The Macerich Company (MAC) 10-K 23 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Feb. 21, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	MACERICH CO
Entity Central Index Key	912,242
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		140,852,118
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 8.2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS:
Property, net	$ 7,109,230	$ 7,357,310
Cash and cash equivalents	91,038	94,046
Restricted cash	52,067	49,951
Tenant and other receivables, net	112,653	136,998
Deferred charges and other assets, net	449,190	478,058
Due from affiliates	82,162	68,227
Investments in unconsolidated joint ventures	1,709,522	1,773,558
Total assets	9,605,862	9,958,148
Mortgage notes payable:
Related parties	171,569	176,442
Others	4,066,511	3,908,976
Total	4,238,080	4,085,418
Bank and other notes payable	932,184	880,482
Accounts payable and accrued expenses	58,412	61,316
Other accrued liabilities	325,701	366,165
Distributions in excess of investments in unconsolidated joint ventures	83,486	78,626
Co-venture obligation	0	58,973
Total liabilities	5,637,863	5,530,980
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 140,993,985 and 143,985,036 shares issued and outstanding at December 31, 2017 and 2016, respectively	1,410	1,440
Additional paid-in capital	4,510,489	4,593,229
Accumulated deficit	(830,279)	(488,782)
Accumulated other comprehensive loss	(42)	0
Total stockholders' equity	3,681,578	4,105,887
Noncontrolling interests	286,421	321,281
Total equity	3,967,999	4,427,168
Total liabilities and equity	$ 9,605,862	$ 9,958,148

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
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	140,993,985	143,958,036
Common stock, shares outstanding	140,993,985	143,958,036

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Minimum rents	$ 594,030	$ 616,295	$ 759,603
Percentage rents	17,124	20,902	25,693
Tenant recoveries	283,295	305,282	415,129
Other	55,819	59,328	61,470
Management Companies	43,394	39,464	26,254
Total revenues	993,662	1,041,271	1,288,149
Expenses:
Shopping center and operating expenses	295,190	307,623	379,815
Management Companies' operating expenses	100,121	98,323	92,340
REIT general and administrative expenses	28,240	28,217	29,870
Costs related to unsolicited takeover offer	0	0	25,204
Depreciation and amortization	335,431	348,488	464,472
Total expenses before interest	758,982	782,651	991,701
Interest expense:
Related parties	8,731	8,973	10,515
Other	163,045	154,702	201,428
Total interest expense	171,776	163,675	211,943
Gain on extinguishment of debt, net	0	(1,709)	(1,487)
Total expenses	930,758	944,617	1,202,157
Equity in income of unconsolidated joint ventures	85,546	56,941	45,164
Co-venture expense	(13,629)	(13,382)	(11,804)
Income tax (expense) benefit	(15,594)	(722)	3,223
Gain on sale or write down of assets, net	42,446	415,348	378,248
Gain on remeasurement of assets	0	0	22,089
Net income	161,673	554,839	522,912
Less net income attributable to noncontrolling interests	15,543	37,844	35,350
Net income attributable to the Company	$ 146,130	$ 516,995	$ 487,562
Earnings per common share attributable to common stockholders:
Net income attributable to common stockholders (dollars per share)	$ 1.02	$ 3.52	$ 3.08
Net income attributable to common stockholders (dollars per share)	$ 1.02	$ 3.52	$ 3.08
Weighted average number of common shares outstanding:
Basic (shares)	141,877	146,599	157,916
Diluted (shares)	141,913	146,711	158,060

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 161,673	$ 554,839	$ 522,912
Other comprehensive loss:
Interest rate cap	(42)	0	0
Comprehensive income	161,631	554,839	522,912
Less net income attributable to noncontrolling interests	15,543	37,844	35,350
Comprehensive income attributable to the Company	$ 146,088	$ 516,995	$ 487,562

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2014			158,201,996
Balance at Dec. 31, 2014	$ 6,039,849	$ 5,640,120	$ 1,582	$ 5,041,797	$ 596,741		$ 399,729
Increase (Decrease) in Stockholders' Equity
Net income	522,912	487,562			487,562		35,350
Interest rate cap	0
Amortization of share and unit-based plans (in shares)			241,186
Amortization of share and unit-based plans	34,375	34,375	$ 2	34,373
Employee stock purchases (in shares)			23,036
Employee stock purchases	1,512	1,512		1,512
Stock repurchase (in shares)			(4,140,788)
Stock repurchase	(400,144)	(400,144)	$ (41)	(153,602)	(246,501)
Distributions	(1,050,562)	(1,050,562)			(1,050,562)
Distributions to noncontrolling interests	(74,677)						(74,677)
Contributions from noncontrolling interests	23						23
Other	(1,593)	(1,593)		(1,593)
Conversion of noncontrolling interests to common shares (in shares)			79,556
Conversion of noncontrolling interests to common shares	0	1,559	$ 1	1,558			(1,559)
Redemption of noncontrolling interests	(456)	(343)		(343)			(113)
Adjustment of noncontrolling interests in Operating Partnership	0	2,928		2,928			(2,928)
Balance (in shares) at Dec. 31, 2015			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	554,839	516,995			516,995		37,844
Interest rate cap	0
Amortization of share and unit-based plans (in shares)			139,671
Amortization of share and unit-based plans	40,529	40,529	$ 2	40,527
Employee stock purchases (in shares)			28,147
Employee stock purchases	1,697	1,697		1,697
Stock repurchase (in shares)			(11,123,011)
Stock repurchase	(800,018)	(800,018)	$ (111)	(412,391)	(387,516)
Distributions	(405,501)	(405,501)			(405,501)
Distributions to noncontrolling interests	(35,677)						(35,677)
Contributions from noncontrolling interests	90						90
Conversion of noncontrolling interests to common shares (in shares)			535,243
Conversion of noncontrolling interests to common shares	0	12,448	$ 5	12,443			(12,448)
Redemption of noncontrolling interests	(30)	(23)		(23)			(7)
Adjustment of noncontrolling interests in Operating Partnership	$ 0	24,346		24,346			(24,346)
Balance (in shares) at Dec. 31, 2016	143,958,036		143,985,036
Balance at Dec. 31, 2016	$ 4,427,168	4,105,887	$ 1,440	4,593,229	(488,782)	$ 0	321,281
Increase (Decrease) in Stockholders' Equity
Net income	161,673	146,130			146,130		15,543
Interest rate cap	(42)	(42)				(42)
Amortization of share and unit-based plans (in shares)			97,694
Amortization of share and unit-based plans	37,005	37,005	$ 1	37,004
Employee stock purchases (in shares)			38,832
Employee stock purchases	1,868	1,868		1,868
Stock repurchase (in shares)			(3,627,390)
Stock repurchase	(221,428)	(221,428)	$ (36)	(135,176)	(86,216)
Distributions	(407,895)	(407,895)			(407,895)
Distributions to noncontrolling interests	(35,944)						(35,944)
Contributions from noncontrolling interests	30						30
Conversion of noncontrolling interests to common shares (in shares)			499,813
Conversion of noncontrolling interests to common shares	0	16,797	$ 5	16,792			(16,797)
Redemption of noncontrolling interests	(920)	(615)		(615)			(305)
Adjustment of noncontrolling interests in Operating Partnership	$ 0	(2,613)		(2,613)			2,613
Balance (in shares) at Dec. 31, 2017	140,993,985		140,993,985
Balance at Dec. 31, 2017	$ 3,967,999	3,681,578	$ 1,410	$ 4,510,489	(830,279)	$ (42)	$ 286,421
Increase (Decrease) in Stockholders' Equity
Cumulative effect of adoption of ASU 2016-09	$ 6,484	$ 6,484			$ 6,484

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares	Nov. 12, 2015	Oct. 30, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Dividends declared for common stock (in dollars per share)	$ 2	$ 2	$ 2.87	$ 2.75	$ 6.63

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 161,673	$ 554,839	$ 522,912
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on extinguishment of debt, net	0	(1,709)	(1,487)
Gain on sale or write down of assets, net	(42,446)	(415,348)	(378,248)
Gain on remeasurement of assets	0	0	(22,089)
Depreciation and amortization	341,275	355,358	471,320
Amortization of net premium on mortgage notes payable	(3,277)	(4,048)	(20,232)
Amortization of share and unit-based plans	30,799	33,288	28,367
Straight-line rent adjustment	(8,597)	(5,237)	(7,192)
Amortization of above and below-market leases	(964)	(12,815)	(16,510)
Provision for doubtful accounts	4,314	3,586	4,698
Income tax expense (benefit)	15,594	722	(3,223)
Equity in income of unconsolidated joint ventures	(85,546)	(56,941)	(45,164)
Co-venture expense	13,629	13,382	11,804
Distributions of income from unconsolidated joint ventures	463	7,248	4,541
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	(6,508)	(7,585)	1,908
Other assets	(4,414)	(20,033)	13,892
Due from affiliates	(13,982)	15,983	(7,025)
Accounts payable and accrued expenses	(5,822)	(8,929)	(4,014)
Other accrued liabilities	(9,802)	(22,227)	698
Net cash provided by operating activities	386,389	429,534	554,956
Cash flows from investing activities:
Acquisition of properties	0	0	(26,250)
Development, redevelopment, expansion and renovation of properties	(160,343)	(211,616)	(272,334)
Property improvements	(41,807)	(47,863)	(53,335)
Proceeds from repayment of notes receivable	7,073	3,677	1,833
Deposit on acquisition of property	0	0	(12,500)
Deferred leasing costs	(31,655)	(28,074)	(33,902)
Distributions from unconsolidated joint ventures	267,964	444,095	105,640
Contributions to unconsolidated joint ventures	(117,538)	(430,428)	(426,186)
Proceeds from sale of assets	255,294	724,275	646,898
Restricted cash	(2,116)	(10,953)	(30,888)
Net cash provided by (used in) investing activities	176,872	443,113	(101,024)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	1,430,000	3,201,138	4,080,671
Payments on mortgages, bank and other notes payable	(1,219,728)	(2,437,891)	(3,284,213)
Deferred financing costs	(8,500)	(10,584)	(11,805)
Payment of finance deposits, net of refunds received	0	0	(11,138)
Payment of debt extinguishment costs	0	(12,028)	(14,579)
Proceeds from share and unit-based plans	1,868	1,697	1,512
Stock repurchases	(221,428)	(800,018)	(400,144)
Redemption of noncontrolling interests	(920)	(30)	(456)
Contributions from noncontrolling interests	30	90	23
Purchase of noncontrolling interest	0	0	(1,593)
Settlement of contingent consideration	0	(10,012)	0
Dividends and distributions	(443,839)	(779,308)	(787,109)
Distributions to co-venture partner	(103,752)	(18,165)	(23,498)
Net cash used in financing activities	(566,269)	(865,111)	(452,329)
Net (decrease) increase in cash and cash equivalents	(3,008)	7,536	1,603
Cash and cash equivalents, beginning of year	94,046	86,510	84,907
Cash and cash equivalents, end of year	91,038	94,046	86,510
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	168,493	153,838	231,106
Non-cash investing and financing activities:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	43,726	49,484	52,983
Conversion of Operating Partnership Units to common stock	16,797	12,448	1,559
Accrued dividend	0	0	337,703
Mortgage notes payable settled by deed-in-lieu of foreclosure	0	37,000	34,149
Mortgage notes payable assumed by buyer in exchange for investment in unconsolidated joint venture	0	997,695	1,782,455
Acquisition of property in exchange for investment in unconsolidated joint venture	0	0	76,250
Assumption of mortgage notes payable and other liabilities from unconsolidated joint ventures	$ 0	$ 0	$ 50,000

Organization

Organization	12 Months Ended
	Dec. 31, 2017
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 December 31, 2017 , 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 owned by the Company and are collectively referred to herein as the "Management Companies."

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies : Basis of Presentation: These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. The accompanying consolidated financial statements include the accounts of the Company. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity ("VIE") in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures. 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: December 31, 2017 2016 Assets: Property, net $ 288,881 $ 307,582 Other assets 60,586 68,863 Total assets $ 349,467 $ 376,445 Liabilities: Mortgage notes payable $ 129,436 $ 133,245 Other liabilities 72,705 75,913 Total liabilities $ 202,141 $ 209,158 All intercompany accounts and transactions have been eliminated in the consolidated financial statements. Cash and Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under loan agreements. Revenues: Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." Minimum rents were increased by $8,597 , $5,237 and $7,192 due to the straight-line rent adjustment during the years ended December 31, 2017 , 2016 and 2015 , respectively. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. In consideration for these services, the Management Companies receive monthly management fees generally ranging from 1.5% to 5% of the gross monthly rental revenue of the properties managed. Property: Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 5 - 40 years Tenant improvements 5 - 7 years Equipment and furnishings 5 - 7 years Capitalization of Costs: The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete. Investment in Unconsolidated Joint Ventures: The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Candlestick Center LLC, Corte Madera Village, LLC, Macerich HHF Centers LLC, New River Associates LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures due to the substantive participation rights of the outside partners in these joint ventures and, therefore, accounts for its investments in these joint ventures using the equity method of accounting. Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization. Acquisitions: The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases are recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. The initial allocation of purchase price is based on management's preliminary assessment, which may change when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The purchase price allocation is described as preliminary if it is not yet final. The use of different assumptions in the allocation of the purchase price of the acquired assets and liabilities assumed could affect the timing of recognition of the related revenues and expenses. The Company immediately expenses costs associated with business combinations as period costs. Remeasurement gains are recognized when the Company obtains control of an existing equity method investment to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment. Deferred Charges: Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method. The range of the terms of the agreements is as follows: Deferred lease costs 1 - 15 years Deferred financing costs 1 - 15 years Accounting for Impairment: The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary. Share and Unit-based Compensation Plans: The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For market-indexed LTIP awards, compensation cost is recognized under the graded attribution method. Derivative Instruments and Hedging Activities: The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Ineffective portions, if any, are included in net income (loss). Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations. Income Taxes: The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any. Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. 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. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods. Segment Information: The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States. Fair Value of Financial Instruments: The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made. Fair Value of Financial Instruments:(Continued) The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Concentration of Risk: The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250 . At various times during the year, the Company had deposits in excess of the FDIC insurance limit. No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2017 , 2016 or 2015 . Management Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("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. The standard 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 the standard specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. The standard will initially apply to the Company's recognition of management companies and other revenues. This standard will not apply to the Company's recognition of tenant recoveries until January 1, 2019, when it adopts ASU 2016-02, "Leases (Topic 842)", as discussed below. The Company's adoption of ASU 2014-09 on January 1, 2018 did not have a significant impact on the pattern of revenue recognition for management companies and other revenues. Additionally, under ASU 2014-09, the Company will account for its joint venture in Chandler Fashion Center and Freehold Raceway Mall (See Note 11 — Co-Venture Arrangement ) as a financing arrangement. The financing arrangement liability is required to be recorded at fair value upon adoption and any subsequent changes in fair value recognized as interest expense in the Company's consolidated statements of operations. The Company's adoption of this standard effective January 1, 2018 is expected to result in the replacement of its $31,150 distributions in excess of co-venture obligation (See Note 8 — Deferred Charges and Other Assets, net ) with a financing arrangement liability estimated to be $393,700 on its consolidated balance sheets. This will result in the recognition of an estimated $424,850 increase in the Company’s accumulated deficit as a cumulative effect adjustment under the modified retrospective method of adoption. The financing arrangement liability and cumulative effect adjustment are provisional and are still being evaluated by management. Such amounts are subject to change and will be finalized on the Company’s consolidated financial statements for the three months ended March 31, 2018. Recent Accounting Pronouncements: (Continued) In February 2016, the FASB issued ASU 2016-02, which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption. Additionally, under the standard, certain common area maintenance recoveries must be accounted for as a non-lease component. Under ASU 2016-02, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. The Company is a lessee on ground leases at certain properties, on certain office space leases and on certain other improvements and equipment. The standard will impact the accounting and disclosure requirements for these leases. The standard is effective for the Company under a modified retrospective approach beginning January 1, 2019. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements. In November 2017, the FASB decided to proceed with issuing a final accounting standards update on the new leasing standard, which would provide additional practical expedients that can be elected upon adoption of ASU 2016-02 on January 1, 2019. The FASB issued an exposure draft on January 5, 2018 that includes a practical expedient that would allow lessors, as an accounting policy election by class of underlying asset, to not bifurcate non-lease components from the related lease components if certain conditions are met, and a practical expedient that would enable a cumulative effect transition option in which a company would not have to adjust their comparative period financial statements for the effects of the new standard. The Company plans on utilizing the practical expedients provided by ASU 2016-02 and the final accounting standards update and will continue to monitor and review updates as they are provided by the FASB. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amended the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. The Company's adoption of this standard on January 1, 2017 under the modified retrospective method resulted in the recognition of excess tax benefits of $6,484 as a cumulative effect adjustment, which reduced its accumulated deficit and increased its deferred tax assets by the same amount. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amended 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. The Company's adoption of this standard on January 1, 2017 resulted in the reclassification of $12,028 and $14,579 of debt extinguishment costs from operating activities to financing activities on its consolidated statements of cash flows for the year ended December 31, 2016 and 2015 , respectively. On November 17, 2016, the FASB issued ASU 2016-18, “Restricted Cash,” which requires that the statement of cash flows explain the change during a reporting period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. This standard states that transfers between cash, cash equivalents, and restricted cash are not part of the entity’s operating, investing, and financing activities. Therefore, restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company's adoption of this standard on January 1, 2018 did not have a significant impact on its consolidated statements of cash flows. On January 5, 2017, the FASB issued ASU 2017-01, “Business Combinations,” which clarifies the definition of a business. The objective of the standard is to add further guidance that assists entities in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities are not a business and should be treated as an asset acquisition. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. The primary difference between business combinations and asset acquisitions is the recognition of transaction costs, which are expensed as period costs for business combinations and capitalized for asset acquisitions. The Company's adoption of this standard on January 1, 2018 did not have a significant impact on its consolidated financial statements. Recent Accounting Pronouncements: (Continued) In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets,” which clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The Company's adoption of this standard on January 1, 2018 did not have a significant impact on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” which aims to (i) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (ii) reduce the complexity of and simplify the application of hedge accounting by preparers. The standard is effective for the Company beginning January 1, 2019, with early adoption permitted. 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")	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share (EPS)	Earnings Per Share ("EPS"): The following table reconciles the numerator and denominator used in the computation of earnings per share for the years ended December 31 (shares in thousands): 2017 2016 2015 Numerator Net Income $ 161,673 $ 554,839 $ 522,912 Net income attributable to noncontrolling interests (15,543 ) (37,844 ) (35,350 ) Net income attributable to the Company 146,130 516,995 487,562 Allocation of earnings to participating securities (757 ) (779 ) (1,493 ) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 145,373 $ 516,216 $ 486,069 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 141,877 146,599 157,916 Effect of dilutive securities (1) Share and unit based compensation 36 112 144 Denominator for diluted EPS—weighted average number of common shares outstanding 141,913 146,711 158,060 EPS—net income attributable to common stockholders: Basic $ 1.02 $ 3.52 $ 3.08 Diluted $ 1.02 $ 3.52 $ 3.08 ____________________________________ (1) Diluted EPS excludes 90,619 , 133,366 and 139,186 convertible preferred units for the years ended December 31, 2017 , 2016 and 2015 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,416,321 and 10,721,271 and 10,562,154 Operating Partnership units ("OP Units") for the years ended December 31, 2017 , 2016 and 2015 , respectively, as their effect was antidilutive.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures: The following are the Company's direct or indirect investments in various joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2017 was as follows: Joint Venture Ownership %(1) 443 Wabash MAB LLC 45.0 % AM Tysons LLC 50.0 % Biltmore Shopping Center Partners LLC 50.0 % Candlestick Center LLC—Fashion Outlets of San Francisco 50.1 % Coolidge Holding LLC 37.5 % Corte Madera Village, LLC 50.1 % Country Club Plaza KC Partners LLC 50.0 % Fashion District Philadelphia—Various Entities 50.0 % Jaren Associates #4 12.5 % Kierland Commons Investment LLC 50.0 % Macerich HHF Centers LLC—Various Properties 51.0 % Macerich Northwestern Associates—Broadway Plaza 50.0 % MS Portfolio LLC 50.0 % New River Associates LLC—Arrowhead Towne Center 60.0 % North Bridge Chicago LLC 50.0 % One Scottsdale Investors LLC 50.0 % Pacific Premier Retail LLC—Various Properties 60.0 % Propcor II Associates, LLC—Boulevard Shops 50.0 % Scottsdale Fashion Square Partnership 50.0 % The Market at Estrella Falls LLC 40.1 % TM TRS Holding Company LLC 50.0 % Tysons Corner LLC 50.0 % Tysons Corner Hotel I LLC 50.0 % Tysons Corner Property Holdings II LLC 50.0 % Tysons Corner Property LLC 50.0 % West Acres Development, LLP 19.0 % Westcor/Queen Creek LLC 38.2 % Westcor/Surprise Auto Park LLC 33.3 % WMAP, L.L.C.—Atlas Park, The Shops at 50.0 % _______________________________________________________________________________ (1) The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds. The Company has made the following investments and dispositions in unconsolidated joint ventures during the years ended December 31, 2017 , 2016 and 2015 : On February 17, 2015 , the Company acquired the remaining 50% ownership interest in Inland Center , an 869,000 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 14 — 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 2,070,000 square foot regional shopping center in Lakewood , California ; Los Cerritos Center , a 1,305,000 square foot regional shopping center in Cerritos , California ; South Plains Mall , a 1,128,000 square foot regional shopping center in Lubbock , Texas ; and Washington Square , a 1,442,000 square foot regional shopping center in Portland , Oregon , for a total sales price of $1,258,643 , resulting in a gain on 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 and other notes payable on the properties of $713,000 . The Company used the cash proceeds from the sales to pay down its line of credit and for general corporate purposes, which included funding the ASR and Special Dividend (See Note 13 — 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 $101,629 . 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 13 — 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 1,040,000 square foot regional shopping center in Deptford , New Jersey ; FlatIron Crossing , a 1,433,000 square foot regional shopping center in Broomfield , Colorado ; and Twenty Ninth Street , an 847,000 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 $340,734 . 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 1,001,000 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 and for general corporate purposes. On March 17, 2017 , the Company's joint venture in Country Club Plaza sold an office building for $78,000 , resulting in a gain on sale of assets of $4,580 . The Company's pro rata share of the gain on sale of assets of $2,290 was included in equity in income of unconsolidated joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 13 — Stockholders' Equity ). On September 18, 2017 , the Company's joint venture in Fashion District Philadelphia sold an office building for $61,500 , resulting in a gain on sale of assets of $13,078 . The Company's pro rata share of the gain on sale of assets of $6,539 was included in equity in income of unconsolidated joint ventures. The Company used its share of the proceeds to fund repurchases under the 2017 Stock Buyback Program (See Note 13 — Stockholders' Equity ). On December 14, 2017 , the Company’s joint venture in Westcor/Queens Creek LLC sold land for $30,491 , resulting in a gain on sale of assets of $14,853 . The Company’s share of the gain on sale was $5,436 , which was included in equity in income of unconsolidated joint ventures. The Company used its portion of the proceeds to pay down its line of credit and for general corporate purposes. 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 as of December 31: 2017 2016 Assets(1): Property, net $ 9,052,105 $ 9,176,642 Other assets 635,838 614,607 Total assets $ 9,687,943 $ 9,791,249 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 5,296,594 $ 5,224,713 Other liabilities 405,052 403,369 Company's capital 2,188,057 2,279,819 Outside partners' capital 1,798,240 1,883,348 Total liabilities and partners' capital $ 9,687,943 $ 9,791,249 Investment in unconsolidated joint ventures: Company's capital $ 2,188,057 $ 2,279,819 Basis adjustment(3) (562,021 ) (584,887 ) $ 1,626,036 $ 1,694,932 Assets—Investments in unconsolidated joint ventures $ 1,709,522 $ 1,773,558 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (83,486 ) (78,626 ) $ 1,626,036 $ 1,694,932 _______________________________________________________________________________ (1) These amounts include the assets of $3,106,105 and $3,179,255 of the PPR Portfolio as of December 31, 2017 and 2016 , respectively, and liabilities of $1,872,227 and $1,887,952 of the PPR Portfolio as of December 31, 2017 and 2016 , respectively. (2) Included in mortgage and other notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $482,332 and $265,863 as of December 31, 2017 and 2016 , 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 incurred on these borrowings amounted to $17,898 , $16,898 and $29,372 for the years ended December 31, 2017 , 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 $16,562 , $17,610 and $5,619 for the years ended December 31, 2017 , 2016 and 2015 , respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Joint Ventures Total Year Ended December 31, 2017 Revenues: Minimum rents $ 134,450 $ 501,732 $ 636,182 Percentage rents 5,050 13,866 18,916 Tenant recoveries 46,575 189,059 235,634 Other 5,959 51,767 57,726 Total revenues 192,034 756,424 948,458 Expenses: Shopping center and operating expenses 41,340 243,271 284,611 Interest expense 67,053 131,714 198,767 Depreciation and amortization 101,625 250,921 352,546 Total operating expenses 210,018 625,906 835,924 (Loss) gain on sale of assets (36 ) 33,861 33,825 Net (loss) income $ (18,020 ) $ 164,379 $ 146,359 Company's equity in net (loss) income $ (453 ) $ 85,999 $ 85,546 Year Ended December 31, 2016 Revenues: Minimum rents $ 129,145 $ 471,139 $ 600,284 Percentage rents 5,437 15,480 20,917 Tenant recoveries 47,856 187,288 235,144 Other 6,303 49,937 56,240 Total revenues 188,741 723,844 912,585 Expenses: Shopping center and operating expenses 39,804 234,704 274,508 Interest expense 64,626 123,043 187,669 Depreciation and amortization 108,880 251,498 360,378 Total operating expenses 213,310 609,245 822,555 Loss on sale of assets — (375 ) (375 ) Net (loss) income $ (24,569 ) $ 114,224 $ 89,655 Company's equity in net (loss) income $ (3,088 ) $ 60,029 $ 56,941 PPR Portfolio(1) Other Joint Ventures Total Year Ended December 31, 2015 Revenues: Minimum rents $ 21,172 $ 293,921 $ 315,093 Percentage rents 2,569 13,188 15,757 Tenant recoveries 8,408 129,059 137,467 Other 1,182 33,931 35,113 Total revenues 33,331 470,099 503,430 Expenses: Shopping center and operating expenses 6,852 165,795 172,647 Interest expense 10,448 78,279 88,727 Depreciation and amortization 16,919 133,707 150,626 Total operating expenses 34,219 377,781 412,000 Gain on sale of assets — 9,850 9,850 Loss on extinguishment of debt — (3 ) (3 ) Net (loss) income $ (888 ) $ 102,165 $ 101,277 Company's equity in net income $ 1,409 $ 43,755 $ 45,164 _______________________________________________________________________________ (1) These amounts exclude the results of operations from January 1, 2015 to October 29, 2015, as the PPR Portfolio was converted from Consolidated Centers to an Unconsolidated Joint Venture Centers effective October 30, 2015, as a result of the PPR Portfolio transaction as discussed above. Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities : The Company recorded other comprehensive loss related to the marking-to-market of an interest rate cap agreement of $42 for the year ended December 31, 2017 . There were no derivatives outstanding at December 31, 2016 or 2015. The following derivative was outstanding at December 31, 2017 : Property Notional Amount Product LIBOR Rate Maturity Fair Value Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2019 $ 11 The above interest rate cap agreement was designated as a hedging instrument with a fair value of $11 that was included in deferred charges and other assets, net at December 31, 2017 .

