XML 51 R38.htm IDEA: XBRL DOCUMENT
v3.19.1

Mortgage Notes Payable (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2019
Debt Disclosure [Abstract] |
Mortgage notes payable | Mortgage notes payable at March 31, 2019 and December 31, 2018 consist of the following:
|  | Carrying Amount of Mortgage Notes(1) |  |  |  |  |  |
Property Pledged as Collateral |  | March 31, 2019 |  | December 31, 2018 |  | Effective Interest Rate(2) |  | Monthly Debt Service(3) |  | Maturity Date(4)
Chandler Fashion Center(5) |  | $ | 199,989 |  |  | $ | 199,972 |  |  | 3.77 | % |  | $ | 625 |  |  | 2019
Danbury Fair Mall |  | 200,336 |  |  | 202,158 |  |  | 5.53 | % |  | 1,538 |  |  | 2020
Fashion Outlets of Chicago(6) |  | 299,055 |  |  | 199,622 |  |  | 4.61 | % |  | 1,145 |  |  | 2031
Fashion Outlets of Niagara Falls USA |  | 108,829 |  |  | 109,651 |  |  | 4.89 | % |  | 727 |  |  | 2020
Freehold Raceway Mall(5) |  | 398,254 |  |  | 398,212 |  |  | 3.94 | % |  | 1,300 |  |  | 2029
Fresno Fashion Fair |  | 323,509 |  |  | 323,460 |  |  | 3.67 | % |  | 971 |  |  | 2026
Green Acres Commons(7) |  | 128,236 |  |  | 128,006 |  |  | 5.20 | % |  | 503 |  |  | 2021
Green Acres Mall |  | 282,941 |  |  | 284,686 |  |  | 3.61 | % |  | 1,447 |  |  | 2021
Kings Plaza Shopping Center |  | 434,479 |  |  | 437,120 |  |  | 3.67 | % |  | 2,229 |  |  | 2019
Oaks, The |  | 190,832 |  |  | 192,037 |  |  | 4.14 | % |  | 1,064 |  |  | 2022
Pacific View |  | 120,583 |  |  | 121,362 |  |  | 4.08 | % |  | 668 |  |  | 2022
Queens Center |  | 600,000 |  |  | 600,000 |  |  | 3.49 | % |  | 1,744 |  |  | 2025
Santa Monica Place(8) |  | 297,256 |  |  | 297,069 |  |  | 4.08 | % |  | 958 |  |  | 2022
SanTan Village Regional Center(9) |  | 120,776 |  |  | 121,585 |  |  | 3.14 | % |  | 589 |  |  | 2019
Towne Mall |  | 20,619 |  |  | 20,733 |  |  | 4.48 | % |  | 117 |  |  | 2022
Tucson La Encantada |  | 64,947 |  |  | 65,361 |  |  | 4.23 | % |  | 368 |  |  | 2022
Victor Valley, Mall of |  | 114,690 |  |  | 114,675 |  |  | 4.00 | % |  | 380 |  |  | 2024
Vintage Faire Mall |  | 256,741 |  |  | 258,207 |  |  | 3.55 | % |  | 1,256 |  |  | 2026
|  | $ | 4,162,072 |  |  | $ | 4,073,916 |  |  |  |  |  |  |  |  |
(1) | The mortgage notes payable balances includes an unamortized debt premium. Debt premiums represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The loan on Fashion Outlets of Niagara Falls USA had a premium of $1,469 and $1,701 at March 31, 2019 and December 31, 2018, respectively.
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 $12,524 and $13,053 at March 31, 2019 and December 31, 2018, 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 January 10, 2019, the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at an effective rate of 4.61% and matures on February 1, 2031.
(7) | The loan bears interest at LIBOR plus 2.15%. At March 31, 2019 and December 31, 2018, the total interest rate was 5.20% and 5.06%, respectively.
(8) | The loan bears interest at LIBOR plus 1.35%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2019 (See Note 5—Derivative Instruments and Hedging Activities). At March 31, 2019 and December 31, 2018, the total interest rate was 4.08% and 4.01%, respectively.
(9) | On February 13, 2019, the Company’s joint venture in SanTan Village Regional Center entered into a commitment for a ten-year $220,000 loan to replace the existing loan on the property. The new loan will bear interest at a fixed rate of 4.30% and is expected to close during the second quarter of 2019.

X
- Definition Tabular disclosure of details related to mortgage notes payable by the entity, including properties which are pledged as collateral, carrying amounts, maturities and interest rates. + References No definition available. + Details
Name: | mac_ScheduleOfMortgageNotesPayableTableTextBlock
Namespace Prefix: | mac_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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