30,994	149,993
Net cash provided by investing activities	51,117	104,941
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	25,000	495,000
Payments on mortgages, bank and other notes payable	(120,796)	(1,632,572)
Deferred financing costs	(1,922)	(22,228)
Payments on finance leases	(1,147)	(1,102)
Net (costs) proceeds from stock offerings	(120)	791,425
Proceeds from share and unit-based plans	960	595
Redemption of noncontrolling interests	(328)	(1)
Contribution from noncontrolling interests	0	124
Dividends and distributions	(76,713)	(68,542)
Net cash used in financing activities	(175,066)	(437,301)
Net decrease in cash, cash equivalents and restricted cash	(8,527)	(219,333)
Cash, cash equivalents and restricted cash, beginning of period	166,971	482,659
Cash, cash equivalents and restricted cash, end of period	158,444	263,326
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	90,733	113,484
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	23,340	22,378
Conversion of Operating Partnership Units to common stock	2,078	22,218
Accrued receivable of net proceeds from stock offering	$ 0	$ 14,629

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Organization

6 Months Ended

Jun. 30, 2022

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 June 30, 2022, 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.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

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:

	June 30, 2022		December 31, 2021
Assets:
Property, net	$	449,717	$	458,964
Other assets	83,546		83,685
Total assets	$	533,263	$	542,649
Liabilities:
Mortgage notes payable	$	413,971	$	413,925
Other liabilities	56,081		56,947
Total liabilities	$	470,052	$	470,872

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, 2021. 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, 2021 has been derived from the audited financial statements but does not include all disclosures required by GAAP. The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows:

	For the Six Months Ended June 30,
	2022		2021
Beginning of period
Cash and cash equivalents	$	112,454	$	465,297
Restricted cash	54,517		17,362
Cash, cash equivalents and restricted cash	$	166,971	$	482,659
End of period
Cash and cash equivalents	$	106,384	$	194,028
Restricted cash	52,060		69,298
Cash, cash equivalents and restricted cash	$	158,444	$	263,326

COVID-19 Pandemic:

In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. As a result, all of the markets that the Company operates in were subject to stay-at-home orders, and the majority of its properties were temporarily closed in part or completely. Following staggered re-openings during 2020, all Centers have been open and operating since October 7, 2020 and government-imposed capacity restrictions resulting from COVID-19 have been essentially eliminated across the Company’s markets.

COVID-19 Lease Accounting:

In April 2020, the Financial Accounting Standards Board issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under Accounting Standards Codification ("ASC") 842, "Leases" ("the lease modification accounting framework"). Under ASC 842, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant or an enforceable right and obligation within the existing lease. The Q&A allows for the bypass of a lease-by-lease analysis, and allows the Company to elect to either apply the lease modification accounting framework or not to all of its lease concessions with similar characteristics and circumstances. The Company has elected to apply the lease modification accounting framework to lease concessions that include the abatement of rent in its consolidated financial statements for the three and six months ended June 30, 2022 and 2021.

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Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

Earnings Per Share ("EPS"):

The following table reconciles the numerator and denominator used in the computation of EPS for the three and six months ended June 30, 2022 and 2021 (shares in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Numerator
Net loss	$	(17,687)	$	(4,062)	$	(55,041)	$	(71,792)
Less: net (loss) income attributable to noncontrolling interests	(2,303)		7,703		(2,475)		3,577
Net loss attributable to the Company	(15,384)		(11,765)		(52,566)		(75,369)
Allocation of earnings to participating securities	(209)		(214)		(431)		(429)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$	(15,593)	$	(11,979)	$	(52,997)	$	(75,798)
Denominator
Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	214,990		205,757		214,905		182,299
EPS—net loss attributable to common stockholders
Basic and diluted	$	(0.07)	$	(0.06)	$	(0.25)	$	(0.42)

(1)     Diluted EPS excludes 99,565 and 103,235 convertible preferred partnership units for the three months ended June 30, 2022 and 2021, respectively, and 99,565 and 103,235 convertible preferred partnership units for the six months ended June 30, 2022 and 2021, respectively, as their impact was antidilutive. Diluted EPS also excludes 8,658,193 and 9,818,495 Operating Partnership units ("OP Units") for the three months ended June 30, 2022 and 2021, respectively, and 8,669,907 and 10,334,235 OP Units for the six months ended June 30, 2022 and 2021, respectively, as their impact was antidilutive.

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Investments in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2022

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 of its unconsolidated joint ventures:

On March 29, 2021, concurrent with the sale of Paradise Valley Mall (see Note 15 – Dispositions), the Company elected to reinvest into the newly formed joint venture at a 5% ownership interest for $3,819 in cash that is accounted for under the equity method of accounting.

On October 26, 2021, the Company's joint venture in The Shops at Atlas Park replaced the existing loan on the property with a new $65,000 loan that bears interest at a floating rate of LIBOR plus 4.15% and matures on November 9, 2026, including extension options. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 3.0% through November 7, 2023.

On December 31, 2021, the Company assigned its joint venture interest in The Shops at North Bridge in Chicago, Illinois to its partner in the joint venture. The assignment included the assumption by the joint venture partner of the Company’s share of the debt owed by the joint venture and no cash consideration was received by the Company. The Company recognized a loss of $28,276 in connection with the assignment.

On December 31, 2021, the Company sold its joint venture interest in the undeveloped property at 443 North Wabash Avenue in Chicago, Illinois to its partner in the joint venture for $21,000. The Company recognized an immaterial gain in connection with the sale.

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.

For the six months ended June 30, 2022, the Company’s joint venture with Seritage Growth Properties (“MS Portfolio LLC”) recorded an impairment loss as a result of shortening the holding periods on certain assets in the joint venture. The Company’s share of the impairment loss was $30,426.

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

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:

	June 30, 2022		December 31, 2021
Assets(1):
Property, net	$	8,215,389	$	8,289,412
Other assets	771,455		750,629
Total assets	$	8,986,844	$	9,040,041
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,634,189	$	5,686,500
Other liabilities	434,599		325,115
Company's capital	1,558,737		1,638,112
Outside partners' capital	1,359,319		1,390,314
Total liabilities and partners' capital	$	8,986,844	$	9,040,041
Investments in unconsolidated joint ventures:
Company's capital	$	1,558,737	$	1,638,112
Basis adjustment(2)	(438,366)		(448,149)
	$	1,120,371	$	1,189,963
Assets—Investments in unconsolidated joint ventures	$	1,246,730	$	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(126,359)		(127,608)
	$	1,120,371	$	1,189,963

(1)     These amounts include assets of $2,722,667 and $2,789,568 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2022 and December 31, 2021, respectively, and liabilities of $1,642,822 and $1,661,110 of the PPR Portfolio as of June 30, 2022 and December 31, 2021, respectively.

(2)     The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $2,295 and $2,420 for the three months ended June 30, 2022 and 2021, respectively, and $4,870 and $4,663 for the six months ended June 30, 2022 and 2021, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

	PPR Portfolio		Other Joint Ventures		Total
Three Months Ended June 30, 2022
Revenues:
Leasing revenue	$	48,339	$	168,827	$	217,166
Other	55		2,766		2,821
Total revenues	48,394		171,593		219,987
Expenses:
Shopping center and operating expenses	10,139		55,365		65,504
Leasing expenses	365		1,200		1,565
Interest expense	15,378		36,582		51,960
Depreciation and amortization	24,218		66,226		90,444
Total expenses	50,100		159,373		209,473
Gain on sale or write down of assets, net	—		2,032		2,032
Net (loss) income	$	(1,706)	$	14,252	$	12,546
Company's equity in net income	$	1,289	$	5,064	$	6,353
Three Months Ended June 30, 2021
Revenues:
Leasing revenue	$	41,234	$	150,465	$	191,699
Other	37		32,884		32,921
Total revenues	41,271		183,349		224,620
Expenses:
Shopping center and operating expenses	9,896		56,546		66,442
Leasing expenses	372		1,106		1,478
Interest expense	15,835		36,889		52,724
Depreciation and amortization	24,582		63,874		88,456
Total expenses	50,685		158,415		209,100
Loss on sale or write down of assets, net	—		(235)		(235)
Net (loss) income	$	(9,414)	$	24,699	$	15,285
Company's equity in net (loss) income	$	(3,372)	$	23,407	$	20,035

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

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

	PPR Portfolio		Other Joint Ventures		Total
Six Months Ended June 30, 2022
Revenues:
Leasing revenue	$	92,189	$	323,993	$	416,182
Other	119		10,105		10,224
Total revenues	92,308		334,098		426,406
Expenses:
Shopping center and operating expenses	20,857		113,232		134,089
Leasing expenses	834		2,521		3,355
Interest expense	30,751		72,327		103,078
Depreciation and amortization	48,491		131,406		179,897
Total expenses	100,933		319,486		420,419
Loss on sale or write down of assets, net	—		(56,659)		(56,659)
Net loss	$	(8,625)	$	(42,047)	$	(50,672)
Company's equity in net loss	$	(503)	$	(22,241)	$	(22,744)
Six Months Ended June 30, 2021
Revenues:
Leasing revenue	$	78,008	$	299,781	$	377,789
Other	129		49,851		49,980
Total revenues	78,137		349,632		427,769
Expenses:
Shopping center and operating expenses	19,263		115,385		134,648
Leasing expenses	775		2,459		3,234
Interest expense	31,637		74,103		105,740
Depreciation and amortization	48,887		130,416		179,303
Total expenses	100,562		322,363		422,925
Loss on sale or write down of assets, net	—		(181)		(181)
Net (loss) income	$	(22,425)	$	27,088	$	4,663
Company's equity in net (loss) income	$	(8,879)	$	30,824	$	21,945

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Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities:

The Company uses an interest rate cap agreement to manage the interest rate risk on certain floating rate debt. The Company recorded other comprehensive income related to the marking-to-market of derivative instruments of $9 and $2,739 for the three months ended June 30, 2022 and 2021, respectively, and $40 and $5,433 for the six months ended June 30, 2022 and 2021, respectively.

The following derivative was outstanding at June 30, 2022:    

							Fair Value
Property	Notional Amount		Product	LIBOR Rate		Maturity	June 30, 2022		December 31, 2021
Santa Monica Place	$	300,000	Cap	4.00	%	12/9/2022	$	29	$	6

The above derivative was valued with an aggregate fair value (Level 2 measurement) and was included in other accrued liabilities. The fair value of the Company's interest rate derivative was determined using discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements.

Although the Company has determined that the majority of the inputs used to value its derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swap. As a result, the Company determined that its interest rate cap valuation in its entirety is classified in Level 2 of the fair value hierarchy.

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Property, net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property, net

Property, net:

Property, net consists of the following:    

	June 30, 2022		December 31, 2021
Land	$	1,432,149	$	1,441,858
Buildings and improvements	6,343,434		6,306,764
Tenant improvements	688,929		685,242
Equipment and furnishings(1)	189,909		191,266
Construction in progress	199,348		222,420
	8,853,769		8,847,550
Less accumulated depreciation(1)	(2,678,084)		(2,563,344)
	$	6,175,685	$	6,284,206

(1)      Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at June 30, 2022 and December 31, 2021 (See Note 8—Leases).

Depreciation expense was $67,394 and $70,762 for the three months ended June 30, 2022 and 2021, respectively, and $135,179 and $142,426 for the six months ended June 30, 2022 and 2021, respectively.

(Loss) gain on sale or write-down of assets, net for the three and six months ended June 30, 2022 and 2021 consist of the following:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Gain (loss) on property sales, net(1)	$	73	$	(10,895)	$	73	$	(6,666)
Loss on write-down of assets(2)	(1,230)		(8,754)		(9,858)		(38,362)
Gain on land sales, net	66		15,722		15,147		19,818
	$	(1,091)	$	(3,927)	$	5,362	$	(25,210)

(1)    Includes $4,229 of gain related to the sale of Paradise Valley Mall during the six months ended June 30, 2021 (See Note 15-Dispositions).

(2)    Includes impairment loss of $5,492 relating to the Company's investment in MS Portfolio LLC (See Note 4-Investments in Unconsolidated Joint Ventures) during the six months ended June 30, 2022 and impairment loss of $27,281 on Estrella Falls during the six months ended June 30, 2021. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three and six months ended June 30, 2022 and 2021 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 six months ended June 30, 2021, as described above:

	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Unobservable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
June 30, 2021	$	23,690	$	—	$	4,720	$	18,970

The fair values relating to a portion of the 2021 impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy. The fair value (Level 3 measurement) related to the 2021 impairment was based upon an income approach, using an estimated terminal capitalization rate, discount rate, and in-place contractual rent and other income. The fair value is sensitive to these significant unobservable inputs.

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Tenant and Other Receivables, net	6 Months Ended
	Jun. 30, 2022
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 $12,286 and $14,917 at June 30, 2022 and December 31, 2021, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $3,066 and $19,907 at June 30, 2022 and December 31, 2021, respectively, and a deferred rent receivable due to straight-line rent adjustments of $108,398 and $110,969 at June 30, 2022 and December 31, 2021, respectively.

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Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Leases:

Lessor Leases:

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

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

The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2022 and 2021:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Leasing revenue—fixed payments	$	135,048	$	131,512	$	270,257	$	263,007
Leasing revenue—variable payments	52,099		56,360		120,869		107,608
Recovery of doubtful accounts, net	1,443		9,115		876		5,907
	$	188,590	$	196,987	$	392,002	$	376,522

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

Twelve months ending June 30,
2023	$	369,308
2024	320,103
2025	260,120
2026	207,837
2027	159,357
Thereafter	461,006
	$	1,777,731

Lessee Leases:

The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2024.

The following table summarizes the lease costs for the three and six months ended June 30, 2022 and 2021:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease costs	$	3,775	$	3,814	$	7,550	$	7,629
Finance lease costs:
Amortization of ROU assets	482		478		963		956
Interest on lease liabilities	108		124		302		343
	$	4,365	$	4,416	$	8,815	$	8,928

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

	June 30, 2022						December 31, 2021
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2022	$	7,736		$	4,461		$	14,302		$	4,461
2023	11,876			2,043			8,452			2,043
2024	11,054			9,072			6,471			9,072
2025	11,231			—			6,513			—
2026	11,343			—			6,470			—
Thereafter	120,534			—			109,358			—
Total undiscounted rental payments	173,774			15,576			151,566			15,576
Less imputed interest	(88,729)			(2,195)			(85,383)			(1,048)
Total lease liabilities	$	85,045		$	13,381		$	66,183		$	14,528
Weighted average remaining term	32.2 years			1.7 years			36.3 years			2.1 years
Weighted average incremental borrowing rate	7.4		%	3.7		%	7.8		%	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 six months ended June 30, 2022 and 2021:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Leasing revenue—fixed payments	$	135,048	$	131,512	$	270,257	$	263,007
Leasing revenue—variable payments	52,099		56,360		120,869		107,608
Recovery of doubtful accounts, net	1,443		9,115		876		5,907
	$	188,590	$	196,987	$	392,002	$	376,522

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

Twelve months ending June 30,
2023	$	369,308
2024	320,103
2025	260,120
2026	207,837
2027	159,357
Thereafter	461,006
	$	1,777,731

Lessee Leases:

The Company has certain properties that are subject to non-cancelable operating leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. In addition, the Company has five finance leases that expire at various times through 2024.

The following table summarizes the lease costs for the three and six months ended June 30, 2022 and 2021:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease costs	$	3,775	$	3,814	$	7,550	$	7,629
Finance lease costs:
Amortization of ROU assets	482		478		963		956
Interest on lease liabilities	108		124		302		343
	$	4,365	$	4,416	$	8,815	$	8,928

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

	June 30, 2022						December 31, 2021
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2022	$	7,736		$	4,461		$	14,302		$	4,461
2023	11,876			2,043			8,452			2,043
2024	11,054			9,072			6,471			9,072
2025	11,231			—			6,513			—
2026	11,343			—			6,470			—
Thereafter	120,534			—			109,358			—
Total undiscounted rental payments	173,774			15,576			151,566			15,576
Less imputed interest	(88,729)			(2,195)			(85,383)			(1,048)
Total lease liabilities	$	85,045		$	13,381		$	66,183		$	14,528
Weighted average remaining term	32.2 years			1.7 years			36.3 years			2.1 years
Weighted average incremental borrowing rate	7.4		%	3.7		%	7.8		%	3.7		%

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Deferred Charges and Other Assets, net

6 Months Ended

Jun. 30, 2022

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

Deferred Charges and Other Assets, net

Deferred Charges and Other Assets, net:

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

	June 30, 2022		December 31, 2021
Leasing	$	112,492	$	134,887
Intangible assets:
In-place lease values	59,470		62,826
Leasing commissions and legal costs	16,052		16,710
Above-market leases	70,101		72,289
Deferred tax assets	22,690		23,406
Deferred compensation plan assets	55,245		68,807
Other assets	56,900		46,319
	392,950		425,244
Less accumulated amortization(1)	(154,103)		(170,336)
	$	238,847	$	254,908

(1)   Accumulated amortization includes $43,294 and $43,978 relating to in-place lease values, leasing commissions and legal costs at June 30, 2022 and December 31, 2021, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,664 and $2,403 for the three months ended June 30, 2022 and 2021, respectively, and $3,331 and $4,606 for the six months ended June 30, 2022 and 2021, respectively.

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

	June 30, 2022		December 31, 2021
Above-Market Leases
Original allocated value	$	70,101	$	72,289
Less accumulated amortization	(33,434)		(32,484)
	$	36,667	$	39,805
Below-Market Leases(1)
Original allocated value	$	96,054	$	99,332
Less accumulated amortization	(38,191)		(37,122)
	$	57,863	$	62,210

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

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Mortgage Notes Payable

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage Notes Payable:

Mortgage notes payable at June 30, 2022 and December 31, 2021 consist of the following:

	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	June 30, 2022		December 31, 2021		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	255,643	$	255,548	4.18	%	$	875	2024
Danbury Fair Mall(6)	163,677		168,037		5.71	%	1,538		2023
Fashion District Philadelphia	194,602		194,602		4.56	%	740		2024
Fashion Outlets of Chicago	299,314		299,274		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA	92,825		95,329		6.45	%	727		2023
Freehold Raceway Mall(5)	398,794		398,711		3.94	%	1,300		2029
Fresno Fashion Fair	324,155		324,056		3.67	%	971		2026
Green Acres Commons(7)	125,066		124,875		4.08	%	398		2023
Green Acres Mall(8)	241,863		246,061		3.94	%	1,447		2023
Kings Plaza Shopping Center	536,185		535,928		3.71	%	1,629		2030
Oaks, The(9)	168,208		176,721		5.49	%	1,138		2024
Pacific View(10)	70,903		111,481		5.44	%	328		2032
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(11)	299,688		299,314		2.92	%	666		2022
SanTan Village Regional Center	219,368		219,323		4.34	%	788		2029
Towne Mall	19,063		19,320		4.48	%	117		2022
Victor Valley, Mall of	114,879		114,850		4.00	%	380		2024
Vintage Faire Mall	236,898		240,124		3.55	%	1,256		2026
	$	4,361,131	$	4,423,554

(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 $11,575 and $11,946 at June 30, 2022 and December 31, 2021, 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 September 15, 2020, the Company closed on a loan extension agreement for Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021 and subsequently to October 1, 2021. The loan amount and interest rate remained unchanged following these extensions. On September 15, 2021, the Company further extended the loan maturity to July 1, 2022. The interest rate remained unchanged, and the Company repaid $10,000 of the outstanding loan balance at closing. On July 1, 2022, the Company further 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.

(7)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing.

(8)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.

(9)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.

(10)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.

(11)The loan bears interest at LIBOR plus 1.48%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 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.

Total interest expense capitalized was $2,441 and $2,247 for the three months ended June 30, 2022 and 2021, respectively, and $4,292 and $3,709 for the six months ended June 30, 2022 and 2021, respectively.

The estimated fair value (Level 2 measurement) of mortgage notes payable at June 30, 2022 and December 31, 2021 was $4,025,925 and $4,261,429, 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.

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Bank and Other Notes Payable

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Bank and Other Notes Payable

Bank and Other Notes Payable:

Bank and other notes payable consist of the following:

Credit Facility:

On April 14, 2021, the Company terminated its existing credit facility and entered into a new credit agreement, which provides for an aggregate $700,000 facility, including a $525,000 revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175,000 term loan facility that matures on April 14, 2024. The revolving loan facility can be expanded up to $800,000, subject to receipt of lender commitments and other conditions. Concurrently with entering into the new credit agreement, the Company drew the $175,000 term loan facility in its entirety and drew $320,000 of the amount available under the revolving loan facility. Simultaneously with entering into the new credit agreement, the Company repaid $985,000 of debt, which included terminating and repaying all amounts outstanding under its prior revolving line of credit facility. All obligations under the facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The

credit facility bears interest at LIBOR plus a spread of 2.25% to 3.25% depending on the Company’s overall leverage level. As of June 30, 2022, the borrowing rate was LIBOR plus 2.25%. As of June 30, 2022, borrowings under the facility were $86,000, less unamortized deferred finance costs of $11,036, for the revolving loan facility at a total interest rate of 5.21%. As of June 30, 2022, the Company's availability under the revolving loan facility for additional borrowings was $438,719. On September 20, 2021, the Company paid off the remaining balance outstanding on the term loan facility with proceeds from the sale of Tucson La Encantada (See Note 15—Dispositions). The estimated fair value (Level 2 measurement) of borrowings under the credit facility at June 30, 2022 was $84,900 for the revolving loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt.

As of June 30, 2022 and December 31, 2021, the Company was in compliance with all applicable financial loan covenants.

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Financing Arrangement

6 Months Ended

Jun. 30, 2022

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 1,319,000 square foot regional shopping center in Chandler, Arizona, and Freehold Raceway Mall, a 1,553,000 square foot regional shopping center in Freehold, New Jersey (collectively referred to herein as "Chandler Freehold"). As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the formation of Chandler Freehold, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The Company accounts for its investment in Chandler Freehold as a financing arrangement. The fair value (Level 3 measurement) of the financing arrangement obligation at June 30, 2022 and December 31, 2021 was based upon a terminal capitalization rate of approximately 5.75%, a discount rate at June 30, 2022 and December 31, 2021 of 7.75% and 7.25%, respectively, and market rents per square foot of $35 to $105. The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Distributions to the partner, excluding distributions of excess loan proceeds, and changes in fair value of the financing arrangement obligation are recognized as interest (income) expense in the Company's consolidated statements of operations.

During the three and six months ended June 30, 2022 and 2021, the Company recognized interest expense in the Company's consolidated statements of operations in connection with the financing arrangement as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Distributions equal to the partner's share of net (loss) income	$	(248)	$	(1,193)	$	249	$	(2,425)
Distributions in excess of the partner's share of net income	1,899		5,586		6,861		9,000
Adjustment to fair value of financing arrangement obligation	7,241		(1,439)		9,785		(2,302)
	$	8,892	$	2,954	$	16,895	$	4,273

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Noncontrolling Interests

6 Months Ended

Jun. 30, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Noncontrolling Interests:The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 96% ownership interest in the Operating Partnership as of June 30, 2022 and December 31, 2021. The remaining 4% limited partnership interest as of June 30, 2022 and December 31, 2021 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of June 30, 2022 and

December 31, 2021, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $78,019 and $147,259, 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.

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Stockholders' Equity

6 Months Ended

Jun. 30, 2022

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 six months ended June 30, 2022, the Company did not issue any shares of common stock under the March 2021 ATM Program. As of June 30, 2022, $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.

During the six months ended June 30, 2021, the Company issued 59,907,761 shares of common stock under the ATM Programs for aggregate gross proceeds of $808,492 and net proceeds of $791,425 after commissions and other transaction costs. In addition, under the ATM Programs, the Company sold additional common shares at the end of the quarter ending June 30, 2021 for aggregate gross proceeds of $14,927 and net proceeds of $14,629 after commissions, of which the shares settled and the proceeds were received in July 2021.

Stock Buyback Program

On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program".

There were no repurchases under the Stock Buyback Program during the six months ended June 30, 2022 or 2021.

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Dispositions

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

Dispositions:

On March 29, 2021, the Company sold Paradise Valley Mall in Phoenix, Arizona to a newly formed joint venture for $100,000 resulting in a gain on sale of assets and land of $5,563. Concurrent with the sale, the Company elected to reinvest into the new joint venture at a 5% ownership interest (see Note 4 – Investments in Unconsolidated Joint Ventures). The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes.

On September 17, 2021, the Company sold Tucson La Encantada in Tucson, Arizona for $165,250, resulting in a gain on sale of assets of approximately $117,242. The Company used the net cash proceeds of $100,142 to pay down debt.

For the three and six months ended June 30, 2022, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $66 and $15,147, respectively. For the three and six months ended June 30, 2021, the Company sold various land parcels in separate transactions, resulting in gains on sale of land of $15,722 and $19,818, respectively. The Company used its share of the proceeds from these sales to pay down debt and for other general corporate purposes.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

:Commitments and Contingencies:

As of June 30, 2022, the Company was contingently liable for $40,997 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. As of June 30, 2022, $40,680 of these letters of credit were secured by restricted cash. The Company does not believe that these letters of credit will result in a liability to the Company.

The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the relevant agreement. At June 30, 2022, the Company had $6,443 in outstanding obligations, which it believes will be settled in the next twelve months.

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Related Party Transactions

6 Months Ended

Jun. 30, 2022

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 June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Management fees	$	4,682	$	3,986	$	9,043	$	7,803
Development and leasing fees	2,108		1,555		3,491		2,985
	$	6,790	$	5,541	$	12,534	$	10,788

Interest expense from related party transactions includes $8,892 and $2,954 for the three months ended June 30, 2022 and 2021, respectively, and $16,895 and $4,273 for the six months ended June 30, 2022 and 2021, respectively, in connection with the financing arrangement (See Note 12—Financing Arrangement).

Due from (to) affiliates includes $3,209 and $(327) of unreimbursed (prepaid) costs and fees from unconsolidated joint ventures due to (from) the Management Companies at June 30, 2022 and December 31, 2021, respectively.

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Share and Unit-Based Plans

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share and Unit-Based Plans

Share and Unit-Based Plans:

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

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

During the six months ended June 30, 2022, the Company granted the following LTI Units:

Grant Date	Units	Type	Fair Value per LTI Unit		Vest Date
1/1/2022	376,153	Service-based	$	17.28	12/31/2024
1/1/2022	716,545	Performance-based	$	15.77	12/31/2024
	1,092,698

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, 2022 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk-free interest rate of 0.97% and an expected volatility of 70.83%.

