XML 59 R50.htm IDEA: XBRL DOCUMENT
v3.23.2

Investments in Unconsolidated Joint Ventures - Narrative (Details) - USD ($) $ in Thousands |  |  |  |  |  |  | 3 Months Ended | 6 Months Ended |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
May 18, 2023 | Apr. 25, 2023 | Mar. 03, 2023 | Nov. 14, 2022 | Aug. 02, 2022 | Feb. 02, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | May 09, 2023
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Impairment loss |  |  |  |  |  |  | $ 70 |  | $ 1,230 | $ 666 | $ 9,858 |
Sears Deptford Mall And Vintage Faire Mall |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Purchase price |  |  |  |  | $ 24,544 |  |  |  |  |  |  |
Ownership percentage at completion of acquisition (as a percent) |  |  |  |  | 100.00% |  |  |  |  |  |  |
Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Ownership percentage at completion of acquisition (as a percent) | 100.00% |  |  |  |  |  |  |  |  |  |  |
Joint Venture | Sears South Plains |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Impairment loss |  |  |  |  | $ 27,054 |  |  |  |  |  |  |
Joint Venture | Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Purchase price | $ 46,687 |  |  |  |  |  |  |  |  |  |  |
Impairment loss |  |  |  |  |  |  |  | $ 50,197 |  |  |  |
Ownership percentage at completion of acquisition (as a percent) | 100.00% |  |  |  |  |  |  |  |  |  |  |
Loss on acquisition of real estate |  |  |  |  |  |  | $ 1,166 |  |  |  |  |
Joint Venture | Third Party | Sears Deptford Mall And Vintage Faire Mall |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Ownership percentage (as a percent) |  |  |  |  | 50.00% |  |  |  |  |  |  |
Joint Venture | Third Party | Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Ownership percentage (as a percent) | 50.00% |  |  |  |  |  |  |  |  |  |  |
FlatIron Crossing | Joint Venture |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Repayments of debt |  |  |  |  |  | $ 197,011 |  |  |  |  |  |
Debt issued |  |  |  |  |  | $ 175,000 |  |  |  |  |  |
FlatIron Crossing | Joint Venture | SOFR |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Variable interest rate spread (as a percent) |  |  |  |  |  | 3.70% |  |  |  |  |  |
Interest rate cap (as a percent) |  |  |  |  |  | 4.00% |  |  |  |  |  |
Washington Square |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Repayments of debt |  |  |  | $ 9,000 |  |  |  |  |  |  |  |
Washington Square | Joint Venture |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Repayments of debt |  |  |  | $ 15,000 |  |  |  |  |  |  |  |
Extension term (in years) |  |  |  | 4 years |  |  |  |  |  |  |  |
Washington Square | Joint Venture | SOFR |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Variable interest rate spread (as a percent) |  |  |  | 4.00% |  |  |  |  |  |  |  |
Scottsdale Fashion Square | Joint Venture |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Repayments of debt |  |  | $ 403,931 |  |  |  |  |  |  |  |  |
Debt issued |  |  | $ 700,000 |  |  |  |  |  |  |  |  |
Interest rate on debt (as a percent) |  |  | 6.21% |  |  |  |  |  |  |  |  |
Deptford Mall |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Repayments of debt |  | $ 5,100 |  |  |  |  |  |  |  |  |  |
Deptford Mall | Joint Venture |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Repayments of debt |  | $ 10,000 |  |  |  |  |  |  |  |  |  |
Debt instrument term (in years) |  | 3 years |  |  |  |  |  |  |  |  |  |
Deptford Mall | Joint Venture | SOFR |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Interest rate on debt (as a percent) |  | 3.73% |  |  |  |  |  |  |  |  |  |
Country Club Plaza |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Debt instrument, default amount |  |  |  |  |  |  |  |  |  |  |  | $ 147,605
Country Club Plaza | Joint Venture |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Equity Method Investments |  |  |  |  |  |  |  |  |  |  |  |
Debt instrument, default amount |  |  |  |  |  |  |  |  |  |  |  | $ 295,210

X
- Definition Asset Acquisition, Percentage of Shares Owned + References No definition available. + Details
Name: | mac_AssetAcquisitionPercentageOfSharesOwned
Namespace Prefix: | mac_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Joint Venture Extension Term + References No definition available. + Details
Name: | mac_JointVentureExtensionTerm
Namespace Prefix: | mac_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Joint Venture Ownership Percent Acquired + References No definition available. + Details
Name: | mac_JointVentureOwnershipPercentAcquired
Namespace Prefix: | mac_
Data Type: | dtr-types1:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Amount of consideration transferred in asset acquisition. Includes, but is not limited to, cash, liability incurred by acquirer, and equity interest issued by acquirer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479908/805-50-55-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 25 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480060/805-50-25-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 30 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480027/805-50-30-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 30 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480027/805-50-30-2 + Details
Name: | us-gaap_AssetAcquisitionConsiderationTransferred
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Amount of outstanding long-term debt or borrowing associated with any securities or credit agreement for which there has been a default in principal, interest, sinking fund, or redemption provisions, or any breach of covenant that existed at the end of the period and subsequently has not been cured. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_DebtDefaultLongtermDebtAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Contractual interest rate for funds borrowed, under the debt agreement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_DebtInstrumentInterestRateStatedPercentage
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentTerm
Namespace Prefix: | us-gaap_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Cap rate on an interest rate derivative such as an interest rate cap or collar. If market rates exceed the cap rate, a payment or receipt is triggered on the contract. + References No definition available. + Details
Name: | us-gaap_DerivativeCapInterestRate
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition The charge against earnings in the period to reduce the carrying amount of real property to fair value. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-2 + Details
Name: | us-gaap_ImpairmentOfRealEstate
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition The cash inflow during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14 + Details
Name: | us-gaap_ProceedsFromIssuanceOfDebt
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Amount of reduction to fair value of loan related to real estate owned (REO) at time of acquisition. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
Name: | us-gaap_RealEstateOwnedAmountOfLossAtAcquisition1
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | duration

X
- Definition Amount of cash outflow for short-term and long-term debt. Excludes payment of lease obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 15 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15 + Details
Name: | us-gaap_RepaymentsOfDebt
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
Name: | us-gaap_ScheduleOfEquityMethodInvestmentsLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_AssetAcquisitionAxis=mac_SearsDeptfordMallAndVintageFaireMallMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_AssetAcquisitionAxis=mac_ChandlerFashionCenterDanburyFairMallFreeholdRacewayMallLosCerritosCenterAndWashingtonSquareMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_CorporateJointVentureMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_AssetAcquisitionAxis=mac_SearsSouthPlainsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_CounterpartyNameAxis=mac_ThirdPartyMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=mac_FlatIronCrossingMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_VariableRateAxis=us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=mac_WashingtonSquareMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=mac_ScottsdaleFashionSquareMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=mac_DeptfordMallMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis=mac_CountryClubPlazaMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |