The Macerich Company (MAC) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	MACERICH CO
Entity Central Index Key	0000912242
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
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		141,238,583
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS:
Property, net	$ 6,737,198	$ 6,785,776
Cash and cash equivalents	111,022	102,711
Restricted cash	43,053	46,590
Tenant and other receivables, net	104,738	123,492
Right-of-use assets, net	156,260
Deferred charges and other assets, net	307,667	390,403
Due from affiliates	14,903	85,181
Investments in unconsolidated joint ventures	1,528,080	1,492,655
Total assets	9,002,921	9,026,808
LIABILITIES AND EQUITY:
Mortgage notes payable	4,162,072	4,073,916
Bank and other notes payable	848,948	908,544
Accounts payable and accrued expenses	59,024	59,392
Lease liabilities	122,105
Other accrued liabilities	244,649	303,051
Distributions in excess of investments in unconsolidated joint ventures	116,634	114,988
Financing arrangement obligation	364,220	378,485
Total liabilities	5,917,652	5,838,376
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 141,332,786 and 141,221,712 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	1,413	1,412
Additional paid-in capital	4,574,600	4,567,643
Accumulated deficit	(1,714,789)	(1,614,357)
Accumulated other comprehensive loss	(6,511)	(4,466)
Total stockholders' equity	2,854,713	2,950,232
Noncontrolling interests	230,556	238,200
Total equity	3,085,269	3,188,432
Total liabilities and equity	$ 9,002,921	$ 9,026,808

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	141,332,786	141,221,712
Common Stock, shares outstanding	141,332,786	141,221,712

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Leasing revenue	$ 211,008	$ 218,112
Total revenues	226,522	236,734
Expenses:
Leasing expenses	7,505	3,334
REIT general and administrative expenses	6,961	8,019
Depreciation and amortization	81,468	79,937
Total expenses before interest	184,552	200,789
Interest (income) expense:
Related parties	(10,447)	10,169
Other	48,804	42,466
Total interest expense	38,357	52,635
Loss on extinguishment of debt, net	351	0
Total expenses	223,260	253,424
Equity in income of unconsolidated joint ventures	12,243	16,872
Income tax (expense) benefit	(346)	2,949
Loss on sale or write down of assets, net	(6,316)	(37,512)
Net income (loss)	8,843	(34,381)
Less net income (loss) attributable to noncontrolling interests	1,019	(808)
Net income (loss) attributable to the Company	$ 7,824	$ (33,573)
Earnings per common share—attributable to common stockholders:
Basic (in dollars per share)	$ 0.05	$ (0.24)
Diluted (in dollars per share)	$ 0.05	$ (0.24)
Weighted average number of common shares outstanding:
Basic (in shares)	141,262	141,024
Diluted (in shares)	141,262	141,050
Other
Revenues:
Revenues	$ 5,334	$ 8,080
Management Companies' operating expenses
Revenues:
Revenues	10,180	10,542
Expenses:
Operating expenses	19,014	34,989
Shopping center and operating expenses
Expenses:
Operating expenses	$ 69,604	$ 74,510

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 8,843	$ (34,381)
Other comprehensive income (loss):
Interest rate cap/swap agreements	(2,045)	61
Comprehensive income (loss)	6,798	(34,320)
Less net income (loss) attributable to noncontrolling interests	1,019	(808)
Comprehensive income (loss) attributable to the Company	$ 5,779	$ (33,512)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2017			140,993,985
Beginning 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 (loss)	(34,381)	(33,573)			(33,573)		(808)
Interest rate cap/swap agreements	61	61				61
Amortization of share and unit-based plans (in shares)			109,602
Amortization of share and unit-based plans	13,612	13,612	$ 1	13,611
Distributions declared	(104,707)	(104,707)			(104,707)
Distributions to noncontrolling interests	(9,075)						(9,075)
Conversion of noncontrolling interests to common shares (in shares)			1,000
Conversion of noncontrolling interests to common shares	0
Redemption of noncontrolling interests	(65)	(46)		(46)			(19)
Adjustment of noncontrolling interests in Operating Partnership	0	25,694		25,694			(25,694)
Ending balance (in shares) at Mar. 31, 2018			141,104,587
Ending balance at Mar. 31, 2018	$ 3,408,585	3,157,760	$ 1,411	4,549,748	(1,393,418)	19	250,825
Beginning balance (in shares) at Dec. 31, 2018	141,221,712		141,221,712
Beginning balance at Dec. 31, 2018	$ 3,188,432	2,950,232	$ 1,412	4,567,643	(1,614,357)	(4,466)	238,200
Increase (Decrease) in Stockholders' Equity
Net income (loss)	8,843	7,824			7,824		1,019
Interest rate cap/swap agreements	(2,045)	(2,045)				(2,045)
Amortization of share and unit-based plans (in shares)			90,074
Amortization of share and unit-based plans	6,665	6,665	$ 1	6,664
Distributions declared	(106,053)	(106,053)			(106,053)
Distributions to noncontrolling interests	(8,343)						(8,343)
Conversion of noncontrolling interests to common shares (in shares)			21,000
Conversion of noncontrolling interests to common shares	0	1,005		1,005			(1,005)
Redemption of noncontrolling interests	(27)	(15)		(15)			(12)
Adjustment of noncontrolling interests in Operating Partnership	$ 0	(697)		(697)			697
Ending balance (in shares) at Mar. 31, 2019	141,332,786		141,332,786
Ending balance at Mar. 31, 2019	$ 3,085,269	$ 2,854,713	$ 1,413	$ 4,574,600	$ (1,714,789)	$ (6,511)	$ 230,556

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 0.75	$ 0.74

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ 8,843	$ (34,381)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss on extinguishment of debt, net	351	0
Loss on sale or write down of assets, net	6,316	37,512
Depreciation and amortization	83,233	81,524
Amortization of premium on mortgage notes payable	(234)	(235)
Amortization of share and unit-based plans	5,519	11,003
Straight-line rent and amortization of above and below market leases	(2,650)	(2,531)
Provision for doubtful accounts	1,826	1,354
Income tax expense (benefit)	346	(2,949)
Equity in income of unconsolidated joint ventures	(12,243)	(16,872)
Distributions of income from unconsolidated joint ventures	118	155
Change in fair value of financing arrangement obligation	(14,265)	4,382
Changes in assets and liabilities, net of dispositions:
Tenant and other receivables	16,867	11,699
Other assets	9,284	11,473
Due from affiliates	5,148	(2,512)
Accounts payable and accrued expenses	8,715	13,239
Other accrued liabilities	(18,334)	(17,893)
Net cash provided by operating activities	98,840	94,968
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(28,256)	(49,242)
Property improvements	(8,827)	(4,968)
Proceeds from repayment of notes receivable	65,348	202
Deferred leasing costs	(8,848)	(13,384)
Distributions from unconsolidated joint ventures	41,439	418,333
Contributions to unconsolidated joint ventures	(63,093)	(40,990)
Proceeds from sale of assets	1,015	1,450
Net cash (used in) provided by investing activities	(1,222)	311,401
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	425,000	120,000
Payments on mortgages, bank and other notes payable	(397,358)	(387,643)
Deferred financing costs	(965)	(132)
Payments on finance leases	(278)
Payment of finance deposits	(4,820)	0
Redemption of noncontrolling interests	(27)	(65)
Dividends and distributions	(114,396)	(113,782)
Net cash used in financing activities	(92,844)	(381,622)
Net increase in cash, cash equivalents and restricted cash	4,774	24,747
Cash, cash equivalents and restricted cash, beginning of period	149,301	143,105
Cash, cash equivalents and restricted cash, end of period	154,075	167,852
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	50,650	46,418
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	$ 42,539	$ 36,286

Organization

Organization	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization : The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of March 31, 2019 , the Company was the sole general partner of and held a 93% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies." All references to the Company in this Quarterly Report on Form 10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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: March 31, December 31, Assets: Property, net $ 261,610 $ 263,511 Other assets 25,734 23,001 Total assets $ 287,344 $ 286,512 Liabilities: Mortgage notes payable $ 124,247 $ 125,273 Other liabilities 33,144 32,503 Total liabilities $ 157,391 $ 157,776 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, 2018 . 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, 2018 has been derived from the audited financial statements but does not include all disclosures required by GAAP. 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 Three Months Ended March 31, 2019 2018 Beginning of period Cash and cash equivalents $ 102,711 $ 91,038 Restricted cash 46,590 52,067 Cash, cash equivalents and restricted cash $ 149,301 $ 143,105 End of period Cash and cash equivalents $ 111,022 $ 118,175 Restricted cash 43,053 49,677 Cash, cash equivalents and restricted cash $ 154,075 $ 167,852 Adoption of New Lease Standard: On January 1, 2019, the Company adopted Accounting Standards Codification ("ASC") 842 "Leases", under the cumulative retrospective method. The new standard amended the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). In connection with the adoption of the new lease standard, the Company elected to use the transition packages of practical expedients for implementation provided by the Financial Accounting Standards Board ("FASB"), which included (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, (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized, and (iv) application of the standard as of the adoption date rather than to all periods presented. The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Initial direct costs include the salaries and related costs for employees directly working on leasing activities. Prior to January 1, 2019, these costs were capitalizable and therefore the new lease standard resulted in certain of these costs being expensed as incurred. For comparison purposes, the Company has reclassified leasing costs that were included in management companies' operating expenses to leasing expenses for the three months ended March 31, 2018 , to conform to the presentation for the three months ended March 31, 2019 . Upon the adoption of the new standard, the Company elected the practical expedient to not separate non-lease components, most significantly certain common area maintenance recoveries, from the associated lease components, resulting in the Company presenting all revenues associated with leases as leasing revenue on its consolidated statement of operations. For comparison purposes, the Company has reclassified minimum rents, percentage rents, tenant recoveries and other leasing income to leasing revenue for the three months ended March 31, 2018 , to conform to the presentation for the three months ended March 31, 2019 . The new standard also requires the Company to reduce leasing revenue for credit losses associated with lease receivables. In addition, straight-line rent receivables are written off when the Company believes there is uncertainty regarding a tenant's ability to complete the term of the lease. As a result, the Company recognized a cumulative effect adjustment of $2,203 upon adoption for the write off of straight-line rent receivables of tenants that were in litigation or bankruptcy. The standard requires lessees to classify its leases as either finance or operating leases. The lessee records a right-of-use ("ROU") asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. Upon adoption, the Company recognized initial ROU assets and corresponding lease liabilities of $109,299 , representing the discounted value of future lease payments required for leases classified as operating leases. In addition, the Company reclassified $59,736 from deferred charges and other assets, net, $5,978 from accounts payable and accrued expenses and $4,342 from other accrued liabilities, relating to existing intangible assets and straight-line rent liabilities. The Company's lease liabilities were increased at adoption by $15,268 for lease liabilities associated with finance leases that were previously included in other accrued liabilities. See Note 8 — Leases for further disclosure on the Company's adoption of the new standard. Other Recent Accounting Pronouncements: 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 Company's adoption of the standard on January 1, 2019 did not have an impact on its consolidated financial statements.

Earnings per Share ("EPS")

Earnings per Share ("EPS")	3 Months Ended
	Mar. 31, 2019
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 months ended March 31, 2019 and 2018 (shares in thousands): For the Three Months Ended March 31, 2019 2018 Numerator Net income (loss) $ 8,843 $ (34,381 ) Less net income (loss) attributable to noncontrolling interests 1,019 (808 ) Net income (loss) attributable to the Company 7,824 (33,573 ) Allocation of earnings to participating securities (281 ) (244 ) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 7,543 $ (33,817 ) Denominator Denominator for basic EPS—weighted average number of common shares outstanding 141,262 141,024 Effect of dilutive securities(1): Share and unit-based compensation plans — 26 Denominator for diluted EPS—weighted average number of common shares outstanding 141,262 141,050 EPS—net income (loss) attributable to common stockholders: Basic $ 0.05 $ (0.24 ) Diluted $ 0.05 $ (0.24 ) (1) Diluted EPS excludes 90,619 convertible preferred partnership units for the three months ended March 31, 2019 and 2018 , as their impact was antidilutive. Diluted EPS excludes 10,415,190 and 10,291,217 Operating Partnership units ("OP Units") for the three months ended March 31, 2019 and 2018 , respectively, as their impact was antidilutive.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures: The Company has made the following recent investments and dispositions in its unconsolidated joint ventures: On February 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 March 1, 2018 , the Company formed a 25/ 75 joint venture with Hudson Pacific Properties , whereby the Company agreed to contribute Westside Pavilion (also referred to as One Westside ), a 680,000 square foot regional shopping center in Los Angeles , California in exchange for $142,500 . From March 1, 2018 to August 31, 2018 , the Company accounted for its interest in the property as a collaborative arrangement (See Note 15 — Collaborative Arrangement ). On August 31, 2018 , the Company completed the sale of the 75% ownership interest in the property to Hudson Pacific Properties , 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 . Concurrent with the sale of the ownership interest, the joint venture defeased the loan on the property by providing a $149,175 portfolio of marketable securities as replacement collateral in lieu of the property. The Company funded its $37,294 share of the purchase price of the marketable securities portfolio with the proceeds from the sale of the ownership interest in the property. Upon completion of the sale of the ownership interest in the property, the Company has accounted for its remaining ownership interest in the property under the equity method of accounting. 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 September 6, 2018 , the Company formed a 50 /50 joint venture with Simon Property Group to develop Los Angeles Premium Outlets , a premium outlet center in Carson, California that is planned to open with approximately 400,000 square feet, followed by an additional 165,000 square feet in the second phase. 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: March 31, December 31, Assets(1): Property, net $ 9,267,357 $ 9,241,003 Other assets 777,348 703,861 Total assets $ 10,044,705 $ 9,944,864 Liabilities and partners' capital(1): Mortgage and other notes payable $ 6,053,545 $ 6,050,930 Other liabilities 424,462 388,509 Company's capital 1,938,931 1,913,475 Outside partners' capital 1,627,767 1,591,950 Total liabilities and partners' capital $ 10,044,705 $ 9,944,864 Investments in unconsolidated joint ventures: Company's capital $ 1,938,931 $ 1,913,475 Basis adjustment(2) (527,485 ) (535,808 ) $ 1,411,446 $ 1,377,667 Assets—Investments in unconsolidated joint ventures $ 1,528,080 $ 1,492,655 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (116,634 ) (114,988 ) $ 1,411,446 $ 1,377,667 (1) These amounts include the assets of $3,023,148 and $3,047,851 of Pacific Premier Retail LLC (the " PPR Portfolio ") as of March 31, 2019 and December 31, 2018 , respectively, and liabilities of $1,852,923 and $1,859,637 of the PPR Portfolio as of March 31, 2019 and December 31, 2018 , respectively. (2) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $4,539 and $4,103 for the three months ended March 31, 2019 and 2018 , respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Joint Ventures Total Three Months Ended March 31, 2019 Revenues: Leasing revenue $ 46,020 $ 173,524 $ 219,544 Other 182 12,064 12,246 Total revenues 46,202 185,588 231,790 Expenses: Shopping center and operating expenses 9,672 59,650 69,322 Leasing expenses 467 1,707 2,174 Interest expense 16,951 36,911 53,862 Depreciation and amortization 25,514 64,467 89,981 Total operating expenses 52,604 162,735 215,339 Loss on sale or write down of assets, net (6 ) (135 ) (141 ) Net (loss) income $ (6,408 ) $ 22,718 $ 16,310 Company's equity in net (loss) income $ (1,199 ) $ 13,442 $ 12,243 Three Months Ended March 31, 2018 Revenues: Leasing revenue $ 45,420 $ 180,443 $ 225,863 Other 168 8,271 8,439 Total revenues 45,588 188,714 234,302 Expenses: Shopping center and operating expenses 9,681 61,321 71,002 Interest expense(1) 16,726 33,032 49,758 Depreciation and amortization 24,484 62,412 86,896 Total operating expenses 50,891 156,765 207,656 Gain on sale or write down of assets, net — 970 970 Net (loss) income $ (5,303 ) $ 32,919 $ 27,616 Company's equity in net (loss) income $ (616 ) $ 17,488 $ 16,872 (1) Interest expense includes $4,958 related to a mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 18 — Related Party Transactions ). 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 One Westside , a 680,000 square foot regional shopping center in Los Angeles , California in exchange for $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 One Westside 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 leasing revenue , 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 One Westside under the equity method of accounting (See Note 4 — Investments in Unconsolidated Joint Ventures ).

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2019
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 loss related to the marking-to-market of derivative instruments of $(2,045) and $61 for the three months ended March 31, 2019 and 2018 , respectively. The following derivatives were outstanding at March 31, 2019 : Fair Value Property Notional Amount Product LIBOR Rate Maturity 3/31/2019 12/31/2018 Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2019 $ — $ (53 ) The Macerich Partnership, L.P. $ 400,000 Swaps 2.85 % 9/30/2021 $ (6,511 ) $ (4,413 ) 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 accrued liabilities. 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	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Property, net	Property, net: Property, net consists of the following: March 31, December 31, Land $ 1,506,232 $ 1,506,678 Buildings and improvements 6,292,157 6,288,308 Tenant improvements 682,655 678,110 Equipment and furnishings(1) 210,709 206,398 Construction in progress 200,893 199,326 8,892,646 8,878,820 Less accumulated depreciation(1) (2,155,448 ) (2,093,044 ) $ 6,737,198 $ 6,785,776 (1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2019 (See Note 8 — Leases ). Depreciation expense was $70,717 and $67,944 for the three months ended March 31, 2019 and 2018 , respectively. The loss on sale or write down of assets, net was $6,316 and $37,512 for the three months ended March 31, 2019 and 2018 , respectively. The loss on sale or write down of assets, net for the three months ended March 31, 2019 consists of a write down of development costs of $6,850 offset in part by a gain of $534 on the sale of land. The loss on sale or write down of assets, net for the three months ended March 31, 2018 includes impairment losses of $36,338 on SouthPark Mall and $1,043 on Promenade at Casa Grande . The impairment losses were due to the reduction of the estimated holding periods 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 three months ended March 31, 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) March 31, 2018 $ 49,000 $ — $ 49,000 $ — The fair values relating to the impairments were based on sales contracts.

Tenant and Other Receivables, n

Tenant and Other Receivables, net	3 Months Ended
	Mar. 31, 2019
Loans and Leases Receivable Disclosure [Abstract]
Tenant and Other Receivables, net	Tenant and Other Receivables, net: Included in tenant and other receivables, net is an allowance for doubtful accounts of $4,319 and $2,919 at March 31, 2019 and December 31, 2018 , respectively. Also included in tenant and other receivables, net are accrued percentage rents of $1,280 and $8,949 at March 31, 2019 and December 31, 2018 , respectively, and a deferred rent receivable due to straight-line rent adjustments of $74,041 and $72,456 at March 31, 2019 and December 31, 2018 , respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases : Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The following table summarizes the components of leasing revenue for the three months ended March 31, 2019 : Leasing revenue - fixed payments $ 164,061 Leasing revenue - variable payments 46,947 Leasing revenue $ 211,008 The following table summarizes the minimum rental payments to the Company: Year ending March 31, 2020 $ 502,144 2021 427,470 2022 369,955 2023 319,094 2024 273,412 Thereafter 769,564 $ 2,661,639 Lessee Leases: 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. In addition, the Company has three finance leases that expire at various times through 2022. The following table summarizes the lease costs for the three months ended March 31, 2019 : Operating lease costs $ 4,347 Finance lease costs: Amortization of ROU assets 919 Interest on lease liabilities 154 Total lease costs $ 5,420 Future minimum rental payments required under the leases are as follows: March 31, 2019 December 31, 2018 Year ending Operating Leases Finance Leases Operating Leases Finance Leases 2019 $ 12,635 $ 1,699 $ 16,627 $ 2,106 2020 17,144 2,106 17,183 2,106 2021 16,992 10,440 17,124 10,440 2022 16,855 2,418 17,450 2,418 2023 11,043 — 11,390 — Thereafter 140,403 — 140,562 — Total undiscounted rental payments 215,072 16,663 $ 220,336 $ 17,070 Less imputed interest (107,957 ) (1,673 ) Total lease liabilities $ 107,115 $ 14,990 The Company's weighted average remaining lease term for its operating and finance leases at March 31, 2019 was 30.8 years and 2.4 years , respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at March 31, 2019 was 7.7% and 4.2% , respectively.
Leases	Leases : Lessor Leases: The Company leases its Centers under agreements that are classified as operating leases. These leases generally include minimum rents, percentage rents and recoveries of real estate taxes, insurance and other shopping center operating expenses. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. Percentage rents are recognized and accrued when tenants' specified sales targets have been met. Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized as revenues on a straight-line basis over the term of the related leases. The following table summarizes the components of leasing revenue for the three months ended March 31, 2019 : Leasing revenue - fixed payments $ 164,061 Leasing revenue - variable payments 46,947 Leasing revenue $ 211,008 The following table summarizes the minimum rental payments to the Company: Year ending March 31, 2020 $ 502,144 2021 427,470 2022 369,955 2023 319,094 2024 273,412 Thereafter 769,564 $ 2,661,639 Lessee Leases: 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. In addition, the Company has three finance leases that expire at various times through 2022. The following table summarizes the lease costs for the three months ended March 31, 2019 : Operating lease costs $ 4,347 Finance lease costs: Amortization of ROU assets 919 Interest on lease liabilities 154 Total lease costs $ 5,420 Future minimum rental payments required under the leases are as follows: March 31, 2019 December 31, 2018 Year ending Operating Leases Finance Leases Operating Leases Finance Leases 2019 $ 12,635 $ 1,699 $ 16,627 $ 2,106 2020 17,144 2,106 17,183 2,106 2021 16,992 10,440 17,124 10,440 2022 16,855 2,418 17,450 2,418 2023 11,043 — 11,390 — Thereafter 140,403 — 140,562 — Total undiscounted rental payments 215,072 16,663 $ 220,336 $ 17,070 Less imputed interest (107,957 ) (1,673 ) Total lease liabilities $ 107,115 $ 14,990 The Company's weighted average remaining lease term for its operating and finance leases at March 31, 2019 was 30.8 years and 2.4 years , respectively. The Company's weighted average incremental borrowing rate of its operating and finance leases at March 31, 2019 was 7.7% and 4.2% , respectively

Deferred Charges and Other Asse

Deferred Charges and Other Assets, net	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Charges and Other Assets, net	Deferred Charges and Other Assets, net: Deferred charges and other assets, net consist of the following: March 31, December 31, Leasing $ 203,533 $ 226,885 Intangible assets: In-place lease values 87,776 94,966 Leasing commissions and legal costs 22,301 23,508 Above-market leases 65,195 140,889 Deferred tax assets 31,851 32,197 Deferred compensation plan assets 50,244 45,857 Other assets 59,295 75,497 520,195 639,799 Less accumulated amortization(1) (212,528 ) (249,396 ) $ 307,667 $ 390,403 (1) Accumulated amortization includes $67,094 and $72,286 relating to in-place lease values, leasing commissions and legal costs at March 31, 2019 and December 31, 2018 , respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $3,205 and $3,835 for the three months ended March 31, 2019 and 2018 , respectively. The allocated values of above-market leases and below-market leases consist of the following: March 31, December 31, Above-Market Leases Original allocated value $ 65,195 $ 140,889 Less accumulated amortization (35,404 ) (49,847 ) $ 29,791 $ 91,042 Below-Market Leases(1) Original allocated value $ 102,621 $ 108,330 Less accumulated amortization (55,296 ) (56,345 ) $ 47,325 $ 51,985 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable

Mortgage Notes Payable	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable: Mortgage notes payable at March 31, 2019 and December 31, 2018 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral March 31, 2019 December 31, 2018 Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Chandler Fashion Center(5) $ 199,989 $ 199,972 3.77 % $ 625 2019 Danbury Fair Mall 200,336 202,158 5.53 % 1,538 2020 Fashion Outlets of Chicago(6) 299,055 199,622 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA 108,829 109,651 4.89 % 727 2020 Freehold Raceway Mall(5) 398,254 398,212 3.94 % 1,300 2029 Fresno Fashion Fair 323,509 323,460 3.67 % 971 2026 Green Acres Commons(7) 128,236 128,006 5.20 % 503 2021 Green Acres Mall 282,941 284,686 3.61 % 1,447 2021 Kings Plaza Shopping Center 434,479 437,120 3.67 % 2,229 2019 Oaks, The 190,832 192,037 4.14 % 1,064 2022 Pacific View 120,583 121,362 4.08 % 668 2022 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(8) 297,256 297,069 4.08 % 958 2022 SanTan Village Regional Center(9) 120,776 121,585 3.14 % 589 2019 Towne Mall 20,619 20,733 4.48 % 117 2022 Tucson La Encantada 64,947 65,361 4.23 % 368 2022 Victor Valley, Mall of 114,690 114,675 4.00 % 380 2024 Vintage Faire Mall 256,741 258,207 3.55 % 1,256 2026 $ 4,162,072 $ 4,073,916 (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 $1,469 and $1,701 at March 31, 2019 and December 31, 2018 , 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 $12,524 and $13,053 at March 31, 2019 and December 31, 2018 , 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 12 — Financing Arrangement ). (6) On January 10, 2019 , the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at an effective rate of 4.61% and matures on February 1, 2031 . (7) The loan bears interest at LIBOR plus 2.15% . At March 31, 2019 and December 31, 2018 , the total interest rate was 5.20% and 5.06% , 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 March 31, 2019 and December 31, 2018 , the total interest rate was 4.08% and 4.01% , respectively. (9) On February 13, 2019 , the Company’s joint venture in SanTan Village Regional Center entered into a commitment for a ten -year $220,000 loan to replace the existing loan on the property. The new loan will bear interest at a fixed rate of 4.30% and is expected to close during the second quarter of 2019. 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 with the exception of $65,000 of the loan on Green Acres Commons , 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 $2,710 and $4,331 for the three months ended March 31, 2019 and 2018 , respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at March 31, 2019 and December 31, 2018 was $4,209,689 and $4,082,448 , respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.

Bank and Other Notes Payable

Bank and Other Notes Payable	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , the borrowing rate on the facility was LIBOR plus 1.45% . The Company has four interest rate swap agreements that effectively convert a total of $400,000 of the outstanding balance from floating rate debt of LIBOR plus 1.45% to fixed rate debt of 4.30% until September 30, 2021 (See Note 5 — Derivative Instruments and Hedging Activities ). As of March 31, 2019 and December 31, 2018 , borrowings under the line of credit were $850,000 and $910,000 , respectively, less unamortized deferred finance costs of $4,523 and $5,145 , respectively, at a total interest rate of 4.20% . As of March 31, 2019 and December 31, 2018 , the Company's availability under the line of credit for additional borrowings was $649,719 and $589,719 , respectively, The estimated fair value (Level 2 measurement) of the line of credit at March 31, 2019 and December 31, 2018 was $855,862 and $912,163 , 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 March 31, 2019 and December 31, 2018 , the note had a balance of $3,471 and $3,689 , respectively. The estimated fair value (Level 2 measurement) of the note at March 31, 2019 and December 31, 2018 was $3,487 and $3,690 , respectively, based on current interest rates for comparable notes. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the collateral for the underlying debt. As of March 31, 2019 and December 31, 2018 , the Company was in compliance with all applicable financial loan covenants.

Financing Arrangement

Financing Arrangement	3 Months Ended
	Mar. 31, 2019
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 1,318,000 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 Company accounts for its investment in Chandler Freehold as a financing arrangement. The fair value ( Level 3 measurement) of the financing arrangement obligation at March 31, 2019 and December 31, 2018 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 $30 to $100 . 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 changes in fair value of the financing arrangement obligation are recognized as interest (income) expense in the Company's consolidated statements of operations. During the three months ended March 31, 2019 and 2018 , the Company incurred interest (income) expense in connection with the financing arrangement as follows: For the Three Months Ended March 31, 2019 2018 Distributions of the partner's share of net income $ 1,897 $ 2,002 Distributions in excess of the partner's share of net income 1,921 1,638 Adjustment to fair value of financing arrangement obligation (14,265 ) 4,382 $ (10,447 ) $ 8,022

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests: The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 93% ownership interest in the Operating Partnership as of March 31, 2019 and December 31, 2018 . The remaining 7% limited partnership interest as of March 31, 2019 and December 31, 2018 was owned by certain of the Company's executive officers and directors, certain of their affiliates and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the 10 trading days ending on the respective balance sheet date. Accordingly, as of March 31, 2019 and December 31, 2018 , the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $451,189 and $448,116 , respectively. The Company issued common and preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder. The Company may redeem them for cash or shares of the Company's stock at the Company's option and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity: 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. The program is referred to herein as the "2017 Stock Buyback Program". There were no repurchases under the 2017 Stock Buyback Program during the three months ended March 31, 2019 or 2018. At March 31, 2019 , there was $278,707 available under the 2017 Stock Buyback Program.

Collaborative Agreement

Collaborative Agreement	3 Months Ended
	Mar. 31, 2019
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 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 March 1, 2018 , the Company formed a 25/ 75 joint venture with Hudson Pacific Properties , whereby the Company agreed to contribute Westside Pavilion (also referred to as One Westside ), a 680,000 square foot regional shopping center in Los Angeles , California in exchange for $142,500 . From March 1, 2018 to August 31, 2018 , the Company accounted for its interest in the property as a collaborative arrangement (See Note 15 — Collaborative Arrangement ). On August 31, 2018 , the Company completed the sale of the 75% ownership interest in the property to Hudson Pacific Properties , 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 . Concurrent with the sale of the ownership interest, the joint venture defeased the loan on the property by providing a $149,175 portfolio of marketable securities as replacement collateral in lieu of the property. The Company funded its $37,294 share of the purchase price of the marketable securities portfolio with the proceeds from the sale of the ownership interest in the property. Upon completion of the sale of the ownership interest in the property, the Company has accounted for its remaining ownership interest in the property under the equity method of accounting. 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 September 6, 2018 , the Company formed a 50 /50 joint venture with Simon Property Group to develop Los Angeles Premium Outlets , a premium outlet center in Carson, California that is planned to open with approximately 400,000 square feet, followed by an additional 165,000 square feet in the second phase. 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: March 31, December 31, Assets(1): Property, net $ 9,267,357 $ 9,241,003 Other assets 777,348 703,861 Total assets $ 10,044,705 $ 9,944,864 Liabilities and partners' capital(1): Mortgage and other notes payable $ 6,053,545 $ 6,050,930 Other liabilities 424,462 388,509 Company's capital 1,938,931 1,913,475 Outside partners' capital 1,627,767 1,591,950 Total liabilities and partners' capital $ 10,044,705 $ 9,944,864 Investments in unconsolidated joint ventures: Company's capital $ 1,938,931 $ 1,913,475 Basis adjustment(2) (527,485 ) (535,808 ) $ 1,411,446 $ 1,377,667 Assets—Investments in unconsolidated joint ventures $ 1,528,080 $ 1,492,655 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (116,634 ) (114,988 ) $ 1,411,446 $ 1,377,667 (1) These amounts include the assets of $3,023,148 and $3,047,851 of Pacific Premier Retail LLC (the " PPR Portfolio ") as of March 31, 2019 and December 31, 2018 , respectively, and liabilities of $1,852,923 and $1,859,637 of the PPR Portfolio as of March 31, 2019 and December 31, 2018 , respectively. (2) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $4,539 and $4,103 for the three months ended March 31, 2019 and 2018 , respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Joint Ventures Total Three Months Ended March 31, 2019 Revenues: Leasing revenue $ 46,020 $ 173,524 $ 219,544 Other 182 12,064 12,246 Total revenues 46,202 185,588 231,790 Expenses: Shopping center and operating expenses 9,672 59,650 69,322 Leasing expenses 467 1,707 2,174 Interest expense 16,951 36,911 53,862 Depreciation and amortization 25,514 64,467 89,981 Total operating expenses 52,604 162,735 215,339 Loss on sale or write down of assets, net (6 ) (135 ) (141 ) Net (loss) income $ (6,408 ) $ 22,718 $ 16,310 Company's equity in net (loss) income $ (1,199 ) $ 13,442 $ 12,243 Three Months Ended March 31, 2018 Revenues: Leasing revenue $ 45,420 $ 180,443 $ 225,863 Other 168 8,271 8,439 Total revenues 45,588 188,714 234,302 Expenses: Shopping center and operating expenses 9,681 61,321 71,002 Interest expense(1) 16,726 33,032 49,758 Depreciation and amortization 24,484 62,412 86,896 Total operating expenses 50,891 156,765 207,656 Gain on sale or write down of assets, net — 970 970 Net (loss) income $ (5,303 ) $ 32,919 $ 27,616 Company's equity in net (loss) income $ (616 ) $ 17,488 $ 16,872 (1) Interest expense includes $4,958 related to a mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 18 — Related Party Transactions ). 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 One Westside , a 680,000 square foot regional shopping center in Los Angeles , California in exchange for $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 One Westside 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 leasing revenue , 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 One Westside under the equity method of accounting (See Note 4 — Investments in Unconsolidated Joint Ventures ).

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Dispositions: 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	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: As of March 31, 2019 , the Company was contingently liable for $65,814 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company. The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the agreements. At March 31, 2019 , the Company had $13,068 in outstanding obligations which it believes will be settled in the next twelve months.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions: Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures: For the Three Months Ended March 31, 2019 2018 Management fees $ 4,481 $ 4,679 Development and leasing fees 3,496 3,604 $ 7,977 $ 8,283 Certain mortgage notes on the properties are held by NML. NML was considered a related party due its ownership interest in Broadway Plaza until it sold its ownership interest in the property to a third party on October 12, 2018. Interest expense in connection with these notes, during the period NML that was a related party, was $2,147 for the three months ended March 31, 2018 . Interest (income) expense from related party transactions also includes $(10,447) and $8,022 for the three months ended March 31, 2019 and 2018 , respectively, in connection with the Financing Arrangement (See Note 12 — Financing Arrangement ). Due from affiliates includes unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies. As of March 31, 2019 and December 31, 2018 , the amounts due from the unconsolidated joint ventures was $11,432 and $6,385 , respectively. In addition, due from affiliates at March 31, 2019 and December 31, 2018 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 $48 and $60 for the three months ended March 31, 2019 and 2018 , respectively. The balance on this note was $3,471 and $3,689 at March 31, 2019 and December 31, 2018 , 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 at December 31, 2018 was a note receivable from Lennar Corporation that bore interest at LIBOR plus 2% and was to mature upon the completion of certain milestones in connection with the development of Fashion Outlets of San Francisco . As a result of those milestones not being completed, the Company elected to terminate the development agreement and the note was paid off on February 13, 2019. Interest income earned on this note was $1,112 and $749 for the three months ended March 31, 2019 and 2018 , respectively. The balance on this note, including interest, was $75,107 at December 31, 2018 . Lennar Corporation was considered a related party because it was a joint venture partner in the project.

Share and Unit-Based Plans

Share and Unit-Based Plans	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019 , the Company granted the following LTIP Units: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2019 81,732 Service-based $ 43.28 12/31/2021 1/1/2019 250,852 Market-indexed $ 29.25 12/31/2021 332,584 The fair value of the market-indexed LTIP Units (Level 3) granted on January 1, 2019 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 2.46% and an expected volatility of 23.52% . 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, 2019 661,578 $ 48.38 — $ — 129,457 $ 64.21 Granted 332,584 32.70 18,315 43.13 89,505 42.00 Vested (7,654 ) 59.85 (3,934 ) 45.55 (80,954 ) 64.53 Forfeited (14,635 ) 34.26 — — — — Balance at March 31, 2019 971,873 $ 43.13 14,381 $ 42.46 138,008 $ 49.62 (1) Value represents the weighted average grant date fair value. The following table summarizes the activity of the stock options outstanding: Stock Options Units Value(1) Balance at January 1, 2019 35,565 $ 57.32 Granted — — Exercised — — Balance at March 31, 2019 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 March 31, 2019 2018 LTIP Units $ 3,714 $ 10,108 Stock units 2,660 3,230 Stock options 51 31 Phantom stock units 240 243 $ 6,665 $ 13,612 The Company capitalized share and unit-based compensation costs of $1,146 and $2,609 for the three months ended March 31, 2019 and 2018 , respectively. Unrecognized compensation costs of share and unit-based plans at March 31, 2019 consisted of $9,050 from LTIP Units, $2,921 from stock units and $611 from phantom stock units.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes: The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC. The income tax provision of the TRSs are as follows: For the Three Months Ended March 31, 2019 2018 Current $ — $ 439 Deferred (346 ) 2,510 Total income tax (expense) benefit $ (346 ) $ 2,949 The net operating loss ("NOL") carryforwards generated through the 2017 tax year are scheduled to expire through 2037 , beginning in 2025 . Pursuant to the Tax Cuts and Jobs Act of 2017, NOLs generated in 2018 and subsequent tax years, carryforward indefinitely subject to the 80% of taxable income limitation. Net deferred tax assets of $31,851 and $32,197 were included in deferred charges and other assets, net at March 31, 2019 and December 31, 2018 , respectively. The tax years 2015 through 2018 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: On April 25, 2019 , the Company announced a dividend/distribution of $0.75 per share for common stockholders and OP Unit holders of record on May 8, 2019 . All dividends/distributions will be paid 100% in cash on June 3, 2019 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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: March 31, December 31, Assets: Property, net $ 261,610 $ 263,511 Other assets 25,734 23,001 Total assets $ 287,344 $ 286,512 Liabilities: Mortgage notes payable $ 124,247 $ 125,273 Other liabilities 33,144 32,503 Total liabilities $ 157,391 $ 157,776 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, 2018 . 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, 2018 has been derived from the audited financial statements but does not include all disclosures required by GAAP.
Adoption of New Lease Standard	Adoption of New Lease Standard: On January 1, 2019, the Company adopted Accounting Standards Codification ("ASC") 842 "Leases", under the cumulative retrospective method. The new standard amended the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). In connection with the adoption of the new lease standard, the Company elected to use the transition packages of practical expedients for implementation provided by the Financial Accounting Standards Board ("FASB"), which included (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, (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized, and (iv) application of the standard as of the adoption date rather than to all periods presented. The standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Initial direct costs include the salaries and related costs for employees directly working on leasing activities. Prior to January 1, 2019, these costs were capitalizable and therefore the new lease standard resulted in certain of these costs being expensed as incurred. For comparison purposes, the Company has reclassified leasing costs that were included in management companies' operating expenses to leasing expenses for the three months ended March 31, 2018 , to conform to the presentation for the three months ended March 31, 2019 . Upon the adoption of the new standard, the Company elected the practical expedient to not separate non-lease components, most significantly certain common area maintenance recoveries, from the associated lease components, resulting in the Company presenting all revenues associated with leases as leasing revenue on its consolidated statement of operations. For comparison purposes, the Company has reclassified minimum rents, percentage rents, tenant recoveries and other leasing income to leasing revenue for the three months ended March 31, 2018 , to conform to the presentation for the three months ended March 31, 2019 . The new standard also requires the Company to reduce leasing revenue for credit losses associated with lease receivables. In addition, straight-line rent receivables are written off when the Company believes there is uncertainty regarding a tenant's ability to complete the term of the lease. As a result, the Company recognized a cumulative effect adjustment of $2,203 upon adoption for the write off of straight-line rent receivables of tenants that were in litigation or bankruptcy. The standard requires lessees to classify its leases as either finance or operating leases. The lessee records a right-of-use ("ROU") asset and a lease liability for all leases with a term of greater than twelve months, regardless of their lease classification. Upon adoption, the Company recognized initial ROU assets and corresponding lease liabilities of $109,299 , representing the discounted value of future lease payments required for leases classified as operating leases. In addition, the Company reclassified $59,736 from deferred charges and other assets, net, $5,978 from accounts payable and accrued expenses and $4,342 from other accrued liabilities, relating to existing intangible assets and straight-line rent liabilities. The Company's lease liabilities were increased at adoption by $15,268 for lease liabilities associated with finance leases that were previously included in other accrued liabilities. See Note 8 — Leases for further disclosure on the Company's adoption of the new standard. Other Recent Accounting Pronouncements: 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 Company's adoption of the standard on January 1, 2019 did not have an impact on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of variable interest entities	The Operating Partnership's consolidated VIEs included the following assets and liabilities: March 31, December 31, Assets: Property, net $ 261,610 $ 263,511 Other assets 25,734 23,001 Total assets $ 287,344 $ 286,512 Liabilities: Mortgage notes payable $ 124,247 $ 125,273 Other liabilities 33,144 32,503 Total liabilities $ 157,391 $ 157,776 All intercompany accounts and transactions have been eliminated in the consolidated financial statements.
Schedule of Cash and Cash Equivalents	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 Three Months Ended March 31, 2019 2018 Beginning of period Cash and cash equivalents $ 102,711 $ 91,038 Restricted cash 46,590 52,067 Cash, cash equivalents and restricted cash $ 149,301 $ 143,105 End of period Cash and cash equivalents $ 111,022 $ 118,175 Restricted cash 43,053 49,677 Cash, cash equivalents and restricted cash $ 154,075 $ 167,852

Earnings per Share ("EPS") (Tab

Earnings per Share ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2019
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 months ended March 31, 2019 and 2018 (shares in thousands): For the Three Months Ended March 31, 2019 2018 Numerator Net income (loss) $ 8,843 $ (34,381 ) Less net income (loss) attributable to noncontrolling interests 1,019 (808 ) Net income (loss) attributable to the Company 7,824 (33,573 ) Allocation of earnings to participating securities (281 ) (244 ) Numerator for basic and diluted EPS—net income attributable to common stockholders $ 7,543 $ (33,817 ) Denominator Denominator for basic EPS—weighted average number of common shares outstanding 141,262 141,024 Effect of dilutive securities(1): Share and unit-based compensation plans — 26 Denominator for diluted EPS—weighted average number of common shares outstanding 141,262 141,050 EPS—net income (loss) attributable to common stockholders: Basic $ 0.05 $ (0.24 ) Diluted $ 0.05 $ (0.24 ) (1) Diluted EPS excludes 90,619 convertible preferred partnership units for the three months ended March 31, 2019 and 2018 , as their impact was antidilutive. Diluted EPS excludes 10,415,190 and 10,291,217 Operating Partnership units ("OP Units") for the three months ended March 31, 2019 and 2018 , respectively, as their impact was antidilutive.

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2019
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: March 31, December 31, Assets(1): Property, net $ 9,267,357 $ 9,241,003 Other assets 777,348 703,861 Total assets $ 10,044,705 $ 9,944,864 Liabilities and partners' capital(1): Mortgage and other notes payable $ 6,053,545 $ 6,050,930 Other liabilities 424,462 388,509 Company's capital 1,938,931 1,913,475 Outside partners' capital 1,627,767 1,591,950 Total liabilities and partners' capital $ 10,044,705 $ 9,944,864 Investments in unconsolidated joint ventures: Company's capital $ 1,938,931 $ 1,913,475 Basis adjustment(2) (527,485 ) (535,808 ) $ 1,411,446 $ 1,377,667 Assets—Investments in unconsolidated joint ventures $ 1,528,080 $ 1,492,655 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (116,634 ) (114,988 ) $ 1,411,446 $ 1,377,667 (1) These amounts include the assets of $3,023,148 and $3,047,851 of Pacific Premier Retail LLC (the " PPR Portfolio ") as of March 31, 2019 and December 31, 2018 , respectively, and liabilities of $1,852,923 and $1,859,637 of the PPR Portfolio as of March 31, 2019 and December 31, 2018 , respectively. (2) The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $4,539 and $4,103 for the three months ended March 31, 2019 and 2018 , respectively.
Combined and condensed statements of operations of unconsolidated joint ventures	Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Joint Ventures Total Three Months Ended March 31, 2019 Revenues: Leasing revenue $ 46,020 $ 173,524 $ 219,544 Other 182 12,064 12,246 Total revenues 46,202 185,588 231,790 Expenses: Shopping center and operating expenses 9,672 59,650 69,322 Leasing expenses 467 1,707 2,174 Interest expense 16,951 36,911 53,862 Depreciation and amortization 25,514 64,467 89,981 Total operating expenses 52,604 162,735 215,339 Loss on sale or write down of assets, net (6 ) (135 ) (141 ) Net (loss) income $ (6,408 ) $ 22,718 $ 16,310 Company's equity in net (loss) income $ (1,199 ) $ 13,442 $ 12,243 Three Months Ended March 31, 2018 Revenues: Leasing revenue $ 45,420 $ 180,443 $ 225,863 Other 168 8,271 8,439 Total revenues 45,588 188,714 234,302 Expenses: Shopping center and operating expenses 9,681 61,321 71,002 Interest expense(1) 16,726 33,032 49,758 Depreciation and amortization 24,484 62,412 86,896 Total operating expenses 50,891 156,765 207,656 Gain on sale or write down of assets, net — 970 970 Net (loss) income $ (5,303 ) $ 32,919 $ 27,616 Company's equity in net (loss) income $ (616 ) $ 17,488 $ 16,872 (1) Interest expense includes $4,958 related to a mortgage notes payable to an affiliate of Northwestern Mutual Life ("NML") (See Note 18 — Related Party Transactions ).

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	The following derivatives were outstanding at March 31, 2019 : Fair Value Property Notional Amount Product LIBOR Rate Maturity 3/31/2019 12/31/2018 Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2019 $ — $ (53 ) The Macerich Partnership, L.P. $ 400,000 Swaps 2.85 % 9/30/2021 $ (6,511 ) $ (4,413 )

Property, net (Tables)

Property, net (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Components of property	Property, net consists of the following: March 31, December 31, Land $ 1,506,232 $ 1,506,678 Buildings and improvements 6,292,157 6,288,308 Tenant improvements 682,655 678,110 Equipment and furnishings(1) 210,709 206,398 Construction in progress 200,893 199,326 8,892,646 8,878,820 Less accumulated depreciation(1) (2,155,448 ) (2,093,044 ) $ 6,737,198 $ 6,785,776 (1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at March 31, 2019 (See Note 8 — Leases ).
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 three months ended March 31, 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) March 31, 2018 $ 49,000 $ — $ 49,000 $ —

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Components of leasing revenue	The following table summarizes the components of leasing revenue for the three months ended March 31, 2019 : Leasing revenue - fixed payments $ 164,061 Leasing revenue - variable payments 46,947 Leasing revenue $ 211,008
Summary of minimum rental payments	The following table summarizes the minimum rental payments to the Company: Year ending March 31, 2020 $ 502,144 2021 427,470 2022 369,955 2023 319,094 2024 273,412 Thereafter 769,564 $ 2,661,639
Summary of lease costs	The following table summarizes the lease costs for the three months ended March 31, 2019 : Operating lease costs $ 4,347 Finance lease costs: Amortization of ROU assets 919 Interest on lease liabilities 154 Total lease costs $ 5,420
Summarizes of minimum future rental payments required	Future minimum rental payments required under the leases are as follows: March 31, 2019 December 31, 2018 Year ending Operating Leases Finance Leases Operating Leases Finance Leases 2019 $ 12,635 $ 1,699 $ 16,627 $ 2,106 2020 17,144 2,106 17,183 2,106 2021 16,992 10,440 17,124 10,440 2022 16,855 2,418 17,450 2,418 2023 11,043 — 11,390 — Thereafter 140,403 — 140,562 — Total undiscounted rental payments 215,072 16,663 $ 220,336 $ 17,070 Less imputed interest (107,957 ) (1,673 ) Total lease liabilities $ 107,115 $ 14,990

