The Macerich Company (MAC) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 05, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	MACERICH CO
Entity Central Index Key	912,242
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
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		148,492,665
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS:
Property, net	$ 7,526,652	$ 8,796,912
Cash and cash equivalents	106,505	86,510
Restricted cash	42,233	41,389
Tenant and other receivables, net	113,188	130,002
Deferred charges and other assets, net	505,164	564,291
Due from affiliates	73,087	83,928
Investments in unconsolidated joint ventures	1,844,516	1,532,552
Total assets	10,211,345	11,235,584
Mortgage notes payable:
Related parties	179,935	181,069
Others	3,732,114	4,427,518
Total	3,912,049	4,608,587
Bank and other notes payable	746,919	652,163
Accounts payable and accrued expenses	64,549	74,398
Accrued dividend	0	337,703
Other accrued liabilities	375,023	403,281
Distributions in excess of investments in unconsolidated joint ventures	20,995	24,457
Co-venture obligation	61,940	63,756
Total liabilities	$ 5,181,475	$ 6,164,345
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 149,455,915 and 154,404,986 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 1,495	$ 1,544
Additional paid-in capital	4,841,291	4,926,630
Accumulated deficit	(175,775)	(212,760)
Total stockholders' equity	4,667,011	4,715,414
Noncontrolling interests	362,859	355,825
Total equity	5,029,870	5,071,239
Total liabilities and equity	$ 10,211,345	$ 11,235,584

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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)	149,455,915	154,404,986
Common Stock, shares outstanding (in shares)	149,455,915	154,404,986

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Minimum rents	$ 151,048	$ 190,761
Percentage rents	3,014	3,248
Tenant recoveries	80,173	105,698
Other	13,148	13,003
Management Companies	8,617	5,625
Total revenues	256,000	318,335
Expenses:
Shopping center and operating expenses	79,324	101,664
Management Companies' operating expenses	27,900	26,468
REIT general and administrative expenses	8,629	8,422
Costs related to unsolicited takeover offer	0	13,572
Depreciation and amortization	86,931	120,618
Total expenses before interest	202,784	270,744
Interest expense:
Related parties	2,272	2,729
Other	37,504	50,557
Total interest expense	39,776	53,286
Loss (gain) on early extinguishment of debt, net	3,575	(2,245)
Total expenses	246,135	321,785
Equity in income of unconsolidated joint ventures	11,660	8,274
Co-venture expense	(3,289)	(2,130)
Income tax (expense) benefit	(1,317)	935
Gain on sale or write down of assets, net	434,456	935
Gain on remeasurement of assets	0	22,103
Net income	451,375	26,667
Less net income attributable to noncontrolling interests	30,460	2,056
Net income attributable to the Company	$ 420,915	$ 24,611
Earnings per common share—net income attributable to common stockholders:
Basic (in dollars per share)	$ 2.77	$ 0.15
Diluted (in dollars per share)	$ 2.76	$ 0.15
Weighted average number of common shares outstanding:
Basic (in shares)	151,984	158,336
Diluted (in shares)	152,103	158,544

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2015	154,404,986		154,404,986
Balance at Dec. 31, 2015	$ 5,071,239	$ 4,715,414	$ 1,544	$ 4,926,630	$ (212,760)	$ 355,825
Increase (Decrease) in Stockholders' Equity
Net income	451,375	420,915			420,915	30,460
Amortization of share and unit-based plans (in shares)			86,204
Amortization of share and unit-based plans	21,399	21,399	$ 1	21,398
Stock repurchases (in shares)			(5,192,802)
Stock repurchases	(400,018)	(400,018)	$ (52)	(120,411)	(279,555)	0
Distributions declared ($0.68) per share	(104,375)	(104,375)			(104,375)
Distributions to noncontrolling interests	(9,720)					(9,720)
Conversion of noncontrolling interests to common shares (in shares)			157,527
Conversion of noncontrolling interests to common shares		3,108	$ 2	3,106		(3,108)
Redemption of noncontrolling interests	$ (30)	(23)		(23)		(7)
Adjustment of noncontrolling interests in Operating Partnership		10,591		10,591		(10,591)
Balance (in shares) at Mar. 31, 2016	149,455,915		149,455,915
Balance at Mar. 31, 2016	$ 5,029,870	$ 4,667,011	$ 1,495	$ 4,841,291	$ (175,775)	$ 362,859

CONSOLIDATED STATEMENT OF EQUI6

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2016$ / shares
Statement of Stockholders' Equity [Abstract]
Distributions paid, per share (in dollars per share)	$ 0.68

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 451,375	$ 26,667
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on early extinguishment of debt, net	(8,453)	(2,245)
Gain on sale or write down of assets, net	(434,456)	(935)
Gain on remeasurement of assets	0	(22,103)
Depreciation and amortization	88,176	122,418
Amortization of net premium on mortgage notes payable	(1,050)	(6,903)
Amortization of share and unit-based plans	16,440	14,468
Straight-line rent adjustment	(910)	(386)
Amortization of above and below-market leases	(1,643)	(4,666)
Provision for doubtful accounts	919	1,330
Income tax expense (benefit)	1,317	(935)
Equity in income of unconsolidated joint ventures	(11,660)	(8,274)
Distributions of income from unconsolidated joint ventures	2,035	0
Co-venture expense	3,289	2,130
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	4,686	17,836
Other assets	(9,743)	4,310
Due from affiliates	11,123	650
Accounts payable and accrued expenses	(6,166)	18,318
Other accrued liabilities	2,562	450
Net cash provided by operating activities	107,841	162,130
Cash flows from investing activities:
Acquisitions of property	0	(26,250)
Development, redevelopment, expansion and renovation of properties	(60,895)	(90,157)
Property improvements	(5,311)	(3,855)
Proceeds from notes receivable	932	452
Deferred leasing costs	(7,359)	(9,768)
Distributions from unconsolidated joint ventures	181,900	13,096
Contributions to unconsolidated joint ventures	(350,668)	(33,284)
Proceeds from sale of assets	600,665	1,440
Restricted cash	(849)	(1,694)
Net cash provided by (used in) investing activities	358,415	(150,020)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	2,126,138	815,671
Payments on mortgages, bank and other notes payable	(1,713,094)	(674,569)
Deferred financing costs	(1,927)	(3,476)
Payment of stock issuance costs	0	(304)
Stock repurchases	(400,018)	0
Redemption of noncontrolling interests	(30)	0
Dividends and distributions	(452,225)	(111,462)
Distributions to co-venture partner	(5,105)	(4,716)
Net cash (used in) provided by financing activities	(446,261)	21,144
Net increase in cash and cash equivalents	19,995	33,254
Cash and cash equivalents, beginning of period	86,510	84,907
Cash and cash equivalents, end of period	106,505	118,161
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	32,073	60,102
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	22,887	31,823
Mortgage notes payable assumed in exchange for investments in unconsolidated joint ventures	997,695	0
Assumption of mortgage note payable from unconsolidated joint venture	0	50,000
Acquisition of property in exchange for investment in unconsolidated joint venture	0	76,250
Conversion of Operating Partnership Units to common stock	$ 3,108	$ 1,553

Organization_

Organization:	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , the Company was the sole general partner of and held a 93% 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:	3 Months Ended
	Mar. 31, 2016
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. On January 1, 2016, the Company adopted Accounting Standards Update (“ASU”) 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which made 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 ("VIE") characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. The Company evaluated the new standard and determined that no change was required to its accounting for variable interest entities. However, under the guidance of the new standard, all of the Company's consolidated joint ventures, including the Operating Partnership, now meet the definition and criteria as VIEs and the Company is the primary beneficiary of each VIE. The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition the Operating Partnership has investments in a number of VIEs. The VIEs included the following assets and liabilities: March 31, December 31, Assets: Properties, net $ 360,666 $ 362,129 Other assets 76,202 74,075 Total assets $ 436,868 $ 436,204 Liabilities: Mortgage notes payable $ 138,130 $ 139,767 Other liabilities 81,932 79,984 Total liabilities $ 220,062 $ 219,751 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, 2015 . 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, 2015 has been derived from the audited financial statements but does not include all disclosures required by GAAP. Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“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 its 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. The Company's adoption of ASU 2015-03 on January 1, 2016 resulted in an adjustment of its consolidated balance sheet at December 31, 2015 to reflect the new presentation required by the standard. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. The Company's adoption of this standard on January 1, 2016 did not have an impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not initial direct leasing costs. ASU 2016-02 is effective for the Company beginning January 1, 2019. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amends the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. ASU 2016-09 is effective for the Company beginning January 1, 2017. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements.

Earnings per Share ("EPS")_

Earnings per Share ("EPS"):	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 (shares in thousands): For the Three Months Ended March 31, 2016 2015 Numerator Net income $ 451,375 $ 26,667 Net income attributable to noncontrolling interests (30,460 ) (2,056 ) Net income attributable to the Company 420,915 24,611 Allocation of earnings to participating securities (420 ) (148 ) Numerator for basic and diluted earnings per share—net income attributable to common stockholders $ 420,495 $ 24,463 Denominator Denominator for basic earnings per share—weighted average number of common shares outstanding 151,984 158,336 Effect of dilutive securities:(1) Share and unit-based compensation plans 119 208 Denominator for diluted earnings per share—weighted average number of common shares outstanding 152,103 158,544 Earnings per common share—net income attributable to common stockholders: Basic $ 2.77 $ 0.15 Diluted $ 2.76 $ 0.15 (1) Diluted EPS excludes 138,759 and 140,490 convertible preferred units for the three months ended March 31, 2016 and 2015 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,820,343 and 10,516,523 Operating Partnership units ("OP Units") for the three months ended March 31, 2016 and 2015 , respectively, as their impact was antidilutive.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures:	3 Months Ended
	Mar. 31, 2016
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 February 17, 2015 , the Company acquired the remaining 50% ownership interest in Inland Center , an 867,000 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% ownerhsip interest in the joint venture, which was funded by borrowings under the Company's line of credit. On October 30, 2015 , the Company sold a 40% ownership interest in Pacific Premier Retail LLC (the "PPR Portfolio"), which owns Lakewood Center , a 2,075,000 square foot regional shopping center in Lakewood , California ; Los Cerritos Center , a 1,296,000 square foot regional shopping center in Cerritos , California ; South Plains Mall , a 1,127,000 square foot regional shopping center in Lubbock , Texas ; and Washington Square , a 1,442,000 square foot regional shopping center in Portland , Oregon , for a total sales price of $1,258,643 , resulting in a gain on the sale of assets of $311,194 . The sales price was funded by a cash payment of $545,643 and the assumption of a pro rata share of the mortgage notes payable on the properties of $713,000 . The Company used the cash proceeds from the sales to pay down its line of credit and for general corporate purposes, which included funding the ASR and Special Dividend (See Note 12 — Stockholders' Equity ). On January 6, 2016 , the Company sold a 40% ownership interest in Arrowhead Towne Center , a 1,197,000 square foot regional shopping center in Glendale , Arizona , for $289,496 , resulting in a gain on the sale of assets of $104,293 . The sales price was funded by a cash payment of $129,496 and the assumption of a pro rata share of the mortgage note payable on the property of $160,000 . The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes, which included funding the Special Dividend (See Note 12 — Stockholders' Equity ). On January 14, 2016 , the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall , a 1,040,000 square foot regional shopping center in Deptford , New Jersey ; FlatIron Crossing , a 1,432,000 square foot regional shopping center in Broomfield , Colorado ; and Twenty Ninth Street , an 852,000 square foot regional shopping center in Boulder , Colorado (the " MAC Heitman Portfolio "), for $771,478 , resulting in a gain on the sale of assets of $340,741 . The sales price was funded by a cash payment of $478,608 and the assumption of a pro rata share of the mortgage note payable on the properties of $292,870 . The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes. On March 1, 2016 , the Company, through a 50/50 joint venture, acquired Country Club Plaza , a 1,300,000 square foot regional shopping center in Kansas City , Missouri for a total purchase price of $660,000 . The Company funded its pro rata share of the purchase price of $330,000 with borrowings under its line of credit. On March 28, 2016 , the joint venture placed a $320,000 loan on the property that bears interest at an effective rate of 3.88% and matures on April 1, 2026 . The Company used its pro rata share of the proceeds to pay down its 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: March 31, December 31, Assets(1): Properties, net $ 9,246,945 $ 6,334,442 Other assets 621,668 507,718 Total assets $ 9,868,613 $ 6,842,160 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 4,926,654 $ 3,607,588 Other liabilities 442,846 355,634 Company's capital 2,435,483 1,585,796 Outside partners' capital 2,063,630 1,293,142 Total liabilities and partners' capital $ 9,868,613 $ 6,842,160 Investments in unconsolidated joint ventures: Company's capital $ 2,435,483 $ 1,585,796 Basis adjustment(3) (611,962 ) (77,701 ) $ 1,823,521 $ 1,508,095 Assets—Investments in unconsolidated joint ventures $ 1,844,516 $ 1,532,552 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (20,995 ) (24,457 ) $ 1,823,521 $ 1,508,095 (1) These amounts include the assets of $3,258,293 and $3,283,702 of Pacific Premier Retail LLC as of March 31, 2016 and December 31, 2015 , respectively, and liabilities of $1,919,760 and $1,938,241 of Pacific Premier Retail LLC as of March 31, 2016 and December 31, 2015 , 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 March 31, 2016 and December 31, 2015 , a total of $5,000 could become recourse debt to the Company. As of March 31, 2016 and December 31, 2015 , the Company had an indemnity agreement from a joint venture partner for $2,500 of the guaranteed amount. Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $458,843 and $460,872 as of March 31, 2016 and December 31, 2015 , 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 $6,366 and $8,508 for the three months ended March 31, 2016 and 2015 , 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 $4,457 and $420 for the three months ended March 31, 2016 and 2015 , respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: Pacific Premier Retail LLC (1) Other Joint Ventures Total Three Months Ended March 31, 2016 Revenues: Minimum rents $ 30,583 $ 106,373 $ 136,956 Percentage rents 759 1,753 2,512 Tenant recoveries 11,976 43,443 55,419 Other 2,838 10,352 13,190 Total revenues 46,156 161,921 208,077 Expenses: Shopping center and operating expenses 9,786 53,298 63,084 Interest expense 15,214 27,738 42,952 Depreciation and amortization 28,084 56,533 84,617 Total operating expenses 53,084 137,569 190,653 Loss on sale or write down of assets, net — (5 ) (5 ) Net (loss) income $ (6,928 ) $ 24,347 $ 17,419 Company's equity in net (loss) income $ (1,244 ) $ 12,904 $ 11,660 Three Months Ended March 31, 2015 Revenues: Minimum rents $ — $ 67,522 $ 67,522 Percentage rents — 1,623 1,623 Tenant recoveries — 32,363 32,363 Other — 7,590 7,590 Total revenues — 109,098 109,098 Expenses: Shopping center and operating expenses — 42,178 42,178 Interest expense — 20,383 20,383 Depreciation and amortization — 29,670 29,670 Total operating expenses — 92,231 92,231 Net income $ — $ 16,867 $ 16,867 Company's equity in net income $ — $ 8,274 $ 8,274 _______________________________________________________________________________ (1) These amounts exclude the results of operations from January 1, 2015 to March 31, 2015, as Pacific Premier Retail LLC was wholly-owned during that period. On October 30, 2015, as a result of the PPR Portfolio transaction discussed above, Pacific Premier Retail LLC was converted from wholly-owned to an unconsolidated joint venture. Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.

Property, net_

Property, net:	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, net:	Property, net: Property, net consists of the following: March 31, December 31, Land $ 1,658,466 $ 1,894,717 Buildings and improvements 6,595,692 7,752,892 Tenant improvements 573,863 637,355 Equipment and furnishings 161,891 169,841 Construction in progress 264,431 234,851 9,254,343 10,689,656 Less accumulated depreciation (1,727,691 ) (1,892,744 ) $ 7,526,652 $ 8,796,912 Depreciation expense was $69,903 and $90,197 for the three months ended March 31, 2016 and 2015 , respectively. The gain on sale or write down of assets, net for the three months ended March 31, 2016 includes a gain of $104,293 on the sale of a 40% ownership interest in Arrowhead Towne Center (See Note 4 — Investments in Unconsolidated Joint Ventures ), $340,741 on the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ) and a gain of $2,412 on the sale of land offset in part by a $12,294 adjustment to contingent consideration (See Note 13—Acquisitions) and $696 on the write-off of development costs. The gain on sale or write down of assets, net for the three months ended March 31, 2015 includes a gain of $1,056 on the sale of land offset in part by a loss of $121 on the sale of assets.

Tenant and Other Receivables, n

Tenant and Other Receivables, net:	3 Months Ended
	Mar. 31, 2016
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 $2,684 and $3,072 at March 31, 2016 and December 31, 2015 , respectively. Also included in tenant and other receivables, net are accrued percentage rents of $1,157 and $10,940 at March 31, 2016 and December 31, 2015 , respectively, and a deferred rent receivable due to straight-line rent adjustments of $54,079 and $60,790 at March 31, 2016 and December 31, 2015 , respectively. On March 17, 2014 , in connection with the sale of Lake Square Mall , the Company issued a note receivable for $6,500 that bears interest at an effective rate of 6.5% , matures on March 17, 2018 and is collateralized by a trust deed on Lake Square Mall . At March 31, 2016 and December 31, 2015 , the note had a balance of $6,331 and $6,351 , respectively.

Deferred Charges and Other Asse

Deferred Charges and Other Assets, net:	3 Months Ended
	Mar. 31, 2016
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: March 31, December 31, Leasing $ 224,302 $ 248,709 Intangible assets: In-place lease values 159,057 196,969 Leasing commissions and legal costs 37,556 52,000 Above-market leases 210,733 220,847 Deferred tax assets 37,591 38,847 Deferred compensation plan assets 37,818 37,341 Other assets 53,363 70,070 760,420 864,783 Less accumulated amortization(1) (255,256 ) (300,492 ) $ 505,164 $ 564,291 (1) Accumulated amortization includes $84,501 and $109,453 relating to in-place lease values, leasing commissions and legal costs at March 31, 2016 and December 31, 2015 , respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $8,847 and $21,678 for the three months ended March 31, 2016 and 2015 , respectively. The allocated values of above-market leases and below-market leases consist of the following: March 31, December 31, Above-Market Leases Original allocated value $ 210,733 $ 220,847 Less accumulated amortization (70,277 ) (73,520 ) $ 140,456 $ 147,327 Below-Market Leases(1) Original allocated value $ 202,454 $ 227,063 Less accumulated amortization (91,718 ) (101,872 ) $ 110,736 $ 125,191 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable_

Mortgage Notes Payable:	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Mortgage Notes Payable:	Mortgage Notes Payable: Mortgage notes payable at March 31, 2016 and December 31, 2015 consist of the following: Carrying Amount of Mortgage Notes(1) March 31, 2016 December 31, 2015 Property Pledged as Collateral Related Party Other Related Party Other Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Arrowhead Towne Center(5) $ — $ — $ — $ 221,194 — $ — — Chandler Fashion Center(6) — 199,784 — 199,766 3.77 % 625 2019 Danbury Fair Mall 110,307 110,307 111,078 111,079 5.53 % 1,538 2020 Deptford Mall(7) — — — 193,337 — — — Deptford Mall(8) — — — 13,999 — — — Fashion Outlets of Chicago — 198,688 — 198,653 2.10 % 323 2020 Fashion Outlets of Niagara Falls USA — 117,903 — 117,708 4.89 % 727 2020 Flagstaff Mall(9) — 37,000 — 37,000 8.97 % 153 2015 FlatIron Crossing(7) — — — 254,075 — — — Freehold Raceway Mall(6) — 223,805 — 224,836 4.20 % 1,132 2018 Green Acres Mall — 302,428 — 303,960 3.61 % 1,447 2021 Kings Plaza Shopping Center — 463,952 — 466,266 3.67 % 2,229 2019 Northgate Mall(10) — 63,777 — 63,783 3.32 % 143 2017 Oaks, The — 204,492 — 205,555 4.14 % 1,064 2022 Pacific View — 129,419 — 130,108 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place — 223,509 — 224,815 2.99 % 1,004 2018 SanTan Village Regional Center — 129,911 — 130,638 3.14 % 589 2019 Stonewood Center — 104,023 — 105,494 1.80 % 640 2017 Superstition Springs Center(11) — 67,674 — 67,749 2.26 % 154 2016 Towne Mall — 21,860 — 21,956 4.48 % 117 2022 Tucson La Encantada 69,628 — 69,991 — 4.23 % 368 2022 Victor Valley, Mall of — 114,515 — 114,500 4.00 % 380 2024 Vintage Faire Mall — 273,125 — 274,417 3.55 % 1,255 2026 Westside Pavilion — 145,942 — 146,630 4.49 % 783 2022 $ 179,935 $ 3,732,114 $ 181,069 $ 4,427,518 (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 March 31, December 31, Arrowhead Towne Center $ — $ 8,494 Deptford Mall — (3 ) Fashion Outlets of Niagara Falls USA 4,254 4,486 Stonewood Center 4,467 5,168 Superstition Springs Center 184 263 $ 8,905 $ 18,408 The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $13,182 and $16,025 at March 31, 2016 and December 31, 2015 , respectively. (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) On January 6, 2016 , the Company replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 4.05% and matures on February 1, 2028 , which resulted in a loss of $3,575 on the early extinguishment of debt. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the underlying property (See Note 4 — Investments in Unconsolidated Joint Ventures ). (6) 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 ). (7) On January 14, 2016 , a 49% interest in the loan was assumed by a third party in connection with the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). (8) On March 1, 2016 , the Company paid off in full the loan on the property. (9) On November 1, 2015 , this non-recourse loan went into maturity default. The Company is negotiating with the loan servicer, which will likely result in a transition of the property to the loan servicer or a receiver. (10) The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017 . At March 31, 2016 and December 31, 2015 , the total interest rate was 3.32% and 3.30% , respectively. (11) The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016 . At March 31, 2016 and December 31, 2015 , the total interest rate was 2.26% and 2.17% , respectively. 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 March 31, 2016 and December 31, 2015 , a total of $13,500 of the mortgage notes payable could become recourse to the Company. The Company expects that all loan maturities during the next twelve months, except for the loan on Flagstaff Mall , will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand. The mortgage note payable on Flagstaff Mall , which went into maturity default on November 1, 2015 , is a non-recourse loan. The Company is working with the loan servicer and expects the property will be transferred to the loan servicer or a receiver. Total interest expense capitalized was $2,303 and $2,629 during the three months ended March 31, 2016 and 2015 , 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 March 31, 2016 and December 31, 2015 was $3,951,798 and $4,628,781 , 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:	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , the borrowing rate on the facility was LIBOR plus 1.50% . As of March 31, 2016 and December 31, 2015 , borrowings under the line of credit, were $745,000 and $650,000 , respectively, less unamortized deferred finance costs of $6,299 and $6,967 , respectively, at an average interest rate of 2.11% and 1.95% , respectively. The estimated fair value (Level 2 measurement) of the line of credit at March 31, 2016 and December 31, 2015 was $739,417 and $640,260 , 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 was to mature on March 29, 2016. The maturity date of the note has been extended to May 30, 2016. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At March 31, 2016 and December 31, 2015 , the note had a balance of $8,218 and $9,130 , respectively. The estimated fair value (Level 2 measurement) of the note at March 31, 2016 and December 31, 2015 was $8,244 and $9,168 , 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 March 31, 2016 and December 31, 2015 , the Company was in compliance with all applicable financial loan covenants.

Co-Venture Arrangement_

Co-Venture Arrangement:	3 Months Ended
	Mar. 31, 2016
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 1,670,000 square foot regional shopping center in Freehold , New Jersey , and Chandler Fashion Center, a 1,319,000 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 $61,940 and $63,756 at March 31, 2016 and December 31, 2015 , respectively.

Noncontrolling Interests_

Noncontrolling Interests:	3 Months Ended
	Mar. 31, 2016
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 93% ownership interest in the Operating Partnership as of March 31, 2016 and December 31, 2015 . The remaining 7% limited partnership interest as of March 31, 2016 and December 31, 2015 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 March 31, 2016 and December 31, 2015 , the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $860,925 and $870,625 , 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:	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity:	Stockholders' Equity: Stock Buyback Program: On September 30, 2015 , the Company's Board of Directors authorized the repurchase of up to $1,200,000 of the Company's outstanding common shares over the period ending September 30, 2017 , as market conditions warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including accelerated stock repurchase transactions, or other methods of acquiring shares and pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, from time to time as permitted by securities laws and other legal requirements. On November 12, 2015 , the Company entered into an accelerated share repurchase program ("ASR") to repurchase $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,140,788 shares. On January 19, 2016 , the ASR was completed and the Company received an additional delivery of 970,609 shares. The average price of the 5,111,397 shares repurchased under the ASR was $78.26 per share. The ASR was funded from proceeds in connection with the financing and sale of the ownership interest in the PPR Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). On February 17, 2016 , the Company entered into an ASR to repurchase an additional $400,000 of the Company's common stock. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 4,222,193 shares. On April 19, 2016 , the ASR was completed and the Company received an additional delivery of 861,235 shares. The average price of the 5,083,428 shares repurchased under the ASR was $78.69 per share. The ASR was funded from borrowings under the Company's line of credit, which had been recently paid down from the proceeds from the recently completed financings and sale of ownership interests (See Note 4 — Investments in Unconsolidated Joint Ventures ). Special Dividends: On October 30, 2015, the Company declared two special dividends/distributions ("Special Dividend"), each of $2.00 per share of common stock and per OP Unit. The first Special Dividend was paid on December 8, 2015 to common stockholders and OP Unit holders of record on November 12, 2015. The second Special Dividend was paid on January 6, 2016 to common stockholders and OP Unit holders of record on November 12, 2015. The Special Dividends were funded from proceeds in connection with the financing and sale of ownership interests in the PPR Portfolio and Arrowhead Towne Center (See Note 4 — Investments in Unconsolidated Joint Ventures ). At-The-Market Stock Offering Program ("ATM Program"): On August 20, 2014, the Company entered into an equity distribution agreement with a number of sales agents (the "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 “ATM Shares”). Sales of the ATM Shares can be 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 ATM Shares sold through such sales agent under the distribution agreement. As of March 31, 2016 , $500,000 of the ATM Shares were available to be sold under the ATM Program. Actual future sales of the ATM Shares under the 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 ATM Program.

Acquisitions_

Acquisitions:	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Acquisitions:	Acquisitions: 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 notes receivables of $14,120 . 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 March 31, 2016 to be $23,459 , which has been included in other accrued liabilities. As a result of this acquisition, the noncontrolling interest of $76,141 was reversed. 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 allocation of the 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 Company determined that the purchase price represented the 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 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.

Dispositions_

Dispositions:	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Dispositions:	Dispositions: The following are recent dispositions of properties: 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 and was discharged from the mortgage note payable. The loan was nonrecourse to the Company. As a result, the Company recognized a loss on the extinguishment of debt of $1,627 . On November 19, 2015 , the Company sold Panorama Mall , a 312,000 square foot community center in Panorama City , California , for $98,000 , resulting in a gain on the sale of assets of $73,726 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes.

Commitments and Contingencies_

Commitments and Contingencies:	3 Months Ended
	Mar. 31, 2016
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 $2,511 and $2,945 for the three months ended March 31, 2016 and 2015 , respectively. No contingent rent was incurred during the three months ended March 31, 2016 or 2015 . As of March 31, 2016 , the Company was contingently liable for $61,002 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 March 31, 2016 , the Company had $62,832 in outstanding obligations which it believes will be settled in the next twelve months.

Related Party Transactions_

Related Party Transactions:	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related-Party Transactions:	Related Party Transactions: Certain unconsolidated joint ventures 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 March 31, 2016 2015 Management fees $ 3,953 $ 2,211 Development and leasing fees 2,961 1,892 $ 6,914 $ 4,103 Certain mortgage notes on the properties are held by NML (See Note 8 — Mortgage Notes Payable ). Interest expense in connection with these notes was $2,272 and $2,729 for the three months ended March 31, 2016 and 2015 , respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $751 and $756 at March 31, 2016 and December 31, 2015 , respectively. Due from affiliates includes prepaid and/or unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies. As of March 31, 2016 and December 31, 2015 , the amounts due (from) to the unconsolidated joint ventures was $(2,865) and $7,467 , respectively. In addition, due from affiliates at March 31, 2016 and December 31, 2015 included a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and matures on May 30, 2016. Interest income earned on this note was $117 and $137 for the three months ended March 31, 2016 and 2015 , respectively. The balance on this note was $8,222 and $9,252 at March 31, 2016 and December 31, 2015 , 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 Fashion Outlets of San Francisco . Interest income earned on this note was $521 and $433 for the three months ended March 31, 2016 and 2015 , respectively. The balance on this note was $67,730 and $67,209 at March 31, 2016 and December 31, 2015 , respectively. Lennar Corporation is considered a related party because it has an ownership interest in Fashion Outlets of San Francisco .

Share and Unit-Based Plans_

Share and Unit-Based Plans:	3 Months Ended
	Mar. 31, 2016
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. The market-indexed LTIP Units vest over the service period of the award based on the percentile ranking of the Company in terms of total return to the stockholders (the "Total Return") per common stock share relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. On January 1, 2016 , the Company granted 58,786 LTIP Units with a grant date fair value of $80.69 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2018 . Concurrently, the Company granted 266,899 market-indexed LTIP Units ("2016 LTIP Units") at a grant date fair value of $53.32 per LTIP Unit that vest over a service period ending December 31, 2018 . The fair value of the 2016 LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.32% and an expected volatility of 20.31% . On March 4, 2016 , the Company granted 154,686 LTIP Units at a fair value of $79.20 per LTIP Unit that were fully vested on the grant date. The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended March 31, 2016 2015 LTIP Units $ 17,399 $ 15,228 Stock awards 20 75 Stock units 3,372 3,197 Stock options 4 4 Phantom stock units 604 311 $ 21,399 $ 18,815 The Company capitalized share and unit-based compensation costs of $4,959 and $4,347 for the three months ended March 31, 2016 and 2015 , respectively. Unrecognized compensation costs of share and unit-based plans at March 31, 2016 consisted of $17,955 from LTIP Units, $6,628 from stock units, $23 from stock options and $746 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, 2016 56,315 $ 73.24 1,612 $ 62.01 — $ — 132,086 $ 74.58 Granted 480,371 65.00 — — 14,534 80.42 85,045 79.24 Vested (154,686 ) 79.20 (1,612 ) 62.01 (5,237 ) 80.83 (67,703 ) 71.64 Forfeited — — — — — — — — Balance at March 31, 2016 382,000 $ 60.47 — $ — 9,297 $ 80.20 149,428 $ 78.55 (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 Units Value(1) Units Value(1) Balance at January 1, 2016 417,783 $ 55.13 10,314 $ 58.15 Granted — — — — Exercised (25,988 ) 52.77 — — Special dividend adjustment 10,185 53.88 251 56.77 Balance at March 31, 2016 401,980 $ 53.88 10,565 $ 56.77 (1) Value represents the weighted average exercise price.

Income Taxes_

Income Taxes:	3 Months Ended
	Mar. 31, 2016
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 provision of the TRSs are as follows: For the Three Months Ended March 31, 2016 2015 Current $ — $ — Deferred (1,317 ) 935 Income tax (expense) benefit $ (1,317 ) $ 935 The net operating loss carryforwards are currently scheduled to expire through 2035 , beginning in 2024 . Net deferred tax assets of $37,591 and $38,847 were included in deferred charges and other assets, net at March 31, 2016 and December 31, 2015 , respectively. The tax years 2011 through 2015 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:	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events:	Subsequent Events: On April 13, 2016 , the Company sold Capitola Mall , a 586,000 square foot regional shopping center in Capitola , California , for $93,000 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On April 19, 2016 , the Company completed an ASR and took delivery of an additional 861,235 shares. Upon the completion of the ASR, the Company repurchased a total of 5,083,428 shares with an average price of $78.69 per share (See Note 12 — Stockholders' Equity ). On April 26, 2016 , the Company announced a dividend/distribution of $0.68 per share for common stockholders and OP Unit holders of record on May 5, 2016 . All dividends/distributions will be paid 100% in cash on June 3, 2016 .

Summary of Significant Accoun27

Summary of Significant Accounting Policies: (Policies)	3 Months Ended
	Mar. 31, 2016
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. On January 1, 2016, the Company adopted Accounting Standards Update (“ASU”) 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which made 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 ("VIE") characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. The Company evaluated the new standard and determined that no change was required to its accounting for variable interest entities. However, under the guidance of the new standard, all of the Company's consolidated joint ventures, including the Operating Partnership, now meet the definition and criteria as VIEs and the Company is the primary beneficiary of each VIE. The Company's sole significant asset is its investment in the Operating Partnership and as a result, substantially all of the Company's assets and liabilities represent the assets and liabilities of the Operating Partnership. In addition the Operating Partnership has investments in a number of VIEs. The VIEs included the following assets and liabilities: March 31, December 31, Assets: Properties, net $ 360,666 $ 362,129 Other assets 76,202 74,075 Total assets $ 436,868 $ 436,204 Liabilities: Mortgage notes payable $ 138,130 $ 139,767 Other liabilities 81,932 79,984 Total liabilities $ 220,062 $ 219,751 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, 2015 . 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, 2015 has been derived from the audited financial statements but does not include all disclosures required by GAAP.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“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 its 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. The Company's adoption of ASU 2015-03 on January 1, 2016 resulted in an adjustment of its consolidated balance sheet at December 31, 2015 to reflect the new presentation required by the standard. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. The Company's adoption of this standard on January 1, 2016 did not have an impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not initial direct leasing costs. ASU 2016-02 is effective for the Company beginning January 1, 2019. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amends the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. ASU 2016-09 is effective for the Company beginning January 1, 2017. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements.

Summary of Significant Accoun28

Summary of Significant Accounting Policies: Summary of Significant Accounting Policies: (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of Variable Interest Entities	The VIEs included the following assets and liabilities: March 31, December 31, Assets: Properties, net $ 360,666 $ 362,129 Other assets 76,202 74,075 Total assets $ 436,868 $ 436,204 Liabilities: Mortgage notes payable $ 138,130 $ 139,767 Other liabilities 81,932 79,984 Total liabilities $ 220,062 $ 219,751

Earnings per Share ("EPS")_ (Ta

Earnings per Share ("EPS"): (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Reconciliation of numerator and denominator used in computation of earnings per share	Earnings per Share ("EPS"): The following table reconciles the numerator and denominator used in the computation of earnings per share for the three months ended March 31, 2016 and 2015 (shares in thousands): For the Three Months Ended March 31, 2016 2015 Numerator Net income $ 451,375 $ 26,667 Net income attributable to noncontrolling interests (30,460 ) (2,056 ) Net income attributable to the Company 420,915 24,611 Allocation of earnings to participating securities (420 ) (148 ) Numerator for basic and diluted earnings per share—net income attributable to common stockholders $ 420,495 $ 24,463 Denominator Denominator for basic earnings per share—weighted average number of common shares outstanding 151,984 158,336 Effect of dilutive securities:(1) Share and unit-based compensation plans 119 208 Denominator for diluted earnings per share—weighted average number of common shares outstanding 152,103 158,544 Earnings per common share—net income attributable to common stockholders: Basic $ 2.77 $ 0.15 Diluted $ 2.76 $ 0.15 (1) Diluted EPS excludes 138,759 and 140,490 convertible preferred units for the three months ended March 31, 2016 and 2015 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,820,343 and 10,516,523 Operating Partnership units ("OP Units") for the three months ended March 31, 2016 and 2015 , respectively, as their impact was antidilutive.

Investments in Unconsolidated30

Investments in Unconsolidated Joint Ventures: (Tables)	3 Months Ended
	Mar. 31, 2016
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: March 31, December 31, Assets(1): Properties, net $ 9,246,945 $ 6,334,442 Other assets 621,668 507,718 Total assets $ 9,868,613 $ 6,842,160 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 4,926,654 $ 3,607,588 Other liabilities 442,846 355,634 Company's capital 2,435,483 1,585,796 Outside partners' capital 2,063,630 1,293,142 Total liabilities and partners' capital $ 9,868,613 $ 6,842,160 Investments in unconsolidated joint ventures: Company's capital $ 2,435,483 $ 1,585,796 Basis adjustment(3) (611,962 ) (77,701 ) $ 1,823,521 $ 1,508,095 Assets—Investments in unconsolidated joint ventures $ 1,844,516 $ 1,532,552 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (20,995 ) (24,457 ) $ 1,823,521 $ 1,508,095 (1) These amounts include the assets of $3,258,293 and $3,283,702 of Pacific Premier Retail LLC as of March 31, 2016 and December 31, 2015 , respectively, and liabilities of $1,919,760 and $1,938,241 of Pacific Premier Retail LLC as of March 31, 2016 and December 31, 2015 , 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 March 31, 2016 and December 31, 2015 , a total of $5,000 could become recourse debt to the Company. As of March 31, 2016 and December 31, 2015 , the Company had an indemnity agreement from a joint venture partner for $2,500 of the guaranteed amount. Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $458,843 and $460,872 as of March 31, 2016 and December 31, 2015 , 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 $6,366 and $8,508 for the three months ended March 31, 2016 and 2015 , 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 $4,457 and $420 for the three months ended March 31, 2016 and 2015 , respectively.
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures	Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: Pacific Premier Retail LLC (1) Other Joint Ventures Total Three Months Ended March 31, 2016 Revenues: Minimum rents $ 30,583 $ 106,373 $ 136,956 Percentage rents 759 1,753 2,512 Tenant recoveries 11,976 43,443 55,419 Other 2,838 10,352 13,190 Total revenues 46,156 161,921 208,077 Expenses: Shopping center and operating expenses 9,786 53,298 63,084 Interest expense 15,214 27,738 42,952 Depreciation and amortization 28,084 56,533 84,617 Total operating expenses 53,084 137,569 190,653 Loss on sale or write down of assets, net — (5 ) (5 ) Net (loss) income $ (6,928 ) $ 24,347 $ 17,419 Company's equity in net (loss) income $ (1,244 ) $ 12,904 $ 11,660 Three Months Ended March 31, 2015 Revenues: Minimum rents $ — $ 67,522 $ 67,522 Percentage rents — 1,623 1,623 Tenant recoveries — 32,363 32,363 Other — 7,590 7,590 Total revenues — 109,098 109,098 Expenses: Shopping center and operating expenses — 42,178 42,178 Interest expense — 20,383 20,383 Depreciation and amortization — 29,670 29,670 Total operating expenses — 92,231 92,231 Net income $ — $ 16,867 $ 16,867 Company's equity in net income $ — $ 8,274 $ 8,274 _______________________________________________________________________________ (1) These amounts exclude the results of operations from January 1, 2015 to March 31, 2015, as Pacific Premier Retail LLC was wholly-owned during that period. On October 30, 2015, as a result of the PPR Portfolio transaction discussed above, Pacific Premier Retail LLC was converted from wholly-owned to an unconsolidated joint venture.

Property, net_ (Tables)

Property, net: (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Components of property	Property, net consists of the following: March 31, December 31, Land $ 1,658,466 $ 1,894,717 Buildings and improvements 6,595,692 7,752,892 Tenant improvements 573,863 637,355 Equipment and furnishings 161,891 169,841 Construction in progress 264,431 234,851 9,254,343 10,689,656 Less accumulated depreciation (1,727,691 ) (1,892,744 ) $ 7,526,652 $ 8,796,912

Deferred Charges and Other As32

Deferred Charges and Other Assets, net: (Tables)	3 Months Ended
	Mar. 31, 2016
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: March 31, December 31, Leasing $ 224,302 $ 248,709 Intangible assets: In-place lease values 159,057 196,969 Leasing commissions and legal costs 37,556 52,000 Above-market leases 210,733 220,847 Deferred tax assets 37,591 38,847 Deferred compensation plan assets 37,818 37,341 Other assets 53,363 70,070 760,420 864,783 Less accumulated amortization(1) (255,256 ) (300,492 ) $ 505,164 $ 564,291 (1) Accumulated amortization includes $84,501 and $109,453 relating to in-place lease values, leasing commissions and legal costs at March 31, 2016 and December 31, 2015 , respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $8,847 and $21,678 for the three months ended March 31, 2016 and 2015 , 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: March 31, December 31, Above-Market Leases Original allocated value $ 210,733 $ 220,847 Less accumulated amortization (70,277 ) (73,520 ) $ 140,456 $ 147,327 Below-Market Leases(1) Original allocated value $ 202,454 $ 227,063 Less accumulated amortization (91,718 ) (101,872 ) $ 110,736 $ 125,191 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable_ (Tables

Mortgage Notes Payable: (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Mortgage notes payable	Mortgage notes payable at March 31, 2016 and December 31, 2015 consist of the following: Carrying Amount of Mortgage Notes(1) March 31, 2016 December 31, 2015 Property Pledged as Collateral Related Party Other Related Party Other Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Arrowhead Towne Center(5) $ — $ — $ — $ 221,194 — $ — — Chandler Fashion Center(6) — 199,784 — 199,766 3.77 % 625 2019 Danbury Fair Mall 110,307 110,307 111,078 111,079 5.53 % 1,538 2020 Deptford Mall(7) — — — 193,337 — — — Deptford Mall(8) — — — 13,999 — — — Fashion Outlets of Chicago — 198,688 — 198,653 2.10 % 323 2020 Fashion Outlets of Niagara Falls USA — 117,903 — 117,708 4.89 % 727 2020 Flagstaff Mall(9) — 37,000 — 37,000 8.97 % 153 2015 FlatIron Crossing(7) — — — 254,075 — — — Freehold Raceway Mall(6) — 223,805 — 224,836 4.20 % 1,132 2018 Green Acres Mall — 302,428 — 303,960 3.61 % 1,447 2021 Kings Plaza Shopping Center — 463,952 — 466,266 3.67 % 2,229 2019 Northgate Mall(10) — 63,777 — 63,783 3.32 % 143 2017 Oaks, The — 204,492 — 205,555 4.14 % 1,064 2022 Pacific View — 129,419 — 130,108 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place — 223,509 — 224,815 2.99 % 1,004 2018 SanTan Village Regional Center — 129,911 — 130,638 3.14 % 589 2019 Stonewood Center — 104,023 — 105,494 1.80 % 640 2017 Superstition Springs Center(11) — 67,674 — 67,749 2.26 % 154 2016 Towne Mall — 21,860 — 21,956 4.48 % 117 2022 Tucson La Encantada 69,628 — 69,991 — 4.23 % 368 2022 Victor Valley, Mall of — 114,515 — 114,500 4.00 % 380 2024 Vintage Faire Mall — 273,125 — 274,417 3.55 % 1,255 2026 Westside Pavilion — 145,942 — 146,630 4.49 % 783 2022 $ 179,935 $ 3,732,114 $ 181,069 $ 4,427,518 (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 March 31, December 31, Arrowhead Towne Center $ — $ 8,494 Deptford Mall — (3 ) Fashion Outlets of Niagara Falls USA 4,254 4,486 Stonewood Center 4,467 5,168 Superstition Springs Center 184 263 $ 8,905 $ 18,408 The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $13,182 and $16,025 at March 31, 2016 and December 31, 2015 , respectively. (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) On January 6, 2016 , the Company replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 4.05% and matures on February 1, 2028 , which resulted in a loss of $3,575 on the early extinguishment of debt. Concurrently, a 40% interest in the loan was assumed by a third party in connection with the sale of a 40% ownership interest in the underlying property (See Note 4 — Investments in Unconsolidated Joint Ventures ). (6) 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 ). (7) On January 14, 2016 , a 49% interest in the loan was assumed by a third party in connection with the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). (8) On March 1, 2016 , the Company paid off in full the loan on the property. (9) On November 1, 2015 , this non-recourse loan went into maturity default. The Company is negotiating with the loan servicer, which will likely result in a transition of the property to the loan servicer or a receiver. (10) The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017 . At March 31, 2016 and December 31, 2015 , the total interest rate was 3.32% and 3.30% , respectively. (11) The loan bears interest at LIBOR plus 2.30% and matures on October 28, 2016 . At March 31, 2016 and December 31, 2015 , the total interest rate was 2.26% and 2.17% , respectively.
Debt premiums (discounts) on mortgage notes payable	Debt premiums (discounts) consist of the following: Property Pledged as Collateral March 31, December 31, Arrowhead Towne Center $ — $ 8,494 Deptford Mall — (3 ) Fashion Outlets of Niagara Falls USA 4,254 4,486 Stonewood Center 4,467 5,168 Superstition Springs Center 184 263 $ 8,905 $ 18,408

Acquisitions_ (Tables)

Acquisitions: (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Schedule of recognized identified assets acquired and liabilities assumed	The following is a summary of the allocation of the 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
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
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 $ 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

Related Party Transactions_ (Ta

Related Party Transactions: (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Management fees $ 3,953 $ 2,211 Development and leasing fees 2,961 1,892 $ 6,914 $ 4,103

Share and Unit-Based Plans_ (Ta

Share and Unit-Based Plans: (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 LTIP Units $ 17,399 $ 15,228 Stock awards 20 75 Stock units 3,372 3,197 Stock options 4 4 Phantom stock units 604 311 $ 21,399 $ 18,815
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, 2016 56,315 $ 73.24 1,612 $ 62.01 — $ — 132,086 $ 74.58 Granted 480,371 65.00 — — 14,534 80.42 85,045 79.24 Vested (154,686 ) 79.20 (1,612 ) 62.01 (5,237 ) 80.83 (67,703 ) 71.64 Forfeited — — — — — — — — Balance at March 31, 2016 382,000 $ 60.47 — $ — 9,297 $ 80.20 149,428 $ 78.55 (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 Units Value(1) Units Value(1) Balance at January 1, 2016 417,783 $ 55.13 10,314 $ 58.15 Granted — — — — Exercised (25,988 ) 52.77 — — Special dividend adjustment 10,185 53.88 251 56.77 Balance at March 31, 2016 401,980 $ 53.88 10,565 $ 56.77 (1) Value represents the weighted average exercise price.

Income Taxes_ (Tables)

Income Taxes: (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of income tax benefit of TRSs	The income tax provision of the TRSs are as follows: For the Three Months Ended March 31, 2016 2015 Current $ — $ — Deferred (1,317 ) 935 Income tax (expense) benefit $ (1,317 ) $ 935

Organization_ (Details)

Organization: (Details) - entity	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
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)	93.00%	93.00%

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Details) - Operating Partnership - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Operating partnership	$ 436,868	$ 436,204
Operating partnership	220,062	219,751
Properties, net
Variable Interest Entity [Line Items]
Operating partnership	360,666	362,129
Other assets
Variable Interest Entity [Line Items]
Operating partnership	76,202	74,075
Mortgage notes payable
Variable Interest Entity [Line Items]
Operating partnership	138,130	139,767
Other liabilities
Variable Interest Entity [Line Items]
Operating partnership	$ 81,932	$ 79,984

Earnings per Share ("EPS")_ (De

Earnings per Share ("EPS"): (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator
Net income	$ 451,375	$ 26,667
Net income attributable to noncontrolling interests	(30,460)	(2,056)
Net income attributable to the Company	420,915	24,611
Allocation of earnings to participating securities	(420)	(148)
Numerator for basic and diluted earnings per share—net income attributable to common stockholders	$ 420,495	$ 24,463
Denominator
Denominator for basic earnings per share—weighted average number of common shares outstanding (in shares)	151,984,000	158,336,000
Effect of dilutive securities:
Share and unit-based compensation plans (in shares)	119,000	208,000
Denominator for diluted earnings per share—weighted average number of common shares outstanding (in shares)	152,103,000	158,544,000
Earnings per common share—net income attributable to common stockholders:
Basic (in dollars per share)	$ 2.77	$ 0.15
Diluted (in dollars per share)	$ 2.76	$ 0.15
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	140,490
Partnership unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	10,820,343	10,516,523

Investments in Unconsolidated41

Investments in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands, $ in Thousands	Mar. 28, 2016USD ($)	Mar. 01, 2016USD ($)ft²	Jan. 14, 2016USD ($)ft²	Jan. 06, 2016USD ($)ft²	Oct. 30, 2015USD ($)ft²	Apr. 30, 2015USD ($)store	Feb. 17, 2015USD ($)ft²	Mar. 31, 2016USD ($)
Investments in unconsolidated joint ventures:
Gain on remeasurement, sale or write down of assets, net								$ (5)
PPR Portfolio
Investments in unconsolidated joint ventures:
Purchase price paid through assumption of debt by the Company					$ 713,000
Ownership interest sold (as a percent)					40.00%
Proceeds from sale					$ 1,258,643
Gain on remeasurement, sale or write down of assets, net					311,194
Proceeds from Divestiture of Business, Cash					$ 545,643
PPR Portfolio | Lakewood Center
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²					2,075
PPR Portfolio | Los Cerritos Center
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²					1,296
PPR Portfolio | South Plains Mall
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²					1,127
PPR Portfolio | Washington Square
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²					1,442
Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²				1,197
Ownership interest sold (as a percent)				40.00%				40.00%
Proceeds from sale				$ 289,496
Gain on remeasurement, sale or write down of assets, net								$ 104,293
Proceeds from Divestiture of Business, Cash				129,496
Proceeds from Divestiture of Business, Assumption of Debt				$ 160,000
MAC Heitman Portfolio
Investments in unconsolidated joint ventures:
Ownership interest sold (as a percent)			49.00%
Proceeds from sale			$ 771,478
Gain on remeasurement, sale or write down of assets, net			340,741
Proceeds from Divestiture of Business, Cash			478,608
Proceeds from Divestiture of Business, Assumption of Debt			$ 292,870
MAC Heitman Portfolio | Deptford Mall
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²			1,040
MAC Heitman Portfolio | FlatIron Crossing
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²			1,432
MAC Heitman Portfolio | Twenty Ninth Street
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²			852
Inland Center
Investments in unconsolidated joint ventures:
Additional ownership interest acquired (as a percent)							50.00%
Property area (in square feet) | ft²							867
Purchase price							$ 51,250
Purchase price funded by cash payment on acquisition							26,250
Debt repaid							50
Purchase price paid through assumption of debt by the Company							$ 25,000
Sears Locations
Investments in unconsolidated joint ventures:
Purchase price						$ 150,000
Number of stores | store						9
Ownership percentage acquired						50.00%
Country Club Plaza
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²		1,300
Purchase price		$ 660,000
Purchase price paid through assumption of debt by the Company	$ 320,000	$ 330,000
Effective interest rate (as a percent)	3.88%

Investments in Unconsolidated42

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Properties, net	$ 9,246,945	$ 6,334,442
Other assets	621,668	507,718
Total assets	9,868,613	6,842,160
Liabilities and partners' capital:
Mortgage notes payable	4,926,654	3,607,588
Other liabilities	442,846	355,634
Company's capital	2,435,483	1,585,796
Outside partners' capital	2,063,630	1,293,142
Total liabilities and partners' capital	9,868,613	6,842,160
Investments in unconsolidated joint ventures:
Company's capital	2,435,483	1,585,796
Basis adjustment	(611,962)	(77,701)
Investments in unconsolidated joint ventures	1,823,521	1,508,095
Assets—Investments in unconsolidated joint ventures	1,844,516	1,532,552
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	$ (20,995)	$ (24,457)

Investments in Unconsolidated43

Investments in Unconsolidated Joint Ventures - Balance Sheet Footnotes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Investments in unconsolidated joint ventures:
Total assets	$ 9,868,613		$ 6,842,160
Mortgage notes payable that could become recourse debt to the Company	5,000		5,000
Indemnity of guaranteed amount	2,500		2,500
Amortization of difference between cost of investments and book value of underlying equity	4,457	$ 420
Northwestern Mutual Life (NML)
Investments in unconsolidated joint ventures:
Mortgage notes payable to affiliate	458,843		460,872
Interest expense on borrowings from related party	6,366	$ 8,508
Pacific Premier Retail LLC [Member]
Investments in unconsolidated joint ventures:
Total assets	3,258,293		3,283,702
Total liabilities	$ 1,919,760		$ 1,938,241

Investments in Unconsolidated44

Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Minimum rents	$ 136,956	$ 67,522
Percentage rents	2,512	1,623
Tenant recoveries	55,419	32,363
Other	13,190	7,590
Total revenues	208,077	109,098
Expenses:
Shopping center and operating expenses	63,084	42,178
Interest expense	42,952	20,383
Depreciation and amortization	84,617	29,670
Total operating expenses	190,653	92,231
Gain on sale or write down of assets, net	(5)
Net (loss) income	17,419	16,867
Company's equity in net (loss) income	11,660	8,274
Pacific Premier Retail LLC
Revenues:
Minimum rents	30,583	0
Percentage rents	759	0
Tenant recoveries	11,976	0
Other	2,838	0
Total revenues	46,156	0
Expenses:
Shopping center and operating expenses	9,786	0
Interest expense	15,214	0
Depreciation and amortization	28,084	0
Total operating expenses	53,084	0
Gain on sale or write down of assets, net	0
Net (loss) income	(6,928)	0
Company's equity in net (loss) income	(1,244)	0
Other Joint Ventures
Revenues:
Minimum rents	106,373	67,522
Percentage rents	1,753	1,623
Tenant recoveries	43,443	32,363
Other	10,352	7,590
Total revenues	161,921	109,098
Expenses:
Shopping center and operating expenses	53,298	42,178
Interest expense	27,738	20,383
Depreciation and amortization	56,533	29,670
Total operating expenses	137,569	92,231
Gain on sale or write down of assets, net	(5)
Net (loss) income	24,347	16,867
Company's equity in net (loss) income	$ 12,904	$ 8,274

Property, net_ (Details)

Property, net: (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Land	$ 1,658,466	$ 1,894,717
Buildings and improvements	6,595,692	7,752,892
Tenant improvements	573,863	637,355
Equipment and furnishings	161,891	169,841
Construction in progress	264,431	234,851
Total	9,254,343	10,689,656
Less accumulated depreciation	(1,727,691)	(1,892,744)
Property, net	$ 7,526,652	$ 8,796,912

Property, net - Narrative (Deta

Property, net - Narrative (Details) - USD ($) $ in Thousands	Jan. 14, 2016	Jan. 06, 2016	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation expenses			$ 69,903	$ 90,197
Gain on sale or write down of assets, net			(5)
Land sales			2,412	1,056
Adjustment to contingent consideration			(12,294)
Loss on Sale or Write-Down of Assets				(121)
Development cost			696
Gain on sale or write down of assets, net			434,456	$ 935
Arrowhead Towne Center
Property, Plant and Equipment [Line Items]
Gain on sale or write down of assets, net			$ 104,293
Ownership interest sold (as a percent)		40.00%	40.00%
MAC Heitman Portfolio
Property, Plant and Equipment [Line Items]
Gain on sale or write down of assets, net	$ 340,741
Ownership interest sold (as a percent)	49.00%

