The Macerich Company (MAC) 10-Q 5 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 02, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	MACERICH CO
Entity Central Index Key	912,242
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		141,050,902
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS:
Property, net	$ 6,821,038	$ 7,109,230
Cash and cash equivalents	93,479	91,038
Restricted cash	50,621	52,067
Tenant and other receivables, net	105,299	112,653
Deferred charges and other assets, net	387,449	449,190
Due from affiliates	87,670	82,162
Investments in unconsolidated joint ventures	1,465,174	1,709,522
Total assets	9,010,730	9,605,862
Mortgage notes payable:
Related parties	167,747	171,569
Others	3,917,114	4,066,511
Total	4,084,861	4,238,080
Bank and other notes payable	788,122	932,184
Accounts payable and accrued expenses	61,308	58,412
Other accrued liabilities	288,780	325,701
Distributions in excess of investments in unconsolidated joint ventures	115,299	83,486
Financing arrangement obligation	384,431	0
Total liabilities	5,722,801	5,637,863
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 141,199,860 and 140,993,985 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	1,412	1,410
Additional paid-in capital	4,563,103	4,510,489
Accumulated deficit	(1,520,209)	(830,279)
Accumulated other comprehensive income (loss)	142	(42)
Total stockholders' equity	3,044,448	3,681,578
Noncontrolling interests	243,481	286,421
Total equity	3,287,929	3,967,999
Total liabilities and equity	$ 9,010,730	$ 9,605,862

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
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	141,199,860	140,993,985
Common Stock, shares outstanding	141,199,860	140,993,985

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Minimum rents	$ 146,256	$ 144,991	$ 431,546	$ 443,439
Percentage rents	3,325	2,806	6,724	6,784
Total revenues	242,198	242,451	713,477	736,919
Expenses:
REIT general and administrative expenses	5,439	5,287	18,414	21,208
Costs related to shareholder activism	0	0	19,369	0
Depreciation and amortization	81,803	83,147	240,608	249,463
Total expenses before interest	180,869	186,078	573,889	569,977
Interest expense:
Related parties	1,074	2,175	8,481	6,567
Other	43,853	41,090	127,996	120,320
Total interest expense	44,927	43,265	136,477	126,887
Total expenses	225,796	229,343	710,366	696,864
Equity in income of unconsolidated joint ventures	18,789	23,993	51,330	56,772
Co-venture expense	0	(3,150)	0	(11,150)
Income tax (expense) benefit	(466)	(2,869)	1,799	178
Gain (loss) on sale or write down of assets, net	46,516	(11,854)	(514)	37,234
Net income	81,241	19,228	55,726	123,089
Less net income attributable to noncontrolling interests	7,213	1,730	7,455	9,710
Net income attributable to the Company	$ 74,028	$ 17,498	$ 48,271	$ 113,379
Earnings per common share—attributable to common stockholders:
Basic (in dollars per share)	$ 0.52	$ 0.12	$ 0.34	$ 0.79
Diluted (in dollars per share)	$ 0.52	$ 0.12	$ 0.34	$ 0.79
Weighted average number of common shares outstanding:
Basic (in shares)	141,196	141,299	141,120	142,188
Diluted (in shares)	141,196	141,310	141,125	142,223
Tenant recoveries
Revenues:
Revenues	$ 68,045	$ 72,897	$ 202,899	$ 214,257
Other
Revenues:
Revenues	13,520	11,701	40,218	40,484
Shopping center and operating expenses
Expenses:
Operating expenses	72,101	75,598	214,683	222,527
Management Companies' operating expenses
Revenues:
Revenues	11,052	10,056	32,090	31,955
Expenses:
Operating expenses	$ 21,526	$ 22,046	$ 80,815	$ 76,779

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Statement - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 81,241	$ 19,228	$ 55,726	$ 123,089
Other comprehensive income:
Interest rate cap/swap agreements	175	0	184	0
Comprehensive income	81,416	19,228	55,910	123,089
Less net income attributable to noncontrolling interests	7,213	1,730	7,455	9,710
Comprehensive income attributable to the Company	$ 74,203	$ 17,498	$ 48,455	$ 113,379

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
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
Net income	55,726	48,271			48,271		7,455
Interest rate cap/swap agreements	184	184				184
Amortization of share and unit-based plans (in shares)			121,924
Amortization of share and unit-based plans	28,219	28,219	$ 1	28,218
Employee stock purchases (in shares)			17,240
Employee stock purchases	806	806		806
Distributions declared ($2.22) per share	(313,342)	(313,342)			(313,342)
Distributions to noncontrolling interests	(26,101)						(26,101)
Contributions from noncontrolling interests	16						16
Conversion of noncontrolling interests to common shares (in shares)			66,711
Conversion of noncontrolling interests to common shares	0	75	$ 1	74			(75)
Redemption of noncontrolling interests	(719)	(486)		(486)			(233)
Adjustment of noncontrolling interests in Operating Partnership	$ 0	24,002		24,002			(24,002)
Balance (in shares) at Sep. 30, 2018	141,199,860		141,199,860
Balance at Sep. 30, 2018	$ 3,287,929	$ 3,044,448	$ 1,412	$ 4,563,103	$ (1,520,209)	$ 142	$ 243,481

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical)	9 Months Ended
	Sep. 30, 2018$ / shares
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 2.22

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 55,726	$ 123,089
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) on sale or write down of assets, net	514	(37,234)
Depreciation and amortization	246,038	253,793
Amortization of premium on mortgage notes payable	(696)	(2,799)
Amortization of share and unit-based plans	22,644	25,159
Straight-line rent adjustment	(8,963)	(7,502)
Amortization of above and below-market leases	(2,461)	(408)
Provision for doubtful accounts	3,787	3,806
Income tax benefit	(1,799)	(178)
Equity in income of unconsolidated joint ventures	(51,330)	(56,772)
Distributions of income from unconsolidated joint ventures	1,664	0
Change in fair value of financing arrangement obligation	(9,279)	0
Co-venture expense	0	11,150
Changes in assets and liabilities, net of dispositions:
Tenant and other receivables	2,579	838
Other assets	7,143	11,743
Due from affiliates	(5,508)	(13,004)
Accounts payable and accrued expenses	6,692	11,263
Other accrued liabilities	(19,590)	(23,094)
Net cash provided by operating activities	247,161	299,850
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(133,325)	(90,758)
Property improvements	(32,858)	(34,425)
Proceeds from repayment of notes receivable	829	628
Deferred leasing costs	(23,792)	(25,045)
Distributions from unconsolidated joint ventures	541,336	226,152
Contributions to unconsolidated joint ventures	(179,060)	(80,332)
Proceeds from sale of assets	83,029	168,471
Net cash provided by investing activities	256,159	164,691
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	295,000	510,000
Payments on mortgages, bank and other notes payable	(457,710)	(424,439)
Deferred financing costs	(275)	(2,586)
Payment of finance deposits	0	8,600
Proceeds from share and unit-based plans	806	986
Stock repurchases	0	(221,428)
Redemption of noncontrolling interests	(719)	(909)
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	16	0
Dividends and distributions	(339,443)	(328,733)
Distributions to co-venture partner	0	(11,005)
Net cash used in financing activities	(502,325)	(486,714)
Net increase (decrease) in cash, cash equivalents and restricted cash	995	(22,173)
Cash, cash equivalents and restricted cash, beginning of period	143,105	143,997
Cash, cash equivalents and restricted cash, end of period	144,100	121,824
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	142,680	124,686
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	48,827	30,706
Mortgage notes payable assumed in exchange for investments in unconsolidated joint ventures	139,249	0
Disposition of property in exchange for investments in unconsolidated joint ventures	36,305	0
Conversion of Operating Partnership Units to common stock	$ 75	$ 15,195

Organization

Organization	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization : The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of September 30, 2018 , the Company was the sole general partner of and held a 93% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies." All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies: Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm. The 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 consolidated variable interest entities ("VIEs"). The Operating Partnership's consolidated VIEs included the following assets and liabilities: September 30, December 31, Assets: Property, net $ 264,946 $ 288,881 Other assets 27,579 60,586 Total assets $ 292,525 $ 349,467 Liabilities: Mortgage notes payable $ 126,279 $ 129,436 Other liabilities 40,634 72,705 Total liabilities $ 166,913 $ 202,141 All intercompany accounts and transactions have been eliminated in the consolidated financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2017 has been derived from the audited financial statements but does not include all disclosures required by GAAP. Shareholder Activism Costs: During the three months ended June 30, 2018, the Company incurred $19,369 in costs associated with activities related to shareholder activism. These costs were primarily for legal and advisory services. Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, “Revenue From Contracts With Customers (ASC 606)," 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 applies to the Company's recognition of management companies and other revenues. The Company's adoption of the standard on January 1, 2018 did not have an impact on the pattern of revenue recognition for management companies and other revenues. Additionally, under ASC 606, the Company changed its accounting for its joint venture in Chandler Freehold from a co-venture arrangement to a financing arrangement (See Note 11 — Financing Arrangement ). Upon adoption of the standard on January 1, 2018, the Company replaced its $31,150 distributions in excess of co-venture obligation (See Note 8 — Deferred Charges and Other Assets, net ) with a financing arrangement obligation of $393,709 on its consolidated balance sheets. This resulted in the recognition of a $424,859 increase in the Company’s accumulated deficit as a cumulative effect adjustment under the modified retrospective method of adoption. 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. Under the standard, 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 is effective for the Company under a modified retrospective approach beginning January 1, 2019. The FASB has provided a transition package of practical expedients for implementation, which include (i) relief from re-assessing whether an expired or existing contract meets the definition of a lease, (ii) relief from re-assessing the classification of expired or existing leases at the adoption date and (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized. In July 2018, the FASB issued ASU 2018-11, “Leases: Targeted improvements”, which provides companies with an additional transition option that would permit the application of the standard as of the adoption date rather than to all periods presented. The Company plans to utilize this transition option when it adopts the new standard on January 1, 2019 and also plans to elect to use the transition practical expedients package available to the Company under the new standard. Recent Accounting Pronouncements: (Continued) Under ASU 2016-02, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, the Company will no longer be able to capitalize internal leasing costs and instead will be required to expense these costs as incurred. The Company capitalized internal leasing costs of $5,141 and $5,376 during the three months ended September 30, 2018 and 2017, respectively, and $16,928 and $17,075 during the nine months ended September 30, 2018 and 2017, respectively. For leases where the Company is the lessee, the adoption of the standard will significantly change the accounting on the Company's consolidated balance sheets since these leases will be required to be recorded on the Company’s consolidated balance sheets as an obligation of the Company. Existing leases executed before the January 1, 2019 adoption date will continue to be accounted for as operating leases and the new guidance will not have a material impact on the Company's recognition of lease expense. 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. On January 1, 2018, the Company adopted the standard and retrospectively applied the guidance of the standard to the prior period presented, which resulted in an increase of $785 in net cash provided by investing activities on its consolidated statements of cash flows for the nine months ended September 30, 2017 . The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows: For the Nine Months Ended September 30, 2018 2017 Beginning of period Cash and cash equivalents $ 91,038 $ 94,046 Restricted cash 52,067 49,951 Cash, cash equivalents and restricted cash $ 143,105 $ 143,997 End of period Cash and cash equivalents $ 93,479 $ 71,088 Restricted cash 50,621 50,736 Cash, cash equivalents and restricted cash $ 144,100 $ 121,824 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 has concluded that property sales represent transactions with non-customers. Sales of property generally represent only one performance obligation and are recognized when an enforceable contract is in place, collectability is ensured and control is transferred to the buyer. As a result of the adoption of the standard on January 1, 2018, the Company will prospectively measure the noncontrolling interest retained in partial sale transactions of real estate at fair value. 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 does not expect the adoption of this standard to have a significant impact on its consolidated financial statements.

Earnings per Share ("EPS")

Earnings per Share ("EPS")	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings per Share (EPS)	Earnings Per Share ("EPS"): The following table reconciles the numerator and denominator used in the computation of EPS for the three and nine months ended September 30, 2018 and 2017 (shares in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Numerator Net income $ 81,241 $ 19,228 $ 55,726 $ 123,089 Less net income attributable to noncontrolling interests 7,213 1,730 7,455 9,710 Net income attributable to the Company 74,028 17,498 48,271 113,379 Allocation of earnings to participating securities (278 ) (193 ) (824 ) (567 ) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 73,750 $ 17,305 $ 47,447 $ 112,812 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 141,196 141,299 141,120 142,188 Effect of dilutive securities(1): Share and unit-based compensation plans — 11 5 35 Denominator for diluted EPS—weighted average number of common shares outstanding 141,196 141,310 141,125 142,223 EPS—net income attributable to common stockholders: Basic $ 0.52 $ 0.12 $ 0.34 $ 0.79 Diluted $ 0.52 $ 0.12 $ 0.34 $ 0.79 (1) Diluted EPS excludes 90,619 convertible preferred partnership units for the three and nine months ended September 30, 2018 and 2017 , as their impact was antidilutive. Diluted EPS excludes 10,377,936 and 10,324,376 Operating Partnership units ("OP Units") for the three months ended September 30, 2018 and 2017 , respectively, and 10,355,946 and 10,479,806 OP Units for the nine months ended September 30, 2018 and 2017 , respectively, as their impact was antidilutive.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures: The Company has made the following recent investments and dispositions in its unconsolidated joint ventures: On 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 the sale of assets of $2,290 was included in equity in income from 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 its ownership interest in an office building for $61,500 , resulting in a gain on sale of assets of $13,426 . The Company's pro rata share of the gain on the sale of assets of $6,713 was included in equity in income from 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/Queen 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. On February 16, 2018 , the Company's joint venture in Fashion District Philadelphia sold its ownership interest in an office building for $41,800 , resulting in a gain on sale of assets of $5,545 . The Company's pro rata share of the gain on the sale of assets of $2,773 was included in equity in income from unconsolidated joint ventures. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On July 6, 2018 , the Company’s joint venture in The Market at Estrella Falls , a 298,000 square foot community center in Goodyear , Arizona , sold the property for $49,100 , resulting in a gain on sale of assets of $12,598 . The Company's share of the gain of $2,996 was included in equity in income from unconsolidated joint ventures. The proceeds were used to pay off the $24,118 mortgage loan payable on the property, settle development obligations and for distributions to the partners. The Company used its share of the net proceeds for general corporate purposes. On August 31, 2018 , the Company completed the sale of a 75% ownership interest in Westside Pavilion , a 755,000 square foot regional shopping center in Los Angeles , California , for $142,500 , resulting in a gain on sale of assets of $46,242 . The sales price was funded by a cash payment of $36,903 and the assumption of a pro rata share of the mortgage note payable on the property of $105,597 . From March 1, 2018 to the completion of the sale, the Company accounted for its interest in Westside Pavilion as a collaborative arrangement (See Note 14 — Collaborative Arrangement ). Since completion of the sale, the Company has accounted for its ownership interest in Westside Pavilion under the equity method of accounting. On September 6, 2018 , the Company formed a 50 /50 joint venture with Simon Property Group to develop Los Angeles Premium Outlets , a 400,000 square foot outlet center in Carson, California. The joint venture expects to complete the first phase of the development in fall 2021. Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: September 30, December 31, Assets(1): Property, net $ 9,212,359 $ 9,052,105 Other assets 717,509 635,838 Total assets $ 9,929,868 $ 9,687,943 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 6,064,931 $ 5,296,594 Other liabilities 390,211 405,052 Company's capital 1,893,278 2,188,057 Outside partners' capital 1,581,448 1,798,240 Total liabilities and partners' capital $ 9,929,868 $ 9,687,943 Investments in unconsolidated joint ventures: Company's capital $ 1,893,278 $ 2,188,057 Basis adjustment(3) (543,403 ) (562,021 ) $ 1,349,875 $ 1,626,036 Assets—Investments in unconsolidated joint ventures $ 1,465,174 $ 1,709,522 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (115,299 ) (83,486 ) $ 1,349,875 $ 1,626,036 (1) These amounts include the assets of $3,047,915 and $3,106,105 of Pacific Premier Retail LLC (the " PPR Portfolio ") as of September 30, 2018 and December 31, 2017 , respectively, and liabilities of $1,856,185 and $1,872,227 of the PPR Portfolio as of September 30, 2018 and December 31, 2017 , respectively. (2) Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $699,437 and $482,332 as of September 30, 2018 and December 31, 2017 , respectively. NML is considered a related party because it was a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza until October 12, 2018. Interest expense on these borrowings was $7,148 and $4,903 for the three months ended September 30, 2018 and 2017 , respectively, and $19,264 and $12,992 for the nine months ended September 30, 2018 and 2017 , 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 $1,160 and $4,227 for the three months ended September 30, 2018 and 2017 , respectively, and $8,787 and $12,451 for the nine months ended September 30, 2018 and 2017 , respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Three Months Ended September 30, 2018 Revenues: Minimum rents $ 32,999 $ 123,799 $ 156,798 Percentage rents 1,012 4,591 5,603 Tenant recoveries 11,884 47,286 59,170 Other 991 13,081 14,072 Total revenues 46,886 188,757 235,643 Expenses: Shopping center and operating expenses 9,893 61,528 71,421 Interest expense 16,680 37,968 54,648 Depreciation and amortization 24,582 61,323 85,905 Total operating expenses 51,155 160,819 211,974 (Loss) gain on sale or write down of assets, net (47 ) 12,622 12,575 Net (loss) income $ (4,316 ) $ 40,560 $ 36,244 Company's equity in net (loss) income $ (148 ) $ 18,937 $ 18,789 Three Months Ended September 30, 2017 Revenues: Minimum rents $ 35,052 $ 123,663 $ 158,715 Percentage rents 903 3,953 4,856 Tenant recoveries 12,015 47,841 59,856 Other 1,713 12,329 14,042 Total revenues 49,683 187,786 237,469 Expenses: Shopping center and operating expenses 10,591 60,394 70,985 Interest expense 16,890 33,214 50,104 Depreciation and amortization 25,449 62,958 88,407 Total operating expenses 52,930 156,566 209,496 Gain on sale or write down of assets, net — 13,426 13,426 Net (loss) income $ (3,247 ) $ 44,646 $ 41,399 Company's equity in net income $ 620 $ 23,373 $ 23,993 PPR Portfolio Other Joint Ventures Total Nine Months Ended September 30, 2018 Revenues: Minimum rents $ 98,619 $ 375,447 $ 474,066 Percentage rents 1,713 7,664 9,377 Tenant recoveries 34,684 142,702 177,386 Other 3,252 39,145 42,397 Total revenues 138,268 564,958 703,226 Expenses: Shopping center and operating expenses 29,091 183,174 212,265 Interest expense 50,176 108,356 158,532 Depreciation and amortization 73,137 184,708 257,845 Total operating expenses 152,404 476,238 628,642 (Loss) gain on sale or write down of assets, net (47 ) 14,151 14,104 Net (loss) income $ (14,183 ) $ 102,871 $ 88,688 Company's equity in net (loss) income $ (1,021 ) $ 52,351 $ 51,330 Nine Months Ended September 30, 2017 Revenues: Minimum rents $ 100,633 $ 373,931 $ 474,564 Percentage rents 1,854 7,817 9,671 Tenant recoveries 34,827 141,875 176,702 Other 4,141 36,857 40,998 Total revenues 141,455 560,480 701,935 Expenses: Shopping center and operating expenses 30,062 181,475 211,537 Interest expense 50,291 98,469 148,760 Depreciation and amortization 76,527 187,927 264,454 Total operating expenses 156,880 467,871 624,751 (Loss) gain on sale or write down of assets, net (35 ) 18,005 17,970 Net (loss) income $ (15,460 ) $ 110,614 $ 95,154 Company's equity in net (loss) income $ (1,376 ) $ 58,148 $ 56,772 Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. Collaborative Arrangement : On March 1, 2018 , the Company formed a 25 / 75 joint venture with a third party, whereby the Company agreed to contribute Westside Pavilion , a 755,000 square foot regional shopping center in Los Angeles , California in exchange for a cash payment of $142,500 . The Company completed the transfer on August 31, 2018 . During the period from March 1, 2018 to August 31, 2018 , the Company accounted for the operations of Westside Pavilion as a collaborative arrangement. Both partners shared operating control of the property and the Company was reimbursed by the outside partner for 75% of the carrying cost of the property, which were defined in the agreement as operating expenses in excess of revenues, debt service and capital expenditures. Accordingly, the Company reduced minimum rents, percentage rents, tenant recoveries, other revenue, shopping center and operating expenses and interest expense by its partner's 75% share and recorded a receivable due from its partner, which was settled upon completion of the transfer of the property. In addition, the Company was reimbursed by its partner for its 75% share of mortgage loan principal payments and capital expenditures during the period. Since completion of the transfer, the Company has accounted for its investment in Westside Pavilion under the equity method of accounting (See Note 4 — Investments in Unconsolidated Joint Ventures ).

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities: The Company uses interest rate cap and interest rate swap agreements to manage the interest rate risk of its floating rate debt. The Company recorded other comprehensive income related to the marking-to-market of derivative instruments of $175 and $184 for the three and nine months ended September 30, 2018 . There were no derivatives outstanding during the three and nine months ended September 30, 2017 . The following derivatives were outstanding at September 30, 2018 : Property Notional Amount Product LIBOR Rate Maturity Fair Value Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2019 $ 1 The Macerich Partnership, L.P. $ 400,000 Swap 2.85 % 9/14/2021 $ 173 The above derivative instruments were designated as hedging instruments with an aggregate fair value (Level 2 measurement) and were included in deferred charges and other assets, net. The fair value of the Company's interest rate derivatives was determined using discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied 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. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its interest rate swap. As a result, the Company determined that its interest rate cap and swap valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Property, net

Property, net	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Property, net	Property, net: Property, net consists of the following: September 30, December 31, Land $ 1,521,252 $ 1,567,152 Buildings and improvements 6,308,628 6,385,035 Tenant improvements 659,402 620,352 Equipment and furnishings 186,377 187,998 Construction in progress 176,976 366,996 8,852,635 9,127,533 Less accumulated depreciation (2,031,597 ) (2,018,303 ) $ 6,821,038 $ 7,109,230 Depreciation expense was $69,237 and $69,343 for the three months ended September 30, 2018 and 2017 , respectively, and $204,031 and $207,663 for the nine months ended September 30, 2018 and 2017 , respectively. The gain (loss) on sale or write down of assets, net was $46,516 and $(11,854) for the three months ended September 30, 2018 and 2017 , respectively, and $(514) and $37,234 for the nine months ended September 30, 2018 and 2017 , respectively. The gain (loss) on sale or write down of assets, net for the three and nine months ended September 30, 2018 includes a gain of $46,242 on the sale of a 75% ownership interest in Westside Pavilion (See Note 4 — Investments in Unconsolidated Joint Ventures ). The gain (loss) on sale or write down of assets, net for the nine months ended September 30, 2018 also includes a loss of $311 on the sale of Promenade at Casa Grande (See Note 15 — Dispositions ). The gain (loss) on sale or write down of assets, net for the nine months ended September 30, 2017 includes a gain of $59,698 on the sale of Cascade Mall and Northgate Mall (See Note 15 — Dispositions ) offset in part by a loss of $10,138 on the write down of an investment in non-real estate assets. The gain (loss) on sale or write down of assets, net for the nine months ended September 30, 2018 includes impairment losses of $36,338 on SouthPark Mall , $7,494 on two freestanding stores , $1,695 on Southridge Center and $1,043 on Promenade at Casa Grande . The gain (loss) on sale or write down of assets, net for the three and nine months ended September 30, 2017 includes an impairment loss of $12,036 on Southridge Center . The impairment losses were due to the reduction of the estimated holding period of the properties. The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of impairment losses recorded for the nine months ended September 30, 2018 as described above: Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Unobservable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) September 30, 2018 $ 72,700 $ — $ 72,700 $ — The fair values relating to the impairments were based on sales contracts.

Tenant and Other Receivables, n

Tenant and Other Receivables, net	9 Months Ended
	Sep. 30, 2018
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 $3,139 and $2,786 at September 30, 2018 and December 31, 2017 , respectively. Also included in tenant and other receivables, net are accrued percentage rents of $2,439 and $8,711 at September 30, 2018 and December 31, 2017 , respectively, and a deferred rent receivable due to straight-line rent adjustments of $69,664 and $61,859 at September 30, 2018 and December 31, 2017 , respectively.

Deferred Charges and Other Asse

Deferred Charges and Other Assets, net	9 Months Ended
	Sep. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Charges and Other Assets, net	Deferred Charges and Other Assets, net: Deferred charges and other assets, net consist of the following: September 30, December 31, Leasing $ 223,811 $ 232,819 Intangible assets: In-place lease values 95,807 108,432 Leasing commissions and legal costs 24,140 25,958 Above-market leases 149,283 164,040 Deferred tax assets 30,366 29,006 Deferred compensation plan assets 50,939 52,221 Distributions in excess of co-venture obligation(1) — 31,150 Other assets 60,465 66,990 634,811 710,616 Less accumulated amortization(2) (247,362 ) (261,426 ) $ 387,449 $ 449,190 (1) See Note 11 — Financing Arrangement . (2) Accumulated amortization includes $70,627 and $74,507 relating to in-place lease values, leasing commissions and legal costs at September 30, 2018 and December 31, 2017 , respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $3,114 and $4,206 for the three months ended September 30, 2018 and 2017 , respectively, and $10,504 and $15,755 for the nine months ended September 30, 2018 and 2017 , respectively. The allocated values of above-market leases and below-market leases consist of the following: September 30, December 31, Above-Market Leases Original allocated value $ 149,283 $ 164,040 Less accumulated amortization (54,688 ) (60,210 ) $ 94,595 $ 103,830 Below-Market Leases(1) Original allocated value $ 108,568 $ 120,573 Less accumulated amortization (53,955 ) (55,489 ) $ 54,613 $ 65,084 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable: Mortgage notes payable at September 30, 2018 and December 31, 2017 consist of the following: Carrying Amount of Mortgage Notes(1) September 30, 2018 December 31, 2017 Property Pledged as Collateral Related Party Other Related Party Other Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Chandler Fashion Center(5) $ — $ 199,954 $ — $ 199,904 3.77 % $ 625 2019 Danbury Fair Mall 101,977 101,977 104,599 104,598 5.53 % 1,538 2020 Fashion Outlets of Chicago(6) — 199,541 — 199,298 3.76 % 600 2020 Fashion Outlets of Niagara Falls USA — 110,448 — 112,770 4.89 % 727 2020 Freehold Raceway Mall(5) — 398,171 — 398,050 3.94 % 1,300 2029 Fresno Fashion Fair — 323,410 — 323,261 3.67 % 971 2026 Green Acres Commons(7) — 127,776 — 107,219 4.81 % 460 2021 Green Acres Mall — 286,386 — 291,366 3.61 % 1,447 2021 Kings Plaza Shopping Center — 439,695 — 447,231 3.67 % 2,229 2019 Oaks, The — 193,229 — 196,732 4.14 % 1,064 2022 Pacific View — 122,132 — 124,397 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place(8) — 296,882 — 296,366 3.76 % 865 2022 SanTan Village Regional Center — 122,376 — 124,703 3.14 % 589 2019 Towne Mall — 20,842 — 21,161 4.48 % 117 2022 Tucson La Encantada 65,770 — 66,970 — 4.23 % 368 2022 Victor Valley, Mall of — 114,660 — 114,617 4.00 % 380 2024 Vintage Faire Mall — 259,635 — 263,818 3.55 % 1,256 2026 Westside Pavilion(9) — — — 141,020 $ 167,747 $ 3,917,114 $ 171,569 $ 4,066,511 (1) The mortgage notes payable balances includes an unamortized debt premium. 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 loan on Fashion Outlets of Niagara Falls USA had a premium of $1,934 and $2,630 at September 30, 2018 and December 31, 2017 , respectively. The mortgage notes payable 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 $14,232 and $17,838 at September 30, 2018 and December 31, 2017 , respectively. (2) The interest rate disclosed represents the effective interest rate, including the impact of debt premium 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 the Company's joint venture in Chandler Freehold (See Note 11 — Financing Arrangement ). (6) The loan bears interest at LIBOR plus 1.50% . At September 30, 2018 and December 31, 2017 , the total interest rate was 3.76% and 3.02% , respectively. (7) On March 1, 2018 , the Company borrowed the remaining $20,000 available under the loan agreement on the property. The loan bears interest at LIBOR plus 2.15% . At September 30, 2018 and December 31, 2017 , the total interest rate was 4.81% and 4.07% , respectively. (8) The loan bears interest at LIBOR plus 1.35% . The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2019 (See Note 5 — Derivative Instruments and Hedging Activities ). At September 30, 2018 and December 31, 2017 , the total interest rate was 3.76% and 3.13% , respectively. (9) On August 31, 2018 , a 75% interest in the loan was assumed by a third party in connection with the sale of a 75% ownership interest in the underlying property (See Note 4 — Investments in Unconsolidated Joint Ventures ). Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand. Total interest expense capitalized was $3,751 and $3,428 for the three months ended September 30, 2018 and 2017 , respectively, and $12,752 and $9,405 for the nine months ended September 30, 2018 and 2017 , respectively. Related party mortgage notes payable are amounts due to an affiliate of NML. See Note 17 — Related Party Transactions for interest expense associated with loans from NML. The estimated fair value (Level 2 measurement) of mortgage notes payable at September 30, 2018 and December 31, 2017 was $4,088,227 and $4,250,816 , respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.

Bank and Other Notes Payable

Bank and Other Notes Payable	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Bank and Other Notes Payable	Bank and Other Notes Payable: Bank and other notes payable consist of the following: Line of Credit: The Company has a $1,500,000 revolving line of credit that bears interest at LIBOR plus a spread of 1.30% to 1.90% , depending on the Company's overall leverage level, and matures on July 6, 2020 with a one -year extension option. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000 . Based on the Company's leverage level as of September 30, 2018 , the borrowing rate on the facility was LIBOR plus 1.45% . The Company has an interest rate swap agreement that effectively converts $400,000 of the outstanding balance from floating rate debt of LIBOR plus 1.45% to fixed rate debt of 4.30% until September 14, 2021 (See Note 5 — Derivative Instruments and Hedging Activities ). As of September 30, 2018 and December 31, 2017 , borrowings under the line of credit were $790,000 and $935,000 , respectively, less unamortized deferred finance costs of $5,781 and $7,548 , respectively, at a total interest rate of 4.08% and 3.13% , respectively. As of September 30, 2018 and December 31, 2017 , the Company's availability under the line of credit for additional borrowings was $709,720 and $504,412 , respectively, The estimated fair value (Level 2 measurement) of the line of credit at September 30, 2018 and December 31, 2017 was $791,233 and $919,158 , respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Prasada Note: On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on May 30, 2021. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At September 30, 2018 and December 31, 2017 , the note had a balance of $3,903 and $4,732 , respectively. The estimated fair value (Level 2 measurement) of the note at September 30, 2018 and December 31, 2017 was $3,900 and $4,717 , respectively, based on current interest rates for comparable notes. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the collateral for the underlying debt. As of September 30, 2018 and December 31, 2017 , the Company was in compliance with all applicable financial loan covenants.

Financing Arrangement

Financing Arrangement	9 Months Ended
	Sep. 30, 2018
Co-Venture Arrangement [Abstract]
Financing Arrangement	Financing Arrangement: On September 30, 2009 , the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Chandler Fashion Center , a 1,316,000 square foot regional shopping center in Chandler , Arizona , and Freehold Raceway Mall , a 1,672,000 square foot regional shopping center in Freehold , New Jersey , referred to herein as Chandler Freehold . As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the formation of Chandler Freehold , the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction was initially accounted for as a co-venture 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 net cash proceeds received from the third party less costs allocated to a 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. Upon adoption of ASC 606 on January 1, 2018, the Company changed its accounting for Chandler Freehold from a co-venture arrangement to a financing arrangement. Accordingly, the Company replaced its $31,150 distributions in excess of co-venture obligation (See Note 8 — Deferred Charges and Other Assets, net ) with a financing arrangement liability of $393,709 on its consolidated balance sheets. This resulted in the recognition of a $424,859 increase in the Company’s accumulated deficit as a cumulative effect adjustment under the modified retrospective method of adoption. The fair value ( Level 3 measurement) of the financing arrangement obligation was based upon a multiple on net operating income of 21 times, a discount rate of 5.8% and market rents per square foot of $20 to $225 . The fair value of the financing arrangement obligation is sensitive to these significant unobservable inputs and a change in these inputs may result in a significantly higher or lower fair value measurement. Distributions to the partner and subsequent changes in fair value of the financing arrangement obligation are recognized as interest expense in the Company's consolidated statements of operations. During the three and nine months ended September 30, 2018 and 2017 , the Company incurred interest (income) expense in connection with the financing arrangement as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Distributions of the partner's share of net income $ 2,111 $ — $ 6,577 $ — Distributions in excess of the partner's share of net income 1,754 — 4,803 — Adjustment to fair value of financing arrangement obligation (4,893 ) — (9,279 ) — $ (1,028 ) $ — $ 2,101 $ —

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2018
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests: The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 93% ownership interest in the Operating Partnership as of September 30, 2018 and December 31, 2017 . The remaining 7% limited partnership interest as of September 30, 2018 and December 31, 2017 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of September 30, 2018 and December 31, 2017 , the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $579,249 and $671,592 , respectively. The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity: 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, 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 ownership interests in office buildings at Fashion District Philadelphia and Country Club Plaza (See Note 4 — Investments in Unconsolidated Joint Ventures ) and from borrowings under its line of credit. There were no repurchases during the three and nine months ended September 30, 2018 . 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.

Collaborative Agreement

Collaborative Agreement	9 Months Ended
	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Collaborative Arrangement	Investments in Unconsolidated Joint Ventures: The Company has made the following recent investments and dispositions in its unconsolidated joint ventures: 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 the sale of assets of $2,290 was included in equity in income from 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 its ownership interest in an office building for $61,500 , resulting in a gain on sale of assets of $13,426 . The Company's pro rata share of the gain on the sale of assets of $6,713 was included in equity in income from 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/Queen 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. On February 16, 2018 , the Company's joint venture in Fashion District Philadelphia sold its ownership interest in an office building for $41,800 , resulting in a gain on sale of assets of $5,545 . The Company's pro rata share of the gain on the sale of assets of $2,773 was included in equity in income from unconsolidated joint ventures. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On July 6, 2018 , the Company’s joint venture in The Market at Estrella Falls , a 298,000 square foot community center in Goodyear , Arizona , sold the property for $49,100 , resulting in a gain on sale of assets of $12,598 . The Company's share of the gain of $2,996 was included in equity in income from unconsolidated joint ventures. The proceeds were used to pay off the $24,118 mortgage loan payable on the property, settle development obligations and for distributions to the partners. The Company used its share of the net proceeds for general corporate purposes. On August 31, 2018 , the Company completed the sale of a 75% ownership interest in Westside Pavilion , a 755,000 square foot regional shopping center in Los Angeles , California , for $142,500 , resulting in a gain on sale of assets of $46,242 . The sales price was funded by a cash payment of $36,903 and the assumption of a pro rata share of the mortgage note payable on the property of $105,597 . From March 1, 2018 to the completion of the sale, the Company accounted for its interest in Westside Pavilion as a collaborative arrangement (See Note 14 — Collaborative Arrangement ). Since completion of the sale, the Company has accounted for its ownership interest in Westside Pavilion under the equity method of accounting. On September 6, 2018 , the Company formed a 50 /50 joint venture with Simon Property Group to develop Los Angeles Premium Outlets , a 400,000 square foot outlet center in Carson, California. The joint venture expects to complete the first phase of the development in fall 2021. Combined and condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures. Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: September 30, December 31, Assets(1): Property, net $ 9,212,359 $ 9,052,105 Other assets 717,509 635,838 Total assets $ 9,929,868 $ 9,687,943 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 6,064,931 $ 5,296,594 Other liabilities 390,211 405,052 Company's capital 1,893,278 2,188,057 Outside partners' capital 1,581,448 1,798,240 Total liabilities and partners' capital $ 9,929,868 $ 9,687,943 Investments in unconsolidated joint ventures: Company's capital $ 1,893,278 $ 2,188,057 Basis adjustment(3) (543,403 ) (562,021 ) $ 1,349,875 $ 1,626,036 Assets—Investments in unconsolidated joint ventures $ 1,465,174 $ 1,709,522 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (115,299 ) (83,486 ) $ 1,349,875 $ 1,626,036 (1) These amounts include the assets of $3,047,915 and $3,106,105 of Pacific Premier Retail LLC (the " PPR Portfolio ") as of September 30, 2018 and December 31, 2017 , respectively, and liabilities of $1,856,185 and $1,872,227 of the PPR Portfolio as of September 30, 2018 and December 31, 2017 , respectively. (2) Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $699,437 and $482,332 as of September 30, 2018 and December 31, 2017 , respectively. NML is considered a related party because it was a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza until October 12, 2018. Interest expense on these borrowings was $7,148 and $4,903 for the three months ended September 30, 2018 and 2017 , respectively, and $19,264 and $12,992 for the nine months ended September 30, 2018 and 2017 , 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 $1,160 and $4,227 for the three months ended September 30, 2018 and 2017 , respectively, and $8,787 and $12,451 for the nine months ended September 30, 2018 and 2017 , respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Three Months Ended September 30, 2018 Revenues: Minimum rents $ 32,999 $ 123,799 $ 156,798 Percentage rents 1,012 4,591 5,603 Tenant recoveries 11,884 47,286 59,170 Other 991 13,081 14,072 Total revenues 46,886 188,757 235,643 Expenses: Shopping center and operating expenses 9,893 61,528 71,421 Interest expense 16,680 37,968 54,648 Depreciation and amortization 24,582 61,323 85,905 Total operating expenses 51,155 160,819 211,974 (Loss) gain on sale or write down of assets, net (47 ) 12,622 12,575 Net (loss) income $ (4,316 ) $ 40,560 $ 36,244 Company's equity in net (loss) income $ (148 ) $ 18,937 $ 18,789 Three Months Ended September 30, 2017 Revenues: Minimum rents $ 35,052 $ 123,663 $ 158,715 Percentage rents 903 3,953 4,856 Tenant recoveries 12,015 47,841 59,856 Other 1,713 12,329 14,042 Total revenues 49,683 187,786 237,469 Expenses: Shopping center and operating expenses 10,591 60,394 70,985 Interest expense 16,890 33,214 50,104 Depreciation and amortization 25,449 62,958 88,407 Total operating expenses 52,930 156,566 209,496 Gain on sale or write down of assets, net — 13,426 13,426 Net (loss) income $ (3,247 ) $ 44,646 $ 41,399 Company's equity in net income $ 620 $ 23,373 $ 23,993 PPR Portfolio Other Joint Ventures Total Nine Months Ended September 30, 2018 Revenues: Minimum rents $ 98,619 $ 375,447 $ 474,066 Percentage rents 1,713 7,664 9,377 Tenant recoveries 34,684 142,702 177,386 Other 3,252 39,145 42,397 Total revenues 138,268 564,958 703,226 Expenses: Shopping center and operating expenses 29,091 183,174 212,265 Interest expense 50,176 108,356 158,532 Depreciation and amortization 73,137 184,708 257,845 Total operating expenses 152,404 476,238 628,642 (Loss) gain on sale or write down of assets, net (47 ) 14,151 14,104 Net (loss) income $ (14,183 ) $ 102,871 $ 88,688 Company's equity in net (loss) income $ (1,021 ) $ 52,351 $ 51,330 Nine Months Ended September 30, 2017 Revenues: Minimum rents $ 100,633 $ 373,931 $ 474,564 Percentage rents 1,854 7,817 9,671 Tenant recoveries 34,827 141,875 176,702 Other 4,141 36,857 40,998 Total revenues 141,455 560,480 701,935 Expenses: Shopping center and operating expenses 30,062 181,475 211,537 Interest expense 50,291 98,469 148,760 Depreciation and amortization 76,527 187,927 264,454 Total operating expenses 156,880 467,871 624,751 (Loss) gain on sale or write down of assets, net (35 ) 18,005 17,970 Net (loss) income $ (15,460 ) $ 110,614 $ 95,154 Company's equity in net (loss) income $ (1,376 ) $ 58,148 $ 56,772 Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company. Collaborative Arrangement : On March 1, 2018 , the Company formed a 25 / 75 joint venture with a third party, whereby the Company agreed to contribute Westside Pavilion , a 755,000 square foot regional shopping center in Los Angeles , California in exchange for a cash payment of $142,500 . The Company completed the transfer on August 31, 2018 . During the period from March 1, 2018 to August 31, 2018 , the Company accounted for the operations of Westside Pavilion as a collaborative arrangement. Both partners shared operating control of the property and the Company was reimbursed by the outside partner for 75% of the carrying cost of the property, which were defined in the agreement as operating expenses in excess of revenues, debt service and capital expenditures. Accordingly, the Company reduced minimum rents, percentage rents, tenant recoveries, other revenue, shopping center and operating expenses and interest expense by its partner's 75% share and recorded a receivable due from its partner, which was settled upon completion of the transfer of the property. In addition, the Company was reimbursed by its partner for its 75% share of mortgage loan principal payments and capital expenditures during the period. Since completion of the transfer, the Company has accounted for its investment in Westside Pavilion under the equity method of accounting (See Note 4 — Investments in Unconsolidated Joint Ventures ).

Dispositions

Dispositions	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions: The following are recent dispositions of properties: 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 $59,698 . 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. On May 17, 2018 , the Company sold Promenade at Casa Grande , a 761,000 square foot community center in Casa Grande , Arizona , for $26,000 , resulting in a loss on sale of assets of $311 . The Company used the proceeds from the sale to pay down its line of credit and for other general corporate purposes.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: The Company has certain properties that are 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. Rent expense was $4,571 and $4,301 for the three months ended September 30, 2018 and 2017 , respectively, and $13,379 and $12,785 for the nine months ended September 30, 2018 and 2017 , respectively. No contingent rent was incurred during the three and nine months ended September 30, 2018 or 2017 . As of September 30, 2018 , the Company was contingently liable for $65,780 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the agreements. At September 30, 2018 , the Company had $8,894 in outstanding obligations which it believes will be settled in the next twelve months.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions: Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Management fees $ 4,971 $ 4,749 $ 14,366 $ 13,914 Development and leasing fees 3,970 3,385 10,895 11,376 $ 8,941 $ 8,134 $ 25,261 $ 25,290 Certain mortgage notes on the properties are held by NML (See Note 9 — Mortgage Notes Payable ). Interest expense in connection with these notes was $2,102 and $2,175 for the three months ended September 30, 2018 and 2017 , respectively, and $6,380 and $6,567 for the nine months ended September 30, 2018 and 2017 , respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $699 and $716 at September 30, 2018 and December 31, 2017 , respectively. Interest (income) expense from related party transactions also includes $(1,028) and $2,101 for the three and nine months ended September 30, 2018 in connection with the Financing Arrangement (See Note 11 — Financing Arrangement ). Due from affiliates includes unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies. As of September 30, 2018 and December 31, 2017 , the amounts due from the unconsolidated joint ventures was $9,482 and $5,411 , respectively. In addition, due from affiliates at September 30, 2018 and December 31, 2017 included 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 $55 and $66 for the three months ended September 30, 2018 and 2017 , respectively, and $172 and $204 for the nine months ended September 30, 2018 and 2017 , respectively. The balance on this note was $3,903 and $4,796 at September 30, 2018 and December 31, 2017 , respectively. RED is considered a related party because it is a partner in a joint venture development project. The note is collateralized by RED's membership interest in the development project. 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 $808 and $621 for the three months ended September 30, 2018 and 2017 , respectively, and $2,330 and $1,839 for the nine months ended September 30, 2018 and 2017 , respectively. The balance on this note was $74,285 and $71,955 at September 30, 2018 and December 31, 2017 , respectively. Lennar Corporation is considered a related party because it is a joint venture partner in Fashion Outlets of San Francisco .

Share and Unit-Based Plans

Share and Unit-Based Plans	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share and Unit-Based Plans	Share and Unit-Based Plans: Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of 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 share of common stock relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. During the nine months ended September 30, 2018 , the Company granted the following LTIP Units: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2018 65,466 Service-based $ 65.68 12/31/2020 1/1/2018 291,326 Market-indexed $ 44.28 12/31/2020 1/29/2018 13,632 Service-based $ 66.02 2/1/2022 1/29/2018 1,893 Service-based $ 66.02 12/31/2020 1/29/2018 7,775 Market-indexed $ 48.23 12/31/2020 3/2/2018 99,407 Service-based $ 59.04 3/2/2018 4/26/2018 89,637 Service-based $ 55.78 4/26/2018 569,136 The fair value of the market-indexed LTIP Units (Level 3) granted on January 1, 2018 were estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.98% and an expected volatility of 23.38% . The fair value of the market-indexed LTIP Units granted on January 29, 2018 were estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 2.25% and an expected volatility of 23.86% . The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units: LTIP Units Phantom Stock Units Stock Units Units Value(1) Units Value(1) Units Value(1) Balance at January 1, 2018 636,632 $ 52.36 4,054 $ 79.82 151,355 $ 73.32 Granted 569,136 51.78 8,765 61.46 87,193 58.85 Vested (189,044 ) 57.49 (10,581 ) 54.70 (108,201 ) 74.21 Forfeited (23,666 ) 44.28 (845 ) 77.91 — — Balance at September 30, 2018 993,058 $ 51.24 1,393 $ 66.79 130,347 $ 64.24 (1) Value represents the weighted average grant date fair value. The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding: SARs Stock Options Units Value(1) Units Value(1) Balance at January 1, 2018 235,439 $ 53.83 35,565 $ 57.32 Granted — — — — Exercised (235,439 ) 53.83 — — Balance at September 30, 2018 — $ — 35,565 $ 57.32 (1) Value represents the weighted average exercise price. The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 LTIP Units $ 3,440 $ 5,269 $ 21,823 $ 24,892 Stock units 972 1,002 5,717 4,947 Stock options 32 34 94 53 Phantom stock units 172 185 585 545 $ 4,616 $ 6,490 $ 28,219 $ 30,437 The Company capitalized share and unit-based compensation costs of $1,062 and $983 for the three months ended September 30, 2018 and 2017 , respectively, and $5,575 and $5,278 for the nine months ended September 30, 2018 and 2017 , respectively. Unrecognized compensation costs of share and unit-based plans at September 30, 2018 consisted of $6,882 from LTIP Units, $3,023 from stock units, $83 from stock options and $40 from phantom stock units.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes: The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC. The income tax provision of the TRSs are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Current $ — $ — $ 439 $ — Deferred (466 ) (2,869 ) 1,360 178 Total income tax (expense) benefit $ (466 ) $ (2,869 ) $ 1,799 $ 178 The net operating loss carryforwards are currently scheduled to expire through 2037 , beginning in 2025 . Net deferred tax assets of $30,366 and $29,006 were included in deferred charges and other assets, net at September 30, 2018 and December 31, 2017 , respectively. The tax years 2014 through 2017 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: On October 25, 2018 , the Company announced a dividend/distribution of $0.75 per share for common stockholders and OP Unit holders of record on November 9, 2018 . All dividends/distributions will be paid 100% in cash on December 3, 2018 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements and have not been audited by an independent registered public accounting firm. The 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 consolidated variable interest entities ("VIEs"). The Operating Partnership's consolidated VIEs included the following assets and liabilities: September 30, December 31, Assets: Property, net $ 264,946 $ 288,881 Other assets 27,579 60,586 Total assets $ 292,525 $ 349,467 Liabilities: Mortgage notes payable $ 126,279 $ 129,436 Other liabilities 40,634 72,705 Total liabilities $ 166,913 $ 202,141 All intercompany accounts and transactions have been eliminated in the consolidated financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 . In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial statements for the interim periods have been made. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying consolidated balance sheet as of December 31, 2017 has been derived from the audited financial statements but does not include all disclosures required by GAAP.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, “Revenue From Contracts With Customers (ASC 606)," 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 applies to the Company's recognition of management companies and other revenues. The Company's adoption of the standard on January 1, 2018 did not have an impact on the pattern of revenue recognition for management companies and other revenues. Additionally, under ASC 606, the Company changed its accounting for its joint venture in Chandler Freehold from a co-venture arrangement to a financing arrangement (See Note 11 — Financing Arrangement ). Upon adoption of the standard on January 1, 2018, the Company replaced its $31,150 distributions in excess of co-venture obligation (See Note 8 — Deferred Charges and Other Assets, net ) with a financing arrangement obligation of $393,709 on its consolidated balance sheets. This resulted in the recognition of a $424,859 increase in the Company’s accumulated deficit as a cumulative effect adjustment under the modified retrospective method of adoption. 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. Under the standard, 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 is effective for the Company under a modified retrospective approach beginning January 1, 2019. The FASB has provided a transition package of practical expedients for implementation, which include (i) relief from re-assessing whether an expired or existing contract meets the definition of a lease, (ii) relief from re-assessing the classification of expired or existing leases at the adoption date and (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized. In July 2018, the FASB issued ASU 2018-11, “Leases: Targeted improvements”, which provides companies with an additional transition option that would permit the application of the standard as of the adoption date rather than to all periods presented. The Company plans to utilize this transition option when it adopts the new standard on January 1, 2019 and also plans to elect to use the transition practical expedients package available to the Company under the new standard. Recent Accounting Pronouncements: (Continued) Under ASU 2016-02, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, the Company will no longer be able to capitalize internal leasing costs and instead will be required to expense these costs as incurred. The Company capitalized internal leasing costs of $5,141 and $5,376 during the three months ended September 30, 2018 and 2017, respectively, and $16,928 and $17,075 during the nine months ended September 30, 2018 and 2017, respectively. For leases where the Company is the lessee, the adoption of the standard will significantly change the accounting on the Company's consolidated balance sheets since these leases will be required to be recorded on the Company’s consolidated balance sheets as an obligation of the Company. Existing leases executed before the January 1, 2019 adoption date will continue to be accounted for as operating leases and the new guidance will not have a material impact on the Company's recognition of lease expense. 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. On January 1, 2018, the Company adopted the standard and retrospectively applied the guidance of the standard to the prior period presented, which resulted in an increase of $785 in net cash provided by investing activities on its consolidated statements of cash flows for the nine months ended September 30, 2017 . The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows: For the Nine Months Ended September 30, 2018 2017 Beginning of period Cash and cash equivalents $ 91,038 $ 94,046 Restricted cash 52,067 49,951 Cash, cash equivalents and restricted cash $ 143,105 $ 143,997 End of period Cash and cash equivalents $ 93,479 $ 71,088 Restricted cash 50,621 50,736 Cash, cash equivalents and restricted cash $ 144,100 $ 121,824 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 has concluded that property sales represent transactions with non-customers. Sales of property generally represent only one performance obligation and are recognized when an enforceable contract is in place, collectability is ensured and control is transferred to the buyer. As a result of the adoption of the standard on January 1, 2018, the Company will prospectively measure the noncontrolling interest retained in partial sale transactions of real estate at fair value. 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 does not expect the adoption of this standard to have a significant impact on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Schedule of variable interest entities	The Operating Partnership's consolidated VIEs included the following assets and liabilities: September 30, December 31, Assets: Property, net $ 264,946 $ 288,881 Other assets 27,579 60,586 Total assets $ 292,525 $ 349,467 Liabilities: Mortgage notes payable $ 126,279 $ 129,436 Other liabilities 40,634 72,705 Total liabilities $ 166,913 $ 202,141
Schedule of cash, cash equivalents and restricted cash	The following table presents a reconciliation of the beginning of period and end of period cash, cash equivalents and restricted cash reported on the Company's consolidated balance sheets to the totals shown on its consolidated statements of cash flows: For the Nine Months Ended September 30, 2018 2017 Beginning of period Cash and cash equivalents $ 91,038 $ 94,046 Restricted cash 52,067 49,951 Cash, cash equivalents and restricted cash $ 143,105 $ 143,997 End of period Cash and cash equivalents $ 93,479 $ 71,088 Restricted cash 50,621 50,736 Cash, cash equivalents and restricted cash $ 144,100 $ 121,824

Earnings per Share ("EPS") (Tab

Earnings per Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Reconciliation of numerator and denominator used in computation of earnings per share	The following table reconciles the numerator and denominator used in the computation of EPS for the three and nine months ended September 30, 2018 and 2017 (shares in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Numerator Net income $ 81,241 $ 19,228 $ 55,726 $ 123,089 Less net income attributable to noncontrolling interests 7,213 1,730 7,455 9,710 Net income attributable to the Company 74,028 17,498 48,271 113,379 Allocation of earnings to participating securities (278 ) (193 ) (824 ) (567 ) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 73,750 $ 17,305 $ 47,447 $ 112,812 Denominator Denominator for basic EPS—weighted average number of common shares outstanding 141,196 141,299 141,120 142,188 Effect of dilutive securities(1): Share and unit-based compensation plans — 11 5 35 Denominator for diluted EPS—weighted average number of common shares outstanding 141,196 141,310 141,125 142,223 EPS—net income attributable to common stockholders: Basic $ 0.52 $ 0.12 $ 0.34 $ 0.79 Diluted $ 0.52 $ 0.12 $ 0.34 $ 0.79 (1) Diluted EPS excludes 90,619 convertible preferred partnership units for the three and nine months ended September 30, 2018 and 2017 , as their impact was antidilutive. Diluted EPS excludes 10,377,936 and 10,324,376 Operating Partnership units ("OP Units") for the three months ended September 30, 2018 and 2017 , respectively, and 10,355,946 and 10,479,806 OP Units for the nine months ended September 30, 2018 and 2017 , respectively, as their impact was antidilutive.

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Combined and condensed balance sheets of unconsolidated joint ventures	Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures: September 30, December 31, Assets(1): Property, net $ 9,212,359 $ 9,052,105 Other assets 717,509 635,838 Total assets $ 9,929,868 $ 9,687,943 Liabilities and partners' capital(1): Mortgage and other notes payable(2) $ 6,064,931 $ 5,296,594 Other liabilities 390,211 405,052 Company's capital 1,893,278 2,188,057 Outside partners' capital 1,581,448 1,798,240 Total liabilities and partners' capital $ 9,929,868 $ 9,687,943 Investments in unconsolidated joint ventures: Company's capital $ 1,893,278 $ 2,188,057 Basis adjustment(3) (543,403 ) (562,021 ) $ 1,349,875 $ 1,626,036 Assets—Investments in unconsolidated joint ventures $ 1,465,174 $ 1,709,522 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (115,299 ) (83,486 ) $ 1,349,875 $ 1,626,036 (1) These amounts include the assets of $3,047,915 and $3,106,105 of Pacific Premier Retail LLC (the " PPR Portfolio ") as of September 30, 2018 and December 31, 2017 , respectively, and liabilities of $1,856,185 and $1,872,227 of the PPR Portfolio as of September 30, 2018 and December 31, 2017 , respectively. (2) Included in mortgage and other notes payable are amounts due to an affiliate of Northwestern Mutual Life ("NML") of $699,437 and $482,332 as of September 30, 2018 and December 31, 2017 , respectively. NML is considered a related party because it was a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza until October 12, 2018. Interest expense on these borrowings was $7,148 and $4,903 for the three months ended September 30, 2018 and 2017 , respectively, and $19,264 and $12,992 for the nine months ended September 30, 2018 and 2017 , 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 $1,160 and $4,227 for the three months ended September 30, 2018 and 2017 , respectively, and $8,787 and $12,451 for the nine months ended September 30, 2018 and 2017 , respectively.
Combined and condensed statements of operations of unconsolidated joint ventures	Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Total Three Months Ended September 30, 2018 Revenues: Minimum rents $ 32,999 $ 123,799 $ 156,798 Percentage rents 1,012 4,591 5,603 Tenant recoveries 11,884 47,286 59,170 Other 991 13,081 14,072 Total revenues 46,886 188,757 235,643 Expenses: Shopping center and operating expenses 9,893 61,528 71,421 Interest expense 16,680 37,968 54,648 Depreciation and amortization 24,582 61,323 85,905 Total operating expenses 51,155 160,819 211,974 (Loss) gain on sale or write down of assets, net (47 ) 12,622 12,575 Net (loss) income $ (4,316 ) $ 40,560 $ 36,244 Company's equity in net (loss) income $ (148 ) $ 18,937 $ 18,789 Three Months Ended September 30, 2017 Revenues: Minimum rents $ 35,052 $ 123,663 $ 158,715 Percentage rents 903 3,953 4,856 Tenant recoveries 12,015 47,841 59,856 Other 1,713 12,329 14,042 Total revenues 49,683 187,786 237,469 Expenses: Shopping center and operating expenses 10,591 60,394 70,985 Interest expense 16,890 33,214 50,104 Depreciation and amortization 25,449 62,958 88,407 Total operating expenses 52,930 156,566 209,496 Gain on sale or write down of assets, net — 13,426 13,426 Net (loss) income $ (3,247 ) $ 44,646 $ 41,399 Company's equity in net income $ 620 $ 23,373 $ 23,993 PPR Portfolio Other Joint Ventures Total Nine Months Ended September 30, 2018 Revenues: Minimum rents $ 98,619 $ 375,447 $ 474,066 Percentage rents 1,713 7,664 9,377 Tenant recoveries 34,684 142,702 177,386 Other 3,252 39,145 42,397 Total revenues 138,268 564,958 703,226 Expenses: Shopping center and operating expenses 29,091 183,174 212,265 Interest expense 50,176 108,356 158,532 Depreciation and amortization 73,137 184,708 257,845 Total operating expenses 152,404 476,238 628,642 (Loss) gain on sale or write down of assets, net (47 ) 14,151 14,104 Net (loss) income $ (14,183 ) $ 102,871 $ 88,688 Company's equity in net (loss) income $ (1,021 ) $ 52,351 $ 51,330 Nine Months Ended September 30, 2017 Revenues: Minimum rents $ 100,633 $ 373,931 $ 474,564 Percentage rents 1,854 7,817 9,671 Tenant recoveries 34,827 141,875 176,702 Other 4,141 36,857 40,998 Total revenues 141,455 560,480 701,935 Expenses: Shopping center and operating expenses 30,062 181,475 211,537 Interest expense 50,291 98,469 148,760 Depreciation and amortization 76,527 187,927 264,454 Total operating expenses 156,880 467,871 624,751 (Loss) gain on sale or write down of assets, net (35 ) 18,005 17,970 Net (loss) income $ (15,460 ) $ 110,614 $ 95,154 Company's equity in net (loss) income $ (1,376 ) $ 58,148 $ 56,772

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	The following derivatives were outstanding at September 30, 2018 : Property Notional Amount Product LIBOR Rate Maturity Fair Value Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2019 $ 1 The Macerich Partnership, L.P. $ 400,000 Swap 2.85 % 9/14/2021 $ 173

Property, net (Tables)

Property, net (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Components of property	Property, net consists of the following: September 30, December 31, Land $ 1,521,252 $ 1,567,152 Buildings and improvements 6,308,628 6,385,035 Tenant improvements 659,402 620,352 Equipment and furnishings 186,377 187,998 Construction in progress 176,976 366,996 8,852,635 9,127,533 Less accumulated depreciation (2,031,597 ) (2,018,303 ) $ 6,821,038 $ 7,109,230
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 losses recorded for the nine months ended September 30, 2018 as described above: Total Fair Value Measurement Quoted Prices in Active Markets for Identical Assets Significant Other Unobservable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) September 30, 2018 $ 72,700 $ — $ 72,700 $ —

Deferred Charges and Other As_2

Deferred Charges and Other Assets, net (Tables)	9 Months Ended
	Sep. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of deferred charges and other assets, net	Deferred charges and other assets, net consist of the following: September 30, December 31, Leasing $ 223,811 $ 232,819 Intangible assets: In-place lease values 95,807 108,432 Leasing commissions and legal costs 24,140 25,958 Above-market leases 149,283 164,040 Deferred tax assets 30,366 29,006 Deferred compensation plan assets 50,939 52,221 Distributions in excess of co-venture obligation(1) — 31,150 Other assets 60,465 66,990 634,811 710,616 Less accumulated amortization(2) (247,362 ) (261,426 ) $ 387,449 $ 449,190 (1) See Note 11 — Financing Arrangement . (2) Accumulated amortization includes $70,627 and $74,507 relating to in-place lease values, leasing commissions and legal costs at September 30, 2018 and December 31, 2017 , respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $3,114 and $4,206 for the three months ended September 30, 2018 and 2017 , respectively, and $10,504 and $15,755 for the nine months ended September 30, 2018 and 2017 , respectively.
Allocated values of above-market leases and below-market leases	The allocated values of above-market leases and below-market leases consist of the following: September 30, December 31, Above-Market Leases Original allocated value $ 149,283 $ 164,040 Less accumulated amortization (54,688 ) (60,210 ) $ 94,595 $ 103,830 Below-Market Leases(1) Original allocated value $ 108,568 $ 120,573 Less accumulated amortization (53,955 ) (55,489 ) $ 54,613 $ 65,084 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Mortgage notes payable	Mortgage notes payable at September 30, 2018 and December 31, 2017 consist of the following: Carrying Amount of Mortgage Notes(1) September 30, 2018 December 31, 2017 Property Pledged as Collateral Related Party Other Related Party Other Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Chandler Fashion Center(5) $ — $ 199,954 $ — $ 199,904 3.77 % $ 625 2019 Danbury Fair Mall 101,977 101,977 104,599 104,598 5.53 % 1,538 2020 Fashion Outlets of Chicago(6) — 199,541 — 199,298 3.76 % 600 2020 Fashion Outlets of Niagara Falls USA — 110,448 — 112,770 4.89 % 727 2020 Freehold Raceway Mall(5) — 398,171 — 398,050 3.94 % 1,300 2029 Fresno Fashion Fair — 323,410 — 323,261 3.67 % 971 2026 Green Acres Commons(7) — 127,776 — 107,219 4.81 % 460 2021 Green Acres Mall — 286,386 — 291,366 3.61 % 1,447 2021 Kings Plaza Shopping Center — 439,695 — 447,231 3.67 % 2,229 2019 Oaks, The — 193,229 — 196,732 4.14 % 1,064 2022 Pacific View — 122,132 — 124,397 4.08 % 668 2022 Queens Center — 600,000 — 600,000 3.49 % 1,744 2025 Santa Monica Place(8) — 296,882 — 296,366 3.76 % 865 2022 SanTan Village Regional Center — 122,376 — 124,703 3.14 % 589 2019 Towne Mall — 20,842 — 21,161 4.48 % 117 2022 Tucson La Encantada 65,770 — 66,970 — 4.23 % 368 2022 Victor Valley, Mall of — 114,660 — 114,617 4.00 % 380 2024 Vintage Faire Mall — 259,635 — 263,818 3.55 % 1,256 2026 Westside Pavilion(9) — — — 141,020 $ 167,747 $ 3,917,114 $ 171,569 $ 4,066,511 (1) The mortgage notes payable balances includes an unamortized debt premium. 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 loan on Fashion Outlets of Niagara Falls USA had a premium of $1,934 and $2,630 at September 30, 2018 and December 31, 2017 , respectively. The mortgage notes payable 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 $14,232 and $17,838 at September 30, 2018 and December 31, 2017 , respectively. (2) The interest rate disclosed represents the effective interest rate, including the impact of debt premium 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 the Company's joint venture in Chandler Freehold (See Note 11 — Financing Arrangement ). (6) The loan bears interest at LIBOR plus 1.50% . At September 30, 2018 and December 31, 2017 , the total interest rate was 3.76% and 3.02% , respectively. (7) On March 1, 2018 , the Company borrowed the remaining $20,000 available under the loan agreement on the property. The loan bears interest at LIBOR plus 2.15% . At September 30, 2018 and December 31, 2017 , the total interest rate was 4.81% and 4.07% , respectively. (8) The loan bears interest at LIBOR plus 1.35% . The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2019 (See Note 5 — Derivative Instruments and Hedging Activities ). At September 30, 2018 and December 31, 2017 , the total interest rate was 3.76% and 3.13% , respectively. (9) On August 31, 2018 , a 75% interest in the loan was assumed by a third party in connection with the sale of a 75% ownership interest in the underlying property (See Note 4 — Investments in Unconsolidated Joint Ventures ).

Financing Arrangement (Tables)

Financing Arrangement (Tables)	9 Months Ended
	Sep. 30, 2018
Co-Venture Arrangement [Abstract]
Financing arrangement activity	During the three and nine months ended September 30, 2018 and 2017 , the Company incurred interest (income) expense in connection with the financing arrangement as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Distributions of the partner's share of net income $ 2,111 $ — $ 6,577 $ — Distributions in excess of the partner's share of net income 1,754 — 4,803 — Adjustment to fair value of financing arrangement obligation (4,893 ) — (9,279 ) — $ (1,028 ) $ — $ 2,101 $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of fees charged to unconsolidated joint ventures	The following are fees charged to unconsolidated joint ventures: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Management fees $ 4,971 $ 4,749 $ 14,366 $ 13,914 Development and leasing fees 3,970 3,385 10,895 11,376 $ 8,941 $ 8,134 $ 25,261 $ 25,290

Share and Unit-Based Plans (Tab

Share and Unit-Based Plans (Tables)	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of activity of non-vested LTIP Units, stock awards, phantom stock and stock units	The following table summarizes the activity of the non-vested LTIP Units, phantom stock units and stock units: LTIP Units Phantom Stock Units Stock Units Units Value(1) Units Value(1) Units Value(1) Balance at January 1, 2018 636,632 $ 52.36 4,054 $ 79.82 151,355 $ 73.32 Granted 569,136 51.78 8,765 61.46 87,193 58.85 Vested (189,044 ) 57.49 (10,581 ) 54.70 (108,201 ) 74.21 Forfeited (23,666 ) 44.28 (845 ) 77.91 — — Balance at September 30, 2018 993,058 $ 51.24 1,393 $ 66.79 130,347 $ 64.24 (1) Value represents the weighted average grant date fair value. During the nine months ended September 30, 2018 , the Company granted the following LTIP Units: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2018 65,466 Service-based $ 65.68 12/31/2020 1/1/2018 291,326 Market-indexed $ 44.28 12/31/2020 1/29/2018 13,632 Service-based $ 66.02 2/1/2022 1/29/2018 1,893 Service-based $ 66.02 12/31/2020 1/29/2018 7,775 Market-indexed $ 48.23 12/31/2020 3/2/2018 99,407 Service-based $ 59.04 3/2/2018 4/26/2018 89,637 Service-based $ 55.78 4/26/2018 569,136
Summary of activity of SARs and stock options outstanding	The following table summarizes the activity of the stock appreciations rights ("SARs") and stock options outstanding: SARs Stock Options Units Value(1) Units Value(1) Balance at January 1, 2018 235,439 $ 53.83 35,565 $ 57.32 Granted — — — — Exercised (235,439 ) 53.83 — — Balance at September 30, 2018 — $ — 35,565 $ 57.32 (1) Value represents the weighted average exercise price.
Compensation cost under the share and unit-based plans	The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 LTIP Units $ 3,440 $ 5,269 $ 21,823 $ 24,892 Stock units 972 1,002 5,717 4,947 Stock options 32 34 94 53 Phantom stock units 172 185 585 545 $ 4,616 $ 6,490 $ 28,219 $ 30,437

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Schedule of income tax benefit of TRSs	The income tax provision of the TRSs are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Current $ — $ — $ 439 $ — Deferred (466 ) (2,869 ) 1,360 178 Total income tax (expense) benefit $ (466 ) $ (2,869 ) $ 1,799 $ 178

Organization (Details)

Organization (Details) - entity	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of management companies (in entities)	7
Macerich | The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership	93.00%	93.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - Operating Partnership - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Total assets	$ 292,525	$ 349,467
Total liabilities	166,913	202,141
Property, net
Variable Interest Entity [Line Items]
Total assets	264,946	288,881
Other assets
Variable Interest Entity [Line Items]
Total assets	27,579	60,586
Mortgage notes payable
Variable Interest Entity [Line Items]
Total liabilities	126,279	129,436
Other liabilities
Variable Interest Entity [Line Items]
Total liabilities	$ 40,634	$ 72,705

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Costs related to shareholder activism	$ 0	$ 19,369	$ 0	$ 19,369	$ 0
Distributions in excess of co-venture obligation	0			0			$ 31,150
Financing arrangement obligation	384,431			384,431			0
Accumulated deficit	(1,520,209)			(1,520,209)			$ (830,279)
Capitalized internal leasing costs	$ 5,141		$ 5,376	16,928	17,075
Increase in net cash provided by investing activities				$ 256,159	164,691
ASU 2016-18
Variable Interest Entity [Line Items]
Increase in net cash provided by investing activities					$ 785
Joint Venture | Chandler Freehold | Difference between revenue guidance in effect before and after topic 606 | ASU 2014-09 | Financing Arrangement
Variable Interest Entity [Line Items]
Financing arrangement obligation						$ 393,709
Accumulated deficit						424,859
Joint Venture | Chandler Freehold
Variable Interest Entity [Line Items]
Distributions in excess of co-venture obligation						$ 31,150

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 93,479	$ 91,038	$ 71,088	$ 94,046
Restricted cash	50,621	52,067	50,736	49,951
Cash, cash equivalents and restricted cash	$ 144,100	$ 143,105	$ 121,824	$ 143,997

Earnings per Share ("EPS") (Det

Earnings per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator
Net income	$ 81,241	$ 19,228	$ 55,726	$ 123,089
Less net income attributable to noncontrolling interests	7,213	1,730	7,455	9,710
Net income attributable to the Company	74,028	17,498	48,271	113,379
Allocation of earnings to participating securities	(278)	(193)	(824)	(567)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$ 73,750	$ 17,305	$ 47,447	$ 112,812
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding (in shares)	141,196,000	141,299,000	141,120,000	142,188,000
Effect of dilutive securities:
Share and unit-based compensation plans (in shares)	0	11,000	5,000	35,000
Denominator for diluted EPS—weighted average number of common shares outstanding (in shares)	141,196,000	141,310,000	141,125,000	142,223,000
EPS—net income attributable to common stockholders:
Basic (in dollars per share)	$ 0.52	$ 0.12	$ 0.34	$ 0.79
Diluted (in dollars per share)	$ 0.52	$ 0.12	$ 0.34	$ 0.79
Convertible non-participating preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	90,619	90,619	90,619	90,619
Partnership unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	10,377,936	10,324,376	10,355,946	10,479,806

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Narrative (Details) ft² in Thousands, $ in Thousands	Aug. 31, 2018USD ($)ft²	Jul. 06, 2018USD ($)ft²	Feb. 16, 2018USD ($)	Dec. 14, 2017USD ($)	Sep. 18, 2017USD ($)	Mar. 17, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 06, 2018ft²	Mar. 01, 2018
Schedule of Equity Method Investments [Line Items]
Proceeds from sale	$ 142,500
Outside partner interest of the operating partnership											75.00%
Proceeds received in disposition of property								$ 36,305	$ 0
Ownership percentage											25.00%
Country Club Plaza | Office building
Schedule of Equity Method Investments [Line Items]
Gain on sale of building						$ 2,290
Fashion District Philadelphia | Office building
Schedule of Equity Method Investments [Line Items]
Gain on sale of building			$ 2,773		$ 6,713
Westcor/Queen Creek LLC | Land
Schedule of Equity Method Investments [Line Items]
Gain sale of land				$ 5,436
The Market at Estrella Falls
Schedule of Equity Method Investments [Line Items]
Gain on sale of building		$ 2,996
Joint Venture | Los Angeles Premium Outlets
Schedule of Equity Method Investments [Line Items]
Property area (in square feet) | ft²										400
Ownership percentage										50.00%
Joint Venture | Country Club Plaza | Office building
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of building						78,000
Gain on sale of building						$ 4,580
Joint Venture | Fashion District Philadelphia | Office building
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of building			41,800		61,500
Gain on sale of building			$ 5,545		$ 13,426
Joint Venture | Westcor/Queen Creek LLC | Land
Schedule of Equity Method Investments [Line Items]
Revenues				30,491
Gain sale of land				$ 14,853
Joint Venture | The Market at Estrella Falls
Schedule of Equity Method Investments [Line Items]
Gain on sale of building		$ 12,598
Property area (in square feet) | ft²		298
Proceeds from sale		$ 49,100
Repayments of debt		$ 24,118
Joint Venture | Westside Pavilion
Schedule of Equity Method Investments [Line Items]
Gain on sale of building	$ 46,242						$ 46,242	$ 46,242
Property area (in square feet) | ft²	755
Proceeds from sale	$ 36,903
Outside partner interest of the operating partnership	75.00%
Proceeds received in disposition of property	$ 142,500
Assumption of mortgage notes payable	$ 105,597
Ownership percentage							75.00%	75.00%

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of unconsolidated joint ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets:
Property, net	$ 9,212,359	$ 9,052,105
Other assets	717,509	635,838
Total assets	9,929,868	9,687,943
Liabilities and partners' capital:
Mortgage and other notes payable	6,064,931	5,296,594
Other liabilities	390,211	405,052
Company's capital	1,893,278	2,188,057
Outside partners' capital	1,581,448	1,798,240
Total liabilities and partners' capital	9,929,868	9,687,943
Investments in unconsolidated joint ventures:
Company's capital	1,893,278	2,188,057
Basis adjustment	(543,403)	(562,021)
Investments in unconsolidated joint ventures	1,349,875	1,626,036
Assets—Investments in unconsolidated joint ventures	1,465,174	1,709,522
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(115,299)	(83,486)
Investments in unconsolidated joint ventures	$ 1,349,875	$ 1,626,036

Investments in Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Total assets	$ 9,929,868		$ 9,929,868		$ 9,687,943
Amortization of difference between cost of investments and book value of underlying equity	1,160	$ 4,227	8,787	$ 12,451
NML
Schedule of Equity Method Investments [Line Items]
Mortgage notes payable to affiliate	699,437		699,437		482,332
Interest expense on borrowings from related party	7,148	$ 4,903	19,264	$ 12,992
PPR Portfolio
Schedule of Equity Method Investments [Line Items]
Total assets	3,047,915		3,047,915		3,106,105
Total liabilities	$ 1,856,185		$ 1,856,185		$ 1,872,227

Investments in Unconsolidated_6

Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of unconsolidated joint ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Minimum rents	$ 156,798	$ 158,715	$ 474,066	$ 474,564
Percentage rents	5,603	4,856	9,377	9,671
Tenant recoveries	59,170	59,856	177,386	176,702
Other	14,072	14,042	42,397	40,998
Total revenues	235,643	237,469	703,226	701,935
Expenses:
Shopping center and operating expenses	71,421	70,985	212,265	211,537
Interest expense	54,648	50,104	158,532	148,760
Depreciation and amortization	85,905	88,407	257,845	264,454
Total operating expenses	211,974	209,496	628,642	624,751
(Loss) gain on sale or write down of assets, net	12,575	13,426	14,104	17,970
Net (loss) income	36,244	41,399	88,688	95,154
Company's equity in net (loss) income	18,789	23,993	51,330	56,772
PPR Portfolio
Revenues:
Minimum rents	32,999	35,052	98,619	100,633
Percentage rents	1,012	903	1,713	1,854
Tenant recoveries	11,884	12,015	34,684	34,827
Other	991	1,713	3,252	4,141
Total revenues	46,886	49,683	138,268	141,455
Expenses:
Shopping center and operating expenses	9,893	10,591	29,091	30,062
Interest expense	16,680	16,890	50,176	50,291
Depreciation and amortization	24,582	25,449	73,137	76,527
Total operating expenses	51,155	52,930	152,404	156,880
(Loss) gain on sale or write down of assets, net	(47)	0	(47)	(35)
Net (loss) income	(4,316)	(3,247)	(14,183)	(15,460)
Company's equity in net (loss) income	(148)	620	(1,021)	(1,376)
Other Joint Ventures
Revenues:
Minimum rents	123,799	123,663	375,447	373,931
Percentage rents	4,591	3,953	7,664	7,817
Tenant recoveries	47,286	47,841	142,702	141,875
Other	13,081	12,329	39,145	36,857
Total revenues	188,757	187,786	564,958	560,480
Expenses:
Shopping center and operating expenses	61,528	60,394	183,174	181,475
Interest expense	37,968	33,214	108,356	98,469
Depreciation and amortization	61,323	62,958	184,708	187,927
Total operating expenses	160,819	156,566	476,238	467,871
(Loss) gain on sale or write down of assets, net	12,622	13,426	14,151	18,005
Net (loss) income	40,560	44,646	102,871	110,614
Company's equity in net (loss) income	$ 18,937	$ 23,373	$ 52,351	$ 58,148

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate cap/swap agreements	$ 175	$ 0	$ 184	$ 0
Level 2 measurement | Cap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 300,000		$ 300,000
LIBOR Rate	4.00%		4.00%
Fair Value	$ 1		$ 1
Level 2 measurement | Swap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 400,000		$ 400,000
LIBOR Rate	2.85%		2.85%
Fair Value	$ 173		$ 173

Property, net - Components of p

Property, net - Components of property (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land	$ 1,521,252	$ 1,567,152
Buildings and improvements	6,308,628	6,385,035
Tenant improvements	659,402	620,352
Equipment and furnishings	186,377	187,998
Construction in progress	176,976	366,996
Total	8,852,635	9,127,533
Less accumulated depreciation	(2,031,597)	(2,018,303)
Property, net	$ 6,821,038	$ 7,109,230

Property, net - Narrative (Deta

Property, net - Narrative (Details) - USD ($) $ in Thousands	Aug. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 01, 2018
Real Estate [Abstract]
Depreciation expense		$ 69,237	$ 69,343	$ 204,031	$ 207,663
Property, Plant and Equipment [Line Items]
Gain (loss) on sale or write down of assets, net		46,516	(11,854)	(514)	37,234
Outside partner interest of the operating partnership						75.00%
Write down of investment					(10,138)
South Park Mall
Property, Plant and Equipment [Line Items]
Impairment loss				36,338
Two freestanding stores
Property, Plant and Equipment [Line Items]
Impairment loss				7,494
Southridge Center
Property, Plant and Equipment [Line Items]
Impairment loss			$ 12,036	1,695	12,036
Promenade at Casa Grande
Property, Plant and Equipment [Line Items]
Gain (loss) on sale or write down of assets, net				(311)
Impairment loss				1,043
Cascade and Northgate Malls
Property, Plant and Equipment [Line Items]
Gain (loss) on disposal					$ 59,698
Joint Venture | Westside Pavilion
Property, Plant and Equipment [Line Items]
Gain on sale	$ 46,242	$ 46,242		$ 46,242
Outside partner interest of the operating partnership	75.00%

Property, net - Assets measured

Property, net - Assets measured on a nonrecurring basis (Details) $ in Thousands	Sep. 30, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 72,700
Fair value measurements on a nonrecurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0
Fair value measurements on a nonrecurring basis | Significant Other Unobservable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	72,700
Fair value measurements on a nonrecurring basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 0

Tenant and Other Receivables,_2

Tenant and Other Receivables, net (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Abstract]
Allowance for doubtful accounts	$ 3,139	$ 2,786
Components of tenant and other receivables, net
Deferred rent receivable due to straight-line rent adjustments	69,664	61,859
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 2,439	$ 8,711

Deferred Charges and Other As_3

Deferred Charges and Other Assets, net - Schedule of deferred charges and other assets, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 223,811		$ 223,811		$ 232,819
Intangible assets:
In-place lease values	95,807		95,807		108,432
Leasing commissions and legal costs	24,140		24,140		25,958
Above-market leases	149,283		149,283		164,040
Deferred tax assets	30,366		30,366		29,006
Deferred compensation plan assets	50,939		50,939		52,221
Distributions in excess of co-venture obligation	0		0		31,150
Other assets	60,465		60,465		66,990
Deferred charges and other assets, gross	634,811		634,811		710,616
Less accumulated amortization	(247,362)		(247,362)		(261,426)
Deferred charges and other assets, net	387,449		387,449		449,190
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization for intangible assets	70,627		70,627		$ 74,507
Amortization expense for intangible assets	$ 3,114	$ 4,206	$ 10,504	$ 15,755

Deferred Charges and Other As_4

Deferred Charges and Other Assets, net - Allocated values of above-market leases and below-market leases (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Above-Market Leases
Above-Market Leases
Original allocated value	$ 149,283	$ 164,040
Less accumulated amortization	(54,688)	(60,210)
Allocated value net	94,595	103,830
Below-Market Leases
Below-Market Leases
Original allocated value	108,568	120,573
Less accumulated amortization	(53,955)	(55,489)
Allocated value net	$ 54,613	$ 65,084

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of mortgage notes payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	$ 167,747	$ 171,569
Carrying Amount of Mortgage Notes, Other	3,917,114	4,066,511
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 199,954	199,904
Effective Interest Rate	3.77%
Monthly Debt Service	$ 625
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	101,977	104,599
Carrying Amount of Mortgage Notes, Other	$ 101,977	104,598
Effective Interest Rate	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	$ 199,541	199,298
Effective Interest Rate	3.76%
Monthly Debt Service	$ 600
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	$ 110,448	112,770
Effective Interest Rate	4.89%
Monthly Debt Service	$ 727
Freehold Raceway
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 398,171	398,050
Effective Interest Rate	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	$ 323,410	323,261
Effective Interest Rate	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	$ 127,776	$ 107,219
Effective Interest Rate	4.81%	4.07%
Monthly Debt Service	$ 460
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	$ 0
Carrying Amount of Mortgage Notes, Other	$ 286,386	291,366
Effective Interest Rate	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	$ 439,695	447,231
Effective Interest Rate	3.67%
Monthly Debt Service	$ 2,229
Oaks, The
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 193,229	196,732
Effective Interest Rate	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	$ 122,132	124,397
Effective Interest Rate	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	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	296,882	296,366
Monthly Debt Service	865
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	$ 122,376	124,703
Effective Interest Rate	3.14%
Monthly Debt Service	$ 589
Towne Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	0	0
Carrying Amount of Mortgage Notes, Other	$ 20,842	21,161
Effective Interest Rate	4.48%
Monthly Debt Service	$ 117
Tucson La Encantada
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party	65,770	66,970
Carrying Amount of Mortgage Notes, Other	$ 0	0
Effective Interest Rate	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	$ 114,660	114,617
Effective Interest Rate	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	$ 259,635	263,818
Effective Interest Rate	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	$ 0	$ 141,020
Effective Interest Rate
Monthly Debt Service

Mortgage Notes Payable - Footno

Mortgage Notes Payable - Footnotes (Details) - USD ($)	Aug. 31, 2018	Dec. 04, 2017	Sep. 30, 2018	Mar. 01, 2018	Dec. 31, 2017
Mortgage loans payable on real estate
Unamortized deferred finance costs			$ 14,232,000		$ 17,838,000
Outside partner interest of the operating partnership				75.00%
Westside Pavilion | Joint Venture
Mortgage loans payable on real estate
Percentage of loan assumed by third party	75.00%
Outside partner interest of the operating partnership	75.00%
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Effective interest rate			3.76%
Green Acres Commons
Mortgage loans payable on real estate
Effective interest rate			4.81%		4.07%
Remaining borrowing				$ 20,000,000
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Debt premiums			$ 1,934,000		$ 2,630,000
Chandler Freehold
Mortgage loans payable on real estate
Percentage of loan assumed by third party			49.90%
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Interest rate spread over basis			1.50%
Effective interest rate					3.02%
Green Acres Commons
Mortgage loans payable on real estate
Interest rate spread over basis			2.15%
Santa Monica Place
Mortgage loans payable on real estate
Interest rate spread over basis		1.35%
Effective interest rate			3.76%		3.13%
Santa Monica Place | Maximum | Cap
Mortgage loans payable on real estate
Interest rate spread over basis			4.00%

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Debt Disclosure [Abstract]
Interest expense capitalized	$ 3,751	$ 3,428	$ 12,752	$ 9,405
Fair value of mortgage notes payable	$ 4,088,227		$ 4,088,227		$ 4,250,816

Bank and Other Notes Payable (D

Bank and Other Notes Payable (Details) - USD ($)	Mar. 29, 2013	Sep. 30, 2018	Dec. 31, 2017
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 14,232,000	$ 17,838,000
Availability for additional borrowing		709,720,000	504,412,000
Swap | Level 2 measurement
Mortgage loans payable on real estate
Outstanding borrowings under the line of credit		400,000,000
Line of Credit
Mortgage loans payable on real estate
Outstanding borrowings under the line of credit		790,000,000	935,000,000
Unamortized deferred finance costs		$ 5,781,000	$ 7,548,000
Line of credit, average interest rate		4.08%	3.13%
Line of Credit | Level 2 measurement
Mortgage loans payable on real estate
Fair value of outstanding line of credit		$ 791,233,000	$ 919,158,000
Prasada Note
Mortgage loans payable on real estate
Amount of additional borrowing	$ 13,330,000
Interest rate on debt	5.25%
Debt, carrying value		3,903,000	4,732,000
Debt, fair value		$ 3,900,000	$ 4,717,000
LIBOR | Line of Credit
Mortgage loans payable on real estate
Interest rate spread over basis		1.45%
Revolving line of credit
Mortgage loans payable on real estate
Revolving line of credit		$ 1,500,000,000
Extension option (years)		1 year
Maximum contingent borrowing capacity		$ 2,000,000,000
Revolving line of credit | Swap
Mortgage loans payable on real estate
Effective interest rate		4.30%
Revolving line of credit | LIBOR | Low end of range
Mortgage loans payable on real estate
Interest rate spread over basis		1.30%
Revolving line of credit | LIBOR | High end of range
Mortgage loans payable on real estate
Interest rate spread over basis		1.90%

Financing Arrangement - Narrati

Financing Arrangement - Narrative (Details) ft² in Thousands, $ in Thousands	Sep. 30, 2009ft²	Sep. 30, 2018USD ($)	Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)
Schedule of Joint Ventures [Line Items]
Distributions in excess of co-venture obligation		$ 0		$ 31,150
Financing arrangement obligation		384,431		0
Accumulated deficit		$ (1,520,209)		$ (830,279)
Discount rate		5.80%
Joint Venture | Chandler Freehold
Schedule of Joint Ventures [Line Items]
Distributions in excess of co-venture obligation			$ 31,150
Financing Arrangement
Schedule of Joint Ventures [Line Items]
Operating income multiple		20.8333333333
Financing Arrangement | Minimum
Schedule of Joint Ventures [Line Items]
Market rents per square foot		20
Financing Arrangement | Maximum
Schedule of Joint Ventures [Line Items]
Market rents per square foot		225
Financing Arrangement | Joint Venture | Chandler Freehold | ASU 2014-09 | Difference between revenue guidance in effect before and after topic 606
Schedule of Joint Ventures [Line Items]
Financing arrangement obligation			393,709
Accumulated deficit			$ 424,859
Financing Arrangement | Chandler Freehold
Schedule of Joint Ventures [Line Items]
Percentage of loan assumed by third party	49.90%
Financing Arrangement | Chandler Fashion Center
Schedule of Joint Ventures [Line Items]
Property area (in square feet) | ft²	1,316
Financing Arrangement | Freehold Raceway Mall
Schedule of Joint Ventures [Line Items]
Property area (in square feet) | ft²	1,672

Financing Arrangement - Financi

Financing Arrangement - Financing Arrangement Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Schedule of Joint Ventures [Line Items]
Interest income (expense)	$ 1,074	$ 2,175	$ 8,481	$ 6,567
Joint Venture | Financing Arrangement
Schedule of Joint Ventures [Line Items]
Distributions of the partner's share of net income	2,111	0	6,577	0
Distributions in excess of the partner's share of net income	1,754	0	4,803	0
Adjustment to fair value of financing arrangement obligation	(4,893)	0	(9,279)	0
Interest income (expense)	$ (1,028)	$ 0	$ 2,101	$ 0

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Aug. 20, 2014
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partnership interest of the operating partnership	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	$ 579,249	$ 671,592
Macerich | The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership	93.00%	93.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	11 Months Ended
	Dec. 31, 2017	Sep. 30, 2018	Feb. 12, 2017	Aug. 20, 2014
Stockholders' Equity Note [Abstract]
Authorized repurchase amount			$ 500,000,000
Total shares acquired (in shares)	3,627,390
Total shares acquired	$ 221,428,000
Average cost of shares acquired (in dollars per share)	$ 61.01
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01		$ 0.01
Maximum price of common stock available to be issued				$ 500,000,000

Collaborative Agreement (Detail

Collaborative Agreement (Details) ft² in Thousands, $ in Thousands	Aug. 31, 2018USD ($)ft²	Mar. 01, 2018
Schedule of Equity Method Investments [Line Items]
Ownership percentage		25.00%
Outside partner interest of the operating partnership		75.00%
Proceeds from sale | $	$ 142,500
Reimbursement percent		75.00%
Westside Pavilion
Schedule of Equity Method Investments [Line Items]
Property area (in square feet) | ft²	755

Dispositions (Details)

Dispositions (Details) ft² in Thousands, $ in Thousands	Aug. 31, 2018USD ($)	May 17, 2018USD ($)ft²	Nov. 16, 2017USD ($)ft²	Jan. 18, 2017USD ($)ft²	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Discontinued Operations:
Proceeds from sale	$ 142,500
Loss on sale of assets					$ 46,516	$ (11,854)	$ (514)	$ 37,234
Promenade at Casa Grande
Discontinued Operations:
Loss on sale of assets							$ (311)
Cascade Mall
Discontinued Operations:
Property area (in square feet) | ft²				589
Northgate Mall
Discontinued Operations:
Property area (in square feet) | ft²				750
Cascade and Northgate Malls
Discontinued Operations:
Proceeds from sale				$ 170,000
Gain (loss) on disposal								$ 59,698
500 North Michigan Avenue
Discontinued Operations:
Property area (in square feet) | ft²			326
Proceeds from sale			$ 86,350
Gain (loss) on disposal			$ 14,597
Promenade at Casa Grande
Discontinued Operations:
Property area (in square feet) | ft²		761
Proceeds from sale		$ 26,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Operating lease rent expense	$ 4,571,000	$ 4,301,000	$ 13,379,000	$ 12,785,000
Contingent rent	0	$ 0	0	$ 0
Contingent liability under letters of credit	65,780,000		65,780,000
Outstanding obligations under construction agreements	$ 8,894,000		$ 8,894,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Management fees
Related Party Transaction [Line Items]
Revenues	$ 11,052	$ 10,056	$ 32,090	$ 31,955
Unconsolidated Joint Ventures and Third Party Managed Properties
Related Party Transaction [Line Items]
Revenues	8,941	8,134	25,261	25,290
Unconsolidated Joint Ventures and Third Party Managed Properties | Management fees
Related Party Transaction [Line Items]
Revenues	4,971	4,749	14,366	13,914
Unconsolidated Joint Ventures and Third Party Managed Properties | Development and leasing fees
Related Party Transaction [Line Items]
Revenues	$ 3,970	$ 3,385	$ 10,895	$ 11,376

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Related parties	$ 1,074	$ 2,175	$ 8,481	$ 6,567
Due from affiliates	87,670		87,670		$ 82,162
Related parties note receivable, RED Consolidated Holdings, LLC
Related Party Transaction [Line Items]
Due from affiliates	$ 3,903		$ 3,903		4,796
Note receivable, interest rate	5.25%		5.25%
Interest income, related party	$ 55	66	$ 172	204
Northwestern Mutual Life (NML)
Related Party Transaction [Line Items]
Interest expense, related party	2,102	2,175	6,380	6,567
Interest expense payable, related party	699		699		716
Joint Venture | Financing Arrangement
Related Party Transaction [Line Items]
Related parties	(1,028)	0	2,101	0
Unconsolidated Joint Ventures
Related Party Transaction [Line Items]
Due from affiliates	9,482		9,482		5,411
Affiliated Entity | Notes Receivable | Fashion Outlets of San Francisco
Related Party Transaction [Line Items]
Interest income, related party	808	$ 621	2,330	$ 1,839
Note receivable	$ 74,285		$ 74,285		$ 71,955
Affiliated Entity | Notes Receivable | Fashion Outlets of San Francisco | LIBOR
Related Party Transaction [Line Items]
Note receivable, interest rate	2.00%		2.00%

Share and Unit-Based Plans - Na

Share and Unit-Based Plans - Narrative (Details) $ in Thousands	Jan. 29, 2018	Jan. 01, 2018	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized share and unit-based compensation costs			$ 1,062	$ 983	$ 5,575	$ 5,278
Stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion rate of shares					1
Unrecognized compensation cost of share and unit-based plans			3,023		$ 3,023
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion rate of shares					1
Unrecognized compensation cost of share and unit-based plans			6,882		$ 6,882
LTIP Units | January 1, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free rate		1.98%
Volatility		23.38%
LTIP Units | January 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free rate	2.25%
Volatility	23.86%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost of share and unit-based plans			83		83
Phantom stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost of share and unit-based plans			$ 40		$ 40

Share and Unit-Based Plans Shar

Share and Unit-Based Plans Share and Unit-Based Plans - LTIP units granted (Details)	9 Months Ended
	Sep. 30, 2018$ / sharesshares
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	569,136
Average grant date fair value (in dollars per share) | $ / shares	$ 51.78
1/1/2018 | LTIP, Service-based | 12/31/2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	65,466
Average grant date fair value (in dollars per share) | $ / shares	$ 65.68
1/1/2018 | LTIP, Market-based | 12/31/2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	291,326
Average grant date fair value (in dollars per share) | $ / shares	$ 44.28
1/29/2018 | LTIP, Service-based | 12/31/2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	1,893
Average grant date fair value (in dollars per share) | $ / shares	$ 66.02
1/29/2018 | LTIP, Service-based | 2/1/2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	13,632
Average grant date fair value (in dollars per share) | $ / shares	$ 66.02
1/29/2018 | LTIP, Market-based | 12/31/2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	7,775
Average grant date fair value (in dollars per share) | $ / shares	$ 48.23
3/2/2018 | LTIP, Service-based | 3/2/2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	99,407
Average grant date fair value (in dollars per share) | $ / shares	$ 59.04
4/26/2018 | LTIP, Service-based | 4/26/2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	89,637
Average grant date fair value (in dollars per share) | $ / shares	$ 55.78

Share and Unit-Based Plans - No

Share and Unit-Based Plans - Nonvested equity awards (Details)	9 Months Ended
	Sep. 30, 2018$ / sharesshares
LTIP Units
Units
Balance at beginning of period (in shares) | shares	636,632
Granted (in shares) | shares	569,136
Vested (in shares) | shares	(189,044)
Forfeited (in shares) | shares	(23,666)
Balance at end of period (in shares) | shares	993,058
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 52.36
Granted (in dollars per share) | $ / shares	51.78
Vested (in dollars per share) | $ / shares	57.49
Forfeited (in dollars per share) | $ / shares	44.28
Balance at end of period (in dollars per share) | $ / shares	$ 51.24
Phantom Stock Units
Units
Balance at beginning of period (in shares) | shares	4,054
Granted (in shares) | shares	8,765
Vested (in shares) | shares	(10,581)
Forfeited (in shares) | shares	(845)
Balance at end of period (in shares) | shares	1,393
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 79.82
Granted (in dollars per share) | $ / shares	61.46
Vested (in dollars per share) | $ / shares	54.70
Forfeited (in dollars per share) | $ / shares	77.91
Balance at end of period (in dollars per share) | $ / shares	$ 66.79
Stock Units
Units
Balance at beginning of period (in shares) | shares	151,355
Granted (in shares) | shares	87,193
Vested (in shares) | shares	(108,201)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	130,347
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 73.32
Granted (in dollars per share) | $ / shares	58.85
Vested (in dollars per share) | $ / shares	74.21
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 64.24

Share and Unit-Based Plans - SA

Share and Unit-Based Plans - SARs (Details)	9 Months Ended
	Sep. 30, 2018$ / sharesshares
SARs
Units
Balance at beginning of period (in shares) | shares	235,439
Granted (in shares) | shares	0
Exercised (in shares) | shares	(235,439)
Balance at end of period (in shares) | shares	0
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 53.83
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	53.83
Balance at end of period (in dollars per share) | $ / shares	$ 0
Stock Options
Units
Balance at beginning of period (in shares) | shares	35,565
Granted (in shares) | shares	0
Exercised (in shares) | shares	0
Balance at end of period (in shares) | shares	35,565
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 57.32
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 57.32

Share and Unit-Based Plans - Co

Share and Unit-Based Plans - Compensation cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	$ 4,616	$ 6,490	$ 28,219	$ 30,437
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	3,440	5,269	21,823	24,892
Stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	972	1,002	5,717	4,947
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	32	34	94	53
Phantom stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	$ 172	$ 185	$ 585	$ 545

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Current	$ 0	$ 0	$ 439	$ 0
Deferred	(466)	(2,869)	1,360	178
Total income tax (expense) benefit	(466)	$ (2,869)	1,799	$ 178
Net deferred tax assets	$ 30,366		$ 30,366		$ 29,006

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 25, 2018$ / shares
Subsequent event
Subsequent events
Dividend declared (in dollars per share)	$ 0.75

Uncategorized Items - mac-20180

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (424,859,000)
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(424,859,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (424,859,000)