2013 Q4 Form 10-K Financial Statement

#000091224215000005 Filed on February 23, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $282.1M $258.2M $245.9M
YoY Change 23.09% 31.85% 32.87%
Cost Of Revenue $105.3M $106.4M $101.5M
YoY Change 23.59% 26.67% 21.85%
Gross Profit $151.2M $151.8M $144.4M
YoY Change 26.63% 26.39% 34.7%
Gross Profit Margin 53.59% 58.8% 58.73%
Selling, General & Admin $9.100M $6.000M $6.700M
YoY Change 75.0% 17.65% 17.54%
% of Gross Profit 6.02% 3.95% 4.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $97.10M $94.50M $95.90M
YoY Change 9.97% 21.78% 26.52%
% of Gross Profit 64.22% 62.25% 66.41%
Operating Expenses $93.60M $94.40M $95.20M
YoY Change 23.65% 28.09% 31.31%
Operating Profit $57.60M $57.40M $49.20M
YoY Change 31.81% 23.71% 41.79%
Interest Expense -$16.40M $49.60M $50.38M
YoY Change -42.25% 19.34% 16.35%
% of Operating Profit -28.47% 86.42% 102.39%
Other Income/Expense, Net -$2.600M -$2.100M -$2.100M
YoY Change 23.81% 0.0% 61.54%
Pretax Income $5.500M $49.10M $89.90M
YoY Change -97.28% 11.59% 866.67%
Income Tax $600.0K -$543.0K -$1.477M
% Of Pretax Income 10.91% -1.11% -1.64%
Net Earnings $144.9M $40.83M $234.8M
YoY Change -16.82% -13.64% 62.45%
Net Earnings / Revenue 51.36% 15.81% 95.5%
Basic Earnings Per Share $1.03 $0.27 $1.57
Diluted Earnings Per Share $1.03 $0.27 $1.57
COMMON SHARES
Basic Shares Outstanding 140.5M shares 140.7M shares 139.4M shares
Diluted Shares Outstanding 140.8M shares 139.5M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.00M $62.00M $47.00M
YoY Change 6.06% -19.48% -47.78%
Cash & Equivalents $69.72M $62.11M $46.94M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $130.0M $127.0M $127.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $200.0M $189.0M $174.0M
YoY Change 6.95% -2.07% -9.38%
LONG-TERM ASSETS
Property, Plant & Equipment $7.622B $7.734B $7.779B
YoY Change 1.9% 30.16% 30.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $701.5M $706.5M $949.7M
YoY Change -28.0% -31.19% -15.27%
Other Assets $100.0M $111.0M $119.0M
YoY Change -18.03% 16.84% 27.96%
Total Long-Term Assets $8.875B $9.017B $9.376B
YoY Change -2.73% 21.57% 24.37%
TOTAL ASSETS
Total Short-Term Assets $200.0M $189.0M $174.0M
Total Long-Term Assets $8.875B $9.017B $9.376B
Total Assets $9.075B $9.206B $9.550B
YoY Change -2.53% 20.97% 23.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $77.00M $85.00M $72.00M
YoY Change 10.0% 13.33% 24.14%
Accrued Expenses $363.0M $360.0M $320.0M
YoY Change 14.15% 29.5% 18.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $567.0M
YoY Change -100.0% -100.0% -25.79%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $440.0M $445.0M $959.0M
YoY Change -63.7% -41.22% -12.18%
LONG-TERM LIABILITIES
Long-Term Debt $4.583B $4.764B $4.624B
YoY Change 3.29% 40.74% 40.04%
Other Long-Term Liabilities $334.0M $341.0M $289.0M
YoY Change 36.33% 87.36% 45.23%
Total Long-Term Liabilities $4.917B $5.105B $4.913B
YoY Change 5.02% 43.12% 40.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $440.0M $445.0M $959.0M
Total Long-Term Liabilities $4.917B $5.105B $4.913B
Total Liabilities $5.357B $5.551B $6.215B
YoY Change -9.13% 28.37% 35.31%
SHAREHOLDERS EQUITY
Retained Earnings -$548.8M -$606.5M
YoY Change -14.21% -17.45%
Common Stock $3.908B $3.903B
YoY Change 5.12% 286259.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.359B $3.297B $3.335B
YoY Change
Total Liabilities & Shareholders Equity $9.075B $9.206B $9.550B
YoY Change -2.53% 20.97% 23.53%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income $144.9M $40.83M $234.8M
YoY Change -16.82% -13.64% 62.45%
Depreciation, Depletion And Amortization $97.10M $94.50M $95.90M
YoY Change 9.97% 21.78% 26.52%
Cash From Operating Activities $93.10M $146.1M $75.30M
YoY Change -2.1% 30.91% 28.94%
INVESTING ACTIVITIES
Capital Expenditures -$53.60M -$10.70M -$22.70M
YoY Change -94.7% -128.16% -63.21%
Acquisitions
YoY Change
Other Investing Activities $91.00M $365.7M $358.8M
YoY Change -311.14% 700.22% 154.65%
Cash From Investing Activities $37.40M $355.0M $336.1M
YoY Change -103.55% 323.63% 324.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -123.0M -485.8M -433.3M
YoY Change -112.96% 132.89% 56.37%
NET CHANGE
Cash From Operating Activities 93.10M 146.1M 75.30M
Cash From Investing Activities 37.40M 355.0M 336.1M
Cash From Financing Activities -123.0M -485.8M -433.3M
Net Change In Cash 7.500M 15.30M -21.90M
YoY Change -169.44% -215.91% -84.3%
FREE CASH FLOW
Cash From Operating Activities $93.10M $146.1M $75.30M
Capital Expenditures -$53.60M -$10.70M -$22.70M
Free Cash Flow $146.7M $156.8M $98.00M
YoY Change -86.75% 113.04% -18.4%

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NonCashorPartNoncashAcquisitionInvestmentinUnconsolidatedJointVenture
15767000 USD
CY2012 mac Noncontrolling Interest Increasefrom Contributionsfrom Noncontrolling Interests
NoncontrollingInterestIncreasefromContributionsfromNoncontrollingInterests
605000 USD
CY2013 mac Noncontrolling Interest Increasefrom Contributionsfrom Noncontrolling Interests
NoncontrollingInterestIncreasefromContributionsfromNoncontrollingInterests
18079000 USD
CY2012 mac Notes Reduction Saleof Properties
NotesReductionSaleofProperties
0 USD
CY2013 mac Notes Reduction Saleof Properties
NotesReductionSaleofProperties
224737000 USD
CY2014 mac Notes Reduction Saleof Properties
NotesReductionSaleofProperties
31725000 USD
CY2014 mac Number Of Forms Of In Place Operating Leases
NumberOfFormsOfInPlaceOperatingLeases
3 form
CY2014 mac Number Of Real Estate Management Companies
NumberOfRealEstateManagementCompanies
7 entity
CY2012 mac Paymentsof Contingent Consideration
PaymentsofContingentConsideration
0 USD
CY2013 mac Paymentsof Contingent Consideration
PaymentsofContingentConsideration
0 USD
CY2014 mac Paymentsof Contingent Consideration
PaymentsofContingentConsideration
18667000 USD
CY2012Q3 mac Percentage Of Commission To Sales Agent
PercentageOfCommissionToSalesAgent
0.02
CY2012 mac Proceeds From Issuance Of Common Stock Gross
ProceedsFromIssuanceOfCommonStockGross
177896000 USD
CY2013 mac Proceeds From Issuance Of Common Stock Gross
ProceedsFromIssuanceOfCommonStockGross
173011000 USD
CY2012 mac Proceeds From Sale Of Partnership Interests Other Assets And Discontinued Operations Net
ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet
136707000 USD
CY2013 mac Proceeds From Sale Of Partnership Interests Other Assets And Discontinued Operations Net
ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet
416077000 USD
CY2014 mac Proceeds From Sale Of Partnership Interests Other Assets And Discontinued Operations Net
ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet
320123000 USD
CY2012 mac Real Estate Accumulated Depreciation Depreciation Expense And Other Additions
RealEstateAccumulatedDepreciationDepreciationExpenseAndOtherAdditions
241231000 USD
CY2013 mac Real Estate Accumulated Depreciation Depreciation Expense And Other Additions
RealEstateAccumulatedDepreciationDepreciationExpenseAndOtherAdditions
284500000 USD
CY2014Q4 us-gaap Below Market Lease Amortization Income Year Two
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35647000 USD
CY2014 mac Real Estate Accumulated Depreciation Depreciation Expense And Other Additions
RealEstateAccumulatedDepreciationDepreciationExpenseAndOtherAdditions
289178000 USD
CY2012 mac Real Estate Accumulated Depreciation Real Estate Sold Or Retired
RealEstateAccumulatedDepreciationRealEstateSoldOrRetired
118763000 USD
CY2013 mac Real Estate Accumulated Depreciation Real Estate Sold Or Retired
RealEstateAccumulatedDepreciationRealEstateSoldOrRetired
258088000 USD
CY2014 mac Real Estate Accumulated Depreciation Real Estate Sold Or Retired
RealEstateAccumulatedDepreciationRealEstateSoldOrRetired
138758000 USD
CY2012 mac Real Estate Acquisitions Improvements And Other Additions
RealEstateAcquisitionsImprovementsAndOtherAdditions
1909530000 USD
CY2013 mac Real Estate Acquisitions Improvements And Other Additions
RealEstateAcquisitionsImprovementsAndOtherAdditions
943159000 USD
CY2014 mac Real Estate Acquisitions Improvements And Other Additions
RealEstateAcquisitionsImprovementsAndOtherAdditions
4042409000 USD
CY2014Q4 mac Real Estate And Accumulated Depreciation Initial Cost Of Equipment Furnishing
RealEstateAndAccumulatedDepreciationInitialCostOfEquipmentFurnishing
47479000 USD
CY2012 mac Real Estate Cost Of Real Estate Sold Or Retired
RealEstateCostOfRealEstateSoldOrRetired
386559000 USD
CY2013 mac Real Estate Cost Of Real Estate Sold Or Retired
RealEstateCostOfRealEstateSoldOrRetired
774527000 USD
CY2014 mac Real Estate Cost Of Real Estate Sold Or Retired
RealEstateCostOfRealEstateSoldOrRetired
445865000 USD
CY2013Q4 mac Secured Debt Nonrelated Party
SecuredDebtNonrelatedParty
4145809000 USD
CY2014Q4 mac Secured Debt Nonrelated Party
SecuredDebtNonrelatedParty
5115482000 USD
CY2012 mac Stock Issued During Period Value Stock Warrants Exercised
StockIssuedDuringPeriodValueStockWarrantsExercised
7371000 USD
CY2014Q4 mac Threshold Ownership Percentage For Equity Method Accounting Only If No Controlling Financial Interest
ThresholdOwnershipPercentageForEquityMethodAccountingOnlyIfNoControllingFinancialInterest
0.5
CY2013 mac Write Off Of Development Cost
WriteOffOfDevelopmentCost
1250000 USD
CY2014 mac Write Off Of Development Cost
WriteOffOfDevelopmentCost
40561000 USD
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99497000 USD
CY2014Q4 us-gaap Accounts And Notes Receivable Net
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132026000 USD
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CY2014Q4 us-gaap Additional Paid In Capital Common Stock
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-3561000 USD
CY2014 us-gaap Adjustments To Additional Paid In Capital Other
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-97216000 USD
CY2012 us-gaap Allocated Share Based Compensation Expense
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14970000 USD
CY2013 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
28122000 USD
CY2014 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
34873000 USD
CY2013Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
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CY2014Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
3234000 USD
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CY2013 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
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CY2014 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-9083000 USD
CY2012 us-gaap Amortization Of Debt Discount Premium
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-1600000 USD
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CY2014 us-gaap Amortization Of Debt Discount Premium
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-8906000 USD
CY2012 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
32456000 USD
CY2013 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
53139000 USD
CY2014 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
52668000 USD
CY2013Q4 us-gaap Assets
Assets
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CY2014Q4 us-gaap Assets
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CY2014Q4 us-gaap Below Market Lease Accumulated Amortization
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93511000 USD
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37808000 USD
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128187000 USD
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CY2014Q4 us-gaap Below Market Lease Gross
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375033000 USD
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108266000 USD
CY2014Q4 us-gaap Below Market Lease Net
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281522000 USD
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92193000 USD
CY2013 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
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104123000 USD
CY2014 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
1605975000 USD
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BusinessAcquisitionsProFormaRevenue
1094559000 USD
CY2013 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1311941000 USD
CY2014 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1287904000 USD
CY2012 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
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0 USD
CY2013 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
0 USD
CY2014 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
10012000 USD
CY2012 us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain Or Loss
BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss
199956000 USD
CY2013 us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain Or Loss
BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss
51205000 USD
CY2014 us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain Or Loss
BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss
1423136000 USD
CY2012 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0 USD
CY2013 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0 USD
CY2014 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
28890000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
67248000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
65793000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
69715000 USD
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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3922000 USD
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
15192000 USD
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CY2014Q4 us-gaap Commitments And Contingencies
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2.23
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CommonStockDividendsPerShareCashPaid
2.36
CY2014 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
2.51
CY2013Q4 us-gaap Common Stock Par Or Stated Value Per Share
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0.01
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2012Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2014Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2013Q4 us-gaap Common Stock Shares Authorized
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250000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2013Q4 us-gaap Common Stock Shares Issued
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CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2013Q4 us-gaap Common Stock Shares Outstanding
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CY2014Q4 us-gaap Common Stock Shares Outstanding
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CY2014Q4 us-gaap Common Stock Value
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CY2012 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
26322000 USD
CY2013 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
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CY2014 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
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41205000 USD
CY2012 us-gaap Conversion Of Stock Amount Converted1
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26991000 USD
CY2013 us-gaap Conversion Of Stock Amount Converted1
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12984000 USD
CY2014 us-gaap Conversion Of Stock Amount Converted1
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2410000 USD
CY2012 us-gaap Cost Of Real Estate Revenue
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251923000 USD
CY2014 us-gaap Cost Of Real Estate Revenue
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353505000 USD
CY2013 us-gaap Cost Of Real Estate Revenue
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329795000 USD
CY2014 us-gaap Costs And Expenses
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1050297000 USD
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 USD
CY2013 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
142000 USD
CY2014 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 USD
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CY2014Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
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533058000 USD
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759061000 USD
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223038000 USD
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239955000 USD
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51695000 USD
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47171000 USD
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81515000 USD
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75450000 USD
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CY2013 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2014 us-gaap Deferred Income Tax Expense Benefit
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26394000 USD
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24698000 USD
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277621000 USD
CY2013 us-gaap Depreciation And Amortization
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357165000 USD
CY2014 us-gaap Depreciation And Amortization
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378716000 USD
CY2012 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
322720000 USD
CY2013 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
383002000 USD
CY2014 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
387785000 USD
CY2012 us-gaap Depreciation Nonproduction
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216447000 USD
CY2013 us-gaap Depreciation Nonproduction
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269790000 USD
CY2014 us-gaap Depreciation Nonproduction
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289178000 USD
CY2013Q4 us-gaap Development In Process
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229169000 USD