The following table summarizes the activity of the non-vested LTI Units, phantom stock units and stock units:

	LTI Units			Phantom Stock Units			Stock Units
	Units	Value(1)		Units	Value(1)		Units	Value(1)
Balance at January 1, 2022	1,837,691	$	14.14	—	$	—	266,505	$	19.05
Granted	1,092,698	16.29		53,660	14.89		200,280	13.53
Vested	(16,467)	29.86		(11,302)	15.62		(162,969)	19.86
Forfeited	—	—		—	—		—	—
Balance at June 30, 2022	2,913,922	$	14.86	42,358	$	14.69	303,816	$	14.98
(1) Value represents the weighted average grant date fair value.

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

	Stock Options
	Units	Value(1)
Balance at January 1, 2022	37,515	$	54.34
Granted	—	—
Exercised	—	—
Balance at June 30, 2022	37,515	$	54.34
(1) Value represents the weighted average exercise price.

The following summarizes the compensation cost under the share and unit-based plans:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
LTI Units	$	4,717	$	3,586	$	9,402	$	7,197
Stock units	576		652		1,867		1,979
Phantom stock units	91		94		177		187
	$	5,384	$	4,332	$	11,446	$	9,363

The Company capitalized share and unit-based compensation costs of $1,101 and $902 for the three months ended June 30, 2022 and 2021, respectively, and $2,294 and $1,903 for the six months ended June 30, 2022 and 2021, respectively. Unrecognized compensation costs of share and unit-based plans at June 30, 2022 consisted of $13,007 from LTI Units, $2,377 from stock units and $0 from phantom stock units.

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Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes:

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

The income tax provision of the TRSs are as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Current	$	—	$	—	$	—	$	—
Deferred	670		(7,107)		(1,129)		(9,345)
Total benefit (expense)	$	670	$	(7,107)	$	(1,129)	$	(9,345)

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 $22,690 and $23,406 were included in deferred charges and other assets, net at June 30, 2022 and December 31, 2021, respectively.

The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of June 30, 2022, the Company had no valuation allowance recorded.

The tax years 2018 through 2020 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.

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Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events:On July 20, 2022, the Company announced a dividend/distribution of $0.15 per share for common stockholders and OP Unitholders of record on August 19, 2022. All dividends/distributions will be paid 100% in cash on September 8, 2022.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

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"),

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Variable Interest Entities

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

	June 30, 2022		December 31, 2021
Assets:
Property, net	$	449,717	$	458,964
Other assets	83,546		83,685
Total assets	$	533,263	$	542,649
Liabilities:
Mortgage notes payable	$	413,971	$	413,925
Other liabilities	56,081		56,947
Total liabilities	$	470,052	$	470,872

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 Six Months Ended June 30,
	2022		2021
Beginning of period
Cash and cash equivalents	$	112,454	$	465,297
Restricted cash	54,517		17,362
Cash, cash equivalents and restricted cash	$	166,971	$	482,659
End of period
Cash and cash equivalents	$	106,384	$	194,028
Restricted cash	52,060		69,298
Cash, cash equivalents and restricted cash	$	158,444	$	263,326

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 Six Months Ended June 30,
	2022		2021
Beginning of period
Cash and cash equivalents	$	112,454	$	465,297
Restricted cash	54,517		17,362
Cash, cash equivalents and restricted cash	$	166,971	$	482,659
End of period
Cash and cash equivalents	$	106,384	$	194,028
Restricted cash	52,060		69,298
Cash, cash equivalents and restricted cash	$	158,444	$	263,326

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Earnings Per Share ("EPS") (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Reconciliation of Numerator and Denominator Used in Computation of Earnings Per Share

The following table reconciles the numerator and denominator used in the computation of EPS for the three and six months ended June 30, 2022 and 2021 (shares in thousands):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Numerator
Net loss	$	(17,687)	$	(4,062)	$	(55,041)	$	(71,792)
Less: net (loss) income attributable to noncontrolling interests	(2,303)		7,703		(2,475)		3,577
Net loss attributable to the Company	(15,384)		(11,765)		(52,566)		(75,369)
Allocation of earnings to participating securities	(209)		(214)		(431)		(429)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$	(15,593)	$	(11,979)	$	(52,997)	$	(75,798)
Denominator
Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1)	214,990		205,757		214,905		182,299
EPS—net loss attributable to common stockholders
Basic and diluted	$	(0.07)	$	(0.06)	$	(0.25)	$	(0.42)

(1)     Diluted EPS excludes 99,565 and 103,235 convertible preferred partnership units for the three months ended June 30, 2022 and 2021, respectively, and 99,565 and 103,235 convertible preferred partnership units for the six months ended June 30, 2022 and 2021, respectively, as their impact was antidilutive. Diluted EPS also excludes 8,658,193 and 9,818,495 Operating Partnership units ("OP Units") for the three months ended June 30, 2022 and 2021, respectively, and 8,669,907 and 10,334,235 OP Units for the six months ended June 30, 2022 and 2021, respectively, as their impact was antidilutive.

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Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures

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

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures:

	June 30, 2022		December 31, 2021
Assets(1):
Property, net	$	8,215,389	$	8,289,412
Other assets	771,455		750,629
Total assets	$	8,986,844	$	9,040,041
Liabilities and partners' capital(1):
Mortgage and other notes payable	$	5,634,189	$	5,686,500
Other liabilities	434,599		325,115
Company's capital	1,558,737		1,638,112
Outside partners' capital	1,359,319		1,390,314
Total liabilities and partners' capital	$	8,986,844	$	9,040,041
Investments in unconsolidated joint ventures:
Company's capital	$	1,558,737	$	1,638,112
Basis adjustment(2)	(438,366)		(448,149)
	$	1,120,371	$	1,189,963
Assets—Investments in unconsolidated joint ventures	$	1,246,730	$	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(126,359)		(127,608)
	$	1,120,371	$	1,189,963

(1)     These amounts include assets of $2,722,667 and $2,789,568 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2022 and December 31, 2021, respectively, and liabilities of $1,642,822 and $1,661,110 of the PPR Portfolio as of June 30, 2022 and December 31, 2021, respectively.

(2)     The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $2,295 and $2,420 for the three months ended June 30, 2022 and 2021, respectively, and $4,870 and $4,663 for the six months ended June 30, 2022 and 2021, respectively.

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

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

	PPR Portfolio		Other Joint Ventures		Total
Three Months Ended June 30, 2022
Revenues:
Leasing revenue	$	48,339	$	168,827	$	217,166
Other	55		2,766		2,821
Total revenues	48,394		171,593		219,987
Expenses:
Shopping center and operating expenses	10,139		55,365		65,504
Leasing expenses	365		1,200		1,565
Interest expense	15,378		36,582		51,960
Depreciation and amortization	24,218		66,226		90,444
Total expenses	50,100		159,373		209,473
Gain on sale or write down of assets, net	—		2,032		2,032
Net (loss) income	$	(1,706)	$	14,252	$	12,546
Company's equity in net income	$	1,289	$	5,064	$	6,353
Three Months Ended June 30, 2021
Revenues:
Leasing revenue	$	41,234	$	150,465	$	191,699
Other	37		32,884		32,921
Total revenues	41,271		183,349		224,620
Expenses:
Shopping center and operating expenses	9,896		56,546		66,442
Leasing expenses	372		1,106		1,478
Interest expense	15,835		36,889		52,724
Depreciation and amortization	24,582		63,874		88,456
Total expenses	50,685		158,415		209,100
Loss on sale or write down of assets, net	—		(235)		(235)
Net (loss) income	$	(9,414)	$	24,699	$	15,285
Company's equity in net (loss) income	$	(3,372)	$	23,407	$	20,035

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

	PPR Portfolio		Other Joint Ventures		Total
Six Months Ended June 30, 2022
Revenues:
Leasing revenue	$	92,189	$	323,993	$	416,182
Other	119		10,105		10,224
Total revenues	92,308		334,098		426,406
Expenses:
Shopping center and operating expenses	20,857		113,232		134,089
Leasing expenses	834		2,521		3,355
Interest expense	30,751		72,327		103,078
Depreciation and amortization	48,491		131,406		179,897
Total expenses	100,933		319,486		420,419
Loss on sale or write down of assets, net	—		(56,659)		(56,659)
Net loss	$	(8,625)	$	(42,047)	$	(50,672)
Company's equity in net loss	$	(503)	$	(22,241)	$	(22,744)
Six Months Ended June 30, 2021
Revenues:
Leasing revenue	$	78,008	$	299,781	$	377,789
Other	129		49,851		49,980
Total revenues	78,137		349,632		427,769
Expenses:
Shopping center and operating expenses	19,263		115,385		134,648
Leasing expenses	775		2,459		3,234
Interest expense	31,637		74,103		105,740
Depreciation and amortization	48,887		130,416		179,303
Total expenses	100,562		322,363		422,925
Loss on sale or write down of assets, net	—		(181)		(181)
Net (loss) income	$	(22,425)	$	27,088	$	4,663
Company's equity in net (loss) income	$	(8,879)	$	30,824	$	21,945

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following derivative was outstanding at June 30, 2022:    

							Fair Value
Property	Notional Amount		Product	LIBOR Rate		Maturity	June 30, 2022		December 31, 2021
Santa Monica Place	$	300,000	Cap	4.00	%	12/9/2022	$	29	$	6

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Property, net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Components of Property, net

Property, net consists of the following:    

	June 30, 2022		December 31, 2021
Land	$	1,432,149	$	1,441,858
Buildings and improvements	6,343,434		6,306,764
Tenant improvements	688,929		685,242
Equipment and furnishings(1)	189,909		191,266
Construction in progress	199,348		222,420
	8,853,769		8,847,550
Less accumulated depreciation(1)	(2,678,084)		(2,563,344)
	$	6,175,685	$	6,284,206

(1)      Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at June 30, 2022 and December 31, 2021 (See Note 8—Leases).

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

(Loss) gain on sale or write-down of assets, net for the three and six months ended June 30, 2022 and 2021 consist of the following:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Gain (loss) on property sales, net(1)	$	73	$	(10,895)	$	73	$	(6,666)
Loss on write-down of assets(2)	(1,230)		(8,754)		(9,858)		(38,362)
Gain on land sales, net	66		15,722		15,147		19,818
	$	(1,091)	$	(3,927)	$	5,362	$	(25,210)

(1)    Includes $4,229 of gain related to the sale of Paradise Valley Mall during the six months ended June 30, 2021 (See Note 15-Dispositions).

(2)    Includes impairment loss of $5,492 relating to the Company's investment in MS Portfolio LLC (See Note 4-Investments in Unconsolidated Joint Ventures) during the six months ended June 30, 2022 and impairment loss of $27,281 on Estrella Falls during the six months ended June 30, 2021. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three and six months ended June 30, 2022 and 2021 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 six months ended June 30, 2021, as described above:

	Total Fair Value Measurement		Quoted Prices in Active Markets for Identical Assets		Significant Other Unobservable Inputs		Significant Unobservable Inputs
			(Level 1)		(Level 2)		(Level 3)
June 30, 2021	$	23,690	$	—	$	4,720	$	18,970

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Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of Components of Leasing Revenue

The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2022 and 2021:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Leasing revenue—fixed payments	$	135,048	$	131,512	$	270,257	$	263,007
Leasing revenue—variable payments	52,099		56,360		120,869		107,608
Recovery of doubtful accounts, net	1,443		9,115		876		5,907
	$	188,590	$	196,987	$	392,002	$	376,522

Schedule of Minimum Rental Payments

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

Twelve months ending June 30,
2023	$	369,308
2024	320,103
2025	260,120
2026	207,837
2027	159,357
Thereafter	461,006
	$	1,777,731

Schedule of Lease Costs

The following table summarizes the lease costs for the three and six months ended June 30, 2022 and 2021:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease costs	$	3,775	$	3,814	$	7,550	$	7,629
Finance lease costs:
Amortization of ROU assets	482		478		963		956
Interest on lease liabilities	108		124		302		343
	$	4,365	$	4,416	$	8,815	$	8,928

Schedule of Minimum Future Rental Payments Required

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

	June 30, 2022						December 31, 2021
Year ending December 31,	Operating Leases			Finance Leases			Operating Leases			Finance Leases
2022	$	7,736		$	4,461		$	14,302		$	4,461
2023	11,876			2,043			8,452			2,043
2024	11,054			9,072			6,471			9,072
2025	11,231			—			6,513			—
2026	11,343			—			6,470			—
Thereafter	120,534			—			109,358			—
Total undiscounted rental payments	173,774			15,576			151,566			15,576
Less imputed interest	(88,729)			(2,195)			(85,383)			(1,048)
Total lease liabilities	$	85,045		$	13,381		$	66,183		$	14,528
Weighted average remaining term	32.2 years			1.7 years			36.3 years			2.1 years
Weighted average incremental borrowing rate	7.4		%	3.7		%	7.8		%	3.7		%

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Deferred Charges and Other Assets, net (Tables)

6 Months Ended

Jun. 30, 2022

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

Schedule of Deferred Charges and Other Assets, Net

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

	June 30, 2022		December 31, 2021
Leasing	$	112,492	$	134,887
Intangible assets:
In-place lease values	59,470		62,826
Leasing commissions and legal costs	16,052		16,710
Above-market leases	70,101		72,289
Deferred tax assets	22,690		23,406
Deferred compensation plan assets	55,245		68,807
Other assets	56,900		46,319
	392,950		425,244
Less accumulated amortization(1)	(154,103)		(170,336)
	$	238,847	$	254,908

(1)   Accumulated amortization includes $43,294 and $43,978 relating to in-place lease values, leasing commissions and legal costs at June 30, 2022 and December 31, 2021, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,664 and $2,403 for the three months ended June 30, 2022 and 2021, respectively, and $3,331 and $4,606 for the six months ended June 30, 2022 and 2021, respectively.

Schedule of Allocated Values of Above-Market Leases and Below-Market Leases

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

	June 30, 2022		December 31, 2021
Above-Market Leases
Original allocated value	$	70,101	$	72,289
Less accumulated amortization	(33,434)		(32,484)
	$	36,667	$	39,805
Below-Market Leases(1)
Original allocated value	$	96,054	$	99,332
Less accumulated amortization	(38,191)		(37,122)
	$	57,863	$	62,210

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

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Mortgage Notes Payable (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Mortgage Notes Payable

Mortgage notes payable at June 30, 2022 and December 31, 2021 consist of the following:

	Carrying Amount of Mortgage Notes(1)
Property Pledged as Collateral	June 30, 2022		December 31, 2021		Effective Interest Rate(2)		Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)	$	255,643	$	255,548	4.18	%	$	875	2024
Danbury Fair Mall(6)	163,677		168,037		5.71	%	1,538		2023
Fashion District Philadelphia	194,602		194,602		4.56	%	740		2024
Fashion Outlets of Chicago	299,314		299,274		4.61	%	1,145		2031
Fashion Outlets of Niagara Falls USA	92,825		95,329		6.45	%	727		2023
Freehold Raceway Mall(5)	398,794		398,711		3.94	%	1,300		2029
Fresno Fashion Fair	324,155		324,056		3.67	%	971		2026
Green Acres Commons(7)	125,066		124,875		4.08	%	398		2023
Green Acres Mall(8)	241,863		246,061		3.94	%	1,447		2023
Kings Plaza Shopping Center	536,185		535,928		3.71	%	1,629		2030
Oaks, The(9)	168,208		176,721		5.49	%	1,138		2024
Pacific View(10)	70,903		111,481		5.44	%	328		2032
Queens Center	600,000		600,000		3.49	%	1,744		2025
Santa Monica Place(11)	299,688		299,314		2.92	%	666		2022
SanTan Village Regional Center	219,368		219,323		4.34	%	788		2029
Towne Mall	19,063		19,320		4.48	%	117		2022
Victor Valley, Mall of	114,879		114,850		4.00	%	380		2024
Vintage Faire Mall	236,898		240,124		3.55	%	1,256		2026
	$	4,361,131	$	4,423,554

(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 $11,575 and $11,946 at June 30, 2022 and December 31, 2021, 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 September 15, 2020, the Company closed on a loan extension agreement for Danbury Fair Mall. Under the extension agreement, the original loan maturity date of October 1, 2020 was extended to April 1, 2021 and subsequently to October 1, 2021. The loan amount and interest rate remained unchanged following these extensions. On September 15, 2021, the Company further extended the loan maturity to July 1, 2022. The interest rate remained unchanged, and the Company repaid $10,000 of the outstanding loan balance at closing. On July 1, 2022, the Company further 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.

(7)On March 25, 2021, the Company closed on a two-year extension of the loan to March 29, 2023. The interest rate is LIBOR plus 2.75% and the Company repaid $4,680 of the outstanding loan balance at closing.

(8)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.

(9)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.

(10)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.

(11)The loan bears interest at LIBOR plus 1.48%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2022.

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Financing Arrangement (Tables)

6 Months Ended

Jun. 30, 2022

Co-Venture Arrangement [Abstract]

Schedule of Financing Arrangement Activity

During the three and six months ended June 30, 2022 and 2021, the Company recognized interest expense in the Company's consolidated statements of operations in connection with the financing arrangement as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Distributions equal to the partner's share of net (loss) income	$	(248)	$	(1,193)	$	249	$	(2,425)
Distributions in excess of the partner's share of net income	1,899		5,586		6,861		9,000
Adjustment to fair value of financing arrangement obligation	7,241		(1,439)		9,785		(2,302)
	$	8,892	$	2,954	$	16,895	$	4,273

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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Management fees	$	4,682	$	3,986	$	9,043	$	7,803
Development and leasing fees	2,108		1,555		3,491		2,985
	$	6,790	$	5,541	$	12,534	$	10,788

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Share and Unit-Based Plans (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of LTI Units Granted

During the six months ended June 30, 2022, the Company granted the following LTI Units:

Grant Date	Units	Type	Fair Value per LTI Unit		Vest Date
1/1/2022	376,153	Service-based	$	17.28	12/31/2024
1/1/2022	716,545	Performance-based	$	15.77	12/31/2024
	1,092,698

Schedule of Activity Of Non-vested LTI Units, Stock Awards, Phantom Stock And Stock Units

The following table summarizes the activity of the non-vested LTI Units, phantom stock units and stock units:

	LTI Units			Phantom Stock Units			Stock Units
	Units	Value(1)		Units	Value(1)		Units	Value(1)
Balance at January 1, 2022	1,837,691	$	14.14	—	$	—	266,505	$	19.05
Granted	1,092,698	16.29		53,660	14.89		200,280	13.53
Vested	(16,467)	29.86		(11,302)	15.62		(162,969)	19.86
Forfeited	—	—		—	—		—	—
Balance at June 30, 2022	2,913,922	$	14.86	42,358	$	14.69	303,816	$	14.98
(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
	Units	Value(1)
Balance at January 1, 2022	37,515	$	54.34
Granted	—	—
Exercised	—	—
Balance at June 30, 2022	37,515	$	54.34
(1) Value represents the weighted average exercise price.

Schedule of Compensation Cost Under The Share And Unit-based Plans

The following summarizes the compensation cost under the share and unit-based plans:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
LTI Units	$	4,717	$	3,586	$	9,402	$	7,197
Stock units	576		652		1,867		1,979
Phantom stock units	91		94		177		187
	$	5,384	$	4,332	$	11,446	$	9,363

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit of TRSs

The income tax provision of the TRSs are as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Current	$	—	$	—	$	—	$	—
Deferred	670		(7,107)		(1,129)		(9,345)
Total benefit (expense)	$	670	$	(7,107)	$	(1,129)	$	(9,345)

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Organization (Details) - entity	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
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%

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Summary of Significant Accounting Policies - Schedule of variable interest entities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Property, net	$ 6,175,685	$ 6,284,206
Total assets	8,114,386	8,345,655
Liabilities:
Mortgage notes payable	4,361,131	4,423,554
Total liabilities	5,057,993	5,169,506
Operating Partnership
Assets:
Property, net	449,717	458,964
Other assets	83,546	83,685
Total assets	533,263	542,649
Liabilities:
Mortgage notes payable	413,971	413,925
Other liabilities	56,081	56,947
Total liabilities	$ 470,052	$ 470,872

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Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 106,384	$ 112,454	$ 194,028	$ 465,297
Restricted cash	52,060	54,517	69,298	17,362
Cash, cash equivalents and restricted cash	$ 158,444	$ 166,971	$ 263,326	$ 482,659

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Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator
Net loss	$ (17,687)	$ (4,062)	$ (55,041)	$ (71,792)
Less: net (loss) income attributable to noncontrolling interests	(2,303)	7,703	(2,475)	3,577
Net loss attributable to the Company	(15,384)	(11,765)	(52,566)	(75,369)
Allocation of earnings to participating securities	(209)	(214)	(431)	(429)
Allocation of earnings to participating securities	(209)	(214)	(431)	(429)
Net income (loss) attributable to the Company	(15,593)	(11,979)	(52,997)	(75,798)
Numerator for basic and diluted EPS—net loss attributable to common stockholders	$ (15,593)	$ (11,979)	$ (52,997)	$ (75,798)
Denominator
Basic (in shares)	214,990,000	205,757,000	214,905,000	182,299,000
Diluted (in shares)	214,990,000	205,757,000	214,905,000	182,299,000
EPS—net loss attributable to common stockholders
Basic (in dollars per share)	$ (0.07)	$ (0.06)	$ (0.25)	$ (0.42)
Diluted (in dollars per share)	$ (0.07)	$ (0.06)	$ (0.25)	$ (0.42)
Convertible non-participating preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities excluded from Diluted EPS (in shares)	99,565	103,235	99,565	103,235
Partnership unit
Antidilutive Securities Excluded from Computation of Earnings Per Share
Securities excluded from Diluted EPS (in shares)	8,658,193	9,818,495	8,669,907	10,334,235

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Investments in Unconsolidated Joint Ventures - Narrative (Details) - USD ($)					3 Months Ended		6 Months Ended
	Feb. 02, 2022	Dec. 31, 2021	Oct. 26, 2021	Mar. 29, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Equity Method Investments
Impairment loss					$ 1,230,000	$ 8,754,000	$ 9,858,000	$ 38,362,000
MS Portfolio LLC
Schedule of Equity Method Investments
Impairment loss							$ 30,426,000
Paradise Valley Mall | Joint Venture
Schedule of Equity Method Investments
Ownership percentage (as a percent)				5.00%
Payments for joint venture				$ 3,819,000
The Shops At Atlas Park | Joint Venture
Schedule of Equity Method Investments
Debt issued			$ 65,000,000
The Shops At Atlas Park | Joint Venture | LIBOR
Schedule of Equity Method Investments
Variable interest rate spread (as a percent)			4.15%
Interest rate cap (as a percent)			3.00%
North Bridge,Chicago Illinois | Joint Venture
Schedule of Equity Method Investments
Loss on Investments		$ 28,276,000
Proceeds from divestiture of interest in joint venture		$ 21,000,000
FlatIron Crossing | Joint Venture
Schedule of Equity Method Investments
Debt issued	$ 175,000
Repayments of debt	$ 197,011,000
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%

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Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Property, net	$ 6,175,685	$ 6,284,206
Total assets	8,114,386	8,345,655
Liabilities and partners' capital:
Mortgage notes payable	4,361,131	4,423,554
Total liabilities and equity	8,114,386	8,345,655
Investments in unconsolidated joint ventures:
Assets—Investments in unconsolidated joint ventures	1,246,730	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(126,359)	(127,608)
Joint Venture | Investments in Unconsolidated Joint Ventures
Assets:
Property, net	8,215,389	8,289,412
Other assets	771,455	750,629
Total assets	8,986,844	9,040,041
Liabilities and partners' capital:
Mortgage notes payable	5,634,189	5,686,500
Other liabilities	434,599	325,115
Company's capital	1,558,737	1,638,112
Outside partners' capital	1,359,319	1,390,314
Total liabilities and equity	8,986,844	9,040,041
Investments in unconsolidated joint ventures:
Company's capital	1,558,737	1,638,112
Basis adjustment	(438,366)	(448,149)
Investments in unconsolidated joint ventures	1,120,371	1,189,963
Assets—Investments in unconsolidated joint ventures	1,246,730	1,317,571
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(126,359)	(127,608)
Investments in unconsolidated joint ventures	$ 1,120,371	$ 1,189,963

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Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments
Total assets	$ 8,114,386		$ 8,114,386		$ 8,345,655
Liabilities	5,057,993		5,057,993		5,169,506
Joint Venture
Schedule of Equity Method Investments
Amortization of difference between cost of investments and book value of underlying equity	2,295	$ 2,420	4,870	$ 4,663
Joint Venture | Pacific Premier Retail LLC—Various Properties | PPR Portfolio
Schedule of Equity Method Investments
Total assets	2,722,667		2,722,667		2,789,568
Liabilities	$ 1,642,822		$ 1,642,822		$ 1,661,110

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Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Leasing revenue	$ 188,590	$ 196,987	$ 392,002	$ 376,522
Total revenues	204,091	215,473	420,235	405,897
Expenses:
Leasing expenses	8,148	6,637	15,759	11,803
Interest expense	53,189	54,914	105,050	108,810
Depreciation and amortization	72,458	77,630	145,314	156,026
Total expenses	227,710	228,536	456,765	465,079
(Loss) gain on sale or write down of assets, net	(1,091)	(3,927)	5,362	(25,210)
Net (loss) income	(17,687)	(4,062)	(55,041)	(71,792)
Company's equity in net (loss) income	6,353	20,035	(22,744)	21,945
Other
Revenues:
Other	8,081	11,855	14,408	17,176
Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	69,728	67,655	142,648	143,810
Joint Venture | Investments in Unconsolidated Joint Ventures
Revenues:
Leasing revenue	217,166	191,699	416,182	377,789
Total revenues	219,987	224,620	426,406	427,769
Expenses:
Leasing expenses	1,565	1,478	3,355	3,234
Interest expense	51,960	52,724	103,078	105,740
Depreciation and amortization	90,444	88,456	179,897	179,303
Total expenses	209,473	209,100	420,419	422,925
(Loss) gain on sale or write down of assets, net	2,032	(235)	(56,659)	(181)
Net (loss) income	12,546	15,285	(50,672)	4,663
Company's equity in net (loss) income	6,353	20,035	(22,744)	21,945
Joint Venture | Investments in Unconsolidated Joint Ventures | Other
Revenues:
Other	2,821	32,921	10,224	49,980
Joint Venture | Investments in Unconsolidated Joint Ventures | Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	65,504	66,442	134,089	134,648
Joint Venture | Investments in Unconsolidated Joint Ventures | PPR Portfolio
Revenues:
Leasing revenue	48,339	41,234	92,189	78,008
Total revenues	48,394	41,271	92,308	78,137
Expenses:
Leasing expenses	365	372	834	775
Interest expense	15,378	15,835	30,751	31,637
Depreciation and amortization	24,218	24,582	48,491	48,887
Total expenses	50,100	50,685	100,933	100,562
(Loss) gain on sale or write down of assets, net	0	0	0	0
Net (loss) income	(1,706)	(9,414)	(8,625)	(22,425)
Company's equity in net (loss) income	1,289	(3,372)	(503)	(8,879)
Joint Venture | Investments in Unconsolidated Joint Ventures | PPR Portfolio | Other
Revenues:
Other	55	37	119	129
Joint Venture | Investments in Unconsolidated Joint Ventures | PPR Portfolio | Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	10,139	9,896	20,857	19,263
Joint Venture | Investments in Unconsolidated Joint Ventures | Other Joint Ventures
Revenues:
Leasing revenue	168,827	150,465	323,993	299,781
Total revenues	171,593	183,349	334,098	349,632
Expenses:
Leasing expenses	1,200	1,106	2,521	2,459
Interest expense	36,582	36,889	72,327	74,103
Depreciation and amortization	66,226	63,874	131,406	130,416
Total expenses	159,373	158,415	319,486	322,363
(Loss) gain on sale or write down of assets, net	2,032	(235)	(56,659)	(181)
Net (loss) income	14,252	24,699	(42,047)	27,088
Company's equity in net (loss) income	5,064	23,407	(22,241)	30,824
Joint Venture | Investments in Unconsolidated Joint Ventures | Other Joint Ventures | Other
Revenues:
Other	2,766	32,884	10,105	49,851
Joint Venture | Investments in Unconsolidated Joint Ventures | Other Joint Ventures | Shopping center and operating expenses
Expenses:
Shopping center and operating expenses	$ 55,365	$ 56,546	$ 113,232	$ 115,385

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Derivative Instruments and Hedging Activities - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Other comprehensive income (loss) related to mark to market of derivatives	$ 9	$ 2,739	$ 40	$ 5,433

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Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - Level 2 measurement - Cap - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value
Notional Amount	$ 300,000
LIBOR Rate	4.00%
Fair Value	$ 29	$ 6

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Property, net - Components of property (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization	$ 8,853,769	$ 8,847,550
Less accumulated depreciation	(2,678,084)	(2,563,344)
Property, net	6,175,685	6,284,206
Land
Property, Plant and Equipment
Property, Plant and Equipment, Gross	1,432,149	1,441,858
Buildings and improvements
Property, Plant and Equipment
Property, Plant and Equipment, Gross	6,343,434	6,306,764
Tenant improvements
Property, Plant and Equipment
Property, Plant and Equipment, Gross	688,929	685,242
Equipment and furnishing
Property, Plant and Equipment
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization	189,909	191,266
Construction in progress
Property, Plant and Equipment
Property, Plant and Equipment, Gross	$ 199,348	$ 222,420

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Property, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 67,394	$ 70,762	$ 135,179	$ 142,426

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Property, Plant, and Equipment - Schedule of (loss) gain on sale or write down of assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment
Loss on write-down of assets	$ (1,230)	$ (8,754)	$ (9,858)	$ (38,362)
Gain (loss) on sale or write down of assets, net	(1,091)	(3,927)	5,362	(25,210)
Paradise Valley Mall
Property, Plant and Equipment
Gain (loss) on sales				4,229
MS Portfolio LLC
Property, Plant and Equipment
Loss on write-down of assets			(5,492)
Estrella Falls
Property, Plant and Equipment
Loss on write-down of assets				(27,281)
Property
Property, Plant and Equipment
Gain (loss) on sales	73	(10,895)	73	(6,666)
Land
Property, Plant and Equipment
Gain (loss) on sales	$ 66	$ 15,722	$ 15,147	$ 19,818

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Property, net - Assets measured on a nonrecurring basis (Details) - Fair value measurements on a nonrecurring basis $ in Thousands	Jun. 30, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	$ 23,690
Quoted Prices in Active Markets for Identical Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	0
Significant Other Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	4,720
Significant Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets	$ 18,970

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Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Loans and Leases Receivable Disclosure [Abstract]
Allowance for doubtful accounts	$ 12,286	$ 14,917
Components of tenant and other receivables, net
Deferred rent receivable due to straight-line rent adjustments	108,398	110,969
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 3,066	$ 19,907

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Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Leasing revenue—fixed payments	$ 135,048	$ 131,512	$ 270,257	$ 263,007
Leasing revenue—variable payments	52,099	56,360	120,869	107,608
Recovery of doubtful accounts, net	1,443	9,115	876	5,907
Total leasing revenue	$ 188,590	$ 196,987	$ 392,002	$ 376,522

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Leases - Summary of minimum rental payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Twelve months ending June 30,
2023	$ 369,308
2024	320,103
2025	260,120
2026	207,837
2027	159,357
Thereafter	461,006
Total minimum rental payments	$ 1,777,731

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Leases - Narrative (Details)	6 Months Ended
	Jun. 30, 2022 lease
Leases [Abstract]
Number of finance leases	5

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Leases - Summary of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease costs	$ 3,775	$ 3,814	$ 7,550	$ 7,629
Finance lease costs:
Amortization of ROU assets	482	478	963	956
Interest on lease liabilities	108	124	302	343
Total lease cost	$ 4,365	$ 4,416	$ 8,815	$ 8,928

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Leases - Summary of minimum future rental payments required (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Operating Leases For the Rolling 12 Months
2022	$ 7,736
2023	11,876
2024	11,054
2025	11,231
2026	11,343
Thereafter	120,534
Operating Leases
2022		$ 14,302
2023		8,452
2024		6,471
2025		6,513
2026		6,470
Thereafter		109,358
Total undiscounted rental payments	173,774	151,566
Less imputed interest	(88,729)	(85,383)
Total lease liabilities	$ 85,045	$ 66,183
Weighted average remaining lease term, operating leases (in years)	32 years 2 months 12 days	36 years 3 months 18 days
Weighted average incremental borrowing rate, operating leases (as a percent)	7.40%	7.80%
Finance Leases For the Rolling 12 Months
2022	$ 4,461
2023	2,043
2024	9,072
2025	0
2026	0
Thereafter	0
Finance Leases
2022		$ 4,461
2023		2,043
2024		9,072
2025		0
2026		0
Thereafter		0
Total undiscounted rental payments	15,576	15,576
Less imputed interest	(2,195)	(1,048)
Total lease liabilities	$ 13,381	$ 14,528
Weighted average remaining lease term, finance leases (in years)	1 year 8 months 12 days	2 years 1 month 6 days
Weighted average incremental borrowing rate, finance leases (as a percent)	3.70%	3.70%

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Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 112,492		$ 112,492		$ 134,887
Intangible assets:
In-place lease values	59,470		59,470		62,826
Leasing commissions and legal costs	16,052		16,052		16,710
Above-market leases	70,101		70,101		72,289
Deferred tax assets	22,690		22,690		23,406
Deferred compensation plan assets	55,245		55,245		68,807
Other assets	56,900		56,900		46,319
Deferred charges and other assets, gross	392,950		392,950		425,244
Less accumulated amortization	(154,103)		(154,103)		(170,336)
Deferred charges and other assets, net	238,847		238,847		254,908
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets
Accumulated amortization for intangible assets	43,294		43,294		$ 43,978
Amortization expense for intangible assets	$ 1,664	$ 2,403	$ 3,331	$ 4,606

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Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Above-Market Leases
Above-Market Leases
Original allocated value	$ 70,101	$ 72,289
Less accumulated amortization	(33,434)	(32,484)
Allocated value net	36,667	39,805
Below-Market Leases
Below-Market Leases
Original allocated value	96,054	99,332
Less accumulated amortization	(38,191)	(37,122)
Allocated value net	$ 57,863	$ 62,210

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Mortgage Notes Payable - Schedule of mortgage notes payable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 4,361,131	$ 4,423,554
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 255,643	255,548
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	$ 163,677	168,037
Effective Interest Rate (as a percent)	5.71%
Monthly Debt Service	$ 1,538
Fashion District Philadelphia
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 194,602	194,602
Effective Interest Rate (as a percent)	4.56%
Monthly Debt Service	$ 740
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 299,314	299,274
Effective Interest Rate (as a percent)	4.61%
Monthly Debt Service	$ 1,145
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 92,825	95,329
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	$ 398,794	398,711
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	$ 324,155	324,056
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	$ 125,066	124,875
Effective Interest Rate (as a percent)	4.08%
Monthly Debt Service	$ 398
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 241,863	246,061
Effective Interest Rate (as a percent)	3.94%
Monthly Debt Service	$ 1,447
Kings Plaza Shopping Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 536,185	535,928
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	$ 168,208	176,721
Effective Interest Rate (as a percent)	5.49%
Monthly Debt Service	$ 1,138
Pacific View
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 70,903	111,481
Effective Interest Rate (as a percent)	5.44%
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 - Swapped
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 299,688	299,314
Effective Interest Rate (as a percent)	2.92%
Monthly Debt Service	$ 666
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 219,368	219,323
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	$ 19,063	19,320
Effective Interest Rate (as a percent)	4.48%
Monthly Debt Service	$ 117
Victor Valley, Mall of
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 114,879	114,850
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	$ 236,898	$ 240,124
Effective Interest Rate (as a percent)	3.55%
Monthly Debt Service	$ 1,256

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Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands							6 Months Ended
	Jul. 01, 2022	May 06, 2022	Apr. 29, 2022	Sep. 15, 2021	Mar. 25, 2021	Jan. 22, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Mortgage loans payable on real estate
Unamortized deferred finance costs							$ 11,575		$ 11,946
Proceeds from mortgages, bank and other notes payable							$ 25,000	$ 495,000
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
Repayments of debt				$ 10
Danbury Fair Mall | Subsequent Events
Mortgage loans payable on real estate
Repayments of debt	$ 10
Interest rate on debt (as a percent)	5.50%
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
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
Repayments of debt		$ 5
Interest rate on debt (as a percent)		5.25%
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
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%

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Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest expense capitalized	$ 2,441	$ 2,247	$ 4,292	$ 3,709
Fair value of mortgage notes payable	$ 4,025,925		$ 4,025,925		$ 4,261,429

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Bank and Other Notes Payable (Details) - USD ($)		6 Months Ended
	Apr. 14, 2021	Jun. 30, 2022	Dec. 31, 2021
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 11,575,000	$ 11,946,000
Line of Credit | New Credit Agreement
Mortgage loans payable on real estate
Borrowing capacity	$ 700,000,000
Outstanding borrowings under the line of credit		86,000,000
Unamortized deferred finance costs		11,036,000
Availability for additional borrowing		$ 438,719,000
Line of Credit | New Credit Agreement | LIBOR
Mortgage loans payable on real estate
Borrowing rate (as a percent)		2.25%
Line of Credit | New Credit Agreement | Minimum | LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)	2.25%
Line of Credit | New Credit Agreement | Maximum | LIBOR
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)	3.25%
Line of Credit | Revolving Loan Facility Matures On April 14, 2023 | Revolving line of credit
Mortgage loans payable on real estate
Borrowing capacity	$ 525,000,000
Debt instrument term (in years)	1 year
Expanded line of credit facility (up to)	$ 800,000,000
Draws	320,000,000
Interest rate (as a percent)		5.21%
Line of Credit | Revolving Loan Facility Matures On April 14, 2023 | Revolving line of credit | Level 2 measurement
Mortgage loans payable on real estate
Fair value of outstanding line of credit		$ 84,900,000
Line of Credit | Prior revolving line of credit facility
Mortgage loans payable on real estate
Repayments of debt	985,000,000
Term Loan | Term Loan Facility Matures On April 14, 2024
Mortgage loans payable on real estate
Borrowing capacity	175,000,000
Draws	$ 175,000,000

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Financing Arrangement - Narrative (Details) ft² in Thousands	Sep. 30, 2009 ft²	Jun. 30, 2022 $ / ft²	Dec. 31, 2021 $ / ft²
Schedule of Joint Ventures
Terminal capitalization rate (as a percent)		5.75%	5.75%
Discount rate (as a percent)		7.75%	7.25%
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		105	105
Financing Arrangement | Chandler Fashion Center
Schedule of Joint Ventures
Percentage of loan assumed by third party (as a percent)	49.90%
Property area (in square feet) | ft²	1,319
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	1,553

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Financing Arrangement - Financing arrangement activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Joint Ventures
Interest (income) expense	$ 8,892	$ 2,954	$ 16,895	$ 4,273
Joint Venture | Financing Arrangement
Schedule of Joint Ventures
Distributions equal to the partner's share of net (loss) income	(248)	(1,193)	249	(2,425)
Distributions in excess of the partner's share of net income	1,899	5,586	6,861	9,000
Adjustment to fair value of financing arrangement obligation	7,241	(1,439)	9,785	(2,302)
Interest (income) expense	$ 8,892	$ 2,954	$ 16,895	$ 4,273

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Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
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	$ 78,019	$ 147,259
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%

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Stockholders' Equity (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jul. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	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
Number of shares issued in transaction (in shares)			59,907,761
Net proceeds from stock offerings	$ 14,927,000		$ 808,492,000
Proceeds from issuance net of common stock	$ 14,629,000		$ 791,425,000
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

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Dispositions (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Sep. 17, 2021	Mar. 29, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Discontinued Operations:
Proceeds from sale of assets					$ 30,994	$ 149,993
Repayments of debt	$ 100,142				120,796	1,632,572
Land
Discontinued Operations:
Gain on sale of land			$ 66	$ 15,722	15,147	19,818
Land
Discontinued Operations:
Gain on sale of land			$ 66	$ 15,722	$ 15,147	19,818
Paradise Valley Mall
Discontinued Operations:
Gain on sale of land						$ 4,229
Sold | Paradise Valley Mall
Discontinued Operations:
Gain on sale of assets		$ 100,000
Ownership percentage (as a percent)		5.00%
Sold | Paradise Valley Mall | Land
Discontinued Operations:
Gain on sale of assets		$ 5,563
Sold | Tucson La Encantada in Tucson, Arizona
Discontinued Operations:
Gain on sale of assets	117,242
Proceeds from sale of assets	$ 165,250

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Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Other Commitments
Contingent liability under letters of credit	$ 40,997
Outstanding obligations under construction agreements	$ 6,443
Secured by restricted cash | Letter of Credit
Other Commitments
Contingent liability under letters of credit		$ 40,680

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Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Management fees
Related Party Transaction
Other	$ 7,420	$ 6,631	$ 13,825	$ 12,199
Unconsolidated Joint Ventures and Third Party Managed Properties
Related Party Transaction
Other	6,790	5,541	12,534	10,788
Unconsolidated Joint Ventures and Third Party Managed Properties | Management fees
Related Party Transaction
Other	4,682	3,986	9,043	7,803
Unconsolidated Joint Ventures and Third Party Managed Properties | Development and leasing fees
Related Party Transaction
Other	$ 2,108	$ 1,555	$ 3,491	$ 2,985

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Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction
Related party interest (income) expense	$ 8,892	$ 2,954	$ 16,895	$ 4,273
Due from affiliates	3,209		3,209		$ 0
Due to affiliates	0		0		(327)
Joint Venture | Financing Arrangement
Related Party Transaction
Related party interest (income) expense	8,892	$ 2,954	16,895	$ 4,273
Unconsolidated Joint Ventures
Related Party Transaction
Due from affiliates	$ 3,209		$ 3,209
Due to affiliates					$ (327)

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Share and Unit-Based Plans - Narrative (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 01, 2022	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Capitalized share and unit-based compensation costs		$ 1,101	$ 902	$ 2,294	$ 1,903
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		2,377		$ 2,377
LTI Units
Share-based Compensation Arrangement by Share-based Payment Award
Conversion rate of shares				1
Unrecognized compensation cost of share and unit-based plans		13,007		$ 13,007
LTI Units | January 1, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Risk free interest rate (as a percent)	0.97%
Volatility (as a percent)	70.83%
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost of share and unit-based plans		$ 0		$ 0

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Share and Unit-Based Plans - LTI units granted (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
LTI Units
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	1,092,698
Granted (in dollars per share) | $ / shares	$ 16.29
January 1, 2022 | Service-based | First vesting period
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	376,153
Granted (in dollars per share) | $ / shares	$ 17.28
January 1, 2022 | Performance-based | First vesting period
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares	716,545
Granted (in dollars per share) | $ / shares	$ 15.77

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Share and Unit-Based Plans - Nonvested equity awards (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
LTI Units
Units
Balance at beginning of period (in shares) | shares	1,837,691
Granted (in shares) | shares	1,092,698
Vested (in shares) | shares	(16,467)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	2,913,922
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 14.14
Granted (in dollars per share) | $ / shares	16.29
Vested (in dollars per share) | $ / shares	29.86
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 14.86
Phantom Stock Units
Units
Balance at beginning of period (in shares) | shares	0
Granted (in shares) | shares	53,660
Vested (in shares) | shares	(11,302)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	42,358
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	14.89
Vested (in dollars per share) | $ / shares	15.62
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 14.69
Stock Units
Units
Balance at beginning of period (in shares) | shares	266,505
Granted (in shares) | shares	200,280
Vested (in shares) | shares	(162,969)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	303,816
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 19.05
Granted (in dollars per share) | $ / shares	13.53
Vested (in dollars per share) | $ / shares	19.86
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 14.98

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Share and Unit-Based Plans - SARs (Details) - Stock options	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Units
Balance at beginning of period (in shares) | shares	37,515
Granted (in shares) | shares	0
Exercised (in shares) | shares	0
Balance at end of period (in shares) | shares	37,515
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 54.34
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 54.34

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Share and Unit-Based Plans - Compensation cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	$ 5,384	$ 4,332	$ 11,446	$ 9,363
LTI Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	4,717	3,586	9,402	7,197
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	576	652	1,867	1,979
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Compensation cost under share and unit-based plans	$ 91	$ 94	$ 177	$ 187

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Income Taxes - Schedule of Income Tax Benefit of TRSs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Current	$ 0	$ 0	$ 0	$ 0
Deferred	670	(7,107)	(1,129)	(9,345)
Total benefit (expense)	$ 670	$ (7,107)	$ (1,129)	$ (9,345)

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Income Taxes - Narratives (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 22,690,000	$ 23,406,000
Valuation allowance	$ 0

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Subsequent Events (Details)	Jul. 20, 2022 $ / shares
Subsequent Events
Subsequent Events
Dividend declared (in dollars per share)	$ 0.15