The Macerich Company (MAC) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 07, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-12504
Entity Registrant Name	MACERICH CO
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-4448705
Entity Address, Address Line One	401 Wilshire Boulevard,
Entity Address, Address Line Two	Suite 700,
Entity Address, City or Town	Santa Monica,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90401
City Area Code	(310)
Local Phone Number	394-6000
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	MAC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		149,463,668
Entity Central Index Key	0000912242
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS:
Property, net	$ 6,501,519	$ 6,643,513
Cash and cash equivalents	497,581	100,005
Restricted cash	10,083	14,211
Tenant and other receivables, net	237,595	144,035
Right-of-use assets, net	137,679	148,087
Deferred charges and other assets, net	264,740	277,866
Due from affiliates	10,273	6,157
Investments in unconsolidated joint ventures	1,568,878	1,519,697
Total assets	9,228,348	8,853,571
LIABILITIES AND EQUITY:
Mortgage notes payable	4,377,787	4,392,599
Bank and other notes payable	1,478,635	817,377
Accounts payable and accrued expenses	58,672	51,027
Lease liabilities	110,225	114,201
Other accrued liabilities	213,586	265,595
Distributions in excess of investments in unconsolidated joint ventures	108,275	107,902
Financing arrangement obligation	192,609	273,900
Total liabilities	6,539,789	6,022,601
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 149,601,164 and 141,407,650 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	1,496	1,414
Additional paid-in capital	4,596,684	4,583,911
Accumulated deficit	(2,082,082)	(1,944,012)
Accumulated other comprehensive loss	(13,701)	(9,051)
Total stockholders' equity	2,502,397	2,632,262
Noncontrolling interests	186,162	198,708
Total equity	2,688,559	2,830,970
Total liabilities and equity	$ 9,228,348	$ 8,853,571

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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	149,601,164	141,407,650
Common Stock, shares outstanding	149,601,164	141,407,650

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Leasing revenue	$ 168,754	$ 211,022	$ 379,475	$ 422,030
Total revenues	178,587	227,972	405,539	454,494
Expenses:
Leasing expenses	6,653	7,677	14,078	15,182
REIT general and administrative expenses	8,242	4,589	15,063	11,550
Depreciation and amortization	80,294	82,385	162,507	163,853
Total expenses before interest	168,764	174,435	352,172	358,987
Interest (income) expense:
Related parties	(32,807)	(13,243)	(77,050)	(23,690)
Other	52,841	50,352	105,158	99,156
Total interest expense	20,034	37,109	28,108	75,466
Loss on extinguishment of debt, net	0	0	0	351
Total expenses	188,798	211,544	380,280	434,804
Equity in (loss) income of unconsolidated joint ventures	(14,173)	7,257	(4,475)	19,500
Income tax benefit (expense)	1,524	(679)	1,790	(1,025)
Loss on sale or write down of assets, net	(3,867)	(9,059)	(40,570)	(15,375)
Net (loss) income	(26,727)	13,947	(17,996)	22,790
Less net loss attributable to noncontrolling interests	(1,611)	(1,787)	(402)	(768)
Net (loss) income attributable to the Company	$ (25,116)	$ 15,734	$ (17,594)	$ 23,558
Earnings per common share—attributable to common stockholders:
Basic (in dollars per share)	$ (0.18)	$ 0.11	$ (0.13)	$ 0.16
Diluted (in dollars per share)	$ (0.18)	$ 0.11	$ (0.13)	$ 0.16
Weighted average number of common shares outstanding:
Basic (in shares)	144,102	141,344	142,769	141,303
Diluted (in shares)	144,102	141,344	142,769	141,303
Other
Revenues:
Revenues	$ 3,003	$ 7,831	$ 12,261	$ 13,165
Management Companies
Revenues:
Revenues	6,830	9,119	13,803	19,299
Expenses:
Operating expenses	16,442	15,692	32,666	34,706
Shopping center and operating expenses
Expenses:
Operating expenses	$ 57,133	$ 64,092	$ 127,858	$ 133,696

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (26,727)	$ 13,947	$ (17,996)	$ 22,790
Other comprehensive income (loss):
Interest rate cap/swap agreements	1,745	(4,281)	(4,650)	(6,326)
Comprehensive (loss) income	(24,982)	9,666	(22,646)	16,464
Less net loss attributable to noncontrolling interests	(1,611)	(1,787)	(402)	(768)
Comprehensive (loss) income attributable to the Company	$ (23,371)	$ 11,453	$ (22,244)	$ 17,232

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Cumulative effect of adoption of ASC 842	Total Stockholders' Equity	Total Stockholders' EquityCumulative effect of adoption of ASC 842	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated DeficitCumulative effect of adoption of ASC 842	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2018					141,221,712
Beginning balance at Dec. 31, 2018	$ 3,188,432	$ (2,203)	$ 2,950,232	$ (2,203)	$ 1,412	$ 4,567,643	$ (1,614,357)	$ (2,203)	$ (4,466)	$ 238,200
Increase (Decrease) in Stockholders' Equity
Net (loss) income	22,790		23,558				23,558			(768)
Interest rate cap/swap agreements	(6,326)		(6,326)						(6,326)
Amortization of share and unit-based plans (in shares)					95,056
Amortization of share and unit-based plans	10,038		10,038		$ 1	10,037
Employee stock purchases (in shares)					26,800
Employee stock purchases	819		819			819
Distributions declared	(212,095)		(212,095)				(212,095)
Distributions to noncontrolling interests	(32,458)									(32,458)
Contributions from noncontrolling interests	410									410
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	(37)		(20)			(20)				(17)
Adjustment of noncontrolling interests in Operating Partnership	0		(864)			(864)				864
Ending balance (in shares) at Jun. 30, 2019					141,364,568
Ending balance at Jun. 30, 2019	2,969,370		2,764,144		$ 1,413	4,578,620	(1,805,097)		(10,792)	205,226
Beginning balance (in shares) at Mar. 31, 2019					141,332,786
Beginning balance at Mar. 31, 2019	3,085,269		2,854,713		$ 1,413	4,574,600	(1,714,789)		(6,511)	230,556
Increase (Decrease) in Stockholders' Equity
Net (loss) income	13,947		15,734				15,734			(1,787)
Interest rate cap/swap agreements	(4,281)		(4,281)						(4,281)
Amortization of share and unit-based plans (in shares)					4,982
Amortization of share and unit-based plans	3,373		3,373			3,373
Employee stock purchases (in shares)					26,800
Employee stock purchases	819		819			819
Distributions declared	(106,042)		(106,042)				(106,042)
Distributions to noncontrolling interests	(24,115)									(24,115)
Conversion of noncontrolling interests to common shares	410									410
Redemption of noncontrolling interests	(10)		(5)			(5)				(5)
Adjustment of noncontrolling interests in Operating Partnership	0		(167)			(167)				167
Ending balance (in shares) at Jun. 30, 2019					141,364,568
Ending balance at Jun. 30, 2019	$ 2,969,370		2,764,144		$ 1,413	4,578,620	(1,805,097)		(10,792)	205,226
Beginning balance (in shares) at Dec. 31, 2019	141,407,650				141,407,650
Beginning balance at Dec. 31, 2019	$ 2,830,970		2,632,262		$ 1,414	4,583,911	(1,944,012)		(9,051)	198,708
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(17,996)		(17,594)				(17,594)			(402)
Interest rate cap/swap agreements	(4,650)		(4,650)						(4,650)
Amortization of share and unit-based plans (in shares)					126,088
Amortization of share and unit-based plans	9,813		9,813		$ 1	9,812
Employee stock purchases (in shares)					141,568
Employee stock purchases	852		852		$ 1	851
Distributions declared	(120,476)		(120,476)				(120,476)
Stock dividend (in shares)					7,759,280
Stock dividend					$ 78	(78)
Distributions to noncontrolling interests	(10,061)									(10,061)
Contributions from noncontrolling interests	125									125
Conversion of noncontrolling interests to common shares (in shares)					166,578
Conversion of noncontrolling interests to common shares	0		11,677		$ 2	11,675				(11,677)
Redemption of noncontrolling interests	(18)		13			13				(31)
Adjustment of noncontrolling interests in Operating Partnership	$ 0		(9,500)			(9,500)				9,500
Ending balance (in shares) at Jun. 30, 2020	149,601,164				149,601,164
Ending balance at Jun. 30, 2020	$ 2,688,559		2,502,397		$ 1,496	4,596,684	(2,082,082)		(13,701)	186,162
Beginning balance (in shares) at Mar. 31, 2020					141,572,289
Beginning balance at Mar. 31, 2020	2,724,360		2,533,991		$ 1,416	4,590,709	(2,042,688)		(15,446)	190,369
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(26,727)		(25,116)				(25,116)			(1,611)
Interest rate cap/swap agreements	1,745		1,745						1,745
Amortization of share and unit-based plans (in shares)					45,171
Amortization of share and unit-based plans	4,210		4,210			4,210
Employee stock purchases (in shares)					141,568
Employee stock purchases	852		852		$ 1	851
Distributions declared	(14,278)		(14,278)				(14,278)
Stock dividend (in shares)					7,759,280
Stock dividend					$ 78	(78)
Distributions to noncontrolling interests	(1,587)									(1,587)
Conversion of noncontrolling interests to common shares (in shares)					82,856
Conversion of noncontrolling interests to common shares	0		5,880		$ 1	5,879				(5,880)
Redemption of noncontrolling interests	(16)		14			14				(30)
Adjustment of noncontrolling interests in Operating Partnership	$ 0		(4,901)			(4,901)				4,901
Ending balance (in shares) at Jun. 30, 2020	149,601,164				149,601,164
Ending balance at Jun. 30, 2020	$ 2,688,559		$ 2,502,397		$ 1,496	$ 4,596,684	$ (2,082,082)		$ (13,701)	$ 186,162

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Jun. 03, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Distributions declared, per share (in dollars per share)	$ 0.10	$ 0.10	$ 0.75	$ 0.85	$ 1.50