CY2014Q4 us-gaap Development In Process
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303264000 USD
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50811000 USD
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286414000 USD
CY2014 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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0 USD
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12412000 USD
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3522000 USD
CY2014 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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0 USD
CY2012 us-gaap Disposal Group Including Discontinued Operation Revenue
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CY2013 us-gaap Disposal Group Including Discontinued Operation Revenue
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54752000 USD
CY2012 us-gaap Dividends Common Stock Cash
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CY2013 us-gaap Dividends Common Stock Cash
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CY2014 us-gaap Dividends Common Stock Cash
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353495000 USD
CY2013Q4 us-gaap Due From Affiliates
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30132000 USD
CY2014Q4 us-gaap Due From Affiliates
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80232000 USD
CY2013Q4 us-gaap Due From Joint Ventures
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2756000 USD
CY2014Q4 us-gaap Due From Joint Ventures
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0 USD
CY2012 us-gaap Earnings Per Share Basic
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CY2013Q1 us-gaap Earnings Per Share Basic
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1.03
CY2013 us-gaap Earnings Per Share Basic
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10.46
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2.51
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1.57
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0.27
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1.03
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.00
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CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
10.45
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2646000 USD
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3915000 USD
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29147000 USD
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CY2014 us-gaap Equity Method Investment Dividends Or Distributions
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2412000 USD
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CY2014Q4 us-gaap Equity Method Investment Summarized Financial Information Assets
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3176604000 USD
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3731456000 USD
CY2014Q4 us-gaap Equity Method Investment Summarized Financial Information Liabilities And Equity
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3176604000 USD
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195650000 USD
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356202000 USD
CY2014 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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139711000 USD
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CY2013 us-gaap Equity Method Investment Summarized Financial Information Revenue
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688111000 USD
CY2014 us-gaap Equity Method Investment Summarized Financial Information Revenue
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632970000 USD
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CY2014Q4 us-gaap Equity Method Investment Underlying Equity In Net Assets
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489349000 USD
CY2013Q4 us-gaap Equity Method Investments
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CY2014Q4 us-gaap Equity Method Investments
EquityMethodInvestments
984132000 USD
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205651000 USD
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298825000 USD
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89141000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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103361000 USD
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77847000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
64711000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
21682000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
25760000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
31906000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
45990000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
267896000 USD
CY2013Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
152198000 USD
CY2014Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
152554000 USD
CY2012 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-390000 USD
CY2013 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
5390000 USD
CY2014 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
1257000 USD
CY2012 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2013 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1432000 USD
CY2014 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-526000 USD
CY2012 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
20412000 USD
CY2013 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
27772000 USD
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
29412000 USD
CY2013Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
35540000 USD
CY2014Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
33540000 USD
CY2013 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
82197000 USD
CY2014 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
41216000 USD
CY2012 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
303166000 USD
CY2013 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