Property, net

Property, net	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Property, net	Property, net : Property at December 31, 2017 and 2016 consists of the following: 2017 2016 Land $ 1,567,152 $ 1,607,590 Buildings and improvements 6,385,035 6,511,741 Tenant improvements 620,352 622,878 Equipment and furnishings 187,998 177,036 Construction in progress 366,996 289,966 9,127,533 9,209,211 Less accumulated depreciation (2,018,303 ) (1,851,901 ) $ 7,109,230 $ 7,357,310 Depreciation expense for the years ended December 31, 2017 , 2016 and 2015 was $277,917 , $277,270 and $354,977 , respectively. The gain on sale or write down of assets, net for the year ended December 31, 2017 includes a gain of $59,577 on the sale of Cascade Mall and Northgate Mall (See Note 15 — Dispositions ), $14,597 on the sale of 500 North Michigan Avenue (See Note 15 — Dispositions ) and $1,564 on the sales of land. These gains were offset in part by a loss of $22,108 on impairment, $10,138 on the write down of an investment in non-real estate assets and $1,046 on the write off of development costs. The loss on impairment was due to the reduction of the estimated holding periods of Southridge Center and Promenade at Casa Grande . The gain on sale or write down of assets, net for the year ended December 31, 2016 includes a gain of $101,629 on the sale of a 40% ownership interest in Arrowhead Towne Center (See Note 4 — Investments in Unconsolidated Joint Ventures ), $340,734 on the sale of a 49% ownership interest in the MAC Heitman Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ), $24,894 on the sale of Capitola Mall (See Note 15 — Dispositions ) and $4,546 on the sale of land. These gains were offset in part by a loss of $39,671 on impairment, a charge of $12,180 from a contingent consideration obligation, a loss of $3,066 on the sale of a former Mervyn's store (See Note 15 — Dispositions ) and $1,538 on the write-off of development costs. The loss on impairment was due to the reduction of the estimated holding periods of Cascade Mall , Promenade at Casa Grande , The Marketplace at Flagstaff and a freestanding store. The gain on sale or write down of assets, net for the year ended December 31, 2015 includes the gain of $311,194 on the sale of a 40% ownership interest in the PPR Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ), $73,726 on the sale of Panorama Mall (See Note 15 — Dispositions ), $2,336 on the sale of assets and $1,807 on the sale of land offset in part by a loss of $9,963 on impairment and $852 on the write-off of development costs. The loss on impairment was due to the reduction of the estimated holding periods of Flagstaff Mall (See Note 15 — Dispositions ) and a freestanding store. The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2017 , 2016 and 2015 as described above: Years ended December, 31 Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) 2017 $ 38,000 $ — $ 38,000 $ — 2016 $ 86,100 $ — $ — $ 86,100 2015 $ 49,700 $ — $ 6,200 $ 43,500 The fair value relating to impairments that were based on sales contracts were classified within Level 2 of the fair value hierarchy. The fair value relating to impairment assessments that were not based on sales contracts were based on a discounted cash flow model that included all cash inflows and outflows over a specific holding period. Such projected cash flows are comprised of contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Terminal capitalization rates and discount rates utilized in these models are based on a reasonable range of current market rates for each property analyzed. Based upon these inputs, the Company determined that its valuations of properties using a discounted cash flow model are classified within Level 3 of the fair value hierarchy. The following table sets forth quantitative information about the unobservable inputs of the Company’s Level 3 real estate recorded as of December 31, 2016 and 2015 : Unobservable Inputs 2016 2015 Terminal capitalization rate 7.0% - 10.0% 9.0% Discount rate 8.0% - 15.0% 9.5% Market rents per square foot $2.00 - $20.00 $5.00 - $150.00

Tenant and Other Receivables, n

Tenant and Other Receivables, net	12 Months Ended
	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Abstract]
Tenant and Other Receivables, net	Tenant and Other Receivables, net : Included in tenant and other receivables, net is an allowance for doubtful accounts of $2,786 and $1,991 at December 31, 2017 and 2016 , respectively. Also included in tenant and other receivables, net are accrued percentage rents of $8,711 and $9,509 at December 31, 2017 and 2016 , respectively, and a deferred rent receivable due to straight-line rent adjustments of $61,859 and $56,761 at December 31, 2017 and 2016 , respectively. On March 17, 2014 , in connection with the sale of Lake Square Mall , a 559,000 square foot regional shopping center in Leesburg, Florida, the Company issued a note receivable for $6,500 that bore interest at an effective rate of 6.5% and was to mature on March 17, 2018 ("LSM Note A") and a note receivable for $3,103 that bore interest at 5.0% and was to mature on December 31, 2014 ("LSM Note B"). LSM Note A and LSM Note B were paid off on October 20, 2017 and September 2, 2014 , respectively.

Deferred Charges and Other Asse

Deferred Charges and Other Assets, net	12 Months Ended
	Dec. 31, 2017
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 at December 31, 2017 and 2016 consist of the following: 2017 2016 Leasing $ 232,819 $ 239,983 Intangible assets: In-place lease values(1) 108,432 140,437 Leasing commissions and legal costs(1) 25,958 32,384 Above-market leases 164,040 181,851 Deferred tax assets 29,006 38,301 Deferred compensation plan assets 52,221 42,711 Distributions in excess of co-venture obligation(2) 31,150 — Other assets 66,990 72,206 710,616 747,873 Less accumulated amortization(3) (261,426 ) (269,815 ) $ 449,190 $ 478,058 _______________________________ (1) The amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2018 $ 13,165 2019 11,115 2020 8,418 2021 6,866 2022 5,136 Thereafter 15,183 $ 59,883 (2) See Note 11 — Co-Venture Arrangement . (3) Accumulated amortization includes $74,507 and $88,785 relating to in-place lease values, leasing commissions and legal costs at December 31, 2017 and 2016 , respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $19,988 , $33,048 and $69,460 for the years ended December 31, 2017 , 2016 and 2015 , respectively. The allocated values of above-market leases and below-market leases consist of the following: 2017 2016 Above-Market Leases Original allocated value $ 164,040 $ 181,851 Less accumulated amortization (60,210 ) (57,505 ) $ 103,830 $ 124,346 Below-Market Leases(1) Original allocated value $ 120,573 $ 144,713 Less accumulated amortization (55,489 ) (58,400 ) $ 65,084 $ 86,313 _______________________________ (1) Below‑market leases are included in other accrued liabilities. The allocated values of above and below-market leases will be amortized into minimum rents on a straight-line basis over the individual remaining lease terms. The amortization of these values for the next five years and thereafter is as follows: Year Ending December 31, Above Market Below Market 2018 $ 11,109 $ 11,657 2019 9,265 10,400 2020 8,088 8,016 2021 6,944 6,286 2022 5,370 5,201 Thereafter 63,054 23,524 $ 103,830 $ 65,084

Mortgage Notes Payable

Mortgage Notes Payable	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable : Mortgage notes payable at December 31, 2017 and 2016 consist of the following: Carrying Amount of Mortgage Notes(1) 2017 2016 Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Property Pledged as Collateral Related Party Other Related Party Other Chandler Fashion Center(5) — 199,904 — 199,833 3.77 % 625 2019 Danbury Fair Mall 104,599 104,598 107,929 107,928 5.53 % 1,538 2020 Fashion Outlets of Chicago(6) — 199,298 — 198,966 3.02 % 477 2020 Fashion Outlets of Niagara Falls USA — 112,770 — 115,762 4.89 % 727 2020 Freehold Raceway Mall(5)(7) — 398,050 — 220,643 3.94 % 1,300 2029 Fresno Fashion Fair — 323,261 — 323,062 3.67 % 971 2026 Green Acres Commons(8) — 107,219 — — 4.07 % 322 2021 Green Acres Mall — 291,366 — 297,798 3.61 % 1,447 2021 Kings Plaza Shopping Center — 447,231 — 456,958 3.67 % 2,229 2019 Northgate Mall(9) — — — 63,434 Oaks, The — 196,732 — 201,235 4.14 % 1,064 2022 Pacific View — 124,397 — 127,311 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place(10) — 296,366 — 219,564 3.13 % 706 2022 SanTan Village Regional Center — 124,703 — 127,724 3.14 % 589 2019 Stonewood Center(11) — — — 99,520 Towne Mall — 21,161 — 21,570 4.48 % 117 2022 Tucson La Encantada 66,970 — 68,513 — 4.23 % 368 2022 Victor Valley, Mall of — 114,617 — 114,559 4.00 % 380 2024 Vintage Faire Mall — 263,818 — 269,228 3.55 % 1,256 2026 Westside Pavilion — 141,020 — 143,881 4.49 % 783 2022 $ 171,569 $ 4,066,511 $ 176,442 $ 3,908,976 (1) The mortgage notes payable balances include the unamortized debt premiums. Debt premiums represent the excess of the fair value of debt over 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. The debt premiums as of December 31, 2017 and 2016 consist of the following: Property Pledged as Collateral 2017 2016 Fashion Outlets of Niagara Falls USA $ 2,630 $ 3,558 Stonewood Center — 2,349 $ 2,630 $ 5,907 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 $17,838 and $12,716 at December 31, 2017 and 2016 , respectively. (2) The interest rate disclosed represents the effective interest rate, including the debt premiums and deferred finance costs. (3) The monthly debt service represents the payment of principal and interest. (4) The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met. (5) A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 11 — Co-Venture Arrangement ). (6) The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020 . At December 31, 2017 and 2016 , the total interest rate was 3.02% and 2.43% , respectively. (7) On October 19, 2017 , the joint venture replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 3.94% and matures on November 1, 2029 . (8) On September 29, 2017 , the Company placed a new $110,000 loan on the property that bears interest at LIBOR plus 2.15% and matures on March 29, 2021 . The loan can be expanded, depending on certain conditions, up to $130,000 . At December 31, 2017 , the total interest rate was 4.07% . (9) On January 18, 2017 , the loan was paid off in connection with sale of the underlying property (See Note 15 — Dispositions ). (10) On December 4, 2017 , the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at LIBOR plus 1.35% and matures on December 9, 2019 with three one-year extension options. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.00% (See Note 5 — Derivative Instruments and Hedging Activities ). At December 31, 2017 the total interest rate was 3.13% . (11) On November 1, 2017 , the Company paid off the loan on the property. Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. As of December 31, 2017 , all of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. Total interest expense capitalized during the years ended December 31, 2017 , 2016 and 2015 was $13,160 , $10,316 and $13,052 , respectively. Related party mortgage notes payable are amounts due to affiliates of NML. See Note 18 — Related Party Transactions for interest expense associated with loans from NML. The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2017 and 2016 was $4,250,816 and $4,126,819 , 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. The future maturities of mortgage notes payable are as follows: Year Ending December 31, 2018 $ 49,800 2019 796,591 2020 528,456 2021 401,733 2022 802,552 Thereafter 1,674,156 4,253,288 Debt premium 2,630 Deferred finance cost, net (17,838 ) $ 4,238,080 The future maturities reflected above reflect the extension options that the Company believes will be exercised.

Bank and Other Notes Payable

Bank and Other Notes Payable	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Bank and Other Notes Payable	Bank and Other Notes Payable : Bank and other notes payable at December 31, 2017 and 2016 consist of the following: Line of Credit: The Company has a $1,500,000 revolving line of credit that bears interest at LIBOR plus a spread of 1.30% 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 December 31, 2017 , the borrowing rate on the facility was LIBOR plus 1.45% . As of December 31, 2017 and 2016 , borrowings under the line of credit, were $935,000 and $885,000 , respectively, less unamortized deferred finance costs of $7,548 and $10,039 , respectively, at a total interest rate of 3.13% and 2.40% , respectively. The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2017 and 2016 was $919,158 and $865,921 , respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Term Loan: On December 8, 2011, the Company obtained a $125,000 unsecured term loan under the line of credit that bore interest at LIBOR plus a spread of 1.95% to 3.20% , depending on the Company's overall leverage level, and was to mature on December 8, 2018. On October 23, 2015 , the Company paid off the term loan, which resulted in a loss of $578 on the early extinguishment of debt. Prasada Note: On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on May 30, 2021. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At December 31, 2017 and 2016 , the note had a balance of $4,732 and $5,521 , respectively. The estimated fair value (Level 2 measurement) of the note at December 31, 2017 and 2016 was $4,717 and $5,786 , 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 December 31, 2017 and 2016 , the Company was in compliance with all applicable financial loan covenants. The future maturities of bank and other notes payable are as follows: Year Ending December 31, 2018 $ 830 2019 875 2020 922 2021 937,105 939,732 Deferred finance cost (7,548 ) $ 932,184 The future maturities reflected above reflect the extension options that the Company believes will be exercised.

Co-Venture Arrangement

Co-Venture Arrangement	12 Months Ended
	Dec. 31, 2017
Co-Venture Arrangement [Abstract]
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 1,671,000 square foot regional shopping center in Freehold , New Jersey , and Chandler Fashion Center, a 1,318,000 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 less costs allocated to the warrant. The co-venture obligation was increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. On October 19, 2017 , the joint venture replaced the existing loan on Freehold Raceway Mall with a new $400,000 loan. The subsequent distribution of a share of the net proceeds from the refinancing to the outside partner exceeded the co-venture obligation. At December 31, 2017 and 2016, the Company had the following asset and liability related to the co-venture arrangement: 2017 2016 Asset—Distributions in excess of co-venture obligation(1) $ 31,150 $ — Liability—Co-venture obligation $ — $ 58,973 _______________________________________________________________________________ (1) See Note 8 — Deferred Charges and Other Assets, net

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2017
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 periodically to reflect its ownership interest in the Company. The Company had a 93% ownership interest in the Operating Partnership as of December 31, 2017 and 2016 . The remaining 7% limited partnership interest as of December 31, 2017 and 2016 , 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 registered or unregistered 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 ten trading days ending on the respective balance sheet date. Accordingly, as of December 31, 2017 and 2016 , the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $671,592 and $733,141 , respectively. The Company issued common and cumulative 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	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity : 2015 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 financings and sale of ownership interests in Arrowhead Towne Center and the MAC Heitman Portfolio (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 financings and sale of ownership interests in Arrowhead Towne Center and the MAC Heitman Portfolio (See Note 4 — Investments in Unconsolidated Joint Ventures ). 2017 Stock Buyback Program: On February 12, 2017 , the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares and pursuant to Rule 10b5-1 of the Securities Act of 1934, from time to time as permitted by securities laws and other legal requirements. During the period from February 12, 2017 to December 31, 2017 , the Company repurchased a total of 3,627,390 of its common shares for $221,428 , representing an average price of $61.01 per share. The Company funded the repurchases from the net proceeds of the sale of Cascade Mall and Northgate Mall (See Note 15 — Dispositions ), its share of the proceeds from the sale of office buildings at Country Club Plaza and Fashion District Philadelphia (See Note 4 — Investments in Unconsolidated Joint Ventures ) and from borrowings under its line of credit. 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 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 Program expired by its terms in August 2017. No shares were sold under the ATM Program.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Acquisitions	Acquisitions: Fashion Outlets of Chicago : On October 31, 2014 , the Company purchased the outside ownership interest in its consolidated joint venture in Fashion Outlets of Chicago , for $69,987 . The purchase agreement included contingent consideration based on the financial performance of Fashion Outlets of Chicago . 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 in Inland Center 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 From the date of acquisition, the Company has included Inland Center in its consolidated financial statements.

Dispositions

Dispositions	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions : On June 30, 2015 , the Company conveyed Great Northern Mall , an 895,000 square foot regional shopping center in Clay , New York , to the mortgage lender by a deed-in-lieu of foreclosure and was discharged from the mortgage note payable. The loan was nonrecourse to the Company. As a result, the Company recognized a loss on the extinguishment of debt of $1,627 . On November 19, 2015 , the Company sold Panorama Mall , a 312,000 square foot community center in Panorama City , California , for $98,000 , resulting in a gain on the sale of assets of $73,726 . The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. 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 $24,894 . 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 . On January 18, 2017 , the Company sold Cascade Mall , a 589,000 square foot regional shopping center in Burlington , Washington ; and Northgate Mall , a 750,000 square foot regional shopping center in San Rafael , California , in a combined transaction for $170,000 , resulting in a gain on the sale of assets of $59,577 . The proceeds were used to pay off the mortgage note payable on Northgate Mall and to repurchase shares of the Company's common stock under the 2017 Stock Buyback Program (See Note 13 — Stockholders' Equity ). On November 16, 2017 , the Company sold 500 North Michigan Avenue , a 326,000 square foot office building in Chicago , Illinois for $86,350 , resulting in a gain on sale of assets of $14,597 . The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes.

Future Rental Revenues

Future Rental Revenues	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Future Rental Revenues	Future Rental Revenues : Under existing non-cancelable operating lease agreements, tenants are committed to pay the following minimum rental payments to the Company: Year Ending December 31, 2018 $ 508,750 2019 432,248 2020 386,803 2021 332,080 2022 283,600 Thereafter 850,735 $ 2,794,216

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies : The Company has certain properties subject to non-cancelable operating 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. Lease rent expenses were $18,499 , $16,495 and $17,938 for the years ended December 31, 2017 , 2016 and 2015 , respectively. No contingent rent was incurred for the years ended December 31, 2017 , 2016 or 2015 . Minimum future rental payments required under the leases are as follows: Year Ending December 31, 2018 $ 10,461 2019 9,334 2020 9,351 2021 8,999 2022 9,021 Thereafter 208,184 $ 255,350 As of December 31, 2017 , the Company was contingently liable for $60,588 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 relevant agreement. At December 31, 2017 , the Company had $40,121 in outstanding obligations, which it believes will be settled in the next twelve months.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
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 years ended December 31: 2017 2016 2015 Management fees $ 19,105 $ 17,937 $ 10,064 Development and leasing fees 15,558 13,907 9,615 $ 34,663 $ 31,844 $ 19,679 Certain mortgage notes on the properties are held by NML (See Note 9 — Mortgage Notes Payable ). Interest expense in connection with these notes was $8,731 , $8,973 and $10,515 for the years ended December 31, 2017 , 2016 and 2015 , respectively. Included in accounts payable and accrued expenses is interest payable to this related party of $716 and $736 at December 31, 2017 and 2016 , respectively. Due from (to) affiliates includes $5,411 and $(6,809) of unreimbursed (prepaid) costs and fees due from (to) unconsolidated joint ventures under management agreements at December 31, 2017 and 2016 , respectively. In addition, due from affiliates at December 31, 2017 and 2016 includes a note receivable from RED/303 LLC ("RED") that bears interest at 5.25% and matures on May 30, 2021. Interest income earned on this note was $268 , $366 and $520 for the years ended December 31, 2017 , 2016 and 2015 , respectively. The balance on this note receivable was $4,796 and $5,593 at December 31, 2017 and 2016 , 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 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 $2,513 , $2,234 and $1,872 for the years ended December 31, 2017 , 2016 and 2015 , respectively. The balance on this note was $71,955 and $69,443 at December 31, 2017 and 2016 , 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	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share and Unit-based Plans	Share and Unit-based Plans : The Company has established share and unit-based compensation plans for the purpose of attracting and retaining executive officers, directors and key employees. 2003 Equity Incentive Plan: The 2003 Equity Incentive Plan ("2003 Plan") authorizes the grant of stock awards, stock options, stock appreciation rights, stock units, stock bonuses, performance-based awards, dividend equivalent rights and OP Units or other convertible or exchangeable units. As of December 31, 2017 , stock awards, stock units, LTIP Units (as defined below), stock appreciation rights ("SARs") and stock options have been granted under the 2003 Plan. All stock options or other rights to acquire common stock granted under the 2003 Plan have a term of 10 years or less. These awards were generally granted based on the performance of the Company and the employees. None of the awards have performance requirements other than a service condition of continued employment unless otherwise provided. All awards are subject to restrictions determined by the Company's compensation committee. The aggregate number of shares of common stock that may be issued under the 2003 Plan is 19,825,428 shares. As of December 31, 2017 , there were 6,176,479 shares available for issuance under the 2003 Plan. Stock Awards: The value of the stock awards was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock awards during the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance at beginning of year — $ — 1,612 $ 62.01 9,189 $ 59.25 Granted — — — — — — Vested — — (1,612 ) 62.01 (7,577 ) 58.67 Balance at end of year — $ — — $ — 1,612 $ 62.01 Stock Units: The stock units represent the right to receive upon vesting one share of the Company's common stock for one stock unit. The value of the stock units was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock units during the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 148,428 $ 78.53 132,086 $ 74.58 144,374 $ 59.94 Granted 86,827 66.46 85,601 79.22 77,282 86.53 Vested (81,205 ) 75.62 (69,259 ) 71.82 (86,761 ) 61.29 Forfeited (2,695 ) 69.57 — — (2,809 ) 86.72 Balance at end of year 151,355 $ 73.32 148,428 $ 78.53 132,086 $ 74.58 SARs: The executives and key employees have up to 10 years from the grant date to exercise the SARs. Upon exercise, the executives and key employees will receive unrestricted common shares for the appreciation in value of the SARs from the grant date to the exercise date. The Company determined the value of each SAR awarded during the year ended December 31, 2012 to be $9.67 using the Black‑Scholes Option Pricing Model based upon the following assumptions: volatility of 25.85% , dividend yield of 3.69% , risk free rate of 1.20% , current value of $59.57 and an expected term of 8 years. The value of each of the other outstanding SARs was determined at the grant date to be $7.68 based upon the following assumptions: volatility of 22.52% , dividend yield of 5.23% , risk free rate of 3.15% , current value of $61.17 and an expected term of 8 years. The assumptions for volatility and dividend yield were based on the Company's historical experience as a publicly traded company, the current value was based on the closing price on the date of grant and the risk free rate was based upon the interest rate of the 10-year Treasury bond on the date of grant. In connection with the payment of the Special Dividend (See Note 13 — Stockholders' Equity ), the compensation committee approved an adjustment to all outstanding SARs. The exercise price and number of outstanding SARs were adjusted such that each SAR had the same fair value to the holder before and after giving effect to the payment of the special dividend. As a result, the 407,823 outstanding SARs on December 8, 2015 with a weighted-average price of $56.49 were adjusted to 417,783 outstanding SARs with a weighted average price of $55.13 and the 417,783 outstanding SARs on January 6, 2016 with a weighted-average price of $55.13 were adjusted to 427,968 outstanding SARs with a weighted average price of $53.85 . The following table summarizes the activity of SARs awards during the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Units Weighted Average Exercise Price Units Weighted Average Exercise Price Units Weighted Average Exercise Price Balance at beginning of year 284,146 $ 53.85 417,783 $ 55.13 772,639 $ 56.67 Granted — — — — — — Exercised (48,707 ) 53.95 (143,822 ) 53.73 (364,807 ) 56.86 Special dividend adjustment — — 10,185 53.88 9,951 55.13 Balance at end of year 235,439 $ 53.83 284,146 $ 53.85 417,783 $ 55.13 Long-Term Incentive Plan Units: 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 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. The fair value of the service-based LTIP Units was determined by the market price of the Company's common stock on the date of the grant. The fair value of the market-indexed LTIP Units are estimated on the date of grant using a Monte Carlo Simulation model. The stock price of the Company, along with the stock prices of the group of peer REITs (for market-indexed awards), is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the share price of the Company and the peer group REITs were estimated based on a look-back period. The expected growth rate of the stock prices over the "derived service period" is determined with consideration of the risk free rate as of the grant date. On January 1, 2015 , the Company granted 49,451 LTIP Units with a grant date fair value of $83.41 per LTIP Unit that vested in equal annual installments over a service period that ended December 31, 2017 . Concurrently, the Company granted 186,450 market-indexed LTIP Units ("2015 Market LTIP Units") at a grant date fair value of $66.37 per LTIP Unit that vested over a service period ending December 31, 2015 . The 2015 Market LTIP Units were equally divided between two types of awards. The terms of both types of awards were the same, except one award has an additional 3% absolute Total Return requirement, which if it is not met, then such LTIP Units would not have vested. The grant date fair value of the 2015 Market LTIP Units assumed a risk free interest rate of 0.25% and an expected volatility of 16.81% . On January 7, 2016 , the compensation committee determined that the 2015 Market LTIP Units had vested at a 130% level, based on the Company's percentile ranking in terms of Total Return per common stock share compared to the Total Return of a group of peer REITs during the period of January 1, 2015 to December 31, 2015 . In addition, the compensation committee determined that the applicable 3% absolute Total Return requirement was exceeded. As a result, an additional 55,934 fully-vested LTIP Units were granted on December 31, 2015 . On March 6, 2015 , the Company granted 132,607 LTIP Units at a fair value of $86.72 per LTIP Unit that were fully vested on the grant date. 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 Market 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 Market 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. On January 1, 2017 , the Company granted 66,079 LTIP Units with a grant date fair value of $70.84 per LTIP Unit that will vest in equal annual installments over a service period ending December 31, 2019 . Concurrently, the Company granted 297,849 market-indexed LTIP Units ("2017 Market LTIP Units") at a grant date fair value of $47.15 per LTIP Unit that will vest over a service period ending December 31, 2019 . The fair value of the 2017 Market LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.49% and an expected volatility of 20.75% . On March 3, 2017 , the Company granted 134,742 LTIP Units at a fair value of $66.57 per LTIP Unit that were fully vested on the grant date. On June 1, 2017 , the Company granted 1,522 LTIP Units with a grant date fair value of $58.31 per LTIP Unit that will vest in equal annual installments over a service period ending May 29, 2020 . Concurrently, the Company granted 6,714 market-indexed LTIP Units at a grant date fair value of $39.66 per LTIP Unit that will vest over a service period ending May 29, 2020 . The fair value of the market-indexed LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.45% and an expected volatility of 21.40% . The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 322,572 $ 58.18 56,315 $ 73.24 46,695 $ 58.89 Granted 506,906 55.33 480,371 65.00 424,442 74.71 Vested (192,846 ) 69.93 (214,114 ) 77.45 (414,822 ) 73.13 Forfeited — — — — — Balance at end of year 636,632 $ 52.36 322,572 $ 58.18 56,315 $ 73.24 Stock Options: The Company measured the value of each option awarded during the year ended December 31, 2012 to be $9.67 using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 25.85% , dividend yield of 3.69% , risk free rate of 1.20% , current value of $59.57 and an expected term of 8 years. The assumptions for volatility and dividend yield were based on the Company's historical experience as a publicly traded company, the current value was based on the closing price on the date of grant and the risk free rate was based upon the interest rate of the 10 -year Treasury bond on the date of grant. In connection with the payment of the Special Dividend (See Note 13 — Stockholders' Equity ), the compensation committee approved an adjustment to all outstanding stock options. The exercise price and number of outstanding stock options were adjusted such that each stock option had the same fair value to the holder before and after giving effect to the payment of the Special Dividend. As a result, the 10,068 outstanding stock options on December 8, 2015 with a weighted-average price of $59.57 were adjusted to 10,314 outstanding stock options with a weighted average price of $58.15 and the 10,314 outstanding stock options on January 6, 2016 with a weighted-average price of $58.15 were adjusted to 10,565 outstanding stock options with a weighted average price of $56.77 . On May 30, 2017 , the Company granted 25,000 non-qualified stock options with a grant date fair value of $10.02 that will vest on May 30, 2019 . The Company measured the value of each option awarded using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 30.19% , dividend yield of 4.93% , risk free rate of 2.08% , current value of $57.55 and an expected term of 8 years . The following table summarizes the activity of stock options for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Balance at beginning of year 10,565 $ 56.77 10,314 $ 58.15 10,068 $ 59.57 Granted 25,000 57.55 — — — — Exercised — — — — — — Special dividend adjustment — — 251 56.77 246 58.15 Balance at end of year 35,565 $ 57.32 10,565 $ 56.77 10,314 $ 58.15 Directors' Phantom Stock Plan: The Directors' Phantom Stock Plan offers non-employee members of the board of directors ("Directors") the opportunity to defer their cash compensation and to receive that compensation in common stock rather than in cash after termination of service or a predetermined period. Compensation generally includes the annual retainers payable by the Company to the Directors. Deferred amounts are generally credited as units of phantom stock at the beginning of each three -year deferral period by dividing the present value of the deferred compensation by the average fair market value of the Company's common stock at the date of award. Compensation expense related to the phantom stock awards was determined by the amortization of the value of the stock units on a straight-line basis over the applicable service period. The stock units (including dividend equivalents) vest as the Directors' services (to which the fees relate) are rendered. Vested phantom stock units are ultimately paid out in common stock on a one -unit for one -share basis. To the extent elected by a Director, stock units receive dividend equivalents in the form of additional stock units based on the dividend amount paid on the common stock. The aggregate number of phantom stock units that may be granted under the Directors' Phantom Stock Plan is 500,000 . As of December 31, 2017 , there were 169,755 stock units available for grant under the Directors' Phantom Stock Plan. The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Stock Units Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Balance at beginning of year 5,845 $ 81.47 — $ — 9,269 $ 58.35 Granted 8,760 68.93 21,088 80.21 13,351 78.72 Vested (10,551 ) 71.69 (15,243 ) 79.73 (20,162 ) 72.17 Forfeited — — — — (2,458 ) 55.62 Balance at end of year 4,054 $ 79.82 5,845 $ 81.47 — $ — Employee Stock Purchase Plan ("ESPP"): The ESPP authorizes eligible employees to purchase the Company's common stock through voluntary payroll deductions made during periodic offering periods. Under the ESPP common stock is purchased at a 15% discount from the lesser of the fair value of common stock at the beginning and end of the offering period. A maximum of 750,000 shares of common stock is available for purchase under the ESPP. The number of shares available for future purchase under the plan at December 31, 2017 was 450,306 . Compensation: The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Stock awards $ — $ 20 $ 252 Stock units 6,045 6,305 6,041 LTIP units 30,161 32,957 26,622 Stock options 85 16 16 Phantom stock units 714 1,231 1,444 $ 37,005 $ 40,529 $ 34,375 The Company capitalized share and unit-based compensation costs of $6,206 , $7,241 and $6,008 for the years ended December 31, 2017 , 2016 and 2015 , respectively. The fair value of the stock awards and stock units that vested during the years ended December 31, 2017 , 2016 and 2015 was $5,257 , $5,644 and $8,794 , respectively. Unrecognized compensation costs of share and unit-based plans at December 31, 2017 consisted of $286 from LTIP Units, $3,239 from stock units, $176 from stock options and $324 from phantom stock units.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans : 401(k) Plan: The Company has a defined contribution retirement plan that covers its eligible employees (the "Plan"). The Plan is a defined contribution retirement plan covering eligible employees of the Macerich Property Management Company, LLC and participating affiliates. The Plan is qualified in accordance with section 401(a) of the Code. Effective January 1, 1995, the Plan was amended to constitute a qualified cash or deferred arrangement under section 401(k) of the Code, whereby employees can elect to defer compensation subject to Internal Revenue Service withholding rules. This Plan was further amended effective as of February 1, 1999 to add The Macerich Company Common Stock Fund as a new investment alternative under the Plan. A total of 150,000 shares of common stock were reserved for issuance under the Plan, which was subsequently increased by an additional 500,000 shares in February 2013. On January 1, 2004, the Plan adopted the "Safe Harbor" provision under Sections 401(k)(12) and 401(m)(11) of the Code. In accordance with adopting these provisions, the Company makes matching contributions equal to 100 percent of the first three percent of compensation deferred by a participant and 50 percent of the next two percent of compensation deferred by a participant. During the years ended December 31, 2017 , 2016 and 2015 , these matching contributions made by the Company were $3,481 , $3,384 and $3,299 , respectively. Contributions and matching contributions to the Plan by the plan sponsor and/or participating affiliates are recognized as an expense of the Company in the period that they are made. Deferred Compensation Plans: The Company has established deferred compensation plans under which executives and key employees of the Company may elect to defer receiving a portion of their cash compensation otherwise payable in one calendar year until a later year. The Company may, as determined by the Board of Directors in its sole discretion prior to the beginning of the plan year, credit a participant's account with a matching amount equal to a percentage of the participant's deferral. The Company contributed $1,069 , $1,032 and $933 to the plans during the years ended December 31, 2017 , 2016 and 2015 , respectively. Contributions are recognized as compensation in the periods they are made.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes : For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2017 , 2016 and 2015 are as follows: 2017 2016 (1) 2015 (1) Ordinary income $ 1.98 69.0 % $ 0.94 20.8 % $ 1.20 24.8 % Capital gains 0.51 17.8 % 3.24 71.4 % 3.64 75.2 % Unrecaptured Section 1250 gain 0.38 13.2 % 0.36 7.8 % — — % Return of capital — — % — — % — — % Dividends paid $ 2.87 100.0 % $ 4.54 100.0 % $ 4.84 100.0 % _______________________________________________________________________________ (1) During the year ended December 31, 2015, the Company paid cash dividends of $4.63 per common share. In addition, the Company declared a $2.00 special cash dividend to shareholders of record as of November 12, 2015 which was paid on January 6, 2016 (See Note 13 — Stockholders' Equity ). Pursuant to relevant U.S. tax rules, $0.21 per common share of this dividend is treated as having been paid by the Company on December 31, 2015, and received by each shareholder of record as of November 12, 2015 on December 31, 2015. The balance of the special cash dividend has been included in the amount of dividends paid for the year ended December 31, 2016. 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 income tax provision of the TRSs for the years ended December 31, 2017 , 2016 and 2015 are as follows: 2017 2016 2015 Current $ 185 $ (176 ) $ — Deferred (15,779 ) (546 ) 3,223 Income tax (expense) benefit $ (15,594 ) $ (722 ) $ 3,223 The income tax provision of the TRSs for the years ended December 31, 2017 , 2016 and 2015 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows: 2017 2016 2015 Book loss for TRSs $ 2,094 $ 5,254 $ 10,681 Tax at statutory rate on earnings from continuing operations before income taxes $ 712 $ 1,786 $ 3,632 Change in tax rates (14,189 ) — — State taxes 109 160 420 Other (2,226 ) (2,668 ) (829 ) Income tax (expense) benefit $ (15,594 ) $ (722 ) $ 3,223 The Tax Cuts and Jobs Act of 2017 (“TCJA”), signed into law on December 22, 2017, adjusted the federal corporate tax income rate to 21%. FASB Accounting Standards Codification Topic 740 requires deferred tax assets and liabilities to be measured at the enacted rate expected to apply when temporary differences are to be realized or settled. Accordingly, the Company has remeasured its ending deferred tax asset and reduced the value by $14,189 . Additionally, GAAP requires that all adjustments resulting from tax rate changes be recorded to the income statement. Therefore, the Company recorded a $14,189 deferred tax expense in the fourth quarter related to the revaluation of its deferred tax assets and liabilities. The net operating loss carryforwards are currently scheduled to expire through 2035, beginning in 2025. The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2017 and 2016 are summarized as follows: 2017 2016 Net operating loss carryforwards $ 21,398 $ 22,335 Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs 5,077 12,720 Other 2,531 3,246 Net deferred tax assets $ 29,006 $ 38,301 For the years ended December 31, 2017 , 2016 and 2015 there were no unrecognized tax benefits. The tax years 2014 through 2016 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 12 months.

Quarterly Financial Data

Quarterly Financial Data	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	Quarterly Financial Data (Unaudited): The following is a summary of quarterly results of operations for the years ended December 31, 2017 and 2016 : 2017 Quarter Ended 2016 Quarter Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 256,743 $ 242,451 $ 247,423 $ 247,045 $ 272,000 $ 253,367 $ 259,904 $ 256,000 Net income attributable to the Company(1) $ 32,751 $ 17,498 $ 26,638 $ 69,243 $ 37,128 $ 13,730 $ 45,222 $ 420,915 Net income attributable to common stockholders per share-basic $ 0.23 $ 0.12 $ 0.19 $ 0.48 $ 0.26 $ 0.09 $ 0.31 $ 2.77 Net income attributable to common stockholders per share-diluted $ 0.23 $ 0.12 $ 0.19 $ 0.48 $ 0.26 $ 0.09 $ 0.31 $ 2.76 _____________________ (1) Net income attributable to the Company for the quarter ended March 31, 2016 includes the gain on sale of assets of $101,629 from the Arrowhead Towne Center transaction (See Note 4 — Investments in Unconsolidated Joint Ventures ) and $340,734 from the MAC Heitman Portfolio transaction (See Note 4 — Investments in Unconsolidated Joint Ventures ).

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events : On January 22, 2018 , the Company's joint venture in Fashion District Philadelphia obtained a $250,000 term loan that bears interest at LIBOR plus 2.0% and matures on January 22, 2023 . Concurrent with the loan closing, the joint venture borrowed $150,000 on the term loan and expects to borrow the remaining $100,000 in the first quarter of 2018. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On January 26, 2018 , the Company announced a dividend/distribution of $0.74 per share for common stockholders and OP Unit holders of record on February 21, 2018 . All dividends/distributions will be paid 100% in cash on March 2, 2018 . On February 5, 2018 , the Company's joint venture in Broadway Plaza received a loan commitment for $450,000 on the property at a fixed rate of 4.18% for twelve years . The loan is expected to close in the first quarter of 2018. The Company plans to use its share of the loan proceeds to pay down its line of credit.

