XML 51 R37.htm IDEA: XBRL DOCUMENT v3.22.0.1
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Outstanding The following derivatives were outstanding at December 31, 2021 and December 31, 2020:        
Fair Value
PropertyNotional AmountProductLIBOR RateMaturityDecember 31,
2021		December 31,
2020
Santa Monica Place(1)$300,000 Cap4.00 %12/9/2022$6 $— 
The Macerich Partnership, L.P.(1)$400,000 Swaps2.85 %9/30/2021$— $(8,208)
(1)    On April 14, 2021, the Company entered into a new credit facility to replace the existing credit facility (See Note 11 - Bank and Other Notes Payable). Concurrent with entering into the new credit facility, the Company de-designated the Santa Monica Place $300,000 interest rate cap. As a result of the new credit facility and the Santa Monica Place cap de-designation, the notional amounts of the swaps that were previously hedged against the Company’s prior revolving line of credit were hedged against the Santa Monica Place floating rate debt and a portion of the Green Acres Commons floating rate debt effectively converting the Santa Monica Place loan and a majority of the Green Acres Commons loan to fixed rate debt through September 30, 2021. The Company did not renew the swaps that expired on September 30, 2021 and, as a result, on October 1, 2021, these loans reverted back to floating interest rate loans. Effective December 9, 2021, the Company entered into a new $300,000 interest rate cap for Santa Monica Place that was designated as a hedging instrument.