XML 31 R16.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Bank and Other Notes Payable: | 12 Months Ended
--- | ---
Dec. 31, 2015
Bank and Other Notes Payable: |
Bank and Other Notes Payable: | Bank and Other Notes Payable: Bank and other notes payable at December 31, 2015 and 2014 consist of the following: Line of Credit: The Company has a $1,500,000 revolving line of credit that bears interest at LIBOR plus a spread of 1.38% to 2.0%, depending on the Company's overall leverage levels, and matures on August 6, 2018. Based on the Company's leverage level as of December 31, 2015, the borrowing rate on the facility was LIBOR plus 1.50%. As of December 31, 2015 and 2014, borrowings under the line of credit were $650,000 and $752,000, respectively, at an average interest rate of 1.95% and 1.89%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2015 and 2014 was $640,260 and $713,989, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Term Loan: On December 8, 2011, the Company obtained a $125,000 unsecured term loan under the line of credit that bore interest at LIBOR plus a spread of 1.95% to 3.20%, depending on the Company's overall leverage level, and was to mature on December 8, 2018. On October 23, 2015, the Company paid off in full the term loan, which resulted in a loss of $578 on the early extinguishment of debt. As of December 31, 2014, the total interest rate was 2.25%. The estimated fair value (Level 2 measurement) of the term loan at December 31, 2014 was $119,780, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Prasada Note: On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on March 29, 2016. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At December 31, 2015 and 2014, the note had a balance of $9,130 and $10,879, respectively. The estimated fair value (Level 2 measurement) of the note at December 31, 2015 and 2014 was $9,168 and $11,178, respectively, based on current interest rates for comparable notes. 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 collateral for the underlying debt. As of December 31, 2015 and 2014, the Company was in compliance with all applicable financial loan covenants. The future maturities of bank and other notes payable are as follows:
Year Ending December 31, |
2016 | $ | 9,130 |
2018 | 650,000 |
| $ | 659,130 |

X
- References No definition available. + Details
Name: | mac_BankAndOtherNotesPayableDisclosureAbstract
Namespace Prefix: | mac_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition This element encapsulates disclosure pertaining to bank and other notes payable of the entity during the period. Bank and other notes payable include senior notes, term loans, line of credit and other notes. + References No definition available. + Details
Name: | mac_ConvertibleDebtLineOfCreditAndOtherNotesPayableTextBlock
Namespace Prefix: | mac_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration