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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2012	Aug. 03, 2012
Document and Entity Information
Entity Registrant Name	MACERICH CO
Entity Central Index Key	0000912242
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		133,121,980
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
ASSETS:
Property, net	$ 5,945,007	$ 6,079,043
Cash and cash equivalents	89,797	67,248
Restricted cash	58,869	68,628
Marketable securities	24,257	24,833
Tenant and other receivables, net	98,198	109,092
Deferred charges and other assets, net	387,118	483,763
Loans to unconsolidated joint ventures	3,403	3,995
Due from affiliates	3,572	3,387
Investments in unconsolidated joint ventures	1,120,832	1,098,560
Total assets	7,731,053	7,938,549
Mortgage notes payable:
Related parties	277,117	279,430
Others	3,025,203	3,049,008
Total	3,302,320	3,328,438
Bank and other notes payable	764,444	877,636
Accounts payable and accrued expenses	57,619	72,870
Other accrued liabilities	270,103	299,098
Distributions in excess of investments in unconsolidated joint ventures	79,213	70,685
Co-venture obligation	119,576	125,171
Total liabilities	4,593,275	4,773,898
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 133,283,744 and 132,153,444 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively	1,333	1,321
Additional paid-in capital	3,500,217	3,490,647
Accumulated deficit	(705,292)	(678,631)
Total stockholders' equity	2,796,258	2,813,337
Noncontrolling interests	341,520	351,314
Total equity	3,137,778	3,164,651
Total liabilities and equity	$ 7,731,053	$ 7,938,549

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2012	Dec. 31, 2011
CONSOLIDATED BALANCE SHEETS
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	133,283,744	132,153,444
Common stock, shares outstanding	133,283,744	132,153,444

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Revenues:
Minimum rents	$ 117,890	$ 104,451	$ 237,416	$ 207,135
Percentage rents	2,769	2,861	6,522	5,600
Tenant recoveries	64,705	58,022	129,400	116,251
Management Companies	9,657	8,119	20,872	18,702
Other	9,524	7,846	20,275	13,888
Total revenues	204,545	181,299	414,485	361,576
Expenses:
Shopping center and operating expenses	65,070	59,067	130,571	116,166
Management Companies' operating expenses	23,734	20,921	46,259	46,777
REIT general and administrative expenses	5,655	3,742	10,174	11,386
Depreciation and amortization	71,487	60,926	145,328	120,634
Total expenses before interest	165,946	144,656	332,332	294,963
Interest expense:
Related parties	3,833	4,086	7,773	8,575
Other	39,464	39,980	78,048	84,092
Total interest expense	43,297	44,066	85,821	92,667
Loss on early extinguishment of debt		32		9,133
Total expenses	209,243	188,754	418,153	396,763
Equity in income of unconsolidated joint ventures	18,691	25,207	49,309	55,482
Co-venture expense	(1,304)	(1,202)	(2,395)	(2,498)
Income tax benefit	3,075	1,768	1,225	4,246
(Loss) gain on remeasurement, sale or write down of assets, net	(859)	1,287	18,638	3,088
Income from continuing operations	14,905	19,605	63,109	25,131
Discontinued operations:
Gain (loss) on the disposition of assets, net	130,727	(35,753)	75,159	(37,991)
Loss from discontinued operations	(1,089)	(4,763)	(5,449)	(7,960)
Income (loss) from discontinued operations	129,638	(40,516)	69,710	(45,951)
Net income (loss)	144,543	(20,911)	132,819	(20,820)
Less net income (loss) attributable to noncontrolling interests	11,189	(1,695)	13,533	(1,638)
Net income (loss) attributable to the Company	$ 133,354	$ (19,216)	$ 119,286	$ (19,182)
Earnings per common share attributable to Company-basic:
Income from continuing operations (in dollars per share)	$ 0.10	$ 0.13	$ 0.42	$ 0.17
Discontinued operations (in dollars per share)	0.90	(0.28)	0.48	(0.32)
Net income (loss) available to common stockholders (in dollars per share)	1.00	(0.15)	0.90	(0.15)
Earnings per common share attributable to Company-diluted:
Income from continuing operations (in dollars per share)	0.10	0.13	0.42	0.17
Discontinued operations (in dollars per share)	0.90	(0.28)	0.48	(0.32)
Net income (loss) available to common stockholders (in dollars per share)	$ 1.00	$ (0.15)	$ 0.90	$ (0.15)
Weighted average number of common shares outstanding:
Basic (in shares)	132,768	131,691	132,520	131,136
Diluted (in shares)	132,877	131,691	132,611	131,136

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Net income (loss)	$ 144,543	$ (20,911)	$ 132,819	$ (20,820)
Other comprehensive income:
Interest rate swap/cap agreements	0	1,358	0	6,188
Comprehensive income (loss)	144,543	(19,553)	132,819	(14,632)
Less comprehensive income (loss) attributable to noncontrolling interests	11,189	(1,695)	13,533	(1,638)
Comprehensive income (loss) attributable to the Company	$ 133,354	$ (17,858)	$ 119,286	$ (12,994)

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

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+ Details

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

Net of tax effect change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges, that is attributable to the parent entity. The change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses.

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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-Name Accounting Research Bulletin (ARB)
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+ Details

CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Jun. 30, 2012 - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests
Balance at Dec. 31, 2011	$ 3,164,651	$ 2,813,337	$ 1,321	$ 3,490,647	$ (678,631)	$ 351,314
Balance (in shares) at Dec. 31, 2011			132,153,444
Increase (Decrease) in Stockholders' Equity
Net income	132,819	119,286			119,286	13,533
Amortization of share and unit-based plans	7,282	7,282	$ 6	7,276
Amortization of share and unit-based plans (in shares)			556,435
Exercise of stock warrants	(3,448)	(3,448)		(3,448)
Employee stock purchases	425	425		425
Employee stock purchases (in shares)			9,723
Distributions paid ($1.10) per share	(145,947)	(145,947)			(145,947)
Distributions to noncontrolling interests	(18,237)					(18,237)
Contributions from noncontrolling interests	1,002					1,002
Other	(754)	(754)		(754)
Conversion of noncontrolling interests to common shares		11,276	$ 6	11,270		(11,276)
Conversion of noncontrolling interests to common shares (in shares)			564,142
Redemption of noncontrolling interests	(15)	(10)		(10)		(5)
Adjustment of noncontrolling interest in Operating Partnership		(5,189)		(5,189)		5,189
Balance at Jun. 30, 2012	$ 3,137,778	$ 2,796,258	$ 1,333	$ 3,500,217	$ (705,292)	$ 341,520
Balance (in shares) at Jun. 30, 2012			133,283,744

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical)	6 Months Ended
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical)	Jun. 30, 2012 $ / shares
CONSOLIDATED STATEMENT OF EQUITY
Distributions paid, per share	$ 1.10

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash flows from operating activities:
Net income (loss)	$ 132,819	$ (20,820)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss on early extinguishment of debt		133
Gain on remeasurement, sale or write down of assets, net	(18,638)	(3,088)
(Gain) loss on the disposition of assets, net from discontinued operations	(75,159)	37,991
Depreciation and amortization	156,843	137,352
Amortization of net discount on mortgages, bank and other notes payable	937	4,573
Amortization of share and unit-based plans	5,510	6,574
Provision for doubtful accounts	1,582	1,517
Income tax benefit	(1,225)	(4,246)
Equity in income of unconsolidated joint ventures	(49,309)	(55,482)
Co-venture expense	2,395	2,498
Distributions of income from unconsolidated joint ventures	7,886	5,741
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	9,700	5,100
Other assets	4,226	(5,869)
Due from affiliates	(185)	1,330
Accounts payable and accrued expenses	4,838	(3,553)
Other accrued liabilities	(37,622)	(19,891)
Net cash provided by operating activities	144,598	89,860
Cash flows from investing activities:
Acquisitions of property, development, redevelopment and renovation and property improvements	(133,786)	(91,268)
Issuance of notes receivable	(12,500)
Proceeds from maturities of marketable securities	689	672
Deferred leasing costs	(14,302)	(18,794)
Distributions from unconsolidated joint ventures	71,522	60,746
Contributions to unconsolidated joint ventures	(40,918)	(142,106)
Collection of/loans to unconsolidated joint ventures, net	592	(364)
Proceeds from sale of assets	130,645	4,875
Restricted cash	5,760	(11,021)
Net cash provided by (used in) investing activities	7,702	(197,260)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	1,235,885	272,000
Payments on mortgages, bank and other notes payable	(1,191,245)	(341,036)
Deferred financing costs	(3,000)	(16,999)
Proceeds from share and unit-based plans	425	320
Exercise of stock warrants	(3,448)
Redemption of noncontrolling interests	(15)
Contribution from noncontrolling interests	776
Dividends and distributions	(161,139)	(145,402)
Distributions to co-venture partner	(7,990)	(33,899)
Net cash used in financing activities	(129,751)	(265,016)
Net increase (decrease) in cash and cash equivalents	22,549	(372,416)
Cash and cash equivalents, beginning of period	67,248	445,645
Cash and cash equivalents, end of period	89,797	73,229
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	61,257	84,977
Non-cash transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	17,325	14,645
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities		56,900
Disposition of property in exchange for investments in unconsolidated joint ventures		56,952
Mortgage notes payable settled by deed-in-lieu of foreclosure	185,000
Conversion of Operating Partnership Units to common stock	$ 11,276	$ 20,231

Organization:

6 Months Ended

Jun. 30, 2012

Organization:

Organization:

1. Organization:

The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community 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, 2012, 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 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 Accounting Policies:

6 Months Ended

Jun. 30, 2012

Summary of Significant Accounting Policies:

Summary of Significant Accounting Policies:

2. 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 ("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 independent public accountants.

The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. Investments in entities in which the Company retains a controlling financial interest or entities that meet the definition of a variable interest entity in which the Company has, as a result of ownership, contractual or other financial interests, both the power to direct activities that most significantly impact the economic performance of the variable interest entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the variable interest entity are consolidated; otherwise they are accounted for under the equity method of accounting and are reflected as "investments in unconsolidated joint ventures."

The Company had identified Shoppingtown Mall, L.P. ("Shoppingtown Mall") and Camelback Shopping Center Limited Partnership as variable interest entities that met the criteria for consolidation. On September 14, 2011, the Company redeemed the outside ownership interests in Shoppingtown Mall for a cash payment of $11,366 (See Note 13—Noncontrolling Interests). As a result of the redemption, the property became wholly-owned by the Company. On December 30, 2011, the Company conveyed Shoppingtown Mall to the mortgage note lender by a deed-in-lieu of foreclosure (See Note 16—Discontinued Operations). The net assets and results of operations of Camelback Shopping Center Limited Partnership included in the accompanying consolidated financial statements were insignificant to the net assets and results of operations of the Company.

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, 2011. 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, 2011 has been derived from the audited financial statements, but does not include all disclosures required by GAAP.

Capitalization of Costs:

The Company capitalizes costs incurred in redevelopment, development, renovation and improvement of properties. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. These capitalized costs include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. Capitalized indirect costs are allocated to development and redevelopment activities based on the square footage of the portion of the building not held available for immediate occupancy. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once work has been completed on a vacant space, project costs are no longer capitalized. For projects with extended lease-up periods, the Company ends the capitalization when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the construction is substantially complete.

Acquisition Costs:

The Company immediately expenses costs associated with business combinations as period costs.

Recent Accounting Pronouncements:

In May 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2011-4, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs ("ASU 2011-4"). The amendments in this update result in additional fair value measurement and disclosure requirements within U.S. GAAP and International Financial Reporting Standards. Consequently, the amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The adoption of ASU 2011-4 on January 1, 2012 did not have an impact on the Company's consolidated financial position or results of operations. The Company has disclosed in the notes to the consolidated financial statements whether the fair value measurements are Level 1, 2 or 3.

In June 2011, the FASB issued Accounting Standards Update No. 2011-5, Presentation of Comprehensive Income. The amendments require that all non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive income and the total of comprehensive income. In December 2011, the FASB deferred portions of this update in its issuance of Accounting Standards Update No. 2011-12. The Company has elected the two-statement approach and the required consolidated financial statements are presented herein.

Earnings per Share ("EPS"):

6 Months Ended

Jun. 30, 2012

Earnings per Share ("EPS"):

Earnings per Share ("EPS"):

3. Earnings per Share ("EPS"):

The following table reconciles the numerator and denominator used in the computation of earnings per share for the three and six months ended June 30, 2012 and 2011 (shares in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	2012			2011			2012			2011
Numerator
Income from continuing operations	$	14,905		$	19,605		$	63,109		$	25,131
Income (loss) from discontinued operations		129,638			(40,516	)		69,710			(45,951	)
Net (income) loss attributable to noncontrolling interests		(11,189	)		1,695			(13,533	)		1,638

Net income (loss) attributable to the Company		133,354			(19,216	)		119,286			(19,182	)
Allocation of earnings to participating securities		(115	)		(289	)		(380	)		(831	)

Numerator for basic and diluted earnings per share—net income (loss) available to common stockholders	$	133,239		$	(19,505	)	$	118,906		$	(20,013	)

Denominator
Denominator for basic earnings per share—weighted average number of common shares outstanding		132,768			131,691			132,520			131,136
Effect of dilutive securities:(1)
Stock warrants		68			—			84			—
Share and unit-based compensation plans		41			—			7			—

Denominator for diluted earnings per share—weighted average number of common shares outstanding		132,877			131,691			132,611			131,136

Earnings per common share—basic:
Income from continuing operations	$	0.10		$	0.13		$	0.42		$	0.17
Discontinued operations		0.90			(0.28	)		0.48			(0.32	)

Net income (loss) available to common stockholders	$	1.00		$	(0.15	)	$	0.90		$	(0.15	)

Earnings per common share—diluted:
Income from continuing operations	$	0.10		$	0.13		$	0.42		$	0.17
Discontinued operations		0.90			(0.28	)		0.48			(0.32	)

Net income (loss) available to common stockholders	$	1.00		$	(0.15	)	$	0.90		$	(0.15	)

(1)

The Senior Notes (See Note 11—Bank and Other Notes Payable) are excluded from diluted EPS for the three and six months ended June 30, 2012 and 2011 as their impact was antidilutive.

Diluted EPS excludes 198,745 and 203,693 convertible non-participating preferred units for the three and six months ended June 30, 2012, respectively, and 208,640 convertible non-participating preferred units for the three and six months ended June 30, 2011 as their impact was antidilutive.

Diluted EPS excludes 1,154,221 of unexercised stock appreciation rights ("SARs") for the six months ended June 30, 2012, and excludes 1,125,172 of unexercised SARs for the three and six months ended June 30, 2011, as their impact was antidilutive.

Diluted EPS excludes 122,500 of unexercised stock options for the three and six months ended June 30, 2011 as their impact was antidilutive.

Diluted EPS excludes 935,358 of unexercised stock warrants for the three and six months ended June 30, 2011 as their impact was antidilutive.

Diluted EPS excludes 11,262,293 and 11,448,084 of Operating Partnership units ("OP Units") for the three months ended June 30, 2012 and 2011, respectively, and 11,220,562 and 11,674,114 of OP Units for the six months ended June 30, 2012 and 2011, respectively, as their impact was antidilutive.

Investments in Unconsolidated Joint Ventures:

6 Months Ended

Jun. 30, 2012

Investments in Unconsolidated Joint Ventures:

Investments in Unconsolidated Joint Ventures:

4. Investments in Unconsolidated Joint Ventures:

The Company has recently made the following investments and dispositions relating to its unconsolidated joint ventures:

On February 24, 2011, the Company's joint venture in Kierland Commons Investment LLC ("KCI") acquired an additional ownership interest in PHXAZ/Kierland Commons, L.L.C. ("Kierland Commons"), a 434,642 square foot community center in Scottsdale, Arizona, for $105,550. The Company's share of the purchase price consisted of a cash payment of $34,162 and the assumption of a pro rata share of debt of $18,613. As a result of this transaction, KCI increased its ownership interest in Kierland Commons from 49% to 100%. KCI accounted for the acquisition as a business combination achieved in stages and recognized a remeasurement gain of $25,019 based on the acquisition date fair value and its previously held investment in Kierland Commons. As a result of this transaction, the Company's ownership interest in KCI increased from 24.5% to 50%. The Company's pro rata share of the gain recognized by KCI was $12,510 and was included in equity in income from unconsolidated joint ventures.

