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MACERICH CO

For the period ended Dec 31, 2023. Filed Feb 26, 2024.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 26, 2024

MAC$25.29+1.8%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 2. Properties

The following table sets forth certain information regarding the Centers and other locations that are wholly owned or partly owned by the Company as of December 31, 2023.

CountCompany'sOwnership(1)Name ofCenter/Location(2)Year ofOriginalConstruction/AcquisitionYear of MostRecentExpansion/RenovationTotalGLA(3)Mall andFreestandingGLAPercentageof Mall andFreestandingGLA LeasedNon-Owned Anchors (3)Company-Owned Anchors (3)
CONSOLIDATED CENTERS:
150.1%Chandler Fashion Center(4)2001/200220231,402,000683,00097.8%Dillard's, Macy's, Scheels All Sports—
Chandler, Arizona
2100%Danbury Fair Mall(4)1986/200520161,275,000593,00099.3%JCPenney, Macy'sDick's Sporting Goods, Primark, Target(5)
Danbury, Connecticut
3100%Desert Sky Mall1981/20022007738,000271,00096.7%Burlington, Dillard'sLa Curacao, Mercado de los Cielos
Phoenix, Arizona
4100%Eastland Mall(6)1978/199819961,017,000528,00093.1%Dillard's, Macy'sJCPenney
Evansville, Indiana
5100%Fashion District Philadelphia1977/20142019802,000575,00080.9%—Burlington, Primark, Shoppers World
Philadelphia, Pennsylvania
6100%Fashion Outlets of Chicago2013/—-530,000529,00098.2%——
Rosemont, Illinois
7100%Fashion Outlets of Niagara Falls USA1982/20112014674,000674,00083.4%——
Niagara Falls, New York
8100%Freehold Raceway Mall(4)1990/200520071,546,000857,00095.1%JCPenney, Macy'sDick's Sporting Goods, Primark
Freehold, New Jersey
9100%Fresno Fashion Fair1970/19962006974,000419,00098.2%Macy'sForever 21, JCPenney, Macy's
Fresno, California
10100%Green Acres Mall(4)(6)(7)1956/201320162,058,000952,00097.7%—BJ's Wholesale Club, Dick's Sporting Goods, Macy's (two), Primark, Shoppers World, Walmart
Valley Stream, New York
11100%Inland Center1966/20042016671,000270,00095.9%Macy'sForever 21, JCPenney
San Bernardino, California
12100%Kings Plaza Shopping Center(6)1971/201220181,146,000445,00099.1%Macy'sBurlington, Lowe's, Primark, Target
Brooklyn, New York
13100%La Cumbre Plaza(6)1967/20041989323,000173,00092.5%Macy's—
Santa Barbara, California
14100%NorthPark Mall(4)1973/19982001934,000399,00082.0%Dillard's, JCPenney, Von Maur—
Davenport, Iowa
15100%Oaks, The1978/200220171,207,000605,00090.0%JCPenney, Macy's (two)Dick's Sporting Goods, Nordstrom
Thousand Oaks, California
16100%Pacific View1965/19962001886,000401,00081.0%JCPenney, TargetMacy's
Ventura, California
17100%Queens Center(6)1973/19952004968,000412,00098.9%JCPenney, Macy's—
Queens, New York
18100%Santa Monica Place(4)1980/1999Ongoing534,000358,00085.8%—Nordstrom
Santa Monica, California
Count · Company'sOwnership(1) · Name ofCenter/Location(2) · Year ofOriginalConstruction/Acquisition · Year of MostRecentExpansion/Renovation · TotalGLA(3) · Mall andFreestandingGLA · Percentageof Mall andFreestandingGLA Leased · Non-Owned Anchors (3) · Company-Owned Anchors (3)
1984.9%SanTan Village Regional Center2007/—20181,203,000795,00096.5%Dillard's, Macy'sDick's Sporting Goods
Gilbert, Arizona
20100%SouthPark Mall(4)1974/19982015802,000290,00072.6%Dillard's, Von MaurDick's Sporting Goods, JCPenney
Moline, Illinois
21100%Stonewood Center(4)(6)1953/19971991927,000356,00095.8%—JCPenney, Kohl's, Macy's
Downey, California
22100%Superstition Springs Center(4)1990/20022002955,000384,00089.4%Dillard's, JCPenney, Macy's—
Mesa, Arizona
23100%Valley Mall1978/19981992506,000191,00088.4%TargetBelk, Dick's Sporting Goods, JCPenney
Harrisonburg, Virginia
24100%Valley River Center1969/20062007814,000415,00096.3%Macy'sJCPenney
Eugene, Oregon