Deferred Charges and Other As_2

Deferred Charges and Other Assets, net (Tables)	3 Months Ended
	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of deferred charges and other assets, net	Deferred charges and other assets, net consist of the following: March 31, December 31, Leasing $ 203,533 $ 226,885 Intangible assets: In-place lease values 87,776 94,966 Leasing commissions and legal costs 22,301 23,508 Above-market leases 65,195 140,889 Deferred tax assets 31,851 32,197 Deferred compensation plan assets 50,244 45,857 Other assets 59,295 75,497 520,195 639,799 Less accumulated amortization(1) (212,528 ) (249,396 ) $ 307,667 $ 390,403 (1) Accumulated amortization includes $67,094 and $72,286 relating to in-place lease values, leasing commissions and legal costs at March 31, 2019 and December 31, 2018 , respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $3,205 and $3,835 for the three months ended March 31, 2019 and 2018 , respectively.
Allocated values of above-market leases and below-market leases	The allocated values of above-market leases and below-market leases consist of the following: March 31, December 31, Above-Market Leases Original allocated value $ 65,195 $ 140,889 Less accumulated amortization (35,404 ) (49,847 ) $ 29,791 $ 91,042 Below-Market Leases(1) Original allocated value $ 102,621 $ 108,330 Less accumulated amortization (55,296 ) (56,345 ) $ 47,325 $ 51,985 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Mortgage notes payable	Mortgage notes payable at March 31, 2019 and December 31, 2018 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral March 31, 2019 December 31, 2018 Effective Interest Rate(2) Monthly Debt Service(3) Maturity Date(4) Chandler Fashion Center(5) $ 199,989 $ 199,972 3.77 % $ 625 2019 Danbury Fair Mall 200,336 202,158 5.53 % 1,538 2020 Fashion Outlets of Chicago(6) 299,055 199,622 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA 108,829 109,651 4.89 % 727 2020 Freehold Raceway Mall(5) 398,254 398,212 3.94 % 1,300 2029 Fresno Fashion Fair 323,509 323,460 3.67 % 971 2026 Green Acres Commons(7) 128,236 128,006 5.20 % 503 2021 Green Acres Mall 282,941 284,686 3.61 % 1,447 2021 Kings Plaza Shopping Center 434,479 437,120 3.67 % 2,229 2019 Oaks, The 190,832 192,037 4.14 % 1,064 2022 Pacific View 120,583 121,362 4.08 % 668 2022 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(8) 297,256 297,069 4.08 % 958 2022 SanTan Village Regional Center(9) 120,776 121,585 3.14 % 589 2019 Towne Mall 20,619 20,733 4.48 % 117 2022 Tucson La Encantada 64,947 65,361 4.23 % 368 2022 Victor Valley, Mall of 114,690 114,675 4.00 % 380 2024 Vintage Faire Mall 256,741 258,207 3.55 % 1,256 2026 $ 4,162,072 $ 4,073,916 (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 $1,469 and $1,701 at March 31, 2019 and December 31, 2018 , 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 $12,524 and $13,053 at March 31, 2019 and December 31, 2018 , 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 12 — Financing Arrangement ). (6) On January 10, 2019 , the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at an effective rate of 4.61% and matures on February 1, 2031 . (7) The loan bears interest at LIBOR plus 2.15% . At March 31, 2019 and December 31, 2018 , the total interest rate was 5.20% and 5.06% , 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 March 31, 2019 and December 31, 2018 , the total interest rate was 4.08% and 4.01% , respectively. (9) On February 13, 2019 , the Company’s joint venture in SanTan Village Regional Center entered into a commitment for a ten -year $220,000 loan to replace the existing loan on the property. The new loan will bear interest at a fixed rate of 4.30% and is expected to close during the second quarter of 2019.

Financing Arrangement (Tables)

Financing Arrangement (Tables)	3 Months Ended
	Mar. 31, 2019
Co-Venture Arrangement [Abstract]
Financing arrangement activity	During the three months ended March 31, 2019 and 2018 , the Company incurred interest (income) expense in connection with the financing arrangement as follows: For the Three Months Ended March 31, 2019 2018 Distributions of the partner's share of net income $ 1,897 $ 2,002 Distributions in excess of the partner's share of net income 1,921 1,638 Adjustment to fair value of financing arrangement obligation (14,265 ) 4,382 $ (10,447 ) $ 8,022

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of fees charged to unconsolidated joint ventures	The following are fees charged to unconsolidated joint ventures: For the Three Months Ended March 31, 2019 2018 Management fees $ 4,481 $ 4,679 Development and leasing fees 3,496 3,604 $ 7,977 $ 8,283

Share and Unit-Based Plans (Tab

Share and Unit-Based Plans (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of LTIP Units Granted	During the three months ended March 31, 2019 , the Company granted the following LTIP Units: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2019 81,732 Service-based $ 43.28 12/31/2021 1/1/2019 250,852 Market-indexed $ 29.25 12/31/2021 332,584
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, 2019 661,578 $ 48.38 — $ — 129,457 $ 64.21 Granted 332,584 32.70 18,315 43.13 89,505 42.00 Vested (7,654 ) 59.85 (3,934 ) 45.55 (80,954 ) 64.53 Forfeited (14,635 ) 34.26 — — — — Balance at March 31, 2019 971,873 $ 43.13 14,381 $ 42.46 138,008 $ 49.62 (1) Value represents the weighted average grant date fair value.
Summary of activity of SARs and stock options outstanding	The following table summarizes the activity of the stock options outstanding: Stock Options Units Value(1) Balance at January 1, 2019 35,565 $ 57.32 Granted — — Exercised — — Balance at March 31, 2019 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 March 31, 2019 2018 LTIP Units $ 3,714 $ 10,108 Stock units 2,660 3,230 Stock options 51 31 Phantom stock units 240 243 $ 6,665 $ 13,612

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of income tax benefit of TRSs	The income tax provision of the TRSs are as follows: For the Three Months Ended March 31, 2019 2018 Current $ — $ 439 Deferred (346 ) 2,510 Total income tax (expense) benefit $ (346 ) $ 2,949

Organization (Details)

Organization (Details) - entity	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Total assets	$ 287,344	$ 286,512
Total liabilities	157,391	157,776
Property, net
Variable Interest Entity [Line Items]
Total assets	261,610	263,511
Other assets
Variable Interest Entity [Line Items]
Total assets	25,734	23,001
Mortgage notes payable
Variable Interest Entity [Line Items]
Total liabilities	124,247	125,273
Other liabilities
Variable Interest Entity [Line Items]
Total liabilities	$ 33,144	$ 32,503

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 111,022	$ 102,711	$ 118,175	$ 91,038
Restricted cash	43,053	46,590	49,677	52,067
Cash, cash equivalents and restricted cash	$ 154,075	$ 149,301	$ 167,852	$ 143,105

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption of ASC 842		$ (2,203)		$ (424,859)
ROU assets	$ 156,260
Leasing liabilities	107,115
Deferred charges and other assets, net	307,667		$ 390,403
Accounts payable and accrued expenses	59,024		59,392
Other accrued liabilities	244,649		$ 303,051
Finance lease liabilities	$ 14,990
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption of ASC 842		(2,203)
ROU assets		109,299
Leasing liabilities		109,299
Deferred charges and other assets, net		59,736
Accounts payable and accrued expenses		(5,978)
Other accrued liabilities		(4,342)
Finance lease liabilities		$ 15,268

Earnings per Share ("EPS") (Det

Earnings per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator
Net income (loss)	$ 8,843	$ (34,381)
Less net income (loss) attributable to noncontrolling interests	1,019	(808)
Net income (loss) attributable to the Company	7,824	(33,573)
Allocation of earnings to participating securities	(281)	(244)
Numerator for basic and diluted EPS—net income attributable to common stockholders	$ 7,543	$ (33,817)
Denominator
Denominator for basic EPS—weighted average number of common shares outstanding (in shares)	141,262,000	141,024,000
Effect of dilutive securities:
Share and unit-based compensation plans (in shares)	0	26,000
Denominator for diluted EPS—weighted average number of common shares outstanding (in shares)	141,262,000	141,050,000
EPS—net income (loss) attributable to common stockholders:
Basic (in dollars per share)	$ 0.05	$ (0.24)
Diluted (in dollars per share)	$ 0.05	$ (0.24)
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
Partnership unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	10,415,190	10,291,217

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 ($)	Sep. 06, 2018ft²	Mar. 01, 2018
Schedule of Equity Method Investments [Line Items]
Outside partner interest of the operating partnership					75.00%
Proceeds from sale	$ 142,500
Ownership percentage					25.00%
Westside Pavilion
Schedule of Equity Method Investments [Line Items]
Property area (in square feet) | ft²	680
Westcor/Queen Creek LLC | Office building | Land
Schedule of Equity Method Investments [Line Items]
Gain on sale of building			$ 2,773
The Market at Estrella Falls
Schedule of Equity Method Investments [Line Items]
Gain on sale of building		$ 2,996
Joint Venture | Westside Pavilion
Schedule of Equity Method Investments [Line Items]
Ownership percentage					75.00%
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 | Los Angeles Premium Outlets, second stage
Schedule of Equity Method Investments [Line Items]
Property area (in square feet) | ft²				165
Joint Venture | Fashion District Philadelphia | Office building
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of building			41,800
Joint Venture | Westcor/Queen Creek LLC | Office building | Land
Schedule of Equity Method Investments [Line Items]
Gain on sale of building			$ 5,545
Joint Venture | Westside Pavilion
Schedule of Equity Method Investments [Line Items]
Gain on sale of building	$ 46,242
Proceeds received in disposition of property	$ 142,500
Outside partner interest of the operating partnership	75.00%
Proceeds from sale	$ 36,903
Assumption of mortgage notes payable	105,597
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
Replacement collateral
Schedule of Equity Method Investments [Line Items]
Proceeds from sale	37,294
Replacement collateral | Joint Venture
Schedule of Equity Method Investments [Line Items]
Marketable Securities	$ 149,175

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of unconsolidated joint ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investments in unconsolidated joint ventures:
Assets—Investments in unconsolidated joint ventures	$ 1,528,080	$ 1,492,655
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(116,634)	(114,988)
Joint Venture
Assets:
Property, net	9,267,357	9,241,003
Other assets	777,348	703,861
Total assets	10,044,705	9,944,864
Liabilities and partners' capital:
Mortgage and other notes payable	6,053,545	6,050,930
Other liabilities	424,462	388,509
Company's capital	1,938,931	1,913,475
Outside partners' capital	1,627,767	1,591,950
Total liabilities and partners' capital	10,044,705	9,944,864
Investments in unconsolidated joint ventures:
Company's capital	1,938,931	1,913,475
Basis adjustment	(527,485)	(535,808)
Investments in unconsolidated joint ventures	1,411,446	1,377,667
Assets—Investments in unconsolidated joint ventures	1,528,080	1,492,655
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(116,634)	(114,988)
Investments in unconsolidated joint ventures	$ 1,411,446	$ 1,377,667

Investments in Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - Joint Venture - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Total assets	$ 10,044,705		$ 9,944,864
Amortization of difference between cost of investments and book value of underlying equity	4,539	$ 4,103
PPR Portfolio
Schedule of Equity Method Investments [Line Items]
Total assets	3,023,148		3,047,851
Total liabilities	$ 1,852,923		$ 1,859,637

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
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Leasing revenue	$ 211,008	$ 218,112
Expenses:
Company's equity in net (loss) income	12,243	16,872
Joint Venture
Revenues:
Leasing revenue	219,544	225,863
Other	12,246	8,439
Total revenues	231,790	234,302
Expenses:
Shopping center and operating expenses	69,322	71,002
Leasing expenses	2,174
Interest expense	53,862	49,758
Depreciation and amortization	89,981	86,896
Total operating expenses	215,339	207,656
(Loss) gain on sale or write down of assets, net	(141)	970
Net (loss) income	16,310	27,616
Company's equity in net (loss) income	12,243	16,872
NML
Expenses:
Interest expense on borrowings from related party		4,958
PPR Portfolio | Joint Venture
Revenues:
Leasing revenue	46,020	45,420
Other	182	168
Total revenues	46,202	45,588
Expenses:
Shopping center and operating expenses	9,672	9,681
Leasing expenses	467
Interest expense	16,951	16,726
Depreciation and amortization	25,514	24,484
Total operating expenses	52,604	50,891
(Loss) gain on sale or write down of assets, net	(6)	0
Net (loss) income	(6,408)	(5,303)
Company's equity in net (loss) income	(1,199)	(616)
Other Joint Ventures | Joint Venture
Revenues:
Leasing revenue	173,524	180,443
Other	12,064	8,271
Total revenues	185,588	188,714
Expenses:
Shopping center and operating expenses	59,650	61,321
Leasing expenses	1,707
Interest expense	36,911	33,032
Depreciation and amortization	64,467	62,412
Total operating expenses	162,735	156,765
(Loss) gain on sale or write down of assets, net	(135)	970
Net (loss) income	22,718	32,919
Company's equity in net (loss) income	$ 13,442	$ 17,488

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate cap/swap agreements	$ (2,045)	$ 61
Level 2 measurement | Cap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 300,000
LIBOR Rate	4.00%
3/31/2019	$ 0		$ (53)
Level 2 measurement | Swaps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 400,000
LIBOR Rate	2.85%
3/31/2019	$ (6,511)		$ (4,413)

Property, net - Components of p

Property, net - Components of property (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land	$ 1,506,232	$ 1,506,678
Buildings and improvements	6,292,157	6,288,308
Tenant improvements	682,655	678,110
Equipment and furnishings(1)	210,709	206,398
Construction in progress	200,893	199,326
Total	8,892,646	8,878,820
Less accumulated depreciation(1)	(2,155,448)	(2,093,044)
Property, net	$ 6,737,198	$ 6,785,776

Property, net - Narrative (Deta

Property, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018
Real Estate [Abstract]
Depreciation expense	$ 70,717	$ 67,944
Property, Plant and Equipment [Line Items]
Loss on sale or write down of assets, net	(6,316)	(37,512)
Write down of development costs	(6,850)
Gain on sale of land	$ 534
Promenade at Casa Grande
Property, Plant and Equipment [Line Items]
Loss on sale or write down of assets, net			$ (311)
Impairment loss		(1,043)
South Park Mall
Property, Plant and Equipment [Line Items]
Impairment loss		$ (36,338)

Property, net - Assets measured

Property, net - Assets measured on a nonrecurring basis (Details) $ in Thousands	Mar. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 49,000
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	49,000
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	Mar. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Abstract]
Allowance for doubtful accounts	$ 4,319	$ 2,919
Components of tenant and other receivables, net
Deferred rent receivable due to straight-line rent adjustments	74,041	72,456
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 1,280	$ 8,949

Leases - Components of leasing

Leases - Components of leasing revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Leasing revenue - fixed payments	$ 164,061
Leasing revenue - variable payments	46,947
Leasing revenue	$ 211,008

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Mar. 31, 2019lease
Leases [Abstract]
Finance Lease, Number of Leases	3
Operating Lease, Weighted Average Discount Rate, Percent	30 years 9 months 18 days
Finance Lease, Weighted Average Remaining Lease Term	2 years 4 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	7.70%
Finance Lease, Weighted Average Discount Rate, Percent	4.20%

Leases - Summary of minimum ren

Leases - Summary of minimum rental payments (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
2020	$ 502,144
2021	427,470
2022	369,955
2023	319,094
2024	273,412
Thereafter	769,564
Total minimum rental payments	$ 2,661,639

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease costs	$ 4,347
Finance lease costs:
Amortization of ROU assets	919
Interest on lease liabilities	154
Total lease costs	$ 5,420

Leases - Summary of minimum fut

Leases - Summary of minimum future rental payments required (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating Leases
2019	$ 12,635
2020	17,144
2021	16,992
2022	16,855
2023	11,043
Thereafter	140,403
Total undiscounted rental payments	215,072
Less imputed interest	(107,957)
Lease liabilities	107,115
Operating Leases
2019	16,627
2020	17,183
2021	17,124
2022	17,450
2023	11,390
Thereafter	140,562
Total undiscounted rental payments	220,336
Finance Leases
2020	1,699
2021	2,106
2022	10,440
2023	2,418
2024	0
Thereafter	0
Total undiscounted rental payments	16,663
Less imputed interest	(1,673)
Total lease liabilities	14,990
Finance Leases
2019	2,106
2020	2,106
2021	10,440
2022	2,418
2023	0
Thereafter	0
Total undiscounted rental payments	$ 17,070

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
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 203,533		$ 226,885
Intangible assets:
In-place lease values	87,776		94,966
Leasing commissions and legal costs	22,301		23,508
Above-market leases	65,195		140,889
Deferred tax assets	31,851		32,197
Deferred compensation plan assets	50,244		45,857
Other assets	59,295		75,497
Deferred charges and other assets, gross	520,195		639,799
Less accumulated amortization	(212,528)		(249,396)
Deferred charges and other assets, net	307,667		390,403
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization for intangible assets	67,094		$ 72,286
Amortization expense for intangible assets	$ 3,205	$ 3,835

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	Mar. 31, 2019	Dec. 31, 2018
Above-Market Leases
Above-Market Leases
Original allocated value	$ 65,195	$ 140,889
Less accumulated amortization	(35,404)	(49,847)
Allocated value net	29,791	91,042
Below-Market Leases
Below-Market Leases
Original allocated value	102,621	108,330
Less accumulated amortization	(55,296)	(56,345)
Allocated value net	$ 47,325	$ 51,985