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (17,996)	$ 22,790
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Loss on extinguishment of debt, net	0	351
Loss on sale or write down of assets, net	40,570	15,375
Depreciation and amortization	165,751	167,371
Amortization of premium on mortgage notes payable	(464)	(464)
Amortization of share and unit-based plans	7,493	7,433
Straight-line rent and amortization of above and below market leases	1,353	(7,452)
Provision for doubtful accounts	28,690	3,833
Income tax (benefit) expense	(1,790)	1,025
Equity in loss (income) of unconsolidated joint ventures	4,475	(19,500)
Distributions of income from unconsolidated joint ventures	0	460
Change in fair value of financing arrangement obligation	(81,291)	(31,522)
Changes in assets and liabilities, net of dispositions:
Tenant and other receivables	(121,649)	10,286
Other assets	(10,551)	(6,668)
Due from affiliates	(5,273)	9,046
Accounts payable and accrued expenses	13,037	935
Other accrued liabilities	(37,737)	(8,221)
Net cash (used in) provided by operating activities	(15,382)	165,078
Cash flows from investing activities:
Development, redevelopment, expansion and renovation of properties	(35,780)	(56,298)
Property improvements	(15,787)	(18,005)
Proceeds from repayment of notes receivable	0	65,569
Deferred leasing costs	(1,581)	(9,530)
Distributions from unconsolidated joint ventures	24,139	91,350
Contributions to unconsolidated joint ventures	(80,413)	(96,988)
Proceeds from sale of assets	331	1,015
Net cash used in investing activities	(109,091)	(22,887)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	660,000	976,000
Payments on mortgages, bank and other notes payable	(16,138)	(844,560)
Payment on financing arrangement obligation	0	(27,944)
Deferred financing costs	(189)	(2,921)
Proceeds from finance lease	4,115	0
Payments on finance leases	(289)	(278)
Proceeds from share and unit-based plans	852	819
Redemption of noncontrolling interests	(18)	(37)
Contribution from noncontrolling interests	125	410
Dividends and distributions	(130,537)	(244,553)
Net cash provided by (used in) financing activities	517,921	(143,064)
Net increase (decrease) in cash, cash equivalents and restricted cash	393,448	(873)
Cash, cash equivalents and restricted cash, beginning of period	114,216	149,301
Cash, cash equivalents and restricted cash, end of period	507,664	148,428
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	100,237	105,346
Non-cash investing and financing transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	20,564	49,953
Conversion of Operating Partnership Units to common stock	$ 11,677	$ 1,005

Organization

Organization	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020, 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	6 Months Ended
	Jun. 30, 2020
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: June 30, December 31, Assets: Property, net $ 254,415 $ 254,071 Other assets 20,684 30,049 Total assets $ 275,099 $ 284,120 Liabilities: Mortgage notes payable $ 219,186 $ 219,140 Other liabilities 19,935 32,101 Total liabilities $ 239,121 $ 251,241 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, 2019. 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, 2019 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 Six Months Ended June 30, 2020 2019 Beginning of period Cash and cash equivalents $ 100,005 $ 102,711 Restricted cash 14,211 46,590 Cash, cash equivalents and restricted cash $ 114,216 $ 149,301 End of period Cash and cash equivalents $ 497,581 $ 104,880 Restricted cash 10,083 43,548 Cash, cash equivalents and restricted cash $ 507,664 $ 148,428 COVID-19 Pandemic: On March 11, 2020, the novel coronavirus ("COVID-19") outbreak was declared a pandemic by the World Health Organization. As a result, all of the markets that the Company operates in were subject to stay-at-home orders, and the majority of its properties were temporarily closed in part or completely. The majority of the Company’s properties are now open, other than two malls in New York City, and nine indoor California malls that had previously re-opened in May and early June 2020, but were closed for a second time in July 2020 pursuant to a statewide mandate. The Company continues to work with all its stakeholders to mitigate the impact of COVID-19. COVID-19 Lease Accounting:

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share ("EPS")	Earnings Per Share ("EPS"): The following table reconciles the numerator and denominator used in the computation of EPS for the three and six months ended June 30, 2020 and 2019 (shares in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Numerator Net (loss) income $ (26,727) $ 13,947 $ (17,996) $ 22,790 Less net loss attributable to noncontrolling interests (1,611) (1,787) (402) (768) Net (loss) income attributable to the Company (25,116) 15,734 (17,594) 23,558 Allocation of earnings to participating securities (297) (291) (619) (573) Numerator for basic and diluted EPS—net (loss) income attributable to common stockholders $ (25,413) $ 15,443 $ (18,213) $ 22,985 Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 144,102 141,344 142,769 141,303 EPS—net (loss) income attributable to common stockholders Basic and diluted $ (0.18) $ 0.11 $ (0.13) $ 0.16 (1) Diluted EPS excludes 94,619 and 90,619 convertible preferred partnership units for the three months ended June 30, 2020 and 2019, respectively, and 92,619 and 90,619 for the six months ended June 30, 2020 and 2019, respectively, as their impact was antidilutive. Diluted EPS also excludes 10,504,452 and 10,415,278 Operating Partnership units ("OP Units") for the three months ended June 30, 2020 and 2019, respectively, and 10,491,138 and 10,415,234 OP Units for the six months ended June 30, 2020 and 2019, respectively, as their impact was antidilutive.

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2020
Joint Venture
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures: The Company has made the following recent financings of its unconsolidated joint ventures: On July 25, 2019, the Company's joint venture in Fashion District Philadelphia amended the existing term loan on the joint venture to allow for additional borrowings up to $100,000 at LIBOR plus 2%. Concurrent with the amendment, the joint venture borrowed an additional $26,000. On August 16, 2019, the joint venture borrowed an additional $25,000. The Company used its share of the additional proceeds to pay down its line of credit and for general corporate purposes. On September 12, 2019, the Company’s joint venture in Tysons Tower placed a new $190,000 loan on the property that bears interest at an effective rate of 3.38% and matures on November 11, 2029. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. On December 18, 2019, the Company’s joint venture in One Westside placed a $414,600 construction loan on the redevelopment project. The loan bears interest at LIBOR plus 1.70%, which can be reduced to LIBOR plus 1.50% upon the completion of certain conditions, and matures on December 18, 2024. This loan is expected to fund the joint venture's remaining cost to complete the project. 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: June 30, December 31, Assets(1): Property, net $ 9,391,727 $ 9,424,591 Other assets 804,103 772,116 Total assets $ 10,195,830 $ 10,196,707 Liabilities and partners' capital(1): Mortgage and other notes payable $ 6,113,603 $ 6,144,685 Other liabilities 496,205 565,412 Company's capital 1,935,289 1,904,145 Outside partners' capital 1,650,733 1,582,465 Total liabilities and partners' capital $ 10,195,830 $ 10,196,707 Investments in unconsolidated joint ventures: Company's capital $ 1,935,289 $ 1,904,145 Basis adjustment(2) (474,686) (492,350) $ 1,460,603 $ 1,411,795 Assets—Investments in unconsolidated joint ventures $ 1,568,878 $ 1,519,697 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (108,275) (107,902) $ 1,460,603 $ 1,411,795 (1) These amounts include assets of $2,900,500 and $2,932,401 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2020 and December 31, 2019, respectively, and liabilities of $1,702,957 and $1,732,976 of the PPR Portfolio as of June 30, 2020 and December 31, 2019, 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 $3,729 and $5,271 for the three months ended June 30, 2020 and 2019, respectively, and $7,728 and $9,810 for the six months ended June 30, 2020 and 2019, respectively. Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures: PPR Portfolio Other Joint Ventures Total Three Months Ended June 30, 2020 Revenues: Leasing revenue $ 38,806 $ 139,452 $ 178,258 Other 253 (399) (146) Total revenues 39,059 139,053 178,112 Expenses: Shopping center and operating expenses 8,240 53,145 61,385 Leasing expenses 290 832 1,122 Interest expense 16,363 36,790 53,153 Depreciation and amortization 24,565 66,095 90,660 Total operating expenses 49,458 156,862 206,320 Loss on sale or write down of assets, net — (12) (12) Net loss $ (10,399) $ (17,821) $ (28,220) Company's equity in net loss $ (3,777) $ (10,396) $ (14,173) Three Months Ended June 30, 2019 Revenues: Leasing revenue $ 45,346 $ 172,273 $ 217,619 Other 435 13,097 13,532 Total revenues 45,781 185,370 231,151 Expenses: Shopping center and operating expenses 8,470 59,065 67,535 Leasing expenses 373 1,655 2,028 Interest expense 17,043 37,682 54,725 Depreciation and amortization 24,732 76,866 101,598 Total operating expenses 50,618 175,268 225,886 Loss on sale or write down of assets, net (399) (145) (544) Net (loss) income $ (5,236) $ 9,957 $ 4,721 Company's equity in net (loss) income $ (531) $ 7,788 $ 7,257 PPR Portfolio Other Total Six Months Ended June 30, 2020 Revenues: Leasing revenue $ 97,184 $ 311,696 $ 408,880 Other 302 6,492 6,794 Total revenues 97,486 318,188 415,674 Expenses: Shopping center and operating expenses 17,881 114,654 132,535 Leasing expenses 763 2,127 2,890 Interest expense 32,458 74,930 107,388 Depreciation and amortization 53,182 134,456 187,638 Total operating expenses 104,284 326,167 430,451 Loss on sale or write down of assets, net — (12) (12) Net loss $ (6,798) $ (7,991) $ (14,789) Company's equity in net income (loss) $ 944 $ (5,419) $ (4,475) Six Months Ended June 30, 2019 Revenues: Leasing revenue $ 91,366 $ 345,797 $ 437,163 Other 617 25,161 25,778 Total revenues 91,983 370,958 462,941 Expenses: Shopping center and operating expenses 18,142 118,715 136,857 Leasing expenses 840 3,362 4,202 Interest expense 33,994 74,593 108,587 Depreciation and amortization 50,246 141,333 191,579 Total operating expenses 103,222 338,003 441,225 Loss on sale or write down of assets, net (405) (280) (685) Net (loss) income $ (11,644) $ 32,675 $ 21,031 Company's equity in net (loss) income $ (1,730) $ 21,230 $ 19,500 Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities: The Company uses an interest rate cap and four interest rate swap agreements to manage the interest rate risk of its floating rate debt. The Company recorded other comprehensive income (loss) related to the marking-to-market of derivative instruments of $1,745 and $(4,281) for the three months ended June 30, 2020 and 2019, respectively, and $(4,650) and $(6,326) for the six months ended June 30, 2020 and 2019, respectively. The following derivatives were outstanding at June 30, 2020: Fair Value Property Notional Amount Product LIBOR Rate Maturity June 30, December 31, Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2020 $ — $ — The Macerich Partnership, L.P. $ 400,000 Swaps 2.85 % 9/30/2021 $ (13,701) $ (9,051) The above derivative instruments were designated as hedging instruments with an aggregate fair value (Level 2 measurement) and were included in 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	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Property, net	Property, net: Property, net consists of the following: June 30, December 31, Land $ 1,510,368 $ 1,520,678 Buildings and improvements 6,422,525 6,389,458 Tenant improvements 729,975 726,533 Equipment and furnishings(1) 201,653 230,215 Construction in progress 89,245 126,165 8,953,766 8,993,049 Less accumulated depreciation(1) (2,452,247) (2,349,536) $ 6,501,519 $ 6,643,513 (1) Equipment and furnishings and accumulated depreciation include the cost and accumulated amortization of ROU assets in connection with finance leases at June 30, 2020 and December 31, 2019 (See Note 8—Leases). Depreciation expense was $72,519 and $71,453 for the three months ended June 30, 2020 and 2019, respectively, and $145,205 and $142,170 for the six months ended June 30, 2020 and 2019, respectively. The loss on sale or write-down of assets, net for the three and six months ended June 30, 2020 and 2019 consist of the following: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Write-down of assets(1) (3,907) (9,059) $ (40,610) $ (15,909) Land sales 40 — 40 534 $ (3,867) $ (9,059) $ (40,570) $ (15,375) (1) Includes impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the six months ended June 30, 2020 and a loss of $2,793 on the write-down of non-real estate assets during the three and six months ended June 30, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three and six months ended June 30, 2020 and 2019 mainly pertain to the write off of development costs. The following table summarizes certain of the Company's assets that were measured on a nonrecurring basis as a result of the impairment losses recorded for the six months ended June 30, 2020, 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) June 30, 2020 $ 140,000 $ — $ 140,000 $ — The fair values relating to the impairments were based on sales contracts and are classified within Level 2 of the fair value hierarchy.

Tenant and Other Receivables, n

Tenant and Other Receivables, net	6 Months Ended
	Jun. 30, 2020
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 $32,898 and $4,836 at June 30, 2020 and December 31, 2019, respectively. Also included in tenant and other receivables, net are accrued percentage rents of $297 and $9,618 at June 30, 2020 and December 31, 2019, respectively, and a deferred rent receivable due to straight-line rent adjustments of $82,618 and $82,214 at June 30, 2020 and December 31, 2019, respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
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. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection. The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Leasing revenue—fixed payments $ 150,292 $ 160,784 $ 306,339 $ 326,671 Leasing revenue—variable payments 46,239 52,245 101,826 99,192 Provision for doubtful accounts (27,777) (2,007) (28,690) (3,833) $ 168,754 $ 211,022 $ 379,475 $ 422,030 The following table summarizes the future rental payments to the Company: Twelve months ending June 30, 2021 $ 436,611 2022 382,120 2023 327,661 2024 274,629 2025 216,448 Thereafter 597,091 $ 2,234,560 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 five finance leases that expire at various times through 2024. The following table summarizes the lease costs: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Operating lease costs $ 3,701 $ 4,862 $ 7,639 $ 9,209 Finance lease costs: Amortization of ROU assets 476 467 951 932 Interest on lease liabilities 142 154 284 308 $ 4,319 $ 5,483 $ 8,874 $ 10,449 The following table summarizes the future rental payments required under the leases: June 30, 2020 December 31, 2019 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2020 $ 8,860 $ 2,043 $ 17,149 $ 2,106 2021 17,004 10,784 17,004 10,441 2022 16,867 2,762 16,867 2,418 2023 11,055 344 11,055 — 2024 9,068 3,085 9,068 — Thereafter 131,347 — 131,347 — Total undiscounted rental payments 194,201 19,018 202,490 14,965 Less imputed interest (101,597) (1,397) (102,085) (1,169) Total lease liabilities $ 92,604 $ 17,621 $ 100,405 $ 13,796 Weighted average remaining term 31.0 years 1.3 years 31.0 years 1.6 years Weighted average incremental borrowing rate 7.7 % 3.2 % 7.7 % 4.2 %
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. For leasing revenues in which collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection. The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Leasing revenue—fixed payments $ 150,292 $ 160,784 $ 306,339 $ 326,671 Leasing revenue—variable payments 46,239 52,245 101,826 99,192 Provision for doubtful accounts (27,777) (2,007) (28,690) (3,833) $ 168,754 $ 211,022 $ 379,475 $ 422,030 The following table summarizes the future rental payments to the Company: Twelve months ending June 30, 2021 $ 436,611 2022 382,120 2023 327,661 2024 274,629 2025 216,448 Thereafter 597,091 $ 2,234,560 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 five finance leases that expire at various times through 2024. The following table summarizes the lease costs: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Operating lease costs $ 3,701 $ 4,862 $ 7,639 $ 9,209 Finance lease costs: Amortization of ROU assets 476 467 951 932 Interest on lease liabilities 142 154 284 308 $ 4,319 $ 5,483 $ 8,874 $ 10,449 The following table summarizes the future rental payments required under the leases: June 30, 2020 December 31, 2019 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2020 $ 8,860 $ 2,043 $ 17,149 $ 2,106 2021 17,004 10,784 17,004 10,441 2022 16,867 2,762 16,867 2,418 2023 11,055 344 11,055 — 2024 9,068 3,085 9,068 — Thereafter 131,347 — 131,347 — Total undiscounted rental payments 194,201 19,018 202,490 14,965 Less imputed interest (101,597) (1,397) (102,085) (1,169) Total lease liabilities $ 92,604 $ 17,621 $ 100,405 $ 13,796 Weighted average remaining term 31.0 years 1.3 years 31.0 years 1.6 years Weighted average incremental borrowing rate 7.7 % 3.2 % 7.7 % 4.2 %

Deferred Charges and Other Asse

Deferred Charges and Other Assets, net	6 Months Ended
	Jun. 30, 2020
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: June 30, December 31, Leasing $ 180,262 $ 202,540 Intangible assets: In-place lease values 62,274 78,171 Leasing commissions and legal costs 16,570 20,518 Above-market leases 55,809 59,916 Deferred tax assets 32,108 30,757 Deferred compensation plan assets 54,571 55,349 Other assets 66,113 60,475 467,707 507,726 Less accumulated amortization(1) (202,967) (229,860) $ 264,740 $ 277,866 (1) Accumulated amortization includes $54,183 and $66,322 relating to in-place lease values, leasing commissions and legal costs at June 30, 2020 and December 31, 2019, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,996 and $3,320 for the three months ended June 30, 2020 and 2019, respectively, and $5,715 and $6,525 for the six months ended June 30, 2020 and 2019, respectively. The allocated values of above-market leases and below-market leases consist of the following: June 30, December 31, Above-Market Leases Original allocated value $ 55,809 $ 59,916 Less accumulated amortization (34,785) (35,737) $ 21,024 $ 24,179 Below-Market Leases(1) Original allocated value $ 80,275 $ 90,790 Less accumulated amortization (47,216) (53,727) $ 33,059 $ 37,063 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable

Mortgage Notes Payable	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Mortgage Notes Payable	Mortgage Notes Payable: Mortgage notes payable at June 30, 2020 and December 31, 2019 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral June 30, 2020 December 31, 2019 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,266 $ 255,174 4.18 % $ 875 2024 Danbury Fair Mall 191,499 194,718 5.53 % 1,538 2020 Fashion Outlets of Chicago 299,153 299,112 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA(6) 104,727 106,398 4.89 % 727 2020 Freehold Raceway Mall(5) 398,462 398,379 3.94 % 1,300 2029 Fresno Fashion Fair 323,758 323,659 3.67 % 971 2026 Green Acres Commons(7) 129,387 128,926 2.88 % 252 2021 Green Acres Mall 274,193 277,747 3.61 % 1,447 2021 Kings Plaza Shopping Center 535,156 535,097 3.71 % 1,629 2030 Oaks, The 185,048 187,142 4.14 % 1,064 2022 Pacific View 116,572 118,202 4.08 % 668 2022 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(8) 298,192 297,817 1.79 % 384 2022 SanTan Village Regional Center 219,186 219,140 4.34 % 788 2029 Towne Mall 20,052 20,284 4.48 % 117 2022 Tucson La Encantada 62,962 63,682 4.23 % 368 2022 Victor Valley, Mall of 114,762 114,733 4.00 % 380 2024 Vintage Faire Mall 249,412 252,389 3.55 % 1,256 2026 $ 4,377,787 $ 4,392,599 (1) The mortgage notes payable also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $14,248 and $16,042 at June 30, 2020 and December 31, 2019, 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) The loan includes unamortized debt premium of $309 and $773 at June 30, 2020 and December 31, 2019, respectively. The debt premium represents the excess of the fair value of the loan over the principal value of the loan assumed at acquisition and is amortized into interest expense over the remaining term of the loan in a manner that approximates the effective interest method. (7) The loan bears interest at LIBOR plus 2.15%. At June 30, 2020 and December 31, 2019, the total interest rate was 2.88% and 4.40%, 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% during the period ending December 9, 2020 (See Note 5—Derivative Instruments and Hedging Activities). At June 30, 2020 and December 31, 2019, the total interest rate was 1.79% and 3.34%, respectively. Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt. The Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid off from the Company's line of credit or with cash on hand. Total interest expense capitalized was $1,361 and $2,143 for the three months ended ended June 30, 2020 and 2019, respectively, and $2,656 and $4,853 for the six months ended June 30, 2020 and 2019, respectively. The estimated fair value (Level 2 measurement) of mortgage notes payable at June 30, 2020 and December 31, 2019 was $4,421,744 and $4,427,790, 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	6 Months Ended
	Jun. 30, 2020
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 was to mature on July 6, 2020. On April 8, 2020, the Company exercised its option to extend the maturity of the facility to July 6, 2021. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000. The Company anticipates refinancing its revolving line of credit in advance of its maturity date. Based on the Company's leverage level as of June 30, 2020, the borrowing rate on the facility was LIBOR plus 1.55%. 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 1.55% to fixed rate debt of 4.30% until September 30, 2021 (See Note 5—Derivative Instruments and Hedging Activities). As of June 30, 2020 and December 31, 2019, borrowings under the line of credit were $1,480,000 and $820,000, respectively, less unamortized deferred finance costs of $1,365 and $2,623, respectively, at a total interest rate of 2.55% and 3.92%, respectively. As of June 30, 2020 and December 31, 2019, the Company's availability under the line of credit for additional borrowings was $19,719 and $679,719, respectively. The estimated fair value (Level 2 measurement) of the line of credit at June 30, 2020 and December 31, 2019 was $1,490,840 and $826,280, 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 bore interest at 5.25% and was to mature on May 30, 2021. The note payable was collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. On October 7, 2019, the loan was paid off. As of June 30, 2020 and December 31, 2019, the Company was in compliance with all applicable financial loan covenants.

Financing Arrangement

Financing Arrangement	6 Months Ended
	Jun. 30, 2020
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 1,673,000 square foot regional shopping center in Freehold, New Jersey (collectively 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 June 30, 2020 and December 31, 2019 was based upon a terminal capitalization rate of 5.5% and 5.0%, respectively, a discount rate of 7.0% and 6.0%, respectively, and market rents per square foot of $35 to $115. 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, excluding distributions of excess loan proceeds, 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 and six months ended June 30, 2020 and 2019, the Company incurred interest income in connection with the financing arrangement as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Distributions equal to the partner's share of net (loss) income $ (181) $ 1,982 $ 1,283 $ 3,879 Distributions in excess of the partner's share of net income 281 2,033 2,958 3,953 Adjustment to fair value of financing arrangement obligation (32,907) (17,258) (81,291) (31,522) $ (32,807) $ (13,243) $ (77,050) $ (23,690)

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019. The remaining 7% limited partnership interest as of June 30, 2020 and December 31, 2019 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 June 30, 2020 and December 31, 2019, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $93,206 and $277,524, 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	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity: Stock Dividend On June 3, 2020, the Company issued 7,759,280 common shares to its common stockholders in connection with the quarterly dividend of $0.50 per share of common stock declared on March 16, 2020. The dividend consisted of a combination of cash and shares of the Company's common stock. The cash component of the dividend (not including cash paid in lieu of fractional shares) was 20% in the aggregate, or $0.10 per share, with the balance paid in shares of the Company's common stock. In accordance with the provisions of Internal Revenue Service Revenue Procedure 2017-45, stockholders were asked to make an election to receive the dividend all in cash or all in shares. To the extent that more than 20% of cash was elected in the aggregate, the cash portion was prorated. Stockholders who elected to receive the dividend in cash received a cash payment of at least $0.10 per share. Stockholders who did not make an election received 20% in cash and 80% in shares of common stock. The number of shares issued as a result of the dividend was calculated based on the volume weighted average trading price of the Company's common stock on the New York Stock Exchange on May 20, May 21 and May 22, 2020 of $7.2956. Stock Buyback Program On February 12, 2017, the Company's Board of Directors authorized the repurchase of up to $500,000 of its outstanding common shares as market conditions and the Company’s liquidity warrant. Repurchases may be made through open market purchases, privately negotiated transactions, structured or derivative transactions, including ASR transactions, or other methods of acquiring shares, from time to time as permitted by securities laws and other legal requirements. The program is referred to herein as the "Stock Buyback Program". There were no repurchases under the Stock Buyback Program during the six months ended June 30, 2020 or 2019. At June 30, 2020, there was $278,707 available under the Stock Buyback Program.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: As of June 30, 2020, the Company was contingently liable for $40,814 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 June 30, 2020, the Company had $2,203 in outstanding obligations, which it believes will be settled in the next twelve months.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
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 June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Management fees $ 4,295 $ 4,670 $ 8,781 $ 9,151 Development and leasing fees 2,311 3,310 4,395 6,806 $ 6,606 $ 7,980 $ 13,176 $ 15,957 Interest income from related party transactions includes $32,807 and $13,243 for the three months ended June 30, 2020 and 2019, respectively, and $77,050 and $23,690 for the six months ended June 30, 2020 and 2019, respectively, in connection with the Financing Arrangement (See Note 12—Financing Arrangement). Due from affiliates includes $10,273 and $6,157 of unreimbursed costs and fees from unconsolidated joint ventures due to the Management Companies as of June 30, 2020 and December 31, 2019, respectively. In addition, due from affiliates included a note receivable from RED/303 LLC ("RED") that bore interest at 5.25% and was to mature on May 30, 2021. Interest income earned on this note was $0 and $46 for the three months ended June 30, 2020 and 2019, respectively, and $0 and $94 for the six months ended June 30, 2020 and 2019, respectively. On October 7, 2019, the note receivable was collected in full. RED is considered a related party because it is a partner in a joint venture development project. The note was collateralized by RED's membership interest in the development project.

Share and Unit-Based Plans

Share and Unit-Based Plans	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [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 six months ended June 30, 2020, the Company granted the following LTIP Units: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2020 154,158 Service-based $ 26.92 12/31/2022 1/1/2020 321,940 Market-indexed $ 27.80 12/31/2022 3/1/2020 39,176 Service-based $ 20.42 2/28/2023 3/1/2020 37,592 Market-indexed $ 21.28 2/28/2023 552,866 The fair value of the market-indexed LTIP Units (Level 3) granted on January 1, 2020 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 1.62% and an expected volatility of 26.08%. The fair value of the market-indexed LTIP Units (Level 3) granted on March 1, 2020 was estimated on the date of grant using a Monte Carlo Simulation model that assumed a risk free interest rate of 0.85% and an expected volatility of 28.34%. 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, 2020 616,219 $ 39.04 7,216 $ 43.29 199,987 $ 43.59 Granted 552,866 26.59 17,836 20.23 247,872 14.24 Vested (3,408) 66.02 (15,825) 22.32 (100,076) 45.18 Forfeited (6,714) 39.66 — — (399) 59.04 Balance at June 30, 2020 1,158,963 $ 33.02 9,227 $ 34.67 347,384 $ 22.17 (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, 2020 35,565 $ 57.32 Granted(2) 1,950 54.34 Exercised — — Balance at June 30, 2020 37,515 $ 54.34 (1) Value represents the weighted average exercise price. (2) Pursuant to the terms of the Company's equity plan, the exercise price and number of options were adjusted so that the stock dividend paid on June 3, 2020 had no negative impact on the outstanding stock options (See Note 14 - Stockholders' Equity). The following summarizes the compensation cost under the share and unit-based plans: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 LTIP Units $ 3,350 $ 2,647 $ 6,564 $ 6,361 Stock units 694 544 2,896 3,204 Stock options — — — 51 Phantom stock units 166 182 353 422 $ 4,210 $ 3,373 $ 9,813 $ 10,038

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
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 June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Current $ 207 $ 172 $ 439 $ 172 Deferred 1,317 (851) 1,351 (1,197) Total income tax benefit (expense) $ 1,524 $ (679) $ 1,790 $ (1,025) 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 are carried forward indefinitely. The Coronavirus Aid, Relief and Economic Security Act removed the 80% of taxable income limitation, imposed by the Tax Cuts and Jobs Act, for NOLs generated in 2018, 2019 and 2020. Net deferred tax assets of $32,108 and $30,757 were included in deferred charges and other assets, net at June 30, 2020 and December 31, 2019, respectively. The tax years 2016 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	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events:On July 24, 2020, the Company announced a dividend/distribution of $0.15 per share for common stockholders and OP Unitholders of record on August 19, 2020. All dividends/distributions will be paid 100% in cash on September 8, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of variable interest entities	The Operating Partnership's consolidated VIEs included the following assets and liabilities: June 30, December 31, Assets: Property, net $ 254,415 $ 254,071 Other assets 20,684 30,049 Total assets $ 275,099 $ 284,120 Liabilities: Mortgage notes payable $ 219,186 $ 219,140 Other liabilities 19,935 32,101 Total liabilities $ 239,121 $ 251,241 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 Six Months Ended June 30, 2020 2019 Beginning of period Cash and cash equivalents $ 100,005 $ 102,711 Restricted cash 14,211 46,590 Cash, cash equivalents and restricted cash $ 114,216 $ 149,301 End of period Cash and cash equivalents $ 497,581 $ 104,880 Restricted cash 10,083 43,548 Cash, cash equivalents and restricted cash $ 507,664 $ 148,428

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	3 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Reconciliation of numerator and denominator used in computation of earnings per share	The following table reconciles the numerator and denominator used in the computation of EPS for the three and six months ended June 30, 2020 and 2019 (shares in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Numerator Net (loss) income $ (26,727) $ 13,947 $ (17,996) $ 22,790 Less net loss attributable to noncontrolling interests (1,611) (1,787) (402) (768) Net (loss) income attributable to the Company (25,116) 15,734 (17,594) 23,558 Allocation of earnings to participating securities (297) (291) (619) (573) Numerator for basic and diluted EPS—net (loss) income attributable to common stockholders $ (25,413) $ 15,443 $ (18,213) $ 22,985 Denominator Denominator for basic and diluted EPS—weighted average number of common shares outstanding(1) 144,102 141,344 142,769 141,303 EPS—net (loss) income attributable to common stockholders Basic and diluted $ (0.18) $ 0.11 $ (0.13) $ 0.16 (1) Diluted EPS excludes 94,619 and 90,619 convertible preferred partnership units for the three months ended June 30, 2020 and 2019, respectively, and 92,619 and 90,619 for the six months ended June 30, 2020 and 2019, respectively, as their impact was antidilutive. Diluted EPS also excludes 10,504,452 and 10,415,278 Operating Partnership units ("OP Units") for the three months ended June 30, 2020 and 2019, respectively, and 10,491,138 and 10,415,234 OP Units for the six months ended June 30, 2020 and 2019, respectively, as their impact was antidilutive.

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2020
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: June 30, December 31, Assets(1): Property, net $ 9,391,727 $ 9,424,591 Other assets 804,103 772,116 Total assets $ 10,195,830 $ 10,196,707 Liabilities and partners' capital(1): Mortgage and other notes payable $ 6,113,603 $ 6,144,685 Other liabilities 496,205 565,412 Company's capital 1,935,289 1,904,145 Outside partners' capital 1,650,733 1,582,465 Total liabilities and partners' capital $ 10,195,830 $ 10,196,707 Investments in unconsolidated joint ventures: Company's capital $ 1,935,289 $ 1,904,145 Basis adjustment(2) (474,686) (492,350) $ 1,460,603 $ 1,411,795 Assets—Investments in unconsolidated joint ventures $ 1,568,878 $ 1,519,697 Liabilities—Distributions in excess of investments in unconsolidated joint ventures (108,275) (107,902) $ 1,460,603 $ 1,411,795 (1) These amounts include assets of $2,900,500 and $2,932,401 of Pacific Premier Retail LLC (the "PPR Portfolio") as of June 30, 2020 and December 31, 2019, respectively, and liabilities of $1,702,957 and $1,732,976 of the PPR Portfolio as of June 30, 2020 and December 31, 2019, 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 $3,729 and $5,271 for the three months ended June 30, 2020 and 2019, respectively, and $7,728 and $9,810 for the six months ended June 30, 2020 and 2019, 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 June 30, 2020 Revenues: Leasing revenue $ 38,806 $ 139,452 $ 178,258 Other 253 (399) (146) Total revenues 39,059 139,053 178,112 Expenses: Shopping center and operating expenses 8,240 53,145 61,385 Leasing expenses 290 832 1,122 Interest expense 16,363 36,790 53,153 Depreciation and amortization 24,565 66,095 90,660 Total operating expenses 49,458 156,862 206,320 Loss on sale or write down of assets, net — (12) (12) Net loss $ (10,399) $ (17,821) $ (28,220) Company's equity in net loss $ (3,777) $ (10,396) $ (14,173) Three Months Ended June 30, 2019 Revenues: Leasing revenue $ 45,346 $ 172,273 $ 217,619 Other 435 13,097 13,532 Total revenues 45,781 185,370 231,151 Expenses: Shopping center and operating expenses 8,470 59,065 67,535 Leasing expenses 373 1,655 2,028 Interest expense 17,043 37,682 54,725 Depreciation and amortization 24,732 76,866 101,598 Total operating expenses 50,618 175,268 225,886 Loss on sale or write down of assets, net (399) (145) (544) Net (loss) income $ (5,236) $ 9,957 $ 4,721 Company's equity in net (loss) income $ (531) $ 7,788 $ 7,257 PPR Portfolio Other Total Six Months Ended June 30, 2020 Revenues: Leasing revenue $ 97,184 $ 311,696 $ 408,880 Other 302 6,492 6,794 Total revenues 97,486 318,188 415,674 Expenses: Shopping center and operating expenses 17,881 114,654 132,535 Leasing expenses 763 2,127 2,890 Interest expense 32,458 74,930 107,388 Depreciation and amortization 53,182 134,456 187,638 Total operating expenses 104,284 326,167 430,451 Loss on sale or write down of assets, net — (12) (12) Net loss $ (6,798) $ (7,991) $ (14,789) Company's equity in net income (loss) $ 944 $ (5,419) $ (4,475) Six Months Ended June 30, 2019 Revenues: Leasing revenue $ 91,366 $ 345,797 $ 437,163 Other 617 25,161 25,778 Total revenues 91,983 370,958 462,941 Expenses: Shopping center and operating expenses 18,142 118,715 136,857 Leasing expenses 840 3,362 4,202 Interest expense 33,994 74,593 108,587 Depreciation and amortization 50,246 141,333 191,579 Total operating expenses 103,222 338,003 441,225 Loss on sale or write down of assets, net (405) (280) (685) Net (loss) income $ (11,644) $ 32,675 $ 21,031 Company's equity in net (loss) income $ (1,730) $ 21,230 $ 19,500

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	The following derivatives were outstanding at June 30, 2020: Fair Value Property Notional Amount Product LIBOR Rate Maturity June 30, December 31, Santa Monica Place $ 300,000 Cap 4.00 % 12/9/2020 $ — $ — The Macerich Partnership, L.P. $ 400,000 Swaps 2.85 % 9/30/2021 $ (13,701) $ (9,051)

Property, net (Tables)

Property, net (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Components of property	Property, net consists of the following: June 30, December 31, Land $ 1,510,368 $ 1,520,678 Buildings and improvements 6,422,525 6,389,458 Tenant improvements 729,975 726,533 Equipment and furnishings(1) 201,653 230,215 Construction in progress 89,245 126,165 8,953,766 8,993,049 Less accumulated depreciation(1) (2,452,247) (2,349,536) $ 6,501,519 $ 6,643,513
Schedule of Loss (Gain) on Sale or Write down of Assets	The loss on sale or write-down of assets, net for the three and six months ended June 30, 2020 and 2019 consist of the following: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Write-down of assets(1) (3,907) (9,059) $ (40,610) $ (15,909) Land sales 40 — 40 534 $ (3,867) $ (9,059) $ (40,570) $ (15,375) (1) Includes impairment losses of $30,063 on Wilton Mall and $6,640 on Paradise Valley Mall during the six months ended June 30, 2020 and a loss of $2,793 on the write-down of non-real estate assets during the three and six months ended June 30, 2020. The impairment losses were due to the reduction of the estimated holding periods of the properties. The remaining amounts for the three and six months ended June 30, 2020 and 2019 mainly pertain to the write off of development costs.
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 the impairment losses recorded for the six months ended June 30, 2020, 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) June 30, 2020 $ 140,000 $ — $ 140,000 $ —

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Components of leasing revenue	The following table summarizes the components of leasing revenue for the three and six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Leasing revenue—fixed payments $ 150,292 $ 160,784 $ 306,339 $ 326,671 Leasing revenue—variable payments 46,239 52,245 101,826 99,192 Provision for doubtful accounts (27,777) (2,007) (28,690) (3,833) $ 168,754 $ 211,022 $ 379,475 $ 422,030
Summary of minimum rental payments	The following table summarizes the future rental payments to the Company: Twelve months ending June 30, 2021 $ 436,611 2022 382,120 2023 327,661 2024 274,629 2025 216,448 Thereafter 597,091 $ 2,234,560
Summary of lease costs	The following table summarizes the lease costs: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Operating lease costs $ 3,701 $ 4,862 $ 7,639 $ 9,209 Finance lease costs: Amortization of ROU assets 476 467 951 932 Interest on lease liabilities 142 154 284 308 $ 4,319 $ 5,483 $ 8,874 $ 10,449
Summarizes of minimum future rental payments required	The following table summarizes the future rental payments required under the leases: June 30, 2020 December 31, 2019 Year ending December 31, Operating Finance Leases Operating Leases Finance Leases 2020 $ 8,860 $ 2,043 $ 17,149 $ 2,106 2021 17,004 10,784 17,004 10,441 2022 16,867 2,762 16,867 2,418 2023 11,055 344 11,055 — 2024 9,068 3,085 9,068 — Thereafter 131,347 — 131,347 — Total undiscounted rental payments 194,201 19,018 202,490 14,965 Less imputed interest (101,597) (1,397) (102,085) (1,169) Total lease liabilities $ 92,604 $ 17,621 $ 100,405 $ 13,796 Weighted average remaining term 31.0 years 1.3 years 31.0 years 1.6 years Weighted average incremental borrowing rate 7.7 % 3.2 % 7.7 % 4.2 %

Deferred Charges and Other As_2

Deferred Charges and Other Assets, net (Tables)	6 Months Ended
	Jun. 30, 2020
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: June 30, December 31, Leasing $ 180,262 $ 202,540 Intangible assets: In-place lease values 62,274 78,171 Leasing commissions and legal costs 16,570 20,518 Above-market leases 55,809 59,916 Deferred tax assets 32,108 30,757 Deferred compensation plan assets 54,571 55,349 Other assets 66,113 60,475 467,707 507,726 Less accumulated amortization(1) (202,967) (229,860) $ 264,740 $ 277,866 (1) Accumulated amortization includes $54,183 and $66,322 relating to in-place lease values, leasing commissions and legal costs at June 30, 2020 and December 31, 2019, respectively. Amortization expense of in-place lease values, leasing commissions and legal costs was $1,996 and $3,320 for the three months ended June 30, 2020 and 2019, respectively, and $5,715 and $6,525 for the six months ended June 30, 2020 and 2019, 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: June 30, December 31, Above-Market Leases Original allocated value $ 55,809 $ 59,916 Less accumulated amortization (34,785) (35,737) $ 21,024 $ 24,179 Below-Market Leases(1) Original allocated value $ 80,275 $ 90,790 Less accumulated amortization (47,216) (53,727) $ 33,059 $ 37,063 (1) Below-market leases are included in other accrued liabilities.

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Mortgage notes payable	Mortgage notes payable at June 30, 2020 and December 31, 2019 consist of the following: Carrying Amount of Mortgage Notes(1) Property Pledged as Collateral June 30, 2020 December 31, 2019 Effective Interest Monthly Maturity Chandler Fashion Center(5) $ 255,266 $ 255,174 4.18 % $ 875 2024 Danbury Fair Mall 191,499 194,718 5.53 % 1,538 2020 Fashion Outlets of Chicago 299,153 299,112 4.61 % 1,145 2031 Fashion Outlets of Niagara Falls USA(6) 104,727 106,398 4.89 % 727 2020 Freehold Raceway Mall(5) 398,462 398,379 3.94 % 1,300 2029 Fresno Fashion Fair 323,758 323,659 3.67 % 971 2026 Green Acres Commons(7) 129,387 128,926 2.88 % 252 2021 Green Acres Mall 274,193 277,747 3.61 % 1,447 2021 Kings Plaza Shopping Center 535,156 535,097 3.71 % 1,629 2030 Oaks, The 185,048 187,142 4.14 % 1,064 2022 Pacific View 116,572 118,202 4.08 % 668 2022 Queens Center 600,000 600,000 3.49 % 1,744 2025 Santa Monica Place(8) 298,192 297,817 1.79 % 384 2022 SanTan Village Regional Center 219,186 219,140 4.34 % 788 2029 Towne Mall 20,052 20,284 4.48 % 117 2022 Tucson La Encantada 62,962 63,682 4.23 % 368 2022 Victor Valley, Mall of 114,762 114,733 4.00 % 380 2024 Vintage Faire Mall 249,412 252,389 3.55 % 1,256 2026 $ 4,377,787 $ 4,392,599 (1) The mortgage notes payable also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $14,248 and $16,042 at June 30, 2020 and December 31, 2019, 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) The loan includes unamortized debt premium of $309 and $773 at June 30, 2020 and December 31, 2019, respectively. The debt premium represents the excess of the fair value of the loan over the principal value of the loan assumed at acquisition and is amortized into interest expense over the remaining term of the loan in a manner that approximates the effective interest method. (7) The loan bears interest at LIBOR plus 2.15%. At June 30, 2020 and December 31, 2019, the total interest rate was 2.88% and 4.40%, 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% during the period ending December 9, 2020 (See Note 5—Derivative Instruments and Hedging Activities). At June 30, 2020 and December 31, 2019, the total interest rate was 1.79% and 3.34%, respectively.

Financing Arrangement (Tables)

Financing Arrangement (Tables)	6 Months Ended
	Jun. 30, 2020
Co-Venture Arrangement [Abstract]
Financing arrangement activity	During the three and six months ended June 30, 2020 and 2019, the Company incurred interest income in connection with the financing arrangement as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Distributions equal to the partner's share of net (loss) income $ (181) $ 1,982 $ 1,283 $ 3,879 Distributions in excess of the partner's share of net income 281 2,033 2,958 3,953 Adjustment to fair value of financing arrangement obligation (32,907) (17,258) (81,291) (31,522) $ (32,807) $ (13,243) $ (77,050) $ (23,690)

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Management fees $ 4,295 $ 4,670 $ 8,781 $ 9,151 Development and leasing fees 2,311 3,310 4,395 6,806 $ 6,606 $ 7,980 $ 13,176 $ 15,957

Share and Unit-Based Plans (Tab

Share and Unit-Based Plans (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of LTIP Units Granted	During the six months ended June 30, 2020, the Company granted the following LTIP Units: Grant Date Units Type Fair Value per LTIP Unit Vest Date 1/1/2020 154,158 Service-based $ 26.92 12/31/2022 1/1/2020 321,940 Market-indexed $ 27.80 12/31/2022 3/1/2020 39,176 Service-based $ 20.42 2/28/2023 3/1/2020 37,592 Market-indexed $ 21.28 2/28/2023 552,866
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, 2020 616,219 $ 39.04 7,216 $ 43.29 199,987 $ 43.59 Granted 552,866 26.59 17,836 20.23 247,872 14.24 Vested (3,408) 66.02 (15,825) 22.32 (100,076) 45.18 Forfeited (6,714) 39.66 — — (399) 59.04 Balance at June 30, 2020 1,158,963 $ 33.02 9,227 $ 34.67 347,384 $ 22.17 (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, 2020 35,565 $ 57.32 Granted(2) 1,950 54.34 Exercised — — Balance at June 30, 2020 37,515 $ 54.34 (1) Value represents the weighted average exercise price. (2) Pursuant to the terms of the Company's equity plan, the exercise price and number of options were adjusted so that the stock dividend paid on June 3, 2020 had no negative impact on the outstanding stock options (See Note 14 - Stockholders' Equity).
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 June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 LTIP Units $ 3,350 $ 2,647 $ 6,564 $ 6,361 Stock units 694 544 2,896 3,204 Stock options — — — 51 Phantom stock units 166 182 353 422 $ 4,210 $ 3,373 $ 9,813 $ 10,038

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Current $ 207 $ 172 $ 439 $ 172 Deferred 1,317 (851) 1,351 (1,197) Total income tax benefit (expense) $ 1,524 $ (679) $ 1,790 $ (1,025)

Organization (Details)

Organization (Details) - entity	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of management companies (in entities)	7
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership	93.00%	93.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of variable interest entities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Assets	$ 9,228,348	$ 8,853,571
Liabilities	6,539,789	6,022,601
Operating Partnership
Variable Interest Entity [Line Items]
Assets	275,099	284,120
Liabilities	239,121	251,241
Operating Partnership | Property, net
Variable Interest Entity [Line Items]
Assets	254,415	254,071
Operating Partnership | Other assets
Variable Interest Entity [Line Items]
Assets	20,684	30,049
Operating Partnership | Mortgage notes payable
Variable Interest Entity [Line Items]
Liabilities	219,186	219,140
Operating Partnership | Other liabilities
Variable Interest Entity [Line Items]
Liabilities	$ 19,935	$ 32,101

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 497,581	$ 100,005	$ 104,880	$ 102,711
Restricted cash	10,083	14,211	43,548	46,590
Cash, cash equivalents and restricted cash	$ 507,664	$ 114,216	$ 148,428	$ 149,301

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator
Net (loss) income	$ (26,727)	$ 13,947	$ (17,996)	$ 22,790
Less net loss attributable to noncontrolling interests	(1,611)	(1,787)	(402)	(768)
Net (loss) income attributable to the Company	(25,116)	15,734	(17,594)	23,558
Allocation of earnings to participating securities	(297)	(291)	(619)	(573)
Numerator for basic and diluted EPS—net (loss) income attributable to common stockholders	$ (25,413)	$ 15,443	$ (18,213)	$ 22,985
Denominator
Denominator for basic and diluted EPS—weighted average number of common shares outstanding (in shares)	144,102,000	141,344,000	142,769,000	141,303,000
EPS—net (loss) income attributable to common stockholders
Basic and diluted (in dollars per share)			$ (0.13)	$ 0.16
Convertible non-participating preferred units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	94,619	90,619	92,619	90,619
Partnership unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from Diluted EPS (in shares)	10,504,452	10,415,278	10,491,138	10,415,234

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Narrative (Details) - Joint Venture - USD ($) $ in Thousands	Dec. 18, 2019	Aug. 16, 2019	Jul. 25, 2019	Sep. 12, 2019
Fashion District Philadelphia
Schedule of Equity Method Investments [Line Items]
Additional borrowings			$ 100,000
Interest rate spread over basis			2.00%
Amount of additional borrowing		$ 25,000	$ 26,000
Tysons Tower
Schedule of Equity Method Investments [Line Items]
New loan				$ 190,000
Effective interest rate				3.38%
One Westside | Construction loan
Schedule of Equity Method Investments [Line Items]
Amount of additional borrowing	$ 414,600
One Westside | Construction loan | LIBOR
Schedule of Equity Method Investments [Line Items]
Interest rate spread over basis	1.70%
Variable interest rate spread, contingent (as a percent)	1.50%

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets:
Property, net	$ 6,501,519	$ 6,643,513
Total assets	9,228,348	8,853,571
Liabilities and partners' capital:
Mortgage notes payable	4,377,787	4,392,599
Total liabilities and equity	9,228,348	8,853,571
Investments in unconsolidated joint ventures:
Assets—Investments in unconsolidated joint ventures	1,568,878	1,519,697
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(108,275)	(107,902)
Joint Venture
Liabilities and partners' capital:
Company's capital	1,935,289	1,904,145
Investments in unconsolidated joint ventures:
Company's capital	1,935,289	1,904,145
Basis adjustment	(474,686)	(492,350)
Investments in unconsolidated joint ventures	1,460,603	1,411,795
Assets—Investments in unconsolidated joint ventures	1,568,878	1,519,697
Liabilities—Distributions in excess of investments in unconsolidated joint ventures	(108,275)	(107,902)
Investments in unconsolidated joint ventures	1,460,603	1,411,795
Joint Venture | Total
Assets:
Property, net	9,391,727	9,424,591
Other assets	804,103	772,116
Total assets	10,195,830	10,196,707
Liabilities and partners' capital:
Mortgage notes payable	6,113,603	6,144,685
Other liabilities	496,205	565,412
Company's capital	1,935,289	1,904,145
Outside partners' capital	1,650,733	1,582,465
Total liabilities and equity	10,195,830	10,196,707
Investments in unconsolidated joint ventures:
Company's capital	$ 1,935,289	$ 1,904,145

Investments in Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Balance Sheet footnotes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Assets	$ 9,228,348		$ 9,228,348		$ 8,853,571
Liabilities	6,539,789		6,539,789		6,022,601
Joint Venture
Schedule of Equity Method Investments [Line Items]
Amortization of difference between cost of investments and book value of underlying equity	3,729	$ 5,271	7,728	$ 9,810
Joint Venture | PPR Portfolio | PPR Portfolio
Schedule of Equity Method Investments [Line Items]
Assets	2,900,500		2,900,500		2,932,401
Liabilities	$ 1,702,957		$ 1,702,957		$ 1,732,976

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Leasing revenue	$ 168,754	$ 211,022	$ 379,475	$ 422,030
Total revenues	178,587	227,972	405,539	454,494
Expenses:
Leasing expenses	6,653	7,677	14,078	15,182
Interest Expense	20,034	37,109	28,108	75,466
Depreciation and amortization	80,294	82,385	162,507	163,853
Total expenses	188,798	211,544	380,280	434,804
Loss on sale or write down of assets, net	(3,867)	(9,059)	(40,570)	(15,375)
Net (loss) income	(26,727)	13,947	(17,996)	22,790
Company's equity in net income (loss)	(14,173)	7,257	(4,475)	19,500
Other
Revenues:
Revenues	3,003	7,831	12,261	13,165
Shopping center and operating expenses
Expenses:
Operating expenses	57,133	64,092	127,858	133,696
Joint Venture
Revenues:
Leasing revenue			408,880	437,163
Total revenues			415,674	462,941
Expenses:
Leasing expenses			2,890	4,202
Interest Expense			107,388	108,587
Depreciation and amortization			187,638	191,579
Total expenses			430,451	441,225
Loss on sale or write down of assets, net			(12)	(685)
Net (loss) income			(14,789)	21,031
Company's equity in net income (loss)	7,257	(14,173)	(4,475)	19,500
Joint Venture | Other
Revenues:
Revenues			6,794	25,778
Joint Venture | Shopping center and operating expenses
Expenses:
Operating expenses			132,535	136,857
Joint Venture | PPR Portfolio
Expenses:
Loss on sale or write down of assets, net		0	0
Company's equity in net income (loss)	(531)	(3,777)	944	(1,730)
Joint Venture | Other Joint Ventures
Expenses:
Loss on sale or write down of assets, net		(12)	(12)
Company's equity in net income (loss)	7,788	(10,396)	(5,419)	21,230
Joint Venture | PPR Portfolio
Revenues:
Leasing revenue	45,346	38,806	97,184	91,366
Total revenues	45,781	39,059	97,486	91,983
Expenses:
Leasing expenses	373	290	763	840
Interest Expense	17,043	16,363	32,458	33,994
Depreciation and amortization	24,732	24,565	53,182	50,246
Total expenses	50,618	49,458	104,284	103,222
Loss on sale or write down of assets, net	(399)			(405)
Net (loss) income	(5,236)	(10,399)	(6,798)	(11,644)
Joint Venture | PPR Portfolio | Other
Revenues:
Revenues	435	253	302	617
Joint Venture | PPR Portfolio | Shopping center and operating expenses
Expenses:
Operating expenses	8,470	8,240	17,881	18,142
Joint Venture | Other Joint Ventures
Revenues:
Leasing revenue	172,273	139,452	311,696	345,797
Total revenues	185,370	139,053	318,188	370,958
Expenses:
Leasing expenses	1,655	832	2,127	3,362
Interest Expense	37,682	36,790	74,930	74,593
Depreciation and amortization	76,866	66,095	134,456	141,333
Total expenses	175,268	156,862	326,167	338,003
Loss on sale or write down of assets, net	(145)			(280)
Net (loss) income	9,957	(17,821)	(7,991)	32,675
Joint Venture | Other Joint Ventures | Other
Revenues:
Revenues	13,097	(399)	6,492	25,161
Joint Venture | Other Joint Ventures | Shopping center and operating expenses
Expenses:
Operating expenses	59,065	53,145	$ 114,654	$ 118,715
Joint Venture | Total
Revenues:
Leasing revenue	217,619	178,258
Total revenues	231,151	178,112
Expenses:
Leasing expenses	2,028	1,122
Interest Expense	54,725	53,153
Depreciation and amortization	101,598	90,660
Total expenses	225,886	206,320
Loss on sale or write down of assets, net	(544)	(12)
Net (loss) income	4,721	(28,220)
Joint Venture | Total | Other
Revenues:
Revenues	13,532	(146)
Joint Venture | Total | Shopping center and operating expenses
Expenses:
Operating expenses	$ 67,535	$ 61,385

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate cap/swap agreements	$ 1,745	$ (4,281)	$ (4,650)	$ (6,326)
Level 2 measurement | Cap
Derivatives, Fair Value [Line Items]
Notional Amount	$ 300,000		$ 300,000
LIBOR Rate	4.00%		4.00%
Fair Value	$ 0		$ 0		$ 0
Level 2 measurement | Swaps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 400,000		$ 400,000
LIBOR Rate	2.85%		2.85%
Fair Value	$ (13,701)		$ (13,701)		$ (9,051)

Property, net - Components of p

Property, net - Components of property (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 1,510,368	$ 1,520,678
Buildings and improvements	6,422,525	6,389,458
Tenant improvements	729,975	726,533
Equipment and furnishings	201,653	230,215
Construction in progress	89,245	126,165
Total	8,953,766	8,993,049
Less accumulated depreciation	(2,452,247)	(2,349,536)
Property, net	$ 6,501,519	$ 6,643,513

Property, net - Narrative (Deta

Property, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Real Estate [Abstract]
Depreciation expense	$ 72,519	$ 71,453	$ 145,205	$ 142,170

Property, Plant, and Equipment

Property, Plant, and Equipment - Schedule of Loss (Gain) on Sale or Write down of Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment [Line Items]
Write-down of assets	$ (3,907)	$ (9,059)	$ (40,610)	$ (15,909)
(Loss) gain on sale or write down of assets, net	(3,867)	(9,059)	(40,570)	(15,375)
Write-down of non-real estate assets	(2,793)		(2,793)
Wilton Mall
Property, Plant and Equipment [Line Items]
Write-down of assets			(30,063)
Paradise Valley Mall
Property, Plant and Equipment [Line Items]
Write-down of assets			(6,640)
Land
Property, Plant and Equipment [Line Items]
Gain on sale	$ 40	$ 0	$ 40	$ 534

Property, net - Assets measured

Property, net - Assets measured on a nonrecurring basis (Details) $ in Thousands	Jun. 30, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 140,000
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	140,000
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	Jun. 30, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Abstract]
Allowance for doubtful accounts	$ (32,898)	$ (4,836)
Components of tenant and other receivables, net
Deferred rent receivable due to straight-line rent adjustments	82,618	82,214
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 297	$ 9,618

Leases - Components of leasing

Leases - Components of leasing revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Leasing revenue—fixed payments	$ 150,292	$ 160,784	$ 306,339	$ 326,671
Leasing revenue—variable payments	46,239	52,245	101,826	99,192
Provision for doubtful accounts	(27,777)	(2,007)	(28,690)	(3,833)
Total leasing revenue	$ 168,754	$ 211,022	$ 379,475	$ 422,030

Leases - Summary of minimum ren

Leases - Summary of minimum rental payments (Details) $ in Thousands	Jun. 30, 2020USD ($)
Leases [Abstract]
2021	$ 436,611
2022	382,120
2023	327,661
2024	274,629
2025	216,448
Thereafter	597,091
Total minimum rental payments	$ 2,234,560

Leases - Narrative (Details)

Leases - Narrative (Details)	6 Months Ended
	Jun. 30, 2020lease
Leases [Abstract]
Number of finance leases	5

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease costs	$ 3,701	$ 4,862	$ 7,639	$ 9,209
Finance lease costs:
Amortization of ROU assets	476	467	951	932
Interest on lease liabilities	142	154	284	308
Total lease cost	$ 4,319	$ 5,483	$ 8,874	$ 10,449

Leases - Summary of minimum fut

Leases - Summary of minimum future rental payments required (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating Leases
2020	$ 8,860	$ 17,149
2021	17,004	17,004
2022	16,867	16,867
2023	11,055	11,055
2024	9,068	9,068
Thereafter	131,347	131,347
Total undiscounted rental payments	194,201	202,490
Less imputed interest	(101,597)	(102,085)
Total lease liabilities	$ 92,604	$ 100,405
Weighted average remaining lease term, operating leases	31 years	31 years
Weighted average incremental borrowing rate, operating leases	7.70%	7.70%
Finance Leases
2020	$ 2,043	$ 2,106
2021	10,784	10,441
2022	2,762	2,418
2023	344	0
2024	3,085	0
Thereafter	0	0
Total undiscounted rental payments	19,018	14,965
Less imputed interest	(1,397)	(1,169)
Total lease liabilities	$ 17,621	$ 13,796
Weighted average remaining lease term, finance leases	1 year 3 months 18 days	1 year 7 months 6 days
Weighted average incremental borrowing rate, finance leases	3.20%	4.20%

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Leasing	$ 180,262		$ 180,262		$ 202,540
Intangible assets:
In-place lease values	62,274		62,274		78,171
Leasing commissions and legal costs	16,570		16,570		20,518
Above-market leases	55,809		55,809		59,916
Deferred tax assets	32,108		32,108		30,757
Deferred compensation plan assets	54,571		54,571		55,349
Other assets	66,113		66,113		60,475
Deferred charges and other assets, gross	467,707		467,707		507,726
Less accumulated amortization	(202,967)		(202,967)		(229,860)
Deferred charges and other assets, net	264,740		264,740		277,866
In-place lease values, leasing commissions and legal costs
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization for intangible assets	54,183		54,183		$ 66,322
Amortization expense for intangible assets	$ 1,996	$ 3,320	$ 5,715	$ 6,525

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	Jun. 30, 2020	Dec. 31, 2019
Above-Market Leases
Above-Market Leases
Original allocated value	$ 55,809	$ 59,916
Less accumulated amortization	(34,785)	(35,737)
Allocated value net	21,024	24,179
Below-Market Leases
Below-Market Leases
Original allocated value	80,275	90,790
Less accumulated amortization	(47,216)	(53,727)
Allocated value net	$ 33,059	$ 37,063

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of mortgage notes payable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 4,377,787	$ 4,392,599
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 255,266	255,174
Effective Interest Rate	4.18%
Monthly Debt Service	$ 875
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 191,499	194,718
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	$ 299,153	299,112
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	$ 104,727	106,398
Effective Interest Rate	4.89%
Monthly Debt Service	$ 727
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 398,462	398,379
Effective Interest Rate	3.94%
Monthly Debt Service	$ 1,300
Fresno Fashion Fair
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 323,758	323,659
Effective Interest Rate	3.67%
Monthly Debt Service	$ 971
Green Acres Commons
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 129,387	$ 128,926
Effective Interest Rate	2.88%	4.40%
Monthly Debt Service	$ 252
Green Acres Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 274,193	$ 277,747
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	$ 535,156	535,097
Effective Interest Rate	3.71%
Monthly Debt Service	$ 1,629
Oaks, The
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 185,048	187,142
Effective Interest Rate	4.14%
Monthly Debt Service	$ 1,064
Pacific View
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 116,572	118,202
Effective Interest Rate	4.08%
Monthly Debt Service	$ 668
Queens Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 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	$ 298,192	297,817
Effective Interest Rate	1.79%
Monthly Debt Service	$ 384
SanTan Village Regional Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 219,186	219,140
Effective Interest Rate	4.34%
Monthly Debt Service	$ 788
Towne Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 20,052	20,284
Effective Interest Rate	4.48%
Monthly Debt Service	$ 117
Tucson La Encantada
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 62,962	63,682
Effective Interest Rate	4.23%
Monthly Debt Service	$ 368
Victor Valley, Mall of
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 114,762	114,733
Effective Interest Rate	4.00%
Monthly Debt Service	$ 380
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes	$ 249,412	$ 252,389
Effective Interest Rate	3.55%
Monthly Debt Service	$ 1,256

Mortgage Notes Payable - Footno

Mortgage Notes Payable - Footnotes (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Mortgage loans payable on real estate
Unamortized deferred finance costs	$ 14,248	$ 16,042
Green Acres Commons
Mortgage loans payable on real estate
Effective interest rate	2.88%	4.40%
Chandler Freehold
Mortgage loans payable on real estate
Percentage of loan assumed by third party	49.90%
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Debt premiums	$ 309	$ 773
Green Acres Commons
Mortgage loans payable on real estate
Interest rate spread over basis	2.15%
Santa Monica Place
Mortgage loans payable on real estate
Interest rate spread over basis	1.35%
Effective interest rate	1.79%	3.34%
Santa Monica Place | Maximum | Cap
Mortgage loans payable on real estate
Interest rate spread over basis	4.00%