25100%Victor Valley, Mall of(4)1986/20042012578,000259,00099.1%Macy'sDick's Sporting Goods, JCPenney
Victorville, California
26100%Vintage Faire Mall1977/19962020916,000472,00097.0%Macy'sDick's Sporting Goods, JCPenney, Macy's
Modesto, California
27100%Wilton Mall(4)1990/20052020741,000422,00095.9%JCPenney, BJ's Wholesale ClubDick's Sporting Goods
Saratoga Springs, New York
Total Consolidated Centers25,127,00012,728,00093.6%
UNCONSOLIDATED JOINT VENTURE CENTERS:
2860%Arrowhead Towne Center1993/200220151,078,000472,00099.6%Dillard's, JCPenney, Macy'sDick's Sporting Goods
Glendale, Arizona
2950%Biltmore Fashion Park1963/20032020611,000306,00093.1%—Macy's, Saks Fifth Avenue
Phoenix, Arizona
3050%Broadway Plaza(4)1951/19852016996,000451,00095.3%Macy'sNordstrom
Walnut Creek, California
3150.1%Corte Madera, The Village at1985/19982020502,000265,00096.4%Macy's, Nordstrom—
Corte Madera, California
3250%Country Club Plaza1922/20162015971,000971,00083.7%——
Kansas City, Missouri
3351%Deptford Mall1975/200620201,016,000444,00095.9%JCPenney, Macy'sBoscov's, Dick's Sporting Goods
Deptford, New Jersey
3451%FlatIron Crossing(4)2000/200220091,393,000694,00093.7%Dillard's, Macy'sDick's Sporting Goods, Forever 21
Broomfield, Colorado
3550%Kierland Commons1999/20052003438,000438,00098.1%——
Phoenix, Arizona
3660%Lakewood Center1953/197520082,050,000985,00096.0%—Costco, Forever 21, Home Depot, JCPenney, Macy's, Target
Lakewood, California
3760%Los Cerritos Center(7)1971/199920161,011,000536,00096.7%Macy's, NordstromDick's Sporting Goods, Forever 21
Cerritos, California
3850%Scottsdale Fashion Square1961/2002Ongoing1,871,000910,00092.8%Dillard'sDick's Sporting Goods, Macy's, Neiman Marcus, Nordstrom
Scottsdale, Arizona
3960%South Plains Mall(4)1972/199820171,243,000494,00091.1%Home DepotDillard's (two)(8), JCPenney
Lubbock, Texas
4051%Twenty Ninth Street(6)1963/19792007694,000553,00094.3%—Home Depot
Boulder, Colorado
Count · Company'sOwnership(1) · Name ofCenter/Location(2) · Year ofOriginalConstruction/Acquisition · Year of MostRecentExpansion/Renovation · TotalGLA(3) · Mall andFreestandingGLA · Percentageof Mall andFreestandingGLA Leased · Non-Owned Anchors (3) · Company-Owned Anchors (3)
4150%Tysons Corner Center(7)1968/200520141,848,0001,108,00097.3%—Bloomingdale's, Macy's, Nordstrom, Primark(9)
Tysons Corner, Virginia
4260%Washington Square(7)1974/199920051,301,000578,00097.0%Macy'sDick's Sporting Goods, JCPenney, Nordstrom
Portland, Oregon
4319%West Acres1972/19862001692,000426,00094.7%Macy'sJCPenney
Fargo, North Dakota
Total Unconsolidated Joint Ventures17,715,0009,631,00093.5%
43Total Regional Town Centers42,842,00022,359,00093.5%
COMMUNITY/POWER SHOPPING CENTERS
150%Atlas Park, The Shops at(10)2006/20112013373,000373,00094.2%——
Queens, New York
250%Boulevard Shops(10)2001/20022004205,000205,00095.3%——
Chandler, Arizona
3100%Southridge Center(4)(11)1975/19982013801,000519,00073.3%Des Moines Area Community CollegeTarget
Des Moines, Iowa
3Total Community/Power Shopping Centers1,379,0001,097,00084.5%
46Total before Other Assets44,221,00023,456,000
OTHER ASSETS:
100%Various(11)(12)--267,000184,000——Kohl's
50%Scottsdale Fashion Square-Office(10)1984/20022016123,000————
Scottsdale, Arizona
50%Tysons Corner Center-Office(10)1999/20052012170,000————
Tysons Corner, Virginia
50%Hyatt Regency Tysons Corner Center(10)20152015290,000————
Tysons Corner, Virginia
50%VITA Tysons Corner Center(10)20152015398,000————
Tysons Corner, Virginia
50%Tysons Tower(10)20142014539,000————
Tysons Corner, Virginia
OTHER ASSETS UNDER DEVELOPMENT:
5%Paradise Valley Mall(10)(13)1979/2002Ongoing303,000——JCPenney, Costco—
Phoenix, Arizona
Total Other Assets2,090,000184,000
Grand Total46,311,00023,640,000

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

(2)The Company owned or had an ownership interest in 43 Regional Town Centers (including office, hotel and residential space adjacent to these shopping centers), three community/power shopping centers and one redevelopment property. With the exception of the seven Centers indicated with footnote (6) in the table above, the underlying land controlled by the Company is owned in fee entirely by the Company or, in the case of Joint Venture Centers, by the joint venture property partnership or limited liability company. With respect to these seven Centers, portions of the underlying land controlled by the Company are owned by third parties and leased to the Company, or the joint venture property partnership or limited liability company, pursuant to long-term ground leases. The termination dates of the ground leases range from 2038 to 2078.

(3)Total GLA includes GLA attributable to Anchors (whether owned or non-owned) and Mall and Freestanding Stores as of December 31, 2023. “Non-owned Anchors” is space not owned by the Company (or, in the case of Joint Venture Centers, by the joint venture property partnership or limited liability company) which is occupied by Anchor tenants. “Company-owned Anchors” is space owned (or leased) by the Company (or, in the case of Joint Venture Centers, by the joint venture property partnership or limited liability company) and leased (or subleased) to Anchor.

(4)These Centers have vacant Anchor locations that are owned by the Company or its joint venture. The Company is actively seeking replacement tenants or has entered into replacement leases for many of these vacant sites and/or is currently executing or considering redevelopment opportunities for these locations. The Company continues to collect rent under the terms of an agreement regarding three of these vacant Anchors.

(5)Target has announced plans to open a two-level, 126,000 square foot store at Danbury Fair Mall.

(6)Portions of the land on which the Center is situated are subject to one or more long-term ground leases.

(7)The Center has a vacant former anchor store that is owned by the Company or its joint venture, which is to be demolished for redevelopment.

(8)Dillard's owns and is currently redeveloping the former Sears parcel at South Plains Mall. They plan to open this store in fall 2024 and vacate their two existing stores at the property.

(9)Primark has announced plans to open a new two-level store at Tysons Corner Center.

(10)Included in Unconsolidated Joint Venture Centers.

(11)Included in Consolidated Centers.

(12)The Company owns an office building and three stores located at shopping centers not owned by the Company. Of the three stores, one has been leased to Kohl's and two have been leased for non-Anchor uses. With respect to the office building and one of the three stores, the underlying land is owned in fee entirely by the Company. With respect to the remaining two stores, the underlying land is owned by third parties and leased to the Company pursuant to long-term building or ground leases. Under the terms of a typical building or ground lease, the Company pays rent for the use of the building or land and is generally responsible for all costs and expenses associated with the building and improvements. In some cases, the Company has an option or right of first refusal to purchase the land. The two ground leases terminate in years 2027 and 2028.

(13)Construction started in summer 2021 on the first phase of a multi-phase, multi-year project to convert the former regional town center Paradise Valley Mall into a mixed-used development with high-end grocery, restaurants, multi-family residences, offices, retail shops and other elements on the 92-acre site. The existing Costco and JCPenney stores remain open, while all of the other stores at the property have closed.

