10-Q 1 mac-20220630.htm 10-Q mac-20220630
0000912242FALSE12/312022Q200009122422022-01-012022-06-3000009122422022-08-05xbrli:shares00009122422022-06-30iso4217:USD00009122422021-12-31iso4217:USDxbrli:shares00009122422022-04-012022-06-3000009122422021-04-012021-06-3000009122422021-01-012021-06-300000912242us-gaap:RealEstateOtherMember2022-04-012022-06-300000912242us-gaap:RealEstateOtherMember2021-04-012021-06-300000912242us-gaap:RealEstateOtherMember2022-01-012022-06-300000912242us-gaap:RealEstateOtherMember2021-01-012021-06-300000912242us-gaap:ManagementServiceMember2022-04-012022-06-300000912242us-gaap:ManagementServiceMember2021-04-012021-06-300000912242us-gaap:ManagementServiceMember2022-01-012022-06-300000912242us-gaap:ManagementServiceMember2021-01-012021-06-300000912242us-gaap:RealEstateMember2022-04-012022-06-300000912242us-gaap:RealEstateMember2021-04-012021-06-300000912242us-gaap:RealEstateMember2022-01-012022-06-300000912242us-gaap:RealEstateMember2021-01-012021-06-300000912242us-gaap:CommonStockMember2022-03-310000912242us-gaap:AdditionalPaidInCapitalMember2022-03-310000912242us-gaap:RetainedEarningsMember2022-03-310000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000912242us-gaap:ParentMember2022-03-310000912242us-gaap:NoncontrollingInterestMember2022-03-3100009122422022-03-310000912242us-gaap:RetainedEarningsMember2022-04-012022-06-300000912242us-gaap:ParentMember2022-04-012022-06-300000912242us-gaap:NoncontrollingInterestMember2022-04-012022-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000912242us-gaap:CommonStockMember2022-04-012022-06-300000912242us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000912242us-gaap:CommonStockMember2022-06-300000912242us-gaap:AdditionalPaidInCapitalMember2022-06-300000912242us-gaap:RetainedEarningsMember2022-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000912242us-gaap:ParentMember2022-06-300000912242us-gaap:NoncontrollingInterestMember2022-06-300000912242us-gaap:CommonStockMember2021-03-310000912242us-gaap:AdditionalPaidInCapitalMember2021-03-310000912242us-gaap:RetainedEarningsMember2021-03-310000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000912242us-gaap:ParentMember2021-03-310000912242us-gaap:NoncontrollingInterestMember2021-03-3100009122422021-03-310000912242us-gaap:RetainedEarningsMember2021-04-012021-06-300000912242us-gaap:ParentMember2021-04-012021-06-300000912242us-gaap:NoncontrollingInterestMember2021-04-012021-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000912242us-gaap:CommonStockMember2021-04-012021-06-300000912242us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000912242us-gaap:CommonStockMember2021-06-300000912242us-gaap:AdditionalPaidInCapitalMember2021-06-300000912242us-gaap:RetainedEarningsMember2021-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000912242us-gaap:ParentMember2021-06-300000912242us-gaap:NoncontrollingInterestMember2021-06-3000009122422021-06-300000912242us-gaap:CommonStockMember2021-12-310000912242us-gaap:AdditionalPaidInCapitalMember2021-12-310000912242us-gaap:RetainedEarningsMember2021-12-310000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000912242us-gaap:ParentMember2021-12-310000912242us-gaap:NoncontrollingInterestMember2021-12-310000912242us-gaap:RetainedEarningsMember2022-01-012022-06-300000912242us-gaap:ParentMember2022-01-012022-06-300000912242us-gaap:NoncontrollingInterestMember2022-01-012022-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300000912242us-gaap:CommonStockMember2022-01-012022-06-300000912242us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300000912242us-gaap:CommonStockMember2020-12-310000912242us-gaap:AdditionalPaidInCapitalMember2020-12-310000912242us-gaap:RetainedEarningsMember2020-12-310000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000912242us-gaap:ParentMember2020-12-310000912242us-gaap:NoncontrollingInterestMember2020-12-3100009122422020-12-310000912242us-gaap:RetainedEarningsMember2021-01-012021-06-300000912242us-gaap:ParentMember2021-01-012021-06-300000912242us-gaap:NoncontrollingInterestMember2021-01-012021-06-300000912242us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300000912242us-gaap:CommonStockMember2021-01-012021-06-300000912242us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300000912242mac:TheMacerichPartnershipLPMember2022-06-30xbrli:pure0000912242mac:TheMacerichPartnershipLPMember2021-12-31mac:entity0000912242us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-06-300000912242us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-310000912242mac:PreferredNonparticipatingConvertibleUnitsMember2022-04-012022-06-300000912242mac:PreferredNonparticipatingConvertibleUnitsMember2021-04-012021-06-300000912242mac:PreferredNonparticipatingConvertibleUnitsMember2022-01-012022-06-300000912242mac:PreferredNonparticipatingConvertibleUnitsMember2021-01-012021-06-300000912242mac:PartnershipUnitsMember2022-04-012022-06-300000912242mac:PartnershipUnitsMember2021-04-012021-06-300000912242mac:PartnershipUnitsMember2022-01-012022-06-300000912242mac:PartnershipUnitsMember2021-01-012021-06-300000912242mac:ParadiseValleyMallMemberus-gaap:CorporateJointVentureMember2021-03-290000912242mac:ParadiseValleyMallMemberus-gaap:CorporateJointVentureMember2021-03-292021-03-290000912242mac:TheShopsAtAtlasParkMemberus-gaap:CorporateJointVentureMember2021-10-262021-10-260000912242mac:TheShopsAtAtlasParkMemberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:CorporateJointVentureMember2021-10-262021-10-260000912242mac:TheShopsAtAtlasParkMemberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:CorporateJointVentureMember2021-10-260000912242mac:NorthBridgeChicagoIllinoisMemberus-gaap:CorporateJointVentureMember2021-12-312021-12-310000912242mac:FlatIronCrossingMemberus-gaap:CorporateJointVentureMember2022-02-022022-02-020000912242mac:FlatIronCrossingMemberus-gaap:CorporateJointVentureMembermac:SecuredOvernightFinancingRateMember2022-02-022022-02-020000912242mac:FlatIronCrossingMemberus-gaap:CorporateJointVentureMembermac:SecuredOvernightFinancingRateMember2022-02-020000912242mac:MSPortfolioLLCMember2022-01-012022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMember2022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMember2021-12-310000912242mac:PacificPremierRetailLLCMembermac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2022-06-300000912242mac:PacificPremierRetailLLCMembermac:PacificPremierRetailLPMemberus-gaap:CorporateJointVentureMember2021-12-310000912242us-gaap:CorporateJointVentureMember2022-04-012022-06-300000912242us-gaap:CorporateJointVentureMember2021-04-012021-06-300000912242us-gaap:CorporateJointVentureMember2022-01-012022-06-300000912242us-gaap:CorporateJointVentureMember2021-01-012021-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMembermac:PacificPremierRetailLPMember2022-04-012022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMember2022-04-012022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMember2022-04-012022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateOtherMembermac:PacificPremierRetailLPMember2022-04-012022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateOtherMember2022-04-012022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateOtherMember2022-04-012022-06-300000912242us-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMembermac:PacificPremierRetailLPMember2022-04-012022-06-300000912242us-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMember2022-04-012022-06-300000912242us-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMember2022-04-012022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMembermac:PacificPremierRetailLPMember2021-04-012021-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMember2021-04-012021-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMember2021-04-012021-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateOtherMembermac:PacificPremierRetailLPMember2021-04-012021-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateOtherMember2021-04-012021-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateOtherMember2021-04-012021-06-300000912242us-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMembermac:PacificPremierRetailLPMember2021-04-012021-06-300000912242us-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMember2021-04-012021-06-300000912242us-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMember2021-04-012021-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMembermac:PacificPremierRetailLPMember2022-01-012022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMember2022-01-012022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMember2022-01-012022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateOtherMembermac:PacificPremierRetailLPMember2022-01-012022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateOtherMember2022-01-012022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateOtherMember2022-01-012022-06-300000912242us-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMembermac:PacificPremierRetailLPMember2022-01-012022-06-300000912242us-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMember2022-01-012022-06-300000912242us-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMember2022-01-012022-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMembermac:PacificPremierRetailLPMember2021-01-012021-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMember2021-01-012021-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMember2021-01-012021-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateOtherMembermac:PacificPremierRetailLPMember2021-01-012021-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateOtherMember2021-01-012021-06-300000912242us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMemberus-gaap:RealEstateOtherMember2021-01-012021-06-300000912242us-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMembermac:PacificPremierRetailLPMember2021-01-012021-06-300000912242us-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMembermac:OtherJointVenturesMemberus-gaap:CorporateJointVentureMember2021-01-012021-06-300000912242us-gaap:RealEstateMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMemberus-gaap:CorporateJointVentureMember2021-01-012021-06-300000912242us-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel2Member2022-06-300000912242us-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel2Member2021-12-310000912242us-gaap:LandMember2022-06-300000912242us-gaap:LandMember2021-12-310000912242us-gaap:BuildingAndBuildingImprovementsMember2022-06-300000912242us-gaap:BuildingAndBuildingImprovementsMember2021-12-310000912242us-gaap:LeaseholdImprovementsMember2022-06-300000912242us-gaap:LeaseholdImprovementsMember2021-12-310000912242mac:EquipmentAndFurnishingMember2022-06-300000912242mac:EquipmentAndFurnishingMember2021-12-310000912242us-gaap:ConstructionInProgressMember2022-06-300000912242us-gaap:ConstructionInProgressMember2021-12-310000912242us-gaap:LandBuildingsAndImprovementsMember2022-04-012022-06-300000912242us-gaap:LandBuildingsAndImprovementsMember2021-04-012021-06-300000912242us-gaap:LandBuildingsAndImprovementsMember2022-01-012022-06-300000912242us-gaap:LandBuildingsAndImprovementsMember2021-01-012021-06-300000912242us-gaap:LandMember2022-04-012022-06-300000912242us-gaap:LandMember2021-04-012021-06-300000912242us-gaap:LandMember2022-01-012022-06-300000912242us-gaap:LandMember2021-01-012021-06-300000912242mac:ParadiseValleyMallMember2021-01-012021-06-300000912242mac:MSPortfolioLLCMember2022-01-012022-06-300000912242mac:EstrellaFallsMember2021-01-012021-06-300000912242us-gaap:FairValueMeasurementsNonrecurringMember2022-06-300000912242us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-06-300000912242us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-06-300000912242us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-06-300000912242us-gaap:AccruedIncomeReceivableMember2022-06-300000912242us-gaap:AccruedIncomeReceivableMember2021-12-31mac:lease0000912242us-gaap:LeasesAcquiredInPlaceMember2022-06-300000912242us-gaap:LeasesAcquiredInPlaceMember2021-12-310000912242us-gaap:LeasesAcquiredInPlaceMember2022-04-012022-06-300000912242us-gaap:LeasesAcquiredInPlaceMember2021-04-012021-06-300000912242us-gaap:LeasesAcquiredInPlaceMember2022-01-012022-06-300000912242us-gaap:LeasesAcquiredInPlaceMember2021-01-012021-06-300000912242us-gaap:AboveMarketLeasesMember2022-06-300000912242us-gaap:AboveMarketLeasesMember2021-12-310000912242mac:BelowMarketLeaseMember2022-06-300000912242mac:BelowMarketLeaseMember2021-12-310000912242mac:ChandlerFashionCenterMortgageMember2022-06-300000912242mac:ChandlerFashionCenterMortgageMember2021-12-310000912242mac:ChandlerFashionCenterMortgageMember2022-01-012022-06-300000912242mac:DanburyFairMallMortgageMember2022-06-300000912242mac:DanburyFairMallMortgageMember2021-12-310000912242mac:DanburyFairMallMortgageMember2022-01-012022-06-300000912242mac:FashionDistrictPhiladelphiaMember2022-06-300000912242mac:FashionDistrictPhiladelphiaMember2021-12-310000912242mac:FashionDistrictPhiladelphiaMember2022-01-012022-06-300000912242mac:FashionOutletsOfChicagoMortgageMember2022-06-300000912242mac:FashionOutletsOfChicagoMortgageMember2021-12-310000912242mac:FashionOutletsOfChicagoMortgageMember2022-01-012022-06-300000912242mac:FashionOutletsAtNiagaraMortgageMember2022-06-300000912242mac:FashionOutletsAtNiagaraMortgageMember2021-12-310000912242mac:FashionOutletsAtNiagaraMortgageMember2022-01-012022-06-300000912242mac:FreeholdRacewayMallMortgageMember2022-06-300000912242mac:FreeholdRacewayMallMortgageMember2021-12-310000912242mac:FreeholdRacewayMallMortgageMember2022-01-012022-06-300000912242mac:FresnoFashionFairMember2022-06-300000912242mac:FresnoFashionFairMember2021-12-310000912242mac:FresnoFashionFairMember2022-01-012022-06-300000912242mac:GreenAcresCommonsMember2022-06-300000912242mac:GreenAcresCommonsMember2021-12-310000912242mac:GreenAcresCommonsMember2022-01-012022-06-300000912242mac:GreenAcresMallMember2022-06-300000912242mac:GreenAcresMallMember2021-12-310000912242mac:GreenAcresMallMember2022-01-012022-06-300000912242mac:KingsPlazaMortgageMember2022-06-300000912242mac:KingsPlazaMortgageMember2021-12-310000912242mac:KingsPlazaMortgageMember2022-01-012022-06-300000912242mac:TheOaksOneMortgageMember2022-06-300000912242mac:TheOaksOneMortgageMember2021-12-310000912242mac:TheOaksOneMortgageMember2022-01-012022-06-300000912242mac:PacificViewMortgageMember2022-06-300000912242mac:PacificViewMortgageMember2021-12-310000912242mac:PacificViewMortgageMember2022-01-012022-06-300000912242mac:QueensCenterMember2022-06-300000912242mac:QueensCenterMember2021-12-310000912242mac:QueensCenterMember2022-01-012022-06-300000912242mac:SantaMonicaPlaceMortgageMember2022-06-300000912242mac:SantaMonicaPlaceMortgageMember2021-12-310000912242mac:SantaMonicaPlaceMortgageMember2022-01-012022-06-300000912242mac:SanTanVillageRegionalCenterMortgageMember2022-06-300000912242mac:SanTanVillageRegionalCenterMortgageMember2021-12-310000912242mac:SanTanVillageRegionalCenterMortgageMember2022-01-012022-06-300000912242mac:TowneMallMortgageMember2022-06-300000912242mac:TowneMallMortgageMember2021-12-310000912242mac:TowneMallMortgageMember2022-01-012022-06-300000912242mac:MallOfVictorValleyMortgageMember2022-06-300000912242mac:MallOfVictorValleyMortgageMember2021-12-310000912242mac:MallOfVictorValleyMortgageMember2022-01-012022-06-300000912242mac:VintageFaireMallMortgageMember2022-06-300000912242mac:VintageFaireMallMortgageMember2021-12-310000912242mac:VintageFaireMallMortgageMember2022-01-012022-06-300000912242mac:DanburyFairMallMember2021-09-152021-09-150000912242us-gaap:SubsequentEventMembermac:DanburyFairMallMember2022-07-010000912242us-gaap:SubsequentEventMembermac:DanburyFairMallMember2022-07-012022-07-010000912242mac:GreenAcresCommonsMember2021-03-252021-03-250000912242us-gaap:LondonInterbankOfferedRateLIBORMembermac:GreenAcresCommonsMember2021-03-252021-03-250000912242mac:GreenAcresMallMember2021-01-222021-01-220000912242mac:TheOaksOneMortgageMember2022-05-062022-05-060000912242mac:TheOaksOneMortgageMember2022-05-060000912242mac:PacificViewMortgageMember2022-04-292022-04-290000912242mac:PacificViewMortgageMember2022-04-290000912242us-gaap:LondonInterbankOfferedRateLIBORMembermac:SantaMonicaPlaceMember2022-01-012022-06-300000912242us-gaap:LondonInterbankOfferedRateLIBORMembermac:SantaMonicaPlaceMember2022-06-300000912242us-gaap:LineOfCreditMembermac:NewCreditAgreementMember2021-04-140000912242us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnApril142023Member2021-04-140000912242us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnApril142023Member2021-04-142021-04-140000912242mac:TermLoanFacilityMaturesOnApril142024Membermac:TermLoanMember2021-04-140000912242mac:TermLoanFacilityMaturesOnApril142024Membermac:TermLoanMember2021-04-142021-04-140000912242us-gaap:LineOfCreditMembermac:PriorRevolvingLineOfCreditFacilityMember2021-04-142021-04-140000912242us-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMembersrt:MinimumMembermac:NewCreditAgreementMember2021-04-142021-04-140000912242us-gaap:LineOfCreditMembersrt:MaximumMemberus-gaap:LondonInterbankOfferedRateLIBORMembermac:NewCreditAgreementMember2021-04-142021-04-140000912242us-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMembermac:NewCreditAgreementMember2022-06-300000912242us-gaap:LineOfCreditMembermac:NewCreditAgreementMember2022-06-300000912242us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnApril142023Member2022-01-012022-06-300000912242us-gaap:LineOfCreditMemberus-gaap:FairValueInputsLevel2Memberus-gaap:RevolvingCreditFacilityMembermac:RevolvingLoanFacilityMaturesOnApril142023Member2022-06-300000912242mac:FreeholdRacewayMallMembermac:FinancingArrangementMember2009-09-302009-09-300000912242mac:ChandlerFashionCenterMembermac:FinancingArrangementMember2009-09-302009-09-300000912242mac:ChandlerFashionCenterMembermac:FinancingArrangementMember2009-09-30utr:sqft0000912242mac:FreeholdRacewayMallMembermac:FinancingArrangementMember2009-09-300000912242mac:FinancingArrangementMembersrt:MinimumMember2022-06-30iso4217:USDutr:sqft0000912242mac:FinancingArrangementMembersrt:MinimumMember2021-12-310000912242srt:MaximumMembermac:FinancingArrangementMember2021-12-310000912242srt:MaximumMembermac:FinancingArrangementMember2022-06-300000912242us-gaap:CorporateJointVentureMembermac:FinancingArrangementMember2022-04-012022-06-300000912242us-gaap:CorporateJointVentureMembermac:FinancingArrangementMember2021-04-012021-06-300000912242us-gaap:CorporateJointVentureMembermac:FinancingArrangementMember2022-01-012022-06-300000912242us-gaap:CorporateJointVentureMembermac:FinancingArrangementMember2021-01-012021-06-300000912242mac:February2021ATMProgramMember2021-02-010000912242mac:March2021ATMProgramMember2021-03-260000912242mac:ATMProgramsMember2022-06-300000912242mac:March2021ATMProgramMember2022-06-300000912242mac:ATMProgramsMember2021-01-012021-06-300000912242mac:ATMProgramsMember2021-07-012021-07-3100009122422017-02-120000912242us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembermac:ParadiseValleyMallMember2021-03-292021-03-290000912242us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberus-gaap:LandMembermac:ParadiseValleyMallMember2021-03-292021-03-290000912242us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembermac:ParadiseValleyMallMember2021-03-290000912242mac:TucsonLaEncantadaInTucsonArizonaMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-09-172021-09-1700009122422021-09-172021-09-170000912242us-gaap:LandMember2022-04-012022-06-300000912242us-gaap:LandMember2022-01-012022-06-300000912242us-gaap:LandMember2021-04-012021-06-300000912242us-gaap:LandMember2021-01-012021-06-300000912242us-gaap:LetterOfCreditMemberus-gaap:SecuredDebtMember2022-03-310000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMemberus-gaap:ManagementServiceMember2022-04-012022-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMemberus-gaap:ManagementServiceMember2021-04-012021-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMemberus-gaap:ManagementServiceMember2022-01-012022-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMemberus-gaap:ManagementServiceMember2021-01-012021-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMembermac:DevelopmentandLeasingFeesMember2022-04-012022-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMembermac:DevelopmentandLeasingFeesMember2021-04-012021-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMembermac:DevelopmentandLeasingFeesMember2022-01-012022-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMembermac:DevelopmentandLeasingFeesMember2021-01-012021-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMember2022-04-012022-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMember2021-04-012021-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMember2022-01-012022-06-300000912242mac:UnconsolidatedJointVenturesAndThirdPartyManagedPropertiesMember2021-01-012021-06-300000912242mac:UnconsolidatedJointVenturesMember2022-06-300000912242mac:UnconsolidatedJointVenturesMember2021-12-310000912242mac:StockUnitsMember2022-01-012022-06-300000912242mac:LongTermIncentivePlanMember2022-01-012022-06-300000912242mac:LongTermIncentivePlanServicebasedMembermac:January12022Memberus-gaap:ShareBasedCompensationAwardTrancheOneMember2022-01-012022-06-300000912242mac:January12022Memberus-gaap:ShareBasedCompensationAwardTrancheOneMembermac:LongTermIncentivePlanPerformanceBasedMember2022-01-012022-06-300000912242mac:January12022Membermac:LongTermIncentivePlanMember2022-01-012022-01-010000912242mac:LongTermIncentivePlanMember2021-12-310000912242us-gaap:PhantomShareUnitsPSUsMember2021-12-310000912242mac:StockUnitsMember2021-12-310000912242us-gaap:PhantomShareUnitsPSUsMember2022-01-012022-06-300000912242mac:LongTermIncentivePlanMember2022-06-300000912242us-gaap:PhantomShareUnitsPSUsMember2022-06-300000912242mac:StockUnitsMember2022-06-300000912242us-gaap:EmployeeStockOptionMember2021-12-310000912242us-gaap:EmployeeStockOptionMember2022-01-012022-06-300000912242us-gaap:EmployeeStockOptionMember2022-06-300000912242mac:LongTermIncentivePlanMember2022-04-012022-06-300000912242mac:LongTermIncentivePlanMember2021-04-012021-06-300000912242mac:LongTermIncentivePlanMember2021-01-012021-06-300000912242mac:StockUnitsMember2022-04-012022-06-300000912242mac:StockUnitsMember2021-04-012021-06-300000912242mac:StockUnitsMember2021-01-012021-06-300000912242us-gaap:PhantomShareUnitsPSUsMember2022-04-012022-06-300000912242us-gaap:PhantomShareUnitsPSUsMember2021-04-012021-06-300000912242us-gaap:PhantomShareUnitsPSUsMember2021-01-012021-06-300000912242us-gaap:SubsequentEventMember2022-07-202022-07-20





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)
Maryland95-4448705
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification Number)
401 Wilshire Boulevard,Suite 700,Santa Monica,California90401
(Address of principal executive office)(Zip Code)
(310) 394-6000
 (Registrant's telephone number, including area code)
N/A
 (Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Securities Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, $0.01 Par ValueMACNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days. Yes ☒   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding twelve (12) months (or for such shorter period that the registrant was required to submit such files). Yes         No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated FilerNon-Accelerated FilerSmaller 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 IFinancial Information 
Part IIOther Information 

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 equivalents106,384 112,454 
Restricted cash52,060 54,517 
Tenant and other receivables, net162,310 211,361 
Right-of-use assets, net129,161 110,638 
Deferred charges and other assets, net238,847 254,908 
Due from affiliates3,209  
Investments in unconsolidated joint ventures1,246,730 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 payable74,964 104,811 
Accounts payable and accrued expenses53,889 59,228 
Due to affiliates 327 
Lease liabilities98,426 80,711 
Other accrued liabilities214,451 254,279 
Distributions in excess of investments in unconsolidated joint ventures126,359 127,608 
Financing arrangement obligation128,773 118,988 
Total liabilities5,057,993 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 capital5,500,101 5,488,440 
Accumulated deficit(2,560,793)(2,443,696)
Accumulated other comprehensive income (loss)16 (24)
Total stockholders' equity2,941,474 3,046,867 
Noncontrolling interests114,919 129,282 
Total equity3,056,393 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,
 2022202120222021
Revenues:  
Leasing revenue$188,590 $196,987 $392,002 $376,522 
Other8,081 11,855 14,408 17,176 
Management Companies7,420 6,631 13,825 12,199 
Total revenues204,091 215,473 420,235 405,897 
Expenses:  
Shopping center and operating expenses69,728 67,655 142,648 143,810 
Leasing expenses8,148 6,637 15,759 11,803 
Management Companies' operating expenses17,746 15,021 34,691 29,864 
REIT general and administrative expenses6,441 6,679 13,303 14,766 
Depreciation and amortization72,458 77,630 145,314 156,026 
174,521 173,622 351,715 356,269 
Interest expense:  
Related parties8,892 2,954 16,895 4,273 
Other44,297 51,960 88,155 104,537 
53,189 54,914 105,050 108,810 
Total expenses227,710 228,536 456,765 465,079 
Equity in income (loss) of unconsolidated joint ventures6,353 20,035 (22,744)21,945 
Income tax benefit (expense)670 (7,107)(1,129)(9,345)
(Loss) gain on sale or write down of assets, net(1,091)(3,927)5,362 (25,210)
Net loss(17,687)(4,062)(55,041)(71,792)
Less: net (loss) income attributable to noncontrolling interests(2,303)7,703 (2,475)3,577 
Net loss attributable to the Company$(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:  
Basic214,990,000 205,757,000 214,905,000 182,299,000 
Diluted214,990,000 205,757,000 214,905,000 182,299,000 
   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,
 2022202120222021
Net loss$(17,687)$(4,062)$(55,041)$(71,792)
Other comprehensive income:
Interest rate cap/swap agreements9 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 StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
(Loss) Income
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at April 1, 2022214,901,377 $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 agreement9 9 9 
Amortization of share and unit-based plans80,472 1 5,383 5,384 5,384 
Employee stock purchases96,942 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 shares34,551 — 2,078 2,078 (2,078) 
Redemption of noncontrolling interests177 177 (505)(328)
Adjustment of noncontrolling interests in Operating Partnership(2,108)(2,108)2,108  
Balance at June 30, 2022215,113,342 $2,150 $5,500,101 $(2,560,793)$16 $2,941,474 $114,919 $3,056,393 
 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at April 1, 2021197,036,176 $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 plans129,928 1 4,331 — — 4,332 — 4,332 
Employee stock purchases88,107 1 594 — — 595 — 595 
Stock offerings, net13,915,443 139 167,771 — — 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, 2021211,169,654 $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 StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at January 1, 2022214,797,057 $2,147 $5,488,440 $(2,443,696)$(24)$3,046,867 $129,282 $3,176,149 
Net loss— — — (52,566)— (52,566)(2,475)(55,041)
Interest rate cap agreement— — — — 40 40 — 40 
Amortization of share and unit-based plans184,792 2 11,444 — — 11,446 — 11,446 
Employee stock purchases96,942 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 shares34,551 — 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, 2022215,113,342 $2,150 $5,500,101 $(2,560,793)$16 $2,941,474 $114,919 $3,056,393 
 Stockholders' Equity  
 Common StockAdditional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
  
 SharesPar
Value
Noncontrolling
Interests
Total
Equity
Balance at January 1, 2021149,770,575 $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 plans224,681 2 9,361 — — 9,363 — 9,363 
Employee stock purchases88,107 1 594 — — 595 — 595 
Stock offerings, net59,907,761 599 805,455 — — 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 shares1,178,530 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, 2021211,169,654 $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,
 20222021
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 amortization150,759 162,603 
Amortization of share and unit-based plans9,152 7,460 
Straight-line rent and amortization of above and below market leases1,664 (11,318)
Recovery of doubtful accounts(876)(5,907)
Income tax expense1,129 9,345 
Equity in loss (income) of unconsolidated joint ventures22,744 (21,945)
Distributions of income from unconsolidated joint ventures385  
Change in fair value of financing arrangement obligation9,785 (2,302)
Changes in assets and liabilities, net of dispositions:  
Tenant and other receivables26,355 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 activities115,422 113,027 
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 ventures70,857 45,978 
Contributions to unconsolidated joint ventures(31,886)(39,487)
Proceeds from collection of receivable in connection with sale of joint venture property21,000  
Proceeds from sale of assets30,994 149,993 
Net cash provided by investing activities51,117 104,941 
8

THE MACERICH COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Dollars in thousands)
(Unaudited)
For the Six Months Ended June 30,
20222021
Cash flows from financing activities:  
Proceeds from mortgages, bank and other notes payable25,000 495,000 
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 plans960 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 period166,971 482,659 
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 assets83,546 83,685 
Total assets$533,263 $542,649 
Liabilities:  
Mortgage notes payable$413,971 $413,925 
Other liabilities56,081 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,
20222021
Beginning of period
Cash and cash equivalents$112,454 $465,297 
Restricted cash54,517 17,362 
Cash, cash equivalents and restricted cash$166,971 $482,659 
End of period
Cash and cash equivalents$106,384 $194,028 
Restricted cash52,060 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,
 2022202120222021
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)$(52,997)$(