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of mortgage notes payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 4,162,072	$ 4,073,916
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 199,989	199,972
Effective Interest Rate	3.77%
Monthly Debt Service	$ 625
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 200,336	202,158
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, Other	$ 299,055	199,622
Effective Interest Rate	4.61%
Monthly Debt Service	$ 1,145
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 108,829	109,651
Effective Interest Rate	4.89%
Monthly Debt Service	$ 727
Freehold Raceway
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 398,254	398,212
Effective Interest Rate	3.94%
Monthly Debt Service	$ 1,300
Fresno Fashion Fair
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 323,509	323,460
Effective Interest Rate	3.67%
Monthly Debt Service	$ 971
Green Acres Commons
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 128,236	$ 128,006
Effective Interest Rate	5.20%	5.06%
Monthly Debt Service	$ 503
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 282,941	$ 284,686
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, Other	$ 434,479	437,120
Effective Interest Rate	3.67%
Monthly Debt Service	$ 2,229
Oaks, The
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 190,832	192,037
Effective Interest Rate	4.14%
Monthly Debt Service	$ 1,064
Pacific View
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 120,583	121,362
Effective Interest Rate	4.08%
Monthly Debt Service	$ 668
Queens Center
Mortgage loans payable on real estate
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, Other	$ 297,256	297,069
Effective Interest Rate	4.08%
Monthly Debt Service	$ 958
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 120,776	121,585
Effective Interest Rate	3.14%
Monthly Debt Service	$ 589
Towne Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 20,619	20,733
Effective Interest Rate	4.48%
Monthly Debt Service	$ 117
Tucson La Encantada
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 64,947	65,361
Effective Interest Rate	4.23%
Monthly Debt Service	$ 368
Victor Valley, Mall of
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 114,690	114,675
Effective Interest Rate	4.00%
Monthly Debt Service	$ 380
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other	$ 256,741	$ 258,207
Effective Interest Rate	3.55%
Monthly Debt Service	$ 1,256

Mortgage Notes Payable - Footno

Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands	Feb. 13, 2019	Dec. 04, 2017	Mar. 31, 2019	Dec. 31, 2018	Jan. 10, 2019
Mortgage loans payable on real estate
Unamortized deferred finance costs			$ 12,524	$ 13,053
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Additional borrowing					$ 300,000
Effective interest rate			4.61%
Green Acres Commons
Mortgage loans payable on real estate
Effective interest rate			5.20%	5.06%
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Debt premiums			$ 1,469	$ 1,701
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				150.00%
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
Effective interest rate			4.08%	4.01%
Interest rate spread over basis		1.35%
Santa Monica Place | Maximum | Cap
Mortgage loans payable on real estate
Interest rate spread over basis			4.00%
SanTan Village Regional Center
Mortgage loans payable on real estate
Additional borrowing	$ 220,000
Interest rate on debt, term	10 years
Interest rate on debt	4.30%

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Interest expense capitalized	$ 2,710	$ 4,331
Fair value of mortgage notes payable	4,209,689		$ 4,082,448
Green Acres Commons
Debt Instrument [Line Items]
Recourse mortgage notes	$ 65,000

Bank and Other Notes Payable (D

Bank and Other Notes Payable (Details)	Mar. 29, 2013USD ($)	Mar. 31, 2019USD ($)derivative	Dec. 31, 2018USD ($)
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 12,524,000	$ 13,053,000
Availability for additional borrowing		$ 649,719,000	589,719,000
Swaps
Mortgage loans payable on real estate
Number of agreements | derivative		4
Swaps | 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		850,000,000	910,000,000
Unamortized deferred finance costs		$ 4,523,000	5,145,000
Line of credit, average interest rate		4.20%
Line of Credit | Level 2 measurement
Mortgage loans payable on real estate
Fair value of outstanding line of credit		$ 855,862,000	912,163,000
Prasada Note
Mortgage loans payable on real estate
Amount of additional borrowing	$ 13,330,000
Interest rate on debt	5.25%
Debt, carrying value		3,471,000	3,689,000
Debt, fair value		$ 3,487,000	$ 3,690,000
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 | Swaps
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	Sep. 30, 2009ft²	Jan. 01, 2018
Schedule of Joint Ventures [Line Items]
Discount rate		5.80%
Financing Arrangement
Schedule of Joint Ventures [Line Items]
Net operating income multiple		21
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)	1,318
Financing Arrangement | Freehold Raceway Mall
Schedule of Joint Ventures [Line Items]
Property area (in square feet)	1,672
Minimum | Financing Arrangement
Schedule of Joint Ventures [Line Items]
Market rent per square foot		30
Maximum | Financing Arrangement
Schedule of Joint Ventures [Line Items]
Market rent per square foot		100

Financing Arrangement - Financi

Financing Arrangement - Financing Arrangement Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of Joint Ventures [Line Items]
Interest income (expense)	$ (10,447)	$ 10,169
Joint Venture | Financing Arrangement
Schedule of Joint Ventures [Line Items]
Distributions of the partner's share of net income	1,897	2,002
Distributions in excess of the partner's share of net income	1,921	1,638
Adjustment to fair value of financing arrangement obligation	(14,265)	4,382
Interest income (expense)	$ (10,447)	$ 8,022

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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
Number of trading days used to calculate redemption value	10 days
Redemption value of outstanding OP Units not owned by the Company	$ 451,189	$ 448,116
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 ($)	Mar. 31, 2019	Feb. 12, 2017
Stockholders' Equity Note [Abstract]
Authorized repurchase amount		$ 500,000,000
Remaining authorized repurchase amount	$ 278,707,000

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	680

Dispositions (Details)

Dispositions (Details) ft² in Thousands, $ in Thousands	Aug. 31, 2018USD ($)	May 17, 2018USD ($)ft²	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2018USD ($)
Discontinued Operations:
Proceeds from sale	$ 142,500
Loss on sale of assets			$ (6,316)	$ (37,512)
Promenade at Casa Grande
Discontinued Operations:
Loss on sale of assets					$ (311)
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) $ in Thousands	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingent liability under letters of credit	$ 65,814
Outstanding obligations under construction agreements	$ 13,068

Related Party Transactions - Sc

Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Management fees
Related Party Transaction [Line Items]
Revenues	$ 10,180	$ 10,542
Unconsolidated Joint Ventures and Third Party Managed Properties
Related Party Transaction [Line Items]
Revenues	7,977	8,283
Unconsolidated Joint Ventures and Third Party Managed Properties | Management fees
Related Party Transaction [Line Items]
Revenues	4,481	4,679
Unconsolidated Joint Ventures and Third Party Managed Properties | Development and leasing fees
Related Party Transaction [Line Items]
Revenues	$ 3,496	$ 3,604

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Related parties	$ (10,447)	$ 10,169
Due from affiliates	14,903		$ 85,181
Related parties note receivable, RED Consolidated Holdings, LLC
Related Party Transaction [Line Items]
Due from affiliates	$ 3,471		3,689
Note receivable, interest rate	5.25%
Interest income, related party	$ 48	60
NML
Related Party Transaction [Line Items]
Interest expense, related party		2,147
Joint Venture | Financing Arrangement
Related Party Transaction [Line Items]
Related parties	(10,447)	8,022
Unconsolidated Joint Ventures
Related Party Transaction [Line Items]
Due from affiliates	11,432		6,385
Affiliated Entity | Notes Receivable | Fashion Outlets of San Francisco
Related Party Transaction [Line Items]
Interest income, related party	$ 1,112	$ 749
Note receivable			$ 75,107
Affiliated Entity | Notes Receivable | Fashion Outlets of San Francisco | LIBOR
Related Party Transaction [Line Items]
Note receivable, interest rate	2.00%

Share and Unit-Based Plans - Na

Share and Unit-Based Plans - Narrative (Details) $ in Thousands	Jan. 01, 2019	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized share and unit-based compensation costs		$ 1,146	$ 2,609
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		$ 2,921
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		$ 9,050
Market-indexed
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	2.46%
Volatility	23.52%
Phantom stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost of share and unit-based plans		$ 611

Share and Unit-Based Plans - LT

Share and Unit-Based Plans - LTIP units granted (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Service-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	332,584
1/1/2019 | Service-based | First vesting period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	81,732
Average grant date fair value (in dollars per share) | $ / shares	$ 43.28
1/1/2019 | Market-indexed | First vesting period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	250,852
Average grant date fair value (in dollars per share) | $ / shares	$ 29.25

Share and Unit-Based Plans - No

Share and Unit-Based Plans - Nonvested equity awards (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
LTIP Units
Units
Balance at beginning of period (in shares) | shares	661,578
Granted (in shares) | shares	332,584
Vested (in shares) | shares	(7,654)
Forfeited (in shares) | shares	(14,635)
Balance at end of period (in shares) | shares	971,873
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 48.38
Granted (in dollars per share) | $ / shares	32.70
Vested (in dollars per share) | $ / shares	59.85
Forfeited (in dollars per share) | $ / shares	34.26
Balance at end of period (in dollars per share) | $ / shares	$ 43.13
Phantom Stock Units
Units
Balance at beginning of period (in shares) | shares	0
Granted (in shares) | shares	18,315
Vested (in shares) | shares	(3,934)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	14,381
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	43.13
Vested (in dollars per share) | $ / shares	45.55
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 42.46
Stock Units
Units
Balance at beginning of period (in shares) | shares	129,457
Granted (in shares) | shares	89,505
Vested (in shares) | shares	(80,954)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	138,008
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 64.21
Granted (in dollars per share) | $ / shares	42
Vested (in dollars per share) | $ / shares	64.53
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 49.62

Share and Unit-Based Plans - SA

Share and Unit-Based Plans - SARs (Details) - Stock Options	3 Months Ended
	Mar. 31, 2019$ / sharesshares
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
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	$ 6,665	$ 13,612
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	3,714	10,108
Stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	2,660	3,230
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	51	31
Phantom stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	$ 240	$ 243

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Current	$ 0	$ 439
Deferred	(346)	2,510
Total income tax (expense) benefit	(346)	$ 2,949
Net deferred tax assets	$ 31,851		$ 32,197

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 25, 2019$ / shares
Subsequent event
Subsequent events
Dividend declared (in dollars per share)	$ 0.75

Uncategorized Items - mac-20190

Label	Element	Value
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (424,859,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(2,203,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(424,859,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (2,203,000)