Mortgage Debt

The following table sets forth certain information regarding the mortgages encumbering the Centers, including those Centers in which the Company has less than a 100% interest. The information set forth below is as of December 31, 2023 (dollars in thousands):

Property Pledged as CollateralFixed orFloatingCarryingAmount(1)Effective InterestRate(2)AnnualDebtService(3)MaturityDate(4)BalanceDue onMaturityEarliest DateNotes Can BeDefeased orBe Prepaid
Consolidated Centers:
Chandler Fashion Center(5)Fixed$255,9244.18%$10,4967/5/24$256,000Any Time
Danbury Fair Mall(6)Fixed122,5028.51%21,2727/1/24107,124Any Time
Fashion District Philadelphia(7)Floating70,8209.50%6,3331/22/2468,320Any Time
Fashion Outlets of ChicagoFixed299,3754.61%13,7402/1/31300,000Any Time
Fashion Outlets of Niagara Falls USA(8)Fixed86,4706.45%8,71910/6/2386,470Any Time
Freehold Raceway MallFixed399,0443.94%15,60011/1/29386,013Any Time
Fresno Fashion FairFixed324,4533.67%11,65811/1/26325,000Any Time
Green Acres Mall(9)Fixed359,2646.62%21,8261/6/28370,0008/17/2025
Kings Plaza Shopping CenterFixed536,9563.71%19,5431/1/30540,000Any Time
Oaks, The(10)Fixed151,4965.74%12,4566/5/24149,947Any Time
Pacific ViewFixed70,9765.45%3,9365/6/3262,87711/23/2024
Queens CenterFixed600,0003.49%20,9221/1/25600,000Any Time
Santa Monica Place(11)Floating297,4747.32%20,64912/9/25300,000Any Time
SanTan Village Regional CenterFixed219,5064.34%9,4607/1/29220,000Any Time
Victor Valley, Mall ofFixed114,9664.00%4,5609/1/24115,000Any Time
Vintage Faire MallFixed226,9103.55%15,0693/6/26211,507Any Time
$4,136,136
Property Pledged as CollateralFixed orFloatingCarryingAmount(1)Effective InterestRate(2)AnnualDebtService(3)MaturityDate(4)BalanceDue onMaturityEarliest DateNotes Can BeDefeased orBe Prepaid
Unconsolidated Joint Venture Centers (at the Company's Pro Rata Share):
Arrowhead Towne Center(60%)Fixed$232,1874.05%$13,8332/1/28$212,555Any Time
Atlas Park, The Shops at(50%)(12)Floating32,21010.24%3,12811/9/2632,500Any Time
Boulevard Shops(50%)(13)Floating11,5007.41%8433/4/2411,500Any Time
Broadway Plaza(50%)Fixed218,1834.19%13,1724/1/30189,724Any Time
Corte Madera, The Village at(50.1%)Fixed109,6423.53%6,0749/1/2898,753Any Time
Country Club Plaza(50%)(14)Fixed147,6283.88%9,0014/1/26137,525Any Time
Deptford Mall(51%)Fixed74,0313.98%5,7954/3/2667,503Any Time
FlatIron Crossing(51%)(15)(16)Fixed88,4558.55%6,8742/9/2589,250Any Time
Kierland Commons(50%)Fixed97,4923.98%6,4074/1/2788,724Any Time
Lakewood Center(60%)Fixed197,3894.15%13,1446/1/26185,306Any Time
Los Cerritos Center(60%)Fixed303,1884.00%18,04611/1/27278,711Any Time
Paradise Valley I(5%)Fixed1,3075.00%659/29/241,307Any Time
Paradise Valley II(5%)Fixed1,0256.95%717/1/20261,025Any Time
Paradise Valley Retail(5%)Floating2218.35%182/3/2027221Any Time
Paradise Valley Residential(2.5%)Floating9998.10%812/3/2028999Any Time
Scottsdale Fashion Square(50%)(17)Fixed348,9836.28%22,0523/6/28350,0008/4/2025
South Plains Mall(60%)Fixed120,0004.22%5,06511/6/25120,000Any Time
Twenty Ninth Street(51%)Fixed76,5004.10%3,1372/6/2676,500Any Time
Tysons Corner Center(50%)(18)Fixed349,9806.89%23,75812/6/28355,00012/7/2026
Tysons Tower(50%)Fixed94,6353.38%3,16410/11/2995,000Any Time
Tysons Vita(50%)Fixed44,6073.43%1,48512/1/3045,000Any Time
Washington Square(60%)(15)(19)Fixed291,2188.18%23,42311/1/26286,785Any Time
West Acres - Development(19%)Fixed6803.72%2510/10/29680Any Time
West Acres(19%)Fixed12,6004.61%1,0253/1/328,256Any Time
$2,854,660

(1)The mortgage notes payable balances include the unamortized debt discounts. Debt discounts represent the deficiency of the fair value of debt under the principal value of debt assumed in various acquisitions. The debt discounts are being amortized into interest expense over the term of the related debt in a manner which approximates the effective interest method.

The debt discounts as of December 31, 2023 consisted of the following:

Property Pledged as Collateral
Unconsolidated Joint Venture Centers (at the Company's Pro Rata Share):
Lakewood Center(3,416)
$(3,416)

The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs at December 31, 2023 were $21.1 million for Consolidated Centers and $10.6 million for Unconsolidated Joint Venture Centers (at the Company's pro rata share).

(2)The interest rate disclosed represents the effective interest rate, including the debt discounts and deferred finance costs.

(3)The annual debt service represents the annual 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 a financing arrangement.

(6)On January 25, 2024, the Company replaced the existing $116.9 million mortgage loan on Danbury Fair Mall with a new $155.0 million loan that bears interest at a fixed rate of 6.39%, is interest only during the majority of the loan term and matures on February 6, 2034.

(7)On January 20, 2023, the Company repaid $26.1 million of the outstanding loan balance and exercised its one-year extension option of the loan to January 22, 2024. The interest rate was SOFR plus 3.60%. On January 22, 2024, the Company repaid the majority of the loan balance. The remaining $8.2 million matures on April 21, 2024.

(8)Effective October 6, 2023, the loan is in default. The Company is in negotiations with the lender on the terms of this non-recourse loan.

(9)On January 3, 2023, the Company closed on a five-year $370.0 million combined refinance of Green Acres Mall and Green Acres Commons. The new interest only loan bears interest at a fixed rate of 5.90% and matures on January 6, 2028.

(10)On 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 $5.0 million of the outstanding loan balance at closing. On June 5, 2023, the Company repaid $10,000 of the outstanding loan balance.

(11)On December 9, 2022, the Company closed on a three-year extension of the loan to December 9, 2025, including extension options. The interest rate remained unchanged at LIBOR plus 1.48%, and has converted to 1-month Term SOFR plus 1.52% effective July 9, 2023. The loan is covered by an interest rate cap agreement that effectively prevented LIBOR from exceeding 4.0% during the period ending December 9, 2023. The interest rate cap agreement was converted to 1-month Term SOFR effective July 9, 2023 and has since been extended with a 4% strike rate to December 9, 2024.

(12)This loan is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 5.76% through November 7, 2024.

(13)On January 10, 2024, the Company's joint venture in Boulevard Shops replaced the existing $23.0 million mortgage loan on the property with a new $24.0 million loan that bears interest at a variable rate of SOFR plus 2.50%, is interest only during the entire loan term and matures on December 5, 2028. The new loan has a required interest rate cap throughout the term of the loan at a strike rate of 7.5%.

(14)Effective May 9, 2023, the loan is in default. The Company's joint venture is in negotiations with the lender on the terms of this non-recourse loan.

(15)This loan requires an interest rate cap agreement to be in place at all times, which limits how high the prevailing floating rate index (i.e. SOFR) for the loan can rise. As of the date of this report, SOFR for this loan exceeded the strike interest rate within the required interest rate cap agreement and as a result, the loan is considered fixed rate debt.

(16)The loan bears interest at SOFR plus 3.70%, and is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through February 15, 2024. The interest rate cap agreement has since been extended with a strike rate of 5.0% to February 9, 2025.

(17)On March 3, 2023, the Company’s joint venture in Scottsdale Fashion Square replaced the existing $403.9 million mortgage loan on the property with a new $700.0 million loan that bears interest at a fixed rate of 6.21%, is interest only during the entire loan term and matures on March 6, 2028.

(18)On December 4, 2023, the Company's joint venture in Tysons Corner Center replaced the existing $666.5 million mortgage loan on the property with a new $710.0 million loan that bears interest at a fixed rate of 6.60%, is interest only during the entire loan term and matures on December 6, 2028.

(19)The loan bears interest at SOFR plus 4.0% and is covered by an interest rate cap agreement that effectively prevents SOFR from exceeding 4.0% through November 1, 2024. On November 1, 2023, the Company's joint venture repaid $15.0 million ($9.0 million at the Company's pro rata share) of the outstanding loan balance.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.