159023000 USD
CY2014 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
1606931000 USD
CY2012 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.07
CY2013 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.07
CY2014 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
10.46
CY2012 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.07
CY2013 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.06
CY2014 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
10.45
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
63223000 USD
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
289936000 USD
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
0 USD
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.44
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
1.94
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.44
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
1.94
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2012 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
79281000 USD
CY2013 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
167580000 USD
CY2014 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
60626000 USD
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4159000 USD
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1692000 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4269000 USD
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-5493000 USD
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-3981000 USD
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-3667000 USD
CY2012 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
1334000 USD
CY2013 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
2289000 USD
CY2014 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-602000 USD
CY2012 us-gaap Increase Decrease Due From Affiliates
IncreaseDecreaseDueFromAffiliates
1181000 USD
CY2013 us-gaap Increase Decrease Due From Affiliates
IncreaseDecreaseDueFromAffiliates
-266000 USD
CY2014 us-gaap Increase Decrease Due From Affiliates
IncreaseDecreaseDueFromAffiliates
1770000 USD
CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
13430000 USD
CY2013 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-747000 USD
CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-123000 USD
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2554000 USD
CY2013 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5482000 USD
CY2014 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
12356000 USD
CY2012 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
30614000 USD
CY2013 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
27669000 USD
CY2014 us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
28019000 USD
CY2012 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-5093000 USD
CY2013 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-5682000 USD
CY2014 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-24735000 USD
CY2012 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
17094000 USD
CY2013 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-7761000 USD
CY2014 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
15594000 USD
CY2012 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
6164000 USD
CY2013 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-70538000 USD
CY2014 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-6526000 USD
CY2012 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
63000 shares
CY2013 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2014 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2012 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
18000 shares
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
82000 shares
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
147000 shares
CY2012 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
10703000 USD
CY2013 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
10829000 USD
CY2014 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
12559000 USD
CY2012 us-gaap Interest Expense
InterestExpense
164392000 USD
CY2013 us-gaap Interest Expense
InterestExpense
197247000 USD
CY2014 us-gaap Interest Expense
InterestExpense
190689000 USD
CY2012 us-gaap Interest Expense Other
InterestExpenseOther
149006000 USD
CY2013 us-gaap Interest Expense Other
InterestExpenseOther
182231000 USD
CY2014 us-gaap Interest Expense Other
InterestExpenseOther
175555000 USD
CY2012 us-gaap Interest Paid Net
InterestPaidNet
174089000 USD
CY2013 us-gaap Interest Paid Net
InterestPaidNet
195129000 USD
CY2014 us-gaap Interest Paid Net
InterestPaidNet
186877000 USD
CY2013Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
6555212000 USD
CY2014Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
9479337000 USD
CY2013Q4 us-gaap Land
Land
1707005000 USD
CY2014Q4 us-gaap Land
Land
2242291000 USD
CY2014Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
18388000 USD
CY2013Q4 us-gaap Liabilities
Liabilities
5356533000 USD
CY2014Q4 us-gaap Liabilities
Liabilities
7081929000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
9075250000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
13121778000 USD
CY2012 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 USD
CY2013 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
54271000 USD
CY2014 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 USD
CY2012 us-gaap Liquidation Basis Of Accounting Remeasurement Gain Loss On Asset
LiquidationBasisOfAccountingRemeasurementGainLossOnAsset
199956000 USD
CY2013 us-gaap Liquidation Basis Of Accounting Remeasurement Gain Loss On Asset
LiquidationBasisOfAccountingRemeasurementGainLossOnAsset
51205000 USD
CY2014 us-gaap Liquidation Basis Of Accounting Remeasurement Gain Loss On Asset
LiquidationBasisOfAccountingRemeasurementGainLossOnAsset
1423136000 USD
CY2013Q4 us-gaap Minority Interest
MinorityInterest
359968000 USD
CY2014Q4 us-gaap Minority Interest
MinorityInterest
399729000 USD
CY2012 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
30694000 USD
CY2013 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
31202000 USD
CY2014 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
32230000 USD
CY2012 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
86000 USD
CY2013 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
1066000 USD
CY2014 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
236000 USD
CY2013Q4 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.07
CY2014Q4 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.06
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
610623000 USD
CY2013 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
271867000 USD
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-255791000 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
351296000 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
422035000 USD
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
400706000 USD
CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-689980000 USD
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-129723000 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-963374000 USD
CY2012 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
28963000 USD
CY2013 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
28869000 USD
CY2014 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
107889000 USD
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
337426000 USD
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
18092000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
218997000 USD
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
38123000 USD
CY2013Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
144878000 USD
CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
420090000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
17819000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16088000 USD
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
35914000 USD
CY2014Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1429221000 USD
CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1499042000 USD
CY2012 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
420123000 USD
CY2013 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
257064000 USD
CY2014 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
1414659000 USD
CY2012 us-gaap Notes Issued1
NotesIssued1
0 USD
CY2013 us-gaap Notes Issued1
NotesIssued1
0 USD
CY2014 us-gaap Notes Issued1
NotesIssued1
9603000 USD
CY2013Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
4500177000 USD
CY2014Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
5455453000 USD
CY2013Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
269381000 USD
CY2014Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
289039000 USD
CY2012 us-gaap Notes Reduction
NotesReduction
185000000 USD
CY2013 us-gaap Notes Reduction
NotesReduction
84000000 USD
CY2014 us-gaap Notes Reduction
NotesReduction
0 USD
CY2014Q4 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
1 area
CY2014 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
376910000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
15449000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
9821000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
11342000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
15457000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
15472000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
309369000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
3771154000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
663007000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
358973000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
424747000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
494380000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
572304000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
1257743000 USD
CY2012 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
447321000 USD
CY2013 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
578113000 USD
CY2014 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
633571000 USD
CY2012 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
8681000 USD
CY2013 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
10579000 USD
CY2014 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
10968000 USD
CY2013Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
363158000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
568716000 USD
CY2013Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
65793000 USD
CY2014Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
66246000 USD
CY2012 us-gaap Other Income
OtherIncome
39980000 USD
CY2013 us-gaap Other Income
OtherIncome
50242000 USD
CY2014 us-gaap Other Income
OtherIncome
52226000 USD
CY2012 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
85610000 USD
CY2013 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
93461000 USD
CY2014 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
88424000 USD
CY2012 us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
7371000 USD
CY2013 us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
0 USD
CY2014 us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
0 USD
CY2012 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
326185000 USD
CY2013 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
355506000 USD
CY2014 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
385725000 USD
CY2012 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
15108000 USD
CY2013 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
11966000 USD
CY2014 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1267000 USD
CY2012 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2247000 USD
CY2013 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1909000 USD
CY2014 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
5503000 USD
CY2012 us-gaap Payments To Acquire And Develop Real Estate
PaymentsToAcquireAndDevelopRealEstate
142210000 USD
CY2013 us-gaap Payments To Acquire And Develop Real Estate
PaymentsToAcquireAndDevelopRealEstate
158682000 USD
CY2014 us-gaap Payments To Acquire And Develop Real Estate
PaymentsToAcquireAndDevelopRealEstate
185412000 USD
CY2012 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
95358000 USD
CY2013 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
97898000 USD
CY2014 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
336621000 USD
CY2012 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
12500000 USD
CY2013 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
13330000 USD
CY2014 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
65130000 USD
CY2012 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
1061851000 USD
CY2013 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
516239000 USD
CY2014 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
15233000 USD
CY2012 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
45654000 USD
CY2013 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
51683000 USD
CY2014 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
66718000 USD
CY2012 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
86000 USD
CY2013 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
1066000 USD
CY2014 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
236000 USD
CY2012 us-gaap Percentage Rent
PercentageRent
21388000 USD
CY2013 us-gaap Percentage Rent
PercentageRent
23156000 USD
CY2014 us-gaap Percentage Rent
PercentageRent
24350000 USD
CY2012 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
0 USD
CY2013 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
8347000 USD
CY2014 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
4825000 USD
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
177896000 USD
CY2013 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
173011000 USD
CY2014 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2012 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
3193451000 USD
CY2013 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
2572764000 USD
CY2014 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
1204946000 USD
CY2012 us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
1378000 USD
CY2013 us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
23769000 USD
CY2014 us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
0 USD
CY2012 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
379000 USD
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ProceedsFromMinorityShareholders
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CY2014 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2012 us-gaap Proceeds From Payments For Long Term Loans For Related Parties
ProceedsFromPaymentsForLongTermLoansForRelatedParties
650000 USD
CY2013 us-gaap Proceeds From Payments For Long Term Loans For Related Parties
ProceedsFromPaymentsForLongTermLoansForRelatedParties
589000 USD
CY2014 us-gaap Proceeds From Payments For Long Term Loans For Related Parties
ProceedsFromPaymentsForLongTermLoansForRelatedParties
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CY2012 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
0 USD
CY2013 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
0 USD
CY2014 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-55867000 USD
CY2012 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1263000 USD
CY2013 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1188000 USD
CY2014 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1231000 USD
CY2012 us-gaap Profit Loss
ProfitLoss
366389000 USD
CY2013 us-gaap Profit Loss
ProfitLoss
448959000 USD
CY2014 us-gaap Profit Loss
ProfitLoss
1606931000 USD
CY2012 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3329000 USD
CY2013 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4150000 USD
CY2014 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3962000 USD
CY2011Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
1410692000 USD
CY2012Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
1533160000 USD
CY2013Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
1559572000 USD
CY2014Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
1709992000 USD
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
10079773000 USD
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
2242291000 USD
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts
2701577000 USD
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
7923288000 USD
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
2105538000 USD
CY2014Q4 us-gaap Real Estate Federal Income Tax Basis
RealEstateFederalIncomeTaxBasis
8035421000 USD
CY2013Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
9181338000 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
12777882000 USD
CY2013Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
7621766000 USD
CY2011Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
7489735000 USD
CY2012Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
9012706000 USD
CY2013Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
9181338000 USD
CY2014Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
12777882000 USD
CY2013Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1559572000 USD
CY2014Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1709992000 USD
CY2014Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
11067890000 USD
CY2012 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
15386000 USD
CY2013 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
15016000 USD
CY2014 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
15134000 USD
CY2012 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
2371890000 USD
CY2013 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
3051072000 USD
CY2014 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
853080000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
16843000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
