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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
ASSETS:
Property, net	$ 5,619,750	$ 5,674,127
Cash and cash equivalents	73,229	445,645
Restricted cash	82,455	71,434
Marketable securities	25,394	25,935
Tenant and other receivables, net	86,559	95,083
Deferred charges and other assets, net	348,208	316,969
Loans to unconsolidated joint ventures	3,459	3,095
Due from affiliates	5,269	6,599
Investments in unconsolidated joint ventures	1,205,457	1,006,123
Total assets	7,449,780	7,645,010
Mortgage notes payable:
Related parties	276,709	302,344
Others	2,820,109	2,957,131
Total	3,096,818	3,259,475
Bank and other notes payable	782,420	632,595
Accounts payable and accrued expenses	69,808	70,585
Other accrued liabilities	247,243	257,678
Distributions in excess of investments in unconsolidated joint ventures	72,497	65,045
Co-venture obligation	128,869	160,270
Total liabilities	4,397,655	4,445,648
Redeemable noncontrolling interests	11,366	11,366
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 132,074,432 and 130,452,032 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively	1,320	1,304
Additional paid-in capital	3,480,284	3,456,569
Accumulated deficit	(715,510)	(564,357)
Accumulated other comprehensive income (loss)	2,951	(3,237)
Total stockholders' equity	2,769,045	2,890,279
Noncontrolling interests	271,714	297,717
Total equity	3,040,759	3,187,996
Total liabilities, redeemable noncontrolling interests and equity	$ 7,449,780	$ 7,645,010

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2011	Dec. 31, 2010
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	132,074,432	130,452,032
Common stock, shares outstanding	132,074,432	130,452,032

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Minimum Rents	$ 110,587	$ 102,002	$ 219,282	$ 203,472
Percentage rents	3,140	3,108	6,094	6,095
Tenant recoveries	60,932	57,112	122,413	117,984
Management Companies	8,119	12,117	18,702	22,339
Other	8,162	6,887	14,501	12,793
Total revenues	190,940	181,226	380,992	362,683
Expenses:
Shopping center and operating expenses	64,080	56,296	126,416	116,784
Management Companies' operating expenses	20,921	24,466	46,777	46,653
REIT general and administrative expenses	3,742	3,642	11,386	11,160
Depreciation and amortization	65,462	59,365	129,534	118,047
Total expenses before interest	154,205	143,769	314,113	292,644
Interest expense:
Related parties	4,086	3,103	8,575	6,205
Other	44,946	49,135	92,454	101,444
Total interest expense	49,032	52,238	101,029	107,649
Loss on early extinguishment of debt	32	489	9,133	489
Total expenses	203,269	196,496	424,275	400,782
Equity in income of unconsolidated joint ventures	25,207	15,762	55,482	32,221
Co-venture expense	(1,202)	(1,993)	(2,498)	(3,377)
Income tax benefit	1,768	1,375	4,246	2,590
(Loss) gain on remeasurement, sale or write down of assets, net	(34,442)	582	(32,641)	582
(Loss) income from continuing operations	(20,998)	456	(18,694)	(6,083)
Discontinued operations:
Loss on sale or write down of assets, net	(24)	(72)	(2,262)	(71)
Income (loss) from discontinued operations	111	(329)	136	(652)
Income (loss) from discontinued operations	87	(401)	(2,126)	(723)
Net (loss) income	(20,911)	55	(20,820)	(6,806)
Less net (loss) income attributable to noncontrolling interests	(1,695)	495	(1,638)	(9)
Net loss attributable to the Company	$ (19,216)	$ (440)	$ (19,182)	$ (6,797)
Earnings per common share attributable to Company - basic:
Loss from continuing operations (in dollars per share)	$ (0.15)	$ (0.01)	$ (0.14)	$ (0.07)
Discontinued operations (in dollars per share)			(0.01)	(0.01)
Net loss available to common stockholders (in dollars per share)	(0.15)	(0.01)	(0.15)	(0.08)
Earnings per common share attributable to Company - diluted:
Loss from continuing operations (in dollars per share)	(0.15)	(0.01)	(0.14)	(0.07)
Discontinued operations (in dollars per share)			(0.01)	(0.01)
Net loss available to common stockholders (in dollars per share)	$ (0.15)	$ (0.01)	$ (0.15)	$ (0.08)
Weighted average number of common shares outstanding:
Basic (in shares)	131,691,000	123,446,000	131,136,000	110,271,000
Diluted (in shares)	131,691,000	123,446,000	131,136,000	110,271,000

CONSOLIDATED STATEMENT OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - 6 months ended Jun. 30, 2011 - USD ($) $ in Thousands	Total	Redeemable Noncontrolling Interests	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Comprehensive Loss
Balance at Dec. 31, 2010	$ 3,187,996	$ 11,366	$ 2,890,279	$ 1,304	$ 3,456,569	$ (564,357)	$ (3,237)	$ 297,717
Balance (in shares) at Dec. 31, 2010				130,452,032
Comprehensive loss:
Net loss	(20,962)	142	(19,182)			(19,182)		(1,780)	$ (20,962)
Interest rate swap/cap agreements	6,188		6,188				6,188		6,188
Total comprehensive loss	(14,774)	142	(12,994)			(19,182)	6,188	(1,780)	$ (14,774)
Amortization of share and unit-based plans	11,586		11,586	$ 6	11,580
Amortization of share and unit-based plans (in shares)				584,874
Employee stock purchases	320		320		320
Employee stock purchases (in shares)				7,405
Distributions paid ($1.00) per share	(131,971)		(131,971)			(131,971)
Distributions to noncontrolling interests	(13,289)	(142)						(13,289)
Contributions from noncontrolling interests	64							64
Other	827		827		827
Conversion of noncontrolling interests to common shares			20,231	$ 10	20,221			(20,231)
Conversion of noncontrolling interests to common shares (in shares)				1,030,121
Adjustment of noncontrolling interest in Operating Partnership			(9,233)		(9,233)			9,233
Balance at Jun. 30, 2011	$ 3,040,759	$ 11,366	$ 2,769,045	$ 1,320	$ 3,480,284	$ (715,510)	$ 2,951	$ 271,714
Balance (in shares) at Jun. 30, 2011				132,074,432

CONSOLIDATED STATEMENT OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical)	6 Months Ended
	Jun. 30, 2011 $ / shares
CONSOLIDATED STATEMENT OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Distributions paid, per share (in dollars per share)	$ 1.00

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net loss	$ (20,820)	$ (6,806)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on early extinguishment of debt	133	489
Loss (gain) on remeasurement, sale or write down of assets, net	32,641	(582)
Loss on sale or write down of assets, net from discontinued operations	2,262	71
Depreciation and amortization	137,352	125,268
Amortization of net discount on mortgages, bank and other notes payable	4,573	792
Amortization of share and unit-based plans	6,574	6,966
Provision for doubtful accounts	1,517	2,429
Income tax benefit	(4,246)	(2,590)
Equity in income of unconsolidated joint ventures	(55,482)	(32,221)
Co-venture expense	2,498	3,377
Distributions of income from unconsolidated joint ventures	5,741	4,519
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	5,100	22,605
Other assets	(5,869)	(14,208)
Due from affiliates	1,330	426
Accounts payable and accrued expenses	(3,553)	(19,788)
Other accrued liabilities	(19,891)	(17,961)
Net cash provided by operating activities	89,860	72,786
Cash flows from investing activities:
Acquisitions of property, development, redevelopment and property improvements	(91,268)	(66,377)
Proceeds from note receivable		11,763
Maturities of marketable securities	672	654
Deferred leasing costs	(18,794)	(18,205)
Distributions from unconsolidated joint ventures	60,746	60,549
Contributions to unconsolidated joint ventures	(142,106)	(8,123)
Loans to unconsolidated joint ventures, net	(364)	(3,176)
Proceeds from sale of assets	4,875
Restricted cash	(11,021)	(854)
Net cash used in investing activities	(197,260)	(23,769)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	272,000	350,140
Payments on mortgages, bank and other notes payable	(341,036)	(985,993)
Repurchase of convertible senior notes		(18,191)
Deferred financing costs	(16,999)	(6,260)
Proceeds from share and unit-based plans	320	376
Net proceeds from stock offering		1,220,880
Redemption of stock warrants		(17,639)
Dividends and distributions	(145,402)	(81,881)
Distributions to co-venture partner	(33,899)	(6,986)
Net cash (used in) provided by financing activities	(265,016)	454,446
Net (decrease) increase in cash and cash equivalents	(372,416)	503,463
Cash and cash equivalents, beginning of period	445,645	93,255
Cash and cash equivalents, end of period	73,229	596,718
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	84,977	106,284
Non-cash transactions:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	14,645	32,047
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
Stock dividend		43,087
Conversion of Oprating Partnership units to common stock	$ 20,231	$ 4,331

Organization:

6 Months Ended

Jun. 30, 2011

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, 2011, the Company was the sole general partner of and held a 92% 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 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, 2011

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 has identified Shoppingtown Mall, L.P. and Camelback Shopping Center Limited Partnership as variable interest entities that meet the criteria for consolidation. These variable interest entities included in the accompanying consolidated statements of operations had aggregate revenue of $2,604 and $2,673 for the three months ended June 30, 2011 and 2010, respectively, and $4,768 and $6,331 for the six months ended June 30, 2011 and 2010, respectively. The aggregate expenses of these variable interest entities were $39,624 and $4,187 for the three months ended June 30, 2011 and 2010, respectively, and $43,143 and $7,699 for the six months ended June 30, 2011 and 2010, respectively. Included in the aggregate expenses for these variable interest entities is an impairment charge of $35,729 during the three and six months ended June 30, 2011 to write-down the long-lived assets of Shoppingtown Mall (See Note 6—Property). The significant assets and liabilities of these variable interest entities consisted of property of $43,043 and $81,155 at June 30, 2011 and December 31, 2010, respectively, and mortgage notes payable of $38,968 and $39,675 at June 30, 2011 and December 31, 2010, respectively.

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, 2010. 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, 2010 has been derived from the audited financial statements, but does not include all disclosures required by GAAP.

Earnings per Share (EPS):

6 Months Ended

Jun. 30, 2011

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, 2011, and 2010 (shares in thousands):

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

		2011			2010			2011			2010
Numerator
(Loss) income from continuing operations		$	(20,998	)	$	456		$	(18,694	)	$	(6,083	)
Income (loss) from discontinued operations			87			(401	)		(2,126	)		(723	)
Loss (income) attributable to noncontrolling interests			1,695			(495	)		1,638			9

Net loss attributable to the Company			(19,216	)		(440	)		(19,182	)		(6,797	)
Allocation of earnings to participating securities			(289	)		(534	)		(831	)		(1,523	)

Numerator for basic and diluted earnings per share—net loss available to common stockholders		$	(19,505	)	$	(974	)	$	(20,013	)	$	(8,320	)

Denominator
Denominator for basic and diluted earnings per share—weighted average number of common shares outstanding(1)			131,691			123,446			131,136			110,271

Earnings per common share—basic:
	Loss from continuing operations	$	(0.15	)	$	(0.01	)	$	(0.14	)	$	(0.07	)
	Discontinued operations		—			—			(0.01	)		(0.01	)

	Net loss available to common stockholders	$	(0.15	)	$	(0.01	)	$	(0.15	)	$	(0.08	)

Earnings per common share—diluted:
	Loss from continuing operations	$	(0.15	)	$	(0.01	)	$	(0.14	)	$	(0.07	)
	Discontinued operations		—			—			(0.01	)		(0.01	)

	Net loss available to common stockholders	$	(0.15	)	$	(0.01	)	$	(0.15	)	$	(0.08	)

(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, 2011 and 2010, as their effect was antidilutive.

Diluted EPS excludes 208,640 convertible non-participating preferred units for the three and six months ended June 30, 2011 and 2010, as their impact was antidilutive.

Diluted EPS excludes 1,125,172 of unexercised stock appreciation rights ("SARs") for the three and six months ended June 30, 2011, and 1,150,172 of unexercised SARs for the three and six months ended June 30, 2010, as their effect was antidilutive.