Tenant and Other Receivables,47

Tenant and Other Receivables, net: (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Mar. 17, 2014
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 2,684,000	$ 3,072,000
Deferred rent receivable due to straight-line rent adjustments	54,079,000	60,790,000
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	1,157,000	10,940,000
6.5% Note Receivable
Components of tenant and other receivables, net
Notes receivable	$ 6,331,000	$ 6,351,000	$ 6,500,000
Note receivable, interest rate (as a percent)			6.50%

Deferred Charges and Other As48

Deferred Charges and Other Assets, net: (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 224,302		$ 248,709
Intangible assets:
In-place lease values	159,057		196,969
Leasing commissions and legal costs	37,556		52,000
Above-market leases	210,733		220,847
Deferred tax assets	37,591		38,847
Deferred compensation plan assets	37,818		37,341
Other assets	53,363		70,070
Deferred charges and other assets, gross	760,420		864,783
Less accumulated amortization	(255,256)		(300,492)
Deferred charges and other assets, net	505,164		564,291
Accumulated amortization for intangible assets	84,501		$ 109,453
Amortization expense for intangible assets	$ 8,847	$ 21,678

Deferred Charges and Other As49

Deferred Charges and Other Assets, net - Allocated Values (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Allocated values of leases
Less accumulated amortization	$ (84,501)	$ (109,453)
Above-Market Leases
Allocated values of leases
Original allocated value	210,733	220,847
Less accumulated amortization	(70,277)	(73,520)
Allocated value net	140,456	147,327
Below-Market Leases
Allocated values of leases
Original allocated value	202,454	227,063
Less accumulated amortization	(91,718)	(101,872)
Below Market Lease, Net	$ 110,736	$ 125,191

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Jan. 06, 2016	Dec. 31, 2015
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	$ 179,935		$ 181,069
Carrying Amount of Mortgage Notes, Other	3,732,114		4,427,518
Arrowhead Towne Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 0		221,194
Effective interest rate (as a percent)	0.00%	4.05%
Monthly Debt Service	$ 0
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 199,784		199,766
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	110,307		111,078
Carrying Amount of Mortgage Notes, Other	$ 110,307		111,079
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	$ 0		193,337
Effective interest rate (as a percent)	0.00%
Monthly Debt Service	$ 0
Deptford Mall Two
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 0		13,999
Effective interest rate (as a percent)	0.00%
Monthly Debt Service	$ 0
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	$ 198,688		198,653
Effective interest rate (as a percent)	2.10%
Monthly Debt Service	$ 323
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	$ 117,903		117,708
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)	8.97%
Monthly Debt Service	$ 153
FlatIron Crossing
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 0		254,075
Effective interest rate (as a percent)	0.00%
Monthly Debt Service	$ 0
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 223,805		224,836
Effective interest rate (as a percent)	4.20%
Monthly Debt Service	$ 1,132
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 302,428		303,960
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	$ 463,952		466,266
Effective interest rate (as a percent)	3.67%
Monthly Debt Service	$ 2,229
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	$ 63,777		$ 63,783
Effective interest rate (as a percent)	3.32%		3.30%
Monthly Debt Service	$ 143
The Oaks
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		$ 0
Carrying Amount of Mortgage Notes, Other	$ 204,492		205,555
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	$ 129,419		130,108
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	$ 223,509		224,815
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	$ 129,911		130,638
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	$ 104,023		105,494
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	$ 67,674		$ 67,749
Effective interest rate (as a percent)	2.26%		2.17%
Monthly Debt Service	$ 154
Towne Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		$ 0
Carrying Amount of Mortgage Notes, Other	$ 21,860		21,956
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	69,628		69,991
Carrying Amount of Mortgage Notes, Other	$ 0		0
Effective interest rate (as a percent)	4.23%
Monthly Debt Service	$ 368
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	$ 114,515		114,500
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		0
Carrying Amount of Mortgage Notes, Other	$ 273,125		274,417
Effective interest rate (as a percent)	3.55%
Monthly Debt Service	$ 1,255
Westside Pavilion
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0		0
Carrying Amount of Mortgage Notes, Other	$ 145,942		$ 146,630
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	Mar. 31, 2016	Dec. 31, 2015
Mortgage loans payable on real estate
Debt premiums (discounts), net	$ 8,905	$ 18,408
Arrowhead Towne Center
Mortgage loans payable on real estate
Debt premiums	0	8,494
Deptford Mall One
Mortgage loans payable on real estate
Debt discounts	0	(3)
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Debt premiums	4,254	4,486
Stonewood Center Mortgage
Mortgage loans payable on real estate
Debt premiums	4,467	5,168
Superstition Springs Center
Mortgage loans payable on real estate
Debt premiums	$ 184	$ 263

Mortgage Notes Payable - Footno

Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands	Jan. 06, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 13,182		$ 16,025
Loss on early extinguishment of debt, net		8,453	$ 2,245
Mortgage notes payable which could become recourse		13,500		13,500
Interest expense capitalized		2,303	$ 2,629
Fair value of mortgage notes payable		$ 3,951,798		$ 4,628,781
Arrowhead Towne Center
Mortgage loans payable on real estate
Face amount of debt	$ 400,000
Effective interest rate (as a percent)	4.05%	0.00%
Loss on early extinguishment of debt, net	$ (3,575)
Percentage of loan assumed by third party (as a percent)	40.00%
The Mall at Northgate
Mortgage loans payable on real estate
Effective interest rate (as a percent)		3.32%		3.30%
Interest rate spread over basis (as a percent)		2.25%
Superstition Springs Center
Mortgage loans payable on real estate
Effective interest rate (as a percent)		2.26%		2.17%
Interest rate spread over basis (as a percent)		2.30%
Freehold Raceway Mall
Mortgage loans payable on real estate
Percentage of loan assumed by third party (as a percent)		49.90%
Arrowhead Towne Center
Mortgage loans payable on real estate
Percentage of loan assumed by third party (as a percent)	40.00%
Ownership interest sold (as a percent)	40.00%	40.00%

Bank and Other Notes Payable_ (

Bank and Other Notes Payable: (Details) - USD ($)	Mar. 29, 2013	Mar. 31, 2016	Dec. 31, 2015
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 13,182,000	$ 16,025,000
Line of Credit
Mortgage loans payable on real estate
Revolving line of credit		$ 1,500,000,000
Interest rate basis		LIBOR
Outstanding borrowings under the line of credit		$ 745,000,000	650,000,000
Unamortized deferred finance costs		$ 6,299,000	$ 6,967,000
Line of credit, average interest rate (as a percent)		2.11%	1.95%
Fair value of outstanding line of credit		$ 739,417,000	$ 640,260,000
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		8,218,000	9,130,000
Debt, fair value		$ 8,244,000	$ 9,168,000
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%

Co-Venture Arrangement_ (Detail

Co-Venture Arrangement: (Details) ft² in Thousands, $ in Thousands	Sep. 30, 2009USD ($)ft²	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Co-Venture Arrangement:
Co-venture obligation | $		$ 61,940	$ 63,756
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) | ft²	1,670
Chandler Fashion Center
Co-Venture Arrangement:
Property area (in square feet) | ft²	1,319

Noncontrolling Interests_ (Deta

Noncontrolling Interests: (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Aug. 17, 2012
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partnership interest of the operating partnership (as a percent)	7.00%	7.00%
Common stock, par value (in dollars per share)	$ 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	$ 860,925	$ 870,625
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership (as a percent)	93.00%	93.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Apr. 26, 2016$ / shares	Apr. 19, 2016shares	Feb. 22, 2016shares	Jan. 19, 2016$ / sharesshares	Nov. 13, 2015USD ($)shares	Oct. 30, 2015dividend$ / shares	Apr. 19, 2016$ / sharesshares	Jan. 20, 2016shares	Mar. 31, 2016USD ($)$ / shares	Feb. 17, 2016USD ($)	Dec. 31, 2015$ / shares	Sep. 30, 2015USD ($)	Aug. 20, 2014USD ($)	Aug. 17, 2012$ / shares
Class of Stock [Line Items]
Authorized repurchase amount | $					$ 400,000,000					$ 400,000,000		$ 1,200,000,000
Authorized amount for accelerated stock repurchase program | $					$ 400,000,000					$ 400,000,000
Accelerated shares repurchased, number of shares purchased (shares) | shares			4,222,193	970,609	4,140,788			5,111,397
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share)				$ 78.26
Number of dividends declared | dividend						2
Dividend declared (in dollars per share)						$ 2
Common stock, par value (in dollars per share)									$ 0.01		$ 0.01			$ 0.01
Maximum price of common stock available to be issued | $									$ 500,000				$ 500,000,000
Commission to sales agent (as a percent)														2.00%
Subsequent event
Class of Stock [Line Items]
Accelerated shares repurchased, number of shares purchased (shares) | shares		861,235					5,083,428
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share)							$ 78.69
Dividend declared (in dollars per share)	$ 0.68

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Feb. 17, 2015	Oct. 31, 2014	Mar. 31, 2016
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			$ 23,459
Acquisition noncontrolling interest adjustment			$ 76,141
Inland Center
Acquisition
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
Additional ownership interest acquired (as a percent)	50.00%
Ownership interest at completion of acquisition (as a percent)	100.00%

Acquisitions - Allocation of Fa

Acquisitions - Allocation of Fair Value (Details) - Inland Center $ in Thousands	Feb. 17, 2015USD ($)
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	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Acquisition
Carrying value of investment		$ (1,844,516)		$ (1,532,552)
Gain on remeasurement of assets		$ 0	$ 22,103
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
Fair value of existing ownership interest (as a percent)	50.00%

Acquisitions - Reconciliation o

Acquisitions - Reconciliation of Purchase Price (Details) - USD ($) $ in Thousands	Feb. 17, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Acquisition
Carrying value of investment		$ 1,844,516		$ 1,532,552
Gain on remeasurement of assets		$ 0	$ 22,103
Inland Center
Acquisition
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
Ownership interest at completion of acquisition (as a percent)	100.00%

Dispositions_ (Details)

Dispositions: (Details) ft² in Thousands, $ in Thousands	Nov. 19, 2015USD ($)ft²	Jun. 30, 2015USD ($)ft²	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Discontinued Operations:
Gain on early extinguishment of debt, net			$ (8,453)	$ (2,245)
Great Northern Mall | Great Northern Mall
Discontinued Operations:
Property area (in square feet) | ft²		895
Gain on early extinguishment of debt, net		$ (1,627)
Panorama Mall [Member]
Discontinued Operations:
Property area (in square feet) | ft²	312
Proceeds from sale	$ 98,000
Gain (loss) on disposal	$ 73,726

Commitments and Contingencies_

Commitments and Contingencies: (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Contingent Liabilities
Operating lease rent expense	$ 2,511	$ 2,945
Contingent rent	0	$ 0
Contingent liability under letters of credit	61,002
Outstanding obligations under construction agreements	$ 62,832

Related Party Transactions_ (De

Related Party Transactions: (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related party transactions
Interest expense, related party	$ 2,272	$ 2,729
Due from affiliates	73,087		$ 83,928
Related parties note receivable, RED Consolidated Holdings, LLC
Related party transactions
Due from affiliates	$ 8,222		$ 9,252
Note receivable, interest rate (as a percent)	5.25%		5.25%
Interest income, related party	$ 117	137
Unconsolidated Joint Ventures and Third Party Managed Properties
Related party transactions
Management fees	3,953	2,211
Development and leasing fees	2,961	1,892
Fees charged to unconsolidated joint ventures and third-party managed properties	6,914	4,103
Northwestern Mutual Life (NML)
Related party transactions
Interest expense payable, related party	751		$ 756
Unconsolidated Joint Ventures
Related party transactions
Due from affiliates	(2,865)		7,467
Candlestick Point | Affiliated Entity | Notes Receivable
Related party transactions
Interest income, related party	521	$ 433
Note receivable	$ 67,730		$ 67,209
London Interbank Offered Rate (LIBOR) | Candlestick Point | Affiliated Entity | Notes Receivable
Related party transactions
Note receivable, interest rate (as a percent)	2.00%

Share and Unit-Based Plans - Na

Share and Unit-Based Plans - Narrative (Details) $ / shares in Units, $ in Thousands	Mar. 04, 2016$ / sharesshares	Jan. 01, 2016$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2015USD ($)
Share and unit-based plans
Capitalized share and unit-based compensation costs | $			$ 4,959	$ 4,347
Stock units
Share and unit-based plans
Conversion rate of shares			1
Granted (in shares) | shares			85,045
Average grant date fair value (in dollars per share) | $ / shares			$ 79.24
Unrecognized compensation cost of share and unit-based plans | $			$ 6,628
LTIP Units
Share and unit-based plans
Conversion rate of shares			1
Granted (in shares) | shares			480,371
Average grant date fair value (in dollars per share) | $ / shares			$ 65
Risk free rate (as a percent)		1.32%
Volatility (as a percent)		20.31%
Unrecognized compensation cost of share and unit-based plans | $			$ 17,955
Stock options
Share and unit-based plans
Unrecognized compensation cost of share and unit-based plans | $			$ 23
Phantom stock units
Share and unit-based plans
Granted (in shares) | shares			14,534
Average grant date fair value (in dollars per share) | $ / shares			$ 80.42
Unrecognized compensation cost of share and unit-based plans | $			$ 746
LTIP units that vest in equal installments over a service period ending December 31, 2016 | LTIP Units
Share and unit-based plans
Granted (in shares) | shares		58,786
Average grant date fair value (in dollars per share) | $ / shares		$ 80.69
Market-Indexed LTIP units that vest in equal installments over a service period ending December 31, 2016 | LTIP Units
Share and unit-based plans
Granted (in shares) | shares		266,899
Average grant date fair value (in dollars per share) | $ / shares		$ 53.32
LTIP units that are fully vested on the grant date | LTIP Units
Share and unit-based plans
Granted (in shares) | shares	154,686
Average grant date fair value (in dollars per share) | $ / shares	$ 79.20

Share and Unit-Based Plans - Co

Share and Unit-Based Plans - Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 21,399	$ 18,815
LTIP Units
Share and unit-based plans
Compensation cost under share and unit-based plans	17,399	15,228
Stock awards
Share and unit-based plans
Compensation cost under share and unit-based plans	20	75
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	3,372	3,197
Stock options
Share and unit-based plans
Compensation cost under share and unit-based plans	4	4
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 604	$ 311

Share and Unit-Based Plans - No

Share and Unit-Based Plans - Nonvested Equity Awards (Details)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
LTIP Units
Units (in shares)
Balance at beginning of period (in shares) | shares	56,315
Granted (in shares) | shares	480,371
Vested (in shares) | shares	(154,686)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	382,000
Value (in dollars per share)
Balance at beginning of period (in dollars per share) | $ / shares	$ 73.24
Granted (in dollars per share) | $ / shares	65
Vested (in dollars per share) | $ / shares	79.20
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 60.47
Stock awards
Units (in shares)
Balance at beginning of period (in shares) | shares	1,612
Granted (in shares) | shares	0
Vested (in shares) | shares	(1,612)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	0
Value (in dollars per share)
Balance at beginning of period (in dollars per share) | $ / shares	$ 62.01
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	62.01
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 0
Phantom stock units
Units (in shares)
Balance at beginning of period (in shares) | shares	0
Granted (in shares) | shares	14,534
Vested (in shares) | shares	(5,237)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	9,297
Value (in dollars per share)
Balance at beginning of period (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	80.42
Vested (in dollars per share) | $ / shares	80.83
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 80.20
Stock units
Units (in shares)
Balance at beginning of period (in shares) | shares	132,086
Granted (in shares) | shares	85,045
Vested (in shares) | shares	(67,703)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	149,428
Value (in dollars per share)
Balance at beginning of period (in dollars per share) | $ / shares	$ 74.58
Granted (in dollars per share) | $ / shares	79.24
Vested (in dollars per share) | $ / shares	71.64
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 78.55

Share and Unit-Based Plans - SA

Share and Unit-Based Plans - SARs (Details)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
SARs
SARs (in shares)
Balance at beginning of period (in shares) | shares	417,783
Granted (in shares) | shares	0
Exercised (in shares) | shares	(25,988)
Special dividend adjustment (in shares) | shares	10,185
Balance at end of period (in shares) | shares	401,980
Value (in dollars per share)
Balance at beginning of period (in dollars per share) | $ / shares	$ 55.13
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	52.77
Special dividend adjustment (in dollars per share) | $ / shares	53.88
Balance at end of period (in dollars per share) | $ / shares	$ 53.88
Stock options
Stock Options (in shares)
Balance at beginning of period (in shares) | shares	10,314
Granted (in shares) | shares	0
Exercised (in shares) | shares	0
Special dividend adjustment (in shares) | shares	251
Balance at end of period (in shares) | shares	10,565
Value (in dollars per share)
Balance at beginning of period (in dollars per share) | $ / shares	$ 58.15
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0
Special dividend adjustment (in dollars per share) | $ / shares	56.77
Balance at end of period (in dollars per share) | $ / shares	$ 56.77

Income Taxes_ (Details)

Income Taxes: (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income tax benefit
Current	$ 0	$ 0
Deferred	(1,317)	935
Income tax (expense) benefit	(1,317)	$ 935
Components of net deferred tax assets
Net deferred tax assets	$ 37,591		$ 38,847

Subsequent Events_ (Details)

Subsequent Events: (Details) $ / shares in Units, ft² in Thousands, $ in Thousands	Apr. 26, 2016$ / shares	Apr. 19, 2016shares	Apr. 13, 2016USD ($)ft²	Feb. 22, 2016shares	Jan. 19, 2016$ / sharesshares	Nov. 13, 2015shares	Oct. 30, 2015$ / shares	Apr. 19, 2016$ / sharesshares	Jan. 20, 2016shares
Subsequent events
Accelerated shares repurchased, number of shares purchased (shares) | shares				4,222,193	970,609	4,140,788			5,111,397
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share)					$ 78.26
Dividend declared (in dollars per share)							$ 2
Subsequent event
Subsequent events
Accelerated shares repurchased, number of shares purchased (shares) | shares		861,235						5,083,428
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share)								$ 78.69
Dividend declared (in dollars per share)	$ 0.68
Capitola Mall [Member] | Subsequent event
Subsequent events
Property area (in square feet) | ft²			586
Proceeds from sale | $			$ 93,000