XML 46 R41.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Mortgage Notes Payable (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
Mortgage Notes Payable | Mortgage notes payable at December 31, 2019 and 2018 consist of the following:
|  | Carrying Amounts of Mortgage Notes(1) |  |  |  |  | Effective Interest Rate(2) |  | Monthly Debt Service(3) |  | Maturity Date(4)
Property Pledged as Collateral |  | 2019 |  |  | 2018 |  |  |  |  |  |
Chandler Fashion Center(5)(6) |  | $ | 255,174 |  |  |  | $ | 199,972 |  |  | 4.18 | % |  | $ | 875 |  |  | 2024
Danbury Fair Mall |  | 194,718 |  |  |  | 202,158 |  |  | 5.53 | % |  | 1,538 |  |  | 2020
Fashion Outlets of Chicago(7) |  | 299,112 |  |  |  | 199,622 |  |  | 4.61 | % |  | 1,145 |  |  | 2031
Fashion Outlets of Niagara Falls USA(8) |  | 106,398 |  |  |  | 109,651 |  |  | 4.89 | % |  | 727 |  |  | 2020
Freehold Raceway Mall(5) |  | 398,379 |  |  |  | 398,212 |  |  | 3.94 | % |  | 1,300 |  |  | 2029
Fresno Fashion Fair |  | 323,659 |  |  |  | 323,460 |  |  | 3.67 | % |  | 971 |  |  | 2026
Green Acres Commons(9) |  | 128,926 |  |  |  | 128,006 |  |  | 4.40 | % |  | 416 |  |  | 2021
Green Acres Mall |  | 277,747 |  |  |  | 284,686 |  |  | 3.61 | % |  | 1,447 |  |  | 2021
Kings Plaza Shopping Center(10) |  | 535,097 |  |  |  | 437,120 |  |  | 3.71 | % |  | 1,629 |  |  | 2030
Oaks, The |  | 187,142 |  |  |  | 192,037 |  |  | 4.14 | % |  | 1,064 |  |  | 2022
Pacific View |  | 118,202 |  |  |  | 121,362 |  |  | 4.08 | % |  | 668 |  |  | 2022
Queens Center |  | 600,000 |  |  |  | 600,000 |  |  | 3.49 | % |  | 1,744 |  |  | 2025
Santa Monica Place(11) |  | 297,817 |  |  |  | 297,069 |  |  | 3.34 | % |  | 772 |  |  | 2022
SanTan Village Regional Center(12) |  | 219,140 |  |  |  | 121,585 |  |  | 4.34 | % |  | 788 |  |  | 2029
Towne Mall |  | 20,284 |  |  |  | 20,733 |  |  | 4.48 | % |  | 117 |  |  | 2022
Tucson La Encantada |  | 63,682 |  |  |  | 65,361 |  |  | 4.23 | % |  | 368 |  |  | 2022
Victor Valley, Mall of |  | 114,733 |  |  |  | 114,675 |  |  | 4.00 | % |  | 380 |  |  | 2024
Vintage Faire Mall |  | 252,389 |  |  |  | 258,207 |  |  | 3.55 | % |  | 1,256 |  |  | 2026
|  | $ | 4,392,599 |  |  |  | $ | 4,073,916 |  |  |  |  |  |  |
(1)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 were $16,042 and $13,053 at December 31, 2019 and 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 June 27, 2019, the Company replaced the existing loan on the property with a new $256,000 loan that bears interest at an effective rate of 4.18% and matures on July 5, 2024. (7)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. (8)The loan includes an unamortized debt premium of $773 and $1,701 at December 31, 2019 and 2018, respectively. The debt premiums represent the excess of the fair value of the loan over the principal value of the loan assumed at acquisition and is amortized into interest expense over the remaining term of the loan in a manner that approximates the effective interest method. (9)The loan bears interest at LIBOR plus 2.15%. At December 31, 2019 and 2018, the total interest rate was 4.40% and 5.06%, respectively. (10)On December 3, 2019, the Company replaced the existing loan on the property with a new $540,000 loan that bears interest at an effective rate of 3.71% and matures on January 1, 2030 . (11)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, 2021 (See Note 5—Derivative Instruments and Hedging Activities). At December 31, 2019 and 2018, the total interest rate was 3.34% and 4.01%, respectively. (12)On June 3, 2019, the Company’s joint venture in SanTan Village Regional Center replaced the existing loan on the property with a new $220,000 loan that bear interest at an effective rate of 4.34% and matures on July 1, 2029.
Future Maturities of Mortgage Notes Payable | The future maturities of mortgage notes payable are as follows:
Year Ending December 31, |
2020 | $ | 325,133 |
2021 | 418,239 |
2022 | 674,340 |
2023 | 6,895 |
2024 | 378,120 |
Thereafter | 2,605,141 |
| 4,407,868 |
Debt premium | 773 |
Deferred finance cost, net | (16,042) |
| $ | 4,392,599 |

X
- Definition Tabular disclosure of the combined aggregate amount of maturities of mortgage notes payable for each of the five years following the date of the latest balance sheet date presented. + References No definition available. + Details
Name: | mac_ScheduleOfFutureMaturitiesOfMortgageNotesPayableTableTextBlock
Namespace Prefix: | mac_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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