Diluted EPS excludes 122,500 of unexercised stock options for the three and six months ended June 30, 2011, and 127,500 of unexercised stock options for the three and six months ended June 30, 2010, as their effect was antidilutive.

Diluted EPS excludes 935,358 of unexercised stock warrants for the three and six months ended June 30, 2011 and 2010, as their effect was antidilutive.

Diluted EPS excludes 11,448,084 and 12,049,003 partnership units for the three months ended June 30, 2011 and 2010, respectively, and 11,674,114 and 12,107,671 for the six months ended June 30, 2011 and 2010, respectively, as their effect was antidilutive.

Investments in Unconsolidated Joint Ventures:

6 Months Ended

Jun. 30, 2011

Investments in Unconsolidated Joint Ventures:

Investments in Unconsolidated Joint Ventures:

4. Investments in Unconsolidated Joint Ventures:

The Company has recently made the following investments in unconsolidated joint ventures:

On February 24, 2011, the Company's joint venture in Kierland Commons, a 434,690 square foot community center in Scottsdale, Arizona, acquired the ownership interest of another partner in the joint venture for $105,550. The Company's share of the purchase price consisted of a cash payment of $34,161 and the assumption of a pro rata share of debt of $18,613. As a result of the acquisition, the Company's ownership interest in Kierland Commons increased from 24.5% to 50.0%. The joint venture recognized a remeasurement gain of $25,019 on the acquisition based on the difference of the fair value received and its previously held investment in Kierland Commons. The Company's pro rata share of the gain recognized was $12,510.

On February 28, 2011, the Company in a 50/50 joint venture, acquired The Shops at Atlas Park, a 400,000 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 893,561 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. conveyed Granite Run Mall to the mortgage note lender with a deed-in-lieu of foreclosure. The mortgage note was non-recourse. The Company's pro rata share of gain on the early extinguishment of debt was $7,753.

On June 3, 2011, the Company entered into a transaction with General Growth Properties, Inc. ("General Growth"), whereby the Company acquired an additional 33.3% ownership interest in Arrowhead Towne Center, a 1,196,941 square foot regional shopping center in Glendale, Arizona; an additional 33.3% ownership interest in Superstition Springs Center, a 1,204,803 square foot regional shopping center in Mesa, Arizona; 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 (See Note 6—Property) as a result of the increase in ownership. This transaction is referred herein as the "GGP Exchange".

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

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

		June 30, 2011			December 31, 2010

Assets(1):
	Properties, net	$	5,041,605		$	5,047,022
	Other assets		470,073			470,922

	Total assets	$	5,511,678		$	5,517,944

Liabilities and partners' capital(1):
	Mortgage notes payable(2)	$	4,433,201		$	4,617,127
	Other liabilities		193,028			211,942
	Company's capital		430,941			349,175
	Outside partners' capital		454,508			339,700

	Total liabilities and partners' capital	$	5,511,678		$	5,517,944

Investments in unconsolidated joint ventures:
	Company's capital	$	430,941		$	349,175
	Basis adjustment(3)		702,019			591,903

	Investments in unconsolidated joint ventures	$	1,132,960		$	941,078

	Assets—Investments in unconsolidated joint ventures	$	1,205,457		$	1,006,123
	Liabilities—Distributions in excess of investments in unconsolidated joint ventures		(72,497	)		(65,045	)

		$	1,132,960		$	941,078

(1): These amounts include the assets and liabilities of the following significant subsidiaries as of June 30, 2011 and December 31, 2010:

	SDG Macerich Properties, L.P.		Pacific Premier Retail Trust		Tysons Corner LLC

As of June 30, 2011:
Total Assets	$	710,334	$	1,079,430	$	336,820
Total Liabilities	$	698,453	$	1,011,936	$	328,732
As of December 31, 2010:
Total Assets	$	817,995	$	1,101,186	$	330,117
Total Liabilities	$	815,884	$	1,019,513	$	324,527

(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, 2011 and December 31, 2010, a total of $372,309 and $348,658, respectively, could become recourse debt to the Company. As of June 30, 2011 and December 31, 2010, the Company has indemnity agreements from joint venture partners for $178,563 and $162,451, respectively, of the guaranteed amount.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $568,729 and $573,239 as of June 30, 2011 and December 31, 2010, 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 $10,004 and $10,185 for the three months ended June 30, 2011 and 2010, respectively, and $20,097 and $20,429 for the six months ended June 30, 2011 and 2010, 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 $2,612 and $1,368 for the three months ended June 30, 2011 and 2010, respectively, and $4,119 and $3,281 for the six months ended June 30, 2011 and 2010, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

			SDG Macerich Properties, L.P.		Pacific Premier Retail Trust		Tysons Corner LLC		Other Joint Ventures			Total

Three Months Ended June 30, 2011
Revenues:
	Minimum rents		$	20,081	$	32,545	$	14,786	$	86,329		$	153,741
	Percentage rents			569		936		445		2,344			4,294
	Tenant recoveries			11,024		13,621		10,215		41,240			76,100
	Other			658		1,037		703		9,137			11,535

		Total revenues		32,332		48,139		26,149		139,050			245,670

Expenses:
	Shopping center and operating expenses			12,434		14,612		8,081		53,365			88,492
	Interest expense			9,883		11,701		3,845		37,962			63,391
	Depreciation and amortization			6,730		10,325		5,043		31,083			53,181

	Total operating expenses			29,047		36,638		16,969		122,410			205,064

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

Net income			$	18,791	$	11,501	$	9,180	$	16,311		$	55,783

Company's equity in net income			$	9,394	$	5,850	$	3,490	$	6,473		$	25,207

Three Months Ended June 30, 2010
Revenues:
	Minimum rents		$	21,898	$	31,905	$	14,477	$	86,510		$	154,790
	Percentage rents			472		1,066		264		1,876			3,678
	Tenant recoveries			9,982		11,965		9,468		41,901			73,316
	Other			851		1,361		587		6,944			9,743

		Total revenues		33,203		46,297		24,796		137,231			241,527

Expenses:
	Shopping center and operating expenses			10,968		13,392		7,785		54,093			86,238
	Interest expense			11,588		12,973		4,131		38,595			67,287
	Depreciation and amortization			7,777		9,746		4,659		30,635			52,817

	Total operating expenses			30,333		36,111		16,575		123,323			206,342

Gain on sale of assets				3		—		—		608			611

Net income			$	2,873	$	10,186	$	8,221	$	14,516		$	35,796

Company's equity in net income			$	1,437	$	5,170	$	3,728	$	5,427		$	15,762

			SDG Macerich Properties, L.P.		Pacific Premier Retail Trust			Tysons Corner LLC		Other Joint Ventures			Total

Six Months Ended June 30, 2011
Revenues:
	Minimum rents		$	42,175	$	65,344		$	30,329	$	172,890		$	310,738
	Percentage rents			1,501		2,102			868		4,478			8,949
	Tenant recoveries			22,684		27,267			20,478		82,288			152,717
	Other			1,465		2,056			1,430		17,391			22,342

		Total revenues		67,825		96,769			53,105		277,047			494,746

Expenses:
	Shopping center and operating expenses			26,223		29,206			16,682		105,748			177,859
	Interest expense			21,343		23,424			7,818		76,435			129,020
	Depreciation and amortization			14,199		20,481			9,906		61,494			106,080

	Total operating expenses			61,765		73,111			34,406		243,677			412,959

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

Net income			$	21,566	$	23,658		$	18,699	$	57,915		$	121,838

Company's equity in net income			$	10,782	$	12,033		$	7,198	$	25,469		$	55,482

Six Months Ended June 30, 2010
Revenues:
	Minimum rents		$	44,155	$	63,596		$	29,074	$	175,626		$	312,451
	Percentage rents			1,196		1,963			384		4,393			7,936
	Tenant recoveries			21,622		24,412			18,974		88,487			153,495
	Other			1,650		2,531			1,265		13,177			18,623

		Total revenues		68,623		92,502			49,697		281,683			492,505

Expenses:
	Shopping center and operating expenses			25,033		27,077			15,891		108,807			176,808
	Interest expense			23,085		26,074			8,149		77,513			134,821
	Depreciation and amortization			15,402		18,935			9,251		62,016			105,604

	Total operating expenses			63,520		72,086			33,291		248,336			417,233

Gain (loss) on sale of assets				3		—			—		(628	)		(625	)
Loss on early extinguishment of debt				—		(1,352	)		—		—			(1,352	)

Net income			$	5,106	$	19,064		$	16,406	$	32,719		$	73,295

Company's equity in net income			$	2,553	$	9,737		$	7,820	$	12,111		$	32,221

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, 2011

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 $1,358 and $5,209 for the three months ended June 30, 2011 and 2010, respectively, and $6,188 and $13,188 for the six months ended June 30, 2011 and 2010, respectively.

The following derivatives were outstanding at June 30, 2011:

Property/Entity(1)	Notional Amount		Product				Fair Value

La Cumbre Plaza	$	30,000	Cap	3.00	%	12/9/2011	$	—
Paradise Valley Mall		85,000	Cap	5.00	%	9/12/2011		—
The Oaks		150,000	Cap	6.25	%	7/1/2011		—
Westside Pavilion		175,000	Cap	5.50	%	6/5/2012		—

(1): See additional disclosure in Note 10—Mortgage Notes Payable.

		Asset Derivatives					Liability Derivatives

			June 30, 2011		December 31, 2010			June 30, 2011		December 31, 2010
		Balance Sheet Location	Fair Value		Fair Value		Balance Sheet Location	Fair Value		Fair Value
Derivatives designated as hedging instruments
	Interest rate cap agreements	Other assets	$	—	$	—	Other liabilities	$	—	$	—
	Interest rate swap agreements	Other assets		—		—	Other liabilities		—		6,061

Total derivatives designated as hedging instruments				—		—			—		6,061

Derivatives not designated as hedging instruments
	Interest rate cap agreements	Other assets		—		—	Other liabilities		—		—
	Interest rate swap agreements	Other assets		—		—	Other liabilities		—		—

Total derivatives not designated as hedging instruments				—		—			—		—

Total derivatives			$	—	$	—		$	—	$	6,061

- 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
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-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.

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-Publisher FASB
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+ Details

Property:

6 Months Ended

Jun. 30, 2011

Property:

Property:

6. Property:

Property consists of the following:

	June 30, 2011			December 31, 2010

Land	$	1,164,643		$	1,158,139
Building improvements		4,951,592			4,934,391
Tenant improvements		412,904			398,556
Equipment and furnishings		120,318			124,530
Construction in progress		292,225			292,891

		6,941,682			6,908,507
Less accumulated depreciation		(1,321,932	)		(1,234,380	)

	$	5,619,750		$	5,674,127

Depreciation expense was $54,951 and $49,905 for the three months ended June 30, 2011 and 2010, respectively, and $108,909 and $99,029 for the six months ended June 30, 2011 and 2010, respectively.

During the three and six months ended June 30, 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 (See Note 10—Mortgage Notes Payable) and on-going negotiations with the loan servicer, the Company reduced the holding period of the underlying property and wrote down the long-lived assets to the estimated fair value of $38,968. The Company has classified the estimated fair value as Level 3 measurements due to the highly subjective nature of computation, which involve estimates of holding period, market conditions, future occupancy levels, rental rates, capitalization rates, lease-up periods and capital improvements.

The Company recognized a (loss) gain on the sale or write-down of assets of $(447) and $582 for the three months ended June 30, 2011 and 2010, respectively, and $(484) and $582 for the six months ended June 30, 2011 and 2010, 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% interest in Desert Sky Mall during the six months ended June 30, 2011 (See Note 15—Acquisitions).

- 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, 2011

Marketable Securities:

Marketable Securities:

7. Marketable Securities:

Marketable Securities consist of the following:

	June 30, 2011			December 31, 2010

Government debt securities, at par value	$	25,837		$	26,509
Less discount		(443	)		(574	)

		25,394			25,935
Unrealized gain		2,267			2,612

Fair value	$	27,661		$	28,547

Future contractual maturities of marketable securities are as follows:


1 year or less	$	1,379
2 to 5 years		24,458

	$	25,837

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, 2011

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 $3,523 and $5,411 at June 30, 2011 and December 31, 2010, respectively. Also included in tenant and other receivables, net, are accrued percentage rents of $1,127 and $5,827 at June 30, 2011 and December 31, 2010, 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, 2031. At June 30, 2011 and December 31, 2010, the note had a balance of $8,867 and $8,992, respectively.

On August 18, 2009, the Company received a note receivable from J&R Holdings XV, LLC ("Pederson") that bears interest at 11.55% and 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, 2011 and December 31, 2010 was $3,445. Interest income on the note was $104 and $39 for the three months ended June 30, 2011 and 2010, respectively, and $206 and $83 for the six months ended June 30, 2011 and 2010, respectively.

- 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
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-Name Regulation S-X (SX)
-Number 210
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-Paragraph k

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-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
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+ Details

Deferred Charges and Other Assets, net:

6 Months Ended

Jun. 30, 2011

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, 2011			December 31, 2010

Leasing		$	211,251		$	189,853
Financing			50,062			57,564
Intangible assets:
	In-place lease values		93,722			99,328
	Leasing commissions and legal costs		28,793			29,088
Other assets			156,647			152,167

			540,475			528,000
Less accumulated amortization(1)			(192,267	)		(211,031	)

		$	348,208		$	316,969

(1): Accumulated amortization includes $94,573 and $60,859 relating to intangible assets at June 30, 2011 and December 31, 2010, respectively. Amortization expense for intangible assets was $3,325 and $3,646 for the three months ended June 30, 2011 and 2010, respectively, and $6,983 and $7,779 for the six months ended June 30, 2011 and 2010, 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, 2011			December 31, 2010

Above-Market Leases
Original allocated value	$	59,927		$	50,615
Less accumulated amortization		(37,417	)		(36,935	)

	$	22,510		$	13,680

Below-Market Leases
Original allocated value	$	117,158		$	121,813
Less accumulated amortization		(85,827	)		(83,780	)

	$	31,331		$	38,033

The allocated values of above and below-market leases are amortized into minimum rents on a straight-line basis over the individual remaining lease terms. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the center, the Company's relationship with the tenant and the availability of competing tenant space.

Mortgage Notes Payable:

6 Months Ended

Jun. 30, 2011

Mortgage Notes Payable:

Mortgage Notes Payable:

10. Mortgage Notes Payable:

Mortgage notes payable at June 30, 2011 and December 31, 2010 consist of the following:

	Carrying Amount of Mortgage Notes(1)

	June 30, 2011				December 31, 2010
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Interest Rate(2)			Monthly Payment Term(3)		Maturity Date
Capitola Mall(4)	$	—	$	—	$	33,459	$	—		—		$	—		—
Chandler Fashion Center(5)		—		157,451		—		159,360		5.50	%		1,043		2012
Chesterfield Towne Center(6)		—		—		—		50,462		—			—		—
Danbury Fair Mall		118,559		118,559		109,657		109,657		5.53	%		1,351		2020
Deptford Mall		—		172,500		—		172,500		5.41	%		778		2013
Deptford Mall		—		15,139		—		15,248		6.46	%		101		2016
Fiesta Mall		—		84,000		—		84,000		4.98	%		348		2015
Flagstaff Mall		—		37,000		—		37,000		5.03	%		155		2015
Freehold Raceway Mall(5)		—		232,900		—		232,900		4.20	%		805		2018
Fresno Fashion Fair		82,272		82,272		82,791		82,792		6.76	%		1,104		2015
Great Northern Mall		—		37,668		—		38,077		5.19	%		234		2013
Hilton Village		—		8,590		—		8,581		5.27	%		37		2012
La Cumbre Plaza(7)		—		20,536		—		23,113		2.37	%		18		2011
Northgate, The Mall at(8)		—		38,115		—		38,115		7.00	%		191		2013
Oaks, The(9)		—		165,000		—		165,000		2.24	%		308		2011
Oaks, The(10)		—		92,264		—		92,264		2.83	%		182		2011
Pacific View(11)		—		—		—		84,096		—			—		—
Paradise Valley Mall(12)		—		85,000		—		85,000		6.30	%		446		2012
Prescott Gateway		—		60,000		—		60,000		5.86	%		293		2011
Promenade at Casa Grande(13)		—		78,166		—		79,104		5.21	%		296		2013
Rimrock Mall(14)		—		40,237		—		40,650		7.57	%		320		2011
Salisbury, Center at		—		115,000		—		115,000		5.83	%		559		2016
SanTan Village Regional Center(15)		—		138,087		—		138,087		2.90	%		334		2012
Shoppingtown Mall(16)		—		38,968		—		39,675		8.00	%		319		2011
South Plains Mall		—		103,445		—		104,132		6.54	%		383		2015
South Towne Center		—		87,135		—		87,726		6.39	%		554		2015
Towne Mall		—		13,077		—		13,348		4.99	%		100		2012
Tucson La Encantada		75,878		—		76,437		—		5.84	%		448		2012
Twenty Ninth Street(17)		—		107,000		—		106,244		3.08	%		275		2016
Valley River Center		—		120,000		—		120,000		5.59	%		559		2016
Valley View Center(18)		—		125,000		—		125,000		5.72	%		596		2011
Victor Valley, Mall of(19)		—		97,000		—		100,000		2.11	%		171		2012
Vintage Faire Mall(20)		—		135,000		—		135,000		3.48	%		392		2015
Westside Pavilion(21)		—		175,000		—		175,000		2.93	%		427		2012
Wilton Mall(22)		—		40,000		—		40,000		1.19	%		40		2013

	$	276,709	$	2,820,109	$	302,344	$	2,957,131

(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, 2011			December 31, 2010

Deptford Mall	$	(28	)	$	(30	)
Great Northern Mall		(69	)		(82	)
Hilton Village		(10	)		(19	)
Shoppingtown Mall		—			482
Towne Mall		136			183

	$	29		$	534

(2): The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs.
(3): The payment term represents the monthly payment of principal and interest.
(4): On March 15, 2011, the loan was paid off in full.
(5): On September 30, 2009, 49.9% of the loan was assumed by a third party in connection with entering into a co-venture arrangement with that unrelated party. See Note 12—Co-Venture Arrangement.
(6): On February 1, 2011, the loan was paid off in full. As a result of the pay off of the debt, the Company recognized a loss on early extinguishment of debt of $9,133, which included a $9,000 prepayment penalty and $133 of unamortized financing costs then outstanding.
(7): The loan bears interest at LIBOR plus 0.88% and matures on December 9, 2011 with an extension option, subject to certain conditions, to extend to June 9, 2012. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 3.0% over the loan term. See Note 5—Derivative Instruments and Hedging Activities. The total interest rate was 2.37% and 2.44% at June 30, 2011 and December 31, 2010, respectively.
(8): The construction loan allows for total borrowings of up to $60,000, bears interest at LIBOR plus 4.50% with a total interest rate floor of 6.0% and matures on January 1, 2013, with two one-year extension options. The loan also includes options for additional borrowings of up to $20,000 depending on certain conditions. The total interest rate was 7.00% at June 30, 2011 and December 31, 2010.
(9): The loan bears interest at LIBOR plus 1.75% and was to mature on July 10, 2011. On July 19, 2011, the Company exercised an option to extend the loan to July 10, 2012 and has an additional one-year extension option. The Company placed an interest rate cap agreement on the loan that effectively prevented LIBOR from exceeding 6.25% on $150,000 of the loan amount that expired on July 1, 2011. See Note 5—Derivative Instruments and Hedging Activities. The interest rate cap agreement was not renewed following its expiration on July 1, 2011. At June 30, 2011 and December 31, 2010, the total interest rate was 2.24%.
(10): The construction loan allowed for total borrowings of up to $135,000, bore interest at LIBOR plus a spread of 1.75% to 2.10%, depending on certain conditions and was to mature on July 10, 2011. On July 19, 2011, the Company modified the loan to bear interest at LIBOR plus 1.75% and extended the loan to July 10, 2012 with an additional one-year extension option. At June 30, 2011 and December 31, 2010, the total interest rate was 2.83%.
(11): On June 1, 2011, the loan was paid off in full.
(12): The loan bears interest at LIBOR plus 4.0% with a total interest rate floor of 5.50% and matures on August 31, 2012 with two one-year extension options. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 5.0% until September 12, 2011. See Note 5—Derivative Instruments and Hedging Activities. At June 30, 2011 and December 31, 2010, the total interest rate was 6.30%.
(13): 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, 2011 and December 31, 2010, the total interest rate was 5.21%.

(14): On July 1, 2011, the loan was paid off in full.
(15): The loan bears interest at LIBOR plus 2.10% and matures on June 13, 2012, with a one-year extension option. At June 30, 2011 and December 31, 2010, the total interest rate was 2.90% and 2.94%, respectively.
(16): As of May 10, 2011, the note is in maturity default. The Company is in negotiations with the loan servicer, which the Company anticipates will likely result in either a modification of loan terms or the transition of the underlying property to the loan servicer or a receiver. The loan is non-recourse to the Company. The Company recognized an impairment charge of $35,729 during the three and six months ended June 30, 2011 to write down the carrying value of the underlying asset to its estimated fair value. See Note 6—Property.
(17): On January 18, 2011, the Company replaced the existing loan on the property with a new $107,000 loan that bears interest at LIBOR plus 2.63% and matures on January 18, 2016. At June 30, 2011, the total interest rate was 3.08%.
(18): On July 15, 2010, a court appointed receiver ("Receiver") assumed operational control of Valley View Center and responsibility for managing all aspects of the property. The Company anticipates the disposition of the asset, which is under the control of the Receiver, will be executed through foreclosure, deed in lieu of foreclosure, or by some other means, and is expected to be completed within the next twelve months. Although the Company is no longer funding any cash shortfall, it will continue to record the operations of Valley View Center until the title for the Center is transferred and its obligation for the loan is discharged. Once title to the Center is transferred, the Company will remove the net assets and liabilities from the Company's consolidated balance sheets. The mortgage note payable on Valley View Center is non-recourse to the Company.
(19): The loan bears interest at LIBOR plus 1.60% and was due to mature on May 6, 2011, with two one-year extension options. On May 6, 2011, the Company exercised an option to extend the maturity to May 6, 2012. At June 30, 2011 and December 31, 2010, the total interest rate on the loan was 2.11% and 6.94%, respectively.
(20): The loan bears interest at LIBOR plus 3.0% and matures on April 27, 2015. At June 30, 2011 and December 31, 2010, the total interest rate was 3.48% and 8.37%, respectively.
(21): The loan bears interest at LIBOR plus 2.00% and was set to mature on June 5, 2011. The Company has exercised an option to extend the loan to June 5, 2012 and has an additional one-year extension option. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 5.50% over the loan term. See Note 5—Derivative Instruments and Hedging Activities. At June 30, 2011 and December 31, 2010, the total interest rate on the loan was 2.93% and 7.81%, respectively.
(22): The loan bears interest at LIBOR plus 0.675% and matures August 1, 2013. As additional collateral for the loan, the Company is required to maintain a deposit of $40,000 with the lender. The interest on the deposit is not restricted. At June 30, 2011 and December 31, 2010, the total interest rate on the loan was 1.19% and 1.26%, respectively.

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

The Company expects all 2011 loan maturities, except Valley View Center and Shoppingtown Mall, will be refinanced, restructured, extended and/or paid-off from the Company's line of credit or with cash on hand.

Total interest expense capitalized was $3,284 and $8,320 during the three months ended June 30, 2011 and 2010, respectively, and $6,619 and $16,509 for the six months ended June 30, 2011 and 2010, 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, 2011 and December 31, 2010 was $3,206,840 and $3,438,674, 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 property that serves as collateral for the underlying debt.

Bank and Other Notes Payable:

6 Months Ended

Jun. 30, 2011

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 are to mature on March 15, 2012. The Senior Notes bear interest at 3.25%, payable semiannually, are senior to unsecured debt of the Company and are guaranteed by the Operating Partnership. Prior to December 14, 2011, upon the occurrence of certain specified events, the Senior Notes will be 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 and after December 15, 2011, the Senior Notes will be convertible at any time prior to the second business day preceding the maturity date at the option of the holder at the initial conversion rate. The initial conversion price of approximately $111.48 per share represented a 20% premium over the closing price of the Company's common stock on March 12, 2007. In addition, the Senior Notes are covered by two capped calls that effectively increased the conversion price of the Senior Notes to approximately $130.06, which represents a 40% premium to the March 12, 2007 closing price of $92.90 per common share of the Company. The initial conversion rate is subject to adjustment under certain circumstances. Holders of the Senior Notes do not have the right to require the Company to repurchase the Senior Notes prior to maturity except in connection with the occurrence of certain fundamental change transactions.

During the three months ended June 30, 2010, the Company repurchased and retired $18,468 of the Senior Notes for $18,191 and recorded a loss on early extinguishment of debt of $489. The repurchase was funded by cash proceeds from the Company's April 2010 common stock offering.

The carrying value of the Senior Notes at June 30, 2011 and December 31, 2010 was $612,179 and $606,971, respectively, which included an unamortized discount of $7,453 and $12,661, respectively. The unamortized discount is amortized into interest expense over the term of the Senior Notes in a manner that approximates the effective interest method. As of June 30, 2011 and December 31, 2010, the effective interest rate was 5.41%. The fair value of the Senior Notes at June 30, 2011 and December 31, 2010 was $619,632 based on the quoted market price on each date.

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% depending on the Company's overall leverage 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. As of June 30, 2011, borrowings under the line of credit were $145,000 at an average interest rate of 2.74%. The fair value of the line of credit at June 30, 2011 was $140,950 based on a present value model using 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, 2011 and December 31, 2010, the Greeley note had a balance outstanding of $25,241 and $25,624, respectively. The fair value of the note at June 30, 2011 and December 31, 2010 was $27,171 and $23,967, 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, 2011 and December 31, 2010, the Company was in compliance with all applicable financial loan covenants.

Co-Venture Arrangement:

6 Months Ended

Jun. 30, 2011

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 "Warrants" in 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.

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 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.

Noncontrolling Interests:

6 Months Ended

Jun. 30, 2011

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 92% ownership interest in the Operating Partnership as of June 30, 2011 and December 31, 2010. The remaining 8% limited partnership interest as of June 30, 2011 and December 31, 2010, 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 units of the Operating Partnership ("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 ten trading days ending on the respective balance sheet date. Accordingly, as of June 30, 2011 and December 31, 2010, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $574,510 and $538,794, 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 have a purchase option for $11,366. In addition, under certain conditions as defined by the partnership agreement, these partners have 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 have been included in temporary equity.

- 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, 2011

Stockholders' Equity:

Stockholders' Equity:

14. Stockholders' Equity:

Stock Dividends:

On March 22, 2010, the Company issued 1,449,542 common shares to its common stockholders and OP Unit holders in connection with a declaration of a quarterly dividend of $0.60 per share of common stock to holders of record on February 16, 2010, consisting of a combination of cash and shares of the Company's common stock. The cash component of the dividend (not including cash paid in lieu of fractional shares) was 10% in the aggregate, or $0.06 per share, with the balance paid in shares of the Company's common stock.

In accordance with the provisions of Internal Revenue Service Revenue Procedure 2010-12, stockholders were asked to make an election to receive the dividends all in cash or all in shares. To the extent that more than 10% of cash was elected in the aggregate, the cash portion was prorated. Stockholders who elected to receive the dividends in cash received a cash payment of at least $0.06 per share. Stockholders who did not make an election received 10% in cash and 90% in shares of common stock. The number of shares issued on March 22, 2010 as a result of the dividend was calculated based on the volume weighted average trading prices of the Company's common stock on the New York Stock Exchange on March 10, 2010 through March 12, 2010 of $38.53 per share.

Warrants:

On September 3, 2009, the Company issued three warrants in connection with the sale of a 75% ownership interest in FlatIron Crossing. The warrants provided for a purchase in the aggregate of 1,250,000 shares of the Company's common stock. The warrants were valued at $8,068 and recorded as a credit to additional paid-in capital. In May 2010, the warrants were exercised pursuant to the holders' net issue exercise request and the Company delivered a cash payment of $17,589 in exchange for the warrants.

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 30 days after the refinancing or repayment of each loan encumbering the Centers has closed. 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 entered into a registration rights agreement with the warrant holder whereby the Company provided certain registration rights regarding the resale of shares of common stock underlying the warrant.

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.

Stock Offering:

On April 20, 2010, the Company completed an offering of 30,000,000 newly issued shares of its common stock and on April 23, 2010 issued an additional 1,000,000 newly issued shares of common stock in connection with the underwriters' exercise of its over-allotment option. The net proceeds of the offering, after giving effect to the issuance and sale of all 31,000,000 shares of common stock at an initial price to the public of $41.00 per share, were approximately $1,220,829 after deducting underwriting discounts, commissions and other transaction costs. The Company used a portion of the net proceeds of the offering to pay down its line of credit in full and reduce certain property indebtedness. The Company used the remaining cash for debt repayments and/or general corporate purposes.

- 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
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-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-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
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-Name Regulation S-X (SX)
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-Section 02
-Paragraph 29, 30, 31
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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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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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 22: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Acquisitions:

6 Months Ended

Jun. 30, 2011

Acquisitions:

Acquisitions:

15. Acquisitions:

Desert Sky Mall:

On February 28, 2011, the Company acquired the additional 50% ownership interest in Desert Sky Mall, an 893,561 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). As a result of this transaction, the Company obtained 100% ownership of Desert Sky Mall.

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

The Company has included the gain in (loss) gain on remeasurement, sale or write down of assets, net for the six months ended June 30, 2011. See Note 6—Property.

Since the date of acquisition, the Company has included Desert Sky Mall in its consolidated financial statements. Desert Sky Mall has generated incremental revenue of $3,629 and incremental expense of $3,281.

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 (loss) gain on remeasurement, sale or writedown of assets, net for the three and six months ended June 30, 2011. See Note 6—Property. Since the date of acquisition, the Company has included Superstition Springs Land in its consolidated financial statements.

Other:

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.

- 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
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-Paragraph 51, 52
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-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

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+ Details

Discontinued Operations:

6 Months Ended

Jun. 30, 2011

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 $3,383, resulting in a loss of $2,261. 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.

Revenues from discontinued operations consisted of $844 and $654 for the three months ended June 30, 2011 and 2010, respectively, and $1,862 and $1,307 for the six months ended June 30, 2011 and 2010, respectively. Income (loss) from discontinued operations was $111 and $(329) for the three months ended June 30, 2011 and 2010, respectively, and $136 and $(652) for the six months ended June 30, 2011 and 2010, 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
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-Number 144
-Paragraph 43-48
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+ Details

Commitments and Contingencies:

6 Months Ended

Jun. 30, 2011

Commitments and Contingencies:

Commitments and Contingencies:

17. Commitments and Contingencies:

The Company has certain properties subject to non-cancelable operating ground leases. The leases expire at various times through 2107, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. Ground rent expense was $2,172 and $1,181 for the three months ended June 30, 2011 and 2010, respectively, and $4,384 and $2,768 for the six months ended June 30, 2011 and 2010, respectively. No contingent rent was incurred during the three or six months ended June 30, 2011 or 2010.

As of June 30, 2011 and December 31, 2010, the Company was contingently liable for $22,376 and $26,771, 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. In addition, the Company has a $11,366 letter of credit outstanding at June 30, 2011 that serves as collateral to a liability assumed in the acquisition of Shoppingtown Mall.

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 agreement. At June 30, 2011, the Company had $10,016 in outstanding obligations under these agreements, which it believes will be settled in 2011.

A putative class action complaint was filed on September 1, 2010 involving a single plaintiff based on alleged wage and hour violations. The parties have reached a settlement that is subject to court approval. The court hearing to preliminarily approve the settlement is scheduled for September 2, 2011. The Company has accrued an estimate for the amount of the settlement, which is not material to the Company's consolidated financial statements.

- 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
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Related-Party Transactions:

6 Months Ended

Jun. 30, 2011

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,

	2011		2010		2011		2010
Management Fees	$	6,549	$	6,726	$	12,811	$	13,636
Development and Leasing Fees		1,361		3,837		3,752		6,003

	$	7,910	$	10,563	$	16,563	$	19,639

Certain mortgage notes on the properties are held by NML (See Note 10—Mortgage Notes Payable). Interest expense in connection with these notes was $4,086 and $3,103 for the three months ended June 30, 2011 and 2010, respectively, and $8,575 and $6,205 for the six months ended June 30, 2011 and 2010, respectively. Included in accounts payable and accrued expenses is interest payable on these notes of $1,355 and $1,439 at June 30, 2011 and December 31, 2010, respectively.

As of June 30, 2011 and December 31, 2010, the Company had loans to unconsolidated joint ventures of $3,459 and $3,095, respectively. Interest income associated with these notes was $49 and $81 for the three months ended June 30, 2011 and 2010, respectively, and $143 and $113 for the six months ended June 30, 2011 and 2010, respectively. These loans represent initial funds advanced to development stage projects prior to construction loan funding. Correspondingly, loan payables in the same amount have been accrued as an obligation by the various joint ventures.

Due from affiliates of $5,269 and $6,599 at June 30, 2011 and December 31, 2010, 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
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-Number 210
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+ Details

Share and Unit-Based Plans:

6 Months Ended

Jun. 30, 2011

Share and Unit-Based Plans:

Share and Unit-Based Plans:

19. Share and Unit-Based Plans:

On February 28, 2011, 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 $43.30 per LTIP Unit. The new grants vest over a service period ending January 31, 2012 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 2011 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 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 .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.

During the three months ended March 31, 2011, as part of the separation agreements with three former employees, the Company modified the terms of 20,949 stock units and 2,281 stock awards then outstanding. During the three months ended June 30, 2011, as part of the separation agreements with three other former employees, the Company modified the terms of 40,621 stock units and 40,000 SARs then outstanding. As a result of these modifications, the Company recognized additional compensation cost of $2,378 and $3,333 during the three and six months ended June 30, 2011, respectively.

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,

	2011		2010		2011		2010
LTIP units	$	2,575	$	3,941	$	4,477	$	5,441
Stock awards		84		524		578		2,086
Stock units		2,930		3,588		5,742		5,046
Stock options		—		148		—		295
SARs		302		656		623		951
Phantom stock units		242		216		482		458

	$	6,133	$	9,073	$	11,902	$	14,277

The Company capitalized share and unit-based compensation costs of $2,098 and $5,236 for the three months ended June 30, 2011 and 2010, respectively, and $5,012 and $7,311 for the six months ended June 30, 2011 and 2010, respectively.

The following table summarizes the activity of the non-vested share and unit based plans:

		LTIP Units					Stock Awards					Phantom Stock					SARs					Stock Units

		Units			Value(1)		Shares			Value(1)		Units			Value(1)		Units			Value(1)		Shares			Value(1)
Balance at January 1, 2011			272,226		$	50.68		63,351		$	53.69		29,783		$	34.18		1,059,122		$	7.51		1,038,549		$	7.17
	Granted		422,631			46.38		11,350			48.47		5,870			48.99		—			—		64,463			48.36
	Vested		(504,857	)		49.85		(53,571	)		57.36		(12,028	)		40.09		(1,034,122	)		7.51		(519,272	)		7.17
	Forfeited		—			—		—			—		—			—		(25,000	)		7.51		(7,400	)		12.35

Balance at June 30, 2011			190,000		$	43.30		21,130		$	40.68		23,625		$	34.84		—		$	—		576,340		$	11.71

(1): Value represents the weighted-average grant date fair value.

Unrecognized compensation cost of share and unit-based plans at June 30, 2011 consisted of $5,233 from LTIP Units, $736 from stock awards, $823 from phantom stock units and $3,758 from stock units.

- 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, 2011

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 Internal Revenue 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,

	2011		2010		2011		2010
Current	$	—	$	—	$	—	$	—
Deferred		1,768		1,375		4,246		2,590

Total income tax benefit	$	1,768	$	1,375	$	4,246	$	2,590

The net operating loss carryforwards are currently scheduled to expire through 2031, beginning in 2021. Net deferred tax assets of $24,592 and $19,525 were included in deferred charges and other assets, net at June 30, 2011 and December 31, 2010, respectively.

The tax returns for the years 2007-2010 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 12 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

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-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, 2011

Subsequent Events:

Subsequent Events:

21. Subsequent Events:

On July 1, 2011, the Company's joint venture in Pacific Premier Retail Trust replaced the existing mortgage note payable on Los Cerritos Center with a new $200,000 mortgage note payable that bears interest at 4.46% and matures on July 1, 2018.

On July 22, 2011, the Company acquired the Fashion Outlets of Niagara Falls, a 526,000 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 of $121,421. The cash purchase price was funded from borrowings under the Company's line of credit. The final purchase price may also include future contingent consideration.

On July 29, 2011, the Company announced a dividend/distribution of $0.50 per share for common stockholders and OP Unit holders of record on August 19, 2011. All dividends/distributions will be paid 100% in cash on September 8, 2011.

Deferred Charges And Other Assets, net: (Policies)

6 Months Ended

Jun. 30, 2011

Deferred Charges and Other Assets, net:

Accounting policy for deferred charges

Earnings per Share (EPS): (Tables)

6 Months Ended

Jun. 30, 2011

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,

		2011			2010			2011			2010
Numerator
(Loss) income from continuing operations		$	(20,998	)	$	456		$	(18,694	)	$	(6,083	)
Income (loss) from discontinued operations			87			(401	)		(2,126	)		(723	)
Loss (income) attributable to noncontrolling interests			1,695			(495	)		1,638			9

Net loss attributable to the Company			(19,216	)		(440	)		(19,182	)		(6,797	)
Allocation of earnings to participating securities			(289	)		(534	)		(831	)		(1,523	)

Numerator for basic and diluted earnings per share—net loss available to common stockholders		$	(19,505	)	$	(974	)	$	(20,013	)	$	(8,320	)

Denominator
Denominator for basic and diluted earnings per share—weighted average number of common shares outstanding(1)			131,691			123,446			131,136			110,271

Earnings per common share—basic:
	Loss from continuing operations	$	(0.15	)	$	(0.01	)	$	(0.14	)	$	(0.07	)
	Discontinued operations		—			—			(0.01	)		(0.01	)

	Net loss available to common stockholders	$	(0.15	)	$	(0.01	)	$	(0.15	)	$	(0.08	)

Earnings per common share—diluted:
	Loss from continuing operations	$	(0.15	)	$	(0.01	)	$	(0.14	)	$	(0.07	)
	Discontinued operations		—			—			(0.01	)		(0.01	)

	Net loss available to common stockholders	$	(0.15	)	$	(0.01	)	$	(0.15	)	$	(0.08	)

(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, 2011 and 2010, as their effect was antidilutive.

Diluted EPS excludes 208,640 convertible non-participating preferred units for the three and six months ended June 30, 2011 and 2010, as their impact was antidilutive.

Investments in Unconsolidated Joint Ventures: (Tables)

6 Months Ended

Jun. 30, 2011

Investments in Unconsolidated Joint Ventures:

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

		June 30, 2011			December 31, 2010

Assets(1):
	Properties, net	$	5,041,605		$	5,047,022
	Other assets		470,073			470,922

	Total assets	$	5,511,678		$	5,517,944

Liabilities and partners' capital(1):
	Mortgage notes payable(2)	$	4,433,201		$	4,617,127
	Other liabilities		193,028			211,942
	Company's capital		430,941			349,175
	Outside partners' capital		454,508			339,700

	Total liabilities and partners' capital	$	5,511,678		$	5,517,944

Investments in unconsolidated joint ventures:
	Company's capital	$	430,941		$	349,175
	Basis adjustment(3)		702,019			591,903

	Investments in unconsolidated joint ventures	$	1,132,960		$	941,078

	Assets—Investments in unconsolidated joint ventures	$	1,205,457		$	1,006,123
	Liabilities—Distributions in excess of investments in unconsolidated joint ventures		(72,497	)		(65,045	)

		$	1,132,960		$	941,078

(1): These amounts include the assets and liabilities of the following significant subsidiaries as of June 30, 2011 and December 31, 2010:

(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, 2011 and December 31, 2010, a total of $372,309 and $348,658, respectively, could become recourse debt to the Company. As of June 30, 2011 and December 31, 2010, the Company has indemnity agreements from joint venture partners for $178,563 and $162,451, respectively, of the guaranteed amount.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $568,729 and $573,239 as of June 30, 2011 and December 31, 2010, 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 $10,004 and $10,185 for the three months ended June 30, 2011 and 2010, respectively, and $20,097 and $20,429 for the six months ended June 30, 2011 and 2010, 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 $2,612 and $1,368 for the three months ended June 30, 2011 and 2010, respectively, and $4,119 and $3,281 for the six months ended June 30, 2011 and 2010, respectively.

Assets and liabilities of significant subsidiaries

	SDG Macerich Properties, L.P.		Pacific Premier Retail Trust		Tysons Corner LLC

As of June 30, 2011:
Total Assets	$	710,334	$	1,079,430	$	336,820
Total Liabilities	$	698,453	$	1,011,936	$	328,732
As of December 31, 2010:
Total Assets	$	817,995	$	1,101,186	$	330,117
Total Liabilities	$	815,884	$	1,019,513	$	324,527

(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, 2011 and December 31, 2010, a total of $372,309 and $348,658, respectively, could become recourse debt to the Company. As of June 30, 2011 and December 31, 2010, the Company has indemnity agreements from joint venture partners for $178,563 and $162,451, respectively, of the guaranteed amount.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $568,729 and $573,239 as of June 30, 2011 and December 31, 2010, 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 $10,004 and $10,185 for the three months ended June 30, 2011 and 2010, respectively, and $20,097 and $20,429 for the six months ended June 30, 2011 and 2010, 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 $2,612 and $1,368 for the three months ended June 30, 2011 and 2010, respectively, and $4,119 and $3,281 for the six months ended June 30, 2011 and 2010, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures

			SDG Macerich Properties, L.P.		Pacific Premier Retail Trust		Tysons Corner LLC		Other Joint Ventures			Total

Three Months Ended June 30, 2011
Revenues:
	Minimum rents		$	20,081	$	32,545	$	14,786	$	86,329		$	153,741
	Percentage rents			569		936		445		2,344			4,294
	Tenant recoveries			11,024		13,621		10,215		41,240			76,100
	Other			658		1,037		703		9,137			11,535

		Total revenues		32,332		48,139		26,149		139,050			245,670

Expenses:
	Shopping center and operating expenses			12,434		14,612		8,081		53,365			88,492
	Interest expense			9,883		11,701		3,845		37,962			63,391
	Depreciation and amortization			6,730		10,325		5,043		31,083			53,181

	Total operating expenses			29,047		36,638		16,969		122,410			205,064

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

Net income			$	18,791	$	11,501	$	9,180	$	16,311		$	55,783

Company's equity in net income			$	9,394	$	5,850	$	3,490	$	6,473		$	25,207

Three Months Ended June 30, 2010
Revenues:
	Minimum rents		$	21,898	$	31,905	$	14,477	$	86,510		$	154,790
	Percentage rents			472		1,066		264		1,876			3,678
	Tenant recoveries			9,982		11,965		9,468		41,901			73,316
	Other			851		1,361		587		6,944			9,743

		Total revenues		33,203		46,297		24,796		137,231			241,527

Expenses:
	Shopping center and operating expenses			10,968		13,392		7,785		54,093			86,238
	Interest expense			11,588		12,973		4,131		38,595			67,287
	Depreciation and amortization			7,777		9,746		4,659		30,635			52,817

	Total operating expenses			30,333		36,111		16,575		123,323			206,342

Gain on sale of assets				3		—		—		608			611

Net income			$	2,873	$	10,186	$	8,221	$	14,516		$	35,796

Company's equity in net income			$	1,437	$	5,170	$	3,728	$	5,427		$	15,762

			SDG Macerich Properties, L.P.		Pacific Premier Retail Trust			Tysons Corner LLC		Other Joint Ventures			Total

Six Months Ended June 30, 2011
Revenues:
	Minimum rents		$	42,175	$	65,344		$	30,329	$	172,890		$	310,738
	Percentage rents			1,501		2,102			868		4,478			8,949
	Tenant recoveries			22,684		27,267			20,478		82,288			152,717
	Other			1,465		2,056			1,430		17,391			22,342

		Total revenues		67,825		96,769			53,105		277,047			494,746

Expenses:
	Shopping center and operating expenses			26,223		29,206			16,682		105,748			177,859
	Interest expense			21,343		23,424			7,818		76,435			129,020
	Depreciation and amortization			14,199		20,481			9,906		61,494			106,080

	Total operating expenses			61,765		73,111			34,406		243,677			412,959

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

Net income			$	21,566	$	23,658		$	18,699	$	57,915		$	121,838

Company's equity in net income			$	10,782	$	12,033		$	7,198	$	25,469		$	55,482

Six Months Ended June 30, 2010
Revenues:
	Minimum rents		$	44,155	$	63,596		$	29,074	$	175,626		$	312,451
	Percentage rents			1,196		1,963			384		4,393			7,936
	Tenant recoveries			21,622		24,412			18,974		88,487			153,495
	Other			1,650		2,531			1,265		13,177			18,623

		Total revenues		68,623		92,502			49,697		281,683			492,505

Expenses:
	Shopping center and operating expenses			25,033		27,077			15,891		108,807			176,808
	Interest expense			23,085		26,074			8,149		77,513			134,821
	Depreciation and amortization			15,402		18,935			9,251		62,016			105,604

	Total operating expenses			63,520		72,086			33,291		248,336			417,233

Gain (loss) on sale of assets				3		—			—		(628	)		(625	)
Loss on early extinguishment of debt				—		(1,352	)		—		—			(1,352	)

Net income			$	5,106	$	19,064		$	16,406	$	32,719		$	73,295

Company's equity in net income			$	2,553	$	9,737		$	7,820	$	12,111		$	32,221

Derivative Instruments and Hedging Activities: (Tables)

6 Months Ended

Jun. 30, 2011

Derivative Instruments and Hedging Activities:

Summary of derivatives outstanding

The following derivatives were outstanding at June 30, 2011:

Property/Entity(1)	Notional Amount		Product				Fair Value

La Cumbre Plaza	$	30,000	Cap	3.00	%	12/9/2011	$	—
Paradise Valley Mall		85,000	Cap	5.00	%	9/12/2011		—
The Oaks		150,000	Cap	6.25	%	7/1/2011		—
Westside Pavilion		175,000	Cap	5.50	%	6/5/2012		—

(1): See additional disclosure in Note 10—Mortgage Notes Payable.

Schedule of derivative assets and liabilities by balance sheet location

		Asset Derivatives					Liability Derivatives

			June 30, 2011		December 31, 2010			June 30, 2011		December 31, 2010
		Balance Sheet Location	Fair Value		Fair Value		Balance Sheet Location	Fair Value		Fair Value
Derivatives designated as hedging instruments
	Interest rate cap agreements	Other assets	$	—	$	—	Other liabilities	$	—	$	—
	Interest rate swap agreements	Other assets		—		—	Other liabilities		—		6,061

Total derivatives designated as hedging instruments				—		—			—		6,061

Derivatives not designated as hedging instruments
	Interest rate cap agreements	Other assets		—		—	Other liabilities		—		—
	Interest rate swap agreements	Other assets		—		—	Other liabilities		—		—

Total derivatives not designated as hedging instruments				—		—			—		—

Total derivatives			$	—	$	—		$	—	$	6,061

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41678-113959

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.(n)(2))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Publisher FASB
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-Topic 815
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-Publisher FASB
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-Publisher FASB
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-Publisher FASB
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-Topic 815
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Topic 815
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-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959

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-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

+ Details

Property: (Tables)

6 Months Ended

Jun. 30, 2011

Property:

Components of property

	June 30, 2011			December 31, 2010

Land	$	1,164,643		$	1,158,139
Building improvements		4,951,592			4,934,391
Tenant improvements		412,904			398,556
Equipment and furnishings		120,318			124,530
Construction in progress		292,225			292,891

		6,941,682			6,908,507
Less accumulated depreciation		(1,321,932	)		(1,234,380	)

	$	5,619,750		$	5,674,127

Marketable Securities: (Tables)

6 Months Ended

Jun. 30, 2011

Marketable Securities:

Reconciliation of marketable securities

	June 30, 2011			December 31, 2010

Government debt securities, at par value	$	25,837		$	26,509
Less discount		(443	)		(574	)

		25,394			25,935
Unrealized gain		2,267			2,612

Fair value	$	27,661		$	28,547

Future contractual maturities of marketable securities


1 year or less	$	1,379
2 to 5 years		24,458

	$	25,837

Deferred Charges And Other Assets, net: (Tables)

6 Months Ended

Jun. 30, 2011

Deferred Charges and Other Assets, net:

Schedule of deferred charges and other assets, net

		June 30, 2011			December 31, 2010

Leasing		$	211,251		$	189,853
Financing			50,062			57,564
Intangible assets:
	In-place lease values		93,722			99,328
	Leasing commissions and legal costs		28,793			29,088
Other assets			156,647			152,167

			540,475			528,000
Less accumulated amortization(1)			(192,267	)		(211,031	)

		$	348,208		$	316,969

(1): Accumulated amortization includes $94,573 and $60,859 relating to intangible assets at June 30, 2011 and December 31, 2010, respectively. Amortization expense for intangible assets was $3,325 and $3,646 for the three months ended June 30, 2011 and 2010, respectively, and $6,983 and $7,779 for the six months ended June 30, 2011 and 2010, respectively.

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

	June 30, 2011			December 31, 2010

Above-Market Leases
Original allocated value	$	59,927		$	50,615
Less accumulated amortization		(37,417	)		(36,935	)

	$	22,510		$	13,680

Below-Market Leases
Original allocated value	$	117,158		$	121,813
Less accumulated amortization		(85,827	)		(83,780	)

	$	31,331		$	38,033

Mortgage Notes Payable: (Tables)

6 Months Ended

Jun. 30, 2011

Mortgage Notes Payable:

Mortgage loans payable on real estate

	Carrying Amount of Mortgage Notes(1)

	June 30, 2011				December 31, 2010
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Interest Rate(2)			Monthly Payment Term(3)		Maturity Date
Capitola Mall(4)	$	—	$	—	$	33,459	$	—		—		$	—		—
Chandler Fashion Center(5)		—		157,451		—		159,360		5.50	%		1,043		2012
Chesterfield Towne Center(6)		—		—		—		50,462		—			—		—
Danbury Fair Mall		118,559		118,559		109,657		109,657		5.53	%		1,351		2020
Deptford Mall		—		172,500		—		172,500		5.41	%		778		2013
Deptford Mall		—		15,139		—		15,248		6.46	%		101		2016
Fiesta Mall		—		84,000		—		84,000		4.98	%		348		2015
Flagstaff Mall		—		37,000		—		37,000		5.03	%		155		2015
Freehold Raceway Mall(5)		—		232,900		—		232,900		4.20	%		805		2018
Fresno Fashion Fair		82,272		82,272		82,791		82,792		6.76	%		1,104		2015
Great Northern Mall		—		37,668		—		38,077		5.19	%		234		2013
Hilton Village		—		8,590		—		8,581		5.27	%		37		2012
La Cumbre Plaza(7)		—		20,536		—		23,113		2.37	%		18		2011
Northgate, The Mall at(8)		—		38,115		—		38,115		7.00	%		191		2013
Oaks, The(9)		—		165,000		—		165,000		2.24	%		308		2011
Oaks, The(10)		—		92,264		—		92,264		2.83	%		182		2011
Pacific View(11)		—		—		—		84,096		—			—		—
Paradise Valley Mall(12)		—		85,000		—		85,000		6.30	%		446		2012
Prescott Gateway		—		60,000		—		60,000		5.86	%		293		2011
Promenade at Casa Grande(13)		—		78,166		—		79,104		5.21	%		296		2013
Rimrock Mall(14)		—		40,237		—		40,650		7.57	%		320		2011
Salisbury, Center at		—		115,000		—		115,000		5.83	%		559		2016
SanTan Village Regional Center(15)		—		138,087		—		138,087		2.90	%		334		2012
Shoppingtown Mall(16)		—		38,968		—		39,675		8.00	%		319		2011
South Plains Mall		—		103,445		—		104,132		6.54	%		383		2015
South Towne Center		—		87,135		—		87,726		6.39	%		554		2015
Towne Mall		—		13,077		—		13,348		4.99	%		100		2012
Tucson La Encantada		75,878		—		76,437		—		5.84	%		448		2012
Twenty Ninth Street(17)		—		107,000		—		106,244		3.08	%		275		2016
Valley River Center		—		120,000		—		120,000		5.59	%		559		2016
Valley View Center(18)		—		125,000		—		125,000		5.72	%		596		2011
Victor Valley, Mall of(19)		—		97,000		—		100,000		2.11	%		171		2012
Vintage Faire Mall(20)		—		135,000		—		135,000		3.48	%		392		2015
Westside Pavilion(21)		—		175,000		—		175,000		2.93	%		427		2012
Wilton Mall(22)		—		40,000		—		40,000		1.19	%		40		2013

	$	276,709	$	2,820,109	$	302,344	$	2,957,131

(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) on mortgage loans payable

Property Pledged as Collateral	June 30, 2011			December 31, 2010

Deptford Mall	$	(28	)	$	(30	)
Great Northern Mall		(69	)		(82	)
Hilton Village		(10	)		(19	)
Shoppingtown Mall		—			482
Towne Mall		136			183

	$	29		$	534

Acquisitions: (Tables)

6 Months Ended

Jun. 30, 2011

Acquisitions:

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

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

Related-Party Transactions: (Tables)

6 Months Ended

Jun. 30, 2011

Related-Party Transactions:

Schedule of 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,

	2011		2010		2011		2010
Management Fees	$	6,549	$	6,726	$	12,811	$	13,636
Development and Leasing Fees		1,361		3,837		3,752		6,003

	$	7,910	$	10,563	$	16,563	$	19,639

Share and Unit-Based Plans: (Tables)

6 Months Ended

Jun. 30, 2011

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,
	2011		2010		2011		2010
LTIP units	$	2,575	$	3,941	$	4,477	$	5,441
Stock awards		84		524		578		2,086
Stock units		2,930		3,588		5,742		5,046
Stock options		—		148		—		295
SARs		302		656		623		951
Phantom stock units		242		216		482		458

	$	6,133	$	9,073	$	11,902	$	14,277

Summary of the activity of non-vested share and unit based plans

		LTIP Units					Stock Awards					Phantom Stock					SARs					Stock Units

		Units			Value(1)		Shares			Value(1)		Units			Value(1)		Units			Value(1)		Shares			Value(1)
Balance at January 1, 2011			272,226		$	50.68		63,351		$	53.69		29,783		$	34.18		1,059,122		$	7.51		1,038,549		$	7.17
	Granted		422,631			46.38		11,350			48.47		5,870			48.99		—			—		64,463			48.36
	Vested		(504,857	)		49.85		(53,571	)		57.36		(12,028	)		40.09		(1,034,122	)		7.51		(519,272	)		7.17
	Forfeited		—			—		—			—		—			—		(25,000	)		7.51		(7,400	)		12.35

Balance at June 30, 2011			190,000		$	43.30		21,130		$	40.68		23,625		$	34.84		—		$	—		576,340		$	11.71

(1): Value represents the weighted-average grant date fair value.

Income Taxes: (Tables)

6 Months Ended

Jun. 30, 2011

Income Taxes:

Schedule of income tax benefit of TRSs

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

	2011		2010		2011		2010
Current	$	—	$	—	$	—	$	—
Deferred		1,768		1,375		4,246		2,590

Total income tax benefit	$	1,768	$	1,375	$	4,246	$	2,590

Organization: (Details)	6 Months Ended	12 Months Ended
Organization: (Details)	Jun. 30, 2011	Dec. 31, 2010
Organization:
Ownership interest in operating partnership (as a percent)	92.00%	92.00%
Number of management companies	7

Summary of Significant Accounting Policies: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Variable interest entities included in the consolidated financial statements
Revenue	$ 190,940	$ 181,226	$ 380,992	$ 362,683
Expenses	203,269	196,496	424,275	400,782
Impairment charge on the long-lived assets of Shoppingtown Mall included in the aggregate expenses of variable interest entities	35,729		35,729
Property	5,619,750		5,619,750		$ 5,674,127
Mortgage notes payable	3,096,818		3,096,818		3,259,475
Consolidated variable interest entities
Variable interest entities included in the consolidated financial statements
Revenue	2,604	2,673	4,768	6,331
Expenses	39,624	$ 4,187	43,143	$ 7,699
Property	43,043		43,043		81,155
Mortgage notes payable	$ 38,968		$ 38,968		$ 39,675

- Definition

The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 26
-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 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 7, 25
-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 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6390789&loc=d3e2420-110228

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 225
-Section 45
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6743430&loc=d3e92212-112881

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Impairment
-URI http://asc.fasb.org/extlink&oid=6515133

+ Details

Earnings per Share (EPS): (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Numerator
(Loss) income from continuing operations	$ (20,998)	$ 456	$ (18,694)	$ (6,083)
Income (loss) from discontinued operations	87	(401)	(2,126)	(723)
Loss (income) attributable to noncontrolling interests	1,695	(495)	1,638	9
Net loss attributable to the Company	(19,216)	(440)	(19,182)	(6,797)
Allocation of earnings to participating securities	(289)	(534)	(831)	(1,523)
Numerator for basic earnings per share-net loss available to common stockholders	(19,505)	(974)	(20,013)	(8,320)
Numerator for diluted earnings per share-net loss available to common stockholders	$ (19,505)	$ (974)	$ (20,013)	$ (8,320)
Denominator
Denominator for basic earnings per share-weighted average number of common shares outstanding (in shares)	131,691,000	123,446,000	131,136,000	110,271,000
Denominator for diluted earnings per share-weighted average number of common shares outstanding (in shares)	131,691,000	123,446,000	131,136,000	110,271,000
Earnings per common share-basic:
Loss from continuing operations (in dollars per share)	$ (0.15)	$ (0.01)	$ (0.14)	$ (0.07)
Discontinued operations (in dollars per share)			(0.01)	(0.01)
Net loss available to common stockholders (in dollars per share)	(0.15)	(0.01)	(0.15)	(0.08)
Earnings per common share-diluted:
Loss from continuing operations (in dollars per share)	(0.15)	(0.01)	(0.14)	(0.07)
Discontinued operations (in dollars per share)			(0.01)	(0.01)
Net loss available to common stockholders (in dollars per share)	$ (0.15)	$ (0.01)	$ (0.15)	$ (0.08)

Earnings per Share (EPS): (Details 2) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Convertible non-participating preferred units
Antidilutive securities
Antidilutive securities (in shares)	208,640	208,640	208,640	208,640
Stock appreciation rights ("SARs")
Antidilutive securities
Antidilutive securities (in shares)	1,125,172	1,150,172	1,125,172	1,150,172
Stock options.
Antidilutive securities
Antidilutive securities (in shares)	122,500	127,500	122,500	127,500
Warrants
Antidilutive securities
Antidilutive securities (in shares)	935,358	935,358	935,358	935,358
Partnership unit
Antidilutive securities
Antidilutive securities (in shares)	11,448,084	12,049,003	11,674,114	12,107,671

- 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) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Jun. 30, 2011 USD ($)	Apr. 30, 2011 USD ($)	Feb. 28, 2011 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)	Jun. 03, 2011 USD ($)	Feb. 24, 2011 USD ($)
Investments in unconsolidated joint ventures:
Purchase price paid through assumption of debt by the Company						$ 56,900
Remeasurement gain on acquisition of additional interest				$ (329)	$ 611	24,545	$ (625)
Number of Anchor stores not owned by the company	6
Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Property square footage (in square feet)	1,196,941
Percentage ownership (as a percent)								66.70%
Additional ownership interest acquired (as a percent)	33.30%
Superstition Springs Center
Investments in unconsolidated joint ventures:
Property square footage (in square feet)	1,204,803
Percentage ownership (as a percent)								66.70%
Additional ownership interest acquired (as a percent)	33.30%
Superstition Springs Land
Investments in unconsolidated joint ventures:
Purchase price funded by cash payment on acquisition								$ 75,000
Percentage ownership (as a percent)								100.00%
Additional ownership interest acquired (as a percent)	50.00%
Number of Anchor stores not owned by the company	6
Gain on purchase of remaining interest in property	$ 1,734			$ 1,734		1,734
Kierland Commons
Investments in unconsolidated joint ventures:
Property square footage (in square feet)			434,690
Total purchase price									$ 105,550
Purchase price paid in cash by the Company			$ 34,161
Purchase price paid through assumption of debt by the Company			$ 18,613
Percentage ownership before additional interest acquired (as a percent)									24.50%
Percentage ownership (as a percent)									50.00%
Remeasurement gain on acquisition of additional interest						25,019
Remeasurement gain on acquisition of additional interest, pro rata share						$ 12,510
The Shops at Atlas Park
Investments in unconsolidated joint ventures:
Property square footage (in square feet)			400,000
Total purchase price			$ 53,750
Percentage ownership (as a percent)			50.00%
Company's share of total purchase price			$ 26,875
Desert Sky Mall
Investments in unconsolidated joint ventures:
Property square footage (in square feet)			893,561
Purchase price on acquisition			$ 27,625
Purchase price funded by cash payment on acquisition			1,875
Purchase price paid through assumption of debt by the Company			$ 25,750
Additional ownership interest acquired (as a percent)			50.00%
Loan paid off			$ 51,500
SDG Macerich Properties, L. P.
Investments in unconsolidated joint ventures:
Remeasurement gain on acquisition of additional interest					$ 3		$ 3
Share of gain on conveyance of Granite Run Mall through deed-in-lieu foreclosure		$ 7,753

Investments in Unconsolidated Joint Ventures: (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Assets of unconsolidated joint ventures:
Properties, net	$ 5,041,605,000		$ 5,041,605,000		$ 5,047,022,000
Other assets	470,073,000		470,073,000		470,922,000
Total assets	5,511,678,000		5,511,678,000		5,517,944,000
Liabilities and partners' capital of unconsolidated joint ventures:
Mortgage notes payable	4,433,201,000		4,433,201,000		4,617,127,000
Other liabilities	193,028,000		193,028,000		211,942,000
Company's capital	430,941,000		430,941,000		349,175,000
Outside partners' capital	454,508,000		454,508,000		339,700,000
Total liabilities and partners' capital	5,511,678,000		5,511,678,000		5,517,944,000
Investments in unconsolidated joint ventures:
Company's capital	430,941,000		430,941,000		349,175,000
Basis adjustment	702,019,000		702,019,000		591,903,000
Investments in unconsolidated joint ventures	1,132,960,000		1,132,960,000		941,078,000
Assets - Investments in unconsolidated joint ventures	1,205,457,000		1,205,457,000		1,006,123,000
Liabilities - Distributions in excess of investments in unconsolidated joint ventures	(72,497,000)		(72,497,000)		(65,045,000)
Investments in unconsolidated joint ventures, net of distributions in excess of investments	1,132,960,000		1,132,960,000		941,078,000
Mortgage notes payable that could become recourse debt to the Company	372,309,000		372,309,000		348,658,000
Indemnity of guaranteed amount	178,563,000		178,563,000		162,451,000
Amortization of difference between cost of investments and book value of underlying equity	2,612,000	$ 1,368,000	4,119,000	$ 3,281,000
Revenues of unconsolidated joint ventures:
Minimum rents	153,741,000	154,790,000	310,738,000	312,451,000
Percentage rents	4,294,000	3,678,000	8,949,000	7,936,000
Tenant recoveries	76,100,000	73,316,000	152,717,000	153,495,000
Other	11,535,000	9,743,000	22,342,000	18,623,000
Total revenues	245,670,000	241,527,000	494,746,000	492,505,000
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses	88,492,000	86,238,000	177,859,000	176,808,000
Interest expense	63,391,000	67,287,000	129,020,000	134,821,000
Depreciation and amortization	53,181,000	52,817,000	106,080,000	105,604,000
Total operating expenses	205,064,000	206,342,000	412,959,000	417,233,000
Gain (loss) on sale of assets	(329,000)	611,000	24,545,000	(625,000)
Gain (loss) on early extinguishment of debt	15,506,000		15,506,000	(1,352,000)
Net income	55,783,000	35,796,000	121,838,000	73,295,000
Company's equity in net income	25,207,000	15,762,000	55,482,000	32,221,000
Northwestern Mutual Life ("NML")
Investments in unconsolidated joint ventures:
Mortgage notes payable to affiliate	568,729,000		568,729,000		573,239,000
Interest expense on borrowings from related party	10,004,000	10,185,000	20,097,000	20,429,000
SDG Macerich Properties, L. P.
Assets of unconsolidated joint ventures:
Total assets	710,334,000		710,334,000		817,995,000
Investments in unconsolidated joint ventures:
Total liabilities	698,453,000		698,453,000		815,884,000
Revenues of unconsolidated joint ventures:
Minimum rents	20,081,000	21,898,000	42,175,000	44,155,000
Percentage rents	569,000	472,000	1,501,000	1,196,000
Tenant recoveries	11,024,000	9,982,000	22,684,000	21,622,000
Other	658,000	851,000	1,465,000	1,650,000
Total revenues	32,332,000	33,203,000	67,825,000	68,623,000
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses	12,434,000	10,968,000	26,223,000	25,033,000
Interest expense	9,883,000	11,588,000	21,343,000	23,085,000
Depreciation and amortization	6,730,000	7,777,000	14,199,000	15,402,000
Total operating expenses	29,047,000	30,333,000	61,765,000	63,520,000
Gain (loss) on sale of assets		3,000		3,000
Gain (loss) on early extinguishment of debt	15,506,000		15,506,000
Net income	18,791,000	2,873,000	21,566,000	5,106,000
Company's equity in net income	9,394,000	1,437,000	10,782,000	2,553,000
Pacific Premier Retail Trust
Assets of unconsolidated joint ventures:
Total assets	1,079,430,000		1,079,430,000		1,101,186,000
Investments in unconsolidated joint ventures:
Total liabilities	1,011,936,000		1,011,936,000		1,019,513,000
Revenues of unconsolidated joint ventures:
Minimum rents	32,545,000	31,905,000	65,344,000	63,596,000
Percentage rents	936,000	1,066,000	2,102,000	1,963,000
Tenant recoveries	13,621,000	11,965,000	27,267,000	24,412,000
Other	1,037,000	1,361,000	2,056,000	2,531,000
Total revenues	48,139,000	46,297,000	96,769,000	92,502,000
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses	14,612,000	13,392,000	29,206,000	27,077,000
Interest expense	11,701,000	12,973,000	23,424,000	26,074,000
Depreciation and amortization	10,325,000	9,746,000	20,481,000	18,935,000
Total operating expenses	36,638,000	36,111,000	73,111,000	72,086,000
Gain (loss) on early extinguishment of debt				(1,352,000)
Net income	11,501,000	10,186,000	23,658,000	19,064,000
Company's equity in net income	5,850,000	5,170,000	12,033,000	9,737,000
Tysons Corner LLC
Assets of unconsolidated joint ventures:
Total assets	336,820,000		336,820,000		330,117,000
Investments in unconsolidated joint ventures:
Total liabilities	328,732,000		328,732,000		$ 324,527,000
Revenues of unconsolidated joint ventures:
Minimum rents	14,786,000	14,477,000	30,329,000	29,074,000
Percentage rents	445,000	264,000	868,000	384,000
Tenant recoveries	10,215,000	9,468,000	20,478,000	18,974,000
Other	703,000	587,000	1,430,000	1,265,000
Total revenues	26,149,000	24,796,000	53,105,000	49,697,000
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses	8,081,000	7,785,000	16,682,000	15,891,000
Interest expense	3,845,000	4,131,000	7,818,000	8,149,000
Depreciation and amortization	5,043,000	4,659,000	9,906,000	9,251,000
Total operating expenses	16,969,000	16,575,000	34,406,000	33,291,000
Net income	9,180,000	8,221,000	18,699,000	16,406,000
Company's equity in net income	3,490,000	3,728,000	7,198,000	7,820,000
Other Joint Ventures
Revenues of unconsolidated joint ventures:
Minimum rents	86,329,000	86,510,000	172,890,000	175,626,000
Percentage rents	2,344,000	1,876,000	4,478,000	4,393,000
Tenant recoveries	41,240,000	41,901,000	82,288,000	88,487,000
Other	9,137,000	6,944,000	17,391,000	13,177,000
Total revenues	139,050,000	137,231,000	277,047,000	281,683,000
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses	53,365,000	54,093,000	105,748,000	108,807,000
Interest expense	37,962,000	38,595,000	76,435,000	77,513,000
Depreciation and amortization	31,083,000	30,635,000	61,494,000	62,016,000
Total operating expenses	122,410,000	123,323,000	243,677,000	248,336,000
Gain (loss) on sale of assets	(329,000)	608,000	24,545,000	(628,000)
Net income	16,311,000	14,516,000	57,915,000	32,719,000
Company's equity in net income	$ 6,473,000	$ 5,427,000	$ 25,469,000	$ 12,111,000

Derivative Instruments and Hedging Activities: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Derivative Instruments and Hedging Activities:
Other comprehensive income (loss) related to marking-to-market of interest rate agreements	$ 1,358	$ 5,209	$ 6,188	$ 13,188
La Cumbre Plaza \| Interest rate cap agreement
Derivatives
Notional Amount of outstanding derivatives	$ 30,000		$ 30,000
Interest Rate of outstanding derivative (as a percent)	3.00%		3.00%
Paradise Valley Mall \| Interest rate cap agreement
Derivatives
Notional Amount of outstanding derivatives	$ 85,000		$ 85,000
Interest Rate of outstanding derivative (as a percent)	5.00%		5.00%
The Oaks One \| Interest rate cap agreement
Derivatives
Notional Amount of outstanding derivatives	$ 150,000		$ 150,000
Interest Rate of outstanding derivative (as a percent)	6.25%		6.25%
Westside Pavilion \| Interest rate cap agreement
Derivatives
Notional Amount of outstanding derivatives	$ 175,000		$ 175,000
Interest Rate of outstanding derivative (as a percent)	5.50%		5.50%

Derivative Instruments and Hedging Activities: (Details 2) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Derivatives
Fair Value Assets	$ 0
Fair Value Liabilities	0	$ 6,061
Derivatives designated as hedging instruments
Derivatives
Fair Value Assets	0
Fair Value Liabilities	0	6,061
Derivatives designated as hedging instruments \| Interest rate cap agreement
Derivatives
Fair Value Assets	0
Fair Value Liabilities	0
Derivatives designated as hedging instruments \| Interest rate swap agreement
Derivatives
Fair Value Assets	0
Fair Value Liabilities	0	$ 6,061
Derivatives not designated as hedging instruments
Derivatives
Fair Value Assets	0
Fair Value Liabilities	0
Derivatives not designated as hedging instruments \| Interest rate cap agreement
Derivatives
Fair Value Assets	0
Fair Value Liabilities	0
Derivatives not designated as hedging instruments \| Interest rate swap agreement
Derivatives
Fair Value Assets	0
Fair Value Liabilities	$ 0