On February 28, 2011, the Company in a 50/50 joint venture acquired The Shops at Atlas Park, a 377,924 square foot community center in Queens, New York, for a total purchase price of $53,750. The Company's share of the purchase price was $26,875. The results of The Shops at Atlas Park are included below for the period subsequent to the acquisition.

On February 28, 2011, the Company acquired the additional 50% ownership interest in Desert Sky Mall, an 893,863 square foot regional shopping center in Phoenix, Arizona, that it did not own for $27,625. The purchase price was funded by a cash payment of $1,875 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $25,750. Concurrent with the purchase of the partnership interest, the Company paid off the $51,500 loan on the property. Prior to the acquisition, the Company had accounted for its investment in Desert Sky Mall under the equity method. Since the date of acquisition, the Company has included Desert Sky Mall in its consolidated financial statements (See Note 15—Acquisitions).

On April 1, 2011, the Company's joint venture in SDG Macerich Properties, L.P. ("SDG Macerich") conveyed Granite Run Mall to the mortgage note lender by a deed-in-lieu of foreclosure. The mortgage note was non-recourse. The Company's pro rata share of gain on the extinguishment of debt was $7,753.

On June 3, 2011, the Company entered into a transaction with General Growth Properties, Inc., whereby the Company acquired an additional 33.3% ownership interest in Arrowhead Towne Center, an additional 33.3% ownership interest in Superstition Springs Center, and an additional 50% ownership interest in the land under Superstition Springs Center ("Superstition Springs Land") that it did not own in exchange for six anchor locations, including five former Mervyn's stores (See Note 16—Discontinued Operations) and a cash payment of $75,000. As a result of this transaction, the Company now owns a 66.7% ownership interest in Arrowhead Towne Center, a 66.7% ownership interest in Superstition Springs Center and a 100% ownership interest in Superstition Springs Land. Although the Company had a 66.7% ownership interest in Arrowhead Towne Center and Superstition Springs Center upon completion of the transaction, the Company does not have a controlling financial interest in these joint ventures due to the substantive participation rights of the outside partner and, therefore, continues to account for its investments in these joint ventures under the equity method of accounting. Accordingly, no remeasurement gain was recorded on the increase in ownership. The Company has consolidated its investment in Superstition Springs Land since the date of acquisition (See Note 15—Acquisitions) and has recorded a remeasurement gain of $1,734 as a result of the increase in ownership. This transaction is referred to herein as the "GGP Exchange".

On December 31, 2011, the Company and its joint venture partner reached agreement for the distribution and conveyance of interests in SDG Macerich that owned 11 regional shopping centers in a 50/50 partnership. Six of the eleven assets were distributed to the Company on December 31, 2011. The Company received 100% ownership of Eastland Mall in Evansville, Indiana, Lake Square Mall in Leesburg, Florida, SouthPark Mall in Moline, Illinois, Southridge Mall in Des Moines, Iowa, NorthPark Mall in Davenport, Iowa and Valley Mall in Harrisonburg, Virginia (collectively referred to herein as the "SDG Acquisition Properties"). The ownership interests in the remaining five regional malls were distributed to the outside partner. The remaining net assets of SDG Macerich were distributed during the six months ended June 30, 2012. The SDG Acquisition Properties were recorded at fair value at the date of transfer, which resulted in a gain of $188,264, which was included in equity in income of unconsolidated joint ventures, based on the fair value of the assets acquired and the liabilities assumed in excess of the book value of the Company's interest in SDG Macerich. The distribution and conveyance of the 11 regional shopping centers is referred to herein as the "SDG Transaction". Prior to the SDG Transaction, the Company accounted for its investment in the SDG Acquisition Properties under the equity method of accounting. Since the date of distribution and conveyance, the Company has included the SDG Acquisition Properties in its consolidated financial statements (See Note 15—Acquisitions).

On March 30, 2012, the Company sold its 50% ownership interest in Chandler Village Center, a 273,439 square foot community center in Chandler, Arizona, for a total sales price of $14,795, resulting in a gain of $8,188 that is included in gain on remeasurement, sale or write down of assets, net during the six months ended June 30, 2012. The sales price was funded by a cash payment of $6,045 and the assumption of the Company's share of the mortgage note payable on the property of $8,750. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes.

On March 30, 2012, the Company sold its 50% ownership interest in Chandler Festival, a 500,426 square foot community center in Chandler, Arizona, for a total sales price of $30,975, resulting in a gain of $12,347 that is included in gain on remeasurement, sale or write down of assets, net during the six months ended June 30, 2012. The sales price was funded by a cash payment of $16,183 and the assumption of the Company's share of the mortgage note payable on the property of $14,792. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes.

On March 30, 2012, the Company's joint venture in SanTan Village Power Center, a 491,037 square foot community center in Gilbert, Arizona, sold the property for $54,780, resulting in a gain to the joint venture of $23,307. The cash proceeds from the sale were used to pay off the $45,000 mortgage loan on the property and the remaining $9,780 was distributed to the partners. The Company's share of the gain recognized was $11,508, which was included in equity in income of unconsolidated joint ventures, offset in part by $3,567 that was included in net income attributable to noncontrolling interests.

On May 31, 2012, the Company sold its 50% ownership interest in Chandler Gateway, a 259,535 square foot community center in Chandler, Arizona, for a total sales price of $14,315, resulting in a gain of $3,345 that is included in gain on remeasurement, sale or write down of assets, net during the three and six months ended June 30, 2012. The sales price was funded by a cash payment of $4,921 and the assumption of the Company's share of the mortgage note payable on the property of $9,394. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes.

Combined condensed balance sheets and statements of operations are presented below for all unconsolidated joint ventures.

Combined Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information:

	June 30, 2012			December 31, 2011

Assets(1):
Properties, net	$	4,220,133		$	4,328,953
Other assets		450,504			469,039

Total assets	$	4,670,637		$	4,797,992

Liabilities and partners' capital(1):
Mortgage notes payable(2)	$	3,756,725		$	3,896,418
Other liabilities		149,947			161,827
Company's capital		356,121			327,461
Outside partners' capital		407,844			412,286

Total liabilities and partners' capital	$	4,670,637		$	4,797,992

Investment in unconsolidated joint ventures:
Company's capital	$	356,121		$	327,461
Basis adjustment(3)		685,498			700,414

	$	1,041,619		$	1,027,875

Assets—Investments in unconsolidated joint ventures	$	1,120,832		$	1,098,560
Liabilities—Distributions in excess of investments in unconsolidated joint ventures		(79,213	)		(70,685	)

	$	1,041,619		$	1,027,875

(1): These amounts include the assets and liabilities of the following joint ventures as of June 30, 2012 and December 31, 2011:

	Pacific Premier Retail LP		Tysons Corner LLC

As of June 30, 2012:
Total Assets	$	1,051,404	$	360,989
Total Liabilities	$	1,000,565	$	327,057
As of December 31, 2011:
Total Assets	$	1,078,226	$	339,324
Total Liabilities	$	1,005,479	$	319,247

(2): Certain mortgage notes payable could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of June 30, 2012 and December 31, 2011, a total of $372,371 and $380,354, respectively, could become recourse debt to the Company. As of June 30, 2012 and December 31, 2011, the Company has indemnity agreements from joint venture partners for $178,639 and $182,638, respectively, of the guaranteed amount.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $657,889 and $663,543 as of June 30, 2012 and December 31, 2011, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense incurred on these borrowings amounted to $10,939 and $10,004 for the three months ended June 30, 2012 and 2011, respectively, and $21,994 and $20,097 for the six months ended June 30, 2012 and 2011, respectively.
(3): The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $3,132 and $2,612 for the three months ended June 30, 2012 and 2011, respectively, and $3,075 and $4,119 for the six months ended June 30, 2012 and 2011, respectively.

Combined Condensed Statements of Operations of Unconsolidated Joint Ventures:

	Pacific Premier Retail LP			Tysons Corner LLC		Other Joint Ventures			Total

Three Months Ended June 30, 2012
Revenues:
Minimum rents	$	32,459		$	15,962	$	85,685		$	134,106
Percentage rents		771			233		3,027			4,031
Tenant recoveries		14,402			10,814		41,750			66,966
Other		1,261			669		9,780			11,710

Total revenues		48,893			27,678		140,242			216,813

Expenses:
Shopping center and operating expenses		14,148			8,560		52,938			75,646
Interest expense		13,213			3,043		37,323			53,579
Depreciation and amortization		10,559			5,109		31,377			47,045

Total operating expenses		37,920			16,712		121,638			176,270

Loss on sale or remeasurement of assets		(10	)		—		(14	)		(24	)

Net income	$	10,963		$	10,966	$	18,590		$	40,519

Company's equity in net income	$	5,577		$	4,302	$	8,812		$	18,691

Three Months Ended June 30, 2011
Revenues:
Minimum rents	$	32,545		$	14,786	$	106,410		$	153,741
Percentage rents		936			445		2,913			4,294
Tenant recoveries		13,621			10,215		52,264			76,100
Other		1,037			703		9,795			11,535

Total revenues		48,139			26,149		171,382			245,670

Expenses:
Shopping center and operating expenses		14,612			8,081		65,799			88,492
Interest expense		11,701			3,845		47,845			63,391
Depreciation and amortization		10,325			5,043		37,813			53,181

Total operating expenses		36,638			16,969		151,457			205,064

Loss on sale or remeasurement of assets		—			—		(329	)		(329	)
Gain on extinguishment of debt		—			—		15,506			15,506

Net income	$	11,501		$	9,180	$	35,102		$	55,783

Company's equity in net income	$	5,850		$	3,490	$	15,867		$	25,207

	Pacific Premier Retail LP			Tysons Corner LLC		Other Joint Ventures		Total

Six Months Ended June 30, 2012
Revenues:
Minimum rents	$	66,094		$	31,302	$	175,790	$	273,186
Percentage rents		1,734			633		6,317		8,684
Tenant recoveries		27,876			21,629		84,162		133,667
Other		2,527			1,346		18,360		22,233

Total revenues		98,231			54,910		284,629		437,770

Expenses:
Shopping center and operating expenses		28,310			17,074		108,861		154,245
Interest expense		26,501			6,064		76,446		109,011
Depreciation and amortization		21,021			10,185		62,430		93,636

Total operating expenses		75,832			33,323		247,737		356,892

(Loss) gain on sale or remeasurement of assets		(10	)		—		22,976		22,966

Net income	$	22,389		$	21,587	$	59,868	$	103,844

Company's equity in net income	$	11,387		$	8,349	$	29,573	$	49,309

Six Months Ended June 30, 2011
Revenues:
Minimum rents	$	65,344		$	30,329	$	215,065	$	310,738
Percentage rents		2,102			868		5,979		8,949
Tenant recoveries		27,267			20,478		104,972		152,717
Other		2,056			1,430		18,856		22,342

Total revenues		96,769			53,105		344,872		494,746

Expenses:
Shopping center and operating expenses		29,206			16,682		131,971		177,859
Interest expense		23,424			7,818		97,778		129,020
Depreciation and amortization		20,481			9,906		75,693		106,080

Total operating expenses		73,111			34,406		305,442		412,959

Gain on sale or remeasurement of assets		—			—		24,545		24,545
Gain on extinguishment of debt		—			—		15,506		15,506

Net income	$	23,658		$	18,699	$	79,481	$	121,838

Company's equity in net income	$	12,033		$	7,198	$	36,251	$	55,482

Significant accounting policies used by the unconsolidated joint ventures are similar to those used by the Company.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

+ References + Details

Derivative Instruments and Hedging Activities:

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities:

Derivative Instruments and Hedging Activities:

5. Derivative Instruments and Hedging Activities:

The Company recorded other comprehensive income related to the marking-to-market of interest rate agreements of $0 and $1,358 for the three months ended June 30, 2012 and 2011, respectively, and $0 and $6,188 for the six months ended June 30, 2012 and 2011, respectively. There were no derivatives outstanding at June 30, 2012.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Property:

6 Months Ended

Jun. 30, 2012

Property:

Property:

6. Property:

Property consists of the following:

	June 30, 2012			December 31, 2011

Land	$	1,227,504		$	1,273,649
Building improvements		5,226,712			5,440,394
Tenant improvements		439,861			442,862
Equipment and furnishings		123,271			123,098
Construction in progress		347,882			209,732

		7,365,230			7,489,735
Less accumulated depreciation		(1,420,223	)		(1,410,692	)

	$	5,945,007		$	6,079,043

Depreciation expense was $57,615 and $51,323 for the three months ended June 30, 2012 and 2011, respectively, and $114,937 and $101,660 for the six months ended June 30, 2012 and 2011, respectively.

The (loss) gain on remeasurement, sale or write down of assets, net includes the write off of development costs of $4,204 and $447 during the three months ended June 30, 2012 and 2011, respectively, and $5,242 and $484 during the six months ended June 30, 2012 and 2011, respectively.

The Company recognized a gain of $1,734 on the purchase of Superstition Springs Land (See Note 15—Acquisitions) in connection with the GGP Exchange (See Note 4—Investments in Unconsolidated Joint Ventures) during the three and six months ended June 30, 2011. In addition, the Company recognized a gain of $1,838 on the purchase of a 50% ownership interest in Desert Sky Mall (See Note 15—Acquisitions) during the six months ended June 30, 2011.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Marketable Securities:

6 Months Ended

Jun. 30, 2012

Marketable Securities:

Marketable Securities:

7. Marketable Securities:

Marketable securities consist of the following:

	June 30, 2012			December 31, 2011

Government debt securities, at par value	$	24,458		$	25,147
Less discount		(201	)		(314	)

		24,257			24,833
Unrealized gain		1,228			1,803

Fair value (Level 1 measurement)	$	25,485		$	26,636

Future contractual maturities of marketable securities are as follows:


1 year or less	$	1,378
2 to 5 years		23,080

	$	24,458

The proceeds from maturities and interest receipts from the marketable securities are restricted to the service of the Greeley Note (See Note 11—Bank and Other Notes Payable).

Tenant and Other Receivables, net:

6 Months Ended

Jun. 30, 2012

Tenant and Other Receivables, net:

Tenant and Other Receivables, net:

8. Tenant and Other Receivables, net:

Included in tenant and other receivables, net, is an allowance for doubtful accounts of $3,759 and $4,626 at June 30, 2012 and December 31, 2011, respectively. Also included in tenant and other receivables, net, are accrued percentage rents of $1,306 and $7,583 at June 30, 2012 and December 31, 2011, respectively.

Included in tenant and other receivables, net, are the following notes receivable:

On March 31, 2006, the Company received a note receivable that is secured by a deed of trust, bears interest at 5.5% and matures on March 31, 2013. At June 30, 2012 and December 31, 2011, the note had a balance of $8,613 and $8,743, respectively.

On August 18, 2009, the Company received a note receivable from J&R Holdings XV, LLC ("Pederson") that matures on December 31, 2013. Pederson is considered a related party because it has an ownership interest in Promenade at Casa Grande. The note is secured by Pederson's interest in Promenade at Casa Grande. The balance on the note at June 30, 2012 and December 31, 2011 was $3,445. The interest rate on the note was 15% and 12% at June 30, 2012 and December 31, 2011, respectively. Interest income on the note was $154 and $104 for three months ended June 30, 2012 and 2011, respectively, and $258 and $206 for the six months ended June 30, 2012 and 2011, respectively.

On March 27, 2012, the Company received two notes receivable from principals of AWE Talisman for a total of $12,500 that bear interest at 5.0% and mature based on the completion, refinancing or sale of Fashion Outlets of Chicago. The notes are collateralized by the principals' interests in Fashion Outlets of Chicago. AWE Talisman is considered a related party because it has an ownership interest in Fashion Outlets of Chicago. Interest income earned on the notes was $155 and $163 for three and six months ended June 30, 2012.

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5074-111524

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5066-111524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5162-111524

+ Details

Deferred Charges and Other Assets, net:

6 Months Ended

Jun. 30, 2012

Deferred Charges and Other Assets, net:

Deferred Charges and Other Assets, net:

9. Deferred Charges and Other Assets, net:

Deferred charges and other assets, net, consist of the following:

	June 30, 2012			December 31, 2011

Leasing	$	204,554		$	281,340
Financing		34,307			40,638
Intangible assets:
In-place lease values		104,330			121,320
Leasing commissions and legal costs		28,468			32,242
Other assets		196,446			198,596

		568,105			674,136
Less accumulated amortization(1)		(180,987	)		(190,373	)

	$	387,118		$	483,763

(1): Accumulated amortization includes $50,068 and $56,946 relating to intangible assets at June 30, 2012 and December 31, 2011, respectively. Amortization expense for intangible assets was $6,553 and $3,325 for the three months ended June 30, 2012 and 2011, respectively, and $16,205 and $6,983 for the six months ended June 30, 2012 and 2011, respectively.

The allocated values of above-market leases included in deferred charges and other assets, net, and below-market leases included in other accrued liabilities, consist of the following:

	June 30, 2012			December 31, 2011

Above-Market Leases
Original allocated value	$	98,217		$	97,297
Less accumulated amortization		(41,575	)		(39,057	)

	$	56,642		$	58,240

Below-Market Leases
Original allocated value	$	136,602		$	156,778
Less accumulated amortization		(79,929	)		(91,400	)

	$	56,673		$	65,378

Mortgage Notes Payable:

6 Months Ended

Jun. 30, 2012

Mortgage Notes Payable:

Mortgage Notes Payable:

10. Mortgage Notes Payable:

Mortgage notes payable at June 30, 2012 and December 31, 2011 consist of the following:

	Carrying Amount of Mortgage Notes(1)

	June 30, 2012				December 31, 2011
	Related Party		Other		Related Party		Other		Interest Rate(2)			Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)(6)	$	—	$	200,000	$	—	$	155,489		3.77	%	$	625		2019
Danbury Fair Mall		121,119		121,120		122,382		122,381		5.53	%		1,538		2020
Deptford Mall		—		172,500		—		172,500		5.41	%		778		2013
Deptford Mall		—		14,917		—		15,030		6.46	%		101		2016
Eastland Mall		—		168,000		—		168,000		5.79	%		811		2016
Fashion Outlets of Niagara		—		127,816		—		129,025		4.89	%		727		2020
Fiesta Mall		—		84,000		—		84,000		4.98	%		341		2015
Flagstaff Mall		—		37,000		—		37,000		5.03	%		151		2015
Freehold Raceway Mall(5)		—		232,900		—		232,900		4.20	%		805		2018
Fresno Fashion Fair		81,177		81,177		81,733		81,734		6.76	%		1,104		2015
Great Northern Mall		—		36,831		—		37,256		5.19	%		234		2013
Northgate, The Mall at(7)		—		64,000		—		38,115		3.12	%		133		2017
Oaks, The(8)		—		220,000		—		257,264		4.14	%		1,064		2022
Pacific View(9)		—		139,596		—		—		4.08	%		668		2022
Paradise Valley Mall(10)		—		82,500		—		84,000		6.30	%		399		2014
Prescott Gateway(11)		—		—		—		60,000		—			—		—
Promenade at Casa Grande(12)		—		75,348		—		76,598		5.21	%		283		2013
Salisbury, Center at		—		115,000		—		115,000		5.83	%		555		2016
SanTan Village Regional Center(13)		—		138,087		—		138,087		2.64	%		269		2013
South Plains Mall		—		102,058		—		102,760		6.56	%		648		2015
South Towne Center		—		85,896		—		86,525		6.39	%		555		2015
Towne Mall		—		12,519		—		12,801		4.99	%		100		2012
Tucson La Encantada(14)		74,821		—		75,315		—		4.23	%		368		2022
Twenty Ninth Street(15)		—		107,000		—		107,000		3.07	%		255		2016
Valley Mall		—		43,238		—		43,543		5.85	%		280		2016
Valley River Center		—		120,000		—		120,000		5.59	%		558		2016
Valley View Center(16)		—		—		—		125,000		—			—		—
Victor Valley, Mall of(17)		—		93,700		—		97,000		2.08	%		142		2013
Vintage Faire Mall(18)		—		135,000		—		135,000		3.53	%		364		2015
Westside Pavilion(19)		—		175,000		—		175,000		2.53	%		1,326		2013
Wilton Mall(20)		—		40,000		—		40,000		1.24	%		30		2013

	$	277,117	$	3,025,203	$	279,430	$	3,049,008

(1): The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method.

Debt premiums (discounts) consist of the following:

Property Pledged as Collateral	June 30, 2012			December 31, 2011

Deptford Mall	$	(22	)	$	(25	)
Fashion Outlets of Niagara		7,734			8,198
Great Northern Mall		(42	)		(55	)
Towne Mall		42			88
Valley Mall		(350	)		(365	)

	$	7,362		$	7,841

(2): The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs.
(3): The monthly debt service represents the payment of principal and interest.
(4): The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.
(5): A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 12—Co-Venture Arrangement).
(6): On June 29, 2012, the Company replaced the existing loan on the property with a new $200,000 loan that bears interest at 3.77% and matures on July 1, 2019.
(7): On March 23, 2012, the Company borrowed an additional $25,885 and modified the loan to bear interest at LIBOR plus 2.25% with a maturity of March 1, 2017. At June 30, 2012 and December 31, 2011, the total interest rate was 3.12% and 7.00%, respectively.
(8): On May 17, 2012, the Company replaced the existing loan on the property with a new $220,000 loan that bears interest at 4.14% and matures on June 5, 2022.
(9): On March 30, 2012, the Company placed a new $140,000 loan on the property that bears interest at 4.08% with a maturity of April 1, 2022.
(10): The loan bears interest at LIBOR plus 4.0% with a total interest rate floor of 5.50% and matures on August 31, 2014. At June 30, 2012 and December 31, 2011, the total interest rate was 6.30%.
(11): On May 31, 2012, the Company conveyed the property to the lender by a deed-in-lieu of foreclosure. As a result, the Company has been discharged from this non-recourse loan. (See Note 16—Discontinued Operations).
(12): The loan bears interest at LIBOR plus 4.0% with a LIBOR rate floor of 0.50% and matures on December 30, 2013. At June 30, 2012 and December 31, 2011, the total interest rate was 5.21%.
(13): The loan bears interest at LIBOR plus 2.10% and matures on June 13, 2013. At June 30, 2012 and December 31, 2011, the total interest rate was 2.64% and 2.69%, respectively.
(14): On February 1, 2012, the Company replaced the existing loan on the property with a new $75,135 loan that bears interest at 4.23% and matures on March 1, 2022.
(15): The loan bears interest at LIBOR plus 2.63% and matures on January 18, 2016. At June 30, 2012 and December 31, 2011, the total interest rate was 3.07% and 3.12%, respectively.
(16): On April 23, 2012, the property was sold by a court appointed receiver. As a result, the Company was discharged from this non-recourse loan (See Note 16—Discontinued Operations).

(17): The loan bears interest at LIBOR plus 1.60% and matures on May 6, 2013. At June 30, 2012 and December 31, 2011, the total interest rate was 2.08% and 2.13%, respectively.
(18): The loan bears interest at LIBOR plus 3.0% and matures on April 27, 2015. At June 30, 2012 and December 31, 2011, the total interest rate was 3.53% and 3.56%, respectively.
(19): The loan bears interest at LIBOR plus 2.00% and matures on June 5, 2013. At June 30, 2012 and December 31, 2011, the total interest rate was 2.53% and 2.53%, respectively.
(20): The loan bears interest at LIBOR plus 0.675% and matures on August 1, 2013. As additional collateral for the loan, the Company is required to maintain a deposit of $40,000 with the lender, which has been included in restricted cash. The interest on the deposit is not restricted. At June 30, 2012 and December 31, 2011, the total interest rate was 1.24% and 1.28%, respectively.

Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt.

The Company expects that all loan maturities during the next twelve months will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand.

Total interest expense capitalized was $2,562 and $3,284 during the three months ended June 30, 2012 and 2011, respectively, and $4,915 and $6,619 during the six months ended June 30, 2012 and 2011, respectively.

Related party mortgage notes payable are amounts due to affiliates of NML. See Note 18—Related Party Transactions for interest expense associated with loans from NML.

The fair value of mortgage notes payable at June 30, 2012 and December 31, 2011 was $3,444,000 and $3,477,483, respectively, based on current interest rates for comparable loans. The method for computing fair value (Level 2 measurement) 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:

6 Months Ended

Jun. 30, 2012

Bank and Other Notes Payable:

Bank and Other Notes Payable:

11. Bank and Other Notes Payable:

Bank and other notes payable consist of the following:

Convertible Senior Notes ("Senior Notes"):

On March 16, 2007, the Company issued $950,000 in Senior Notes that matured on March 15, 2012. The Senior Notes bore interest at 3.25%, payable semiannually, were senior to unsecured debt of the Company and were guaranteed by the Operating Partnership. Prior to December 14, 2011, upon the occurrence of certain specified events, the Senior Notes were convertible at the option of the holder into cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, at the election of the Company, at an initial conversion rate of 8.9702 shares per $1 principal amount. On or after December 15, 2011, the Senior Notes were convertible at any time prior to March 13, 2012. The conversion right was not exercised prior to the maturity date of the Senior Notes.

On March 15, 2012, the Company paid-off in full the $439,318 of Senior Notes then outstanding. The carrying value of the Senior Notes at December 31, 2011 was $437,788, which included an unamortized discount of $1,530. The unamortized discount was amortized into interest expense over the term of the Senior Notes in a manner that approximated the effective interest method. As of December 31, 2011, the effective interest rate was 5.41%. The fair value of the Senior Notes at December 31, 2011 was $439,318 (Level 1 measurement) based on the quoted market price.

Line of Credit:

The Company had a $1,500,000 revolving line of credit that bore interest at LIBOR plus a spread of 0.75% to 1.10% that matured on April 25, 2011. On May 2, 2011, the Company obtained a new $1,500,000 revolving line of credit that bears interest at LIBOR plus a spread of 1.75% to 3.0% depending on the Company's overall leverage and matures on May 2, 2015 with a one-year extension option. Based on the Company's current leverage levels, the borrowing rate on the new facility is LIBOR plus 2.0%. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000 less the outstanding balance of the $125,000 unsecured term loan as described below. As of June 30, 2012 and December 31, 2011, borrowings under the line of credit were $615,000 and $290,000, respectively, at an average interest rate of 2.78% and 2.96%, respectively. The fair value (Level 2 measurement) of the line of credit at June 30, 2012 and December 31, 2011 was $616,566 and $292,366, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt.

Term Loan:

On December 8, 2011, the Company obtained a seven-year, $125,000 unsecured term loan under the line of credit that bears interest at LIBOR plus a spread of 1.95% to 3.20% depending on the Company's overall leverage and matures on December 8, 2018. Based on the Company's current leverage levels, the borrowing rate is LIBOR plus 2.20%. As of June 30, 2012 and December 31, 2011, the total interest rate was 2.59% and 2.42%, respectively. The fair value (Level 2 measurement) of the term loan at June 30, 2012 and December 31, 2011 was $122,589 and $120,019, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt.

Greeley Note:

On July 27, 2006, concurrent with the sale of Greeley Mall, the Company provided marketable securities to replace Greeley Mall as collateral for the mortgage note payable on the property (See Note 7—Marketable Securities). As a result of this transaction, the mortgage note payable was reclassified to bank and other notes payable. This note bears interest at an effective rate of 6.34% and matures in September 2013. At June 30, 2012 and December 31, 2011, the Greeley Note had a balance outstanding of $24,444 and $24,848, respectively. The fair value (Level 2 measurement) of the note at June 30, 2012 and December 31, 2011 was $25,594 and $26,510, respectively, based on current interest rates for comparable loans. The method for computing fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the collateral for the underlying debt.

As of June 30, 2012 and December 31, 2011, the Company was in compliance with all applicable financial loan covenants.

Co-Venture Arrangement:

6 Months Ended

Jun. 30, 2012

Co-Venture Arrangement:

Co-Venture Arrangement:

12. Co-Venture Arrangement:

On September 30, 2009, the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Freehold Raceway Mall and Chandler Fashion Center. As part of this transaction, the Company issued a warrant in favor of the third party to purchase 935,358 shares of common stock of the Company at an exercise price of $46.68 per share. See Note 14—Stockholders' Equity. The Company received approximately $174,650 in cash proceeds for the overall transaction, of which $6,496 was attributed to the warrants. The Company used the proceeds from this transaction to pay down the line of credit and for general corporate purposes.

As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the venture formation, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction has been accounted for as a profit-sharing arrangement, and accordingly the assets, liabilities and operations of the properties remain on the books of the Company and a co-venture obligation was established for the amount of $168,154, representing the net cash proceeds received from the third party less costs allocated to the warrant. The co-venture obligation is increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. The co-venture obligation was $119,576 and $125,171 at June 30, 2012 and December 31, 2011, respectively.

Noncontrolling Interests:

6 Months Ended

Jun. 30, 2012

Noncontrolling Interests:

Noncontrolling Interests:

13. 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% and 92% ownership interest in the Operating Partnership as of June 30, 2012 and December 31, 2011, respectively. The remaining 7% and 8% limited partnership interest as of June 30, 2012 and December 31, 2011, respectively, 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, 2012 and December 31, 2011, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $617,038 and $554,341, 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.

The outside ownership interests in the Company's joint venture in Shoppingtown Mall had a purchase option for $11,366. In addition, under certain conditions as defined by the partnership agreement, these partners had the right to "put" their partnership interests to the Company. Due to the redemption feature of the ownership interest in Shoppingtown Mall, these noncontrolling interests were included in temporary equity as redeemable noncontrolling interests. The Company exercised its right to redeem the outside ownership interests in the partnership for cash and the redemption closed on September 14, 2011. On December 30, 2011, the Company conveyed Shoppingtown Mall to the mortgage note lender by a deed-in-lieu of foreclosure.

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References + Details

Stockholders' Equity:

6 Months Ended

Jun. 30, 2012

Stockholders' Equity:

Stockholders' Equity:

14. Stockholders' Equity:

On September 30, 2009, the Company issued a warrant in connection with its formation of a co-venture to own and operate Freehold Raceway Mall and Chandler Fashion Center (See Note 12—Co-Venture Arrangement). The warrant provides for the purchase of 935,358 shares of the Company's common stock. The warrant was valued at $6,496 and recorded as a credit to additional paid-in capital. The warrant was immediately exercisable upon its issuance and will expire on December 1, 2012. The warrant has an exercise price of $46.68 per share, with such price subject to anti-dilutive adjustments. The warrant allows for either gross or net issue settlement at the option of the warrant holder. In the event that the warrant holder elects a net issue settlement, the Company may elect to settle the warrant in cash or shares; provided, however, that in the event the Company elects to deliver cash, the holder may elect to instead have the exercise of the warrant satisfied in shares. In addition, the Company has entered into a registration rights agreement with the warrant holders requiring the Company to provide certain registration rights regarding the resale of shares of common stock underlying the warrant. In December 2011, holders requested a net issue exercise of 311,786 shares of the warrant and the Company elected to deliver a cash payment of $1,278 in exchange for the portion of the warrant exercised. On April 10, 2012, the holders requested a net exercise of an additional 311,786 shares of the warrant and the Company elected to deliver a cash payment of $3,448 in exchange for the portion of the warrant exercised. As of June 30, 2012, there were 311,786 shares of the warrant unexercised.

The issuance of the warrants was exempt from registration under the Securities Act of 1933, as amended ("Securities Act"), pursuant to Section 4(2) of the Securities Act. Each investor represented that it was an accredited investor, as defined in Rule 501 of Regulation D, and that it was acquiring the securities for its own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the Securities Act.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 23: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

+ Details

Acquisitions:

6 Months Ended

Jun. 30, 2012

Acquisitions:

Acquisitions:

15. Acquisitions:

Desert Sky Mall:

On February 28, 2011, the Company acquired the additional 50% ownership interest in Desert Sky Mall, an 893,863 square foot regional shopping center in Phoenix, Arizona, that it did not own for $27,625. The acquisition was completed in order to gain 100% ownership and control over this well located asset. The purchase price was funded by a cash payment of $1,875 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $25,750. Concurrent with the purchase of the partnership interest, the Company paid off the $51,500 loan on the property. Prior to the acquisition, the Company had accounted for its investment under the equity method (See Note 4—Investments in Unconsolidated Joint Ventures).

The following is a summary of the allocation of the fair value of Desert Sky Mall:


Property	$	46,603
Deferred charges, net		5,474
Cash and cash equivalents		6,057
Tenant receivables		202
Other assets, net		4,481

Total assets acquired		62,817

Mortgage note payable		51,500
Accounts payable		33
Other accrued liabilities		3,017

Total liabilities assumed		54,550

Fair value of acquired net assets (at 100% ownership)	$	8,267

The Company determined that the purchase price represented the fair value of the additional ownership interest in Desert Sky Mall that was acquired. Accordingly, the Company also determined that the fair value of the acquired ownership interest in Desert Sky Mall equaled the fair value of the Company's existing ownership interest.


Fair value of existing ownership interest (at 50% ownership)	$	4,134
Carrying value of investment in Desert Sky Mall		(2,296	)

Gain on remeasurement	$	1,838

Since the date of acquisition, the Company has included Desert Sky Mall in its consolidated financial statements.

Superstition Springs Land:

On June 3, 2011, the Company acquired the additional 50% ownership interest in Superstition Springs Land that it did not own in connection with the GGP Exchange (See Note 4—Investments in Unconsolidated Joint Ventures). Prior to the acquisition, the Company had accounted for its investment in Superstition Springs Land under the equity method. As a result of this transaction, the Company obtained 100% ownership of the land.

The Company recorded the fair value of Superstition Springs Land at $12,914. As a result of obtaining control of this property, the Company recognized a gain of $1,734, which is included in gain on remeasurement, sale or write down of assets, net for the three and six months ended June 30, 2011. Since the date of acquisition, the Company has included Superstition Springs Land in its consolidated financial statements.

Fashion Outlets of Niagara:

On July 22, 2011, the Company acquired Fashion Outlets of Niagara, a 529,059 square foot outlet center in Niagara Falls, New York. The initial purchase price of $200,000 was funded by a cash payment of $78,579 and the assumption of the mortgage note payable with a carrying value of $121,421. The cash purchase price was funded from borrowings under the Company's line of credit.

The purchase and sale agreement includes contingent consideration based on the performance of Fashion Outlets of Niagara from the acquisition date through July 21, 2014 that could increase the purchase price from the initial $200,000 up to a maximum of $218,667. The Company estimated the fair value of the contingent consideration as of June 30, 2012 to be $15,417, which has been included in other accrued liabilities as part of the fair value of the total liabilities assumed.

The following is a summary of the allocation of the fair value of Fashion Outlets of Niagara:


Property	$	228,720
Restricted cash		5,367
Deferred charges, net		10,383
Other assets, net		3,090

Total assets acquired		247,560

Mortgage note payable		130,006
Accounts payable		231
Other accrued liabilities		38,037

Total liabilities assumed		168,274

Fair value of acquired net assets	$	79,286

The Company determined that the purchase price, including the estimated fair value of contingent consideration, represented the fair value of the assets acquired and liabilities assumed. Since the date of the acquisition, the Company has included Fashion Outlets of Niagara in its consolidated financial statements.

SDG Acquisition Properties:

On December 31, 2011, the Company acquired the SDG Acquisition Properties as a result of the SDG Transaction. The Company completed the SDG Transaction in order to gain 100% control of the SDG Acquisition Properties. In connection with the acquisition, the Company assumed the mortgage notes payable on Eastland Mall and Valley Mall. Prior to the acquisition, the Company had accounted for its investment in SDG Macerich under the equity method (See Note 4—Investments in Unconsolidated Joint Ventures).

The following is a summary of the allocation of the fair value of the SDG Acquisition Properties:


Property	$	371,344
Deferred charges, net		30,786
Tenant receivables		10,048
Other assets, net		32,826

Total assets acquired		445,004

Mortgage notes payable		211,543
Accounts payable		10,416
Other accrued liabilities		18,578

Total liabilities assumed		240,537

Fair value of acquired net assets	$	204,467

The Company determined that the purchase price represented the fair value of the assets acquired and liabilities assumed. Since the date of the acquisition, the Company has included the SDG Acquisition Properties in its consolidated financial statements.

Capitola Kohl's:

On April 29, 2011, the Company purchased a fee interest in a freestanding Kohl's store at Capitola Mall for $28,500. The purchase price was paid from cash on hand. Since the date of acquisition, the Company has included Capitola Kohl's in its consolidated financial statements.

500 North Michigan Avenue:

On February 29, 2012, the Company acquired a 324,000 square foot mixed-use retail/office building in Chicago, Illinois ("500 North Michigan Avenue") for $70,925. The purchase price was funded from borrowings under the Company's line of credit. The acquisition was completed in order to gain control over the property adjacent to The Shops at North Bridge.

The following is a summary of the allocation of the fair value of 500 North Michigan Avenue:


Property	$	66,033
Deferred charges, net		7,450
Other assets, net		2,143

Total assets acquired		75,626

Other accrued liabilities		4,701

Total liabilities assumed		4,701

Fair value of acquired net assets	$	70,925

The Company determined that the purchase price represented the fair value of the assets acquired and liabilities assumed.

Since the date of acquisition, the Company has included 500 North Michigan Avenue in its consolidated financial statements. The property has generated incremental revenue of $3,210 and incremental loss of $197.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Discontinued Operations:

6 Months Ended

Jun. 30, 2012

Discontinued Operations:

Discontinued Operations:

16. Discontinued Operations:

On March 4, 2011, the Company sold a former Mervyn's store in Santa Fe, New Mexico, for $3,732, resulting in a loss of $1,913. The proceeds from the sale were used for general corporate purposes.

On June 3, 2011, the Company disposed of six anchor stores at centers not owned by the Company (collectively referred to as the "GGP Anchor Stores"), including five former Mervyn's stores, as part of the GGP Exchange (See Note 4—Investments in Unconsolidated Joint Ventures). The Company determined that the fair value received in exchange for the GGP Anchor Stores was equal to their carrying value.

On October 14, 2011, the Company sold a former Mervyn's store in Salt Lake City, Utah for $8,061, resulting in a gain of $3,783. The proceeds from the sale were used for general corporate purposes.

On November 30, 2011, the Company sold a former Mervyn's store in West Valley City, Utah for $2,300, resulting in a loss of $200. The proceeds from the sale were used for general corporate purposes.

In June 2011, the Company recorded an impairment charge of $35,729 related to Shoppingtown Mall. As a result of the maturity default on the mortgage note payable and the corresponding reduction of the estimated holding period, the Company wrote down the carrying value of the long-lived assets to its estimated fair value of $38,968. The Company had classified the estimated fair value as a Level 3 measurement due to the highly subjective nature of the computation, which involved estimates of holding period, market conditions, future occupancy levels, rental rates, capitalization rates, lease-up periods and capital improvements. On December 30, 2011, the Company conveyed Shoppingtown Mall to the mortgage note lender by a deed-in-lieu of foreclosure. As a result of the conveyance, the Company recognized an additional $3,929 loss on the disposal of the property.

In March 2012, the Company recorded an impairment charge of $54,306 related to Valley View Center. As a result of the sale of the property on April 23, 2012, the Company wrote down the carrying value of the long-lived assets to its estimated fair value of $33,450 (Level 1 measurement), which was equal to the sales price of the property. On April 23, 2012, the property was sold by a court appointed receiver, which resulted in a gain on the extinguishment of debt of $104,033 (See Note 10—Mortgage Notes Payable).

On April 30, 2012, the Company sold The Borgata, a 93,693 square foot community center in Scottsdale, Arizona, for $9,150, resulting in a loss of $1,275. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes.

On May 11, 2012, the Company sold a former Mervyn's store in Montebello, California for $20,750, resulting in a loss on the sale of $383. The Company used the proceeds from the sale for general corporate purposes.

On May 17, 2012, the Company sold Hilton Village, a 79,814 square foot community center in Scottsdale, Arizona, for $24,820, resulting in a gain of $3,260. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes.

On May 31, 2012, the Company conveyed Prescott Gateway, a 339,771 square foot shopping center in Prescott, Arizona, to the mortgage note lender by a deed-in-lieu of foreclosure. As a result of the conveyance, the Company recognized a gain on the extinguishment of debt of $16,350 (See Note 10—Mortgage Notes Payable).

On June 28, 2012, the Company sold Carmel Plaza, a 111,945 square foot community center, for $52,000, resulting in a gain of $7,884. The Company used the proceeds from the sale to pay down the Company's line of credit.

The Company has classified the results of operations and gain or loss on sale for all of the above dispositions as discontinued operations for the three and six months ended June 30, 2012 and 2011.

Revenues from discontinued operations consisted of $3,920 and $10,485 for the three months ended June 30, 2012 and 2011, respectively, and $10,598 and $21,277 for the six months ended June 30, 2012 and 2011, respectively. Income (loss) from discontinued operations was $129,638 and $(40,516) for the three months ended June 30, 2012 and 2011, respectively, and $69,710 and $(45,951) for the six months ended June 30, 2012 and 2011, respectively.

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

+ Details

Commitments and Contingencies:

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies:

Commitments and Contingencies:

17. Commitments and Contingencies:

The Company has certain properties that are subject to non-cancelable operating ground leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the leases. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. Ground rent expense was $1,992 and $2,172 for the three months ended June 30, 2012 and 2011, respectively, and $4,086 and $4,384 for the six months ended June 30, 2012 and 2011, respectively. No contingent rent was incurred during the three and six months ended June 30, 2012 or 2011.

As of June 30, 2012 and December 31, 2011, the Company was contingently liable for $4,574 and $19,721, respectively, 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, 2012, the Company had $92,060 in outstanding obligations which it believes will be settled in the next twelve months.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Related-Party Transactions:

6 Months Ended

Jun. 30, 2012

Related-Party Transactions:

Related-Party Transactions:

18. Related-Party Transactions:

Certain unconsolidated joint ventures and third-parties 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 and third-party managed properties:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,

	2012		2011		2012		2011
Management Fees	$	5,861	$	6,549	$	11,909	$	12,811
Development and Leasing Fees		3,631		1,361		6,854		3,752

	$	9,492	$	7,910	$	18,763	$	16,563

Certain mortgage notes on the properties are held by NML (See Note 10—Mortgage Notes Payable). Interest expense in connection with these notes was $3,833 and $4,086 for the three months ended June 30, 2012 and 2011, respectively, and $7,773 and $8,575 for the six months ended June 30, 2012 and 2011, respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $1,275 and $1,379 at June 30, 2012 and December 31, 2011, respectively.

As of June 30, 2012 and December 31, 2011, the Company had loans to unconsolidated joint ventures of $3,403 and $3,995, respectively. Interest income associated with these notes was $64 and $49 for the three months ended June 30, 2012 and 2011, respectively, and $129 and $143 for the six months ended June 30, 2012 and 2011, respectively. These loans represent initial funds advanced to development stage projects prior to construction loan funding. Accordingly, loan payables in the same amount have been accrued as an obligation by the various joint ventures.

Due from affiliates of $3,572 and $3,387 at June 30, 2012 and December 31, 2011, respectively, represents unreimbursed costs and fees due from unconsolidated joint ventures under management agreements.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
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-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

+ Details

Share and Unit-Based Plans:

6 Months Ended

Jun. 30, 2012

Share and Unit-Based Plans:

Share and Unit-Based Plans:

19. Share and Unit-Based Plans:

On February 23, 2012, the Company granted 190,000 limited partnership units of the Operating Partnership ("LTIP Units") under the Long-Term Incentive Plan ("LTIP") to four executive officers at a weighted average grant date fair value of $37.77 per LTIP Unit. On April 16, 2012, the Company granted 10,000 LTIP Units to a new executive officer at a weighted average grant date fair value of $54.97 per LTIP Unit. The new grants vest over a service period ending January 31, 2013 based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per common stock share relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period. 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 on a one-unit for one-share basis.

The fair value of the Company's LTIP Units granted in 2012 was estimated on the date of grant using a Monte Carlo Simulation model. The stock price of the Company, along with the stock prices of the group of peer REITs, was assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion Process modeling is commonly used in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value based on the stock price's expected volatility and current market interest rates. The volatilities of the returns on the price of the Company and the peer group REITs were estimated based on a 0.92-year look-back period. The expected growth rate of the stock prices over the derived service period was determined with consideration of the risk free rate as of the grant date.

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,

	2012		2011		2012		2011
LTIP Units	$	2,321	$	2,575	$	3,868	$	4,477
Stock awards		124		84		220		578
Stock units		383		2,930		2,603		5,742
SARs		82		302		82		623
Phantom stock units		255		242		509		482

	$	3,165	$	6,133	$	7,282	$	11,902

The Company capitalized share and unit-based compensation costs of $452 and $2,098 for the three months ended June 30, 2012 and 2011, respectively, and $1,772 and $5,012 for the six months ended June 30, 2012 and 2011, respectively. Unrecognized compensation cost of share and unit-based plans at June 30, 2012 consisted of $5,014 from LTIP Units, $870 from stock awards, $3,327 from stock units, $115 from SARs and $275 from phantom stock units.

The following table summarizes the activity of the non-vested LTIP Units, stock awards, phantom stock units and stock units:

	LTIP Units					Stock Awards					Phantom Stock					Stock Units

	Units			Value(1)		Shares			Value(1)		Units			Value(1)		Units			Value(1)
Balance January 1, 2012		190,000		$	43.30		21,130		$	40.68		15,745		$	34.84		576,340		$	11.71
Granted(2)		295,000			40.13		9,639			54.43		4,200			56.09		72,322			54.43
Vested(2)		(285,000	)		43.30		(9,845	)		35.69		(12,065	)		42.23		(533,985	)		15.24
Forfeited		—			—		—			—		—			—		—			—

Balance at June 30, 2012		200,000		$	38.63		20,924		$	49.36		7,880		$	34.84		114,677		$	52.19

(1): Value represents the weighted-average grant date fair value.
(2): On February 7, 2012, the compensation committee determined that the LTIP Units granted under the LTIP on February 28, 2011 had vested at the 150% level based on the Company's percentile ranking in terms of Total Return per common stock share to the Total Return of a group of peer REITs during the period of February 1, 2011 to January 31, 2012. As a result, the compensation committee granted an additional 95,000 LTIP Units, which vested as of January 31, 2012.

The following table summarizes the activity of the SARs and stock options outstanding:

	SARs					Stock Options

	Shares			Value(1)		Shares		Value(1)
Balance January 1, 2012		1,156,985		$	56.55		13,500	$	30.08
Granted		—			—		—		—
Exercised		(32,732	)		56.63		—		—
Forfeited		—			—		—		—

Balance at June 30, 2012		1,124,253		$	56.55		13,500	$	30.08

(1): Value represents the weighted-average exercise price.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Income Taxes:

6 Months Ended

Jun. 30, 2012

Income Taxes:

Income Taxes:

20. 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 benefit of the TRSs is as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,

	2012		2011		2012		2011
Current	$	—	$	—	$	—	$	—
Deferred		3,075		1,768		1,225		4,246

Income tax benefit	$	3,075	$	1,768	$	1,225	$	4,246

The net operating loss carryforwards are currently scheduled to expire through 2032, beginning in 2021. Net deferred tax assets of $30,310 and $26,829 were included in deferred charges and other assets, net at June 30, 2012 and December 31, 2011, respectively.

The tax returns for the years 2008-2011 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 benefits will materially change within the next twelve months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Subsequent Events:

6 Months Ended

Jun. 30, 2012

Subsequent Events:

Subsequent Events:

21. Subsequent Events:

On July 27, 2012, the Company announced a dividend/distribution of $0.55 per share for common stockholders and OP Unit holders of record on August 20, 2012. All dividends/distributions will be paid 100% in cash on September 7, 2012.

Earnings per Share ("EPS"): (Tables)

6 Months Ended

Jun. 30, 2012

Earnings per Share ("EPS"):

Reconciliation of numerator and denominator used in computation of earnings per share

	For the Three Months Ended June 30,						For the Six Months Ended June 30,

	2012			2011			2012			2011
Numerator
Income from continuing operations	$	14,905		$	19,605		$	63,109		$	25,131
Income (loss) from discontinued operations		129,638			(40,516	)		69,710			(45,951	)
Net (income) loss attributable to noncontrolling interests		(11,189	)		1,695			(13,533	)		1,638

Net income (loss) attributable to the Company		133,354			(19,216	)		119,286			(19,182	)
Allocation of earnings to participating securities		(115	)		(289	)		(380	)		(831	)

Numerator for basic and diluted earnings per share—net income (loss) available to common stockholders	$	133,239		$	(19,505	)	$	118,906		$	(20,013	)

Denominator
Denominator for basic earnings per share—weighted average number of common shares outstanding		132,768			131,691			132,520			131,136
Effect of dilutive securities:(1)
Stock warrants		68			—			84			—
Share and unit-based compensation plans		41			—			7			—

Denominator for diluted earnings per share—weighted average number of common shares outstanding		132,877			131,691			132,611			131,136

Earnings per common share—basic:
Income from continuing operations	$	0.10		$	0.13		$	0.42		$	0.17
Discontinued operations		0.90			(0.28	)		0.48			(0.32	)

Net income (loss) available to common stockholders	$	1.00		$	(0.15	)	$	0.90		$	(0.15	)

Earnings per common share—diluted:
Income from continuing operations	$	0.10		$	0.13		$	0.42		$	0.17
Discontinued operations		0.90			(0.28	)		0.48			(0.32	)

Net income (loss) available to common stockholders	$	1.00		$	(0.15	)	$	0.90		$	(0.15	)

(1)

The Senior Notes (See Note 11—Bank and Other Notes Payable) are excluded from diluted EPS for the three and six months ended June 30, 2012 and 2011 as their impact was antidilutive.

Diluted EPS excludes 122,500 of unexercised stock options for the three and six months ended June 30, 2011 as their impact was antidilutive.

Diluted EPS excludes 935,358 of unexercised stock warrants for the three and six months ended June 30, 2011 as their impact was antidilutive.

Investments in Unconsolidated Joint Ventures: (Tables)

6 Months Ended

Jun. 30, 2012

Investments in Unconsolidated Joint Ventures:

Combined and Condensed Balance Sheets of Unconsolidated Joint Ventures and Other Related Information

	June 30, 2012			December 31, 2011

Assets(1):
Properties, net	$	4,220,133		$	4,328,953
Other assets		450,504			469,039

Total assets	$	4,670,637		$	4,797,992

Liabilities and partners' capital(1):
Mortgage notes payable(2)	$	3,756,725		$	3,896,418
Other liabilities		149,947			161,827
Company's capital		356,121			327,461
Outside partners' capital		407,844			412,286

Total liabilities and partners' capital	$	4,670,637		$	4,797,992

Investment in unconsolidated joint ventures:
Company's capital	$	356,121		$	327,461
Basis adjustment(3)		685,498			700,414

	$	1,041,619		$	1,027,875

Assets—Investments in unconsolidated joint ventures	$	1,120,832		$	1,098,560
Liabilities—Distributions in excess of investments in unconsolidated joint ventures		(79,213	)		(70,685	)

	$	1,041,619		$	1,027,875

(1): These amounts include the assets and liabilities of the following joint ventures as of June 30, 2012 and December 31, 2011:

	Pacific Premier Retail LP		Tysons Corner LLC

As of June 30, 2012:
Total Assets	$	1,051,404	$	360,989
Total Liabilities	$	1,000,565	$	327,057
As of December 31, 2011:
Total Assets	$	1,078,226	$	339,324
Total Liabilities	$	1,005,479	$	319,247

(2): Certain mortgage notes payable could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of June 30, 2012 and December 31, 2011, a total of $372,371 and $380,354, respectively, could become recourse debt to the Company. As of June 30, 2012 and December 31, 2011, the Company has indemnity agreements from joint venture partners for $178,639 and $182,638, respectively, of the guaranteed amount.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $657,889 and $663,543 as of June 30, 2012 and December 31, 2011, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense incurred on these borrowings amounted to $10,939 and $10,004 for the three months ended June 30, 2012 and 2011, respectively, and $21,994 and $20,097 for the six months ended June 30, 2012 and 2011, respectively.
(3): The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $3,132 and $2,612 for the three months ended June 30, 2012 and 2011, respectively, and $3,075 and $4,119 for the six months ended June 30, 2012 and 2011, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures

	Pacific Premier Retail LP			Tysons Corner LLC		Other Joint Ventures			Total

Three Months Ended June 30, 2012
Revenues:
Minimum rents	$	32,459		$	15,962	$	85,685		$	134,106
Percentage rents		771			233		3,027			4,031
Tenant recoveries		14,402			10,814		41,750			66,966
Other		1,261			669		9,780			11,710

Total revenues		48,893			27,678		140,242			216,813

Expenses:
Shopping center and operating expenses		14,148			8,560		52,938			75,646
Interest expense		13,213			3,043		37,323			53,579
Depreciation and amortization		10,559			5,109		31,377			47,045

Total operating expenses		37,920			16,712		121,638			176,270

Loss on sale or remeasurement of assets		(10	)		—		(14	)		(24	)

Net income	$	10,963		$	10,966	$	18,590		$	40,519

Company's equity in net income	$	5,577		$	4,302	$	8,812		$	18,691

Three Months Ended June 30, 2011
Revenues:
Minimum rents	$	32,545		$	14,786	$	106,410		$	153,741
Percentage rents		936			445		2,913			4,294
Tenant recoveries		13,621			10,215		52,264			76,100
Other		1,037			703		9,795			11,535

Total revenues		48,139			26,149		171,382			245,670

Expenses:
Shopping center and operating expenses		14,612			8,081		65,799			88,492
Interest expense		11,701			3,845		47,845			63,391
Depreciation and amortization		10,325			5,043		37,813			53,181

Total operating expenses		36,638			16,969		151,457			205,064

Loss on sale or remeasurement of assets		—			—		(329	)		(329	)
Gain on extinguishment of debt		—			—		15,506			15,506

Net income	$	11,501		$	9,180	$	35,102		$	55,783

Company's equity in net income	$	5,850		$	3,490	$	15,867		$	25,207

	Pacific Premier Retail LP			Tysons Corner LLC		Other Joint Ventures		Total

Six Months Ended June 30, 2012
Revenues:
Minimum rents	$	66,094		$	31,302	$	175,790	$	273,186
Percentage rents		1,734			633		6,317		8,684
Tenant recoveries		27,876			21,629		84,162		133,667
Other		2,527			1,346		18,360		22,233

Total revenues		98,231			54,910		284,629		437,770

Expenses:
Shopping center and operating expenses		28,310			17,074		108,861		154,245
Interest expense		26,501			6,064		76,446		109,011
Depreciation and amortization		21,021			10,185		62,430		93,636

Total operating expenses		75,832			33,323		247,737		356,892

(Loss) gain on sale or remeasurement of assets		(10	)		—		22,976		22,966

Net income	$	22,389		$	21,587	$	59,868	$	103,844

Company's equity in net income	$	11,387		$	8,349	$	29,573	$	49,309

Six Months Ended June 30, 2011
Revenues:
Minimum rents	$	65,344		$	30,329	$	215,065	$	310,738
Percentage rents		2,102			868		5,979		8,949
Tenant recoveries		27,267			20,478		104,972		152,717
Other		2,056			1,430		18,856		22,342

Total revenues		96,769			53,105		344,872		494,746

Expenses:
Shopping center and operating expenses		29,206			16,682		131,971		177,859
Interest expense		23,424			7,818		97,778		129,020
Depreciation and amortization		20,481			9,906		75,693		106,080

Total operating expenses		73,111			34,406		305,442		412,959

Gain on sale or remeasurement of assets		—			—		24,545		24,545
Gain on extinguishment of debt		—			—		15,506		15,506

Net income	$	23,658		$	18,699	$	79,481	$	121,838

Company's equity in net income	$	12,033		$	7,198	$	36,251	$	55,482

Property: (Tables)

6 Months Ended

Jun. 30, 2012

Property:

Components of property

	June 30, 2012			December 31, 2011

Land	$	1,227,504		$	1,273,649
Building improvements		5,226,712			5,440,394
Tenant improvements		439,861			442,862
Equipment and furnishings		123,271			123,098
Construction in progress		347,882			209,732

		7,365,230			7,489,735
Less accumulated depreciation		(1,420,223	)		(1,410,692	)

	$	5,945,007		$	6,079,043

Marketable Securities: (Tables)

6 Months Ended

Jun. 30, 2012

Marketable Securities:

Reconciliation of marketable securities

	June 30, 2012			December 31, 2011

Government debt securities, at par value	$	24,458		$	25,147
Less discount		(201	)		(314	)

		24,257			24,833
Unrealized gain		1,228			1,803

Fair value (Level 1 measurement)	$	25,485		$	26,636

Future contractual maturities of marketable securities


1 year or less	$	1,378
2 to 5 years		23,080

	$	24,458

Deferred Charges and Other Assets, net: (Tables)

6 Months Ended

Jun. 30, 2012

Deferred Charges and Other Assets, net:

Schedule of deferred charges and other assets, net

	June 30, 2012			December 31, 2011

Leasing	$	204,554		$	281,340
Financing		34,307			40,638
Intangible assets:
In-place lease values		104,330			121,320
Leasing commissions and legal costs		28,468			32,242
Other assets		196,446			198,596

		568,105			674,136
Less accumulated amortization(1)		(180,987	)		(190,373	)

	$	387,118		$	483,763

(1): Accumulated amortization includes $50,068 and $56,946 relating to intangible assets at June 30, 2012 and December 31, 2011, respectively. Amortization expense for intangible assets was $6,553 and $3,325 for the three months ended June 30, 2012 and 2011, respectively, and $16,205 and $6,983 for the six months ended June 30, 2012 and 2011, respectively.

Allocated values of above-market leases and below-market leases

	June 30, 2012			December 31, 2011

Above-Market Leases
Original allocated value	$	98,217		$	97,297
Less accumulated amortization		(41,575	)		(39,057	)

	$	56,642		$	58,240

Below-Market Leases
Original allocated value	$	136,602		$	156,778
Less accumulated amortization		(79,929	)		(91,400	)

	$	56,673		$	65,378

Mortgage Notes Payable: (Tables)

6 Months Ended

Jun. 30, 2012

Mortgage Notes Payable:

Mortgage notes payable

	Carrying Amount of Mortgage Notes(1)

	June 30, 2012				December 31, 2011
	Related Party		Other		Related Party		Other		Interest Rate(2)			Monthly Debt Service(3)		Maturity Date(4)
Chandler Fashion Center(5)(6)	$	—	$	200,000	$	—	$	155,489		3.77	%	$	625		2019
Danbury Fair Mall		121,119		121,120		122,382		122,381		5.53	%		1,538		2020
Deptford Mall		—		172,500		—		172,500		5.41	%		778		2013
Deptford Mall		—		14,917		—		15,030		6.46	%		101		2016
Eastland Mall		—		168,000		—		168,000		5.79	%		811		2016
Fashion Outlets of Niagara		—		127,816		—		129,025		4.89	%		727		2020
Fiesta Mall		—		84,000		—		84,000		4.98	%		341		2015
Flagstaff Mall		—		37,000		—		37,000		5.03	%		151		2015
Freehold Raceway Mall(5)		—		232,900		—		232,900		4.20	%		805		2018
Fresno Fashion Fair		81,177		81,177		81,733		81,734		6.76	%		1,104		2015
Great Northern Mall		—		36,831		—		37,256		5.19	%		234		2013
Northgate, The Mall at(7)		—		64,000		—		38,115		3.12	%		133		2017
Oaks, The(8)		—		220,000		—		257,264		4.14	%		1,064		2022
Pacific View(9)		—		139,596		—		—		4.08	%		668		2022
Paradise Valley Mall(10)		—		82,500		—		84,000		6.30	%		399		2014
Prescott Gateway(11)		—		—		—		60,000		—			—		—
Promenade at Casa Grande(12)		—		75,348		—		76,598		5.21	%		283		2013
Salisbury, Center at		—		115,000		—		115,000		5.83	%		555		2016
SanTan Village Regional Center(13)		—		138,087		—		138,087		2.64	%		269		2013
South Plains Mall		—		102,058		—		102,760		6.56	%		648		2015
South Towne Center		—		85,896		—		86,525		6.39	%		555		2015
Towne Mall		—		12,519		—		12,801		4.99	%		100		2012
Tucson La Encantada(14)		74,821		—		75,315		—		4.23	%		368		2022
Twenty Ninth Street(15)		—		107,000		—		107,000		3.07	%		255		2016
Valley Mall		—		43,238		—		43,543		5.85	%		280		2016
Valley River Center		—		120,000		—		120,000		5.59	%		558		2016
Valley View Center(16)		—		—		—		125,000		—			—		—
Victor Valley, Mall of(17)		—		93,700		—		97,000		2.08	%		142		2013
Vintage Faire Mall(18)		—		135,000		—		135,000		3.53	%		364		2015
Westside Pavilion(19)		—		175,000		—		175,000		2.53	%		1,326		2013
Wilton Mall(20)		—		40,000		—		40,000		1.24	%		30		2013

	$	277,117	$	3,025,203	$	279,430	$	3,049,008

(1): The mortgage notes payable balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess (deficiency) of the fair value of debt over (under) the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method.

(2): The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs.
(3): The monthly debt service represents the payment of principal and interest.
(4): The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.
(5): A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 12—Co-Venture Arrangement).
(6): On June 29, 2012, the Company replaced the existing loan on the property with a new $200,000 loan that bears interest at 3.77% and matures on July 1, 2019.
(7): On March 23, 2012, the Company borrowed an additional $25,885 and modified the loan to bear interest at LIBOR plus 2.25% with a maturity of March 1, 2017. At June 30, 2012 and December 31, 2011, the total interest rate was 3.12% and 7.00%, respectively.
(8): On May 17, 2012, the Company replaced the existing loan on the property with a new $220,000 loan that bears interest at 4.14% and matures on June 5, 2022.
(9): On March 30, 2012, the Company placed a new $140,000 loan on the property that bears interest at 4.08% with a maturity of April 1, 2022.
(10): The loan bears interest at LIBOR plus 4.0% with a total interest rate floor of 5.50% and matures on August 31, 2014. At June 30, 2012 and December 31, 2011, the total interest rate was 6.30%.
(11): On May 31, 2012, the Company conveyed the property to the lender by a deed-in-lieu of foreclosure. As a result, the Company has been discharged from this non-recourse loan. (See Note 16—Discontinued Operations).
(12): The loan bears interest at LIBOR plus 4.0% with a LIBOR rate floor of 0.50% and matures on December 30, 2013. At June 30, 2012 and December 31, 2011, the total interest rate was 5.21%.
(13): The loan bears interest at LIBOR plus 2.10% and matures on June 13, 2013. At June 30, 2012 and December 31, 2011, the total interest rate was 2.64% and 2.69%, respectively.
(14): On February 1, 2012, the Company replaced the existing loan on the property with a new $75,135 loan that bears interest at 4.23% and matures on March 1, 2022.
(15): The loan bears interest at LIBOR plus 2.63% and matures on January 18, 2016. At June 30, 2012 and December 31, 2011, the total interest rate was 3.07% and 3.12%, respectively.
(16): On April 23, 2012, the property was sold by a court appointed receiver. As a result, the Company was discharged from this non-recourse loan (See Note 16—Discontinued Operations).

(17): The loan bears interest at LIBOR plus 1.60% and matures on May 6, 2013. At June 30, 2012 and December 31, 2011, the total interest rate was 2.08% and 2.13%, respectively.
(18): The loan bears interest at LIBOR plus 3.0% and matures on April 27, 2015. At June 30, 2012 and December 31, 2011, the total interest rate was 3.53% and 3.56%, respectively.
(19): The loan bears interest at LIBOR plus 2.00% and matures on June 5, 2013. At June 30, 2012 and December 31, 2011, the total interest rate was 2.53% and 2.53%, respectively.
(20): The loan bears interest at LIBOR plus 0.675% and matures on August 1, 2013. As additional collateral for the loan, the Company is required to maintain a deposit of $40,000 with the lender, which has been included in restricted cash. The interest on the deposit is not restricted. At June 30, 2012 and December 31, 2011, the total interest rate was 1.24% and 1.28%, respectively.

Debt premiums (discounts) on mortgage notes payable

Property Pledged as Collateral	June 30, 2012			December 31, 2011

Deptford Mall	$	(22	)	$	(25	)
Fashion Outlets of Niagara		7,734			8,198
Great Northern Mall		(42	)		(55	)
Towne Mall		42			88
Valley Mall		(350	)		(365	)

	$	7,362		$	7,841

Acquisitions: (Tables)

6 Months Ended

Jun. 30, 2012

Acquisition

Summary of gain on remeasurement of existing investment


Fair value of existing ownership interest (at 50% ownership)	$	4,134
Carrying value of investment in Desert Sky Mall		(2,296	)

Gain on remeasurement	$	1,838

Desert Sky Mall

Acquisition

Summary of the allocation of fair value


Property	$	46,603
Deferred charges, net		5,474
Cash and cash equivalents		6,057
Tenant receivables		202
Other assets, net		4,481

Total assets acquired		62,817

Mortgage note payable		51,500
Accounts payable		33
Other accrued liabilities		3,017

Total liabilities assumed		54,550

Fair value of acquired net assets (at 100% ownership)	$	8,267

Fashion Outlets of Niagara

Acquisition

Summary of the allocation of fair value


Property	$	228,720
Restricted cash		5,367
Deferred charges, net		10,383
Other assets, net		3,090

Total assets acquired		247,560

Mortgage note payable		130,006
Accounts payable		231
Other accrued liabilities		38,037

Total liabilities assumed		168,274

Fair value of acquired net assets	$	79,286

SDG Properties

Acquisition

Summary of the allocation of fair value


Property	$	371,344
Deferred charges, net		30,786
Tenant receivables		10,048
Other assets, net		32,826

Total assets acquired		445,004

Mortgage notes payable		211,543
Accounts payable		10,416
Other accrued liabilities		18,578

Total liabilities assumed		240,537

Fair value of acquired net assets	$	204,467

500 North Michigan Avenue:

Acquisition

Summary of the allocation of fair value


Property	$	66,033
Deferred charges, net		7,450
Other assets, net		2,143

Total assets acquired		75,626

Other accrued liabilities		4,701

Total liabilities assumed		4,701

Fair value of acquired net assets	$	70,925

Related-Party Transactions: (Tables)

6 Months Ended

Jun. 30, 2012

Related-Party Transactions:

Schedule of fees charged to unconsolidated joint ventures

	For the Three Months Ended June 30,				For the Six Months Ended June 30,

	2012		2011		2012		2011
Management Fees	$	5,861	$	6,549	$	11,909	$	12,811
Development and Leasing Fees		3,631		1,361		6,854		3,752

	$	9,492	$	7,910	$	18,763	$	16,563

Share and Unit-Based Plans: (Tables)

6 Months Ended

Jun. 30, 2012

Share and Unit-Based Plans:

Compensation cost under the share and unit-based plans

	For the Three Months Ended June 30,				For the Six Months Ended June 30,

	2012		2011		2012		2011
LTIP Units	$	2,321	$	2,575	$	3,868	$	4,477
Stock awards		124		84		220		578
Stock units		383		2,930		2,603		5,742
SARs		82		302		82		623
Phantom stock units		255		242		509		482

	$	3,165	$	6,133	$	7,282	$	11,902

Summary of activity of non-vested LTIP Units, stock awards, phantom stock and stock units

	LTIP Units					Stock Awards					Phantom Stock					Stock Units

	Units			Value(1)		Shares			Value(1)		Units			Value(1)		Units			Value(1)
Balance January 1, 2012		190,000		$	43.30		21,130		$	40.68		15,745		$	34.84		576,340		$	11.71
Granted(2)		295,000			40.13		9,639			54.43		4,200			56.09		72,322			54.43
Vested(2)		(285,000	)		43.30		(9,845	)		35.69		(12,065	)		42.23		(533,985	)		15.24
Forfeited		—			—		—			—		—			—		—			—

Balance at June 30, 2012		200,000		$	38.63		20,924		$	49.36		7,880		$	34.84		114,677		$	52.19

(1): Value represents the weighted-average grant date fair value.
(2): On February 7, 2012, the compensation committee determined that the LTIP Units granted under the LTIP on February 28, 2011 had vested at the 150% level based on the Company's percentile ranking in terms of Total Return per common stock share to the Total Return of a group of peer REITs during the period of February 1, 2011 to January 31, 2012. As a result, the compensation committee granted an additional 95,000 LTIP Units, which vested as of January 31, 2012.

Summary of activity of SARs and stock options outstanding

	SARs					Stock Options

	Shares			Value(1)		Shares		Value(1)
Balance January 1, 2012		1,156,985		$	56.55		13,500	$	30.08
Granted		—			—		—		—
Exercised		(32,732	)		56.63		—		—
Forfeited		—			—		—		—

Balance at June 30, 2012		1,124,253		$	56.55		13,500	$	30.08

(1): Value represents the weighted-average exercise price.

Income Taxes: (Tables)

6 Months Ended

Jun. 30, 2012

Income Taxes:

Schedule of income tax benefit of TRSs

	For the Three Months Ended June 30,				For the Six Months Ended June 30,

	2012		2011		2012		2011
Current	$	—	$	—	$	—	$	—
Deferred		3,075		1,768		1,225		4,246

Income tax benefit	$	3,075	$	1,768	$	1,225	$	4,246

Organization: (Details) - entity	6 Months Ended	12 Months Ended
Organization: (Details) - entity	Jun. 30, 2012	Dec. 31, 2011
Organization:
Ownership interest in operating partnership (as a percent)	93.00%	92.00%
Number of management companies (in entities)	7

Summary of Significant Accounting Policies: (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Sep. 30, 2011	Jun. 30, 2012
Variable interest entities included in the consolidated financial statements
Redemption of noncontrolling interests		$ 15
Consolidated variable interest entities
Variable interest entities included in the consolidated financial statements
Redemption of noncontrolling interests	$ 11,366

Earnings per Share ("EPS"): (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Numerator
Income from continuing operations	$ 14,905	$ 19,605	$ 63,109	$ 25,131
Income (loss) from discontinued operations	129,638	(40,516)	69,710	(45,951)
Net (income) loss attributable to noncontrolling interests	11,189	(1,695)	13,533	(1,638)
Net income (loss) attributable to the Company	133,354	(19,216)	119,286	(19,182)
Allocation of earnings to participating securities	(115)	(289)	(380)	(831)
Numerator for basic earnings per share-net income (loss) available to common stockholders	133,239	(19,505)	118,906	(20,013)
Numerator for diluted earnings per share-net income (loss) available to common stockholders	$ 133,239	$ (19,505)	$ 118,906	$ (20,013)
Denominator
Denominator for basic earnings per share - weighted average number of common shares outstanding	132,768	131,691	132,520	131,136
Effect of dilutive securities
Stock warrants	68		84
Share and unit-based compensation plans	41		7
Denominator for diluted earnings per share - weighted average number of common shares outstanding	132,877	131,691	132,611	131,136
Earnings per common share-basic:
Income from continuing operations (in dollars per share)	$ 0.10	$ 0.13	$ 0.42	$ 0.17
Discontinued operations (in dollars per share)	0.90	(0.28)	0.48	(0.32)
Net income (loss) available to common stockholders (in dollars per share)	1.00	(0.15)	0.90	(0.15)
Earnings per common share-diluted:
Income from continuing operations (in dollars per share)	0.10	0.13	0.42	0.17
Discontinued operations (in dollars per share)	0.90	(0.28)	0.48	(0.32)
Net income (loss) available to common stockholders (in dollars per share)	$ 1.00	$ (0.15)	$ 0.90	$ (0.15)

Earnings per Share ("EPS"): (Details 2) - shares	3 Months Ended		6 Months Ended
Earnings per Share ("EPS"): (Details 2) - shares	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Convertible non-participating preferred units
Antidilutive securities
Antidilutive securities (in shares)	198,745	208,640	203,693	208,640
Stock appreciation rights ("SARs")
Antidilutive securities
Antidilutive securities (in shares)		1,125,172	1,154,221	1,125,172
Stock options
Antidilutive securities
Antidilutive securities (in shares)		122,500		122,500
Warrants
Antidilutive securities
Antidilutive securities (in shares)		935,358		935,358
Partnership unit
Antidilutive securities
Antidilutive securities (in shares)	11,262,293	11,448,084	11,220,562	11,674,114

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Investments in Unconsolidated Joint Ventures: (Details)	1 Months Ended						3 Months Ended		6 Months Ended
Investments in Unconsolidated Joint Ventures: (Details)	May 31, 2012 USD ($) squarefoot	Mar. 31, 2012 USD ($) squarefoot	Dec. 31, 2011 USD ($) item	Jun. 30, 2011 USD ($) store	Apr. 30, 2011 USD ($)	Feb. 28, 2011 USD ($) squarefoot	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)	Dec. 30, 2011	Jun. 03, 2011 USD ($)	Feb. 24, 2011 USD ($)
Investments in unconsolidated joint ventures:
Purchase price paid through assumption of debt by the Company										$ 56,900,000
Gain (loss) on sale or remeasurement of assets							$ (24,000)	$ (329,000)	$ 22,966,000	24,545,000
Cash proceeds for sale of interest in property									130,645,000	4,875,000
Mortgage note assumed by purchaser as sale consideration									$ 185,000,000
GGP Exchange
Investments in unconsolidated joint ventures:
Purchase price funded by cash payment on acquisition												$ 75,000,000
Number of Mervyn's stores exchanged \| store				5
Number of anchor locations exchanged \| store				6
Superstition Springs Land
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition												100.00%
Additional ownership interest acquired (as a percent)				50.00%
Gain on purchase of remaining interest in property				$ 1,734,000				$ 1,734,000		$ 1,734,000
Desert Sky Mall
Investments in unconsolidated joint ventures:
Property square footage \| squarefoot						893,863
Purchase price on acquisition						$ 27,625,000
Purchase price funded by cash payment on acquisition						1,875,000
Purchase price paid through assumption of debt by the Company						$ 25,750,000
Ownership percentage in property on completion of acquisition						100.00%
Additional ownership interest acquired (as a percent)						50.00%				50.00%
Loan paid off						$ 51,500,000
Gain on purchase of remaining interest in property						1,838,000				$ 1,838,000
Eastland Mall
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition			100.00%
Lake Square Mall
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition			100.00%
SouthPark Mall
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition			100.00%
Southridge Mall
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition			100.00%
NorthPark Mall
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition			100.00%
Valley Mall
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition			100.00%
Kierland Commons Investment LLC
Investments in unconsolidated joint ventures:
Percentage ownership before additional interest acquired													24.50%
Ownership percentage in joint ventures													50.00%
Gain (loss) on sale or remeasurement of assets						25,019,000
Remeasurement gain on acquisition of additional interest, pro rata share						$ 12,510,000
Kierland Commons Investment LLC \| Kierland Commons
Investments in unconsolidated joint ventures:
Property square footage \| squarefoot						434,642
Total purchase price													$ 105,550,000
Purchase price paid in cash by the Company						$ 34,162,000
Purchase price paid through assumption of debt by the Company						$ 18,613,000
Percentage ownership by all joint venture partners before additional interest acquired													49.00%
Total ownership percentage acquired by all joint venture partners													100.00%
The Shops at Atlas Park
Investments in unconsolidated joint ventures:
Property square footage \| squarefoot						377,924
Total purchase price						$ 53,750,000
Ownership percentage in joint ventures						50.00%
Other joint venture partners' ownership percentage in joint ventures						50.00%
Company's share of total purchase price						$ 26,875,000
SDG Macerich Properties, L. P.
Investments in unconsolidated joint ventures:
Ownership percentage in joint ventures											50.00%
Other joint venture partners' ownership percentage in joint ventures											50.00%
Share of gain on conveyance of Granite Run Mall through deed-in-lieu foreclosure					$ 7,753,000
Gain on purchase of remaining interest in property			$ 188,264,000
Number of regional shopping centers owned by investee \| item			11
Number of assets distributed to the Company \| item			6
Number of regional malls distributed by the investee to the outside partner \| item			5
Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Ownership percentage in joint ventures							66.70%		66.70%			66.70%
Additional ownership interest acquired (as a percent)				33.30%
Superstition Springs Center
Investments in unconsolidated joint ventures:
Ownership percentage in joint ventures							66.70%		66.70%			66.70%
Additional ownership interest acquired (as a percent)				33.30%
Chandler Village Center, LLC
Investments in unconsolidated joint ventures:
Property square footage \| squarefoot		273,439
Percentage of ownership interest sold		50.00%
Consideration received on sale of joint venture interest		$ 14,795,000
Gain on sale of investments in unconsolidated entity									$ 8,188,000
Cash proceeds for sale of interest in property		6,045,000
Mortgage note assumed by purchaser as sale consideration		$ 8,750,000
Chandler Festival
Investments in unconsolidated joint ventures:
Property square footage \| squarefoot		500,426
Percentage of ownership interest sold		50.00%
Consideration received on sale of joint venture interest		$ 30,975,000
Gain on sale of investments in unconsolidated entity									12,347,000
Cash proceeds for sale of interest in property		16,183,000
Mortgage note assumed by purchaser as sale consideration		$ 14,792,000
SanTan Village Power Center
Investments in unconsolidated joint ventures:
Property square footage \| squarefoot		491,037
Gain (loss) on sale or remeasurement of assets		$ 23,307,000
Loan paid off		45,000,000
Proceeds from sale of property		54,780,000
Gain on sale of property, pro rata share		11,508,000
Cash distributed to the partners		9,780,000
Gain on sale of property, pro rata share included in net income attributable to noncontrolling interests		$ 3,567,000
Chandler Gateway
Investments in unconsolidated joint ventures:
Property square footage \| squarefoot	259,535
Percentage of ownership interest sold	50.00%
Consideration received on sale of joint venture interest	$ 14,315,000
Gain on sale of investments in unconsolidated entity									$ 3,345,000
Cash proceeds for sale of interest in property	4,921,000
Mortgage note assumed by purchaser as sale consideration	$ 9,394,000

Investments in Unconsolidated Joint Ventures: (Details 2) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2011 USD ($) shoppingcenter	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)
Assets of unconsolidated joint ventures:
Properties, net	$ 4,328,953	$ 4,220,133		$ 4,220,133
Other assets	469,039	450,504		450,504
Total assets	4,797,992	4,670,637		4,670,637
Liabilities and partners' capital of unconsolidated joint ventures:
Mortgage notes payable	3,896,418	3,756,725		3,756,725
Other liabilities	161,827	149,947		149,947
Company's capital	327,461	356,121		356,121
Outside partners' capital	412,286	407,844		407,844
Total liabilities and partners' capital	4,797,992	4,670,637		4,670,637
Investments in unconsolidated joint ventures:
Company's capital	327,461	356,121		356,121
Basis adjustment	700,414	685,498		685,498
Investments in unconsolidated joint ventures	1,027,875	1,041,619		1,041,619
Investments in unconsolidated joint ventures	1,098,560	1,120,832		1,120,832
Liabilities - Distributions in excess of investments in unconsolidated joint ventures	(70,685)	(79,213)		(79,213)
Investments in unconsolidated joint ventures, net of distributions in excess of investments	1,027,875	1,041,619		1,041,619
Mortgage notes payable that could become recourse debt to the Company	380,354	372,371		372,371
Indemnity of guaranteed amount	182,638	178,639		178,639
Amortization of difference between cost of investments and book value of underlying equity		3,132	$ 2,612	3,075	$ 4,119
Revenues of unconsolidated joint ventures:
Minimum rents		134,106	153,741	273,186	310,738
Percentage rents		4,031	4,294	8,684	8,949
Tenant recoveries		66,966	76,100	133,667	152,717
Other		11,710	11,535	22,233	22,342
Total revenues		216,813	245,670	437,770	494,746
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses		75,646	88,492	154,245	177,859
Interest expense		53,579	63,391	109,011	129,020
Depreciation and amortization		47,045	53,181	93,636	106,080
Total operating expenses		176,270	205,064	356,892	412,959
(Loss) gain on sale or remeasurement of assets		(24)	(329)	22,966	24,545
Gain on extinguishment of debt			15,506		15,506
Net income		40,519	55,783	103,844	121,838
Company's equity in net income		18,691	25,207	49,309	55,482
Northwestern Mutual Life ("NML")
Investments in unconsolidated joint ventures:
Mortgage notes payable to affiliate	$ 663,543	657,889		657,889
Interest expense on borrowings from related party		10,939	10,004	21,994	20,097
SDG Macerich
Expenses of unconsolidated joint ventures:
Number of regional shopping centers owned in 50/50 partnership \| shoppingcenter	11
Ownership percentage in regional shopping centers before distribution and conveyance of interest in joint venture	50.00%
Ownership percentage in regional shopping centers	100.00%
Pacific Premier Retail LP
Assets of unconsolidated joint ventures:
Total assets	$ 1,078,226	1,051,404		1,051,404
Investments in unconsolidated joint ventures:
Total liabilities	1,005,479	1,000,565		1,000,565
Revenues of unconsolidated joint ventures:
Minimum rents		32,459	32,545	66,094	65,344
Percentage rents		771	936	1,734	2,102
Tenant recoveries		14,402	13,621	27,876	27,267
Other		1,261	1,037	2,527	2,056
Total revenues		48,893	48,139	98,231	96,769
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses		14,148	14,612	28,310	29,206
Interest expense		13,213	11,701	26,501	23,424
Depreciation and amortization		10,559	10,325	21,021	20,481
Total operating expenses		37,920	36,638	75,832	73,111
(Loss) gain on sale or remeasurement of assets		(10)		(10)
Net income		10,963	11,501	22,389	23,658
Company's equity in net income		5,577	5,850	11,387	12,033
Tysons Corner LLC
Assets of unconsolidated joint ventures:
Total assets	339,324	360,989		360,989
Investments in unconsolidated joint ventures:
Total liabilities	$ 319,247	327,057		327,057
Revenues of unconsolidated joint ventures:
Minimum rents		15,962	14,786	31,302	30,329
Percentage rents		233	445	633	868
Tenant recoveries		10,814	10,215	21,629	20,478
Other		669	703	1,346	1,430
Total revenues		27,678	26,149	54,910	53,105
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses		8,560	8,081	17,074	16,682
Interest expense		3,043	3,845	6,064	7,818
Depreciation and amortization		5,109	5,043	10,185	9,906
Total operating expenses		16,712	16,969	33,323	34,406
Net income		10,966	9,180	21,587	18,699
Company's equity in net income		4,302	3,490	8,349	7,198
Other Joint Ventures
Revenues of unconsolidated joint ventures:
Minimum rents		85,685	106,410	175,790	215,065
Percentage rents		3,027	2,913	6,317	5,979
Tenant recoveries		41,750	52,264	84,162	104,972
Other		9,780	9,795	18,360	18,856
Total revenues		140,242	171,382	284,629	344,872
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses		52,938	65,799	108,861	131,971
Interest expense		37,323	47,845	76,446	97,778
Depreciation and amortization		31,377	37,813	62,430	75,693
Total operating expenses		121,638	151,457	247,737	305,442
(Loss) gain on sale or remeasurement of assets		(14)	(329)	22,976	24,545
Gain on extinguishment of debt			15,506		15,506
Net income		18,590	35,102	59,868	79,481
Company's equity in net income		$ 8,812	$ 15,867	$ 29,573	$ 36,251

Derivative Instruments and Hedging Activities: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Derivative Instruments and Hedging Activities:
Other comprehensive income related to marking-to-market of interest rate agreements	$ 0	$ 1,358	$ 0	$ 6,188

- Definition

+ References

+ Details

Property: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Property: (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Property:
Land	$ 1,227,504		$ 1,227,504		$ 1,273,649
Building improvements	5,226,712		5,226,712		5,440,394
Tenant improvements	439,861		439,861		442,862
Equipment and furnishings	123,271		123,271		123,098
Construction in progress	347,882		347,882		209,732
Total	7,365,230		7,365,230		7,489,735
Less accumulated depreciation	(1,420,223)		(1,420,223)		(1,410,692)
Property, net	5,945,007		5,945,007		$ 6,079,043
Depreciation expenses	$ 57,615	$ 51,323	$ 114,937	$ 101,660

Property: (Details 2) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
Property: (Details 2) - USD ($) $ in Thousands	Jun. 30, 2011	Feb. 28, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Investments in unconsolidated joint ventures:
Write off of development cost			$ 4,204	$ 447	$ 5,242	$ 484
Desert Sky Mall
Investments in unconsolidated joint ventures:
Write off of development cost						38
Remeasurement gain on acquisition of additional interest		$ 1,838				$ 1,838
Ownership percentage purchased		50.00%				50.00%
Superstition Springs Land [Member]
Investments in unconsolidated joint ventures:
Remeasurement gain on acquisition of additional interest	$ 1,734			$ 1,734		$ 1,734
Ownership percentage purchased	50.00%

Marketable Securities: (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Marketable Securities:
Government debt securities, at par value	$ 24,458	$ 25,147
Less discount	(201)	(314)
Government debt securities, net	24,257	24,833
Unrealized gain	1,228	1,803
Fair value	25,485	26,636
Future contractual maturities of marketable securities
1 year or less	1,378
2 to 5 years	23,080
Future contractual maturities of marketable securities	$ 24,458	$ 25,147

- Definition

The carrying amount of securities categorized as held-to-maturity which serve as security for borrowings or other arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph i
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 6
-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 18, 19
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Chapter V
-Section 563c.102
-Paragraph 4
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5086-111524

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX210.4-08(b))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.6)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.1)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph b
-Article 4

+ Details

Tenant and Other Receivables, net: (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Tenant and Other Receivables, net: (Details) $ in Thousands	Mar. 31, 2012 note	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)	Mar. 27, 2012 USD ($)	Dec. 31, 2011 USD ($)
Tenant and Other Receivables, net:
Allowance for doubtful accounts		$ 3,759		$ 3,759			$ 4,626
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable		$ 1,306		$ 1,306			7,583
Note receivable secured by deed of trust
Components of tenant and other receivables, net
Note receivable, interest rate (as a percent)		5.50%		5.50%
Notes receivable		$ 8,613		$ 8,613			$ 8,743
Note receivable from Pederson
Components of tenant and other receivables, net
Note receivable, interest rate (as a percent)		15.00%		15.00%			12.00%
Notes receivable		$ 3,445		$ 3,445			$ 3,445
Interest income on notes receivable		154	$ 104	258	$ 206
Note receivable from AWE Talisman Company
Components of tenant and other receivables, net
Note receivable, interest rate (as a percent)						5.00%
Notes receivable						$ 12,500
Interest income on notes receivable		$ 155		$ 163
Number of notes receivable \| note	2

Deferred Charges and Other Assets, net: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Deferred Charges and Other Assets, net:
Leasing	$ 204,554		$ 204,554		$ 281,340
Financing	34,307		34,307		40,638
Intangible assets:
In-place lease values	104,330		104,330		121,320
Leasing commissions and legal costs	28,468		28,468		32,242
Other assets	196,446		196,446		198,596
Deferred charges and other assets, gross	568,105		568,105		674,136
Less accumulated amortization	(180,987)		(180,987)		(190,373)
Deferred charges and other assets, net	387,118		387,118		483,763
Accumulated amortization for intangible assets	50,068		50,068		$ 56,946
Amortization expense for intangible assets	$ 6,553	$ 3,325	$ 16,205	$ 6,983

Deferred Charges And Other Assets, net: (Details 2) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Allocated values of leases
Less accumulated amortization	$ (50,068)	$ (56,946)
Above-Market Leases
Allocated values of leases
Original allocated value	98,217	97,297
Less accumulated amortization	(41,575)	(39,057)
Allocated value net	56,642	58,240
Below-Market Leases
Allocated values of leases
Original allocated value	(136,602)	(156,778)
Less accumulated amortization	79,929	91,400
Allocated value net	$ (56,673)	$ (65,378)

Mortgage Notes Payable: (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Mortgage Notes Payable: (Details) $ in Thousands	Sep. 30, 2009	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2012 USD ($) year	Jun. 30, 2011 USD ($)	Jun. 29, 2012 USD ($)	May 17, 2012	Mar. 30, 2012 USD ($)	Dec. 31, 2011 USD ($)
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party		$ 277,117		$ 277,117					$ 279,430
Carrying Amount of Mortgage Notes, Other		3,025,203		3,025,203					3,049,008
Debt premiums (discounts), net		7,362		7,362					7,841
Interest expense capitalized		2,562	$ 3,284	4,915	$ 6,619
Fair value of mortgage notes payable		3,444,000		$ 3,444,000					3,477,483
Period of loan maturities expected to be refinanced, restructured, extended or paid-off (in years) \| year				12
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 200,000		$ 200,000		$ 200,000			155,489
Interest rate (as a percent)		3.77%		3.77%		3.77%
Monthly Debt Service				$ 625
Interest in the loan assumed by a third party (as a percent)	49.90%
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party		$ 121,119		121,119					122,382
Carrying Amount of Mortgage Notes, Other		$ 121,120		$ 121,120					122,381
Interest rate (as a percent)		5.53%		5.53%
Monthly Debt Service				$ 1,538
Deptford Mall One
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 172,500		$ 172,500					172,500
Interest rate (as a percent)		5.41%		5.41%
Monthly Debt Service				$ 778
Debt discounts		$ (22)		(22)					(25)
Deptford Mall Two
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 14,917		$ 14,917					15,030
Interest rate (as a percent)		6.46%		6.46%
Monthly Debt Service				$ 101
Eastland Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 168,000		$ 168,000					168,000
Interest rate (as a percent)		5.79%		5.79%
Monthly Debt Service				$ 811
Fashion Outlets at Niagara
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 127,816		$ 127,816					129,025
Interest rate (as a percent)		4.89%		4.89%
Monthly Debt Service				$ 727
Debt premiums		$ 7,734		7,734					8,198
Fiesta Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 84,000		$ 84,000					84,000
Interest rate (as a percent)		4.98%		4.98%
Monthly Debt Service				$ 341
Flagstaff Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 37,000		$ 37,000					37,000
Interest rate (as a percent)		5.03%		5.03%
Monthly Debt Service				$ 151
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 232,900		$ 232,900		$ 200,000			232,900
Interest rate (as a percent)		4.20%		4.20%
Monthly Debt Service				$ 805
Interest in the loan assumed by a third party (as a percent)	49.90%
Fresno Fashion Fair
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party		$ 81,177		81,177					81,733
Carrying Amount of Mortgage Notes, Other		$ 81,177		$ 81,177					81,734
Interest rate (as a percent)		6.76%		6.76%
Monthly Debt Service				$ 1,104
Great Northern Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 36,831		$ 36,831					37,256
Interest rate (as a percent)		5.19%		5.19%
Monthly Debt Service				$ 234
Debt discounts		$ (42)		(42)					(55)
The Mall at Northgate
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 64,000		$ 64,000					$ 38,115
Interest rate (as a percent)		3.12%		3.12%					7.00%
Monthly Debt Service				$ 133
Interest rate basis				LIBOR
Interest rate spread over basis (as a percent)		2.25%		2.25%
Amount of additional borrowing				$ 25,885
The Oaks
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 220,000		$ 220,000					$ 257,264
Interest rate (as a percent)		4.14%		4.14%			4.14%
Monthly Debt Service				$ 1,064
Pacific View
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 139,596		$ 139,596				$ 140,000
Interest rate (as a percent)		4.08%		4.08%				4.08%
Monthly Debt Service				$ 668
Paradise Valley Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 82,500		$ 82,500					$ 84,000
Interest rate (as a percent)		6.30%		6.30%					6.30%
Monthly Debt Service				$ 399
Interest rate basis				LIBOR
Interest rate spread over basis (as a percent)		4.00%		4.00%
Debt interest rate floor (as a percent)				5.50%
Prescott Gateway
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other									$ 60,000
Promenade at Casa Grande
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 75,348		$ 75,348					$ 76,598
Interest rate (as a percent)		5.21%		5.21%					5.21%
Monthly Debt Service				$ 283
Interest rate basis				LIBOR
Interest rate spread over basis (as a percent)		4.00%		4.00%
Debt interest rate floor (as a percent)				0.50%
Salisbury Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 115,000		$ 115,000					$ 115,000
Interest rate (as a percent)		5.83%		5.83%
Monthly Debt Service				$ 555
SanTan Village Regional Center.
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 138,087		$ 138,087					$ 138,087
Interest rate (as a percent)		2.64%		2.64%					2.69%
Monthly Debt Service				$ 269
Interest rate basis				LIBOR
Interest rate spread over basis (as a percent)		2.10%		2.10%
South Plains Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 102,058		$ 102,058					$ 102,760
Interest rate (as a percent)		6.56%		6.56%
Monthly Debt Service				$ 648
South Towne center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 85,896		$ 85,896					86,525
Interest rate (as a percent)		6.39%		6.39%
Monthly Debt Service				$ 555
Towne Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 12,519		$ 12,519					12,801
Interest rate (as a percent)		4.99%		4.99%
Monthly Debt Service				$ 100
Debt premiums		$ 42		42					88
Tucson La Encantada
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party		$ 74,821		$ 74,821					75,315
Interest rate (as a percent)		4.23%		4.23%
Monthly Debt Service				$ 368
Twenty Ninth Street
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 107,000		$ 107,000					$ 107,000
Interest rate (as a percent)		3.07%		3.07%					3.12%
Monthly Debt Service				$ 255
Interest rate basis				LIBOR
Interest rate spread over basis (as a percent)		2.63%		2.63%
Valley River Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 120,000		$ 120,000					$ 120,000
Interest rate (as a percent)		5.59%		5.59%
Monthly Debt Service				$ 558
Valley Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 43,238		$ 43,238					43,543
Interest rate (as a percent)		5.85%		5.85%
Monthly Debt Service				$ 280
Debt discounts		$ (350)		(350)					(365)
Valley View Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other									125,000
Mall of Victor Valley
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 93,700		$ 93,700					$ 97,000
Interest rate (as a percent)		2.08%		2.08%					2.13%
Monthly Debt Service				$ 142
Interest rate basis				LIBOR
Interest rate spread over basis (as a percent)		1.60%		1.60%
Vintage Faire Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 135,000		$ 135,000					$ 135,000
Interest rate (as a percent)		3.53%		3.53%					3.56%
Monthly Debt Service				$ 364
Interest rate basis				LIBOR
Interest rate spread over basis (as a percent)		3.00%		3.00%
Westside Pavilion
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 175,000		$ 175,000					$ 175,000
Interest rate (as a percent)		2.53%		2.53%					2.53%
Monthly Debt Service				$ 1,326
Interest rate basis				LIBOR
Interest rate spread over basis (as a percent)		2.00%		2.00%
Wilton Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other		$ 40,000		$ 40,000					$ 40,000
Interest rate (as a percent)		1.24%		1.24%					1.28%
Monthly Debt Service				$ 30
Interest rate basis				LIBOR
Interest rate spread over basis (as a percent)		0.675%		0.675%
Deposit maintained with the lender		$ 40,000		$ 40,000

Bank and Other Notes Payable: (Details) $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
Bank and Other Notes Payable: (Details) $ in Thousands	Dec. 31, 2011 USD ($) year	Mar. 31, 2007 USD ($)	Mar. 31, 2012 USD ($)	Jun. 30, 2012 USD ($) year	Dec. 31, 2011 USD ($)	Dec. 08, 2011	Apr. 25, 2011 USD ($)
Convertible Senior Notes ("Senior Notes")
Bank and other notes payable
Debt issued		$ 950,000
Interest rate on debt (as a percent)				3.25%
Conversion rate per $1 principal amount			8.9702
Convertible debt principal amount, basis for exchange			$ 1
Repayment of Senior Notes			$ 439,318
Debt, carrying value	$ 437,788				$ 437,788
Debt, unamortized discount	$ 1,530				$ 1,530
Effective interest rate (as a percent)	5.41%				5.41%
Debt, fair value	$ 439,318				$ 439,318
Line of Credit
Bank and other notes payable
Revolving line of credit				$ 1,500,000			$ 1,500,000
Reference rate for variable interest rate				LIBOR
Term of extension (in years) \| year				1
Variable interest rate spread (as a percent)				2.00%
Line of credit, average interest rate (as a percent)				2.78%	2.96%
Outstanding borrowings under the line of credit	290,000			$ 615	$ 290,000
Maximum expanded revolving line of credit				2,000,000
Fair value of outstanding line of credit	292,366			$ 616,566	$ 292,366
Line of Credit \| Low end of range
Bank and other notes payable
Variable interest rate spread (as a percent)				1.75%			0.75%
Line of Credit \| High end of range
Bank and other notes payable
Variable interest rate spread (as a percent)				3.00%			1.10%
Unsecured term loan
Bank and other notes payable
Debt issued	$ 125,000
Interest rate on debt (as a percent)	2.42%			2.59%	2.42%
Term of debt (in years) \| year	7
Fair value of debt	$ 120,019			$ 122,589	$ 120,019
Reference rate for variable interest rate				LIBOR
Variable interest rate spread (as a percent)				2.20%
Unsecured term loan \| Low end of range
Bank and other notes payable
Variable interest rate spread (as a percent)						1.95%
Unsecured term loan \| High end of range
Bank and other notes payable
Variable interest rate spread (as a percent)						3.20%
Greeley Note
Bank and other notes payable
Debt, carrying value	24,848			$ 24,444	24,848
Effective interest rate (as a percent)				6.34%
Debt, fair value	$ 26,510			$ 25,594	$ 26,510

Co-Venture Arrangement: (Details) $ in Thousands	1 Months Ended	6 Months Ended
Co-Venture Arrangement: (Details) $ in Thousands	Sep. 30, 2009 USD ($) $ / shares shares	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)	Dec. 31, 2011 USD ($)
Co-Venture Arrangement:
Cash proceeds for sale of interest in property		$ 130,645	$ 4,875
Co-venture obligation		$ 119,576		$ 125,171
Freehold Raceway Mall and Chandler Fashion Center
Co-Venture Arrangement:
Interest sold to third party (as a percent)	49.90%
Number of common shares available for purchase under warrant \| shares	935,358
Exercise price of stock warrants (in dollars per share) \| $ / shares	46.68
Cash proceeds for sale of interest in property	$ 174,650
Proceeds attributed to the warrants	6,496
Co-venture obligation	$ 168,154

- Definition

Increase in additional paid in capital due to warrants issued during the period. Includes also the proceeds of debt securities issued with detachable stock purchase warrants that are allocable to the warrants. These warrants qualify for equity classification and provide the holder with a right to purchase stock from the entity.

+ References

+ Details

Noncontrolling Interests: (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2012 USD ($) D $ / shares	Dec. 31, 2011 USD ($) $ / shares	Dec. 31, 2010 USD ($)
Noncontrolling Interests:
Ownership interest in operating partnership (as a percent)	93.00%	92.00%
Limited partnership interest of the operating partnership (as a percent)	7.00%	8.00%
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Number of trading days used to calculate redemption value \| D	10
Redemption value of outstanding OP Units not owned by the Company	$ 617,038	$ 554,341
Outside ownership interests in Shoppingtown Mall, purchase option			$ 11,366

- Definition

The carrying value (book value) of an entity's issued and outstanding stock which is not included within permanent equity in Stockholders Equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Stockholders' Equity: (Details) - Freehold Raceway Mall and Chandler Fashion Center $ in Thousands	1 Months Ended		12 Months Ended
	Apr. 30, 2012 USD ($)	Sep. 30, 2009 USD ($) $ / shares shares	Dec. 31, 2011 USD ($) shares	Jun. 30, 2012 shares	Apr. 10, 2012 shares
Warrants:
Aggregate number of common shares available for purchase under warrants		935,358
Value of stock warrants \| $		$ 6,496
Exercise price of stock warrants (in dollars per share) \| $ / shares		46.68
Number of shares of warrants exercised			311,786		311,786
Exercise of stock warrants \| $	$ 3,448		$ 1,278
Number of shares of warrants unexercised				311,786

- Definition

+ References

+ Details

Acquisitions: (Details) $ in Thousands	1 Months Ended				3 Months Ended	6 Months Ended
Acquisitions: (Details) $ in Thousands	Feb. 29, 2012 squarefoot	Jul. 31, 2011 squarefoot	Jun. 30, 2011 USD ($)	Feb. 28, 2011 USD ($) squarefoot	Jun. 30, 2011 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)	Feb. 28, 2012 USD ($)	Dec. 31, 2011 USD ($)	Jul. 22, 2011 USD ($)	Jun. 03, 2011 USD ($)	Apr. 29, 2011 USD ($)
Acquisition
Purchase price paid through assumption of debt by the Company							$ 56,900
Business combination
Carrying value of investment in Desert Sky Mall						$ (1,120,832)			$ (1,098,560)
Desert Sky Mall
Acquisition
Additional ownership interest (as a percent)				50.00%
Property square footage \| squarefoot				893,863
Purchase price on acquisition				$ 27,625
Ownership interest at completion of acquisition (as a percent)				100.00%
Purchase price funded by cash payment on acquisition				$ 1,875
Purchase price paid through assumption of debt by the Company				25,750
Payment of mortgage note				51,500
Allocation of the fair value
Property				46,603
Deferred charges, net				5,474
Cash and cash equivalents				6,057
Tenant receivables				202
Other assets, net				4,481
Total assets acquired				62,817
Mortgage note payable				51,500
Accounts payable				33
Other accrued liabilities				3,017
Total liabilities assumed				54,550
Fair value of acquired net assets (at 100% ownership)				8,267
Business combination
Fair value of existing ownership interest (at 50% ownership)				4,134
Carrying value of investment in Desert Sky Mall				(2,296)
Gain on remeasurement				$ 1,838			1,838
Superstition Springs Land
Acquisition
Additional ownership interest (as a percent)											50.00%
Ownership interest at completion of acquisition (as a percent)											100.00%
Business combination
Fair value of existing ownership interest (at 50% ownership)											$ 12,914
Gain on remeasurement			$ 1,734		$ 1,734		$ 1,734
Fashion Outlets of Niagara
Acquisition
Property square footage \| squarefoot		529,059
Purchase price funded by cash payment on acquisition										$ 78,579
Increase in purchase price due to contingent consideration, high end of range										218,667
Fair value of contingent consideration						15,417
Allocation of the fair value
Property										228,720
Restricted cash										5,367
Deferred charges, net										10,383
Other assets, net										3,090
Total assets acquired										247,560
Mortgage note payable										130,006
Accounts payable										231
Other accrued liabilities										38,037
Total liabilities assumed										168,274
Fair value of acquired net assets (at 100% ownership)										$ 79,286
SDG Acquisition Properties
Acquisition
Ownership interest at completion of acquisition (as a percent)									100.00%
Allocation of the fair value
Property									$ 371,344
Deferred charges, net									30,786
Tenant receivables									10,048
Other assets, net									32,826
Total assets acquired									445,004
Mortgage note payable									211,543
Accounts payable									10,416
Other accrued liabilities									18,578
Total liabilities assumed									240,537
Fair value of acquired net assets (at 100% ownership)									$ 204,467
Kohl's store at Capitola Mall
Acquisition
Purchase price on acquisition												$ 28,500
500 North Michigan Avenue:
Acquisition
Property square footage \| squarefoot	324,000
Purchase price on acquisition								$ 70,925
Allocation of the fair value
Property								66,033
Deferred charges, net								7,450
Other assets, net								2,143
Total assets acquired								75,626
Other accrued liabilities								4,701
Total liabilities assumed								4,701
Fair value of acquired net assets (at 100% ownership)								$ 70,925
Business combination
Incremental revenue generated from acquired property						3,210
Incremental loss of acquired property						$ 197

Discontinued Operations: (Details) $ in Thousands	1 Months Ended							3 Months Ended		6 Months Ended		12 Months Ended
Discontinued Operations: (Details) $ in Thousands	Jun. 30, 2012 USD ($) squarefoot	May 31, 2012 USD ($) squarefoot	Apr. 30, 2012 USD ($) squarefoot	Nov. 30, 2011 USD ($)	Oct. 31, 2011 USD ($)	Jun. 30, 2011 store	Mar. 31, 2011 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)	Dec. 31, 2011 USD ($)	Mar. 31, 2012 USD ($)	Jun. 29, 2011 USD ($)
Discontinued Operations:
Gain (loss) from sale								$ 130,727	$ (35,753)	$ 75,159	$ (37,991)
Gain (loss) on extinguishment of debt									(32)		(9,133)
Revenues from discontinued operations								3,920	10,485	10,598	21,277
Income (loss) from discontinued operations								$ 129,638	$ (40,516)	$ 69,710	$ (45,951)
Mervyn's
Discontinued Operations:
Proceeds from sale		$ 20,750		$ 2,300	$ 8,061		$ 3,732
Gain (loss) from sale		(383)		$ (200)	$ 3,783		$ (1,913)
GGP Exchange
Discontinued Operations:
Number of anchor locations exchanged \| store						6
Number of Mervyn's stores exchanged \| store						5
Shoppingtown Mall
Discontinued Operations:
Impairment charge														$ 35,729
Long-lived assets written off to fair value														$ 38,968
Gain (loss) on extinguishment of debt												$ (3,929)
Valley View Mall
Discontinued Operations:
Impairment charge													$ 54,306
Long-lived assets written off to fair value													$ 33,450
Gain (loss) on extinguishment of debt			$ 104,033
The Borgata
Discontinued Operations:
Proceeds from sale			9,150
Gain (loss) from sale			$ (1,275)
Property square footage \| squarefoot			93,693
Hilton Village.
Discontinued Operations:
Proceeds from sale		24,820
Gain (loss) from sale		$ 3,260
Property square footage \| squarefoot		79,814
Prescott Gateway
Discontinued Operations:
Gain (loss) on extinguishment of debt		$ 16,350
Property square footage \| squarefoot		339,771
Carmel Plaza
Discontinued Operations:
Proceeds from sale	$ 52,000
Gain (loss) from sale	$ 7,884
Property square footage \| squarefoot	111,945

Commitments and Contingencies: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Commitments and Contingencies:
Ground rent expenses	$ 1,992	$ 2,172	$ 4,086	$ 4,384
Contingent Liabilities
Contingent liability under letters of credit	4,574		4,574		$ 19,721
Outstanding obligations under construction agreements	$ 92,060		$ 92,060

Related-Party Transactions: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Related party transactions
Interest expense, related party	$ 3,833	$ 4,086	$ 7,773	$ 8,575
Loans to unconsolidated joint ventures	3,403		3,403		$ 3,995
Due from affiliates	3,572		3,572		3,387
Unconsolidated joint ventures
Related party transactions
Interest income, related party	64	49	129	143
Northwestern Mutual Life ("NML")
Related party transactions
Interest expense, related party	3,940	4,489
Interest expense payable, related party	1,275		1,275		$ 1,379
Unconsolidated joint ventures and third-party managed properties
Related party transactions
Management Fees	5,861	6,549	11,909	12,811
Development and Leasing Fees	3,631	1,361	6,854	3,752
Fees charged to unconsolidated joint ventures and third-party managed properties	$ 9,492	$ 7,910	$ 18,763	$ 16,563

Share and Unit-Based Plans: (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Apr. 30, 2012 $ / shares shares	Feb. 29, 2012 shares employee $ / shares	Jan. 31, 2012 $ / shares shares	Jun. 30, 2012 USD ($) $ / shares shares	Jun. 30, 2011 USD ($)	Jun. 30, 2012 USD ($) year $ / shares shares	Jun. 30, 2011 USD ($)
Share and unit-based plans
Compensation cost under share and unit-based plans \| $				$ 3,165	$ 6,133	$ 7,282	$ 11,902
Capitalized share and unit-based compensation costs \| $				452	2,098	$ 1,772	5,012
LTIP Units
Share and unit-based plans
Number of executives receiving grants \| employee		4
Number of common shares into which units can be converted		1
Look-back period (in years) \| year						0.92
Compensation cost under share and unit-based plans \| $				2,321	2,575	$ 3,868	4,477
Share and unit-based plans, additional information
Unrecognized compensation cost of share and unit-based plans \| $				$ 5,014		$ 5,014
Non-vested share and unit based plans, quantity
Balance at the beginning of the period (in shares)			190,000			190,000
Granted (in shares)	10,000	190,000	95,000			295,000
Vested (in shares)						(285,000)
Balance at the end of the period (in shares)				200,000		200,000
Non-vested share and unit based plans, weighted average exercise price
Balance at the beginning of the period (in dollars per share) \| $ / shares			$ 43.30			$ 43.30
Granted (in dollars per share) \| $ / shares	$ 54.97	$ 37.77				40.13
Vested (in dollars per share) \| $ / shares						43.30
Balance at the end of the period (in dollars per share) \| $ / shares				$ 38.63		$ 38.63
Level of percentile ranking at which awards vested (as a percent)		150.00%
Stock awards
Share and unit-based plans
Compensation cost under share and unit-based plans \| $				$ 124	84	$ 220	578
Share and unit-based plans, additional information
Unrecognized compensation cost of share and unit-based plans \| $				$ 870		$ 870
Non-vested share and unit based plans, quantity
Balance at the beginning of the period (in shares)			21,130			21,130
Granted (in shares)						9,639
Vested (in shares)						(9,845)
Balance at the end of the period (in shares)				20,924		20,924
Non-vested share and unit based plans, weighted average exercise price
Balance at the beginning of the period (in dollars per share) \| $ / shares			$ 40.68			$ 40.68
Granted (in dollars per share) \| $ / shares						54.43
Vested (in dollars per share) \| $ / shares						35.69
Balance at the end of the period (in dollars per share) \| $ / shares				$ 49.36		$ 49.36
Stock units
Share and unit-based plans
Compensation cost under share and unit-based plans \| $				$ 383	2,930	$ 2,603	5,742
Share and unit-based plans, additional information
Unrecognized compensation cost of share and unit-based plans \| $				$ 3,327		$ 3,327
Non-vested share and unit based plans, quantity
Balance at the beginning of the period (in shares)			576,340			576,340
Granted (in shares)						72,322
Vested (in shares)						(533,985)
Balance at the end of the period (in shares)				114,677		114,677
Non-vested share and unit based plans, weighted average exercise price
Balance at the beginning of the period (in dollars per share) \| $ / shares			$ 11.71			$ 11.71
Granted (in dollars per share) \| $ / shares						54.43
Vested (in dollars per share) \| $ / shares						15.24
Balance at the end of the period (in dollars per share) \| $ / shares				$ 52.19		$ 52.19
Stock options
Options
Balance at beginning of period (in shares)			13,500			13,500
Balance at end of period (in shares)				13,500		13,500
Weighted Average Exercise Price
Balance at beginning of period (in dollars per share) \| $ / shares			$ 30.08			$ 30.08
Balance at end of period (in dollars per share) \| $ / shares				$ 30.08		$ 30.08
Stock appreciation rights ("SARs")
Share and unit-based plans
Compensation cost under share and unit-based plans \| $				$ 82	302	$ 82	623
Share and unit-based plans, additional information
Unrecognized compensation cost of share and unit-based plans \| $				$ 115		$ 115
Non-vested share and unit based plans, quantity
Balance at the beginning of the period (in shares)			1,156,985			1,156,985
Exercised (in shares)						(32,732)
Balance at the end of the period (in shares)				1,124,253		1,124,253
Non-vested share and unit based plans, weighted average exercise price
Balance at the beginning of the period (in dollars per share) \| $ / shares			$ 56.55			$ 56.55
Exercised (in dollars per share) \| $ / shares						56.63
Balance at the end of the period (in dollars per share) \| $ / shares				$ 56.55		$ 56.55
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans \| $				$ 255	$ 242	$ 509	$ 482
Share and unit-based plans, additional information
Unrecognized compensation cost of share and unit-based plans \| $				$ 275		$ 275
Non-vested share and unit based plans, quantity
Balance at the beginning of the period (in shares)			15,745			15,745
Granted (in shares)						4,200
Vested (in shares)						(12,065)
Balance at the end of the period (in shares)				7,880		7,880
Non-vested share and unit based plans, weighted average exercise price
Balance at the beginning of the period (in dollars per share) \| $ / shares			$ 34.84			$ 34.84
Granted (in dollars per share) \| $ / shares						56.09
Vested (in dollars per share) \| $ / shares						42.23
Balance at the end of the period (in dollars per share) \| $ / shares				$ 34.84		$ 34.84

Income Taxes: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes: (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Income tax benefit
Deferred	$ 3,075	$ 1,768	$ 1,225	$ 4,246
Income tax benefit	3,075	$ 1,768	1,225	$ 4,246
Components of net deferred tax assets
Net deferred tax assets	$ 30,310		$ 30,310		$ 26,829

- Definition

The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Deferred Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6510177

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 289
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

+ Details

Subsequent Events: (Details) - Dividend declared - $ / shares	1 Months Ended
	Sep. 30, 2012	Jul. 27, 2012
Subsequent events
Dividend/distribution for common stockholders and OP Unit holders (in dollars per share)		$ 0.55
Percentage of dividend/distribution payable in cash	100.00%