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III-Real Estate and Accumulated Depreciation Disclosure	Initial Cost to Company Gross Amount at Which Carried at Close of Period Shopping Centers/Entities Land Building and Improvements Equipment and Furnishings Cost Capitalized Subsequent to Acquisition Land Building and Improvements Equipment and Furnishings Construction in Progress Total Accumulated Depreciation Total Cost Net of Accumulated Depreciation Chandler Fashion Center $ 24,188 $ 223,143 $ — $ 19,336 $ 24,188 $ 236,717 $ 5,762 $ — $ 266,667 $ 105,891 $ 160,776 Danbury Fair Mall 130,367 316,951 — 114,644 142,751 409,658 9,257 296 561,962 143,969 417,993 Desert Sky Mall 9,447 37,245 12 4,598 9,082 40,886 1,334 — 51,302 10,315 40,987 Eastland Mall 22,050 151,605 — 11,855 22,066 160,977 2,199 268 185,510 28,798 156,712 Estrella Falls 10,550 — — 71,512 10,747 14,254 — 57,061 82,062 1,181 80,881 Fashion Outlets of Chicago — — — 262,936 40,575 217,945 4,131 285 262,936 45,946 216,990 Fashion Outlets of Niagara Falls USA 18,581 210,139 — 101,022 22,936 304,202 2,354 250 329,742 62,663 267,079 The Marketplace at Flagstaff — — — 45,840 — 45,838 2 — 45,840 21,980 23,860 Freehold Raceway Mall 164,986 362,841 — 123,130 168,098 474,036 8,789 34 650,957 176,715 474,242 Fresno Fashion Fair 17,966 72,194 — 43,852 17,966 113,147 2,428 471 134,012 53,177 80,835 Green Acres Mall 156,640 321,034 — 177,943 179,274 464,133 9,264 2,946 655,617 81,986 573,631 Inland Center 8,321 83,550 — 25,509 10,291 106,983 61 45 117,380 12,618 104,762 Kings Plaza Shopping Center 209,041 485,548 20,000 171,964 195,701 466,529 28,137 196,186 886,553 75,113 811,440 La Cumbre Plaza 18,122 21,492 — 24,830 17,280 46,096 426 642 64,444 24,061 40,383 Macerich Management Co. 1,150 10,475 26,562 54,558 3,878 15,094 66,598 7,175 92,745 57,437 35,308 MACWH, LP — 25,771 — 18,545 11,557 27,455 — 5,304 44,316 9,121 35,195 NorthPark Mall 7,746 74,661 — 10,266 7,885 84,284 504 — 92,673 17,512 75,161 Oaks, The 32,300 117,156 — 260,520 56,387 350,325 3,099 165 409,976 138,052 271,924 Pacific View 8,697 8,696 — 130,806 7,854 137,572 2,262 511 148,199 68,254 79,945 Paradise Valley Mall 33,445 128,485 — 36,472 39,382 155,485 2,606 929 198,402 74,731 123,671 Promenade at Casa Grande 15,089 — — 50,736 3,900 61,849 76 — 65,825 39,735 26,090 Queens Center 251,474 1,039,922 — 32,254 256,786 1,063,912 2,478 474 1,323,650 88,343 1,235,307 Santa Monica Place 26,400 105,600 — 329,495 48,374 403,953 8,071 1,097 461,495 118,272 343,223 SanTan Adjacent Land 29,414 — — 8,105 30,506 — — 7,013 37,519 — 37,519 SanTan Village Regional Center 7,827 — — 198,366 5,839 195,690 1,562 3,102 206,193 87,621 118,572 SouthPark Mall 7,035 38,215 — 25,600 7,479 62,511 415 445 70,850 12,497 58,353 Southridge Center 6,764 — — 8,412 2,676 12,290 99 111 15,176 5,046 10,130 Stonewood Center 4,948 302,527 — 8,723 4,935 311,163 100 — 316,198 29,927 286,271 Superstition Springs Center 10,928 112,718 — 8,140 10,928 120,392 466 — 131,786 15,896 115,890 Superstition Springs Power Center 1,618 4,420 — 290 1,618 4,627 83 — 6,328 1,889 4,439 Tangerine (Marana), The Shops at 36,158 — — (8,462 ) 16,922 — — 10,774 27,696 — 27,696 See accompanying report of independent registered public accounting firm. Initial Cost to Company Gross Amount at Which Carried at Close of Period Shopping Centers/Entities Land Building and Improvements Equipment and Furnishings Cost Capitalized Subsequent to Acquisition Land Building and Improvements Equipment and Furnishings Construction in Progress Total Accumulated Depreciation Total Cost Net of Accumulated Depreciation The Macerich Partnership, L.P. — 2,534 — 23,773 — — 10,823 15,484 26,307 2,559 23,748 Towne Mall 6,652 31,184 — 4,870 6,877 35,221 518 90 42,706 15,066 27,640 Tucson La Encantada 12,800 19,699 — 56,549 12,800 75,618 597 33 89,048 42,637 46,411 Valley Mall 16,045 26,098 — 13,856 15,616 40,005 378 — 55,999 8,258 47,741 Valley River Center 24,854 147,715 — 23,592 24,854 168,840 1,954 513 196,161 60,194 135,967 Victor Valley, Mall of 15,700 75,230 — 53,028 20,080 121,774 2,104 — 143,958 49,257 94,701 Vintage Faire Mall 14,902 60,532 — 59,390 17,645 115,179 1,777 223 134,824 70,638 64,186 Westside Pavilion 34,100 136,819 — 77,198 34,100 201,512 5,820 6,685 248,117 106,511 141,606 Wilton Mall 19,743 67,855 — 26,762 19,810 93,407 1,143 — 114,360 36,604 77,756 Other freestanding stores 5,926 31,785 — 10,113 5,927 41,576 321 — 47,824 15,929 31,895 Other land and development properties 33,795 — — 50,423 31,582 4,252 — 48,384 84,218 1,904 82,314 $ 1,455,769 $ 4,853,839 $ 46,574 $ 2,771,351 $ 1,567,152 $ 7,005,387 $ 187,998 $ 366,996 $ 9,127,533 $ 2,018,303 $ 7,109,230 Depreciation of the Company's investment in buildings and improvements reflected in the consolidated statements of operations are calculated over the estimated useful lives of the asset as follows: Buildings and improvements 5 - 40 years Tenant improvements 5 - 7 years Equipment and furnishings 5 - 7 years The changes in total real estate assets for the three years ended December 31, 2017 are as follows: 2017 2016 2015 Balances, beginning of year $ 9,209,211 $ 10,689,656 $ 12,777,882 Additions 202,280 254,604 392,575 Dispositions and retirements (283,958 ) (1,735,049 ) (2,480,801 ) Balances, end of year $ 9,127,533 $ 9,209,211 $ 10,689,656 The aggregate cost of the property included in the table above for federal income tax purposes was $8,551,235 (unaudited) at December 31, 2017 . The changes in accumulated depreciation for the three years ended December 31, 2017 are as follows: 2017 2016 2015 Balances, beginning of year $ 1,851,901 $ 1,892,744 $ 1,709,992 Additions 277,917 277,270 354,977 Dispositions and retirements (111,515 ) (318,113 ) (172,225 ) Balances, end of year $ 2,018,303 $ 1,851,901 $ 1,892,744 See accompanying report of independent registered public accounting firm.

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. The accompanying consolidated financial statements include the accounts of the Company. Investments in entities in which the Company has a controlling financial interest or entities that meet the definition of a variable interest entity ("VIE") in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as investments in unconsolidated joint ventures.
Consolidation of 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.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash: The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under loan agreements.
Revenues	Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. Revenues: Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment."
Property	Property: Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings. Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 5 - 40 years Tenant improvements 5 - 7 years Equipment and furnishings 5 - 7 years
Capitalization of Costs	Capitalization of Costs: The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete.
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures: The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity. Although the Company has a greater than 50% interest in Candlestick Center LLC, Corte Madera Village, LLC, Macerich HHF Centers LLC, New River Associates LLC and Pacific Premier Retail LLC, the Company does not have controlling financial interests in these joint ventures due to the substantive participation rights of the outside partners in these joint ventures and, therefore, accounts for its investments in these joint ventures using the equity method of accounting. Equity method investments are initially recorded on the balance sheet at cost and are subsequently adjusted to reflect the Company’s proportionate share of net earnings and losses, distributions received, additional contributions and certain other adjustments, as appropriate. The Company separately reports investments in joint ventures when accumulated distributions have exceeded the Company’s investment, as distributions in excess of investments in unconsolidated joint ventures. The net investment of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes charges for depreciation and amortization.
Acquisitions	Acquisitions: The Company allocates the estimated fair value of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an “as if vacant” methodology. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (iii) above or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases are recorded in deferred charges and other assets and amortized over the remaining lease terms plus any below-market fixed rate renewal options. Above or below-market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below-market, and the asset or liability is amortized to minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the Center, the Company's relationship with the tenant and the availability of competing tenant space. The initial allocation of purchase price is based on management's preliminary assessment, which may change when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The purchase price allocation is described as preliminary if it is not yet final. The use of different assumptions in the allocation of the purchase price of the acquired assets and liabilities assumed could affect the timing of recognition of the related revenues and expenses. The Company immediately expenses costs associated with business combinations as period costs. Remeasurement gains are recognized when the Company obtains control of an existing equity method investment to the extent that the fair value of the existing equity investment exceeds the carrying value of the investment.
Deferred Charges	Deferred Charges: Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method. The range of the terms of the agreements is as follows: Deferred lease costs 1 - 15 years Deferred financing costs 1 - 15 years
Accounting for Impairment	Accounting for Impairment: The Company assesses whether an indicator of impairment in the value of its properties exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. The Company generally holds and operates its properties long-term, which decreases the likelihood of their carrying values not being recoverable. Properties classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other-than-temporary.
Share and Unit-based Compensation Plans	Share and Unit-based Compensation Plans: The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For market-indexed LTIP awards, compensation cost is recognized under the graded attribution method.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities: The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value are recorded in comprehensive income. Ineffective portions, if any, are included in net income (loss). Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations.
Income Taxes	Income Taxes: The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any. Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. 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. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods.
Segment Information	Segment Information: The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States.
Fair Value of Financial Instruments	Fair Value of Financial Instruments: The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made. Fair Value of Financial Instruments:(Continued) The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.
Concentration of Risk	Concentration of Risk: The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250 .
Management Estimates	Management Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("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. The standard 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 the standard specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. The standard will initially apply to the Company's recognition of management companies and other revenues. This standard will not apply to the Company's recognition of tenant recoveries until January 1, 2019, when it adopts ASU 2016-02, "Leases (Topic 842)", as discussed below. The Company's adoption of ASU 2014-09 on January 1, 2018 did not have a significant impact on the pattern of revenue recognition for management companies and other revenues. Additionally, under ASU 2014-09, the Company will account for its joint venture in Chandler Fashion Center and Freehold Raceway Mall (See Note 11 — Co-Venture Arrangement ) as a financing arrangement. The financing arrangement liability is required to be recorded at fair value upon adoption and any subsequent changes in fair value recognized as interest expense in the Company's consolidated statements of operations. The Company's adoption of this standard effective January 1, 2018 is expected to result in the replacement of its $31,150 distributions in excess of co-venture obligation (See Note 8 — Deferred Charges and Other Assets, net ) with a financing arrangement liability estimated to be $393,700 on its consolidated balance sheets. This will result in the recognition of an estimated $424,850 increase in the Company’s accumulated deficit as a cumulative effect adjustment under the modified retrospective method of adoption. The financing arrangement liability and cumulative effect adjustment are provisional and are still being evaluated by management. Such amounts are subject to change and will be finalized on the Company’s consolidated financial statements for the three months ended March 31, 2018. Recent Accounting Pronouncements: (Continued) In February 2016, the FASB issued ASU 2016-02, which sets out principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption. Additionally, under the standard, certain common area maintenance recoveries must be accounted for as a non-lease component. Under ASU 2016-02, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. The Company is a lessee on ground leases at certain properties, on certain office space leases and on certain other improvements and equipment. The standard will impact the accounting and disclosure requirements for these leases. The standard is effective for the Company under a modified retrospective approach beginning January 1, 2019. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements. In November 2017, the FASB decided to proceed with issuing a final accounting standards update on the new leasing standard, which would provide additional practical expedients that can be elected upon adoption of ASU 2016-02 on January 1, 2019. The FASB issued an exposure draft on January 5, 2018 that includes a practical expedient that would allow lessors, as an accounting policy election by class of underlying asset, to not bifurcate non-lease components from the related lease components if certain conditions are met, and a practical expedient that would enable a cumulative effect transition option in which a company would not have to adjust their comparative period financial statements for the effects of the new standard. The Company plans on utilizing the practical expedients provided by ASU 2016-02 and the final accounting standards update and will continue to monitor and review updates as they are provided by the FASB. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718)," which amended the accounting for share-based payments, including the income tax consequences, classification of awards and classification on the statement of cash flows. The Company's adoption of this standard on January 1, 2017 under the modified retrospective method resulted in the recognition of excess tax benefits of $6,484 as a cumulative effect adjustment, which reduced its accumulated deficit and increased its deferred tax assets by the same amount. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash flows (Topic 230)," which amended 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. The Company's adoption of this standard on January 1, 2017 resulted in the reclassification of $12,028 and $14,579 of debt extinguishment costs from operating activities to financing activities on its consolidated statements of cash flows for the year ended December 31, 2016 and 2015 , respectively. On November 17, 2016, the FASB issued ASU 2016-18, “Restricted Cash,” which requires that the statement of cash flows explain the change during a reporting period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. This standard states that transfers between cash, cash equivalents, and restricted cash are not part of the entity’s operating, investing, and financing activities. Therefore, restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company's adoption of this standard on January 1, 2018 did not have a significant impact on its consolidated statements of cash flows. On January 5, 2017, the FASB issued ASU 2017-01, “Business Combinations,” which clarifies the definition of a business. The objective of the standard is to add further guidance that assists entities in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the set of transferred assets and activities are not a business and should be treated as an asset acquisition. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. The primary difference between business combinations and asset acquisitions is the recognition of transaction costs, which are expensed as period costs for business combinations and capitalized for asset acquisitions. The Company's adoption of this standard on January 1, 2018 did not have a significant impact on its consolidated financial statements. Recent Accounting Pronouncements: (Continued) In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets,” which clarifies the scope of asset derecognition and adds further guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. The Company's adoption of this standard on January 1, 2018 did not have a significant impact on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” which aims to (i) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (ii) reduce the complexity of and simplify the application of hedge accounting by preparers. The standard is effective for the Company beginning January 1, 2019, with early adoption permitted. The Company is evaluating the impact of the adoption of this standard on its consolidated financial statements.

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule Operating Partnership's VIEs	The Operating Partnership's VIEs included the following assets and liabilities: December 31, 2017 2016 Assets: Property, net $ 288,881 $ 307,582 Other assets 60,586 68,863 Total assets $ 349,467 $ 376,445 Liabilities: Mortgage notes payable $ 129,436 $ 133,245 Other liabilities 72,705 75,913 Total liabilities $ 202,141 $ 209,158
Schedule of Estimated Useful Lives of Property	Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 5 - 40 years Tenant improvements 5 - 7 years Equipment and furnishings 5 - 7 years
Schedule of Range of the Terms of Loan and Lease Agreements	The range of the terms of the agreements is as follows: Deferred lease costs 1 - 15 years Deferred financing costs 1 - 15 years

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator Used in Computation of Earnings Per Share	The following table reconciles the numerator and denominator used in the computation of earnings per share for the years ended December 31 (shares in thousands): 2017 2016 2015 Numerator Net Income $ 161,673 $ 554,839 $ 522,912 Net income attributable to noncontrolling interests (15,543 ) (37,844 ) (35,350 ) Net income attributable to the Company 146,130 516,995 487,562 Allocation of earnings to participating securities (757 ) (779 ) (1,493 ) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 145,373 $ 516,216 $ 486,069 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 141,877 146,599 157,916 Effect of dilutive securities (1) Share and unit based compensation 36 112 144 Denominator for diluted EPS—weighted average number of common shares outstanding 141,913 146,711 158,060 EPS—net income attributable to common stockholders: Basic $ 1.02 $ 3.52 $ 3.08 Diluted $ 1.02 $ 3.52 $ 3.08 ____________________________________ (1) Diluted EPS excludes 90,619 , 133,366 and 139,186 convertible preferred units for the years ended December 31, 2017 , 2016 and 2015 , respectively, as their impact was antidilutive. Diluted EPS excludes 10,416,321 and 10,721,271 and 10,562,154 Operating Partnership units ("OP Units") for the years ended December 31, 2017 , 2016 and 2015 , respectively, as their effect was antidilutive.

Investments in Unconsolidated36

Investments in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Ownership Interest in Joint Ventures	The following are the Company's direct or indirect investments in various joint ventures with third parties. The Company's direct or indirect ownership interest in each joint venture as of December 31, 2017 was as follows: Joint Venture Ownership %(1) 443 Wabash MAB LLC 45.0 % AM Tysons LLC 50.0 % Biltmore Shopping Center Partners LLC 50.0 % Candlestick Center LLC—Fashion Outlets of San Francisco 50.1 % Coolidge Holding LLC 37.5 % Corte Madera Village, LLC 50.1 % Country Club Plaza KC Partners LLC 50.0 % Fashion District Philadelphia—Various Entities 50.0 % Jaren Associates #4 12.5 % Kierland Commons Investment LLC 50.0 % Macerich HHF Centers LLC—Various Properties 51.0 % Macerich Northwestern Associates—Broadway Plaza 50.0 % MS Portfolio LLC 50.0 % New River Associates LLC—Arrowhead Towne Center 60.0 % North Bridge Chicago LLC 50.0 % One Scottsdale Investors LLC 50.0 % Pacific Premier Retail LLC—Various Properties 60.0 % Propcor II Associates, LLC—Boulevard Shops 50.0 % Scottsdale Fashion Square Partnership 50.0 % The Market at Estrella Falls LLC 40.1 % TM TRS Holding Company LLC 50.0 % Tysons Corner LLC 50.0 % Tysons Corner Hotel I LLC 50.0 % Tysons Corner Property Holdings II LLC 50.0 % Tysons Corner Property LLC 50.0 % West Acres Development, LLP 19.0 % Westcor/Queen Creek LLC 38.2 % Westcor/Surprise Auto Park LLC 33.3 % WMAP, L.L.C.—Atlas Park, The Shops at 50.0 % _______________________________________________________________________________ (1) The Company's ownership interest in this table reflects its direct or indirect legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed entities because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company’s joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.
Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information	Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures as of December 31: 2017 2016 Assets(1): Property, net $ 9,052,105 $ 9,176,642 Other assets 635,838 614,607 Total assets $ 9,687,943 $ 9,791,249 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 5,296,594 $ 5,224,713 Other liabilities 405,052 403,369 Company's capital 2,188,057 2,279,819 Outside partners' capital 1,798,240 1,883,348 Total liabilities and partners' capital $ 9,687,943 $ 9,791,249 Investment in unconsolidated joint ventures: Company's capital $ 2,188,057 $ 2,279,819 Basis adjustment(3) (562,021 ) (584,887 ) $ 1,626,036 $ 1,694,932 Assets—Investments in unconsolidated joint ventures $ 1,709,522 $ 1,773,558 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (83,486 ) (78,626 ) $ 1,626,036 $ 1,694,932 _______________________________________________________________________________ (1) These amounts include the assets of $3,106,105 and $3,179,255 of the PPR Portfolio as of December 31, 2017 and 2016 , respectively, and liabilities of $1,872,227 and $1,887,952 of the PPR Portfolio as of December 31, 2017 and 2016 , respectively. (2) Included in mortgage and other notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $482,332 and $265,863 as of December 31, 2017 and 2016 , 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 incurred on these borrowings amounted to $17,898 , $16,898 and $29,372 for the years ended December 31, 2017 , 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 $16,562 , $17,610 and $5,619 for the years ended December 31, 2017 , 2016 and 2015 , respectively.
Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures	Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Joint Ventures Total Year Ended December 31, 2017 Revenues: Minimum rents $ 134,450 $ 501,732 $ 636,182 Percentage rents 5,050 13,866 18,916 Tenant recoveries 46,575 189,059 235,634 Other 5,959 51,767 57,726 Total revenues 192,034 756,424 948,458 Expenses: Shopping center and operating expenses 41,340 243,271 284,611 Interest expense 67,053 131,714 198,767 Depreciation and amortization 101,625 250,921 352,546 Total operating expenses 210,018 625,906 835,924 (Loss) gain on sale of assets (36 ) 33,861 33,825 Net (loss) income $ (18,020 ) $ 164,379 $ 146,359 Company's equity in net (loss) income $ (453 ) $ 85,999 $ 85,546 Year Ended December 31, 2016 Revenues: Minimum rents $ 129,145 $ 471,139 $ 600,284 Percentage rents 5,437 15,480 20,917 Tenant recoveries 47,856 187,288 235,144 Other 6,303 49,937 56,240 Total revenues 188,741 723,844 912,585 Expenses: Shopping center and operating expenses 39,804 234,704 274,508 Interest expense 64,626 123,043 187,669 Depreciation and amortization 108,880 251,498 360,378 Total operating expenses 213,310 609,245 822,555 Loss on sale of assets — (375 ) (375 ) Net (loss) income $ (24,569 ) $ 114,224 $ 89,655 Company's equity in net (loss) income $ (3,088 ) $ 60,029 $ 56,941 PPR Portfolio(1) Other Joint Ventures Total Year Ended December 31, 2015 Revenues: Minimum rents $ 21,172 $ 293,921 $ 315,093 Percentage rents 2,569 13,188 15,757 Tenant recoveries 8,408 129,059 137,467 Other 1,182 33,931 35,113 Total revenues 33,331 470,099 503,430 Expenses: Shopping center and operating expenses 6,852 165,795 172,647 Interest expense 10,448 78,279 88,727 Depreciation and amortization 16,919 133,707 150,626 Total operating expenses 34,219 377,781 412,000 Gain on sale of assets — 9,850 9,850 Loss on extinguishment of debt — (3 ) (3 ) Net (loss) income $ (888 ) $ 102,165 $ 101,277 Company's equity in net income $ 1,409 $ 43,755 $ 45,164 _______________________________________________________________________________ (1) These amounts exclude the results of operations from January 1, 2015 to October 29, 2015, as the PPR Portfolio was converted from Consolidated Centers to an Unconsolidated Joint Venture Centers effective October 30, 2015, as a result of the PPR Portfolio transaction as discussed above.

Derivative Instruments and He37

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Outstanding	The following derivative was outstanding at December 31, 2017 : Property Notional Amount Product LIBOR Rate Maturity Fair Value Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2019 $ 11

Property, net (Tables)

Property, net (Tables)	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Schedule of Real Estate Properties	Property at December 31, 2017 and 2016 consists of the following: 2017 2016 Land $ 1,567,152 $ 1,607,590 Buildings and improvements 6,385,035 6,511,741 Tenant improvements 620,352 622,878 Equipment and furnishings 187,998 177,036 Construction in progress 366,996 289,966 9,127,533 9,209,211 Less accumulated depreciation (2,018,303 ) (1,851,901 ) $ 7,109,230 $ 7,357,310
Assets Measured on a Nonrecurring Basis	The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment charges recorded for the years ended December 31, 2017 , 2016 and 2015 as described above: Years ended December, 31 Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) 2017 $ 38,000 $ — $ 38,000 $ — 2016 $ 86,100 $ — $ — $ 86,100 2015 $ 49,700 $ — $ 6,200 $ 43,500
Quantitative Information, Unobservable Inputs	The following table sets forth quantitative information about the unobservable inputs of the Company’s Level 3 real estate recorded as of December 31, 2016 and 2015 : Unobservable Inputs 2016 2015 Terminal capitalization rate 7.0% - 10.0% 9.0% Discount rate 8.0% - 15.0% 9.5% Market rents per square foot $2.00 - $20.00 $5.00 - $150.00

Deferred Charges and Other As39

Deferred Charges and Other Assets, net (Tables)	12 Months Ended
	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Charges and Other Assets, Net	Deferred charges and other assets, net at December 31, 2017 and 2016 consist of the following: 2017 2016 Leasing $ 232,819 $ 239,983 Intangible assets: In-place lease values(1) 108,432 140,437 Leasing commissions and legal costs(1) 25,958 32,384 Above-market leases 164,040 181,851 Deferred tax assets 29,006 38,301 Deferred compensation plan assets 52,221 42,711 Distributions in excess of co-venture obligation(2) 31,150 — Other assets 66,990 72,206 710,616 747,873 Less accumulated amortization(3) (261,426 ) (269,815 ) $ 449,190 $ 478,058 _______________________________ (1) The amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2018 $ 13,165 2019 11,115 2020 8,418 2021 6,866 2022 5,136 Thereafter 15,183 $ 59,883 (2) See Note 11 — Co-Venture Arrangement . (3) Accumulated amortization includes $74,507 and $88,785 relating to in-place lease values, leasing commissions and legal costs at December 31, 2017 and 2016 , respectively. Amortization expense for in-place lease values, leasing commissions and legal costs was $19,988 , $33,048 and $69,460 for the years ended December 31, 2017 , 2016 and 2015 , respectively.
Schedule of Estimated Amortization of Intangible Assets for the Next Five Years and Thereafter	The amortization of these intangible assets for the next five years and thereafter is as follows: Year Ending December 31, 2018 $ 13,165 2019 11,115 2020 8,418 2021 6,866 2022 5,136 Thereafter 15,183 $ 59,883
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: 2017 2016 Above-Market Leases Original allocated value $ 164,040 $ 181,851 Less accumulated amortization (60,210 ) (57,505 ) $ 103,830 $ 124,346 Below-Market Leases(1) Original allocated value $ 120,573 $ 144,713 Less accumulated amortization (55,489 ) (58,400 ) $ 65,084 $ 86,313 _______________________________ (1) Below‑market leases are included in other accrued liabilities.
Schedule of Estimated Amortization of Allocated Values of Above and Below-market Leases for the Next Five Years and Thereafter	The amortization of these values for the next five years and thereafter is as follows: Year Ending December 31, Above Market Below Market 2018 $ 11,109 $ 11,657 2019 9,265 10,400 2020 8,088 8,016 2021 6,944 6,286 2022 5,370 5,201 Thereafter 63,054 23,524 $ 103,830 $ 65,084

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage notes payable at December 31, 2017 and 2016 consist of the following: Carrying Amount of Mortgage Notes(1) 2017 2016 Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Property Pledged as Collateral Related Party Other Related Party Other Chandler Fashion Center(5) — 199,904 — 199,833 3.77 % 625 2019 Danbury Fair Mall 104,599 104,598 107,929 107,928 5.53 % 1,538 2020 Fashion Outlets of Chicago(6) — 199,298 — 198,966 3.02 % 477 2020 Fashion Outlets of Niagara Falls USA — 112,770 — 115,762 4.89 % 727 2020 Freehold Raceway Mall(5)(7) — 398,050 — 220,643 3.94 % 1,300 2029 Fresno Fashion Fair — 323,261 — 323,062 3.67 % 971 2026 Green Acres Commons(8) — 107,219 — — 4.07 % 322 2021 Green Acres Mall — 291,366 — 297,798 3.61 % 1,447 2021 Kings Plaza Shopping Center — 447,231 — 456,958 3.67 % 2,229 2019 Northgate Mall(9) — — — 63,434 Oaks, The — 196,732 — 201,235 4.14 % 1,064 2022 Pacific View — 124,397 — 127,311 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place(10) — 296,366 — 219,564 3.13 % 706 2022 SanTan Village Regional Center — 124,703 — 127,724 3.14 % 589 2019 Stonewood Center(11) — — — 99,520 Towne Mall — 21,161 — 21,570 4.48 % 117 2022 Tucson La Encantada 66,970 — 68,513 — 4.23 % 368 2022 Victor Valley, Mall of — 114,617 — 114,559 4.00 % 380 2024 Vintage Faire Mall — 263,818 — 269,228 3.55 % 1,256 2026 Westside Pavilion — 141,020 — 143,881 4.49 % 783 2022 $ 171,569 $ 4,066,511 $ 176,442 $ 3,908,976 (1) The mortgage notes payable balances include the unamortized debt premiums. Debt premiums represent the excess of the fair value of debt over 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. The debt premiums as of December 31, 2017 and 2016 consist of the following: Property Pledged as Collateral 2017 2016 Fashion Outlets of Niagara Falls USA $ 2,630 $ 3,558 Stonewood Center — 2,349 $ 2,630 $ 5,907 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 $17,838 and $12,716 at December 31, 2017 and 2016 , respectively. (2) The interest rate disclosed represents the effective interest rate, including the debt premiums and deferred finance costs. (3) The monthly debt service represents the payment of principal and interest. (4) The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met. (5) A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 11 — Co-Venture Arrangement ). (6) The loan bears interest at LIBOR plus 1.50% and matures on March 31, 2020 . At December 31, 2017 and 2016 , the total interest rate was 3.02% and 2.43% , respectively. (7) On October 19, 2017 , the joint venture replaced the existing loan on the property with a new $400,000 loan that bears interest at an effective rate of 3.94% and matures on November 1, 2029 . (8) On September 29, 2017 , the Company placed a new $110,000 loan on the property that bears interest at LIBOR plus 2.15% and matures on March 29, 2021 . The loan can be expanded, depending on certain conditions, up to $130,000 . At December 31, 2017 , the total interest rate was 4.07% . (9) On January 18, 2017 , the loan was paid off in connection with sale of the underlying property (See Note 15 — Dispositions ). (10) On December 4, 2017 , the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at LIBOR plus 1.35% and matures on December 9, 2019 with three one-year extension options. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.00% (See Note 5 — Derivative Instruments and Hedging Activities ). At December 31, 2017 the total interest rate was 3.13% . (11) On November 1, 2017 , the Company paid off the loan on the property.
Debt Premiums (Discounts) on Mortgage Notes Payable	The debt premiums as of December 31, 2017 and 2016 consist of the following: Property Pledged as Collateral 2017 2016 Fashion Outlets of Niagara Falls USA $ 2,630 $ 3,558 Stonewood Center — 2,349 $ 2,630 $ 5,907
Future Maturities of Mortgage Notes Payable	The future maturities of mortgage notes payable are as follows: Year Ending December 31, 2018 $ 49,800 2019 796,591 2020 528,456 2021 401,733 2022 802,552 Thereafter 1,674,156 4,253,288 Debt premium 2,630 Deferred finance cost, net (17,838 ) $ 4,238,080

Bank and Other Notes Payable (T

Bank and Other Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Future Maturities of Bank and Other Notes Payable	The future maturities of bank and other notes payable are as follows: Year Ending December 31, 2018 $ 830 2019 875 2020 922 2021 937,105 939,732 Deferred finance cost (7,548 ) $ 932,184

Co-Venture Arrangement (Tables)

Co-Venture Arrangement (Tables)	12 Months Ended
	Dec. 31, 2017
Co-Venture Arrangement [Abstract]
Schedule of Co-venture Assets and Liabilities	At December 31, 2017 and 2016, the Company had the following asset and liability related to the co-venture arrangement: 2017 2016 Asset—Distributions in excess of co-venture obligation(1) $ 31,150 $ — Liability—Co-venture obligation $ — $ 58,973 _______________________________________________________________________________ (1) See Note 8 — Deferred Charges and Other Assets, net

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2017
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	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
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

Future Rental Revenues (Tables)

Future Rental Revenues (Tables)	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Schedule of Future Minimum Rental Payments by the Company	Under existing non-cancelable operating lease agreements, tenants are committed to pay the following minimum rental payments to the Company: Year Ending December 31, 2018 $ 508,750 2019 432,248 2020 386,803 2021 332,080 2022 283,600 Thereafter 850,735 $ 2,794,216 Minimum future rental payments required under the leases are as follows: Year Ending December 31, 2018 $ 10,461 2019 9,334 2020 9,351 2021 8,999 2022 9,021 Thereafter 208,184 $ 255,350

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments by the Company	Under existing non-cancelable operating lease agreements, tenants are committed to pay the following minimum rental payments to the Company: Year Ending December 31, 2018 $ 508,750 2019 432,248 2020 386,803 2021 332,080 2022 283,600 Thereafter 850,735 $ 2,794,216 Minimum future rental payments required under the leases are as follows: Year Ending December 31, 2018 $ 10,461 2019 9,334 2020 9,351 2021 8,999 2022 9,021 Thereafter 208,184 $ 255,350

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Schedule of Fees Charged to Unconsolidated Joint Ventures	The following are fees charged to unconsolidated joint ventures for the years ended December 31: 2017 2016 2015 Management fees $ 19,105 $ 17,937 $ 10,064 Development and leasing fees 15,558 13,907 9,615 $ 34,663 $ 31,844 $ 19,679

Share and Unit-based Plans (Tab

Share and Unit-based Plans (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Activity of Non-vested Stock Awards	The following table summarizes the activity of non-vested stock awards during the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance at beginning of year — $ — 1,612 $ 62.01 9,189 $ 59.25 Granted — — — — — — Vested — — (1,612 ) 62.01 (7,577 ) 58.67 Balance at end of year — $ — — $ — 1,612 $ 62.01
Summary of Activity of Non-vested Stock Units	The following table summarizes the activity of non-vested stock units during the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 148,428 $ 78.53 132,086 $ 74.58 144,374 $ 59.94 Granted 86,827 66.46 85,601 79.22 77,282 86.53 Vested (81,205 ) 75.62 (69,259 ) 71.82 (86,761 ) 61.29 Forfeited (2,695 ) 69.57 — — (2,809 ) 86.72 Balance at end of year 151,355 $ 73.32 148,428 $ 78.53 132,086 $ 74.58
Summary of Activity of SARs Awards	The following table summarizes the activity of SARs awards during the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Units Weighted Average Exercise Price Units Weighted Average Exercise Price Units Weighted Average Exercise Price Balance at beginning of year 284,146 $ 53.85 417,783 $ 55.13 772,639 $ 56.67 Granted — — — — — — Exercised (48,707 ) 53.95 (143,822 ) 53.73 (364,807 ) 56.86 Special dividend adjustment — — 10,185 53.88 9,951 55.13 Balance at end of year 235,439 $ 53.83 284,146 $ 53.85 417,783 $ 55.13
Summary of Activity of Non-vested LTIP Units	The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 322,572 $ 58.18 56,315 $ 73.24 46,695 $ 58.89 Granted 506,906 55.33 480,371 65.00 424,442 74.71 Vested (192,846 ) 69.93 (214,114 ) 77.45 (414,822 ) 73.13 Forfeited — — — — — Balance at end of year 636,632 $ 52.36 322,572 $ 58.18 56,315 $ 73.24
Summary of Activity of Stock Options	The following table summarizes the activity of stock options for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Balance at beginning of year 10,565 $ 56.77 10,314 $ 58.15 10,068 $ 59.57 Granted 25,000 57.55 — — — — Exercised — — — — — — Special dividend adjustment — — 251 56.77 246 58.15 Balance at end of year 35,565 $ 57.32 10,565 $ 56.77 10,314 $ 58.15
Summary of Activity of Non-vested Phantom Stock Units	The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Stock Units Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Stock Units Weighted Average Grant Date Fair Value Balance at beginning of year 5,845 $ 81.47 — $ — 9,269 $ 58.35 Granted 8,760 68.93 21,088 80.21 13,351 78.72 Vested (10,551 ) 71.69 (15,243 ) 79.73 (20,162 ) 72.17 Forfeited — — — — (2,458 ) 55.62 Balance at end of year 4,054 $ 79.82 5,845 $ 81.47 — $ —
Compensation Cost Under the Share and Unit-based Plans	The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Stock awards $ — $ 20 $ 252 Stock units 6,045 6,305 6,041 LTIP units 30,161 32,957 26,622 Stock options 85 16 16 Phantom stock units 714 1,231 1,444 $ 37,005 $ 40,529 $ 34,375

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Components of Distributions Made to Common Stockholders on a Per Share Basis	The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2017 , 2016 and 2015 are as follows: 2017 2016 (1) 2015 (1) Ordinary income $ 1.98 69.0 % $ 0.94 20.8 % $ 1.20 24.8 % Capital gains 0.51 17.8 % 3.24 71.4 % 3.64 75.2 % Unrecaptured Section 1250 gain 0.38 13.2 % 0.36 7.8 % — — % Return of capital — — % — — % — — % Dividends paid $ 2.87 100.0 % $ 4.54 100.0 % $ 4.84 100.0 % _______________________________________________________________________________ (1) During the year ended December 31, 2015, the Company paid cash dividends of $4.63 per common share. In addition, the Company declared a $2.00 special cash dividend to shareholders of record as of November 12, 2015 which was paid on January 6, 2016 (See Note 13 — Stockholders' Equity ). Pursuant to relevant U.S. tax rules, $0.21 per common share of this dividend is treated as having been paid by the Company on December 31, 2015, and received by each shareholder of record as of November 12, 2015 on December 31, 2015. The balance of the special cash dividend has been included in the amount of dividends paid for the year ended December 31, 2016.
Schedule of Income Tax Provision of TRSs	The income tax provision of the TRSs for the years ended December 31, 2017 , 2016 and 2015 are as follows: 2017 2016 2015 Current $ 185 $ (176 ) $ — Deferred (15,779 ) (546 ) 3,223 Income tax (expense) benefit $ (15,594 ) $ (722 ) $ 3,223
Reconciliation of Income Tax Provision of the TRSs to the Amount Computed by Applying the Federal Corporate Tax Rate	The income tax provision of the TRSs for the years ended December 31, 2017 , 2016 and 2015 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows: 2017 2016 2015 Book loss for TRSs $ 2,094 $ 5,254 $ 10,681 Tax at statutory rate on earnings from continuing operations before income taxes $ 712 $ 1,786 $ 3,632 Change in tax rates (14,189 ) — — State taxes 109 160 420 Other (2,226 ) (2,668 ) (829 ) Income tax (expense) benefit $ (15,594 ) $ (722 ) $ 3,223
Schedule of Tax Effects of Temporary Differences and Carryforwards of the TRSs Included in Net Deferred Tax Assets	The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2017 and 2016 are summarized as follows: 2017 2016 Net operating loss carryforwards $ 21,398 $ 22,335 Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs 5,077 12,720 Other 2,531 3,246 Net deferred tax assets $ 29,006 $ 38,301

Quarterly Financial Data (Table

Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations	The following is a summary of quarterly results of operations for the years ended December 31, 2017 and 2016 : 2017 Quarter Ended 2016 Quarter Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 256,743 $ 242,451 $ 247,423 $ 247,045 $ 272,000 $ 253,367 $ 259,904 $ 256,000 Net income attributable to the Company(1) $ 32,751 $ 17,498 $ 26,638 $ 69,243 $ 37,128 $ 13,730 $ 45,222 $ 420,915 Net income attributable to common stockholders per share-basic $ 0.23 $ 0.12 $ 0.19 $ 0.48 $ 0.26 $ 0.09 $ 0.31 $ 2.77 Net income attributable to common stockholders per share-diluted $ 0.23 $ 0.12 $ 0.19 $ 0.48 $ 0.26 $ 0.09 $ 0.31 $ 2.76 _____________________ (1) Net income attributable to the Company for the quarter ended March 31, 2016 includes the gain on sale of assets of $101,629 from the Arrowhead Towne Center transaction (See Note 4 — Investments in Unconsolidated Joint Ventures ) and $340,734 from the MAC Heitman Portfolio transaction (See Note 4 — Investments in Unconsolidated Joint Ventures ).

Organization (Details)

Organization (Details) - entity	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of management companies (in entities)	7
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership (as a percent)	93.00%	93.00%

Summary of Significant Accoun51

Summary of Significant Accounting Policies - Schedule Operating Partnership's VIEs (Details) - Operating Partnership's VIEs - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property, net
Variable Interest Entity [Line Items]
Assets	$ 288,881	$ 307,582
Other assets
Variable Interest Entity [Line Items]
Assets	60,586	68,863
Total assets
Variable Interest Entity [Line Items]
Assets	349,467	376,445
Mortgage notes payable
Variable Interest Entity [Line Items]
Liabilities	129,436	133,245
Other liabilities
Variable Interest Entity [Line Items]
Liabilities	72,705	75,913
Total liabilities
Variable Interest Entity [Line Items]
Liabilities	$ 202,141	$ 209,158

Summary of Significant Accoun52

Summary of Significant Accounting Policies - Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Increase in minimum rent due to straight-line rent adjustment	$ 8,597	$ 5,237	$ 7,192
Minimum
Revenues
Management fees as a percentage of gross monthly rental revenue	1.50%
Maximum
Revenues
Management fees as a percentage of gross monthly rental revenue	5.00%

Summary of Significant Accoun53

Summary of Significant Accounting Policies - Property and Investment in Unconsolidated Joint Ventures (Details)	12 Months Ended
	Dec. 31, 2017
Investment in unconsolidated joint ventures
Threshold ownership percentage above which to use equity method of accounting only if no controlling financial interest	50.00%
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	5 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	40 years
Tenant improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	5 years
Tenant improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	7 years
Equipment and furnishings | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	5 years
Equipment and furnishings | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	7 years

Summary of Significant Accoun54

Summary of Significant Accounting Policies - Acquisitions (Details)	12 Months Ended
	Dec. 31, 2017form
Accounting Policies [Abstract]
Number of forms of in-place operating lease intangible assets and liabilities	3

Summary of Significant Accoun55

Summary of Significant Accounting Policies - Deferred Charges and Segment Information (Details)	12 Months Ended
	Dec. 31, 2017segmentarea
Segment Information:
Number of business segments | segment	1
Number of geographic areas in which the Company operates | area	1
Minimum
Deferred Charges:
Deferred lease costs, amortization period (in years)	1 year
Deferred financing costs, amortization period (in years)	1 year
Maximum
Deferred Charges:
Deferred lease costs, amortization period (in years)	15 years
Deferred financing costs, amortization period (in years)	15 years

Summary of Significant Accoun56

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2018	Jan. 01, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Liability—Co-venture obligation	$ 0	$ 58,973
Accumulated deficit	(830,279)	(488,782)
Cumulative effect of adoption of ASU 2016-09	6,484
Debt extinguishment costs	0	12,028	$ 14,579
ASU 2014-09 | Difference between revenue guidance in effect before and after topic 606 | Freehold Raceway Mall and Chandler Fashion Center | Joint venture
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accumulated deficit	424,850
Pro forma | ASU 2014-09 | Difference between revenue guidance in effect before and after topic 606 | Freehold Raceway Mall and Chandler Fashion Center | Joint venture
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Liability—Co-venture obligation				$ 393,700
Accumulated Deficit
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect of adoption of ASU 2016-09	6,484
Accumulated Deficit | ASU 2016-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect of adoption of ASU 2016-09					$ 6,484
Freehold Raceway Mall and Chandler Fashion Center | Joint venture
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Investments in unconsolidated joint ventures	$ 31,150	0
Liability—Co-venture obligation		$ 58,973

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator
Net Income									$ 161,673	$ 554,839	$ 522,912
Net income attributable to noncontrolling interests									(15,543)	(37,844)	(35,350)
Net income attributable to the Company	$ 32,751	$ 17,498	$ 26,638	$ 69,243	$ 37,128	$ 13,730	$ 45,222	$ 420,915	146,130	516,995	487,562
Allocation of earnings to participating securities									(757)	(779)	(1,493)
Numerator for basic and diluted EPS—net income attributable to common stockholders									$ 145,373	$ 516,216	$ 486,069
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding (shares)									141,877,000	146,599,000	157,916,000
Effect of dilutive securities
Share and unit based compensation (shares)									36,000	112,000	144,000
Denominator for diluted EPS—weighted average number of common shares outstanding (shares)									141,913,000	146,711,000	158,060,000
EPS—net income attributable to common stockholders:
Basic (dollars per share)	$ 0.23	$ 0.12	$ 0.19	$ 0.48	$ 0.26	$ 0.09	$ 0.31	$ 2.77	$ 1.02	$ 3.52	$ 3.08
Diluted (dollars per share)	$ 0.23	$ 0.12	$ 0.19	$ 0.48	$ 0.26	$ 0.09	$ 0.31	$ 2.76	$ 1.02	$ 3.52	$ 3.08
Convertible preferred units
Antidilutive securities
Antidilutive securities (shares)									90,619	133,366	139,186
Partnership unit
Antidilutive securities
Antidilutive securities (shares)									10,416,321	10,721,271	10,562,154

Investments in Unconsolidated58

Investments in Unconsolidated Joint Ventures - Company Ownership (Details)	Dec. 31, 2017
443 Wabash MAB LLC
Investments in unconsolidated joint ventures:
Ownership %	45.00%
AM Tysons LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Biltmore Shopping Center Partners LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Candlestick Center LLC—Fashion Outlets of San Francisco
Investments in unconsolidated joint ventures:
Ownership %	50.10%
Coolidge Holding LLC
Investments in unconsolidated joint ventures:
Ownership %	37.50%
Corte Madera Village, LLC
Investments in unconsolidated joint ventures:
Ownership %	50.10%
Country Club Plaza KC Partners LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Fashion District Philadelphia—Various Entities
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Jaren Associates 4
Investments in unconsolidated joint ventures:
Ownership %	12.50%
Kierland Commons Investment LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Macerich HHF Centers LLC—Various Properties
Investments in unconsolidated joint ventures:
Ownership %	51.00%
Macerich Northwestern Associates—Broadway Plaza
Investments in unconsolidated joint ventures:
Ownership %	50.00%
MS Portfolio LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
New River Associates LLC—Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Ownership %	60.00%
North Bridge Chicago LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
One Scottsdale Investors LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Pacific Premier Retail LLC—Various Properties
Investments in unconsolidated joint ventures:
Ownership %	60.00%
Propcor II Associates, LLC—Boulevard Shops
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Scottsdale Fashion Square Partnership
Investments in unconsolidated joint ventures:
Ownership %	50.00%
The Market at Estrella Falls LLC
Investments in unconsolidated joint ventures:
Ownership %	40.10%
TM TRS Holding Company LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Tysons Corner LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Tysons Corner Hotel I LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Tysons Corner Property Holdings II LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
Tysons Corner Property LLC
Investments in unconsolidated joint ventures:
Ownership %	50.00%
West Acres Development, LLP
Investments in unconsolidated joint ventures:
Ownership %	19.00%
Westcor/Queen Creek LLC
Investments in unconsolidated joint ventures:
Ownership %	38.20%
Westcor/Surprise Auto Park LLC
Investments in unconsolidated joint ventures:
Ownership %	33.30%
WMAP, L.L.C.—Atlas Park, The Shops at
Investments in unconsolidated joint ventures:
Ownership %	50.00%

Investments in Unconsolidated59

Investments in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands, $ in Thousands

Dec. 14, 2017USD ($)

Sep. 18, 2017USD ($)

Mar. 17, 2017USD ($)

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

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Investments in unconsolidated joint ventures:

Gain (loss) on sale of assets

$ 33,825

$ (375)

$ 9,850

Gain on sale of assets

42,446

415,348

378,248

Gain on land sales

$ 1,564

4,546

$ 1,807

PPR Portfolio

Investments in unconsolidated joint ventures:

Purchase price paid through assumption of debt by the Company

$ 713,000

Proceeds from sale

1,258,643

Gain (loss) on sale of assets

311,194

Cash payment

$ 545,643

Arrowhead Towne Center

Investments in unconsolidated joint ventures:

Property square footage | ft²

1,197

Ownership %

40.00%

Proceeds from sale

$ 289,496

Gain (loss) on sale of assets

$ 101,629

Cash payment

129,496

Assumption of debt

160,000

Westcor/Queen Creek LLC

Investments in unconsolidated joint ventures:

Gain on land sales

$ 5,436

Joint venture | Arrowhead Towne Center

Investments in unconsolidated joint ventures:

Gain on sale of assets

$ 101,629

Joint venture | MAC Heitman Portfolio

Investments in unconsolidated joint ventures:

Ownership %

49.00%

Proceeds from sale

$ 771,478

Cash payment

478,608

Gain on sale of assets

340,734

Assumption of debt

$ 292,870

Joint venture | Westcor/Queen Creek LLC

Investments in unconsolidated joint ventures:

Land sold

30,491

Gain on land sales

$ 14,853

Lakewood Center | PPR Portfolio

Investments in unconsolidated joint ventures:

Property square footage | ft²

2,070

Los Cerritos Center | PPR Portfolio

Investments in unconsolidated joint ventures:

Property square footage | ft²

1,305

South Plains Mall | PPR Portfolio

Investments in unconsolidated joint ventures:

Property square footage | ft²

1,128

Washington Square | PPR Portfolio

Investments in unconsolidated joint ventures:

Property square footage | ft²

1,442

Deptford Mall | Joint venture | MAC Heitman Portfolio

Investments in unconsolidated joint ventures:

Property square footage | ft²

1,040

FlatIron Crossing | Joint venture | MAC Heitman Portfolio

Investments in unconsolidated joint ventures:

Property square footage | ft²

1,433

Twenty Ninth Street | Joint venture | MAC Heitman Portfolio

Investments in unconsolidated joint ventures:

Property square footage | ft²

847

Inland Center

Investments in unconsolidated joint ventures:

Ownership percentage purchased

50.00%

Property square footage | ft²

869

Purchase price on acquisition

$ 51,250

Purchase price funded by cash payment on acquisition

26,250

Purchase price paid through assumption of debt by the Company

25,000

Loan paid off

$ 50,000

Sears

Investments in unconsolidated joint ventures:

Purchase price on acquisition

$ 150,000

Ownership %

50.00%

Number of stores | store

9

Joint venture ownership percentage purchased

50.00%

Country Club Plaza | Joint venture

Investments in unconsolidated joint ventures:

Property square footage | ft²

1,001

Purchase price on acquisition

$ 660,000

Purchase price paid through assumption of debt by the Company

$ 320,000

$ 330,000

Joint venture ownership percentage

50.00%

Interest rate (as a percent)

3.88%

Pacific Premier Retail LLC—Various Properties

Investments in unconsolidated joint ventures:

Ownership %

60.00%

Pacific Premier Retail LLC—Various Properties | PPR Portfolio

Investments in unconsolidated joint ventures:

Ownership %

40.00%

Office building | Country Club Plaza

Investments in unconsolidated joint ventures:

Gain on sale of assets

$ 2,290

Office building | Country Club Plaza | Joint venture

Investments in unconsolidated joint ventures:

Proceeds from sale of building

78,000

Gain on sale of assets

$ 4,580

Office building | Fashion District Philadelphia—Various Entities

Investments in unconsolidated joint ventures:

Gain on sale of assets

$ 6,539

Office building | Fashion District Philadelphia—Various Entities | Joint venture

Investments in unconsolidated joint ventures:

Proceeds from sale of building

61,500

Gain on sale of assets

$ 13,078

Investments in Unconsolidated60

Investments in Unconsolidated Joint Ventures - Financial Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets:
Property, net	$ 9,052,105	$ 9,176,642
Other assets	635,838	614,607
Total assets	9,687,943	9,791,249
Liabilities and partners' capital:
Mortgage and other notes payable	5,296,594	5,224,713
Other liabilities	405,052	403,369
Company's capital	2,188,057	2,279,819
Outside partners' capital	1,798,240	1,883,348
Total liabilities and partners' capital	9,687,943	9,791,249
Investment in unconsolidated joint ventures:
Company's capital	2,188,057	2,279,819
Basis adjustment	(562,021)	(584,887)
Investments in unconsolidated joint ventures	1,626,036	1,694,932
Assets—Investments in unconsolidated joint ventures	1,709,522	1,773,558
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(83,486)	(78,626)
Investments in unconsolidated joint ventures	1,626,036	1,694,932
Total assets	9,687,943	9,791,249
Amortization of difference between cost of investments and book value of underlying equity	16,562	17,610	$ 5,619
Revenues:
Minimum rents	636,182	600,284	315,093
Percentage rents	18,916	20,917	15,757
Tenant recoveries	235,634	235,144	137,467
Other	57,726	56,240	35,113
Total revenues	948,458	912,585	503,430
Expenses:
Shopping center and operating expenses	284,611	274,508	172,647
Interest expense	198,767	187,669	88,727
Depreciation and amortization	352,546	360,378	150,626
Total operating expenses	835,924	822,555	412,000
(Loss) gain on sale of assets	33,825	(375)	9,850
Loss on extinguishment of debt			(3)
Net (loss) income	146,359	89,655	101,277
Company's equity in net (loss) income	85,546	56,941	45,164
Pacific Premier Retail LP
Revenues:
Minimum rents	134,450	129,145	21,172
Percentage rents	5,050	5,437	2,569
Tenant recoveries	46,575	47,856	8,408
Other	5,959	6,303	1,182
Total revenues	192,034	188,741	33,331
Expenses:
Shopping center and operating expenses	41,340	39,804	6,852
Interest expense	67,053	64,626	10,448
Depreciation and amortization	101,625	108,880	16,919
Total operating expenses	210,018	213,310	34,219
(Loss) gain on sale of assets	(36)	0	0
Loss on extinguishment of debt			0
Net (loss) income	(18,020)	(24,569)	(888)
Company's equity in net (loss) income	(453)	(3,088)	1,409
Other Joint Ventures
Revenues:
Minimum rents	501,732	471,139	293,921
Percentage rents	13,866	15,480	13,188
Tenant recoveries	189,059	187,288	129,059
Other	51,767	49,937	33,931
Total revenues	756,424	723,844	470,099
Expenses:
Shopping center and operating expenses	243,271	234,704	165,795
Interest expense	131,714	123,043	78,279
Depreciation and amortization	250,921	251,498	133,707
Total operating expenses	625,906	609,245	377,781
(Loss) gain on sale of assets	33,861	(375)	9,850
Loss on extinguishment of debt			(3)
Net (loss) income	164,379	114,224	102,165
Company's equity in net (loss) income	85,999	60,029	43,755
Northwestern Mutual Life (NML)
Investment in unconsolidated joint ventures:
Mortgage notes payable to affiliate	482,332	265,863
Interest expense on borrowings from related party	17,898	16,898	$ 29,372
Pacific Premier Retail LLC—Various Properties
Assets:
Total assets	3,106,105	3,179,255
Investment in unconsolidated joint ventures:
Total assets	3,106,105	3,179,255
Total liabilities	$ 1,872,227	$ 1,887,952

Derivative Instruments and He61

Derivative Instruments and Hedging Activities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate cap	$ (42,000)	$ 0	$ 0
Interest rate cap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 300,000,000
LIBOR Rate	4.00%
Fair Value	$ 11,000

Property, net - Components of P

Property, net - Components of Property (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Land	$ 1,567,152	$ 1,607,590
Buildings and improvements	6,385,035	6,511,741
Tenant improvements	620,352	622,878
Equipment and furnishings	187,998	177,036
Construction in progress	366,996	289,966
Total	9,127,533	9,209,211
Less accumulated depreciation	(2,018,303)	(1,851,901)
Property, net	$ 7,109,230	$ 7,357,310

Property, net - Narrative (Deta

Property, net - Narrative (Details) - USD ($) $ in Thousands	Nov. 16, 2017	Jan. 18, 2017	May 31, 2016	Apr. 13, 2016	Jan. 14, 2016	Jan. 06, 2016	Nov. 19, 2015	Oct. 30, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation expense									$ 277,917	$ 277,270	$ 354,977
Property, Plant and Equipment [Line Items]
Gain on land sales									1,564	4,546	1,807
Gain (loss) on sale or write down of assets, net									42,446	415,348	378,248
Write down of non-real estate investment assets									10,138
Write-off of development cost									1,046	1,538
Gain (loss) on sale of assets									33,825	(375)	9,850
Gain on sale of assets									42,446	415,348	378,248
Impairment of real estate									$ (22,108)	(39,671)	(9,963)
Contingent settlement payment										(12,180)
Loss on write-off of development costs											(852)
Cascade and Northgate Malls
Property, Plant and Equipment [Line Items]
Gain on disposal		$ 59,577
500 North Michigan Avenue
Property, Plant and Equipment [Line Items]
Gain on disposal	$ 14,597
Arrowhead Towne Center
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of assets										$ 101,629
Percentage of ownership interest sold										40.00%
Arrowhead Towne Center | Joint venture
Property, Plant and Equipment [Line Items]
Gain on sale of assets						$ 101,629
MAC Heitman Portfolio
Property, Plant and Equipment [Line Items]
Percentage of ownership interest sold										49.00%
MAC Heitman Portfolio | Joint venture
Property, Plant and Equipment [Line Items]
Gain on sale of assets					$ 340,734
Capitola Mall
Property, Plant and Equipment [Line Items]
Gain on disposal				$ 24,894
Gain (loss) on sale or write down of assets, net										$ 24,894
PPR Portfolio
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of assets								$ 311,194
Percentage of ownership interest sold										40.00%
Gain on sale of assets											$ 2,336
Mervyn's (former locations)
Property, Plant and Equipment [Line Items]
Gain on disposal			$ (3,066)
Gain (loss) on sale or write down of assets, net										$ (3,066)
Panorama Mall
Property, Plant and Equipment [Line Items]
Gain on disposal							$ 73,726

Property, net - Assets Measured

Property, net - Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	$ 38,000	$ 86,100	$ 49,700
(Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	0	0	0
(Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	38,000	0	6,200
(Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement	$ 0	$ 86,100	$ 43,500

Property, net - Quantitative In

Property, net - Quantitative Information, Unobservable Inputs (Details) - (Level 3)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Terminal capitalization rate		9.00%
Discount rate		9.50%
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Terminal capitalization rate	7.00%
Discount rate	8.00%
Market rents per square foot	2	5
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Terminal capitalization rate	10.00%
Discount rate	15.00%
Market rents per square foot	20	150

Tenant and Other Receivables,66

Tenant and Other Receivables, net (Details) ft² in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 17, 2014USD ($)ft²
Components of tenant and other receivables, net
Allowance for doubtful accounts	$ 2,786	$ 1,991
Deferred rent receivables due to straight-line rent adjustments	61,859	56,761
Lake Square Mall
Components of tenant and other receivables, net
Property square footage | ft²			559
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 8,711	$ 9,509
LSM Note A
Components of tenant and other receivables, net
Notes receivable			$ 6,500
Notes receivable interest rate (as a percent)			6.50%
LSM Note B
Components of tenant and other receivables, net
Notes receivable			$ 3,103
Notes receivable interest rate (as a percent)			5.00%

Deferred Charges and Other As67

Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 232,819	$ 239,983
Intangible assets:
In-place lease values	108,432	140,437
Leasing commissions and legal costs	25,958	32,384
Above-market leases	164,040	181,851
Deferred tax assets	29,006	38,301
Deferred compensation plan assets	52,221	42,711
Finite-Lived Intangible Assets [Line Items]
Other assets	66,990	72,206
Deferred charges and other assets, gross	710,616	747,873
Less accumulated amortization	(261,426)	(269,815)
Deferred charges and other assets, net	449,190	478,058
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	74,507	88,785
Amortization expense	19,988	33,048	$ 69,460
Freehold Raceway Mall and Chandler Fashion Center | Joint venture
Finite-Lived Intangible Assets [Line Items]
Distributions in excess of co-venture obligation	$ 31,150	$ 0

Deferred Charges and Other As68

Deferred Charges and Other Assets, net - Schedule of estimated amortization of intangible assets for the next five years and thereafter (Details) $ in Thousands	Dec. 31, 2017USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2,018	$ 13,165
2,019	11,115
2,020	8,418
2,021	6,866
2,022	5,136
Thereafter	15,183
Allocated value net	$ 59,883

Deferred Charges and Other As69

Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Above-Market Leases
Allocated value net	$ 59,883
Above Market
Above-Market Leases
Original allocated value	164,040	$ 181,851
Less accumulated amortization	(60,210)	(57,505)
Allocated value net	103,830	124,346
Below Market
Below-Market Leases
Original allocated value	120,573	144,713
Less accumulated amortization	(55,489)	(58,400)
Allocated value, net	$ 65,084	$ 86,313

Deferred Charges and Other As70

Deferred Charges and Other Assets, net - Schedule of estimated amortization of allocated values of above and below-market leases for the next five years and thereafter (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Above Market
2,018	$ 13,165
2,019	11,115
2,020	8,418
2,021	6,866
2,022	5,136
Thereafter	15,183
Allocated value net	59,883
Above Market
Above Market
2,018	11,109
2,019	9,265
2,020	8,088
2,021	6,944
2,022	5,370
Thereafter	63,054
Allocated value net	103,830	$ 124,346
Below Market
Below Market
2,017	11,657
2,018	10,400
2,019	8,016
2,020	6,286
2,021	5,201
Thereafter	23,524
Allocated value, net	$ 65,084	$ 86,313

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	$ 171,569	$ 176,442
Carrying amount of mortgage notes, other	4,066,511	3,908,976
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 199,904	199,833
Effective interest rate (as a percent)	3.77%
Monthly debt service	$ 625
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	104,599	107,929
Carrying amount of mortgage notes, other	$ 104,598	107,928
Effective interest rate (as a percent)	5.53%
Monthly debt service	$ 1,538
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	$ 199,298	198,966
Effective interest rate (as a percent)	3.02%
Monthly debt service	$ 477
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	$ 112,770	115,762
Effective interest rate (as a percent)	4.89%
Monthly debt service	$ 727
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	398,050	$ 220,643
Effective interest rate (as a percent)		3.94%
Monthly debt service	1,300
Fresno Fashion Fair
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	$ 0
Carrying amount of mortgage notes, other	$ 323,261	323,062
Effective interest rate (as a percent)	3.67%
Monthly debt service	$ 971
Green Acres Commons
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 107,219	0
Effective interest rate (as a percent)	4.07%
Monthly debt service	$ 322
Green Acres Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 291,366	297,798
Effective interest rate (as a 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	$ 447,231	456,958
Effective interest rate (as a 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	$ 0	63,434
Effective interest rate (as a percent)
Monthly debt service
Oaks, The
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 196,732	201,235
Effective interest rate (as a percent)	4.14%
Monthly debt service	$ 1,064
Pacific View
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 124,397	127,311
Effective interest rate (as a percent)	4.08%
Monthly debt service	$ 668
Queens Center
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 600,000	600,000
Effective interest rate (as a percent)	3.49%
Monthly debt service	$ 1,744
Santa Monica Place
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 296,366	219,564
Effective interest rate (as a percent)	3.13%
Monthly debt service	$ 706
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	$ 124,703	127,724
Effective interest rate (as a 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	$ 0	99,520
Effective interest rate (as a percent)
Monthly debt service
Towne Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 21,161	21,570
Effective interest rate (as a percent)	4.48%
Monthly debt service	$ 117
Tucson La Encantada
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	66,970	68,513
Carrying amount of mortgage notes, other	$ 0	0
Effective interest rate (as a 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	$ 114,617	114,559
Effective interest rate (as a percent)	4.00%
Monthly debt service	$ 380
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying amount of mortgage notes, related party	0	0
Carrying amount of mortgage notes, other	$ 263,818	269,228
Effective interest rate (as a 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	$ 141,020	$ 143,881
Effective interest rate (as a percent)	4.49%
Monthly debt service	$ 783

Mortgage Notes Payable - Premiu

Mortgage Notes Payable - Premiums and Discounts (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Mortgage loans payable on real estate
Debt premiums (discounts), net	$ 2,630	$ 5,907
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Debt premiums	2,630	3,558
Stonewood Center
Mortgage loans payable on real estate
Debt premiums	$ 0	$ 2,349

Mortgage Notes Payable - Footno

Mortgage Notes Payable - Footnotes (Details)	Dec. 04, 2017USD ($)extension_periods	Dec. 31, 2017USD ($)	Oct. 19, 2017USD ($)	Sep. 29, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Disclosure [Abstract]
Unamortized deferred finance costs		$ 17,838,000			$ 12,716,000
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Effective interest rate (as a percent)		3.02%
Freehold Raceway Mall
Mortgage loans payable on real estate
Effective interest rate (as a percent)					3.94%
Green Acres Commons
Mortgage loans payable on real estate
Effective interest rate (as a percent)		4.07%
Santa Monica Place
Mortgage loans payable on real estate
Effective interest rate (as a percent)		3.13%
Freehold Raceway Mall and Chandler Fashion Center
Mortgage loans payable on real estate
Interest in the loan assumed by a third party (as a percent)		49.90%
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)		1.50%
Effective interest rate (as a percent)					2.43%
Freehold Raceway Mall | Joint venture
Mortgage loans payable on real estate
Mortgage loan			$ 400,000,000
Green Acres Commons
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)		2.15%
Mortgage loan				$ 110,000,000
Loan expansion, up to				$ 130,000,000
Santa Monica Place
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)	1.35%
1 year extensions options | extension_periods	3
Mortgage loan	$ 300,000,000
Santa Monica Place | Maximum
Mortgage loans payable on real estate
Variable interest rate spread (as a percent)	4.00%

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Interest expense capitalized	$ 13,160	$ 10,316	$ 13,052
Fair value of mortgage notes payable	$ 4,250,816	$ 4,126,819

Mortgage Notes Payable - Future

Mortgage Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Mortgage loans payable on real estate
Debt premium	$ 2,630	$ 5,907
Deferred finance cost	(17,838)	(12,716)
Total	4,238,080	$ 4,085,418
Mortgage notes payable
Mortgage loans payable on real estate
2,018	49,800
2,019	796,591
2,020	528,456
2,021	401,733
2,022	802,552
Thereafter	1,674,156
Long term debt including debt premium	4,253,288
Debt premium	2,630
Total	$ 4,238,080

Bank and Other Notes Payable -

Bank and Other Notes Payable - Narrative (Details) - USD ($)	Oct. 23, 2015	Mar. 29, 2013	Dec. 08, 2011	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Bank and other notes payable
Deferred finance cost				$ (17,838,000)	$ (12,716,000)
Loss on extinguishment of debt	$ 578,000			0	(1,709,000)	$ (1,487,000)
Line of Credit
Bank and other notes payable
Line of credit				$ 1,500,000,000
Extension option term				1 year
Maximum contingent borrowing capacity				$ 2,000,000,000
Line of credit				935,000,000	885,000,000
Deferred finance cost				$ (7,548,000)	$ (10,039,000)
Average interest rate (as a percent)				3.13%	2.40%
Line of Credit | Level 2
Bank and other notes payable
Fair value of line of credit				$ 919,158,000	$ 865,921,000
Line of Credit | LIBOR
Bank and other notes payable
Variable interest rate spread (as a percent)				1.45%
Line of Credit | LIBOR | Low end of range
Bank and other notes payable
Variable interest rate spread (as a percent)				1.30%
Line of Credit | LIBOR | High end of range
Bank and other notes payable
Variable interest rate spread (as a percent)				1.90%
Term Loan
Bank and other notes payable
Debt issued			$ 125,000,000
Term Loan | LIBOR | Low end of range
Bank and other notes payable
Variable interest rate spread (as a percent)			1.95%
Term Loan | LIBOR | High end of range
Bank and other notes payable
Variable interest rate spread (as a percent)			3.20%
Prasada Note
Bank and other notes payable
Debt issued		$ 13,330,000
Interest rate on debt (as a percent)		5.25%
Carrying value of term loan				$ 4,732,000	5,521,000
Estimated fair value of term loan				$ 4,717,000	$ 5,786,000

Bank and Other Notes Payable 77

Bank and Other Notes Payable - Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Mortgage loans payable on real estate
Deferred finance cost	$ (17,838)	$ (12,716)
Bank and other notes payable
Mortgage loans payable on real estate
2,018	830
2,019	875
2,020	922
2,021	937,105
Long term debt including debt premium	939,732
Deferred finance cost	(7,548)
Long-term debt	$ 932,184

Co-Venture Arrangement - Narrat

Co-Venture Arrangement - Narrative (Details) ft² in Thousands	Sep. 30, 2009USD ($)ft²	Dec. 31, 2017USD ($)	Oct. 19, 2017USD ($)	Dec. 31, 2016USD ($)
Co-Venture Arrangement
Co-venture obligation		$ 0		$ 58,973,000
Freehold Raceway Mall loan | Joint venture
Co-Venture Arrangement
Mortgage loan			$ 400,000,000
Freehold Raceway Mall and Chandler Fashion Center
Co-Venture Arrangement
Ownership interest (as a percent)	49.90%
Co-venture obligation	$ 168,154,000
Freehold Raceway Mall
Co-Venture Arrangement
Property square footage | ft²	1,671
Chandler Fashion Center
Co-Venture Arrangement
Property square footage | ft²	1,318

Co-Venture Arrangement - Schedu

Co-Venture Arrangement - Schedule of Co-venture Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Co-Venture Arrangement
Liability—Co-venture obligation	$ 0	$ 58,973
Freehold Raceway Mall and Chandler Fashion Center | Joint venture
Co-Venture Arrangement
Investments in unconsolidated joint ventures	$ 31,150	0
Liability—Co-venture obligation		$ 58,973

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Aug. 20, 2014
Noncontrolling Interest [Line Items]
Limited partnership interest of the operating partnership (as a percent)	7.00%	7.00%
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Number of trading days used to calculate redemption value	10 days
Redemption value of outstanding OP Units not owned by the Company	$ 671,592	$ 733,141
The Macerich Partnership, L.P.
Noncontrolling Interest [Line Items]
Ownership interest in operating partnership (as a 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 ($)$ / sharesshares	Oct. 30, 2015dividend$ / shares	Jul. 11, 2016$ / sharesshares	Apr. 19, 2016$ / sharesshares	Jan. 19, 2016$ / sharesshares	Dec. 31, 2017$ / shares	Dec. 31, 2016$ / shares	Dec. 31, 2015$ / shares	Sep. 30, 2015USD ($)	Aug. 20, 2014USD ($)$ / shares
Class of Warrant or Right [Line Items]
Authorized amount for stock repurchase program		$ 400,000,000		$ 400,000,000		$ 400,000,000
Authorized amount for accelerated stock repurchase program		$ 400,000,000		$ 400,000,000		$ 400,000,000
Accelerated share repurchased, number of shares purchased (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
Dividends declared for common stock (in dollars per share) | $ / shares						$ 2	$ 2				$ 2.87	$ 2.75	$ 6.63
Par value of common stock (in dollars per share) | $ / shares											$ 0.01	$ 0.01			$ 0.01
Maximum price of common stock available to be issued															$ 500,000,000
2015 Stock Buyback Program
Class of Warrant or Right [Line Items]
Authorized amount for stock repurchase program														$ 1,200,000,000

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Aug. 19, 2016	Feb. 17, 2015	Oct. 31, 2014	Dec. 31, 2016
Acquisition
Contingent settlement payment				$ (12,180)
Fashion Outlets of Chicago | Joint venture
Acquisition
Purchase price			$ 69,987
Contingent settlement payment	$ 23,800
Inland Center
Acquisition
Purchase price		$ 51,250
Additional ownership interest (as a percent)		50.00%
Purchase price funded by cash payment on acquisition		$ 26,250
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities		$ 25,000
Ownership percentage at completion of acquisition (as a percent)		100.00%

Acquisitions - Allocation of Fa

Acquisitions - Allocation of Fair Value (Details) - Inland Center $ in Thousands	Feb. 17, 2015USD ($)
Acquisition
Property	$ 91,871
Deferred charges	9,752
Other assets	5,782
Total assets acquired	107,405
Mortgage notes payable	50,000
Other accrued liabilities	4,905
Total liabilities assumed	54,905
Fair value of acquired net assets (at 100% ownership)	$ 52,500
Ownership percentage at completion of acquisition (as a percent)	100.00%

Acquisitions - Gain (Loss) on R

Acquisitions - Gain (Loss) on Remeasurement (Details) - USD ($) $ in Thousands	Feb. 17, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 14, 2014
Acquisition
Carrying value of investment		$ (1,709,522)	$ (1,773,558)
Gain on remeasurement of assets		$ 0	$ 0	$ 22,089
Inland Center
Acquisition
Fair value of existing ownership interest	$ 26,250
Carrying value of investment	(4,161)
Gain on remeasurement of assets	$ 22,089
Fair value of existing ownership interest (as a percent)					50.00%

Acquisitions - Reconciliation o

Acquisitions - Reconciliation of Purchase Price to Fair Value (Details) - USD ($) $ in Thousands	Feb. 17, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 14, 2014
Acquisition
Investments in unconsolidated joint ventures		$ 1,709,522	$ 1,773,558
Gain on remeasurement of assets		$ 0	$ 0	$ 22,089
PPRLP Queens Portfolio [Member]
Acquisition
Ownership percentage at completion of acquisition (as a percent)					100.00%
Inland Center
Acquisition
Purchase price	$ 51,250
Less debt assumed	(25,000)
Investments in unconsolidated joint ventures	4,161
Gain on remeasurement of assets	22,089
Fair value of acquired net assets (at 100% ownership)	$ 52,500
Ownership percentage at completion of acquisition (as a percent)	100.00%

Dispositions (Details)

Dispositions (Details) ft² in Thousands, $ in Thousands	Nov. 16, 2017USD ($)ft²	Jan. 18, 2017USD ($)ft²	Jul. 15, 2016USD ($)ft²	May 31, 2016USD ($)	Apr. 13, 2016USD ($)ft²	Nov. 19, 2015USD ($)ft²	Oct. 23, 2015USD ($)	Jun. 30, 2015USD ($)ft²	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on extinguishment of debt							$ (578)		$ 0	$ 1,709	$ 1,487
Flagstaff Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on extinguishment of debt			$ 5,284
Great Northern Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage | ft²								895
Great Northern Mall | Great Northern Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on extinguishment of debt								$ (1,627)
Panorama Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage | ft²						312
Proceeds from sale						$ 98,000
Gain (loss) on disposal						$ 73,726
Capitola Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage | ft²					586
Proceeds from sale					$ 93,000
Gain (loss) on disposal					$ 24,894
Mervyn's (former locations)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale				$ 3,200
Gain (loss) on disposal				$ (3,066)
Flagstaff Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage | ft²			347
Cascade Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage | ft²		589
Northgate Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage | ft²		750
Cascade and Northgate Malls
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale		$ 170,000
Gain (loss) on disposal		$ 59,577
500 North Michigan Avenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property square footage | ft²	326
Proceeds from sale	$ 86,350
Gain (loss) on disposal	$ 14,597

Future Rental Revenues (Details

Future Rental Revenues (Details) $ in Thousands	Dec. 31, 2017USD ($)
Leases [Abstract]
2,018	$ 508,750
2,019	432,248
2,020	386,803
2,021	332,080
2,022	283,600
Thereafter	850,735
Total	$ 2,794,216

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Ground rent expenses	$ 18,499,000	$ 16,495,000	$ 17,938,000
Contingent liability under letters of credit	60,588,000
Outstanding obligations under construction agreements	40,121,000
Contingent rent incurred	$ 0	$ 0	$ 0

Commitments and Contingencies89

Commitments and Contingencies - Schedule of future minimum rental payments by the Company (Details) $ in Thousands	Dec. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,018	$ 10,461
2,019	9,334
2,020	9,351
2,021	8,999
2,022	9,021
Thereafter	208,184
Total minimum future payments	$ 255,350

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	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Management fees	$ 19,105	$ 17,937	$ 10,064
Development and leasing fees	15,558	13,907	9,615
Fees charged to unconsolidated joint ventures	$ 34,663	$ 31,844	$ 19,679

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Interest expense, related party	$ 8,731	$ 8,973	$ 10,515
Due (to) from affiliates	82,162	68,227
Related Parties Note Receivable, RED Consolidated Holdings, LLC
Related Party Transaction [Line Items]
Due (to) from affiliates	$ 4,796	5,593
Notes receivable interest rate	5.25%
Interest earned	$ 268	366	520
Northwestern Mutual Life (NML)
Related Party Transaction [Line Items]
Interest expense payable, related party	716	736
Unconsolidated joint ventures
Related Party Transaction [Line Items]
Due (to) from affiliates	5,411	(6,809)
Affiliated entity | Notes receivable | Fashion Outlets of San Francisco
Related Party Transaction [Line Items]
Interest earned	2,513	2,234	$ 1,872
Note receivable	$ 71,955	$ 69,443
Affiliated entity | Notes receivable | Fashion Outlets of San Francisco | LIBOR
Related Party Transaction [Line Items]
Notes receivable interest rate	2.00%

Share and Unit-based Plans - 20

Share and Unit-based Plans - 2003 Equity Incentive Plan (Details) - 2003 Equity Incentive Plan	12 Months Ended
	Dec. 31, 2017shares
Share and unit-based plans
Term of award (in years)	10 years
Maximum shares authorized under plan (shares)	19,825,428
Shares available for issuance under plan (in shares)	6,176,479

Share and Unit-based Plans - St

Share and Unit-based Plans - Stock Awards and Stock Units Roll Forward Activity (Details)	12 Months Ended
	Dec. 31, 2017$ / sharesshares	Dec. 31, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares
Stock awards
Shares or Units
Balance at beginning of year (shares) | shares	0	1,612	9,189
Granted (shares) | shares	0	0	0
Vested (shares) | shares	0	(1,612)	(7,577)
Balance at end of year (shares) | shares	0	0	1,612
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share) | $ / shares	$ 0	$ 62.01	$ 59.25
Granted (in dollars per share) | $ / shares	0	0	0
Vested (in dollars per share) | $ / shares	0	62.01	58.67
Balance at end of year (in dollars per share) | $ / shares	$ 0	$ 0	$ 62.01
Stock units
Shares or Units
Balance at beginning of year (shares) | shares	148,428	132,086	144,374
Granted (shares) | shares	86,827	85,601	77,282
Vested (shares) | shares	(81,205)	(69,259)	(86,761)
Forfeited (shares) | shares	(2,695)	0	(2,809)
Balance at end of year (shares) | shares	151,355	148,428	132,086
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share) | $ / shares	$ 78.53	$ 74.58	$ 59.94
Granted (in dollars per share) | $ / shares	66.46	79.22	86.53
Vested (in dollars per share) | $ / shares	75.62	71.82	61.29
Forfeited (in dollars per share) | $ / shares	69.57	0	86.72
Balance at end of year (in dollars per share) | $ / shares	$ 73.32	$ 78.53	$ 74.58
Number of common shares into which units can be converted (shares)	1

Share and Unit-based Plans - SA

Share and Unit-based Plans - SARs Narrative (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Jan. 06, 2016	Dec. 31, 2015	Dec. 08, 2015	Dec. 07, 2015	Dec. 31, 2014
SARs
Share and unit-based plans
Term of award (in years)	10 years
Grant date of award (in dollars per share)	$ 9.67
Volatility rate (as a percent)	25.85%
Dividend yield (as a percent)	3.69%
Risk free rate (as a percent)	1.20%
Current value (in dollars per share)	$ 59.57
Expected term (in years)	8 years
Stock appreciation units balance (shares)	235,439	284,146	427,968	417,783	417,783	407,823	772,639
Stock appreciation weighted average price (in dollars per share)	$ 53.83	$ 53.85	$ 53.85	$ 55.13	$ 55.13	$ 56.49	$ 56.67
SARS granted prior to 2012
Share and unit-based plans
Grant date of award (in dollars per share)	$ 7.68
Volatility rate (as a percent)	22.52%
Dividend yield (as a percent)	5.23%
Risk free rate (as a percent)	3.15%
Current value (in dollars per share)	$ 61.17
Expected term (in years)	8 years

Share and Unit-based Plans - 95

Share and Unit-based Plans - SARs Roll Forward Activity (Details) - SARs - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Units
Balance at beginning of year (shares)	284,146	417,783	772,639
Granted (shares)	0	0	0
Exercised (shares)	(48,707)	(143,822)	(364,807)
Special dividend adjustment (shares)	0	10,185	9,951
Balance at end of year (shares)	235,439	284,146	417,783
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year (in dollars per share)	$ 53.85	$ 55.13	$ 56.67
Granted (in dollars per share)	0	0	0
Vested (in dollars per share)	53.95	53.73	56.86
Special dividend adjustment (in dollars per share)	0	53.88	55.13
Balance at end of year (in dollars per share)	$ 53.83	$ 53.85	$ 55.13

Share and Unit-based Plans - Lo

Share and Unit-based Plans - Long-Term Incentive Plan Units (Details)	Jun. 01, 2017$ / sharesshares	Mar. 03, 2017$ / sharesshares	Jan. 01, 2017$ / sharesshares	Mar. 04, 2016$ / sharesshares	Jan. 07, 2016	Jan. 01, 2016$ / sharesshares	Dec. 31, 2015shares	Mar. 06, 2015$ / sharesshares	Jan. 01, 2015$ / sharesshares	Jan. 01, 2014	Dec. 31, 2017$ / sharesshares	Dec. 31, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares
Stock units
Share and unit-based plans
Conversion rate											1
Granted (shares)											86,827	85,601	77,282
Granted (in dollars per share) | $ / shares											$ 66.46	$ 79.22	$ 86.53
Vested (shares)											81,205	69,259	86,761
LTIP units
Share and unit-based plans
Conversion rate											1
Granted (shares)											506,906	480,371	424,442
Granted (in dollars per share) | $ / shares											$ 55.33	$ 65	$ 74.71
Absolute return requirement (shares)										3.00%
Risk free rate (as a percent)	1.45%		1.49%			1.32%			0.25%
Volatility rate (as a percent)	21.40%		20.75%			20.31%			16.81%
Level of percentile ranking at which awards vested (as a percent)					130.00%
Vested (shares)							55,934				192,846	214,114	414,822
LTIP units | LTIP units that vest in equal installments over a service period ending December 31, 2018
Share and unit-based plans
Granted (shares)	1,522		66,079			58,786
Granted (in dollars per share) | $ / shares	$ 58.31		$ 70.84			$ 80.69
LTIP units | Market-Indexed LTIP units that vest in equal installments over a service period ending December 31, 2018
Share and unit-based plans
Granted (shares)	6,714		297,849			266,899
Granted (in dollars per share) | $ / shares	$ 39.66		$ 47.15			$ 53.32
LTIP units | LTIP units that are fully vested on the grant date
Share and unit-based plans
Granted (shares)		134,742		154,686
Granted (in dollars per share) | $ / shares		$ 66.57		$ 79.20
LTIP units | 2015 LTIP Units Series 1
Share and unit-based plans
Granted (shares)									49,451
Granted (in dollars per share) | $ / shares									$ 83.41
LTIP units | 2015 LTIP Units Series 2
Share and unit-based plans
Granted (shares)									186,450
Granted (in dollars per share) | $ / shares									$ 66.37
LTIP units | 2015 LTIP Units Series 3
Share and unit-based plans
Granted (shares)								132,607
Granted (in dollars per share) | $ / shares								$ 86.72

Share and Unit-based Plans - LT

Share and Unit-based Plans - LTIP Activity (Details) - LTIP units - $ / shares	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Units
Balance at beginning of year (shares)		322,572	56,315	46,695
Granted (shares)		506,906	480,371	424,442
Vested (shares)	(55,934)	(192,846)	(214,114)	(414,822)
Forfeited (shares)		0	0	0
Balance at end of year (shares)	56,315	636,632	322,572	56,315
Weighted Average Grant Date Fair Value
Balance at beginning of year (in dollars per share)		$ 58.18	$ 73.24	$ 58.89
Granted (in dollars per share)		55.33	65	74.71
Vested (in dollars per share)		69.93	77.45	73.13
Forfeited (in dollars per share)		0	0
Balance at end of year (in dollars per share)	$ 73.24	$ 52.36	$ 58.18	$ 73.24

Share and Unit-based Plans - 98

Share and Unit-based Plans - Stock Options Narrative (Details) - $ / shares	May 30, 2017	Dec. 31, 2012	Dec. 31, 2017	Dec. 31, 2016	Jan. 06, 2016	Dec. 31, 2015	Dec. 09, 2015	Dec. 08, 2015	Dec. 31, 2014
Stock options
Share and unit-based plans
Grant date of award (in dollars per share)		$ 9.67
Volatility rate (as a percent)		25.85%
Dividend yield (as a percent)		3.69%
Risk free rate (as a percent)		1.20%
Current value (in dollars per share)		$ 59.57
Expected term (in years)		8 years
Stock options, outstanding, number (shares)			35,565	10,565	10,565	10,314	10,314	10,068	10,068
Stock options, outstanding, weighted average exercise price (in dollars per share)			$ 57.32	$ 56.77	$ 56.77	$ 58.15	$ 58.15	$ 59.57	$ 59.57
Non-qualified stock options
Share and unit-based plans
Volatility rate (as a percent)	30.19%
Dividend yield (as a percent)	4.93%
Risk free rate (as a percent)	2.08%
Expected term (in years)	8 years
Granted (shares)	25,000
Granted (in dollars per share)	$ 10.02
Share Price	$ 57.55

Share and Unit-based Plans - 99

Share and Unit-based Plans - Stock Option Activity (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Options
Balance at beginning of year (shares)	10,565	10,314	10,068
Granted (shares)	25,000	0	0
Exercised (in shares)	0	0	0
Special dividend adjustment (shares)	0	251	246
Balance at end of year (shares)	35,565	10,565	10,314
Weighted Average Exercise Price (in dollars per share)
Balance at beginning of year (in dollars per share)	$ 56.77	$ 58.15	$ 59.57
Granted (in dollars per share)	57.55	0	0
Exercised (in dollars per share)	0	0	0
Special dividend adjustment (in dollars per share)	0	56.77	58.15
Balance at end of year (in dollars per share)	$ 57.32	$ 56.77	$ 58.15

Share and Unit-based Plans - Di

Share and Unit-based Plans - Directors' Phantom Stock Plan (Details)	12 Months Ended
	Dec. 31, 2017$ / sharesshares	Dec. 31, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares
Phantom stock units
Share and unit-based plans
Number of common shares into which units can be converted (shares)	1
Units
Balance at beginning of year (shares)	5,845	0	9,269
Granted (shares)	8,760	21,088	13,351
Vested (shares)	(10,551)	(15,243)	(20,162)
Forfeited (shares)	0	0	(2,458)
Balance at end of year (shares)	4,054	5,845	0
Weighted Average Grant Date Fair Value (in dollars per share)
Balance at beginning of year (in dollars per share) | $ / shares	$ 81.47	$ 0	$ 58.35
Granted (in dollars per share) | $ / shares	68.93	80.21	78.72
Vested (in dollars per share) | $ / shares	71.69	79.73	72.17
Forfeited (in dollars per share) | $ / shares	0	0	55.62
Balance at end of year (in dollars per share) | $ / shares	$ 79.82	$ 81.47	$ 0
Director's Phantom Stock Plan
Share and unit-based plans
Deferral period for grant of units (in years)	3 years
Number of common shares into which units can be converted (shares)	1
Maximum shares authorized under plan (shares)	500,000
Shares available for issuance under plan (in shares)	169,755

Share and Unit-based Plans - Em

Share and Unit-based Plans - Employee Stock Purchase Plan (Details) - ESPP	12 Months Ended
	Dec. 31, 2017shares
Share and unit-based plans
Discount from market price (as a percent)	15.00%
Maximum shares authorized under plan (shares)	750,000
Shares available for issuance under plan (in shares)	450,306

Share and Unit-based Plans - Co

Share and Unit-based Plans - Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share and unit-based plans
Compensation cost under share and unit-based plans	$ 37,005	$ 40,529	$ 34,375
Capitalized share and unit-based compensation costs	6,206	7,241	6,008
Stock awards
Share and unit-based plans
Compensation cost under share and unit-based plans	0	20	252
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	6,045	6,305	6,041
Unrecognized compensation cost of share and unit-based plans	3,239
LTIP units
Share and unit-based plans
Compensation cost under share and unit-based plans	30,161	32,957	26,622
Unrecognized compensation cost of share and unit-based plans	286
Stock options
Share and unit-based plans
Compensation cost under share and unit-based plans	85	16	16
Unrecognized compensation cost of share and unit-based plans	176
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans	714	1,231	1,444
Unrecognized compensation cost of share and unit-based plans	324
Stock awards and units
Share and unit-based plans
Fair value of equity-based awards vested during period	$ 5,257	$ 5,644	$ 8,794

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 28, 2013	Feb. 01, 1999
401(k) Plan
Employee Benefit Plans:
Number of common stock shares reserved for issuance (in shares)					150,000
Number of additional common stock shares reserved for issuance (in shares)				500,000
Employer match of employee contributions of first 3% of eligible compensation (as a percent)	100.00%
Percentage of eligible compensation, matched 100% by employer (as a percent)	3.00%
Employer match of employee contributions of next 2% of eligible compensation (as a percent)	50.00%
Percentage of eligible compensation, matched 50% by employer (as a percent)	2.00%
Employer contribution	$ 3,481	$ 3,384	$ 3,299
Deferred Compensation Plans
Employee Benefit Plans:
Employer contribution	$ 1,069	$ 1,032	$ 933

Income Taxes - Schedule of comp

Income Taxes - Schedule of components of distributions made to common stockholders on a per share basis (Details) - $ / shares	Nov. 12, 2015	Oct. 30, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Dividends, dollars per share
Ordinary income (in dollars per share)			$ 1.98	$ 0.94	$ 1.20
Capital gains (in dollars per share)			0.51	3.24	3.64
Unrecaptured Section 1250 gain (in dollars per share)			0.38	0.36	0
Return of capital (in dollars per share)			0	0	0
Dividends paid for income tax purposes (in dollars per share)			$ 2.87	$ 4.54	$ 4.84
Dividends, percent
Ordinary income (as a percent)			69.00%	20.80%	24.80%
Capital gains (as a percent)			17.80%	71.40%	75.20%
Unrecaptured Section 1250 gain (as a percent)			13.20%	7.80%	0.00%
Return of capital (as a percent)			0.00%	0.00%	0.00%
Dividends paid (as a percent)			100.00%	100.00%	100.00%
Distributions paid, per share (in dollars per share)					$ 4.63
Dividends declared for common stock (in dollars per share)	$ 2	$ 2	$ 2.87	$ 2.75	6.63
Cash deemed paid (in dollars per share)					$ 0.21

Income Taxes - Schedule of inco

Income Taxes - Schedule of income tax benefit of TRSs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Current	$ 185	$ (176)	$ 0
Deferred	(15,779)	(546)	3,223
Income tax (expense) benefit	$ (15,594)	$ (722)	$ 3,223

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income tax benefit (provision) of the TRSs to the amount computed by applying the federal corporate tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Book loss for TRSs	$ 2,094	$ 5,254	$ 10,681
Tax at statutory rate on earnings from continuing operations before income taxes	712	1,786	3,632
Change in tax rates	(14,189)	0	0
State taxes	109	160	420
Other	(2,226)	(2,668)	(829)
Income tax (expense) benefit	$ (15,594)	$ (722)	$ 3,223

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Income Tax Disclosure [Abstract]
Remeasured ending deferred tax asset	$ 14,189

Income Taxes - Schedule of tax

Income Taxes - Schedule of tax effects of temporary differences and carryforwards of the TRSs included in net deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 21,398	$ 22,335
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	5,077	12,720
Other	2,531	3,246
Deferred tax assets	$ 29,006	$ 38,301

Quarterly Financial Data (Detai

Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 14, 2016	Jan. 06, 2016	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenues			$ 256,743	$ 242,451	$ 247,423	$ 247,045	$ 272,000	$ 253,367	$ 259,904	$ 256,000	$ 993,662	$ 1,041,271	$ 1,288,149
Net income attributable to the Company			$ 32,751	$ 17,498	$ 26,638	$ 69,243	$ 37,128	$ 13,730	$ 45,222	$ 420,915	$ 146,130	$ 516,995	$ 487,562
Net income attributable to common stockholders (dollars per share)			$ 0.23	$ 0.12	$ 0.19	$ 0.48	$ 0.26	$ 0.09	$ 0.31	$ 2.77	$ 1.02	$ 3.52	$ 3.08
Net income attributable to common stockholders (dollars per share)			$ 0.23	$ 0.12	$ 0.19	$ 0.48	$ 0.26	$ 0.09	$ 0.31	$ 2.76	$ 1.02	$ 3.52	$ 3.08
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets											$ 42,446	$ 415,348	$ 378,248
Joint venture | Arrowhead Towne Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets		$ 101,629
Joint venture | MAC Heitman Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets	$ 340,734

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Feb. 05, 2018	Jan. 26, 2018	Jan. 22, 2018	Nov. 12, 2015	Oct. 30, 2015	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent events
Dividends declared for common stock (in dollars per share)				$ 2	$ 2		$ 2.87	$ 2.75	$ 6.63
Subsequent event
Subsequent events
Dividends declared for common stock (in dollars per share)		$ 0.74
Subsequent event | Joint venture | Fashion District Philadelphia
Subsequent events
Variable interest rate spread (as a percent)			2.00%
Subsequent event | Joint venture | Fashion District Philadelphia | Term loan
Subsequent events
Face amount of debt			$ 250,000,000
Proceeds from Loans			$ 150,000,000
Subsequent event | Joint venture | Fashion District Philadelphia | Term loan | Forecast
Subsequent events
Proceeds from Loans						$ 100,000,000
Subsequent event | Joint venture | Broadway Plaza
Subsequent events
Face amount of debt	$ 450,000,000
Interest rate on debt (as a percent)	4.18%
Debt term (years)	12 years

Schedule III-Real Estate and111

Schedule III-Real Estate and Accumulated Depreciation - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Initial Cost to Company
Land	$ 1,455,769
Building and Improvements	4,853,839
Equipment and Furnishings	46,574
Cost Capitalized Subsequent to Acquisition	2,771,351
Gross Amount at Which Carried at Close of Period
Land	1,567,152
Building and Improvements	7,005,387
Equipment and Furnishings	187,998	$ 177,036
Construction in Progress	366,996	289,966
Total	9,127,533	9,209,211	$ 10,689,656	$ 12,777,882
Accumulated Depreciation	2,018,303	$ 1,851,901	$ 1,892,744	$ 1,709,992
Total Cost Net of Accumulated Depreciation	7,109,230
Chandler Fashion Center
Initial Cost to Company
Land	24,188
Building and Improvements	223,143
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	19,336
Gross Amount at Which Carried at Close of Period
Land	24,188
Building and Improvements	236,717
Equipment and Furnishings	5,762
Construction in Progress	0
Total	266,667
Accumulated Depreciation	105,891
Total Cost Net of Accumulated Depreciation	160,776
Danbury Fair Mall
Initial Cost to Company
Land	130,367
Building and Improvements	316,951
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	114,644
Gross Amount at Which Carried at Close of Period
Land	142,751
Building and Improvements	409,658
Equipment and Furnishings	9,257
Construction in Progress	296
Total	561,962
Accumulated Depreciation	143,969
Total Cost Net of Accumulated Depreciation	417,993
Desert Sky Mall
Initial Cost to Company
Land	9,447
Building and Improvements	37,245
Equipment and Furnishings	12
Cost Capitalized Subsequent to Acquisition	4,598
Gross Amount at Which Carried at Close of Period
Land	9,082
Building and Improvements	40,886
Equipment and Furnishings	1,334
Construction in Progress	0
Total	51,302
Accumulated Depreciation	10,315
Total Cost Net of Accumulated Depreciation	40,987
Eastland Mall
Initial Cost to Company
Land	22,050
Building and Improvements	151,605
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	11,855
Gross Amount at Which Carried at Close of Period
Land	22,066
Building and Improvements	160,977
Equipment and Furnishings	2,199
Construction in Progress	268
Total	185,510
Accumulated Depreciation	28,798
Total Cost Net of Accumulated Depreciation	156,712
Estrella Falls
Initial Cost to Company
Land	10,550
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	71,512
Gross Amount at Which Carried at Close of Period
Land	10,747
Building and Improvements	14,254
Equipment and Furnishings	0
Construction in Progress	57,061
Total	82,062
Accumulated Depreciation	1,181
Total Cost Net of Accumulated Depreciation	80,881
Fashion Outlets of Chicago
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	262,936
Gross Amount at Which Carried at Close of Period
Land	40,575
Building and Improvements	217,945
Equipment and Furnishings	4,131
Construction in Progress	285
Total	262,936
Accumulated Depreciation	45,946
Total Cost Net of Accumulated Depreciation	216,990
Fashion Outlets of Niagara Falls USA
Initial Cost to Company
Land	18,581
Building and Improvements	210,139
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	101,022
Gross Amount at Which Carried at Close of Period
Land	22,936
Building and Improvements	304,202
Equipment and Furnishings	2,354
Construction in Progress	250
Total	329,742
Accumulated Depreciation	62,663
Total Cost Net of Accumulated Depreciation	267,079
The Marketplace at Flagstaff
Initial Cost to Company
Land	0
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	45,840
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	45,838
Equipment and Furnishings	2
Construction in Progress	0
Total	45,840
Accumulated Depreciation	21,980
Total Cost Net of Accumulated Depreciation	23,860
Freehold Raceway Mall
Initial Cost to Company
Land	164,986
Building and Improvements	362,841
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	123,130
Gross Amount at Which Carried at Close of Period
Land	168,098
Building and Improvements	474,036
Equipment and Furnishings	8,789
Construction in Progress	34
Total	650,957
Accumulated Depreciation	176,715
Total Cost Net of Accumulated Depreciation	474,242
Fresno Fashion Fair
Initial Cost to Company
Land	17,966
Building and Improvements	72,194
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	43,852
Gross Amount at Which Carried at Close of Period
Land	17,966
Building and Improvements	113,147
Equipment and Furnishings	2,428
Construction in Progress	471
Total	134,012
Accumulated Depreciation	53,177
Total Cost Net of Accumulated Depreciation	80,835
Green Acres Mall
Initial Cost to Company
Land	156,640
Building and Improvements	321,034
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	177,943
Gross Amount at Which Carried at Close of Period
Land	179,274
Building and Improvements	464,133
Equipment and Furnishings	9,264
Construction in Progress	2,946
Total	655,617
Accumulated Depreciation	81,986
Total Cost Net of Accumulated Depreciation	573,631
Inland Center
Initial Cost to Company
Land	8,321
Building and Improvements	83,550
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	25,509
Gross Amount at Which Carried at Close of Period
Land	10,291
Building and Improvements	106,983
Equipment and Furnishings	61
Construction in Progress	45
Total	117,380
Accumulated Depreciation	12,618
Total Cost Net of Accumulated Depreciation	104,762
Kings Plaza Shopping Center
Initial Cost to Company
Land	209,041
Building and Improvements	485,548
Equipment and Furnishings	20,000
Cost Capitalized Subsequent to Acquisition	171,964
Gross Amount at Which Carried at Close of Period
Land	195,701
Building and Improvements	466,529
Equipment and Furnishings	28,137
Construction in Progress	196,186
Total	886,553
Accumulated Depreciation	75,113
Total Cost Net of Accumulated Depreciation	811,440
La Cumbre Plaza
Initial Cost to Company
Land	18,122
Building and Improvements	21,492
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	24,830
Gross Amount at Which Carried at Close of Period
Land	17,280
Building and Improvements	46,096
Equipment and Furnishings	426
Construction in Progress	642
Total	64,444
Accumulated Depreciation	24,061
Total Cost Net of Accumulated Depreciation	40,383
Macerich Management Co.
Initial Cost to Company
Land	1,150
Building and Improvements	10,475
Equipment and Furnishings	26,562
Cost Capitalized Subsequent to Acquisition	54,558
Gross Amount at Which Carried at Close of Period
Land	3,878
Building and Improvements	15,094
Equipment and Furnishings	66,598
Construction in Progress	7,175
Total	92,745
Accumulated Depreciation	57,437
Total Cost Net of Accumulated Depreciation	35,308
MACWH, LP
Initial Cost to Company
Land	0
Building and Improvements	25,771
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	18,545
Gross Amount at Which Carried at Close of Period
Land	11,557
Building and Improvements	27,455
Equipment and Furnishings	0
Construction in Progress	5,304
Total	44,316
Accumulated Depreciation	9,121
Total Cost Net of Accumulated Depreciation	35,195
NorthPark Mall
Initial Cost to Company
Land	7,746
Building and Improvements	74,661
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	10,266
Gross Amount at Which Carried at Close of Period
Land	7,885
Building and Improvements	84,284
Equipment and Furnishings	504
Construction in Progress	0
Total	92,673
Accumulated Depreciation	17,512
Total Cost Net of Accumulated Depreciation	75,161
The Oaks
Initial Cost to Company
Land	32,300
Building and Improvements	117,156
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	260,520
Gross Amount at Which Carried at Close of Period
Land	56,387
Building and Improvements	350,325
Equipment and Furnishings	3,099
Construction in Progress	165
Total	409,976
Accumulated Depreciation	138,052
Total Cost Net of Accumulated Depreciation	271,924
Pacific View
Initial Cost to Company
Land	8,697
Building and Improvements	8,696
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	130,806
Gross Amount at Which Carried at Close of Period
Land	7,854
Building and Improvements	137,572
Equipment and Furnishings	2,262
Construction in Progress	511
Total	148,199
Accumulated Depreciation	68,254
Total Cost Net of Accumulated Depreciation	79,945
Paradise Valley Mall
Initial Cost to Company
Land	33,445
Building and Improvements	128,485
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	36,472
Gross Amount at Which Carried at Close of Period
Land	39,382
Building and Improvements	155,485
Equipment and Furnishings	2,606
Construction in Progress	929
Total	198,402
Accumulated Depreciation	74,731
Total Cost Net of Accumulated Depreciation	123,671
Promenade at Casa Grande
Initial Cost to Company
Land	15,089
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	50,736
Gross Amount at Which Carried at Close of Period
Land	3,900
Building and Improvements	61,849
Equipment and Furnishings	76
Construction in Progress	0
Total	65,825
Accumulated Depreciation	39,735
Total Cost Net of Accumulated Depreciation	26,090
Queens Center
Initial Cost to Company
Land	251,474
Building and Improvements	1,039,922
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	32,254
Gross Amount at Which Carried at Close of Period
Land	256,786
Building and Improvements	1,063,912
Equipment and Furnishings	2,478
Construction in Progress	474
Total	1,323,650
Accumulated Depreciation	88,343
Total Cost Net of Accumulated Depreciation	1,235,307
Santa Monica Place
Initial Cost to Company
Land	26,400
Building and Improvements	105,600
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	329,495
Gross Amount at Which Carried at Close of Period
Land	48,374
Building and Improvements	403,953
Equipment and Furnishings	8,071
Construction in Progress	1,097
Total	461,495
Accumulated Depreciation	118,272
Total Cost Net of Accumulated Depreciation	343,223
San Tan Adjacent Land
Initial Cost to Company
Land	29,414
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	8,105
Gross Amount at Which Carried at Close of Period
Land	30,506
Building and Improvements	0
Equipment and Furnishings	0
Construction in Progress	7,013
Total	37,519
Accumulated Depreciation	0
Total Cost Net of Accumulated Depreciation	37,519
San Tan Village Regional Center
Initial Cost to Company
Land	7,827
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	198,366
Gross Amount at Which Carried at Close of Period
Land	5,839
Building and Improvements	195,690
Equipment and Furnishings	1,562
Construction in Progress	3,102
Total	206,193
Accumulated Depreciation	87,621
Total Cost Net of Accumulated Depreciation	118,572
South Park Mall
Initial Cost to Company
Land	7,035
Building and Improvements	38,215
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	25,600
Gross Amount at Which Carried at Close of Period
Land	7,479
Building and Improvements	62,511
Equipment and Furnishings	415
Construction in Progress	445
Total	70,850
Accumulated Depreciation	12,497
Total Cost Net of Accumulated Depreciation	58,353
Southridge Mall
Initial Cost to Company
Land	6,764
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	8,412
Gross Amount at Which Carried at Close of Period
Land	2,676
Building and Improvements	12,290
Equipment and Furnishings	99
Construction in Progress	111
Total	15,176
Accumulated Depreciation	5,046
Total Cost Net of Accumulated Depreciation	10,130
Stonewood Center
Initial Cost to Company
Land	4,948
Building and Improvements	302,527
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	8,723
Gross Amount at Which Carried at Close of Period
Land	4,935
Building and Improvements	311,163
Equipment and Furnishings	100
Construction in Progress	0
Total	316,198
Accumulated Depreciation	29,927
Total Cost Net of Accumulated Depreciation	286,271
Superstition Springs Center
Initial Cost to Company
Land	10,928
Building and Improvements	112,718
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	8,140
Gross Amount at Which Carried at Close of Period
Land	10,928
Building and Improvements	120,392
Equipment and Furnishings	466
Construction in Progress	0
Total	131,786
Accumulated Depreciation	15,896
Total Cost Net of Accumulated Depreciation	115,890
Superstition Springs Power Center
Initial Cost to Company
Land	1,618
Building and Improvements	4,420
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	290
Gross Amount at Which Carried at Close of Period
Land	1,618
Building and Improvements	4,627
Equipment and Furnishings	83
Construction in Progress	0
Total	6,328
Accumulated Depreciation	1,889
Total Cost Net of Accumulated Depreciation	4,439
Tangerine (Marana), The Shops at
Initial Cost to Company
Land	36,158
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	(8,462)
Gross Amount at Which Carried at Close of Period
Land	16,922
Building and Improvements	0
Equipment and Furnishings	0
Construction in Progress	10,774
Total	27,696
Accumulated Depreciation	0
Total Cost Net of Accumulated Depreciation	27,696
The Macerich Partnership, L.P.
Initial Cost to Company
Land	0
Building and Improvements	2,534
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	23,773
Gross Amount at Which Carried at Close of Period
Land	0
Building and Improvements	0
Equipment and Furnishings	10,823
Construction in Progress	15,484
Total	26,307
Accumulated Depreciation	2,559
Total Cost Net of Accumulated Depreciation	23,748
Towne Mall
Initial Cost to Company
Land	6,652
Building and Improvements	31,184
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	4,870
Gross Amount at Which Carried at Close of Period
Land	6,877
Building and Improvements	35,221
Equipment and Furnishings	518
Construction in Progress	90
Total	42,706
Accumulated Depreciation	15,066
Total Cost Net of Accumulated Depreciation	27,640
Tucson La Encantada
Initial Cost to Company
Land	12,800
Building and Improvements	19,699
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	56,549
Gross Amount at Which Carried at Close of Period
Land	12,800
Building and Improvements	75,618
Equipment and Furnishings	597
Construction in Progress	33
Total	89,048
Accumulated Depreciation	42,637
Total Cost Net of Accumulated Depreciation	46,411
Valley Mall
Initial Cost to Company
Land	16,045
Building and Improvements	26,098
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	13,856
Gross Amount at Which Carried at Close of Period
Land	15,616
Building and Improvements	40,005
Equipment and Furnishings	378
Construction in Progress	0
Total	55,999
Accumulated Depreciation	8,258
Total Cost Net of Accumulated Depreciation	47,741
Valley River Center
Initial Cost to Company
Land	24,854
Building and Improvements	147,715
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	23,592
Gross Amount at Which Carried at Close of Period
Land	24,854
Building and Improvements	168,840
Equipment and Furnishings	1,954
Construction in Progress	513
Total	196,161
Accumulated Depreciation	60,194
Total Cost Net of Accumulated Depreciation	135,967
Victor Valley, Mall of
Initial Cost to Company
Land	15,700
Building and Improvements	75,230
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	53,028
Gross Amount at Which Carried at Close of Period
Land	20,080
Building and Improvements	121,774
Equipment and Furnishings	2,104
Construction in Progress	0
Total	143,958
Accumulated Depreciation	49,257
Total Cost Net of Accumulated Depreciation	94,701
Vintage Faire Mall
Initial Cost to Company
Land	14,902
Building and Improvements	60,532
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	59,390
Gross Amount at Which Carried at Close of Period
Land	17,645
Building and Improvements	115,179
Equipment and Furnishings	1,777
Construction in Progress	223
Total	134,824
Accumulated Depreciation	70,638
Total Cost Net of Accumulated Depreciation	64,186
Westside Pavilion
Initial Cost to Company
Land	34,100
Building and Improvements	136,819
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	77,198
Gross Amount at Which Carried at Close of Period
Land	34,100
Building and Improvements	201,512
Equipment and Furnishings	5,820
Construction in Progress	6,685
Total	248,117
Accumulated Depreciation	106,511
Total Cost Net of Accumulated Depreciation	141,606
Wilton Mall
Initial Cost to Company
Land	19,743
Building and Improvements	67,855
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	26,762
Gross Amount at Which Carried at Close of Period
Land	19,810
Building and Improvements	93,407
Equipment and Furnishings	1,143
Construction in Progress	0
Total	114,360
Accumulated Depreciation	36,604
Total Cost Net of Accumulated Depreciation	77,756
Other freestanding stores
Initial Cost to Company
Land	5,926
Building and Improvements	31,785
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	10,113
Gross Amount at Which Carried at Close of Period
Land	5,927
Building and Improvements	41,576
Equipment and Furnishings	321
Construction in Progress	0
Total	47,824
Accumulated Depreciation	15,929
Total Cost Net of Accumulated Depreciation	31,895
Other land and development properties
Initial Cost to Company
Land	33,795
Building and Improvements	0
Equipment and Furnishings	0
Cost Capitalized Subsequent to Acquisition	50,423
Gross Amount at Which Carried at Close of Period
Land	31,582
Building and Improvements	4,252
Equipment and Furnishings	0
Construction in Progress	48,384
Total	84,218
Accumulated Depreciation	1,904
Total Cost Net of Accumulated Depreciation	$ 82,314

Schedule III-Real Estate and112

Schedule III-Real Estate and Accumulated Depreciation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Changes in total real estate assets
Balances, beginning of year	$ 9,209,211	$ 10,689,656	$ 12,777,882
Additions	202,280	254,604	392,575
Dispositions and retirements	(283,958)	(1,735,049)	(2,480,801)
Balances, end of year	9,127,533	9,209,211	10,689,656
Aggregate gross cost of the property for federal income tax purposes	8,551,235
Changes in accumulated depreciation
Balances, beginning of year	1,851,901	1,892,744	1,709,992
Additions	277,917	277,270	354,977
Dispositions and retirements	(111,515)	(318,113)	(172,225)
Balances, end of year	$ 2,018,303	$ 1,851,901	$ 1,892,744
Buildings and improvements | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Buildings and improvements | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	40 years
Tenant improvements | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Tenant improvements | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	7 years
Equipment and furnishings | Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Equipment and furnishings | Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	7 years