Mortgage Notes Payable - Narrat

Mortgage Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Disclosure [Abstract]
Interest expense capitalized	$ 1,361	$ 2,143	$ 2,656	$ 4,853
Fair value of mortgage notes payable	$ 4,421,744		$ 4,421,744		$ 4,427,790

Bank and Other Notes Payable (D

Bank and Other Notes Payable (Details)	Mar. 29, 2013USD ($)	Jun. 30, 2020USD ($)derivative	Dec. 31, 2019USD ($)	Apr. 08, 2020USD ($)
Mortgage loans payable on real estate
Unamortized deferred finance costs		$ 14,248,000	$ 16,042,000
Availability for additional borrowing		$ 19,719,000	679,719,000
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		1,480,000,000	820,000,000
Unamortized deferred finance costs		$ 1,365,000	$ 2,623,000
Line of credit, average interest rate		2.55%	3.92%
Line of Credit | Level 2 measurement
Mortgage loans payable on real estate
Fair value of outstanding line of credit		$ 1,490,840,000	$ 826,280,000
Prasada Note
Mortgage loans payable on real estate
Amount of additional borrowing	$ 13,330,000
Interest rate on debt	5.25%
LIBOR | Line of Credit
Mortgage loans payable on real estate
Interest rate spread over basis		1.55%
Revolving line of credit
Mortgage loans payable on real estate
Revolving line of credit				$ 1,500,000,000
Maximum contingent borrowing capacity		$ 2,000,000,000
Revolving line of credit | 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, $ in Thousands	Jun. 27, 2019USD ($)	Sep. 30, 2009ft²	Jun. 30, 2020USD ($)$ / ft²	Jun. 30, 2019USD ($)	Dec. 31, 2019$ / ft²
Schedule of Joint Ventures [Line Items]
Terminal capitalization rate			5.50%		5.00%
Discount rate			7.00%		6.00%
Distributions, pro rata share of the excess loan proceeds | $	$ 27,945		$ 0	$ 27,944
Chandler Fashion Center
Schedule of Joint Ventures [Line Items]
Additional borrowing | $	$ 256,000
Financing Arrangement | Minimum
Schedule of Joint Ventures [Line Items]
Market rent per square foot | $ / ft²			35		35
Financing Arrangement | Maximum
Schedule of Joint Ventures [Line Items]
Market rent per square foot | $ / ft²			115		115
Financing Arrangement | Chandler Freehold
Schedule of Joint Ventures [Line Items]
Percentage of loan assumed by third party		49.90%
Financing Arrangement | Chandler Fashion Center
Schedule of Joint Ventures [Line Items]
Property area (in square feet) | ft²		1,318
Financing Arrangement | Freehold Raceway Mall
Schedule of Joint Ventures [Line Items]
Property area (in square feet) | ft²		1,673

Financing Arrangement - Financi

Financing Arrangement - Financing Arrangement Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Joint Ventures [Line Items]
Interest income (expense)	$ (32,807)	$ (13,243)	$ (77,050)	$ (23,690)
Joint Venture | Financing Arrangement
Schedule of Joint Ventures [Line Items]
Distributions equal to the partner's share of net (loss) income	(181)	1,982	1,283	3,879
Distributions in excess of the partner's share of net income	281	2,033	2,958	3,953
Adjustment to fair value of financing arrangement obligation	(32,907)	(17,258)	(81,291)	(31,522)
Interest income (expense)	$ (32,807)	$ (13,243)	$ (77,050)	$ (23,690)

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
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	$ 93,206	$ 277,524
The Macerich Partnership, L.P.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership interest in operating partnership	93.00%	93.00%
Limited partnership interest of the operating partnership	7.00%	7.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	Jun. 03, 2020	Mar. 16, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Feb. 12, 2017
Stockholders' Equity Note [Abstract]
Stock dividend (in shares)	7,759,280
Dividend declared (in dollars per share)		$ 0.50
Cash portion of dividend	20.00%
Distributions declared, per share (in dollars per share)	$ 0.10		$ 0.10	$ 0.75	$ 0.85	$ 1.50
Stock portion of dividend	80.00%
Authorized repurchase amount							$ 500,000,000
Remaining authorized repurchase amount			$ 278,707,000		$ 278,707,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contingent liability under letters of credit	$ 40,814
Outstanding obligations under construction agreements	$ 2,203

Related Party Transactions - Sc

Related Party Transactions - Schedule of fees charged to unconsolidated joint ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Management fees
Related Party Transaction [Line Items]
Revenues	$ 6,830	$ 9,119	$ 13,803	$ 19,299
Unconsolidated Joint Ventures and Third Party Managed Properties
Related Party Transaction [Line Items]
Revenues	6,606	7,980	13,176	15,957
Unconsolidated Joint Ventures and Third Party Managed Properties | Management fees
Related Party Transaction [Line Items]
Revenues	4,295	4,670	8,781	9,151
Unconsolidated Joint Ventures and Third Party Managed Properties | Development and leasing fees
Related Party Transaction [Line Items]
Revenues	$ 2,311	$ 3,310	$ 4,395	$ 6,806

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Feb. 13, 2019
Related Party Transaction [Line Items]
Related party interest income	$ (32,807,000)	$ (13,243,000)	$ (77,050,000)	$ (23,690,000)
Due from affiliates	$ 10,273,000		$ 10,273,000		$ 6,157,000
Related parties note receivable, RED Consolidated Holdings, LLC
Related Party Transaction [Line Items]
Note receivable, interest rate	5.25%		5.25%		5.25%
Interest income, related party	$ 0	46,000	$ 0	94,000
Joint Venture | Financing Arrangement
Related Party Transaction [Line Items]
Related party interest income	(32,807,000)	$ (13,243,000)	(77,050,000)	(23,690,000)
Unconsolidated Joint Ventures
Related Party Transaction [Line Items]
Due from affiliates	$ 10,273,000		10,273,000		$ 6,157,000
Affiliated Entity | Notes Receivable | Fashion Outlets of San Francisco
Related Party Transaction [Line Items]
Interest income, related party			$ 0	$ 1,112,000
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	Mar. 01, 2020	Jan. 01, 2020	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized share and unit-based compensation costs			$ 941	$ 1,459	$ 2,320	$ 2,605
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion rate of shares					1
Unrecognized compensation cost of share and unit-based plans			3,560		$ 3,560
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			9,782		$ 9,782
LTIP Units | January 1, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate		1.62%
Volatility		26.08%
LTIP Units | March 1, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	0.85%
Volatility	28.34%
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost of share and unit-based plans			$ 320		$ 320

Share and Unit-Based Plans - LT

Share and Unit-Based Plans - LTIP units granted (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	552,866
January 1, 2020 | Service-based | First vesting period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	154,158
Fair value per LTIP unit (in dollars per share) | $ / shares	$ 26.92
January 1, 2020 | Market-indexed | First vesting period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	321,940
Fair value per LTIP unit (in dollars per share) | $ / shares	$ 27.80
March 1, 2020 | Service-based | Second vesting period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	39,176
Fair value per LTIP unit (in dollars per share) | $ / shares	$ 20.42
March 1, 2020 | Market-indexed | Second vesting period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	37,592
Fair value per LTIP unit (in dollars per share) | $ / shares	$ 21.28

Share and Unit-Based Plans - No

Share and Unit-Based Plans - Nonvested equity awards (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Units
Granted (in shares)	552,866
LTIP Units
Units
Balance at beginning of period (in shares)	616,219
Granted (in shares)	552,866
Vested (in shares)	(3,408)
Forfeited (in shares)	(6,714)
Balance at end of period (in shares)	1,158,963
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 39.04
Granted (in dollars per share) | $ / shares	26.59
Vested (in dollars per share) | $ / shares	66.02
Forfeited (in dollars per share) | $ / shares	39.66
Balance at end of period (in dollars per share) | $ / shares	$ 33.02
Phantom Stock Units
Units
Balance at beginning of period (in shares)	7,216
Granted (in shares)	17,836
Vested (in shares)	(15,825)
Forfeited (in shares)	0
Balance at end of period (in shares)	9,227
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 43.29
Granted (in dollars per share) | $ / shares	20.23
Vested (in dollars per share) | $ / shares	22.32
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 34.67
Stock Units
Units
Balance at beginning of period (in shares)	199,987
Granted (in shares)	247,872
Vested (in shares)	(100,076)
Forfeited (in shares)	(399)
Balance at end of period (in shares)	347,384
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 43.59
Granted (in dollars per share) | $ / shares	14.24
Vested (in dollars per share) | $ / shares	45.18
Forfeited (in dollars per share) | $ / shares	59.04
Balance at end of period (in dollars per share) | $ / shares	$ 22.17

Share and Unit-Based Plans - SA

Share and Unit-Based Plans - SARs (Details) - Stock options	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Units
Balance at beginning of period (in shares) | shares	35,565
Granted (in shares) | shares	1,950
Exercised (in shares) | shares	0
Balance at end of period (in shares) | shares	37,515
Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 57.32
Granted (in dollars per share) | $ / shares	54.34
Exercised (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 54.34

Share and Unit-Based Plans - Co

Share and Unit-Based Plans - Compensation cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	$ 4,210	$ 3,373	$ 9,813	$ 10,038
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	3,350	2,647	6,564	6,361
Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	694	544	2,896	3,204
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	0	0	0	51
Phantom Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost under share and unit-based plans	$ 166	$ 182	$ 353	$ 422

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current	$ 207	$ 172	$ 439	$ 172
Deferred	1,317	(851)	1,351	(1,197)
Total income tax benefit (expense)	1,524	$ (679)	1,790	$ (1,025)
Net deferred tax assets	$ 32,108		$ 32,108		$ 30,757

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Jul. 24, 2020	Mar. 16, 2020
Subsequent events
Dividend declared (in dollars per share)		$ 0.50
Subsequent event
Subsequent events
Dividend declared (in dollars per share)	$ 0.15

Uncategorized Items - mac-20200

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201602Member