The Macerich Company (MAC) 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	MACERICH CO
Entity Central Index Key	912,242
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		158,321,195
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS:
Property, net	$ 11,046,427	$ 11,067,890
Cash and cash equivalents	110,326	84,907
Restricted cash	12,005	13,530
Tenant and other receivables, net	118,398	132,026
Deferred charges and other assets, net	731,857	759,061
Due from affiliates	78,007	80,232
Investments in unconsolidated joint ventures	1,263,356	984,132
Total assets	13,360,376	13,121,778
Mortgage notes payable:
Related parties	284,641	289,039
Others	5,552,551	5,115,482
Total	5,837,192	5,404,521
Bank and other notes payable	902,016	887,879
Accounts payable and accrued expenses	109,396	115,406
Other accrued liabilities	528,407	568,716
Distributions in excess of investments in unconsolidated joint ventures	26,857	29,957
Co-venture obligation	71,861	75,450
Total liabilities	$ 7,475,729	$ 7,081,929
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,512,821 and 158,201,996 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 1,585	$ 1,582
Additional paid-in capital	5,076,726	5,041,797
Retained earnings	415,017	596,741
Total stockholders' equity	5,493,328	5,640,120
Noncontrolling interests	391,319	399,729
Total equity	5,884,647	6,039,849
Total liabilities and equity	$ 13,360,376	$ 13,121,778

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	158,512,821	158,201,996
Common Stock, shares outstanding (in shares)	158,512,821	158,201,996

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Minimum rents	$ 193,131	$ 149,220	$ 383,892	$ 300,852
Percentage rents	2,576	2,372	5,824	5,222
Tenant recoveries	105,592	83,375	211,290	174,850
Other	15,321	10,594	28,324	21,024
Management Companies	6,174	8,776	11,799	16,897
Total revenues	322,794	254,337	641,129	518,845
Expenses:
Shopping center and operating expenses	93,877	81,865	195,541	172,225
Management Companies' operating expenses	20,239	20,896	46,707	43,677
REIT general and administrative expenses	7,550	5,123	15,972	12,006
Costs related to unsolicited takeover offer	11,423	0	24,995	0
Depreciation and amortization	119,333	87,801	239,951	176,457
Total expenses before interest	252,422	195,685	523,166	404,365
Interest expense:
Related parties	2,709	3,690	5,438	7,398
Other	52,187	42,110	102,744	84,740
Total interest expense	54,896	45,800	108,182	92,138
Loss (gain) on extinguishment of debt, net	1,609	0	(636)	358
Total expenses	308,927	241,485	630,712	496,861
Equity in income of unconsolidated joint ventures	9,094	13,903	17,368	27,672
Co-venture expense	(2,813)	(2,212)	(4,943)	(4,032)
Income tax benefit	283	2,898	1,218	3,070
Loss on sale or write down of assets, net	(4,671)	(9,455)	(3,736)	(11,065)
(Loss) gain on remeasurement of assets	(14)	0	22,089	0
Net income	15,746	17,986	42,413	37,629
Less net income attributable to noncontrolling interests	1,351	1,898	3,407	3,722
Net income attributable to the Company	$ 14,395	$ 16,088	$ 39,006	$ 33,907
Earnings per common share—net income attributable to common stockholders:
Basic (in dollars per share)	$ 0.09	$ 0.11	$ 0.24	$ 0.24
Diluted (in dollars per share)	$ 0.09	$ 0.11	$ 0.24	$ 0.24
Weighted average number of common shares outstanding:
Basic (in shares)	158,501	140,894	158,419	140,831
Diluted (in shares)	158,633	141,036	158,587	140,929

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2014	158,201,996		158,201,996
Balance at Dec. 31, 2014	$ 6,039,849	$ 5,640,120	$ 1,582	$ 5,041,797	$ 596,741	$ 399,729
Increase (Decrease) in Stockholders' Equity
Net income	42,413	39,006			39,006	3,407
Amortization of share and unit-based plans (in shares)			219,920
Amortization of share and unit-based plans	24,115	24,115	$ 2	24,113
Employee stock purchases (in shares)			11,349
Employee stock purchases	745	745		745
Distributions paid ($1.30) per share	(220,730)	(220,730)			(220,730)
Distributions to noncontrolling interests	(1,181)					(1,181)
Contributions from noncontrolling interests	23					23
Other	(398)	(398)		(398)		0
Conversion of noncontrolling interests to common shares (in shares)			79,556
Conversion of noncontrolling interests to common shares		1,559	$ 1	1,558		(1,559)
Redemption of noncontrolling interests	$ (189)	(145)		(145)		(44)
Adjustment of noncontrolling interests in Operating Partnership		9,056		9,056		(9,056)
Balance (in shares) at Jun. 30, 2015	158,512,821		158,512,821
Balance at Jun. 30, 2015	$ 5,884,647	$ 5,493,328	$ 1,585	$ 5,076,726	$ 415,017	$ 391,319

CONSOLIDATED STATEMENT OF EQUI6

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical)	6 Months Ended
	Jun. 30, 2015$ / shares
Statement of Stockholders' Equity [Abstract]
Distributions paid, per share (in dollars per share)	$ 1.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 42,413	$ 37,629
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss on extinguishment of debt, net	(636)	358
Loss on sale or write down of assets, net	3,736	11,065
Gain on remeasurement of assets	(22,089)	0
Depreciation and amortization	243,526	180,374
Amortization of net premium on mortgage notes payable	(12,382)	(2,704)
Amortization of share and unit-based plans	19,207	20,839
Straight-line rent adjustment	(1,663)	(3,098)
Amortization of above and below-market leases	(9,784)	(2,719)
Provision for doubtful accounts	3,156	3,430
Income tax benefit	(1,218)	(3,070)
Equity in income of unconsolidated joint ventures	(17,368)	(27,672)
Distributions of income from unconsolidated joint ventures	0	177
Co-venture expense	4,943	4,032
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	10,991	10,966
Other assets	(4,334)	487
Due from affiliates	2,225	940
Accounts payable and accrued expenses	7,756	(15,085)
Other accrued liabilities	4,400	(25,377)
Net cash provided by operating activities	272,879	190,572
Cash flows from investing activities:
Acquisitions of property	(26,250)	(15,233)
Development, redevelopment, expansion and renovation of properties	(132,212)	(82,457)
Property improvements	(16,851)	(14,597)
Proceeds from notes receivable	909	0
Deferred leasing costs	(18,128)	(13,772)
Distributions from unconsolidated joint ventures	46,326	33,382
Contributions to unconsolidated joint ventures	(312,367)	(108,316)
Loans to unconsolidated joint ventures, net	0	(640)
Proceeds from sale of assets	1,440	25,414
Restricted cash	(987)	1,420
Net cash used in investing activities	(458,120)	(174,799)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	1,565,674	301,655
Payments on mortgages, bank and other notes payable	(1,120,090)	(121,571)
Deferred financing costs	(5,060)	(603)
Proceeds from share and unit-based plans	745	645
Redemption of noncontrolling interests	(189)	(221)
Contribution from noncontrolling interests	23	0
Payment of contingent consideration	0	(9,000)
Dividends and distributions	(221,911)	(191,200)
Distributions to co-venture partner	(8,532)	(8,693)
Net cash provided by (used in) financing activities	210,660	(28,988)
Net increase (decrease) in cash and cash equivalents	25,419	(13,215)
Cash and cash equivalents, beginning of period	84,907	69,715
Cash and cash equivalents, end of period	110,326	56,500
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	119,291	97,083
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	43,085	24,933
Assumption of mortgage note payable from unconsolidated joint venture	50,000	0
Mortgage note payable settled by deed-in-lieu of foreclosure	34,149	0
Acquisition of property in exchange for investment in unconsolidated joint venture	76,250	15,767
Notes receivable issued in connection with sale of property	0	9,603
Conversion of Operating Partnership Units to common stock	$ 1,559	$ 984

Organization_

Organization:	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization:	Organization : 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. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of June 30, 2015 , the Company was the sole general partner of and held a 94% ownership interest in The Macerich Partnership, 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"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado, LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies." All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

Summary of Significant Accounti

Summary of Significant Accounting Policies:	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies:	Summary of Significant Accounting Policies: Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements but does not include all disclosures required by GAAP. Recent Accounting Pronouncements: In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for the Company beginning January 1, 2016. Early adoption is permitted. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. ASU 2015-03 is effective for the Company beginning January 1, 2016. Early adoption is permitted. Upon adoption, the Company will apply the new standard on a retrospective basis and adjust the balance sheet of each individual period to reflect the period-specific effects of applying the new standard. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue From Contracts With Customers,” which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year. Accordingly, ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements.

Earnings per Share ("EPS")_

Earnings per Share ("EPS"):	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per Share ("EPS"):	Earnings per Share ("EPS"): The following table reconciles the numerator and denominator used in the computation of earnings per share for the three and six months ended June 30, 2015 and 2014 (shares in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Numerator Net income $ 15,746 $ 17,986 $ 42,413 $ 37,629 Net income attributable to noncontrolling interests (1,351 ) (1,898 ) (3,407 ) (3,722 ) Net income attributable to the Company 14,395 16,088 39,006 33,907 Allocation of earnings to participating securities (147 ) (120 ) (295 ) (248 ) Numerator for basic and diluted earnings per share—net income attributable to common stockholders $ 14,248 $ 15,968 $ 38,711 $ 33,659 Denominator Denominator for basic earnings per share—weighted average number of common shares outstanding 158,501 140,894 158,419 140,831 Effect of dilutive securities:(1) Share and unit-based compensation plans 132 142 168 98 Denominator for diluted earnings per share—weighted average number of common shares outstanding 158,633 141,036 158,587 140,929 Earnings per common share—net income attributable to common stockholders: Basic $ 0.09 $ 0.11 $ 0.24 $ 0.24 Diluted $ 0.09 $ 0.11 $ 0.24 $ 0.24 (1) Diluted EPS excludes 138,759 and 184,304 convertible preferred units for the three months ended June 30, 2015 and 2014 , respectively, and 139,620 and 184,304 convertible preferred units for the six months ended June 30, 2015 and 2014 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,577,945 and 10,113,486 Operating Partnership units ("OP Units") for the three months ended June 30, 2015 and 2014 , respectively, and 10,547,401 and 10,052,805 OP Units for the six months ended June 30, 2015 and 2014 , respectively, as their impact was antidilutive.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures:	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures:	Investments in Unconsolidated Joint Ventures: The Company has made the following recent investments and dispositions in its unconsolidated joint ventures: On June 4, 2014 , the Company acquired the remaining 49% ownership interest in Cascade Mall , a 589,000 square foot regional shopping center in Burlington , Washington , that it did not previously own for a cash payment of $15,233 . The Company purchased Cascade Mall from its joint venture partner in Pacific Premier Retail LP. The cash payment was funded by borrowings under the Company's line of credit. Prior to the acquisition, the Company had accounted for its investment in Cascade Mall under the equity method of accounting. Since the date of acquisition, the Company has included Cascade Mall in its consolidated financial statements (See Note 13 — Acquisitions ). On July 30, 2014 , the Company formed a joint venture to redevelop Fashion Outlets of Philadelphia at Market East , a 1,376,000 square foot regional shopping center in Philadelphia , Pennsylvania . The Company invested $106,800 for a 50% interest in the joint venture, which was funded by borrowings under its line of credit. On August 28, 2014 , the Company sold its 30% ownership interest in Wilshire Boulevard , a 40,000 square foot freestanding store in Santa Monica , California , for a total sales price of $17,100 , resulting in a gain on the sale of assets of $9,033 , which was included in loss on sale or write down of assets, net. The sales price was funded by a cash payment of $15,386 and the assumption of the Company's share of the mortgage note payable on the property of $1,714 . The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On November 13, 2014 , the Company formed a joint venture to develop a 500,000 square foot outlet center at Candlestick Point in San Francisco, California. In connection with the formation of the joint venture, the Company issued a note receivable for $65,130 to its joint venture partner that bears interest at LIBOR plus 2.0% and matures upon the completion of certain milestones in connection with the development of Candlestick Point (See Note 16 — Related Party Transactions ). On November 14, 2014 , the Company acquired the remaining 49% ownership interest that it did not previously own in two separate joint ventures, Pacific Premier Retail LP and Queens JV LP, which together owned five Centers: Lakewood Center , a 2,075,000 square foot regional shopping center in Lakewood , California ; Los Cerritos Center , a 1,287,000 square foot regional shopping center in Cerritos , California ; Queens Center , a 966,000 square foot regional shopping center in Queens , New York ; Stonewood Center , a 932,000 square foot regional shopping center in Downey , California ; and Washington Square , a 1,444,000 square foot regional shopping center in Portland , Oregon (collectively referred to herein as the " PPRLP Queens Portfolio "). The total consideration of $1,838,886 was funded by the direct issuance of $1,166,777 of common stock of the Company (See Note 12 — Stockholders' Equity ) and the assumption of the third party's pro rata share of the mortgage notes payable on the properties of $672,109 . Prior to the acquisition, the Company had accounted for its investment in these joint ventures under the equity method of accounting. Since the date of acquisition, the Company has included the PPRLP Queens Portfolio in its consolidated financial statements (See Note 13 — Acquisitions ). On November 20, 2014 , the Company purchased a 45% interest in 443 North Wabash Avenue , a 65,000 square foot undeveloped site adjacent to the Company's joint venture in The Shops at North Bridge in Chicago , Illinois , for a cash payment of $18,900 . The cash payment was funded by borrowings under the Company's line of credit. On February 17, 2015 , the Company acquired the remaining 50% ownership interest in Inland Center , a 933,000 square foot regional shopping center in San Bernardino , California , that it did not previously own for $51,250 . The purchase price was funded by a cash payment of $26,250 and the assumption of the third party's share of the mortgage note payable on the property of $25,000 . Concurrent with the purchase of the joint venture interest, the Company paid off the $50,000 mortgage note payable on the property. The cash payment was funded by borrowings under the Company's line of credit. Prior to the acquisition, the Company had accounted for its investment in Inland Center under the equity method of accounting. Since the date of acquisition, the Company has included Inland Center in its consolidated financial statements (See Note 13 — Acquisitions ). On April 30, 2015 , the Company entered into a 50/50 joint venture with Sears to own nine freestanding stores located at Arrowhead Towne Center , Chandler Fashion Center , Danbury Fair Mall , Deptford Mall , Freehold Raceway Mall , Los Cerritos Center , South Plains Mall , Vintage Faire Mall and Washington Square . The Company invested $150,000 for a 50% interest in the joint venture, which was funded by borrowings under the Company's line of credit. Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: June 30, December 31, Assets(1): Properties, net $ 3,260,720 $ 2,967,878 Other assets 268,769 208,726 Total assets $ 3,529,489 $ 3,176,604 Liabilities and partners' capital(1): Mortgage notes payable(2) $ 1,827,606 $ 2,038,379 Other liabilities 197,905 195,766 Company's capital 769,715 489,349 Outside partners' capital 734,263 453,110 Total liabilities and partners' capital $ 3,529,489 $ 3,176,604 Investments in unconsolidated joint ventures: Company's capital $ 769,715 $ 489,349 Basis adjustment(3) 466,784 464,826 $ 1,236,499 $ 954,175 Assets—Investments in unconsolidated joint ventures $ 1,263,356 $ 984,132 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (26,857 ) (29,957 ) $ 1,236,499 $ 954,175 (1) These amounts include the assets of Tysons Corner Center of $292,501 and $341,931 as of June 30, 2015 and December 31, 2014 , respectively, and liabilities of Tysons Corner Center of $860,982 and $871,933 as of June 30, 2015 and December 31, 2014 , respectively. (2) Certain mortgage notes payable could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of June 30, 2015 and December 31, 2014 , a total of $6,500 and $33,540 , respectively, could become recourse debt to the Company. As of June 30, 2015 and December 31, 2014 , the Company had an indemnity agreement from a joint venture partner for $3,250 and $16,770 , respectively, of the guaranteed amount. Included in mortgage notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $465,837 and $606,263 as of June 30, 2015 and December 31, 2014 , respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense on these borrowings was $8,083 and $9,623 for the three months ended June 30, 2015 and 2014 , respectively, and $16,591 and $19,347 for the six months ended June 30, 2015 and 2014 , respectively. (3) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $260 and $855 for the three months ended June 30, 2015 and 2014 , respectively, and $160 and $2,279 for the six months ended June 30, 2015 and 2014 , respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: Pacific Premier Retail LP Tysons Corner LLC Other Joint Ventures Total Three Months Ended June 30, 2015 Revenues: Minimum rents $ — $ 17,129 $ 54,174 $ 71,303 Percentage rents — 90 2,717 2,807 Tenant recoveries — 12,209 19,131 31,340 Other — 798 6,045 6,843 Total revenues — 30,226 82,067 112,293 Expenses: Shopping center and operating expenses — 9,569 27,912 37,481 Interest expense — 8,373 11,024 19,397 Depreciation and amortization — 5,576 27,523 33,099 Total operating expenses — 23,518 66,459 89,977 Gain on sale or write down of assets, net — — 423 423 Net income $ — $ 6,708 $ 16,031 $ 22,739 Company's equity in net income $ — $ 1,828 $ 7,266 $ 9,094 Three Months Ended June 30, 2014 Revenues: Minimum rents $ 25,654 $ 15,696 $ 56,289 $ 97,639 Percentage rents 550 180 3,264 3,994 Tenant recoveries 11,379 11,489 24,260 47,128 Other 1,613 929 8,443 10,985 Total revenues 39,196 28,294 92,256 159,746 Expenses: Shopping center and operating expenses 10,682 9,521 30,258 50,461 Interest expense 9,831 7,653 19,495 36,979 Depreciation and amortization 8,750 4,756 21,239 34,745 Total operating expenses 29,263 21,930 70,992 122,185 Loss on sale or write down of assets, net (6,226 ) — (42 ) (6,268 ) Net income $ 3,707 $ 6,364 $ 21,222 $ 31,293 Company's equity in net income $ 1,218 $ 1,611 $ 11,074 $ 13,903 Pacific Premier Retail LP Tysons Corner LLC Other Joint Ventures Total Six Months Ended June 30, 2015 Revenues: Minimum rents $ — $ 34,157 $ 104,668 $ 138,825 Percentage rents — 419 4,011 4,430 Tenant recoveries — 24,471 39,232 63,703 Other — 1,391 13,042 14,433 Total revenues — 60,438 160,953 221,391 Expenses: Shopping center and operating expenses — 19,517 60,142 79,659 Interest expense — 16,502 23,278 39,780 Depreciation and amortization — 11,026 51,743 62,769 Total operating expenses — 47,045 135,163 182,208 Gain on sale or write down of assets, net — — 423 423 Net income $ — $ 13,393 $ 26,213 $ 39,606 Company's equity in net income $ — $ 4,834 $ 12,534 $ 17,368 Six Months Ended June 30, 2014 Revenues: Minimum rents $ 51,734 $ 31,974 $ 112,188 $ 195,896 Percentage rents 1,209 604 4,232 6,045 Tenant recoveries 23,119 23,383 49,371 95,873 Other 2,690 1,616 16,298 20,604 Total revenues 78,752 57,577 182,089 318,418 Expenses: Shopping center and operating expenses 21,813 19,680 64,138 105,631 Interest expense 19,929 15,483 39,066 74,478 Depreciation and amortization 17,548 9,358 42,762 69,668 Total operating expenses 59,290 44,521 145,966 249,777 Loss on sale or write down of assets, net (6,312 ) — (60 ) (6,372 ) Net income $ 13,150 $ 13,056 $ 36,063 $ 62,269 Company's equity in net income $ 5,486 $ 3,369 $ 18,817 $ 27,672 Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.

Property_

Property:	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property:	Property: Property consists of the following: June 30, December 31, Land $ 2,242,841 $ 2,242,291 Buildings and improvements 9,517,554 9,479,337 Tenant improvements 618,630 600,436 Equipment and furnishings 160,045 152,554 Construction in progress 363,570 303,264 12,902,640 12,777,882 Less accumulated depreciation (1,856,213 ) (1,709,992 ) $ 11,046,427 $ 11,067,890 Depreciation expense was $91,124 and $68,017 for the three months ended June 30, 2015 and 2014 , respectively, and $181,321 and $136,495 for the six months ended June 30, 2015 and 2014 , respectively. The loss on sale or write down of assets, net includes an impairment loss of $5,916 for the three and six months ended June 30, 2015 and $8,516 for the three and six months ended June 30, 2014 . The impairment losses were due to the reduction of the estimated holding periods of one freestanding store in 2015 and three freestanding stores in 2014. The loss on sale or write down of assets, net includes a gain on the sale of assets of $1,372 and $1,322 for the three and six months ended June 30, 2015 , respectively, and a loss on the sale of assets of $1,685 for the six months ended June 30, 2014 . The gain on the sale of assets for the three and six months ended June 30, 2015 is primarily due to the reduction in the estimated selling cost of the Centers sold in 2014. The loss on the sale of assets for the six months ended June 30, 2014 is from the sales of Rotterdam Square , Somersville Towne Center and Lake Square Mall in 2014 (See Note 14 — Dispositions ). In addition, the loss on sale or write down of assets, net includes the gain on the sale of land of $1,056 for the six months ended June 30, 2015 and $238 for the three and six months ended June 30, 2014 . The loss on sale or write down of assets, net also includes the write off of development costs of $127 and $1,177 for the three months ended June 30, 2015 and 2014 , respectively, and $198 and $1,102 for the six months ended June 30, 2015 and 2014 , respectively.

Tenant and Other Receivables, n

Tenant and Other Receivables, net:	6 Months Ended
	Jun. 30, 2015
Loans and Leases Receivable Disclosure [Abstract]
Tenant and Other Receivables, net:	Tenant and Other Receivables, net: Included in tenant and other receivables, net, is an allowance for doubtful accounts of $4,456 and $3,234 at June 30, 2015 and December 31, 2014 , respectively. Also included in tenant and other receivables, net, are accrued percentage rents of $1,163 and $13,436 at June 30, 2015 and December 31, 2014 , respectively, and a deferred rent receivable due to straight-line rent adjustments of $58,312 and $57,278 at June 30, 2015 and December 31, 2014 , respectively. On March 17, 2014 , in connection with the sale of Lake Square Mall (See Note 14 — Dispositions ), the Company issued a note receivable for $6,500 that bears interest at an effective rate of 6.5% and matures on March 17, 2018 ("LSM Note A") and a note receivable for $3,103 that bore interest at 5.0% and was to mature on December 31, 2014 ("LSM Note B"). On September 2, 2014, the balance of LSM Note B was paid in full. LSM Note A is collateralized by a trust deed on Lake Square Mall . At June 30, 2015 and December 31, 2014 , LSM Note A had a balance of $6,390 and $6,436 , respectively.

Deferred Charges and Other Asse

Deferred Charges and Other Assets, net:	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Charges and Other Assets, net:	Deferred Charges and Other Assets, net: Deferred charges and other assets, net, consist of the following: June 30, December 31, Leasing $ 242,983 $ 239,955 Financing 49,099 47,171 Intangible assets: In-place lease values 280,875 298,825 Leasing commissions and legal costs 70,991 72,432 Above-market leases 258,239 250,810 Deferred tax assets 36,843 35,625 Deferred compensation plan assets 37,872 35,194 Other assets 61,556 66,246 1,038,458 1,046,258 Less accumulated amortization(1) (306,601 ) (287,197 ) $ 731,857 $ 759,061 (1) Accumulated amortization includes $111,635 and $103,361 relating to in-place lease values, leasing commissions and legal costs at June 30, 2015 and December 31, 2014 , respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $18,667 and $11,360 for the three months ended June 30, 2015 and 2014 , respectively, and $40,345 and $24,098 for the six months ended June 30, 2015 and 2014 , respectively. The allocated values of above-market leases and below-market leases consist of the following: June 30, December 31, Above-Market Leases Original allocated value $ 258,239 $ 250,810 Less accumulated amortization (69,975 ) (59,696 ) $ 188,264 $ 191,114 Below-Market Leases(1) Original allocated value $ 366,232 $ 375,033 Less accumulated amortization (102,645 ) (93,511 ) $ 263,587 $ 281,522 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable_

Mortgage Notes Payable:	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Mortgage Notes Payable:	Mortgage Notes Payable: Mortgage notes payable at June 30, 2015 and December 31, 2014 consist of the following: Carrying Amount of Mortgage Notes(1) June 30, 2015 December 31, 2014 Property Pledged as Collateral Related Party Other Related Party Other Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Arrowhead Towne Center $ — $ 224,972 $ — $ 228,703 2.76 % $ 1,131 2018 Chandler Fashion Center(5) — 200,000 — 200,000 3.77 % 625 2019 Danbury Fair Mall 112,778 112,777 114,265 114,264 5.53 % 1,538 2020 Deptford Mall — 195,846 — 197,815 3.76 % 947 2023 Deptford Mall — 14,144 — 14,285 6.46 % 101 2016 Eastland Mall — 168,000 — 168,000 5.79 % 811 2016 Fashion Outlets of Chicago(6) — 200,000 — 119,329 1.84 % 278 2020 Fashion Outlets of Niagara Falls USA — 120,000 — 121,376 4.89 % 727 2020 Flagstaff Mall — 37,000 — 37,000 5.03 % 151 2015 FlatIron Crossing — 258,146 — 261,494 3.90 % 1,393 2021 Freehold Raceway Mall(5) — 227,190 — 229,244 4.20 % 1,132 2018 Great Northern Mall(7) — — — 34,494 — — — Green Acres Mall — 310,248 — 313,514 3.61 % 1,447 2021 Kings Plaza Shopping Center — 475,716 — 480,761 3.67 % 2,229 2019 Lakewood Center(8) — 410,000 — 253,708 3.46 % 1,825 2026 Los Cerritos Center 101,071 101,072 103,274 103,274 1.65 % 1,009 2018 Northgate Mall(9) — 64,000 — 64,000 3.07 % 130 2017 Oaks, The — 208,113 — 210,197 4.14 % 1,064 2022 Pacific View — 131,843 — 133,200 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place — 227,727 — 230,344 2.99 % 1,004 2018 SanTan Village Regional Center — 132,358 — 133,807 3.14 % 589 2019 Stonewood Center — 108,424 — 111,297 1.80 % 640 2017 Superstition Springs Center(10) — 67,921 — 68,079 2.02 % 139 2016 Towne Mall — 22,405 — 22,607 4.48 % 117 2022 Tucson La Encantada 70,792 — 71,500 — 4.23 % 368 2022 Valley Mall — 40,952 — 41,368 5.85 % 280 2016 Valley River Center — 120,000 — 120,000 5.59 % 558 2016 Victor Valley, Mall of — 115,000 — 115,000 4.00 % 380 2024 Vintage Faire Mall(11) — 278,726 — — 3.55 % 1,256 2026 Washington Square — 231,672 — 238,696 1.65 % 1,499 2016 Westside Pavilion — 148,299 — 149,626 4.49 % 783 2022 $ 284,641 $ 5,552,551 $ 289,039 $ 5,115,482 (1) The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) 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. Debt premiums (discounts) consist of the following: Property Pledged as Collateral June 30, December 31, Arrowhead Towne Center $ 10,031 $ 11,568 Deptford Mall (6 ) (8 ) Fashion Outlets of Niagara Falls USA 4,950 5,414 Lakewood Center — 3,708 Los Cerritos Center 15,424 17,965 Stonewood Center 6,586 7,980 Superstition Springs Center 421 579 Valley Mall (88 ) (132 ) Washington Square 4,977 9,847 $ 42,295 $ 56,921 (2) The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) 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 a co-venture arrangement (See Note 10 — Co-Venture Arrangement ). (6) On March 3, 2015 , the Company amended the loan on the property. The amended $200,000 loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020 . At June 30, 2015 and December 31, 2014 , the total interest rate was 1.84% and 2.97% , respectively. (7) On June 30, 2015 , the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a loss of $1,609 on the extinguishment of debt (See Note 14 — Dispositions ). (8) On February 25, 2015 , the Company paid off in full the loan on the property, which resulted in a gain of $2,245 on the early extinguishment of debt as a result of writing off the related debt premium. On May 12, 2015 , the Company placed a new $410,000 loan on the property that bears interest at an effective rate of 3.46% and matures on June 1, 2026 . (9) The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017 . At June 30, 2015 and December 31, 2014 , the total interest rate was 3.07% and 3.05% , respectively. (10) The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016 . At June 30, 2015 and December 31, 2014 , the total interest rate was 2.02% and 1.98% , respectively. (11) On February 19, 2015 , the Company placed a $280,000 loan on the property that bears interest at an effective rate of 3.55% and matures on March 6, 2026 . Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. Most of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. As of June 30, 2015 and December 31, 2014 , a total of $13,500 and $73,165 , respectively, of the mortgage notes payable could become recourse to the Company. The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand. Total interest expense capitalized was $3,837 and $3,098 during the three months ended June 30, 2015 and 2014 , respectively, and $6,466 and $5,583 during the six months ended June 30, 2015 and 2014 , respectively. Related party mortgage notes payable are amounts due to an affiliate of NML. See Note 16 — Related Party Transactions for interest expense associated with loans from NML. The estimated fair value (Level 2 measurement) of mortgage notes payable at June 30, 2015 and December 31, 2014 was $5,814,998 and $5,455,453 , respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.

Bank and Other Notes Payable_

Bank and Other Notes Payable:	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Bank and Other Notes Payable:	Bank and Other Notes Payable: Bank and other notes payable consist of the following: Line of Credit: The Company has a $1,500,000 revolving line of credit that bears interest at LIBOR plus a spread of 1.38% to 2.0% , depending on the Company's overall leverage level, and matures on August 6, 2018. Based on the Company's leverage level as of June 30, 2015 , the borrowing rate on the facility was LIBOR plus 1.50% . In addition, the line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000 . As of June 30, 2015 and December 31, 2014 , borrowings under the line of credit were $767,000 and $752,000 , respectively, at an average interest rate of 1.87% and 1.89% , respectively. The estimated fair value (Level 2 measurement) of the line of credit at June 30, 2015 and December 31, 2014 was $749,300 and $713,989 , respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Term Loan: On December 8, 2011, the Company obtained a $125,000 unsecured term loan under the line of credit that bears interest at LIBOR plus a spread of 1.95% to 3.20% , depending on the Company's overall leverage level, and matures on December 8, 2018. Based on the Company's current leverage level as of June 30, 2015 , the borrowing rate was LIBOR plus 2.20% . As of June 30, 2015 and December 31, 2014 , the total interest rate was 2.53% and 2.25% , respectively. The estimated fair value (Level 2 measurement) of the term loan at June 30, 2015 and December 31, 2014 was $124,592 and $119,780 , respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Prasada Note: On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on March 29, 2016. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At June 30, 2015 and December 31, 2014 , the note had a balance of $10,016 and $10,879 , respectively. The estimated fair value (Level 2 measurement) of the note at June 30, 2015 and December 31, 2014 was $10,181 and $11,178 , respectively, based on current interest rates for comparable notes. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the collateral for the underlying debt. As of June 30, 2015 and December 31, 2014 , the Company was in compliance with all applicable financial loan covenants.

Co-Venture Arrangement_

Co-Venture Arrangement:	6 Months Ended
	Jun. 30, 2015
Co-Venture Arrangement:
Co-Venture Arrangement:	Co-Venture Arrangement: On September 30, 2009 , the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Freehold Raceway Mall, a 1,668,000 square foot regional shopping center in Freehold , New Jersey , and Chandler Fashion Center, a 1,320,000 square foot regional shopping center in Chandler , Arizona . As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the venture formation, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction has been accounted for as a profit-sharing arrangement, and accordingly the assets, liabilities and operations of the properties remain on the books of the Company and a co-venture obligation was established for the amount of $168,154 , representing the net cash proceeds received from the third party. The co-venture obligation is increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. The co-venture obligation was $71,861 and $75,450 at June 30, 2015 and December 31, 2014 , respectively.

Noncontrolling Interests_

Noncontrolling Interests:	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interests:	Noncontrolling Interests: The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 94% ownership interest in the Operating Partnership as of June 30, 2015 and December 31, 2014 . The remaining 6% limited partnership interest as of June 30, 2015 and December 31, 2014 was owned by certain of the Company's executive officers and directors, certain of their affiliates, and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of June 30, 2015 and December 31, 2014 , the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $819,392 and $877,184 , respectively. The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.

Stockholders' Equity_

Stockholders' Equity:	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity:	Stockholders' Equity: At-The-Market Stock Offering Program ("ATM Program"): On August 17, 2012, the Company entered into an equity distribution agreement ("2012 Distribution Agreement") with a number of sales agents (the "2012 ATM Program") to issue and sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000 (the “2012 ATM Shares”). Sales of the 2012 ATM Shares could have been made in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an “at the market” offering, which includes sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. The Company agreed to pay each sales agent a commission that was not to exceed, but could have been lower than, 2% of the gross proceeds of the 2012 ATM Shares sold through such sales agent under the 2012 Distribution Agreement. On August 20, 2014, the Company terminated and replaced the 2012 ATM Program with a new ATM Program (the "2014 ATM Program") to sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000 (the "ATM Shares"). The terms of the 2014 ATM Program are substantially the same as the 2012 ATM Program. The unsold 2012 ATM Shares are no longer available for issuance. The Company did not sell any shares under the 2014 ATM Program during the six months ended June 30, 2015 . As of June 30, 2015 , $500,000 of the ATM Shares were available to be sold under the 2014 ATM Program. Actual future sales of the ATM Shares under the 2014 ATM Program will depend upon a variety of factors including but not limited to market conditions, the trading price of the Company's common stock and the Company's capital needs. The Company has no obligation to sell the ATM Shares under the 2014 ATM Program. Stock Issued to Acquire Property: On November 14, 2014 , the Company issued 17,140,845 shares of common stock in connection with the acquisition of the PPRLP Queens Portfolio (See Note 13 — Acquisitions ) for a value of $1,166,777 , based on the closing price of the Company's common stock on the date of the transaction.

Acquisitions_

Acquisitions:	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Acquisitions:	Acquisitions: Cascade Mall : On June 4, 2014 , the Company acquired the remaining 49% ownership interest in Cascade Mall that it did not previously own for $15,233 . Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4 — Investments in Unconsolidated Joint Ventures ). As a result of this transaction, the Company obtained 100% ownership of Cascade Mall . The acquisition was completed in order to obtain 100% ownership and control over this asset. The following is a summary of the allocation of the fair value of Cascade Mall : Property $ 28,924 Deferred charges 6,660 Other assets 202 Total assets acquired 35,786 Other accrued liabilities 4,786 Total liabilities assumed 4,786 Fair value of acquired net assets (at 100% ownership) $ 31,000 The Company determined that the purchase price represented the fair value of the additional ownership interest in Cascade Mall that was acquired. The following is the reconciliation of the purchase price to the fair value of the acquired net assets: Purchase price $ 15,233 Distributions in excess of investment 15,767 Fair value of acquired net assets (at 100% ownership) $ 31,000 Since the date of acquisition, the Company has included Cascade Mall in its consolidated financial statements. Fashion Outlets of Chicago : On October 31, 2014 , the Company purchased AWE/Talisman 's ownership interest in its consolidated joint venture in Fashion Outlets of Chicago for $69,987 . The purchase price was funded by a cash payment of $55,867 and the settlement of the balance on the Talisman Notes of $14,120 (See Note 16 — Related Party Transactions ). The cash payment was funded by borrowings under the Company's line of credit. The purchase agreement includes contingent consideration based on the financial performance of Fashion Outlets of Chicago at an agreed upon date in 2016. The Company estimated the fair value of the contingent consideration as of June 30, 2015 to be $10,537 , which has been included in other accrued liabilities. As a result of this acquisition, the noncontrolling interest of $76,141 was reversed. PPRLP Queens Portfolio : On November 14, 2014 , the Company acquired the remaining 49% ownership interest in the PPRLP Queens Portfolio that it did not previously own for $1,838,886 . The acquisition was completed in order to gain 100% ownership and control over this portfolio of prominent shopping centers. The purchase price was funded by the assumption of the third party's pro rata share of the mortgage notes payable on the properties of $672,109 and the issuance of $1,166,777 in common stock of the Company. Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4 — Investments in Unconsolidated Joint Ventures ). As a result of this transaction, the Company obtained 100% ownership of the PPRLP Queens Portfolio . The following is a summary of the preliminary allocation of the estimated fair value of the PPRLP Queens Portfolio : Property $ 3,711,819 Deferred charges 155,892 Cash and cash equivalents 28,890 Restricted cash 5,113 Tenant receivables 5,438 Other assets 127,244 Total assets acquired 4,034,396 Mortgage notes payable 1,414,659 Accounts payable 5,669 Due to affiliates 2,680 Other accrued liabilities 230,210 Total liabilities assumed 1,653,218 Fair value of acquired net assets (at 100% ownership) $ 2,381,178 The purchase price allocation for the PPRLP Queens Portfolio is based on a preliminary measurement of fair value that is subject to change. The allocation for the PPRLP Queens Portfolio represents the Company's current best estimate of fair value. The Company determined that the purchase price represented the estimated fair value of the additional ownership interest in the PPRLP Queens Portfolio that was acquired. Fair value of existing ownership interest (at 51% ownership) $ 1,214,401 Distributions in excess of investment 208,735 Gain on remeasurement of assets $ 1,423,136 The following is the reconciliation of the purchase price to the estimated fair value of the acquired net assets: Purchase price $ 1,838,886 Less debt assumed (672,109 ) Distributions in excess of investment (208,735 ) Gain on remeasurement of assets 1,423,136 Fair value of acquired net assets (at 100% ownership) $ 2,381,178 Since the date of acquisition, the Company has included the PPRLP Queens Portfolio in its consolidated financial statements. Inland Center : On February 17, 2015 , the Company acquired the remaining 50% ownership interest in Inland Center that it did not previously own for $51,250 . The purchase price was funded by a cash payment of $26,250 and the assumption of the third party's share of the mortgage note payable on the property of $25,000 . Prior to the acquisition, the Company had accounted for its investment under the equity method of accounting (See Note 4 — Investments in Unconsolidated Joint Ventures ). As a result of this transaction, the Company obtained 100% ownership of Inland Center . The acquisition was completed in order to obtain 100% ownership and control over this asset. The following is a summary of the preliminary allocation of the estimated fair value of Inland Center : Property $ 91,871 Deferred charges 9,752 Other assets 5,782 Total assets acquired 107,405 Mortgage note payable 50,000 Other accrued liabilities 4,905 Total liabilities assumed 54,905 Fair value of acquired net assets (at 100% ownership) $ 52,500 The purchase price allocation for Inland Center is based on a preliminary measurement of fair value that is subject to change. The allocation for Inland Center represents the Company's current best estimate of fair value. The Company determined that the purchase price represented the estimated fair value of the additional ownership interest in Inland Center that was acquired. Fair value of existing ownership interest (at 50% ownership) $ 26,250 Carrying value of investment (4,161 ) Gain on remeasurement of assets $ 22,089 The following is the reconciliation of the purchase price to the estimated fair value of the acquired net assets: Purchase price $ 51,250 Less debt assumed (25,000 ) Carrying value of investment 4,161 Gain on remeasurement of assets 22,089 Fair value of acquired net assets (at 100% ownership) $ 52,500 Since the date of acquisition, the Company has included Inland Center in its consolidated financial statements. The property has generated incremental revenue of $5,662 and incremental net income of $345 during the six months ended June 30, 2015 . Pro Forma Results of Operations: The following pro forma financial information for the three and six months ended June 30, 2015 and 2014 assumes all of the above transactions took place on January 1, 2014: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Supplemental pro forma revenue(1) $ 322,794 $ 325,151 $ 642,311 $ 652,768 Supplemental pro forma income from continuing operations(1) $ 15,805 $ 21,485 $ 21,593 $ 40,846 (1) This pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had these transactions occurred on January 1, 2014, and may not be indicative of future operating results. The Company has excluded remeasurement gains and acquisition costs from these pro forma results as they are considered significant non-recurring adjustments directly attributable to these transactions.

Dispositions_

Dispositions:	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Dispositions:	Dispositions: The following are recent dispositions of properties: On January 15, 2014 , the Company sold Rotterdam Square , a 585,000 square foot regional shopping center in Schenectady , New York , for $8,500 , resulting in a loss on the sale of assets of $472 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On February 14, 2014 , the Company sold Somersville Towne Center , a 348,000 square foot regional shopping center in Antioch , California , for $12,337 , resulting in a loss on the sale of assets of $263 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On March 17, 2014 , the Company sold Lake Square Mall , a 559,000 square foot regional shopping center in Leesburg , Florida , for $13,280 , resulting in a loss on the sale of assets of $876 . The sales price was funded by a cash payment of $3,677 and the issuance of two notes receivable totaling $9,603 (See Note 6 — Tenant and Other Receivables, net ). The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On July 7, 2014 , the Company sold a former Mervyn's store in El Paso , Texas for $3,560 , resulting in a loss on the sale of assets of $158 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On August 28, 2014 , the Company sold a former Mervyn's store in Thousand Oaks , California for $3,500 , resulting in a loss on the sale of assets of $80 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On September 11, 2014 , the Company sold a leasehold interest in a former Mervyn's store in Laredo , Texas for $1,200 , resulting in a gain on the sale of assets of $315 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On October 10, 2014 , the Company sold a former Mervyn's store in Marysville , California for $1,900 , resulting in a loss on the sale of assets of $3 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On October 31, 2014 , the Company sold South Towne Center , a 1,278,000 square foot regional shopping center in Sandy , Utah , for $205,000 , resulting in a gain on the sale of assets of $121,873 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On December 29, 2014 , the Company sold its 67.5% ownership interest in its consolidated joint venture in Camelback Colonnade , a 619,000 square foot community center in Phoenix , Arizona , for $92,898 , resulting in a gain on the sale of assets of $24,554 . The sales price was funded by a cash payment of $61,173 and the assumption of the Company's share of the mortgage note payable on the property of $31,725 . The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. As a result of the sale, the $47,946 mortgage note payable on the property was discharged and the noncontrolling interest of $17,217 was reversed. On June 30, 2015 , the Company conveyed Great Northern Mall , an 895,000 square foot regional shopping center in Clay , New York , to the mortgage lender by a deed-in-lieu of foreclosure. The loan was nonrecourse to the Company. As a result, the Company recognized a loss on the extinguishment of debt of $1,609 (See Note 8 — Mortgage Notes Payable ).

Commitments and Contingencies_

Commitments and Contingencies:	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies:	Commitments and Contingencies: The Company has certain properties that are subject to non-cancelable operating ground leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. Ground lease rent expense was $2,966 and $2,708 for the three months ended June 30, 2015 and 2014 , respectively, and $5,911 and $5,377 for the six months ended June 30, 2015 and 2014 , respectively. No contingent rent was incurred during the three and six months ended June 30, 2015 or 2014 . As of June 30, 2015 , the Company was contingently liable for $2,788 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the agreements. At June 30, 2015 , the Company had $75,701 in outstanding obligations which it believes will be settled in the next twelve months.

Related Party Transactions_

Related Party Transactions:	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related-Party Transactions:	Related Party Transactions: Certain unconsolidated joint ventures and third-parties have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Management fees $ 2,946 $ 4,890 $ 5,647 $ 9,714 Development and leasing fees 1,787 2,882 3,859 5,378 $ 4,733 $ 7,772 $ 9,506 $ 15,092 Certain mortgage notes on the properties are held by NML (See Note 8 — Mortgage Notes Payable ). Interest expense in connection with these notes was $2,709 and $3,690 for the three months ended June 30, 2015 and 2014 , respectively, and $5,438 and $7,398 for the six months ended June 30, 2015 and 2014 , respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $1,113 and $1,125 at June 30, 2015 and December 31, 2014 , respectively. The Company had loans to unconsolidated joint ventures during the three and six months ended June 30, 2014 . There were no loans outstanding at June 30, 2015 and December 31, 2014 . Interest income associated with these notes was $78 and $109 for the three and six months ended June 30, 2014 , respectively. These loans represented initial funds advanced to development stage projects prior to construction loan funding. Accordingly, loan payables in the same amount were accrued as an obligation by the various joint ventures. Due from affiliates included $1,639 and $3,869 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at June 30, 2015 and December 31, 2014 , respectively. Due from affiliates at June 30, 2014 included two notes receivable from principals of AWE/Talisman ("Talisman Notes") that bore interest at 5.0% and were to mature based on the refinancing or sale of Fashion Outlets of Chicago , a 528,000 square foot outlet center in Rosemont , Illinois , or certain other specified events. AWE/Talisman was considered a related party because it had a 40% noncontrolling ownership interest in Fashion Outlets of Chicago . On October 31, 2014 , in connection with the Company's acquisition of AWE/Talisman 's ownership interest in Fashion Outlets of Chicago , the balance of the Talisman Notes was settled (See Note 13 — Acquisitions ). Interest income earned on these notes was $156 and $310 for the three and six months ended June 30, 2014 , respectively. In addition, due from affiliates at June 30, 2015 and December 31, 2014 included a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and matures on March 29, 2016. Interest income earned on this note was $131 and $154 for the three months ended June 30, 2015 and 2014 , respectively, and $269 and $314 for the six months ended June 30, 2015 and 2014 , respectively. The balance on this note was $10,149 and $11,027 at June 30, 2015 and December 31, 2014 , respectively. RED is considered a related party because it is a partner in a joint venture development project. The note is collateralized by RED's membership interest in a development agreement. Also included in due from affiliates is a note receivable from Lennar Corporation that bears interest at LIBOR plus 2% and matures upon the completion of certain milestones in connection with the development of Candlestick Point (See Note 4 — Investments in Unconsolidated Joint Ventures ). Interest income earned on this note was $450 and $883 for the three and six months ended June 30, 2015 , respectively. The balance on this note was $66,219 and $65,336 at June 30, 2015 and December 31, 2014 , respectively. Lennar Corporation is considered a related party because it has an ownership interest in Candlestick Point .

Share and Unit-Based Plans_

Share and Unit-Based Plans:	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share and Unit-Based Plans:	Share and Unit-Based Plans: Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units) are ultimately redeemable for common stock of the Company, or cash at the Company's option, on a one -unit for one -share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock of the Company. The LTIP may include both market-indexed awards and service-based awards. On January 1, 2015 , the Company granted 49,451 LTIP Units with a grant date fair value of $83.41 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2017 . Concurrently, the Company granted 186,450 market-indexed LTIP Units ("2015 LTIP Units") at a grant date fair value of $66.37 per LTIP Unit that vest over a service period ending December 31, 2015 . The 2015 LTIP Units were equally divided between two types of awards. The terms of both types of awards were the same, except one award has an additional 3% absolute total stockholder return requirement, which if it is not met, then such LTIP Units will not vest. On March 6, 2015 , the Company granted 132,607 LTIP Units at a fair value of $86.72 per LTIP Unit that were fully vested on the grant date. The fair value of the market-indexed LTIP Units are estimated on the date of grant using a Monte Carlo Simulation model. The stock price of the Company, along with the stock prices of the group of peer REITs (for market-indexed awards), is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the share price of the Company and the peer group REITs were estimated based on a look-back period. The expected growth rate of the stock prices over the "derived service period" is determined with consideration of the risk free rate as of the grant date. The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 LTIP Units $ 3,770 $ 3,428 $ 18,998 $ 21,668 Stock awards 122 83 197 197 Stock units 1,136 1,039 4,333 2,721 Stock options 4 4 8 8 Phantom stock units 268 300 579 606 $ 5,300 $ 4,854 $ 24,115 $ 25,200 The Company capitalized share and unit-based compensation costs of $561 and $519 for the three months ended June 30, 2015 and 2014 , respectively, and $4,908 and $4,361 for the six months ended June 30, 2015 and 2014 , respectively. Unrecognized compensation costs of share and unit-based plans at June 30, 2015 consisted of $11,752 from LTIP Units, $75 from stock awards, $5,306 from stock units, $35 from stock options and $268 from phantom stock units. The following table summarizes the activity of the non-vested LTIP Units, stock awards, phantom stock units and stock units: LTIP Units Stock Awards Phantom Stock Units Stock Units Units Value(1) Shares Value(1) Units Value(1) Units Value(1) Balance at January 1, 2015 46,695 $ 58.89 9,189 $ 59.25 9,269 $ 58.35 144,374 $ 59.94 Granted 368,508 75.98 — — 5,460 83.19 76,340 86.64 Vested (132,607 ) 86.72 (7,410 ) 58.65 (8,238 ) 71.61 (84,307 ) 61.11 Forfeited — — — — (2,458 ) 55.62 — — Balance at June 30, 2015 282,596 $ 68.12 1,779 $ 61.72 4,033 $ 66.54 136,407 $ 74.66 (1) Value represents the weighted average grant date fair value. The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding: SARs Stock Options Shares Value(1) Shares Value(1) Balance at January 1, 2015 772,639 $ 56.67 10,068 $ 59.57 Granted — — — — Exercised (343,981 ) 56.88 — — Forfeited — — — — Balance at June 30, 2015 428,658 $ 56.50 10,068 $ 59.57 (1) Value represents the weighted average exercise price.

Income Taxes_

Income Taxes:	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes:	Income Taxes: The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its Qualified REIT Subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC. The income tax benefit of the TRSs are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Current $ — $ — $ — $ — Deferred 283 2,898 1,218 3,070 Income tax benefit $ 283 $ 2,898 $ 1,218 $ 3,070 The net operating loss carryforwards are currently scheduled to expire through 2034 , beginning in 2024 . Net deferred tax assets of $36,843 and $35,625 were included in deferred charges and other assets, net, at June 30, 2015 and December 31, 2014 , respectively. The tax years 2010 through 2014 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months.

Subsequent Events_

Subsequent Events:	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events:	Subsequent Events: On July 24, 2015 , the Company announced a dividend/distribution of $0.65 per share for common stockholders and OP Unit holders of record on August 20, 2015 . All dividends/distributions will be paid 100% in cash on September 8, 2015 .

Summary of Significant Accoun27

Summary of Significant Accounting Policies: (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm. The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements but does not include all disclosures required by GAAP.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for the Company beginning January 1, 2016. Early adoption is permitted. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. ASU 2015-03 is effective for the Company beginning January 1, 2016. Early adoption is permitted. Upon adoption, the Company will apply the new standard on a retrospective basis and adjust the balance sheet of each individual period to reflect the period-specific effects of applying the new standard. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue From Contracts With Customers,” which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 by one year. Accordingly, ASU 2014-09 is effective for the Company beginning January 1, 2018, with early adoption permitted beginning January 1, 2017. The Company does not expect the adoption of this standard to have a significant impact on the consolidated financial statements.

Earnings per Share ("EPS")_ (Ta

Earnings per Share ("EPS"): (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of numerator and denominator used in computation of earnings per share	The following table reconciles the numerator and denominator used in the computation of earnings per share for the three and six months ended June 30, 2015 and 2014 (shares in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Numerator Net income $ 15,746 $ 17,986 $ 42,413 $ 37,629 Net income attributable to noncontrolling interests (1,351 ) (1,898 ) (3,407 ) (3,722 ) Net income attributable to the Company 14,395 16,088 39,006 33,907 Allocation of earnings to participating securities (147 ) (120 ) (295 ) (248 ) Numerator for basic and diluted earnings per share—net income attributable to common stockholders $ 14,248 $ 15,968 $ 38,711 $ 33,659 Denominator Denominator for basic earnings per share—weighted average number of common shares outstanding 158,501 140,894 158,419 140,831 Effect of dilutive securities:(1) Share and unit-based compensation plans 132 142 168 98 Denominator for diluted earnings per share—weighted average number of common shares outstanding 158,633 141,036 158,587 140,929 Earnings per common share—net income attributable to common stockholders: Basic $ 0.09 $ 0.11 $ 0.24 $ 0.24 Diluted $ 0.09 $ 0.11 $ 0.24 $ 0.24 (1) Diluted EPS excludes 138,759 and 184,304 convertible preferred units for the three months ended June 30, 2015 and 2014 , respectively, and 139,620 and 184,304 convertible preferred units for the six months ended June 30, 2015 and 2014 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,577,945 and 10,113,486 Operating Partnership units ("OP Units") for the three months ended June 30, 2015 and 2014 , respectively, and 10,547,401 and 10,052,805 OP Units for the six months ended June 30, 2015 and 2014 , respectively, as their impact was antidilutive.

Investments in Unconsolidated29

Investments in Unconsolidated Joint Ventures: (Tables)	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information	Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: June 30, December 31, Assets(1): Properties, net $ 3,260,720 $ 2,967,878 Other assets 268,769 208,726 Total assets $ 3,529,489 $ 3,176,604 Liabilities and partners' capital(1): Mortgage notes payable(2) $ 1,827,606 $ 2,038,379 Other liabilities 197,905 195,766 Company's capital 769,715 489,349 Outside partners' capital 734,263 453,110 Total liabilities and partners' capital $ 3,529,489 $ 3,176,604 Investments in unconsolidated joint ventures: Company's capital $ 769,715 $ 489,349 Basis adjustment(3) 466,784 464,826 $ 1,236,499 $ 954,175 Assets—Investments in unconsolidated joint ventures $ 1,263,356 $ 984,132 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (26,857 ) (29,957 ) $ 1,236,499 $ 954,175 (1) These amounts include the assets of Tysons Corner Center of $292,501 and $341,931 as of June 30, 2015 and December 31, 2014 , respectively, and liabilities of Tysons Corner Center of $860,982 and $871,933 as of June 30, 2015 and December 31, 2014 , respectively. (2) Certain mortgage notes payable could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of June 30, 2015 and December 31, 2014 , a total of $6,500 and $33,540 , respectively, could become recourse debt to the Company. As of June 30, 2015 and December 31, 2014 , the Company had an indemnity agreement from a joint venture partner for $3,250 and $16,770 , respectively, of the guaranteed amount. Included in mortgage notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $465,837 and $606,263 as of June 30, 2015 and December 31, 2014 , respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense on these borrowings was $8,083 and $9,623 for the three months ended June 30, 2015 and 2014 , respectively, and $16,591 and $19,347 for the six months ended June 30, 2015 and 2014 , respectively. (3) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $260 and $855 for the three months ended June 30, 2015 and 2014 , respectively, and $160 and $2,279 for the six months ended June 30, 2015 and 2014 , respectively.
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures	Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: Pacific Premier Retail LP Tysons Corner LLC Other Joint Ventures Total Three Months Ended June 30, 2015 Revenues: Minimum rents $ — $ 17,129 $ 54,174 $ 71,303 Percentage rents — 90 2,717 2,807 Tenant recoveries — 12,209 19,131 31,340 Other — 798 6,045 6,843 Total revenues — 30,226 82,067 112,293 Expenses: Shopping center and operating expenses — 9,569 27,912 37,481 Interest expense — 8,373 11,024 19,397 Depreciation and amortization — 5,576 27,523 33,099 Total operating expenses — 23,518 66,459 89,977 Gain on sale or write down of assets, net — — 423 423 Net income $ — $ 6,708 $ 16,031 $ 22,739 Company's equity in net income $ — $ 1,828 $ 7,266 $ 9,094 Three Months Ended June 30, 2014 Revenues: Minimum rents $ 25,654 $ 15,696 $ 56,289 $ 97,639 Percentage rents 550 180 3,264 3,994 Tenant recoveries 11,379 11,489 24,260 47,128 Other 1,613 929 8,443 10,985 Total revenues 39,196 28,294 92,256 159,746 Expenses: Shopping center and operating expenses 10,682 9,521 30,258 50,461 Interest expense 9,831 7,653 19,495 36,979 Depreciation and amortization 8,750 4,756 21,239 34,745 Total operating expenses 29,263 21,930 70,992 122,185 Loss on sale or write down of assets, net (6,226 ) — (42 ) (6,268 ) Net income $ 3,707 $ 6,364 $ 21,222 $ 31,293 Company's equity in net income $ 1,218 $ 1,611 $ 11,074 $ 13,903 Pacific Premier Retail LP Tysons Corner LLC Other Joint Ventures Total Six Months Ended June 30, 2015 Revenues: Minimum rents $ — $ 34,157 $ 104,668 $ 138,825 Percentage rents — 419 4,011 4,430 Tenant recoveries — 24,471 39,232 63,703 Other — 1,391 13,042 14,433 Total revenues — 60,438 160,953 221,391 Expenses: Shopping center and operating expenses — 19,517 60,142 79,659 Interest expense — 16,502 23,278 39,780 Depreciation and amortization — 11,026 51,743 62,769 Total operating expenses — 47,045 135,163 182,208 Gain on sale or write down of assets, net — — 423 423 Net income $ — $ 13,393 $ 26,213 $ 39,606 Company's equity in net income $ — $ 4,834 $ 12,534 $ 17,368 Six Months Ended June 30, 2014 Revenues: Minimum rents $ 51,734 $ 31,974 $ 112,188 $ 195,896 Percentage rents 1,209 604 4,232 6,045 Tenant recoveries 23,119 23,383 49,371 95,873 Other 2,690 1,616 16,298 20,604 Total revenues 78,752 57,577 182,089 318,418 Expenses: Shopping center and operating expenses 21,813 19,680 64,138 105,631 Interest expense 19,929 15,483 39,066 74,478 Depreciation and amortization 17,548 9,358 42,762 69,668 Total operating expenses 59,290 44,521 145,966 249,777 Loss on sale or write down of assets, net (6,312 ) — (60 ) (6,372 ) Net income $ 13,150 $ 13,056 $ 36,063 $ 62,269 Company's equity in net income $ 5,486 $ 3,369 $ 18,817 $ 27,672

Property_ (Tables)

Property: (Tables)	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Components of property	Property consists of the following: June 30, December 31, Land $ 2,242,841 $ 2,242,291 Buildings and improvements 9,517,554 9,479,337 Tenant improvements 618,630 600,436 Equipment and furnishings 160,045 152,554 Construction in progress 363,570 303,264 12,902,640 12,777,882 Less accumulated depreciation (1,856,213 ) (1,709,992 ) $ 11,046,427 $ 11,067,890

Deferred Charges and Other As31

Deferred Charges and Other Assets, net: (Tables)	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of deferred charges and other assets, net	Deferred charges and other assets, net, consist of the following: June 30, December 31, Leasing $ 242,983 $ 239,955 Financing 49,099 47,171 Intangible assets: In-place lease values 280,875 298,825 Leasing commissions and legal costs 70,991 72,432 Above-market leases 258,239 250,810 Deferred tax assets 36,843 35,625 Deferred compensation plan assets 37,872 35,194 Other assets 61,556 66,246 1,038,458 1,046,258 Less accumulated amortization(1) (306,601 ) (287,197 ) $ 731,857 $ 759,061 (1) Accumulated amortization includes $111,635 and $103,361 relating to in-place lease values, leasing commissions and legal costs at June 30, 2015 and December 31, 2014 , respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $18,667 and $11,360 for the three months ended June 30, 2015 and 2014 , respectively, and $40,345 and $24,098 for the six months ended June 30, 2015 and 2014 , respectively.
Allocated values of above-market leases and below-market leases	The allocated values of above-market leases and below-market leases consist of the following: June 30, December 31, Above-Market Leases Original allocated value $ 258,239 $ 250,810 Less accumulated amortization (69,975 ) (59,696 ) $ 188,264 $ 191,114 Below-Market Leases(1) Original allocated value $ 366,232 $ 375,033 Less accumulated amortization (102,645 ) (93,511 ) $ 263,587 $ 281,522 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable_ (Tables

Mortgage Notes Payable: (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Mortgage notes payable	Mortgage notes payable at June 30, 2015 and December 31, 2014 consist of the following: Carrying Amount of Mortgage Notes(1) June 30, 2015 December 31, 2014 Property Pledged as Collateral Related Party Other Related Party Other Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Arrowhead Towne Center $ — $ 224,972 $ — $ 228,703 2.76 % $ 1,131 2018 Chandler Fashion Center(5) — 200,000 — 200,000 3.77 % 625 2019 Danbury Fair Mall 112,778 112,777 114,265 114,264 5.53 % 1,538 2020 Deptford Mall — 195,846 — 197,815 3.76 % 947 2023 Deptford Mall — 14,144 — 14,285 6.46 % 101 2016 Eastland Mall — 168,000 — 168,000 5.79 % 811 2016 Fashion Outlets of Chicago(6) — 200,000 — 119,329 1.84 % 278 2020 Fashion Outlets of Niagara Falls USA — 120,000 — 121,376 4.89 % 727 2020 Flagstaff Mall — 37,000 — 37,000 5.03 % 151 2015 FlatIron Crossing — 258,146 — 261,494 3.90 % 1,393 2021 Freehold Raceway Mall(5) — 227,190 — 229,244 4.20 % 1,132 2018 Great Northern Mall(7) — — — 34,494 — — — Green Acres Mall — 310,248 — 313,514 3.61 % 1,447 2021 Kings Plaza Shopping Center — 475,716 — 480,761 3.67 % 2,229 2019 Lakewood Center(8) — 410,000 — 253,708 3.46 % 1,825 2026 Los Cerritos Center 101,071 101,072 103,274 103,274 1.65 % 1,009 2018 Northgate Mall(9) — 64,000 — 64,000 3.07 % 130 2017 Oaks, The — 208,113 — 210,197 4.14 % 1,064 2022 Pacific View — 131,843 — 133,200 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place — 227,727 — 230,344 2.99 % 1,004 2018 SanTan Village Regional Center — 132,358 — 133,807 3.14 % 589 2019 Stonewood Center — 108,424 — 111,297 1.80 % 640 2017 Superstition Springs Center(10) — 67,921 — 68,079 2.02 % 139 2016 Towne Mall — 22,405 — 22,607 4.48 % 117 2022 Tucson La Encantada 70,792 — 71,500 — 4.23 % 368 2022 Valley Mall — 40,952 — 41,368 5.85 % 280 2016 Valley River Center — 120,000 — 120,000 5.59 % 558 2016 Victor Valley, Mall of — 115,000 — 115,000 4.00 % 380 2024 Vintage Faire Mall(11) — 278,726 — — 3.55 % 1,256 2026 Washington Square — 231,672 — 238,696 1.65 % 1,499 2016 Westside Pavilion — 148,299 — 149,626 4.49 % 783 2022 $ 284,641 $ 5,552,551 $ 289,039 $ 5,115,482 (1) The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) 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. Debt premiums (discounts) consist of the following: Property Pledged as Collateral June 30, December 31, Arrowhead Towne Center $ 10,031 $ 11,568 Deptford Mall (6 ) (8 ) Fashion Outlets of Niagara Falls USA 4,950 5,414 Lakewood Center — 3,708 Los Cerritos Center 15,424 17,965 Stonewood Center 6,586 7,980 Superstition Springs Center 421 579 Valley Mall (88 ) (132 ) Washington Square 4,977 9,847 $ 42,295 $ 56,921 (2) The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) 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 a co-venture arrangement (See Note 10 — Co-Venture Arrangement ). (6) On March 3, 2015 , the Company amended the loan on the property. The amended $200,000 loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020 . At June 30, 2015 and December 31, 2014 , the total interest rate was 1.84% and 2.97% , respectively. (7) On June 30, 2015 , the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a loss of $1,609 on the extinguishment of debt (See Note 14 — Dispositions ). (8) On February 25, 2015 , the Company paid off in full the loan on the property, which resulted in a gain of $2,245 on the early extinguishment of debt as a result of writing off the related debt premium. On May 12, 2015 , the Company placed a new $410,000 loan on the property that bears interest at an effective rate of 3.46% and matures on June 1, 2026 . (9) The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017 . At June 30, 2015 and December 31, 2014 , the total interest rate was 3.07% and 3.05% , respectively. (10) The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016 . At June 30, 2015 and December 31, 2014 , the total interest rate was 2.02% and 1.98% , respectively. (11) On February 19, 2015 , the Company placed a $280,000 loan on the property that bears interest at an effective rate of 3.55% and matures on March 6, 2026 .
Debt premiums (discounts) on mortgage notes payable	Debt premiums (discounts) consist of the following: Property Pledged as Collateral June 30, December 31, Arrowhead Towne Center $ 10,031 $ 11,568 Deptford Mall (6 ) (8 ) Fashion Outlets of Niagara Falls USA 4,950 5,414 Lakewood Center — 3,708 Los Cerritos Center 15,424 17,965 Stonewood Center 6,586 7,980 Superstition Springs Center 421 579 Valley Mall (88 ) (132 ) Washington Square 4,977 9,847 $ 42,295 $ 56,921

Acquisitions_ (Tables)

Acquisitions: (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of recognized identified assets acquired and liabilities assumed	The following is a summary of the preliminary allocation of the estimated fair value of the PPRLP Queens Portfolio : Property $ 3,711,819 Deferred charges 155,892 Cash and cash equivalents 28,890 Restricted cash 5,113 Tenant receivables 5,438 Other assets 127,244 Total assets acquired 4,034,396 Mortgage notes payable 1,414,659 Accounts payable 5,669 Due to affiliates 2,680 Other accrued liabilities 230,210 Total liabilities assumed 1,653,218 Fair value of acquired net assets (at 100% ownership) $ 2,381,178 The following is a summary of the allocation of the fair value of Cascade Mall : Property $ 28,924 Deferred charges 6,660 Other assets 202 Total assets acquired 35,786 Other accrued liabilities 4,786 Total liabilities assumed 4,786 Fair value of acquired net assets (at 100% ownership) $ 31,000 The following is a summary of the preliminary allocation of the estimated fair value of Inland Center : Property $ 91,871 Deferred charges 9,752 Other assets 5,782 Total assets acquired 107,405 Mortgage note payable 50,000 Other accrued liabilities 4,905 Total liabilities assumed 54,905 Fair value of acquired net assets (at 100% ownership) $ 52,500
Schedule of reconciliation of the purchase price to the fair value of the acquired net assets	The following is the reconciliation of the purchase price to the fair value of the acquired net assets: Purchase price $ 15,233 Distributions in excess of investment 15,767 Fair value of acquired net assets (at 100% ownership) $ 31,000 The following is the reconciliation of the purchase price to the estimated fair value of the acquired net assets: Purchase price $ 1,838,886 Less debt assumed (672,109 ) Distributions in excess of investment (208,735 ) Gain on remeasurement of assets 1,423,136 Fair value of acquired net assets (at 100% ownership) $ 2,381,178 The following is the reconciliation of the purchase price to the estimated fair value of the acquired net assets: Purchase price $ 51,250 Less debt assumed (25,000 ) Carrying value of investment 4,161 Gain on remeasurement of assets 22,089 Fair value of acquired net assets (at 100% ownership) $ 52,500
Summary of gain on remeasurement of existing investment	Fair value of existing ownership interest (at 50% ownership) $ 26,250 Carrying value of investment (4,161 ) Gain on remeasurement of assets $ 22,089 Fair value of existing ownership interest (at 51% ownership) $ 1,214,401 Distributions in excess of investment 208,735 Gain on remeasurement of assets $ 1,423,136
Schedule of pro forma total revenue and income from continuing operations	The following pro forma financial information for the three and six months ended June 30, 2015 and 2014 assumes all of the above transactions took place on January 1, 2014: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Supplemental pro forma revenue(1) $ 322,794 $ 325,151 $ 642,311 $ 652,768 Supplemental pro forma income from continuing operations(1) $ 15,805 $ 21,485 $ 21,593 $ 40,846 (1) This pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had these transactions occurred on January 1, 2014, and may not be indicative of future operating results. The Company has excluded remeasurement gains and acquisition costs from these pro forma results as they are considered significant non-recurring adjustments directly attributable to these transactions.

Related Party Transactions_ (Ta

Related Party Transactions: (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of fees charged to unconsolidated joint ventures	The following are fees charged to unconsolidated joint ventures: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Management fees $ 2,946 $ 4,890 $ 5,647 $ 9,714 Development and leasing fees 1,787 2,882 3,859 5,378 $ 4,733 $ 7,772 $ 9,506 $ 15,092

Share and Unit-Based Plans_ (Ta

Share and Unit-Based Plans: (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation cost under the share and unit-based plans	The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 LTIP Units $ 3,770 $ 3,428 $ 18,998 $ 21,668 Stock awards 122 83 197 197 Stock units 1,136 1,039 4,333 2,721 Stock options 4 4 8 8 Phantom stock units 268 300 579 606 $ 5,300 $ 4,854 $ 24,115 $ 25,200
Summary of activity of non-vested LTIP Units, stock awards, phantom stock and stock units	The following table summarizes the activity of the non-vested LTIP Units, stock awards, phantom stock units and stock units: LTIP Units Stock Awards Phantom Stock Units Stock Units Units Value(1) Shares Value(1) Units Value(1) Units Value(1) Balance at January 1, 2015 46,695 $ 58.89 9,189 $ 59.25 9,269 $ 58.35 144,374 $ 59.94 Granted 368,508 75.98 — — 5,460 83.19 76,340 86.64 Vested (132,607 ) 86.72 (7,410 ) 58.65 (8,238 ) 71.61 (84,307 ) 61.11 Forfeited — — — — (2,458 ) 55.62 — — Balance at June 30, 2015 282,596 $ 68.12 1,779 $ 61.72 4,033 $ 66.54 136,407 $ 74.66 (1) Value represents the weighted average grant date fair value.
Summary of activity of SARs and stock options outstanding	The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding: SARs Stock Options Shares Value(1) Shares Value(1) Balance at January 1, 2015 772,639 $ 56.67 10,068 $ 59.57 Granted — — — — Exercised (343,981 ) 56.88 — — Forfeited — — — — Balance at June 30, 2015 428,658 $ 56.50 10,068 $ 59.57 (1) Value represents the weighted average exercise price.

Income Taxes_ (Tables)

Income Taxes: (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of income tax benefit of TRSs	The income tax benefit of the TRSs are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Current $ — $ — $ — $ — Deferred 283 2,898 1,218 3,070 Income tax benefit $ 283 $ 2,898 $ 1,218 $ 3,070

Organization_ (Details)

Organization: (Details) - entity	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of management companies (in entities)	7
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership (as a percent)	94.00%	94.00%

Earnings per Share ("EPS")_ (De

Earnings per Share ("EPS"): (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator
Net income	$ 15,746	$ 17,986	$ 42,413	$ 37,629
Net income attributable to noncontrolling interests	(1,351)	(1,898)	(3,407)	(3,722)
Net income attributable to the Company	14,395	16,088	39,006	33,907
Allocation of earnings to participating securities	(147)	(120)	(295)	(248)
Numerator for basic and diluted earnings per share—net income attributable to common stockholders	$ 14,248	$ 15,968	$ 38,711	$ 33,659
Denominator
Denominator for basic earnings per share—weighted average number of common shares outstanding (in shares)	158,501	140,894	158,419	140,831
Effect of dilutive securities:
Share and unit-based compensation plans (in shares)	132	142	168	98
Denominator for diluted earnings per share—weighted average number of common shares outstanding (in shares)	158,633	141,036	158,587	140,929
Earnings per common share—net income attributable to common stockholders:
Basic (in dollars per share)	$ 0.09	$ 0.11	$ 0.24	$ 0.24
Diluted (in dollars per share)	$ 0.09	$ 0.11	$ 0.24	$ 0.24

Earnings per Share ("EPS") - Na

Earnings per Share ("EPS") - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Convertible non-participating preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	138,759	184,304	139,620	184,304
Partnership unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	10,577,945	10,113,486	10,547,401	10,052,805

Investments in Unconsolidated40

Investments in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands

Apr. 30, 2015USD ($)

Feb. 17, 2015USD ($)ft²

Nov. 20, 2014USD ($)ft²

Nov. 14, 2014USD ($)ft²mall

Aug. 28, 2014USD ($)ft²

Jul. 30, 2014USD ($)ft²

Jun. 04, 2014USD ($)ft²

Jun. 30, 2015USD ($)

Jun. 30, 2014USD ($)

Jun. 30, 2015USD ($)

Jun. 30, 2014USD ($)

Nov. 13, 2014USD ($)ft²

Investments in unconsolidated joint ventures:

Gain on remeasurement, sale or write down of assets, net

$ 423

$ (6,268)

$ 423

$ (6,372)

The Gallery

Investments in unconsolidated joint ventures:

Property area (in square feet) | ft²

1,376,000

Purchase price

$ 106,800

Ownership percentage acquired

50.00%

Candlestick Point

Investments in unconsolidated joint ventures:

Property area (in square feet) | ft²

500,000

Cascade Mall

Investments in unconsolidated joint ventures:

Property area (in square feet) | ft²

589,000

Wilshire Boulevard

Investments in unconsolidated joint ventures:

Property area (in square feet) | ft²

40,000

Proceeds from sale

$ 17,100

Gain on remeasurement, sale or write down of assets, net

9,033

Purchase price funded by cash payment on acquisition

15,386

Purchase price paid through assumption of debt by the Company

$ 1,714

Ownership interest sold (as a percent)

30.00%

Cascade Mall

Investments in unconsolidated joint ventures:

Additional ownership interest acquired (as a percent)

49.00%

Purchase price

$ 15,233

PPRLP Queens Portfolio

Investments in unconsolidated joint ventures:

Additional ownership interest acquired (as a percent)

49.00%

Purchase price

$ 1,838,886

Number of regional shopping centers owned by investee | mall

5

Common stock issued (in shares)

$ 1,166,777

Purchase price paid through assumption of debt by the Company

$ 672,109

PPRLP Queens Portfolio | Lakewood Center

Investments in unconsolidated joint ventures:

Property area (in square feet) | ft²

2,075,000

PPRLP Queens Portfolio | Los Cerritos Center

Investments in unconsolidated joint ventures:

Property area (in square feet) | ft²

1,287,000

PPRLP Queens Portfolio | Queens Center

Investments in unconsolidated joint ventures:

Property area (in square feet) | ft²

966,000

PPRLP Queens Portfolio | Stonewood Center

Investments in unconsolidated joint ventures:

Property area (in square feet) | ft²

932,000

PPRLP Queens Portfolio | Washington Square

Investments in unconsolidated joint ventures:

Property area (in square feet) | ft²

1,444,000

443 Wabash MAB LLC

Investments in unconsolidated joint ventures:

Property area (in square feet) | ft²

65,000

Purchase price

$ 18,900

Ownership percentage acquired

45.00%

Inland Center

Investments in unconsolidated joint ventures:

Additional ownership interest acquired (as a percent)

50.00%

Property area (in square feet) | ft²

933,000

Purchase price

$ 51,250

Purchase price funded by cash payment on acquisition

26,250

Purchase price paid through assumption of debt by the Company

25,000

Debt repaid

$ 50,000

Sears Locations

Investments in unconsolidated joint ventures:

Purchase price

$ 150,000

Ownership percentage acquired

50.00%

Notes Receivable | Candlestick Point

Investments in unconsolidated joint ventures:

Note receivable

$ 65,130

Description of variable rate basis

LIBOR

London Interbank Offered Rate (LIBOR) | Notes Receivable | Candlestick Point

Investments in unconsolidated joint ventures:

Basis spread (as a percent)

2.00%

Investments in Unconsolidated41

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Properties, net	$ 3,260,720	$ 2,967,878
Other assets	268,769	208,726
Total assets	3,529,489	3,176,604
Liabilities and partners' capital:
Mortgage notes payable	1,827,606	2,038,379
Other liabilities	197,905	195,766
Company's capital	769,715	489,349
Outside partners' capital	734,263	453,110
Total liabilities and partners' capital	3,529,489	3,176,604
Investments in unconsolidated joint ventures:
Company's capital	769,715	489,349
Basis adjustment	466,784	464,826
Investments in unconsolidated joint ventures	1,236,499	954,175
Assets—Investments in unconsolidated joint ventures	1,263,356	984,132
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	$ (26,857)	$ (29,957)

Investments in Unconsolidated42

Investments in Unconsolidated Joint Ventures - Balance Sheet Footnotes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Investments in unconsolidated joint ventures:
Total assets	$ 3,529,489		$ 3,529,489		$ 3,176,604
Mortgage notes payable that could become recourse debt to the Company	6,500		6,500		33,540
Indemnity of guaranteed amount	3,250		3,250		16,770
Amortization of difference between cost of investments and book value of underlying equity	260	$ 855	160	$ 2,279
Northwestern Mutual Life (NML)
Investments in unconsolidated joint ventures:
Mortgage notes payable to affiliate	465,837		465,837		606,263
Interest expense on borrowings from related party	8,083	$ 9,623	16,591	$ 19,347
Tysons Corner LLC
Investments in unconsolidated joint ventures:
Total assets	292,501		292,501		341,931
Total liabilities	$ 860,982		$ 860,982		$ 871,933

Investments in Unconsolidated43

Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Minimum rents	$ 71,303	$ 97,639	$ 138,825	$ 195,896
Percentage rents	2,807	3,994	4,430	6,045
Tenant recoveries	31,340	47,128	63,703	95,873
Other	6,843	10,985	14,433	20,604
Total revenues	112,293	159,746	221,391	318,418
Expenses:
Shopping center and operating expenses	37,481	50,461	79,659	105,631
Interest expense	19,397	36,979	39,780	74,478
Depreciation and amortization	33,099	34,745	62,769	69,668
Total operating expenses	89,977	122,185	182,208	249,777
Gain (loss) on sale or write down of assets, net	423	(6,268)	423	(6,372)
Net income	22,739	31,293	39,606	62,269
Company's equity in net income	9,094	13,903	17,368	27,672
Pacific Premier Retail LP
Revenues:
Minimum rents	0	25,654	0	51,734
Percentage rents	0	550	0	1,209
Tenant recoveries	0	11,379	0	23,119
Other	0	1,613	0	2,690
Total revenues	0	39,196	0	78,752
Expenses:
Shopping center and operating expenses	0	10,682	0	21,813
Interest expense	0	9,831	0	19,929
Depreciation and amortization	0	8,750	0	17,548
Total operating expenses	0	29,263	0	59,290
Gain (loss) on sale or write down of assets, net	0	(6,226)	0	(6,312)
Net income	0	3,707	0	13,150
Company's equity in net income	0	1,218	0	5,486
Tysons Corner LLC
Revenues:
Minimum rents	17,129	15,696	34,157	31,974
Percentage rents	90	180	419	604
Tenant recoveries	12,209	11,489	24,471	23,383
Other	798	929	1,391	1,616
Total revenues	30,226	28,294	60,438	57,577
Expenses:
Shopping center and operating expenses	9,569	9,521	19,517	19,680
Interest expense	8,373	7,653	16,502	15,483
Depreciation and amortization	5,576	4,756	11,026	9,358
Total operating expenses	23,518	21,930	47,045	44,521
Gain (loss) on sale or write down of assets, net	0	0	0	0
Net income	6,708	6,364	13,393	13,056
Company's equity in net income	1,828	1,611	4,834	3,369
Other Joint Ventures
Revenues:
Minimum rents	54,174	56,289	104,668	112,188
Percentage rents	2,717	3,264	4,011	4,232
Tenant recoveries	19,131	24,260	39,232	49,371
Other	6,045	8,443	13,042	16,298
Total revenues	82,067	92,256	160,953	182,089
Expenses:
Shopping center and operating expenses	27,912	30,258	60,142	64,138
Interest expense	11,024	19,495	23,278	39,066
Depreciation and amortization	27,523	21,239	51,743	42,762
Total operating expenses	66,459	70,992	135,163	145,966
Gain (loss) on sale or write down of assets, net	423	(42)	423	(60)
Net income	16,031	21,222	26,213	36,063
Company's equity in net income	$ 7,266	$ 11,074	$ 12,534	$ 18,817

Property_ (Details)

Property: (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Land	$ 2,242,841	$ 2,242,291
Buildings and improvements	9,517,554	9,479,337
Tenant improvements	618,630	600,436
Equipment and furnishings	160,045	152,554
Construction in progress	363,570	303,264
Total	12,902,640	12,777,882
Less accumulated depreciation	(1,856,213)	(1,709,992)
Property, net	$ 11,046,427	$ 11,067,890

Property - Narrative (Details)

Property - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 91,124	$ 68,017	$ 181,321	$ 136,495
Impairment loss	(5,916)	(8,516)	(5,916)	(8,516)
Gain loss on sale of properties		238	1,056	238
Development cost	127	$ 1,177	198	1,102
Rotterdam Square, Somersville Town Center and Lake Square Mall
Property, Plant and Equipment [Line Items]
Gain loss on sale of properties	$ 1,372		$ 1,322	$ (1,685)

Tenant and Other Receivables,46

Tenant and Other Receivables, net: (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Mar. 17, 2014
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 4,456,000	$ 3,234,000
Deferred rent receivable due to straight-line rent adjustments	58,312,000	57,278,000
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	1,163,000	13,436,000
6.5% Note Receivable
Components of tenant and other receivables, net
Notes receivable	$ 6,390,000	$ 6,436,000	$ 6,500,000
Note receivable, interest rate (as a percent)			6.46%
5.0% Note Receivable
Components of tenant and other receivables, net
Notes receivable			$ 3,103,000
Note receivable, interest rate (as a percent)			5.00%

Deferred Charges and Other As47

Deferred Charges and Other Assets, net: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 242,983		$ 242,983		$ 239,955
Financing	49,099		49,099		47,171
Intangible assets:
In-place lease values	280,875		280,875		298,825
Leasing commissions and legal costs	70,991		70,991		72,432
Above-market leases	258,239		258,239		250,810
Deferred tax assets	36,843		36,843		35,625
Deferred compensation plan assets	37,872		37,872		35,194
Other assets	61,556		61,556		66,246
Deferred charges and other assets, gross	1,038,458		1,038,458		1,046,258
Less accumulated amortization	(306,601)		(306,601)		(287,197)
Deferred charges and other assets, net	731,857		731,857		759,061
Accumulated amortization for intangible assets	111,635		111,635		$ 103,361
Amortization expense for intangible assets	$ 18,667	$ 11,360	$ 40,345	$ 24,098

Deferred Charges and Other As48

Deferred Charges and Other Assets, net - Allocated Values (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Allocated values of leases
Less accumulated amortization	$ (111,635)	$ (103,361)
Original allocated value	366,232	375,033
Less accumulated amortization	(102,645)	(93,511)
Above-Market Leases
Allocated values of leases
Original allocated value	258,239	250,810
Less accumulated amortization	(69,975)	(59,696)
Allocated value net	188,264	191,114
Below-Market Leases
Allocated values of leases
Allocated value net	$ 263,587	$ 281,522

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Feb. 19, 2015	Dec. 31, 2014
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	$ 284,641		$ 289,039
Carrying Amount of Mortgage Notes, Other	5,552,551		5,115,482
Arrowhead Towne Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 224,972		228,703
Effective Interest Rate (as a percent)	2.76%
Monthly Debt Service	$ 1,131
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 200,000		200,000
Effective Interest Rate (as a percent)	3.77%
Monthly Debt Service	$ 625
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	112,778		114,265
Carrying Amount of Mortgage Notes, Other	$ 112,777		114,264
Effective Interest Rate (as a percent)	5.53%
Monthly Debt Service	$ 1,538
Deptford Mall One
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 195,846		197,815
Effective Interest Rate (as a percent)	3.76%
Monthly Debt Service	$ 947
Deptford Mall Two
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 14,144		14,285
Effective Interest Rate (as a percent)	6.46%
Monthly Debt Service	$ 101
Eastland Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 168,000		168,000
Effective Interest Rate (as a percent)	5.79%
Monthly Debt Service	$ 811
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 200,000		$ 119,329
Effective Interest Rate (as a percent)	1.84%		2.97%
Monthly Debt Service	$ 278
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		$ 0
Carrying Amount of Mortgage Notes, Other	$ 120,000		121,376
Effective Interest Rate (as a percent)	4.89%
Monthly Debt Service	$ 727
Flagstaff Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 37,000		37,000
Effective Interest Rate (as a percent)	5.03%
Monthly Debt Service	$ 151
FlatIron Crossing
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 258,146		261,494
Effective Interest Rate (as a percent)	3.90%
Monthly Debt Service	$ 1,393
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 227,190		229,244
Effective Interest Rate (as a percent)	4.20%
Monthly Debt Service	$ 1,132
Great Northern Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	0		34,494
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 310,248		313,514
Effective Interest Rate (as a percent)	3.61%
Monthly Debt Service	$ 1,447
Kings Plaza
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 475,716		480,761
Effective Interest Rate (as a percent)	3.67%
Monthly Debt Service	$ 2,229
Lakewood Center Mortgage
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 410,000		253,708
Effective Interest Rate (as a percent)	3.46%
Monthly Debt Service	$ 1,825
Los Cerritos Center Mortgage
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	101,071		103,274
Carrying Amount of Mortgage Notes, Other	$ 101,072		103,274
Effective Interest Rate (as a percent)	1.65%
Monthly Debt Service	$ 1,009
The Mall at Northgate
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 64,000		$ 64,000
Effective Interest Rate (as a percent)	3.07%		3.05%
Monthly Debt Service	$ 130
The Oaks
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		$ 0
Carrying Amount of Mortgage Notes, Other	$ 208,113		210,197
Effective Interest Rate (as a percent)	4.14%
Monthly Debt Service	$ 1,064
Pacific View
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 131,843		133,200
Effective Interest Rate (as a percent)	4.08%
Monthly Debt Service	$ 668
Queens Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 600,000		600,000
Effective Interest Rate (as a percent)	3.49%
Monthly Debt Service	$ 1,744
Santa Monica Place
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 227,727		230,344
Effective Interest Rate (as a percent)	2.99%
Monthly Debt Service	$ 1,004
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 132,358		133,807
Effective Interest Rate (as a percent)	3.14%
Monthly Debt Service	$ 589
Stonewood Center Mortgage
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 108,424		111,297
Effective Interest Rate (as a percent)	1.80%
Monthly Debt Service	$ 640
Superstition Springs Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 67,921		$ 68,079
Effective Interest Rate (as a percent)	2.02%		1.98%
Monthly Debt Service	$ 139
Towne Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		$ 0
Carrying Amount of Mortgage Notes, Other	$ 22,405		22,607
Effective Interest Rate (as a percent)	4.48%
Monthly Debt Service	$ 117
Tucson La Encantada
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	70,792		71,500
Carrying Amount of Mortgage Notes, Other	$ 0		0
Effective Interest Rate (as a percent)	4.23%
Monthly Debt Service	$ 368
Valley Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 40,952		41,368
Effective Interest Rate (as a percent)	5.85%
Monthly Debt Service	$ 280
Valley River Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 120,000		120,000
Effective Interest Rate (as a percent)	5.59%
Monthly Debt Service	$ 558
Mall of Victor Valley
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 115,000		115,000
Effective Interest Rate (as a percent)	4.00%
Monthly Debt Service	$ 380
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	$ 280,000	0
Carrying Amount of Mortgage Notes, Other	$ 278,726		0
Effective Interest Rate (as a percent)	3.55%
Monthly Debt Service	$ 1,256
Washington Square Mortgage
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 231,672		238,696
Effective Interest Rate (as a percent)	1.65%
Monthly Debt Service	$ 1,499
Westside Pavilion
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 148,299		$ 149,626
Effective Interest Rate (as a percent)	4.49%
Monthly Debt Service	$ 783

Mortgage Notes Payable - Premiu

Mortgage Notes Payable - Premiums and Discounts (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Mortgage loans payable on real estate
Debt premiums (discounts), net	$ 42,295	$ 56,921
Arrowhead Towne Center
Mortgage loans payable on real estate
Debt premiums	10,031	11,568
Deptford Mall One
Mortgage loans payable on real estate
Debt discounts	(6)	(8)
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Debt premiums	4,950	5,414
Lakewood Center Mortgage
Mortgage loans payable on real estate
Debt premiums	0	3,708
Los Cerritos Center Mortgage
Mortgage loans payable on real estate
Debt premiums	15,424	17,965
Stonewood Center Mortgage
Mortgage loans payable on real estate
Debt premiums	6,586	7,980
Superstition Springs Center
Mortgage loans payable on real estate
Debt premiums	421	579
Valley Mall
Mortgage loans payable on real estate
Debt discounts	(88)	(132)
Washington Square Mortgage
Mortgage loans payable on real estate
Debt premiums	$ 4,977	$ 9,847

Mortgage Notes Payable - Footno

Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands	Mar. 03, 2015	Feb. 25, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Feb. 19, 2015	Dec. 31, 2014
Mortgage loans payable on real estate
Carrying amount of mortgage notes			$ 5,552,551		$ 5,552,551			$ 5,115,482
Related parties			284,641		284,641			289,039
(Gain) loss on extinguishment of debt, net					(636)	$ 358
Mortgage notes payable which could become recourse			13,500		13,500			73,165
Interest expense capitalized			3,837	$ 3,098	6,466	$ 5,583
Fair value of mortgage notes payable			5,814,998		5,814,998			5,455,453
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Carrying amount of mortgage notes			$ 200,000		$ 200,000			$ 119,329
Interest rate basis					LIBOR
Interest rate spread over basis (as a percent)	1.50%
Effective interest rate (as a percent)			1.84%		1.84%			2.97%
Related parties			$ 0		$ 0			$ 0
Great Northern Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes			0		0			34,494
Related parties			0		0			0
(Gain) loss on extinguishment of debt, net					(1,609)
Lakewood Center Mortgage
Mortgage loans payable on real estate
Carrying amount of mortgage notes			$ 410,000		$ 410,000			253,708
Effective interest rate (as a percent)			3.46%		3.46%
Related parties			$ 0		$ 0			0
(Gain) loss on extinguishment of debt, net		$ (2,245)
The Mall at Northgate
Mortgage loans payable on real estate
Carrying amount of mortgage notes			$ 64,000		$ 64,000			$ 64,000
Interest rate basis					LIBOR
Interest rate spread over basis (as a percent)					2.25%
Effective interest rate (as a percent)			3.07%		3.07%			3.05%
Related parties			$ 0		$ 0			$ 0
Superstition Springs Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes			$ 67,921		$ 67,921			$ 68,079
Interest rate basis					LIBOR
Interest rate spread over basis (as a percent)					2.30%
Effective interest rate (as a percent)			2.02%		2.02%			1.98%
Related parties			$ 0		$ 0			$ 0
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes			$ 278,726		$ 278,726			0
Effective interest rate (as a percent)			3.55%		3.55%
Related parties			$ 0		$ 0		$ 280,000	$ 0
Freehold Raceway Mall and Chandler Fashion Center
Mortgage loans payable on real estate
Percentage of loan assumed by third party (as a percent)					49.90%
PPRLP Queens Portfolio | Lakewood Center Mortgage
Mortgage loans payable on real estate
Effective interest rate (as a percent)			3.46%		3.46%

Bank and Other Notes Payable_ (

Bank and Other Notes Payable: (Details) - USD ($)	Mar. 29, 2013	Dec. 08, 2011	Jun. 30, 2015	Dec. 31, 2014
Line of Credit
Mortgage loans payable on real estate
Revolving line of credit			$ 1,500,000,000
Expansion borrowing capacity			2,000,000,000
Outstanding borrowings under the line of credit			$ 767,000,000	$ 752,000,000
Line of credit, average interest rate (as a percent)			1.87%	1.89%
Fair value of outstanding line of credit			$ 749,300,000	$ 713,989,000
Line of Credit | Low end of range
Mortgage loans payable on real estate
Interest rate basis			LIBOR
Unsecured term loan
Mortgage loans payable on real estate
Interest rate basis			LIBOR
Amount of additional borrowing		$ 125,000,000
Interest rate (as a percent)			2.53%	2.25%
Debt, fair value			$ 124,592,000	$ 119,780,000
Unsecured term loan | Low end of range
Mortgage loans payable on real estate
Interest rate spread over basis (as a percent)		1.95%
Unsecured term loan | High end of range
Mortgage loans payable on real estate
Interest rate spread over basis (as a percent)		3.20%
Prasada Note
Mortgage loans payable on real estate
Amount of additional borrowing	$ 13,330,000
Interest rate on debt (as a percent)	5.25%
Debt, carrying value			10,016,000	10,879,000
Debt, fair value			$ 10,181,000	$ 11,178,000
London Interbank Offered Rate (LIBOR) | Line of Credit
Mortgage loans payable on real estate
Interest rate spread over basis (as a percent)			1.50%
London Interbank Offered Rate (LIBOR) | Line of Credit | Low end of range
Mortgage loans payable on real estate
Interest rate spread over basis (as a percent)			1.38%
London Interbank Offered Rate (LIBOR) | Line of Credit | High end of range
Mortgage loans payable on real estate
Interest rate spread over basis (as a percent)			2.00%
London Interbank Offered Rate (LIBOR) | Unsecured term loan
Mortgage loans payable on real estate
Interest rate spread over basis (as a percent)			2.20%

Co-Venture Arrangement_ (Detail

Co-Venture Arrangement: (Details) ft² in Thousands, $ in Thousands	Sep. 30, 2009USD ($)ft²	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Co-Venture Arrangement:
Co-venture obligation | $		$ 71,861	$ 75,450
Freehold Raceway Mall and Chandler Fashion Center
Co-Venture Arrangement:
Percentage of loan assumed by third party (as a percent)	49.90%
Co-venture obligation | $	$ 168,154
Freehold Raceway Mall
Co-Venture Arrangement:
Property area (in square feet)	1,668
Chandler Fashion Center
Co-Venture Arrangement:
Property area (in square feet)	1,320

Noncontrolling Interests_ (Deta

Noncontrolling Interests: (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Aug. 20, 2014	Aug. 17, 2012
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partnership interest of the operating partnership (as a percent)	6.00%	6.00%
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Number of trading days used to calculate redemption value (in days)	10 days
Redemption value of outstanding OP Units not owned by the Company	$ 819,392	$ 877,184
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership (as a percent)	94.00%	94.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	Nov. 14, 2014	Jun. 30, 2015	Dec. 31, 2014	Aug. 20, 2014	Aug. 17, 2012
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Maximum price of common stock available to be issued		$ 500,000,000		$ 500,000,000	$ 500,000,000
Commission to sales agent (as a percent)					2.00%
PPRLP Queens Portfolio
Class of Stock [Line Items]
Common stock issued	$ 1,166,777,000
PPRLP Queens Portfolio | Common Stock
Class of Stock [Line Items]
Number of shares	17,140,845

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Feb. 17, 2015	Nov. 14, 2014	Oct. 31, 2014	Jun. 04, 2014	Jun. 30, 2015	Jun. 30, 2014
Fashion Outlets of Chicago | Affiliated Entity
Acquisition
Purchase price			$ 69,987
Purchase price funded by cash payment on acquisition			55,867
Purchase price paid through assumption of debt by the Company			$ 14,120
Contingent consideration					$ 10,537
Acquisition noncontrolling interest adjustment					76,141
Cascade Mall
Acquisition
Additional ownership interest acquired (as a percent)				49.00%
Purchase price				$ 15,233
Ownership interest at completion of acquisition (as a percent)				100.00%
PPRLP Queens Portfolio
Acquisition
Additional ownership interest acquired (as a percent)		49.00%
Purchase price		$ 1,838,886
Ownership interest at completion of acquisition (as a percent)		100.00%
Purchase price paid through assumption of debt by the Company		$ 672,109
Common stock issued (in shares)		$ 1,166,777
Inland Center
Acquisition
Additional ownership interest acquired (as a percent)	50.00%
Purchase price	$ 51,250
Ownership interest at completion of acquisition (as a percent)	100.00%
Incremental revenue					$ 5,662
Incremental earnings						$ 345
Purchase price funded by cash payment on acquisition	$ 26,250
Purchase price paid through assumption of debt by the Company	$ 25,000

Acquisitions - Allocation of Fa

Acquisitions - Allocation of Fair Value (Details) - USD ($) $ in Thousands	Feb. 17, 2015	Nov. 14, 2014	Jun. 04, 2014
Cascade Mall
Acquisition
Property			$ 28,924
Deferred charges			6,660
Other assets			202
Total assets acquired			35,786
Other accrued liabilities			4,786
Total liabilities assumed			4,786
Fair value of acquired net assets (at 100% ownership)			$ 31,000
PPRLP Queens Portfolio
Acquisition
Cash and cash equivalents		$ 28,890
Restricted cash		5,113
Tenant receivables		5,438
Property		3,711,819
Deferred charges		155,892
Other assets		127,244
Total assets acquired		4,034,396
Accounts payable		5,669
Due to affiliates		2,680
Mortgage note payable		1,414,659
Other accrued liabilities		230,210
Total liabilities assumed		1,653,218
Fair value of acquired net assets (at 100% ownership)		$ 2,381,178
Inland Center
Acquisition
Property	$ 91,871
Deferred charges	9,752
Other assets	5,782
Total assets acquired	107,405
Mortgage note payable	50,000
Other accrued liabilities	4,905
Total liabilities assumed	54,905
Fair value of acquired net assets (at 100% ownership)	$ 52,500

Acquisitions - Remeasurement Ga

Acquisitions - Remeasurement Gain (Details) - USD ($) $ in Thousands	Feb. 17, 2015	Nov. 14, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Acquisition
Carrying value of investment			$ (1,263,356)		$ (1,263,356)		$ (984,132)
Gain on remeasurement of assets			$ (14)	$ 0	$ 22,089	$ 0
Inland Center
Acquisition
Fair value of existing ownership interest (at % ownership)	$ 26,250
Carrying value of investment	(4,161)
Gain on remeasurement of assets	$ 22,089
Ownership interest before acquisition (as a percent)	50.00%
PPRLP Queens Portfolio
Acquisition
Fair value of existing ownership interest (at % ownership)		$ 1,214,401
Carrying value of investment		(208,735)
Gain on remeasurement of assets		$ 1,423,136
Ownership interest before acquisition (as a percent)		51.00%

Acquisitions - Reconciliation o

Acquisitions - Reconciliation of Purchase Price (Details) - USD ($) $ in Thousands	Feb. 17, 2015	Nov. 14, 2014	Jun. 04, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Acquisition
Gain on remeasurement of assets				$ (1,263,356)		$ (1,263,356)		$ (984,132)
Gain on remeasurement of assets				$ (14)	$ 0	$ 22,089	$ 0
Cascade Mall
Acquisition
Purchase price			$ 15,233
Gain on remeasurement of assets			(15,767)
Fair value of acquired net assets (at 100% ownership)			$ 31,000
Ownership interest at completion of acquisition (as a percent)			100.00%
PPRLP Queens Portfolio
Acquisition
Ownership interest before acquisition (as a percent)		51.00%
Purchase price		$ 1,838,886
Gain on remeasurement of assets		(208,735)
Less debt assumed		(672,109)
Gain on remeasurement of assets		1,423,136
Fair value of acquired net assets (at 100% ownership)		$ 2,381,178
Ownership interest at completion of acquisition (as a percent)		100.00%
Inland Center
Acquisition
Ownership interest before acquisition (as a percent)	50.00%
Purchase price	$ 51,250
Gain on remeasurement of assets	(4,161)
Less debt assumed	(25,000)
Gain on remeasurement of assets	22,089
Fair value of acquired net assets (at 100% ownership)	$ 52,500
Ownership interest at completion of acquisition (as a percent)	100.00%

Acquisitions_ Acquisition - Pro

Acquisitions: Acquisition - Pro Forma Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Combinations [Abstract]
Total revenues	$ 322,794	$ 325,151	$ 642,311	$ 652,768
Income (loss) from continuing operations	$ 15,805	$ 21,485	$ 21,593	$ 40,846

Dispositions_ (Details)

Dispositions: (Details) $ in Thousands	Dec. 29, 2014USD ($)ft²	Oct. 31, 2014USD ($)ft²	Oct. 10, 2014USD ($)	Sep. 11, 2014USD ($)	Aug. 28, 2014USD ($)	Jul. 07, 2014USD ($)	Mar. 17, 2014USD ($)ft²note	Feb. 14, 2014USD ($)ft²	Jan. 15, 2014USD ($)ft²	Jun. 30, 2015USD ($)ft²	Jun. 30, 2014USD ($)
Discontinued Operations:
Gains (Losses) on Extinguishment of Debt										$ 636	$ (358)
Camelback Colonnade
Discontinued Operations:
Property area (in square feet) | ft²	619,000
Proceeds from sale	$ 92,898
Gain (loss) from sale	$ 24,554
Percentage of loan assumed by third party (as a percent)	67.50%
Cash payment	$ 61,173
Assumption of debt	31,725
Notes payable discharged	47,946
Noncontrolling interest adjustment	$ 17,217
Rotterdam Square
Discontinued Operations:
Property area (in square feet) | ft²									585,000
Proceeds from sale									$ 8,500
Gain (loss) from sale									$ (472)
Somersville Town Center
Discontinued Operations:
Property area (in square feet) | ft²								348,000
Proceeds from sale								$ 12,337
Gain (loss) from sale								$ (263)
Lake Square Mall
Discontinued Operations:
Property area (in square feet) | ft²							559,000
Proceeds from sale							$ 13,280
Gain (loss) from sale							(876)
Cash payment							$ 3,677
Lake Square Mall | Notes Receivable
Discontinued Operations:
Number of notes receivable (in notes) | note							2
Notes receivable							$ 9,603
Mervyn's
Discontinued Operations:
Proceeds from sale			$ 1,900	$ 1,200	$ 3,500	$ 3,560
Gain (loss) from sale			$ (3)	$ 315	$ (80)	$ (158)
South Towne Center
Discontinued Operations:
Property area (in square feet) | ft²		1,278,000
Proceeds from sale		$ 205,000
Gain (loss) from sale		$ 121,873
Great Northern Mall
Discontinued Operations:
Gains (Losses) on Extinguishment of Debt										$ 1,609
Great Northern Mall | Great Northern Mall
Discontinued Operations:
Property area (in square feet) | ft²										895,000
Gains (Losses) on Extinguishment of Debt										$ 1,609

Commitments and Contingencies_

Commitments and Contingencies: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Contingent Liabilities
Operating lease rent expense	$ 2,966	$ 2,708	$ 5,911	$ 5,377
Contingent liability under letters of credit	2,788		2,788		$ 18,388
Outstanding obligations under construction agreements	$ 75,701		$ 75,701

Related Party Transactions_ (De

Related Party Transactions: (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)ft²	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)ft²note	Dec. 31, 2014USD ($)note	Nov. 13, 2014USD ($)ft²
Related party transactions
Interest expense, related party	$ 2,709	$ 3,690	$ 5,438	$ 7,398
Due from affiliates	$ 78,007		$ 78,007		$ 80,232
Ownership (as a percent)	6.00%		6.00%		6.00%
Related parties note receivable, AWE Talisman Company
Related party transactions
Number of notes receivable (in notes) | note					2
Related parties note receivable, RED Consolidated Holdings, LLC
Related party transactions
Interest income, related party	$ 131	154	$ 269	314
Due from affiliates	$ 10,149		$ 10,149		$ 11,027
Note receivable, interest rate (as a percent)	5.25%		5.25%
Unconsolidated Joint Ventures and Third Party Managed Properties [Member]
Related party transactions
Management fees	$ 2,946	4,890	$ 5,647	9,714
Development and leasing fees	1,787	2,882	3,859	5,378
Fees charged to unconsolidated joint ventures and third-party managed properties	4,733	7,772	9,506	15,092
Northwestern Mutual Life (NML)
Related party transactions
Interest expense payable, related party	1,113		1,113		1,125
Unconsolidated joint ventures
Related party transactions
Interest income, related party		$ 78		$ 109
Due from affiliates	$ 1,639		$ 1,639		3,869
Affiliated Entity
Related party transactions
Ownership (as a percent)		40.00%		40.00%
Affiliated Entity | Related parties note receivable, AWE Talisman Company
Related party transactions
Interest income, related party		$ 156		$ 310
Number of notes receivable (in notes) | note				2
Note receivable, interest rate (as a percent)	5.00%		5.00%
Fashion Outlets of Chicago | Affiliated Entity
Related party transactions
Property area (in square feet) | ft²		528,000		528,000
Candlestick Point
Related party transactions
Property area (in square feet) | ft²						500,000
Candlestick Point | Notes Receivable
Related party transactions
Description of variable rate basis			LIBOR
Note receivable						$ 65,130
Candlestick Point | Affiliated Entity | Notes Receivable
Related party transactions
Description of variable rate basis			LIBOR
Interest income	$ 450		$ 883
Note receivable	$ 66,219		$ 66,219		$ 65,336
London Interbank Offered Rate (LIBOR) | Candlestick Point | Affiliated Entity | Notes Receivable
Related party transactions
Note receivable, interest rate (as a percent)	2.00%		2.00%

Share and Unit-Based Plans - Na

Share and Unit-Based Plans - Narrative (Details) $ / shares in Units, $ in Thousands	Mar. 06, 2015$ / sharesshares	Jan. 01, 2015$ / sharesshares	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)
Share and unit-based plans
Capitalized share and unit-based compensation costs | $			$ 561	$ 519	$ 4,908	$ 4,361
Stock units
Share and unit-based plans
Conversion rate of shares					1
Granted (in shares)					76,340
Average grant date fair value (in dollars per share) | $ / shares					$ 86.64
Unrecognized compensation cost of share and unit-based plans | $			5,306		$ 5,306
LTIP Units
Share and unit-based plans
Conversion rate of shares					1
Granted (in shares)					368,508
Average grant date fair value (in dollars per share) | $ / shares					$ 75.98
Total stockholder return requirement (as a percent)					3.00%
Unrecognized compensation cost of share and unit-based plans | $			11,752		$ 11,752
Stock awards
Share and unit-based plans
Granted (in shares)					0
Average grant date fair value (in dollars per share) | $ / shares					$ 0
Unrecognized compensation cost of share and unit-based plans | $			75		$ 75
Stock options
Share and unit-based plans
Unrecognized compensation cost of share and unit-based plans | $			35		$ 35
Phantom stock units
Share and unit-based plans
Granted (in shares)					5,460
Average grant date fair value (in dollars per share) | $ / shares					$ 83.19
Unrecognized compensation cost of share and unit-based plans | $			$ 268		$ 268
Executive Officer | LTIP Units
Share and unit-based plans
Average grant date fair value (in dollars per share) | $ / shares	$ 86.72
2016 LTIP Units Series 1 | Executive Officer | LTIP Units
Share and unit-based plans
Granted (in shares)		49,451
Average grant date fair value (in dollars per share) | $ / shares		$ 83.41
2015 LTIP Units Series 2 | Executive Officer | LTIP Units
Share and unit-based plans
Granted (in shares)		186,450
Average grant date fair value (in dollars per share) | $ / shares		$ 66.37
2015 LTIP Units Series 3 | Executive Officer | LTIP Units
Share and unit-based plans
Granted (in shares)	132,607

Share and Unit-Based Plans - Co

Share and Unit-Based Plans - Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 5,300	$ 4,854	$ 24,115	$ 25,200
LTIP Units
Share and unit-based plans
Compensation cost under share and unit-based plans	3,770	3,428	18,998	21,668
Stock awards
Share and unit-based plans
Compensation cost under share and unit-based plans	122	83	197	197
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	1,136	1,039	4,333	2,721
Stock options
Share and unit-based plans
Compensation cost under share and unit-based plans	4	4	8	8
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 268	$ 300	$ 579	$ 606

Share and Unit-Based Plans - No

Share and Unit-Based Plans - Nonvested Equity Awards (Details) - $ / shares	6 Months Ended
	Jun. 30, 2015
LTIP Units
Units (in shares)
Balance at beginning of period	46,695
Granted	368,508
Vested	(132,607)
Forfeited	0
Balance at end of period	282,596
Value (in dollars per share)
Balance at beginning of period	$ 58.89
Granted	75.98
Vested	86.72
Forfeited	0
Balance at end of period	$ 68.12
Stock awards
Units (in shares)
Balance at beginning of period	9,189
Granted	0
Vested	(7,410)
Forfeited	0
Balance at end of period	1,779
Value (in dollars per share)
Balance at beginning of period	$ 59.25
Granted	0
Vested	58.65
Forfeited	0
Balance at end of period	$ 61.72
Phantom stock units
Units (in shares)
Balance at beginning of period	9,269
Granted	5,460
Vested	(8,238)
Forfeited	(2,458)
Balance at end of period	4,033
Value (in dollars per share)
Balance at beginning of period	$ 58.35
Granted	83.19
Vested	71.61
Forfeited	55.62
Balance at end of period	$ 66.54
Stock units
Units (in shares)
Balance at beginning of period	144,374
Granted	76,340
Vested	(84,307)
Forfeited	0
Balance at end of period	136,407
Value (in dollars per share)
Balance at beginning of period	$ 59.94
Granted	86.64
Vested	61.11
Forfeited	0
Balance at end of period	$ 74.66

Share and Unit-Based Plans - SA

Share and Unit-Based Plans - SARs (Details) - $ / shares	6 Months Ended
	Jun. 30, 2015
SARs
SARs (in shares)
Balance at beginning of period	772,639
Granted	0
Exercised	(343,981)
Forfeited	0
Balance at end of period	428,658
Value (in dollars per share)
Balance at beginning of period	$ 56.67
Granted	0
Vested	56.88
Forfeited	0
Balance at end of period	$ 56.50
Stock options
Stock Options (in shares)
Balance at beginning of period	10,068
Granted	0
Exercised	0
Forfeited	0
Balance at end of period	10,068
Value (in dollars per share)
Balance at beginning of period	$ 59.57
Granted	0
Exercised	0
Forfeited	0
Balance at end of period	$ 59.57

Income Taxes_ (Details)

Income Taxes: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income tax benefit
Current	$ 0	$ 0	$ 0	$ 0
Deferred	283	2,898	1,218	3,070
Income tax benefit	283	$ 2,898	1,218	$ 3,070
Components of net deferred tax assets
Net deferred tax assets	$ 36,843		$ 36,843		$ 35,625

Subsequent Events_ (Details)

Subsequent Events: (Details)	Jul. 24, 2015$ / shares
Subsequent event
Subsequent events
Dividend declared (in dollars per share)	$ 0.65