13530000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-548806000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
596741000 USD
CY2012 us-gaap Revenues
Revenues
797517000 USD
CY2013Q1 us-gaap Revenues
Revenues
243307000 USD
CY2013Q2 us-gaap Revenues
Revenues
245877000 USD
CY2013Q3 us-gaap Revenues
Revenues
258154000 USD
CY2013Q4 us-gaap Revenues
Revenues
282137000 USD
CY2013 us-gaap Revenues
Revenues
1029475000 USD
CY2014Q1 us-gaap Revenues
Revenues
264511000 USD
CY2014Q2 us-gaap Revenues
Revenues
254336000 USD
CY2014Q3 us-gaap Revenues
Revenues
263491000 USD
CY2014Q4 us-gaap Revenues
Revenues
322909000 USD
CY2014 us-gaap Revenues
Revenues
1105247000 USD
CY2014Q4 us-gaap Sec Schedule Iii Real Estate Investment Property Net
SECScheduleIIIRealEstateInvestmentPropertyNet
11067890000 USD
CY2013Q4 us-gaap Secured Debt
SecuredDebt
4415190000 USD
CY2014Q4 us-gaap Secured Debt
SecuredDebt
5404521000 USD
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
12324000 USD
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
24207000 USD
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
29463000 USD
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
1214000 USD
CY2012 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2961903 shares
CY2013 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2456956 shares
CY2012 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
30000000 USD
CY2014 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1161274000 USD
CY2012 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
956000 USD
CY2013 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1089000 USD
CY2014 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1231000 USD
CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
175649000 USD
CY2013 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
171102000 USD
CY2012 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
14970000 USD
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
28122000 USD
CY2014 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
34873000 USD
CY2012 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
307000 USD
CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
99000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
3358749000 USD
CY2012 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-6698000 USD
CY2013 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-7987000 USD
CY2014 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-5825000 USD
CY2013Q4 us-gaap Tenant Improvements
TenantImprovements
537754000 USD
CY2014Q4 us-gaap Tenant Improvements
TenantImprovements
600436000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
5640120000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3164651000 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3416251000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3718717000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6039849000 USD
CY2012 us-gaap Straight Line Rent
StraightLineRent
5399000 USD
CY2013 us-gaap Straight Line Rent
StraightLineRent
7498000 USD
CY2014 us-gaap Straight Line Rent
StraightLineRent
5825000 USD
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
134148000 shares
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
139680000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
143291000 shares
CY2012 us-gaap Tenant Reimbursements
TenantReimbursements
247593000 USD
CY2013 us-gaap Tenant Reimbursements
TenantReimbursements
337772000 USD
CY2014 us-gaap Tenant Reimbursements
TenantReimbursements
361119000 USD
CY2012 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
577000 USD
CY2013 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
397000 USD
CY2014 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1576000 USD
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
134067000 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
139598000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
143144000 shares
CY2014 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:bold;text-decoration:none;">Organization</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company commenced operations effective with the completion of its initial public offering on March&#160;16, 1994. As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company was the sole general partner of and held a </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">94%</font><font style="font-family:inherit;font-size:10pt;"> ownership interest in The Macerich Partnership,&#160;L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code").</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company,&#160;LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners&#160;LLC, a single member Arizona limited liability company, Macerich Arizona Management&#160;LLC, a single member Delaware limited liability company, Macerich Partners of Colorado, LLC, a single member Colorado limited liability company, MACW Mall Management,&#160;Inc., a New York corporation, and MACW Property Management,&#160;LLC, a single member New York limited liability company. All </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">seven</font><font style="font-family:inherit;font-size:10pt;"> of the management companies are collectively referred to herein as the "Management Companies."</font></div></div>
CY2014 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications: </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the year ended December 31, 2014, the Company reported gain on remeasurement of assets as a&#160;separate line item in its consolidated statements of operations.&#160;The Company reclassified the amounts from the years ended December 31, 2013 and 2012 previously reported in gain (loss) on remeasurement, sale or write down of assets, net line item to conform to the 2014 presentation.&#160;&#160; </font></div></div>
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Management Estimates:</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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