XML 60 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenues:    
Minimum rents $ 190,761us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue $ 151,633us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue
Percentage rents 3,248us-gaap_PercentageRent 2,853us-gaap_PercentageRent
Tenant recoveries 105,698us-gaap_TenantReimbursements 91,475us-gaap_TenantReimbursements
Management Companies 5,625mac_ManagementFeesAndOtherRevenues 8,121mac_ManagementFeesAndOtherRevenues
Other 13,003us-gaap_OtherIncome 10,430us-gaap_OtherIncome
Total revenues 318,335us-gaap_Revenues 264,512us-gaap_Revenues
Expenses:    
Shopping center and operating expenses 101,664us-gaap_CostOfRealEstateRevenue 90,376us-gaap_CostOfRealEstateRevenue
Management Companies' operating expenses 26,468us-gaap_OwnedPropertyManagementCosts 22,772us-gaap_OwnedPropertyManagementCosts
REIT general and administrative expenses 8,422us-gaap_GeneralAndAdministrativeExpense 6,877us-gaap_GeneralAndAdministrativeExpense
Costs related to unsolicited takeover offer 13,572us-gaap_UnsolicitedTenderOfferCosts 0us-gaap_UnsolicitedTenderOfferCosts
Depreciation and amortization 120,618us-gaap_DepreciationAndAmortization 88,657us-gaap_DepreciationAndAmortization
Total expenses before interest 270,744mac_CostsAndExpensesBeforeInterestTotal 208,682mac_CostsAndExpensesBeforeInterestTotal
Interest expense:    
Related parties 2,729us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty 3,708us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
Other 50,557us-gaap_InterestExpenseOther 42,630us-gaap_InterestExpenseOther
Total interest expense 53,286us-gaap_InterestExpense 46,338us-gaap_InterestExpense
(Gain) loss on early extinguishment of debt, net (2,245)mac_GainsLossesonExtinguishmentofDebtIncludingPenalties 358mac_GainsLossesonExtinguishmentofDebtIncludingPenalties
Total expenses 321,785us-gaap_CostsAndExpenses 255,378us-gaap_CostsAndExpenses
Equity in income of unconsolidated joint ventures 8,274us-gaap_IncomeLossFromEquityMethodInvestments 13,769us-gaap_IncomeLossFromEquityMethodInvestments
Co-venture expense (2,130)mac_IncomeLossFromCoventureOperations (1,820)mac_IncomeLossFromCoventureOperations
Income tax benefit 935us-gaap_IncomeTaxExpenseBenefit 172us-gaap_IncomeTaxExpenseBenefit
(Gain) loss on sale or write down of assets, net 935mac_GainLossonSaleorWriteDownofAssets (1,611)mac_GainLossonSaleorWriteDownofAssets
Gain on remeasurement of assets 22,103us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss 0us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss
Net income 26,667us-gaap_ProfitLoss 19,644us-gaap_ProfitLoss
Less net income attributable to noncontrolling interests 2,056us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 1,825us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net income attributable to the Company $ 24,611us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 17,819us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Earnings per common share—net income attributable to common stockholders: (in dollars per share)    
Basic (in dollars per share) $ 0.15us-gaap_EarningsPerShareBasic $ 0.13us-gaap_EarningsPerShareBasic
Diluted (in dollars per share) $ 0.15us-gaap_EarningsPerShareDiluted $ 0.13us-gaap_EarningsPerShareDiluted
Weighted average number of common shares outstanding: (in shares)    
Basic (in shares) 158,336us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 140,767us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted (in shares) 158,544us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 140,817us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding