The Macerich Company (MAC) 10-Q 2 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 01, 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	Sep. 30, 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		143,725,077
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS:
Property, net	$ 7,376,768	$ 8,796,912
Cash and cash equivalents	84,181	86,510
Restricted cash	52,976	41,389
Tenant and other receivables, net	126,811	130,002
Deferred charges and other assets, net	478,024	564,291
Due from affiliates	69,481	83,928
Investments in unconsolidated joint ventures	1,753,524	1,532,552
Total assets	9,941,765	11,235,584
Mortgage notes payable:
Related parties	177,621	181,069
Others	3,667,537	4,427,518
Total	3,845,158	4,608,587
Bank and other notes payable	1,048,944	652,163
Accounts payable and accrued expenses	62,018	74,398
Accrued dividend	0	337,703
Other accrued liabilities	357,650	403,281
Distributions in excess of investments in unconsolidated joint ventures	77,878	24,457
Co-venture obligation	59,609	63,756
Total liabilities	5,451,257	6,164,345
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 143,853,637 and 154,404,986 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	1,439	1,544
Additional paid-in capital	4,581,540	4,926,630
Accumulated deficit	(419,777)	(212,760)
Total stockholders' equity	4,163,202	4,715,414
Noncontrolling interests	327,306	355,825
Total equity	4,490,508	5,071,239
Total liabilities and equity	$ 9,941,765	$ 11,235,584

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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	250,000,000	250,000,000
Common stock, shares issued	143,853,637	154,404,986
Common Stock, shares outstanding	143,853,637	154,404,986

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Minimum rents	$ 154,018	$ 194,183	$ 457,514	$ 578,075
Percentage rents	3,871	5,992	9,279	11,816
Tenant recoveries	74,447	106,339	230,568	317,629
Other	12,048	14,477	42,985	42,801
Management Companies	8,983	5,271	28,925	17,070
Total revenues	253,367	326,262	769,271	967,391
Expenses:
Shopping center and operating expenses	76,310	94,950	229,544	290,491
Management Companies' operating expenses	23,285	21,012	75,484	67,719
REIT general and administrative expenses	6,930	6,688	23,240	22,660
Costs related to unsolicited takeover offer	0	209	0	25,204
Depreciation and amortization	86,976	117,486	259,097	357,437
Total expenses before interest	193,501	240,345	587,365	763,511
Interest expense:
Related parties	2,224	2,690	6,752	8,128
Other	37,759	52,266	114,202	155,010
Total interest expense	39,983	54,956	120,954	163,138
(Gain) loss on extinguishment of debt, net	(5,284)	27	(1,709)	(609)
Total expenses	228,200	295,328	706,610	926,040
Equity in income of unconsolidated joint ventures	11,261	10,817	37,537	28,185
Co-venture expense	(3,006)	(2,954)	(9,507)	(7,897)
Income tax (expense) benefit	(905)	859	(2,736)	2,077
(Loss) gain on sale or write down of assets, net	(19,321)	(3,342)	426,050	(7,078)
Gain on remeasurement of assets	0	0	0	22,089
Net income	13,196	36,314	514,005	78,727
Less net (loss) income attributable to noncontrolling interests	(534)	2,717	34,138	6,124
Net income attributable to the Company	$ 13,730	$ 33,597	$ 479,867	$ 72,603
Earnings per common share—net income attributable to common stockholders:
Basic (in dollars per share)	$ 0.09	$ 0.21	$ 3.25	$ 0.46
Diluted (in dollars per share)	$ 0.09	$ 0.21	$ 3.25	$ 0.45
Weighted average number of common shares outstanding:
Basic (in shares)	143,923	158,517	147,504	158,452
Diluted (in shares)	144,036	158,634	147,630	158,603

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 9 months ended Sep. 30, 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	514,005	479,867			479,867	34,138
Amortization of share and unit-based plans (in shares)			136,535
Amortization of share and unit-based plans	34,133	34,133	$ 2	34,131
Employee stock purchases (shares)			13,024
Employee stock purchases	834	834		834
Stock repurchases (in shares)			(11,123,011)
Stock repurchases	(800,018)	(800,018)	$ (111)	(416,375)	(383,532)
Distributions declared ($2.04) per share	(303,352)	(303,352)			(303,352)
Distributions to noncontrolling interests	(26,303)					(26,303)
Conversion of noncontrolling interests to common shares (shares)			422,103
Conversion of noncontrolling interests to common shares		10,720	$ 4	10,716		(10,720)
Redemption of noncontrolling interests	$ (30)	(23)		(23)		(7)
Adjustment of noncontrolling interests in Operating Partnership		25,627		25,627		(25,627)
Balance (in shares) at Sep. 30, 2016	143,853,637		143,853,637
Balance at Sep. 30, 2016	$ 4,490,508	$ 4,163,202	$ 1,439	$ 4,581,540	$ (419,777)	$ 327,306

CONSOLIDATED STATEMENT OF EQUI6

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical)	9 Months Ended
	Sep. 30, 2016$ / shares
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 2.04

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 514,005	$ 78,727
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on early extinguishment of debt, net	(13,737)	(609)
(Gain) loss on sale or write down of assets, net	(426,050)	7,078
Gain on remeasurement of assets	0	(22,089)
Depreciation and amortization	263,514	362,681
Amortization of net premium on mortgage notes payable	(3,082)	(17,891)
Amortization of share and unit-based plans	27,643	23,629
Straight-line rent adjustment	(3,449)	(4,512)
Amortization of above and below-market leases	(9,115)	(13,905)
Provision for doubtful accounts	2,460	3,766
Income tax expense (benefit)	2,736	(2,077)
Equity in income of unconsolidated joint ventures	(37,537)	(28,185)
Distributions of income from unconsolidated joint ventures	5,607	2,700
Co-venture expense	9,507	7,897
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	2,370	7,379
Other assets	(6,100)	5,232
Due from affiliates	14,729	1,756
Accounts payable and accrued expenses	(6,459)	2,770
Other accrued liabilities	(17,983)	(696)
Net cash provided by operating activities	319,059	413,651
Cash flows from investing activities:
Acquisitions of property	0	(26,250)
Development, redevelopment, expansion and renovation of properties	(153,131)	(208,485)
Property improvements	(24,638)	(34,541)
Proceeds from notes receivable	3,361	1,368
Deferred leasing costs	(21,326)	(24,797)
Distributions from unconsolidated joint ventures	411,405	66,643
Contributions to unconsolidated joint ventures	(404,283)	(336,806)
Proceeds from sale of assets	696,716	11,655
Restricted cash	(13,978)	(546)
Net cash provided by (used in) investing activities	494,126	(551,759)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	2,716,138	1,800,671
Payments on mortgages, bank and other notes payable	(2,024,965)	(1,262,628)
Deferred financing costs	(8,822)	(5,160)
Payment of finance deposits	(7,200)	(38,567)
Proceeds from share and unit-based plans	834	745
Stock repurchases	(800,018)	0
Redemption of noncontrolling interests	(30)	(221)
Contribution from noncontrolling interests	0	23
Purchase of noncontrolling interest	0	(1,593)
Settlement of contingent consideration	(10,012)	0
Dividends and distributions	(667,785)	(332,402)
Distributions to co-venture partner	(13,654)	(14,658)
Net cash (used in) provided by financing activities	(815,514)	146,210
Net (decrease) increase in cash and cash equivalents	(2,329)	8,102
Cash and cash equivalents, beginning of period	86,510	84,907
Cash and cash equivalents, end of period	84,181	93,009
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	113,187	178,263
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	29,777	39,717
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
Mortgage note payable settled by deed-in-lieu of foreclosure	37,000	34,149
Acquisition of property in exchange for investment in unconsolidated joint venture	0	76,250
Conversion of Operating Partnership Units to common stock	$ 10,720	$ 1,559

Organization

Organization	9 Months Ended
	Sep. 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 Operating Partnership's VIEs included the following assets and liabilities: September 30, December 31, Assets: Properties, net $ 335,101 $ 362,129 Other assets 70,263 74,075 Total assets $ 405,364 $ 436,204 Liabilities: Mortgage notes payable $ 134,287 $ 139,767 Other liabilities 82,112 79,984 Total liabilities $ 216,399 $ 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. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amends the accounting for the statement of cash flows by providing guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 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")	9 Months Ended
	Sep. 30, 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 EPS for the three and nine months ended September 30, 2016 and 2015 (shares in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Numerator Net income $ 13,196 $ 36,314 $ 514,005 $ 78,727 Net income attributable to noncontrolling interests 534 (2,717 ) (34,138 ) (6,124 ) Net income attributable to the Company 13,730 33,597 479,867 72,603 Allocation of earnings to participating securities (170 ) (147 ) (586 ) (442 ) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 13,560 $ 33,450 $ 479,281 $ 72,161 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 143,923 158,517 147,504 158,452 Effect of dilutive securities:(1) Share and unit-based compensation plans 113 117 126 151 Denominator for diluted EPS—weighted average number of common shares outstanding 144,036 158,634 147,630 158,603 Earnings per common share—net income attributable to common stockholders: Basic $ 0.09 $ 0.21 $ 3.25 $ 0.46 Diluted $ 0.09 $ 0.21 $ 3.25 $ 0.45 (1) Diluted EPS excludes 138,759 convertible preferred units for the three months ended September 30, 2016 and 2015 , and 138,759 and 139,330 convertible preferred units for the nine months ended September 30, 2016 and 2015 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,666,565 and 10,576,632 Operating Partnership units ("OP Units") for the three months ended September 30, 2016 and 2015 , respectively, and 10,773,029 and 10,557,254 OP Units for the nine months ended September 30, 2016 and 2015 , respectively, as their impact was antidilutive.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 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% ownership 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 1,441,000 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 sale 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 ). Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in the PPR Portfolio under the equity method of accounting. 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 $104,259 . 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 ). Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in Arrowhead Towne Center under the equity method of accounting. On January 14, 2016 , the Company formed a joint venture, whereby the Company sold a 49% ownership interest in Deptford Mall , a 1,039,000 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 851,000 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 $340,745 . The sales price was funded by a cash payment of $478,608 and the assumption of a pro rata share of the mortgage notes 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. Upon completion of the sale of the ownership interest, the Company no longer has a controlling interest in the joint venture due to the substantive participation rights of the outside partner. Accordingly, the Company accounts for its investment in the MAC Heitman Portfolio under the equity method of accounting. On March 1, 2016 , the Company, through a 50 /50 joint venture, acquired Country Club Plaza , a 1,246,000 square foot regional shopping center in Kansas City , Missouri , for a purchase price of $660,000 . The Company funded its pro rata share of the purchase price of $330,000 from 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: September 30, December 31, Assets(1): Properties, net $ 9,176,646 $ 6,334,442 Other assets 646,943 507,718 Total assets $ 9,823,589 $ 6,842,160 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 5,237,130 $ 3,607,588 Other liabilities 431,838 355,634 Company's capital 2,274,914 1,585,796 Outside partners' capital 1,879,707 1,293,142 Total liabilities and partners' capital $ 9,823,589 $ 6,842,160 Investments in unconsolidated joint ventures: Company's capital $ 2,274,914 $ 1,585,796 Basis adjustment(3) (599,268 ) (77,701 ) $ 1,675,646 $ 1,508,095 Assets—Investments in unconsolidated joint ventures $ 1,753,524 $ 1,532,552 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (77,878 ) (24,457 ) $ 1,675,646 $ 1,508,095 (1) These amounts include the assets of $3,211,370 and $3,283,702 of Pacific Premier Retail LLC as of September 30, 2016 and December 31, 2015 , respectively, and liabilities of $1,908,533 and $1,938,241 of Pacific Premier Retail LLC as of September 30, 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 September 30, 2016 and December 31, 2015 , a total of $5,000 could become recourse debt to the Company. As of September 30, 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 $267,200 and $460,872 as of September 30, 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 $2,775 and $6,385 for the three months ended September 30, 2016 and 2015 , respectively, and $14,133 and $22,976 for the nine months ended September 30, 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 $4,988 and $3,348 for the three months ended September 30, 2016 and 2015 , respectively, and $14,114 and $3,188 for the nine months ended September 30, 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 September 30, 2016 Revenues: Minimum rents $ 33,332 $ 121,109 $ 154,441 Percentage rents 1,117 4,228 5,345 Tenant recoveries 11,933 48,540 60,473 Other 987 11,697 12,684 Total revenues 47,369 185,574 232,943 Expenses: Shopping center and operating expenses 9,897 61,335 71,232 Interest expense 16,688 32,126 48,814 Depreciation and amortization 27,091 70,030 97,121 Total operating expenses 53,676 163,491 217,167 Loss on sale or write down of assets, net — (343 ) (343 ) Net (loss) income $ (6,307 ) $ 21,740 $ 15,433 Company's equity in net (loss) income $ (871 ) $ 12,132 $ 11,261 Three Months Ended September 30, 2015 Revenues: Minimum rents $ — $ 75,853 $ 75,853 Percentage rents — 3,561 3,561 Tenant recoveries — 32,260 32,260 Other — 8,688 8,688 Total revenues — 120,362 120,362 Expenses: Shopping center and operating expenses — 43,350 43,350 Interest expense — 19,025 19,025 Depreciation and amortization — 34,653 34,653 Total operating expenses — 97,028 97,028 Gain on sale or write down of assets, net — 3,573 3,573 Loss on extinguishment of debt — (3 ) (3 ) Net income $ — $ 26,904 $ 26,904 Company's equity in net income $ — $ 10,817 $ 10,817 Pacific Premier Retail LLC (1) Other Joint Ventures Total Nine Months Ended September 30, 2016 Revenues: Minimum rents $ 95,389 $ 347,146 $ 442,535 Percentage rents 2,219 8,605 10,824 Tenant recoveries 35,828 138,635 174,463 Other 4,514 34,801 39,315 Total revenues 137,950 529,187 667,137 Expenses: Shopping center and operating expenses 28,997 173,563 202,560 Interest expense 47,957 91,130 139,087 Depreciation and amortization 81,971 187,327 269,298 Total operating expenses 158,925 452,020 610,945 Loss on sale or write down of assets, net — (343 ) (343 ) Net (loss) income $ (20,975 ) $ 76,824 $ 55,849 Company's equity in net (loss) income $ (3,845 ) $ 41,382 $ 37,537 Nine Months Ended September 30, 2015 Revenues: Minimum rents $ — $ 214,678 $ 214,678 Percentage rents — 7,991 7,991 Tenant recoveries — 95,963 95,963 Other — 23,121 23,121 Total revenues — 341,753 341,753 Expenses: Shopping center and operating expenses — 123,009 123,009 Interest expense — 58,805 58,805 Depreciation and amortization — 97,422 97,422 Total operating expenses — 279,236 279,236 Gain on sale or write down of assets, net — 3,996 3,996 Loss on extinguishment of debt — (3 ) (3 ) Net income $ — $ 66,510 $ 66,510 Company's equity in net income $ — $ 28,185 $ 28,185 _______________________________________________________________________________ (1) These amounts exclude the results of operations from January 1, 2015 to September 30, 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	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Property, net	Property, net: Property, net consists of the following: September 30, December 31, Land $ 1,635,074 $ 1,894,717 Buildings and improvements 6,502,900 7,752,892 Tenant improvements 593,970 637,355 Equipment and furnishings 170,647 169,841 Construction in progress 282,223 234,851 9,184,814 10,689,656 Less accumulated depreciation (1,808,046 ) (1,892,744 ) $ 7,376,768 $ 8,796,912 Depreciation expense was $68,792 and $90,540 for the three months ended September 30, 2016 and 2015 , respectively, and $206,870 and $271,861 for the nine months ended September 30, 2016 and 2015 , respectively. The (loss) gain on sale or write down of assets, net was $(19,321) and $(3,342) for the three months ended September 30, 2016 and 2015 , respectively, and $426,050 and $(7,078) for the nine months ended September 30, 2016 and 2015 , respectively. The (loss) gain on sale or write down of assets, net for the nine months ended September 30, 2016 includes a gain of $24,897 on the sale of Capitola Mall and a loss of $3,066 on the sale of a former Mervyns' store (See Note 14 — Dispositions ). The (loss) gain on sale or write down of assets, net for the nine months ended September 30, 2016 includes a gain of $104,259 on the sale of a 40% ownership interest in Arrowhead Towne Center (See Note 4 — Investments in Unconsolidated Joint Ventures ) and $340,745 on the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). The (loss) gain on sale or write down of assets, net for the three and nine months ended September 30, 2016 includes an impairment loss of $23,335 on Promenade at Casa Grande . The (loss) gain on sale or write down of assets, net for the nine months ended September 30, 2016 also includes an impairment loss of $7,188 on The Marketplace at Flagstaff . The gain (loss) on sale or write down of assets, net for the three and nine months ended September 30, 2015 includes an impairment loss of $4,078 on Flagstaff Mall . The (loss) gain on sale or write down of assets, net for the nine months ended September 30, 2015 also includes an impairment loss of $4,566 on a freestanding store. The above impairment losses were due to to the reduction of the estimated holding period of the respective properties. In addition, the Company recorded a gain (loss) of $2,570 and $(12,180) for the three and nine months ended September 30, 2016 , respectively, for adjustments to a contingent consideration obligation (See Note 13—Acquisitions).

Tenant and Other Receivables, n

Tenant and Other Receivables, net	9 Months Ended
	Sep. 30, 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 $1,844 and $3,072 at September 30, 2016 and December 31, 2015 , respectively. Also included in tenant and other receivables, net are accrued percentage rents of $2,314 and $10,940 at September 30, 2016 and December 31, 2015 , respectively, and a deferred rent receivable due to straight-line rent adjustments of $54,972 and $60,790 at September 30, 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 September 30, 2016 and December 31, 2015 , the note had a balance of $6,300 and $6,351 , respectively.

Deferred Charges and Other Asse

Deferred Charges and Other Assets, net	9 Months Ended
	Sep. 30, 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: September 30, December 31, Leasing $ 229,889 $ 248,709 Intangible assets: In-place lease values 147,212 196,969 Leasing commissions and legal costs 33,755 52,000 Above-market leases 191,141 220,847 Deferred tax assets 36,265 38,847 Deferred compensation plan assets 42,073 37,341 Other assets 61,344 70,070 741,679 864,783 Less accumulated amortization(1) (263,655 ) (300,492 ) $ 478,024 $ 564,291 (1) Accumulated amortization includes $89,005 and $109,453 relating to in-place lease values, leasing commissions and legal costs at September 30, 2016 and December 31, 2015 , respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $8,983 and $16,864 for the three months ended September 30, 2016 and 2015 , respectively, and $26,033 and $57,208 for the nine months ended September 30, 2016 and 2015 , respectively. The allocated values of above-market leases and below-market leases consist of the following: September 30, December 31, Above-Market Leases Original allocated value $ 191,141 $ 220,847 Less accumulated amortization (62,179 ) (73,520 ) $ 128,962 $ 147,327 Below-Market Leases(1) Original allocated value $ 196,762 $ 227,063 Less accumulated amortization (101,850 ) (101,872 ) $ 94,912 $ 125,191 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable: Mortgage notes payable at September 30, 2016 and December 31, 2015 consist of the following: Carrying Amount of Mortgage Notes(1) September 30, 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) — 199,816 — 199,766 3.77 % 625 2019 Danbury Fair Mall 108,733 108,732 111,078 111,079 5.53 % 1,538 2020 Deptford Mall(7) — — — 193,337 — — — Deptford Mall(8) — — — 13,999 — — — Fashion Outlets of Chicago(9) — 198,875 — 198,653 2.18 % 337 2020 Fashion Outlets of Niagara Falls USA — 116,495 — 117,708 4.89 % 727 2020 Flagstaff Mall(10) — — — 37,000 — — — FlatIron Crossing(7) — — — 254,075 — — — Freehold Raceway Mall(6) — 221,709 — 224,836 4.20 % 1,132 2018 Green Acres Mall — 299,375 — 303,960 3.61 % 1,447 2021 Kings Plaza Shopping Center — 459,342 — 466,266 3.67 % 2,229 2019 Northgate Mall(11) — 63,549 — 63,783 3.40 % 147 2017 Oaks, The — 202,332 — 205,555 4.14 % 1,064 2022 Pacific View — 128,021 — 130,108 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place — 220,901 — 224,815 2.99 % 1,004 2018 SanTan Village Regional Center — 128,466 — 130,638 3.14 % 589 2019 Stonewood Center — 101,048 — 105,494 1.80 % 640 2017 Superstition Springs Center(12) — 67,525 — 67,749 2.35 % 159 2016 Towne Mall — 21,670 — 21,956 4.48 % 117 2022 Tucson La Encantada 68,888 — 69,991 — 4.23 % 368 2022 Victor Valley, Mall of — 114,544 — 114,500 4.00 % 380 2024 Vintage Faire Mall — 270,556 — 274,417 3.55 % 1,256 2026 Westside Pavilion — 144,581 — 146,630 4.49 % 783 2022 $ 177,621 $ 3,667,537 $ 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 September 30, December 31, Arrowhead Towne Center $ — $ 8,494 Deptford Mall — (3 ) Fashion Outlets of Niagara Falls USA 3,790 4,486 Stonewood Center 3,058 5,168 Superstition Springs Center 26 263 $ 6,874 $ 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 $11,567 and $16,025 at September 30, 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) The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020 . At September 30, 2016 and December 31, 2015 , the total interest rate was 2.18% and 1.84% , respectively. (10) On July 15, 2016 , the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a gain of $5,284 on the extinguishment of debt (See Note 14 — Dispositions ). (11) The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017 . At September 30, 2016 and December 31, 2015 , the total interest rate was 3.40% and 3.30% , respectively. (12) On October 14, 2016 , the Company paid off in full the loan on the property. 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 September 30, 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 will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand. Total interest expense capitalized was $2,707 and $3,629 during the three months ended September 30, 2016 and 2015 , respectively, and $7,572 and $10,095 during the nine months ended September 30, 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 September 30, 2016 and December 31, 2015 was $3,893,668 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	9 Months Ended
	Sep. 30, 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 bore interest at LIBOR plus a spread of 1.38% to 2.0% , depending on the Company's overall leverage level, and was to mature on August 6, 2018. On July 6, 2016 , the Company amended its line of credit. The amended $1,500,000 line of credit bears interest at LIBOR plus a spread of 1.30% to 1.90% , depending on the Company's overall leverage level, and matures on July 6, 2020 with a one -year extension option. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000 . Based on the Company's leverage level as of September 30, 2016 , the borrowing rate on the facility was LIBOR plus 1.45% . As of September 30, 2016 and December 31, 2015 , borrowings under the line of credit, were $1,055,000 and $650,000 , respectively, less unamortized deferred finance costs of $11,877 and $6,967 , respectively, at a total interest rate of 2.15% and 1.95% , respectively. The estimated fair value (Level 2 measurement) of the line of credit at September 30, 2016 and December 31, 2015 was $1,035,830 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, 2021. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At September 30, 2016 and December 31, 2015 , the note had a balance of $5,821 and $9,130 , respectively. The estimated fair value (Level 2 measurement) of the note at September 30, 2016 and December 31, 2015 was $6,211 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 September 30, 2016 and December 31, 2015 , the Company was in compliance with all applicable financial loan covenants.

Co-Venture Arrangement

Co-Venture Arrangement	9 Months Ended
	Sep. 30, 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 1,674,000 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 $59,609 and $63,756 at September 30, 2016 and December 31, 2015 , respectively.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 . The remaining 7% limited partnership interest as of September 30, 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 September 30, 2016 and December 31, 2015 , the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $864,182 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	9 Months Ended
	Sep. 30, 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 warranted. 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 delivery of an additional 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 delivery of an additional 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 ). On May 9, 2016 , the Company entered into an ASR to repurchase the remaining $400,000 of the Company's common stock authorized for repurchase. In accordance with the ASR, the Company made a prepayment of $400,000 and received an initial share delivery of 3,964,812 shares. On July 11, 2016 , the ASR was completed and the Company received delivery of an additional 1,104,162 shares. The average price of the 5,068,974 shares repurchased under the ASR was $78.91 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 September 30, 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	9 Months Ended
	Sep. 30, 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 included contingent consideration based on the financial performance of Fashion Outlets of Chicago at an agreed upon date in 2016. On August 19, 2016 , the Company paid $23,800 in full settlement of the contingent consideration obligation. 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	9 Months Ended
	Sep. 30, 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 non-recourse 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. On April 13, 2016 , the Company sold Capitola Mall , a 586,000 square foot regional shopping center in Capitola , California , for $93,000 , resulting in a gain on the sale of assets of $24,897 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On May 31, 2016 , the Company sold a former Mervyn's store in Yuma , Arizona , for $3,200 , resulting in a loss on the sale of assets of $3,066 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On July 15, 2016 , the Company conveyed Flagstaff Mall , a 347,000 square foot regional shopping center in Flagstaff , Arizona , to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The loan was non-recourse to the Company. As a result, the Company recognized a gain on the extinguishment of debt of $5,284 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 $2,395 and $2,968 for the three months ended September 30, 2016 and 2015 , respectively, and $7,312 and $8,879 for the nine months ended September 30, 2016 and 2015 , respectively. No contingent rent was incurred during the three and nine months ended September 30, 2016 or 2015 . As of September 30, 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 September 30, 2016 , the Company had $39,418 in outstanding obligations which it believes will be settled in the next twelve months.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Management fees $ 4,271 $ 2,321 $ 13,240 $ 6,993 Development and leasing fees 2,952 1,721 10,149 5,201 $ 7,223 $ 4,042 $ 23,389 $ 12,194 Certain mortgage notes on the properties are held by NML (See Note 8 — Mortgage Notes Payable ). Interest expense in connection with these notes was $2,224 and $2,690 for the three months ended September 30, 2016 and 2015 , respectively, and $6,752 and $8,128 for the nine months ended September 30, 2016 and 2015 , respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $742 and $756 at September 30, 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 September 30, 2016 and December 31, 2015 , the amounts due (from) to the unconsolidated joint ventures was $(5,179) and $7,467 , respectively. In addition, due from affiliates at September 30, 2016 and December 31, 2015 included a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and was to mature on May 30, 2016. The maturity date of the note has been extended to May 30, 2021. Interest income earned on this note was $81 and $128 for the three months ended September 30, 2016 and 2015 , respectively, and $294 and $397 for the nine months ended September 30, 2016 and 2015 , respectively. The balance on this note was $5,822 and $9,252 at September 30, 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 $583 and $468 for the three months ended September 30, 2016 and 2015 , respectively, and $1,629 and $1,351 for the nine months ended September 30, 2016 and 2015 , respectively. The balance on this note was $68,838 and $67,209 at September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 LTIP Units $ 5,204 $ 3,812 $ 27,752 $ 22,810 Stock awards — 28 20 225 Stock units 965 881 5,339 5,214 Stock options 4 4 12 12 Phantom stock units 212 248 1,010 827 $ 6,385 $ 4,973 $ 34,133 $ 29,088 The Company capitalized share and unit-based compensation costs of $750 and $551 for the three months ended September 30, 2016 and 2015 , respectively, and $6,490 and $5,459 for the nine months ended September 30, 2016 and 2015 , respectively. Unrecognized compensation costs of share and unit-based plans at September 30, 2016 consisted of $7,602 from LTIP Units, $4,696 from stock units, $15 from stock options and $610 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 — — 19,814 80.99 85,388 79.25 Vested (154,686 ) 79.20 (1,612 ) 62.01 (12,319 ) 80.73 (69,046 ) 71.83 Forfeited — — — — — — — — Balance at September 30, 2016 382,000 $ 60.47 — $ — 7,495 $ 81.42 148,428 $ 78.53 (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 (143,822 ) 53.73 — — Special dividend adjustment (2) 10,185 53.88 251 56.77 Balance at September 30, 2016 284,146 $ 53.85 10,565 $ 56.77 (1) Value represents the weighted average exercise price. (2) The exercise price and number of units were adjusted such that each unit had the same fair value to the holder before and after giving effect to the payout of the Special Dividend paid on January 6, 2016 (See Note 12 — Stockholders' Equity ).

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Current $ (68 ) $ — $ (154 ) $ — Deferred (837 ) 859 (2,582 ) 2,077 Income tax (expense) benefit $ (905 ) $ 859 $ (2,736 ) $ 2,077 The net operating loss carryforwards are currently scheduled to expire through 2035 , beginning in 2024 . Net deferred tax assets of $36,265 and $38,847 were included in deferred charges and other assets, net at September 30, 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	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: On October 6, 2016 , the Company placed a $325,000 loan on Fresno Fashion Fair that bears interest at an effective rate of 3.67% and matures on November 1, 2026 . The Company used the proceeds to pay down its line of credit and for general corporate purposes. On October 14, 2016 , the Company paid off in full the loan on Superstition Springs Center from borrowings on its line of credit. On October 21, 2016 , the Company announced a dividend/distribution of $0.71 per share for common stockholders and OP Unit holders of record on November 11, 2016 . All dividends/distributions will be paid 100% in cash on December 2, 2016 .

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 Operating Partnership's VIEs included the following assets and liabilities: September 30, December 31, Assets: Properties, net $ 335,101 $ 362,129 Other assets 70,263 74,075 Total assets $ 405,364 $ 436,204 Liabilities: Mortgage notes payable $ 134,287 $ 139,767 Other liabilities 82,112 79,984 Total liabilities $ 216,399 $ 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. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amends the accounting for the statement of cash flows by providing guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 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 (Tables)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Schedule of variable interest entities	The Operating Partnership's VIEs included the following assets and liabilities: September 30, December 31, Assets: Properties, net $ 335,101 $ 362,129 Other assets 70,263 74,075 Total assets $ 405,364 $ 436,204 Liabilities: Mortgage notes payable $ 134,287 $ 139,767 Other liabilities 82,112 79,984 Total liabilities $ 216,399 $ 219,751

Earnings per Share ("EPS") (Tab

Earnings per Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Reconciliation of numerator and denominator used in computation of earnings per share	The following table reconciles the numerator and denominator used in the computation of EPS for the three and nine months ended September 30, 2016 and 2015 (shares in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Numerator Net income $ 13,196 $ 36,314 $ 514,005 $ 78,727 Net income attributable to noncontrolling interests 534 (2,717 ) (34,138 ) (6,124 ) Net income attributable to the Company 13,730 33,597 479,867 72,603 Allocation of earnings to participating securities (170 ) (147 ) (586 ) (442 ) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 13,560 $ 33,450 $ 479,281 $ 72,161 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 143,923 158,517 147,504 158,452 Effect of dilutive securities:(1) Share and unit-based compensation plans 113 117 126 151 Denominator for diluted EPS—weighted average number of common shares outstanding 144,036 158,634 147,630 158,603 Earnings per common share—net income attributable to common stockholders: Basic $ 0.09 $ 0.21 $ 3.25 $ 0.46 Diluted $ 0.09 $ 0.21 $ 3.25 $ 0.45 (1) Diluted EPS excludes 138,759 convertible preferred units for the three months ended September 30, 2016 and 2015 , and 138,759 and 139,330 convertible preferred units for the nine months ended September 30, 2016 and 2015 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,666,565 and 10,576,632 Operating Partnership units ("OP Units") for the three months ended September 30, 2016 and 2015 , respectively, and 10,773,029 and 10,557,254 OP Units for the nine months ended September 30, 2016 and 2015 , respectively, as their impact was antidilutive.

Investments in Unconsolidated30

Investments in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Combined and condensed balance sheets of unconsolidated joint ventures	Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: September 30, December 31, Assets(1): Properties, net $ 9,176,646 $ 6,334,442 Other assets 646,943 507,718 Total assets $ 9,823,589 $ 6,842,160 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 5,237,130 $ 3,607,588 Other liabilities 431,838 355,634 Company's capital 2,274,914 1,585,796 Outside partners' capital 1,879,707 1,293,142 Total liabilities and partners' capital $ 9,823,589 $ 6,842,160 Investments in unconsolidated joint ventures: Company's capital $ 2,274,914 $ 1,585,796 Basis adjustment(3) (599,268 ) (77,701 ) $ 1,675,646 $ 1,508,095 Assets—Investments in unconsolidated joint ventures $ 1,753,524 $ 1,532,552 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (77,878 ) (24,457 ) $ 1,675,646 $ 1,508,095 (1) These amounts include the assets of $3,211,370 and $3,283,702 of Pacific Premier Retail LLC as of September 30, 2016 and December 31, 2015 , respectively, and liabilities of $1,908,533 and $1,938,241 of Pacific Premier Retail LLC as of September 30, 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 September 30, 2016 and December 31, 2015 , a total of $5,000 could become recourse debt to the Company. As of September 30, 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 $267,200 and $460,872 as of September 30, 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 $2,775 and $6,385 for the three months ended September 30, 2016 and 2015 , respectively, and $14,133 and $22,976 for the nine months ended September 30, 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 $4,988 and $3,348 for the three months ended September 30, 2016 and 2015 , respectively, and $14,114 and $3,188 for the nine months ended September 30, 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 September 30, 2016 Revenues: Minimum rents $ 33,332 $ 121,109 $ 154,441 Percentage rents 1,117 4,228 5,345 Tenant recoveries 11,933 48,540 60,473 Other 987 11,697 12,684 Total revenues 47,369 185,574 232,943 Expenses: Shopping center and operating expenses 9,897 61,335 71,232 Interest expense 16,688 32,126 48,814 Depreciation and amortization 27,091 70,030 97,121 Total operating expenses 53,676 163,491 217,167 Loss on sale or write down of assets, net — (343 ) (343 ) Net (loss) income $ (6,307 ) $ 21,740 $ 15,433 Company's equity in net (loss) income $ (871 ) $ 12,132 $ 11,261 Three Months Ended September 30, 2015 Revenues: Minimum rents $ — $ 75,853 $ 75,853 Percentage rents — 3,561 3,561 Tenant recoveries — 32,260 32,260 Other — 8,688 8,688 Total revenues — 120,362 120,362 Expenses: Shopping center and operating expenses — 43,350 43,350 Interest expense — 19,025 19,025 Depreciation and amortization — 34,653 34,653 Total operating expenses — 97,028 97,028 Gain on sale or write down of assets, net — 3,573 3,573 Loss on extinguishment of debt — (3 ) (3 ) Net income $ — $ 26,904 $ 26,904 Company's equity in net income $ — $ 10,817 $ 10,817 Pacific Premier Retail LLC (1) Other Joint Ventures Total Nine Months Ended September 30, 2016 Revenues: Minimum rents $ 95,389 $ 347,146 $ 442,535 Percentage rents 2,219 8,605 10,824 Tenant recoveries 35,828 138,635 174,463 Other 4,514 34,801 39,315 Total revenues 137,950 529,187 667,137 Expenses: Shopping center and operating expenses 28,997 173,563 202,560 Interest expense 47,957 91,130 139,087 Depreciation and amortization 81,971 187,327 269,298 Total operating expenses 158,925 452,020 610,945 Loss on sale or write down of assets, net — (343 ) (343 ) Net (loss) income $ (20,975 ) $ 76,824 $ 55,849 Company's equity in net (loss) income $ (3,845 ) $ 41,382 $ 37,537 Nine Months Ended September 30, 2015 Revenues: Minimum rents $ — $ 214,678 $ 214,678 Percentage rents — 7,991 7,991 Tenant recoveries — 95,963 95,963 Other — 23,121 23,121 Total revenues — 341,753 341,753 Expenses: Shopping center and operating expenses — 123,009 123,009 Interest expense — 58,805 58,805 Depreciation and amortization — 97,422 97,422 Total operating expenses — 279,236 279,236 Gain on sale or write down of assets, net — 3,996 3,996 Loss on extinguishment of debt — (3 ) (3 ) Net income $ — $ 66,510 $ 66,510 Company's equity in net income $ — $ 28,185 $ 28,185 _______________________________________________________________________________ (1) These amounts exclude the results of operations from January 1, 2015 to September 30, 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)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Components of property	Property, net consists of the following: September 30, December 31, Land $ 1,635,074 $ 1,894,717 Buildings and improvements 6,502,900 7,752,892 Tenant improvements 593,970 637,355 Equipment and furnishings 170,647 169,841 Construction in progress 282,223 234,851 9,184,814 10,689,656 Less accumulated depreciation (1,808,046 ) (1,892,744 ) $ 7,376,768 $ 8,796,912

Deferred Charges and Other As32

Deferred Charges and Other Assets, net (Tables)	9 Months Ended
	Sep. 30, 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: September 30, December 31, Leasing $ 229,889 $ 248,709 Intangible assets: In-place lease values 147,212 196,969 Leasing commissions and legal costs 33,755 52,000 Above-market leases 191,141 220,847 Deferred tax assets 36,265 38,847 Deferred compensation plan assets 42,073 37,341 Other assets 61,344 70,070 741,679 864,783 Less accumulated amortization(1) (263,655 ) (300,492 ) $ 478,024 $ 564,291 (1) Accumulated amortization includes $89,005 and $109,453 relating to in-place lease values, leasing commissions and legal costs at September 30, 2016 and December 31, 2015 , respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $8,983 and $16,864 for the three months ended September 30, 2016 and 2015 , respectively, and $26,033 and $57,208 for the nine months ended September 30, 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: September 30, December 31, Above-Market Leases Original allocated value $ 191,141 $ 220,847 Less accumulated amortization (62,179 ) (73,520 ) $ 128,962 $ 147,327 Below-Market Leases(1) Original allocated value $ 196,762 $ 227,063 Less accumulated amortization (101,850 ) (101,872 ) $ 94,912 $ 125,191 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Mortgage notes payable	Mortgage notes payable at September 30, 2016 and December 31, 2015 consist of the following: Carrying Amount of Mortgage Notes(1) September 30, 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) — 199,816 — 199,766 3.77 % 625 2019 Danbury Fair Mall 108,733 108,732 111,078 111,079 5.53 % 1,538 2020 Deptford Mall(7) — — — 193,337 — — — Deptford Mall(8) — — — 13,999 — — — Fashion Outlets of Chicago(9) — 198,875 — 198,653 2.18 % 337 2020 Fashion Outlets of Niagara Falls USA — 116,495 — 117,708 4.89 % 727 2020 Flagstaff Mall(10) — — — 37,000 — — — FlatIron Crossing(7) — — — 254,075 — — — Freehold Raceway Mall(6) — 221,709 — 224,836 4.20 % 1,132 2018 Green Acres Mall — 299,375 — 303,960 3.61 % 1,447 2021 Kings Plaza Shopping Center — 459,342 — 466,266 3.67 % 2,229 2019 Northgate Mall(11) — 63,549 — 63,783 3.40 % 147 2017 Oaks, The — 202,332 — 205,555 4.14 % 1,064 2022 Pacific View — 128,021 — 130,108 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place — 220,901 — 224,815 2.99 % 1,004 2018 SanTan Village Regional Center — 128,466 — 130,638 3.14 % 589 2019 Stonewood Center — 101,048 — 105,494 1.80 % 640 2017 Superstition Springs Center(12) — 67,525 — 67,749 2.35 % 159 2016 Towne Mall — 21,670 — 21,956 4.48 % 117 2022 Tucson La Encantada 68,888 — 69,991 — 4.23 % 368 2022 Victor Valley, Mall of — 114,544 — 114,500 4.00 % 380 2024 Vintage Faire Mall — 270,556 — 274,417 3.55 % 1,256 2026 Westside Pavilion — 144,581 — 146,630 4.49 % 783 2022 $ 177,621 $ 3,667,537 $ 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 September 30, December 31, Arrowhead Towne Center $ — $ 8,494 Deptford Mall — (3 ) Fashion Outlets of Niagara Falls USA 3,790 4,486 Stonewood Center 3,058 5,168 Superstition Springs Center 26 263 $ 6,874 $ 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 $11,567 and $16,025 at September 30, 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) The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020 . At September 30, 2016 and December 31, 2015 , the total interest rate was 2.18% and 1.84% , respectively. (10) On July 15, 2016 , the Company conveyed the property to the mortgage lender by a deed-in-lieu of foreclosure, which resulted in a gain of $5,284 on the extinguishment of debt (See Note 14 — Dispositions ). (11) The loan bears interest at LIBOR plus 2.25% and matures on March 1, 2017 . At September 30, 2016 and December 31, 2015 , the total interest rate was 3.40% and 3.30% , respectively. (12) On October 14, 2016 , the Company paid off in full the loan on the property.
Debt premiums (discounts) on mortgage notes payable	Debt premiums (discounts) consist of the following: Property Pledged as Collateral September 30, December 31, Arrowhead Towne Center $ — $ 8,494 Deptford Mall — (3 ) Fashion Outlets of Niagara Falls USA 3,790 4,486 Stonewood Center 3,058 5,168 Superstition Springs Center 26 263 $ 6,874 $ 18,408

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 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 (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Management fees $ 4,271 $ 2,321 $ 13,240 $ 6,993 Development and leasing fees 2,952 1,721 10,149 5,201 $ 7,223 $ 4,042 $ 23,389 $ 12,194

Share and Unit-Based Plans (Tab

Share and Unit-Based Plans (Tables)	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 LTIP Units $ 5,204 $ 3,812 $ 27,752 $ 22,810 Stock awards — 28 20 225 Stock units 965 881 5,339 5,214 Stock options 4 4 12 12 Phantom stock units 212 248 1,010 827 $ 6,385 $ 4,973 $ 34,133 $ 29,088
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 — — 19,814 80.99 85,388 79.25 Vested (154,686 ) 79.20 (1,612 ) 62.01 (12,319 ) 80.73 (69,046 ) 71.83 Forfeited — — — — — — — — Balance at September 30, 2016 382,000 $ 60.47 — $ — 7,495 $ 81.42 148,428 $ 78.53 (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 (143,822 ) 53.73 — — Special dividend adjustment (2) 10,185 53.88 251 56.77 Balance at September 30, 2016 284,146 $ 53.85 10,565 $ 56.77 (1) Value represents the weighted average exercise price. (2) The exercise price and number of units were adjusted such that each unit had the same fair value to the holder before and after giving effect to the payout of the Special Dividend paid on January 6, 2016 (See Note 12 — Stockholders' Equity ).

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Current $ (68 ) $ — $ (154 ) $ — Deferred (837 ) 859 (2,582 ) 2,077 Income tax (expense) benefit $ (905 ) $ 859 $ (2,736 ) $ 2,077

Organization (Details)

Organization (Details) - entity	9 Months Ended
	Sep. 30, 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 (percent)	93.00%	93.00%

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Details) - Operating Partnership - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Total assets	$ 405,364	$ 436,204
Total liabilities	216,399	219,751
Properties, net
Variable Interest Entity [Line Items]
Total assets	335,101	362,129
Other assets
Variable Interest Entity [Line Items]
Total assets	70,263	74,075
Mortgage notes payable
Variable Interest Entity [Line Items]
Total liabilities	134,287	139,767
Other liabilities
Variable Interest Entity [Line Items]
Total liabilities	$ 82,112	$ 79,984

Earnings per Share ("EPS") (Det

Earnings per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator
Net income	$ 13,196	$ 36,314	$ 514,005	$ 78,727
Net income attributable to noncontrolling interests	534	(2,717)	(34,138)	(6,124)
Net income attributable to the Company	13,730	33,597	479,867	72,603
Allocation of earnings to participating securities	(170)	(147)	(586)	(442)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$ 13,560	$ 33,450	$ 479,281	$ 72,161
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding (in shares)	143,923,000	158,517,000	147,504,000	158,452,000
Effect of dilutive securities:
Share and unit-based compensation plans (in shares)	113,000	117,000	126,000	151,000
Denominator for diluted EPS—weighted average number of common shares outstanding (in shares)	144,036,000	158,634,000	147,630,000	158,603,000
Earnings per common share—net income attributable to common stockholders:
Basic (in dollars per share)	$ 0.09	$ 0.21	$ 3.25	$ 0.46
Diluted (in dollars per share)	$ 0.09	$ 0.21	$ 3.25	$ 0.45
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	138,759	138,759	139,330
Partnership unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	10,666,565	10,576,632	10,773,029	10,557,254

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 ($)ft²	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Investments in unconsolidated joint ventures:
Gain (loss) on remeasurement, sale or write down of assets, net								$ (343)	$ 3,573	$ (343)	$ 3,996
PPR Portfolio
Investments in unconsolidated joint ventures:
Purchase price paid through assumption of debt by the Company					$ 713,000
Ownership interest sold (percent)					40.00%
Proceeds from sale					$ 1,258,643
Gain (loss) on remeasurement, sale or write down of assets, net					311,194
Cash proceeds from sale of business					$ 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					1,441
Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²				1,197
Ownership interest sold (percent)				40.00%						40.00%
Proceeds from sale				$ 289,496
Gain (loss) on remeasurement, sale or write down of assets, net				104,259						$ 104,259
Cash proceeds from sale of business				129,496
Debt proceeds from sale of business				$ 160,000
MAC Heitman Portfolio
Investments in unconsolidated joint ventures:
Ownership interest sold (percent)			49.00%							49.00%
Proceeds from sale			$ 771,478
Gain (loss) on remeasurement, sale or write down of assets, net			340,745							$ 340,745
Cash proceeds from sale of business			478,608
Debt proceeds from sale of business			$ 292,870
MAC Heitman Portfolio | Deptford Mall
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²			1,039
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			851
Inland Center
Investments in unconsolidated joint ventures:
Additional ownership interest acquired (percent)							50.00%
Property area (in square feet) | ft²							867
Purchase price							$ 51,250
Purchase price funded by cash payment on acquisition							26,250
Purchase price paid through assumption of debt by the Company							25,000
Debt repaid							$ 50,000
Sears Locations
Investments in unconsolidated joint ventures:
Purchase price						$ 150,000
Number of stores | store						9
Ownership percentage purchased (percent)						50.00%
Country Club Plaza
Investments in unconsolidated joint ventures:
Property area (in square feet) | ft²		1,246
Purchase price		$ 660,000
Purchase price paid through assumption of debt by the Company	$ 320,000	$ 330,000
Ownership percentage owned (percent)		50.00%
Effective interest rate (percent)	3.88%

Investments in Unconsolidated42

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets:
Properties, net	$ 9,176,646	$ 6,334,442
Other assets	646,943	507,718
Total assets	9,823,589	6,842,160
Liabilities and partners' capital:
Mortgage notes payable	5,237,130	3,607,588
Other liabilities	431,838	355,634
Company's capital	2,274,914	1,585,796
Outside partners' capital	1,879,707	1,293,142
Total liabilities and partners' capital	9,823,589	6,842,160
Investments in unconsolidated joint ventures:
Company's capital	2,274,914	1,585,796
Basis adjustment	(599,268)	(77,701)
Investments in unconsolidated joint ventures	1,675,646	1,508,095
Assets—Investments in unconsolidated joint ventures	1,753,524	1,532,552
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(77,878)	(24,457)
Investments in unconsolidated joint ventures	$ 1,675,646	$ 1,508,095

Investments in Unconsolidated43

Investments in Unconsolidated Joint Ventures - Balance Sheet Footnotes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Investments in unconsolidated joint ventures:
Total assets	$ 9,823,589		$ 9,823,589		$ 6,842,160
Mortgage notes payable that could become recourse debt to the Company	5,000		5,000		5,000
Indemnity of guaranteed amount	2,500		2,500		2,500
Amortization of difference between cost of investments and book value of underlying equity	4,988	$ 3,348	14,114	$ 3,188
Northwestern Mutual Life (NML)
Investments in unconsolidated joint ventures:
Mortgage notes payable to affiliate	267,200		267,200		460,872
Interest expense on borrowings from related party	2,775	$ 6,385	14,133	$ 22,976
Pacific Premier Retail LLC
Investments in unconsolidated joint ventures:
Total assets	3,211,370		3,211,370		3,283,702
Total liabilities	$ 1,908,533		$ 1,908,533		$ 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Minimum rents	$ 154,441	$ 75,853	$ 442,535	$ 214,678
Percentage rents	5,345	3,561	10,824	7,991
Tenant recoveries	60,473	32,260	174,463	95,963
Other	12,684	8,688	39,315	23,121
Total revenues	232,943	120,362	667,137	341,753
Expenses:
Shopping center and operating expenses	71,232	43,350	202,560	123,009
Interest expense	48,814	19,025	139,087	58,805
Depreciation and amortization	97,121	34,653	269,298	97,422
Total operating expenses	217,167	97,028	610,945	279,236
Loss on sale or write down of assets, net	(343)	3,573	(343)	3,996
Loss on extinguishment of debt		(3)		(3)
Net (loss) income	15,433	26,904	55,849	66,510
Company's equity in net (loss) income	11,261	10,817	37,537	28,185
Pacific Premier Retail LLC
Revenues:
Minimum rents	33,332	0	95,389	0
Percentage rents	1,117	0	2,219	0
Tenant recoveries	11,933	0	35,828	0
Other	987	0	4,514	0
Total revenues	47,369	0	137,950	0
Expenses:
Shopping center and operating expenses	9,897	0	28,997	0
Interest expense	16,688	0	47,957	0
Depreciation and amortization	27,091	0	81,971	0
Total operating expenses	53,676	0	158,925	0
Loss on sale or write down of assets, net	0	0	0	0
Loss on extinguishment of debt		0		0
Net (loss) income	(6,307)	0	(20,975)	0
Company's equity in net (loss) income	(871)	0	(3,845)	0
Other Joint Ventures
Revenues:
Minimum rents	121,109	75,853	347,146	214,678
Percentage rents	4,228	3,561	8,605	7,991
Tenant recoveries	48,540	32,260	138,635	95,963
Other	11,697	8,688	34,801	23,121
Total revenues	185,574	120,362	529,187	341,753
Expenses:
Shopping center and operating expenses	61,335	43,350	173,563	123,009
Interest expense	32,126	19,025	91,130	58,805
Depreciation and amortization	70,030	34,653	187,327	97,422
Total operating expenses	163,491	97,028	452,020	279,236
Loss on sale or write down of assets, net	(343)	3,573	(343)	3,996
Loss on extinguishment of debt		(3)		(3)
Net (loss) income	21,740	26,904	76,824	66,510
Company's equity in net (loss) income	$ 12,132	$ 10,817	$ 41,382	$ 28,185

Property, net - Components of p

Property, net - Components of property (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real Estate [Abstract]
Land	$ 1,635,074	$ 1,894,717
Buildings and improvements	6,502,900	7,752,892
Tenant improvements	593,970	637,355
Equipment and furnishings	170,647	169,841
Construction in progress	282,223	234,851
Total	9,184,814	10,689,656
Less accumulated depreciation	(1,808,046)	(1,892,744)
Property, net	$ 7,376,768	$ 8,796,912

Property, net - Narrative (Deta

Property, net - Narrative (Details) - USD ($) $ in Thousands	Jan. 14, 2016	Jan. 06, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Property, Plant and Equipment [Line Items]
Depreciation expense			$ 68,792	$ 90,540	$ 206,870	$ 271,861
(Loss) gain on sale or write down of assets, net			(19,321)	(3,342)	426,050	(7,078)
Gain (loss) on remeasurement, sale or write down of assets, net			343	(3,573)	343	(3,996)
Adjustment to contingent consideration			2,570		(12,180)
Impairment loss				5,916
Capitola Mall
Property, Plant and Equipment [Line Items]
(Loss) gain on sale or write down of assets, net			24,897		24,897
Mervyn's
Property, Plant and Equipment [Line Items]
(Loss) gain on sale or write down of assets, net			$ (3,058)		(3,066)
Arrowhead Towne Center
Property, Plant and Equipment [Line Items]
Gain (loss) on remeasurement, sale or write down of assets, net		$ (104,259)			$ (104,259)
Ownership interest sold (percent)		40.00%			40.00%
MAC Heitman Portfolio
Property, Plant and Equipment [Line Items]
Gain (loss) on remeasurement, sale or write down of assets, net	$ (340,745)				$ (340,745)
Ownership interest sold (percent)	49.00%				49.00%
Promenade at Casa Grande
Property, Plant and Equipment [Line Items]
Gain (loss) on remeasurement, sale or write down of assets, net					$ 23,335
The Market Place at Flagstaff
Property, Plant and Equipment [Line Items]
Gain (loss) on remeasurement, sale or write down of assets, net					$ 7,188
Flagstaff Mall
Property, Plant and Equipment [Line Items]
Gain (loss) on remeasurement, sale or write down of assets, net				$ 4,078		4,078
Freestanding Store
Property, Plant and Equipment [Line Items]
Gain (loss) on remeasurement, sale or write down of assets, net						$ 4,566

Tenant and Other Receivables,47

Tenant and Other Receivables, net (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015	Mar. 17, 2014
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 1,844,000	$ 3,072,000
Deferred rent receivable due to straight-line rent adjustments	54,972,000	60,790,000
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	2,314,000	10,940,000
6.5% Note Receivable
Components of tenant and other receivables, net
Notes receivable	$ 6,300,000	$ 6,351,000	$ 6,500,000
Note receivable, interest rate (percent)			6.50%

Deferred Charges and Other As48

Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 229,889		$ 229,889		$ 248,709
Intangible assets:
In-place lease values	147,212		147,212		196,969
Leasing commissions and legal costs	33,755		33,755		52,000
Above-market leases	191,141		191,141		220,847
Deferred tax assets	36,265		36,265		38,847
Deferred compensation plan assets	42,073		42,073		37,341
Other assets	61,344		61,344		70,070
Deferred charges and other assets, gross	741,679		741,679		864,783
Less accumulated amortization	(263,655)		(263,655)		(300,492)
Deferred charges and other assets, net	478,024		478,024		564,291
Accumulated amortization for intangible assets	89,005		89,005		$ 109,453
Amortization expense for intangible assets	$ 8,983	$ 16,864	$ 26,033	$ 57,208

Deferred Charges and Other As49

Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Above-Market Leases
Less accumulated amortization	$ (89,005)	$ (109,453)
Above-Market Leases
Above-Market Leases
Original allocated value	191,141	220,847
Less accumulated amortization	(62,179)	(73,520)
Allocated value net	128,962	147,327
Below-Market Leases
Below-Market Leases
Original allocated value	196,762	227,063
Less accumulated amortization	(101,850)	(101,872)
Allocated value net	$ 94,912	$ 125,191

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	$ 177,621	$ 181,069
Carrying Amount of Mortgage Notes, Other	3,667,537	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 (percent)	0.00%
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	$ 199,816	199,766
Effective Interest Rate (percent)	3.77%
Monthly Debt Service	$ 625
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	108,733	111,078
Carrying Amount of Mortgage Notes, Other	$ 108,732	111,079
Effective Interest Rate (percent)	5.53%
Monthly Debt Service	$ 1,538
Deptford Mall
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 (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 (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	$ 198,875	198,653
Effective Interest Rate (percent)	2.18%
Monthly Debt Service	$ 337
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	$ 116,495	117,708
Effective Interest Rate (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	$ 0	37,000
Effective Interest Rate (percent)	0.00%
Monthly Debt Service	$ 0
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 (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	$ 221,709	224,836
Effective Interest Rate (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	$ 299,375	303,960
Effective Interest Rate (percent)	3.61%
Monthly Debt Service	$ 1,447
Kings Plaza Shopping Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 459,342	466,266
Effective Interest Rate (percent)	3.67%
Monthly Debt Service	$ 2,229
Northgate Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 63,549	63,783
Effective Interest Rate (percent)	3.40%
Monthly Debt Service	$ 147
Oaks, The
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 202,332	205,555
Effective Interest Rate (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	$ 128,021	130,108
Effective Interest Rate (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 (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	$ 220,901	224,815
Effective Interest Rate (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	$ 128,466	130,638
Effective Interest Rate (percent)	3.14%
Monthly Debt Service	$ 589
Stonewood Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 101,048	105,494
Effective Interest Rate (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	$ 67,525	67,749
Effective Interest Rate (percent)	2.35%
Monthly Debt Service	$ 159
Towne Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 21,670	21,956
Effective Interest Rate (percent)	4.48%
Monthly Debt Service	$ 117
Tucson La Encantada
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	68,888	69,991
Carrying Amount of Mortgage Notes, Other	$ 0	0
Effective Interest Rate (percent)	4.23%
Monthly Debt Service	$ 368
Victor Valley, Mall of
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 114,544	114,500
Effective Interest Rate (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	$ 270,556	274,417
Effective Interest Rate (percent)	3.55%
Monthly Debt Service	$ 1,256
Westside Pavilion
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 144,581	$ 146,630
Effective Interest Rate (percent)	4.49%
Monthly Debt Service	$ 783

Mortgage Notes Payable - Premiu

Mortgage Notes Payable - Premiums and Discounts (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Mortgage loans payable on real estate
Debt premiums (discounts), net	$ 6,874	$ 18,408
Arrowhead Towne Center
Mortgage loans payable on real estate
Debt premiums	0	8,494
Deptford Mall
Mortgage loans payable on real estate
Debt discounts	0	(3)
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Debt premiums	3,790	4,486
Stonewood Center
Mortgage loans payable on real estate
Debt premiums	3,058	5,168
Superstition Springs Center
Mortgage loans payable on real estate
Debt premiums	$ 26	$ 263

Mortgage Notes Payable - Footno

Mortgage Notes Payable - Footnotes (Details) - USD ($)	Jul. 15, 2016	Jan. 14, 2016	Jan. 06, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Mortgage loans payable on real estate
Unamortized deferred finance costs				$ 11,567,000		$ 16,025,000
Gain (loss) on early extinguishment of debt, net				$ 13,737,000	$ 609,000
Freehold Raceway Mall
Mortgage loans payable on real estate
Percentage of loan assumed by third party (percent)				49.90%
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Effective interest rate (percent)				2.18%
Northgate Mall
Mortgage loans payable on real estate
Effective interest rate (percent)				3.40%
Arrowhead Towne Center
Mortgage loans payable on real estate
Percentage of loan assumed by third party (percent)			40.00%
Ownership interest sold (percent)			40.00%	40.00%
MAC Heitman Portfolio
Mortgage loans payable on real estate
Ownership interest sold (percent)		49.00%		49.00%
Arrowhead Towne Center
Mortgage loans payable on real estate
Face amount of debt			$ 400,000,000
Effective interest rate (percent)			4.05%
Gain (loss) on early extinguishment of debt, net			$ (3,575,000)
Percentage of loan assumed by third party (percent)			40.00%
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Effective interest rate (percent)						1.84%
Interest rate spread over basis (percent)				1.50%
Flagstaff Mall
Mortgage loans payable on real estate
Gain (loss) on early extinguishment of debt, net	$ 5,284,000
Northgate Mall
Mortgage loans payable on real estate
Effective interest rate (percent)						3.30%
Interest rate spread over basis (percent)				2.25%

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Debt Disclosure [Abstract]
Mortgage notes payable which could become recourse	$ 13,500		$ 13,500		$ 13,500
Interest expense capitalized	2,707	$ 3,629	7,572	$ 10,095
Fair value of mortgage notes payable	$ 3,893,668		$ 3,893,668		$ 4,628,781

Bank and Other Notes Payable (D

Bank and Other Notes Payable (Details) - USD ($)	Jul. 06, 2016	Mar. 29, 2013	Sep. 30, 2016	Dec. 31, 2015
Mortgage loans payable on real estate
Unamortized deferred finance costs			$ 11,567,000	$ 16,025,000
Line of Credit
Mortgage loans payable on real estate
Revolving line of credit			1,500,000,000
Current borrowing capacity	$ 1,500,000,000
Extension option (years)	1 year
Maximum contingent borrowing capacity	$ 2,000,000,000
Outstanding borrowings under the line of credit			1,055,000,000	650,000,000
Unamortized deferred finance costs			$ 11,877,000	$ 6,967,000
Line of credit, average interest rate (percent)			2.15%	1.95%
Line of Credit | Level 2 measurement
Mortgage loans payable on real estate
Fair value of outstanding line of credit			$ 1,035,830,000	$ 640,260,000
Line of Credit | LIBOR
Mortgage loans payable on real estate
Interest rate spread over basis (percent)			1.45%
Line of Credit | LIBOR | Low end of range
Mortgage loans payable on real estate
Interest rate spread over basis (percent)	1.30%		1.38%
Line of Credit | LIBOR | High end of range
Mortgage loans payable on real estate
Interest rate spread over basis (percent)	1.90%		2.00%
Prasada Note
Mortgage loans payable on real estate
Amount of additional borrowing		$ 13,330,000
Interest rate on debt (percent)		5.25%
Debt, carrying value			$ 5,821,000	9,130,000
Debt, fair value			$ 6,211,000	$ 9,168,000

Co-Venture Arrangement (Details

Co-Venture Arrangement (Details) ft² in Thousands, $ in Thousands	Sep. 30, 2009USD ($)ft²	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Co-Venture Arrangement
Co-venture obligation | $		$ 59,609	$ 63,756
Freehold Raceway Mall and Chandler Fashion Center
Co-Venture Arrangement
Percentage of loan assumed by third party (percent)	49.90%
Co-venture obligation | $	$ 168,154
Freehold Raceway Mall
Co-Venture Arrangement
Property area (in square feet) | ft²	1,674
Chandler Fashion Center
Co-Venture Arrangement
Property area (in square feet) | ft²	1,319

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Aug. 20, 2014
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partnership interest of the operating partnership (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	10 days
Redemption value of outstanding OP Units not owned by the Company	$ 864,182	$ 870,625
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership (percent)	93.00%	93.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Jul. 11, 2016shares	May 09, 2016USD ($)shares	Apr. 19, 2016shares	Feb. 17, 2016USD ($)shares	Jan. 19, 2016shares	Nov. 12, 2015USD ($)shares	Oct. 30, 2015dividend$ / shares	Jul. 11, 2016$ / sharesshares	Apr. 19, 2016$ / sharesshares	Jan. 19, 2016$ / sharesshares	Sep. 30, 2016USD ($)$ / shares	Dec. 31, 2015$ / shares	Sep. 30, 2015USD ($)	Aug. 20, 2014USD ($)$ / shares
Stockholders' Equity Note [Abstract]
Authorized repurchase amount | $		$ 400,000,000		$ 400,000,000		$ 400,000,000							$ 1,200,000,000
Authorized amount for accelerated stock repurchase program | $		$ 400,000,000		$ 400,000,000		$ 400,000,000
Accelerated shares repurchased (shares) | shares	1,104,162	3,964,812	861,235	4,222,193	970,609	4,140,788		5,068,974	5,083,428	5,111,397
Average price per share paid for stock repurchased for accelerated stock repurchases (in dollars per share) | $ / shares								$ 78.91	$ 78.69	$ 78.26
Number of dividends declared | dividend							2
Dividend declared (in dollars per share) | $ / shares							$ 2
Common stock, par value (in dollars per share) | $ / shares											$ 0.01	$ 0.01		$ 0.01
Maximum price of common stock available to be issued | $											$ 500,000,000			$ 500,000,000
Commission to sales agent (as a percent)														2.00%

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Aug. 19, 2016	Feb. 17, 2015	Oct. 31, 2014	Sep. 30, 2016	Sep. 30, 2016
Acquisition
Contingent consideration				$ 2,570	$ (12,180)
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 (percent)		50.00%
Ownership interest at completion of acquisition (percent)		100.00%
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	$ 23,800

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	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Acquisition
Carrying value of investment		$ (1,753,524)		$ (1,753,524)		$ (1,532,552)
Gain on remeasurement of assets		$ 0	$ 0	$ 0	$ 22,089
Inland Center
Acquisition
Fair value of existing ownership interest (at 50% ownership)	$ 26,250
Carrying value of investment	(4,161)
Gain on remeasurement of assets	$ 22,089
Fair value of existing ownership interest (percent)	50.00%

Acquisitions - Reconciliation o

Acquisitions - Reconciliation of Purchase Price (Details) - USD ($) $ in Thousands	Feb. 17, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Acquisition
Carrying value of investment		$ 1,753,524		$ 1,753,524		$ 1,532,552
Gain on remeasurement of assets		$ 0	$ 0	$ 0	$ 22,089
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 (percent)	100.00%

Dispositions (Details)

Dispositions (Details) ft² in Thousands, $ in Thousands	Jul. 15, 2016USD ($)ft²	May 31, 2016USD ($)	Apr. 13, 2016USD ($)ft²	Nov. 19, 2015USD ($)ft²	Jun. 30, 2015USD ($)ft²	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Discontinued Operations:
Gain (loss) on early extinguishment of debt, net						$ 13,737	$ 609
The Market Place at Flagstaff
Discontinued Operations:
Property area (in square feet) | ft²	347
Flagstaff Mall
Discontinued Operations:
Gain (loss) on early extinguishment of debt, net	$ 5,284
Great Northern Mall
Discontinued Operations:
Property area (in square feet) | ft²					895
Great Northern Mall | Great Northern Mall
Discontinued Operations:
Gain (loss) on early extinguishment of debt, net					$ (1,627)
Panorama Mall
Discontinued Operations:
Property area (in square feet) | ft²				312
Proceeds from sale				$ 98,000
Gain on disposal				$ 73,726
Capitola Mall
Discontinued Operations:
Property area (in square feet) | ft²			586
Proceeds from sale			$ 93,000
Gain on disposal			$ 24,897
Mervyn's
Discontinued Operations:
Proceeds from sale		$ 3,200
Gain on disposal		$ (3,066)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Operating lease rent expense	$ 2,395,000	$ 2,968,000	$ 7,312,000	$ 8,879,000
Contingent rent	0	$ 0	0	$ 0
Contingent liability under letters of credit	61,002,000		61,002,000
Outstanding obligations under construction agreements	$ 39,418,000		$ 39,418,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - Unconsolidated Joint Ventures and Third Party Managed Properties - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Management fees	$ 4,271	$ 2,321	$ 13,240	$ 6,993
Development and leasing fees	2,952	1,721	10,149	5,201
Fees charged to unconsolidated joint ventures	$ 7,223	$ 4,042	$ 23,389	$ 12,194

Related Party Transactions Rela

Related Party Transactions Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Interest expense, related party	$ 2,224	$ 2,690	$ 6,752	$ 8,128
Due from affiliates	69,481		69,481		$ 83,928
Related parties note receivable, RED Consolidated Holdings, LLC
Related Party Transaction [Line Items]
Due from affiliates	$ 5,822		$ 5,822		9,252
Note receivable, interest rate (percent)	5.25%		5.25%
Interest income, related party	$ 81	128	$ 294	397
Northwestern Mutual Life (NML)
Related Party Transaction [Line Items]
Interest expense payable, related party	742		742		756
Unconsolidated Joint Ventures
Related Party Transaction [Line Items]
Due from affiliates	5,179		5,179
Due to affiliates					7,467
Affiliated Entity | Notes Receivable | Fashion Outlets of San Francisco
Related Party Transaction [Line Items]
Interest income, related party	583	$ 468	1,629	$ 1,351
Note receivable	$ 68,838		$ 68,838		$ 67,209
Affiliated Entity | Notes Receivable | LIBOR | Fashion Outlets of San Francisco
Related Party Transaction [Line Items]
Note receivable, interest rate (percent)	2.00%		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	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)
Share and unit-based plans
Capitalized share and unit-based compensation costs | $			$ 750	$ 551	$ 6,490	$ 5,459
Stock units
Share and unit-based plans
Conversion rate of shares					1
Granted (shares) | shares					85,388
Average grant date fair value (in dollars per share) | $ / shares					$ 79.25
Unrecognized compensation cost of share and unit-based plans | $			4,696		$ 4,696
LTIP Units
Share and unit-based plans
Conversion rate of shares					1
Granted (shares) | shares					480,371
Average grant date fair value (in dollars per share) | $ / shares					$ 65
Risk free rate (percent)		1.32%
Volatility (percent)		20.31%
Unrecognized compensation cost of share and unit-based plans | $			7,602		$ 7,602
LTIP Units | LTIP units that vest in equal installments over a service period ending December 31, 2016
Share and unit-based plans
Granted (shares) | shares		58,786
Average grant date fair value (in dollars per share) | $ / shares		$ 80.69
LTIP Units | Market-Indexed LTIP units that vest in equal installments over a service period ending December 31, 2016
Share and unit-based plans
Granted (shares) | shares		266,899
Average grant date fair value (in dollars per share) | $ / shares		$ 53.32
LTIP Units | LTIP units that are fully vested on the grant date
Share and unit-based plans
Granted (shares) | shares	154,686
Average grant date fair value (in dollars per share) | $ / shares	$ 79.20
Stock options
Share and unit-based plans
Unrecognized compensation cost of share and unit-based plans | $			15		$ 15
Phantom stock units
Share and unit-based plans
Granted (shares) | shares					19,814
Average grant date fair value (in dollars per share) | $ / shares					$ 80.99
Unrecognized compensation cost of share and unit-based plans | $			$ 610		$ 610

Share and Unit-Based Plans - Co

Share and Unit-Based Plans - Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 6,385	$ 4,973	$ 34,133	$ 29,088
LTIP Units
Share and unit-based plans
Compensation cost under share and unit-based plans	5,204	3,812	27,752	22,810
Stock awards
Share and unit-based plans
Compensation cost under share and unit-based plans	0	28	20	225
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	965	881	5,339	5,214
Stock options
Share and unit-based plans
Compensation cost under share and unit-based plans	4	4	12	12
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 212	$ 248	$ 1,010	$ 827

Share and Unit-Based Plans - No

Share and Unit-Based Plans - Nonvested Equity Awards (Details)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
LTIP Units
Units
Balance at beginning of period (shares) | shares	56,315
Granted (shares) | shares	480,371
Vested (shares) | shares	(154,686)
Forfeited (shares) | shares	0
Balance at end of period (shares) | shares	382,000
Value
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
Balance at beginning of period (shares) | shares	1,612
Granted (shares) | shares	0
Vested (shares) | shares	(1,612)
Forfeited (shares) | shares	0
Balance at end of period (shares) | shares	0
Value
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
Balance at beginning of period (shares) | shares	0
Granted (shares) | shares	19,814
Vested (shares) | shares	(12,319)
Forfeited (shares) | shares	0
Balance at end of period (shares) | shares	7,495
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	80.99
Vested (in dollars per share) | $ / shares	80.73
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 81.42
Stock Units
Units
Balance at beginning of period (shares) | shares	132,086
Granted (shares) | shares	85,388
Vested (shares) | shares	(69,046)
Forfeited (shares) | shares	0
Balance at end of period (shares) | shares	148,428
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 74.58
Granted (in dollars per share) | $ / shares	79.25
Vested (in dollars per share) | $ / shares	71.83
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 78.53

Share and Unit-Based Plans - SA

Share and Unit-Based Plans - SARs (Details)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
SARs
Units
Balance at beginning of period (shares) | shares	417,783
Granted (shares) | shares	0
Exercised (shares) | shares	(143,822)
Special dividend adjustment (shares) | shares	10,185
Balance at end of period (shares) | shares	284,146
Value
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	53.73
Special dividend adjustment (in dollars per share) | $ / shares	53.88
Balance at end of period (in dollars per share) | $ / shares	$ 53.85
Stock Options
Units
Balance at beginning of period (shares) | shares	10,314
Granted (shares) | shares	0
Exercised (shares) | shares	0
Special dividend adjustment (shares) | shares	251
Balance at end of period (shares) | shares	10,565
Value
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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Current	$ (68)	$ 0	$ (154)	$ 0
Deferred	(837)	859	(2,582)	2,077
Income tax (expense) benefit	(905)	$ 859	(2,736)	$ 2,077
Net deferred tax assets	$ 36,265		$ 36,265		$ 38,847

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Oct. 21, 2016	Oct. 30, 2015	Oct. 06, 2016
Subsequent events
Dividend declared (in dollars per share)		$ 2
Subsequent event
Subsequent events
Dividend declared (in dollars per share)	$ 0.71
Mortgage notes payable | Subsequent event | Fresno Fashion Fair
Subsequent events
Face amount of debt			$ 325,000,000
Effective interest rate (percent)			3.67%