Property: (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
Property: (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Feb. 28, 2011	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Jun. 06, 2011	Dec. 31, 2010
Property:
Land	$ 1,164,643		$ 1,164,643		$ 1,164,643			$ 1,158,139
Building improvements	4,951,592		4,951,592		4,951,592			4,934,391
Tenant improvements	412,904		412,904		412,904			398,556
Equipment and furnishings	120,318		120,318		120,318			124,530
Construction in progress	292,225		292,225		292,225			292,891
Property, gross	6,941,682		6,941,682		6,941,682			6,908,507
Less accumulated depreciation	(1,321,932)		(1,321,932)		(1,321,932)			(1,234,380)
Property, net	5,619,750		5,619,750		5,619,750			$ 5,674,127
Depreciation expenses			54,951	$ 49,905	108,909	$ 99,029
Impairment charge on the long-lived assets of Shoppingtown Mall			35,729		35,729
Long-lived assets written off to fair value	38,968		38,968		38,968
(Loss) gain on sale of land			(447)	$ 582	(484)	$ 582
Desert Sky Mall
Property:
Ownership interest acquired (as a percent)		50.00%
Gain on purchase of remaining interest in property		$ 1,838			1,838
Superstition Springs Land
Property:
Ownership interest acquired (as a percent)							50.00%
Gain on purchase of remaining interest in property	$ 1,734		$ 1,734		$ 1,734

Marketable Securities: (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Marketable Securities:
Government debt securities, at par value	$ 25,837	$ 26,509
Less discount	(443)	(574)
Government debt securities, net	25,394	25,935
Unrealized gain	2,267	2,612
Fair value	27,661	28,547
Future contractual maturities of marketable securities
1 year or less	1,379
2 to 5 years	24,458
Future contractual maturities of marketable securities	$ 25,837	$ 26,509

- 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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Tenant and Other Receivables, net:
Allowance for doubtful accounts	$ 3,523		$ 3,523		$ 5,411
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable	$ 1,127		$ 1,127		5,827
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	$ 8,867		$ 8,867		8,992
Note receivable from Pederson
Components of tenant and other receivables, net
Note receivable, interest rate (as a percent)	11.55%		11.55%
Notes receivable	$ 3,445		$ 3,445		$ 3,445
Interest income on notes receivable from J and R Holdings XV, LLC ("Pederson")	$ 104	$ 39	$ 206	$ 83

Deferred Charges And Other Assets, net: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Deferred Charges and Other Assets, net:
Leasing	$ 211,251		$ 211,251		$ 189,853
Financing	50,062		50,062		57,564
Intangible assets:
In-place lease values	93,722		93,722		99,328
Leasing commissions and legal costs	28,793		28,793		29,088
Other assets	156,647		156,647		152,167
Deferred charges and other assets, gross	540,475		540,475		528,000
Less accumulated amortization	(192,267)		(192,267)		(211,031)
Deferred charges and other assets, net	348,208		348,208		316,969
Accumulated amortization for intangible assets	94,573		94,573		$ 60,859
Amortization expense for intangible assets	$ 3,325	$ 3,646	$ 6,983	$ 7,779

Deferred Charges And Other Assets, net: (Details 2) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Allocated values of leases
Less accumulated amortization	$ (94,573)	$ (60,859)
Above-Market Leases
Allocated values of leases
Original allocated value	59,927	50,615
Less accumulated amortization	(37,417)	(36,935)
Allocated value net	22,510	13,680
Below-Market Leases
Allocated values of leases
Original allocated value	(117,158)	(121,813)
Less accumulated amortization	85,827	83,780
Allocated value net	$ (31,331)	$ (38,033)

Mortgage Notes Payable: (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
Mortgage Notes Payable: (Details) - USD ($) $ in Thousands	Feb. 28, 2011	Sep. 30, 2009	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Jan. 18, 2011	Dec. 31, 2010
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party			$ 276,709		$ 276,709			$ 302,344
Carrying Amount of Mortgage Notes, Other			2,820,109		2,820,109			2,957,131
Debt premiums (discounts), net			(29)		(29)			(534)
Loss on early extinguishment of debt			32	$ 489	9,133	$ 489
Loss from unamortized financing costs					133	489
Impairment charge on the long-lived assets of Shoppingtown Mall			35,729		35,729
Mortgage notes payable			3,096,818		3,096,818			3,259,475
Interest expense capitalized			3,284	$ 8,320	6,619	$ 16,509
Fair value of mortgage notes payable			3,206,840		3,206,840			3,438,674
Capitola Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party								33,459
Chandler Fashion Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 157,451		$ 157,451			159,360
Interest rate (as a percent)			5.50%		5.50%
Monthly Payment Terms			$ 1,043
Portion of loan assumed by a third party (as a percent)		49.90%
Chesterfield Towne Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other								50,462
Loss on early extinguishment of debt	$ 9,133
Prepayment penalty	9,000
Loss from unamortized financing costs	$ 133
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party			118,559		$ 118,559			109,657
Carrying Amount of Mortgage Notes, Other			$ 118,559		$ 118,559			109,657
Interest rate (as a percent)			5.53%		5.53%
Monthly Payment Terms			$ 1,351
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 Payment Terms			$ 778
Debt discounts			(28)		$ (28)			(30)
Deptford Mall Two
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 15,139		$ 15,139			15,248
Interest rate (as a percent)			6.46%		6.46%
Monthly Payment Terms			$ 101
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 Payment Terms			$ 348
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 Payment Terms			$ 155
Freehold Raceway Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 232,900		$ 232,900			232,900
Interest rate (as a percent)			4.20%		4.20%
Monthly Payment Terms			$ 805
Portion of 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			82,272		$ 82,272			82,791
Carrying Amount of Mortgage Notes, Other			$ 82,272		$ 82,272			82,792
Interest rate (as a percent)			6.76%		6.76%
Monthly Payment Terms			$ 1,104
Great Northern Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 37,668		$ 37,668			38,077
Interest rate (as a percent)			5.19%		5.19%
Monthly Payment Terms			$ 234
Debt discounts			(69)		$ (69)			(82)
Hilton Village
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 8,590		$ 8,590			8,581
Interest rate (as a percent)			5.27%		5.27%
Monthly Payment Terms			$ 37
Debt discounts			(10)		$ (10)			(19)
La Cumbre Plaza
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 20,536		$ 20,536			$ 23,113
Interest rate (as a percent)			2.37%		2.37%			2.44%
Monthly Payment Terms			$ 18
Interest rate basis					LIBOR
Interest rate spread over basis (as a percent)			0.88%		0.88%
Interest rate cap, effective limit on LIBOR (as a percent)			3.00%		3.00%
The Mall at Northgate
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 38,115		$ 38,115			$ 38,115
Interest rate (as a percent)			7.00%		7.00%			7.00%
Monthly Payment Terms			$ 191
Interest rate basis			LIBOR
Interest rate spread over basis (as a percent)			4.50%		4.50%
Mortgage notes payable, maximum borrowings			$ 60,000		$ 60,000
Debt interest rate floor (as a percent)			6.00%
Number of one year extension options			2
Mortgage notes payable, available additional borrowings			$ 20,000
The Oaks One
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 165,000		$ 165,000			$ 165,000
Interest rate (as a percent)			2.24%		2.24%			2.31%
Monthly Payment Terms			$ 308
Interest rate basis			LIBOR
Interest rate spread over basis (as a percent)			1.75%		1.75%
Interest rate cap, effective limit on LIBOR (as a percent)			6.25%		6.25%
Amount of loan covered by interest rate cap agreement			$ 150,000		$ 150,000
The Oaks Two
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 92,264		$ 92,264			$ 92,264
Interest rate (as a percent)			2.83%		2.83%			2.83%
Monthly Payment Terms			$ 182
Interest rate basis			LIBOR
Interest rate spread over basis, low end of range (as a percent)			1.75%		1.75%
Interest rate spread over basis, high end of range (as a percent)			2.10%		2.10%
Mortgage notes payable, maximum borrowings			$ 135,000		$ 135,000
Pacific View
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other								$ 84,096
Paradise Valley Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 85,000		$ 85,000			$ 85,000
Interest rate (as a percent)			6.30%		6.30%			6.30%
Monthly Payment Terms			$ 446
Interest rate basis			LIBOR
Interest rate spread over basis (as a percent)			4.00%		4.00%
Interest rate cap, effective limit on LIBOR (as a percent)			5.00%		5.00%
Debt interest rate floor (as a percent)			5.50%
Number of one year extension options			2
Prescott Gateway
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 60,000		$ 60,000			$ 60,000
Interest rate (as a percent)			5.86%		5.86%
Monthly Payment Terms			$ 293
Promenade at Casa Grande
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 78,166		$ 78,166			$ 79,104
Interest rate (as a percent)			5.21%		5.21%			5.21%
Monthly Payment Terms			$ 296
Interest rate basis			LIBOR
Interest rate spread over basis (as a percent)			4.00%		4.00%
Interest rate basis floor (as a percent)			0.50%		0.50%
Rimrock Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 40,237		$ 40,237			$ 40,650
Interest rate (as a percent)			7.57%		7.57%
Monthly Payment Terms			$ 320
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 Payment Terms			$ 559
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)			2.90%		2.90%			2.94%
Monthly Payment Terms			$ 334
Interest rate basis			LIBOR
Interest rate spread over basis, low end of range (as a percent)			2.10%		2.10%
Interest rate spread over basis, high end of range (as a percent)			2.25%		2.25%
Mortgage notes payable, maximum borrowings			$ 145,000		$ 145,000
Shoppingtown Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 38,968		$ 38,968			$ 39,675
Interest rate (as a percent)			8.00%		8.00%
Monthly Payment Terms			$ 319
Debt premiums								482
South Plains Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 103,445		$ 103,445			104,132
Interest rate (as a percent)			6.54%		6.54%
Monthly Payment Terms			$ 383
South Towne center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 87,135		$ 87,135			87,726
Interest rate (as a percent)			6.39%		6.39%
Monthly Payment Terms			$ 554
Towne Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 13,077		$ 13,077			13,348
Interest rate (as a percent)			4.99%		4.99%
Monthly Payment Terms			$ 100
Debt premiums			136		$ 136			183
Tucson La Encantada
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party			$ 75,878		$ 75,878			76,437
Interest rate (as a percent)			5.84%		5.84%
Monthly Payment Terms			$ 448
Twenty Ninth Street
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 107,000		$ 107,000			106,244
Interest rate (as a percent)			3.08%		3.08%
Monthly Payment Terms			$ 275
Interest rate basis			LIBOR
Interest rate spread over basis (as a percent)			2.63%		2.63%
Mortgage notes payable							$ 107,000
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 Payment Terms			$ 559
Valley View Center
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 125,000		$ 125,000			125,000
Interest rate (as a percent)			5.72%		5.72%
Monthly Payment Terms			$ 596
Period within which disposition of the property is anticipated (in months)			12
Mall of Victor Valley
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Other			$ 97,000		$ 97,000			$ 100,000
Interest rate (as a percent)			2.11%		2.11%			6.94%
Monthly Payment Terms			$ 171
Interest rate basis			LIBOR
Interest rate spread over basis (as a percent)			1.60%		1.60%
Number of one year extension options			2
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)			3.48%		3.48%			8.37%
Monthly Payment Terms			$ 392
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)			2.93%		2.93%			7.81%
Monthly Payment Terms			$ 427
Interest rate basis			LIBOR
Interest rate spread over basis (as a percent)			2.00%		2.00%
Interest rate cap, effective limit on LIBOR (as a percent)			5.50%		5.50%
Number of one year extension options			2
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)			1.19%		1.19%			1.26%
Monthly Payment Terms			$ 40
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) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2007 USD ($)	Jun. 30, 2011 USD ($) $ / shares	Jun. 30, 2010 USD ($)	Jun. 30, 2011 USD ($) $ / shares	Jun. 30, 2010 USD ($)	Apr. 25, 2011 USD ($)	Dec. 31, 2010 USD ($)	Mar. 12, 2007 $ / shares
Bank and other notes payable
Repurchase of convertible senior notes					$ 18,191
Loss on early extinguishment of debt		$ 32	$ 489	$ 9,133	489
Convertible Senior Notes ("Senior Notes")
Bank and other notes payable
Debt issued	$ 950,000
Interest rate on debt (as a percent)		3.25%		3.25%
Conversion rate per $1 principal amount				8.9702
Convertible debt principal amount, basis for exchange		$ 1		$ 1
Conversion price (in dollars per share) \| $ / shares		$ 111.48		$ 111.48
Conversion price, premium over market price (as a percent)		20.00%		20.00%
Convertible debt, number of capped calls				2
Effective conversion price (in dollars per share) \| $ / shares		$ 130.06		$ 130.06
Effective conversion price, premium over market price (as a percent)		40.00%		40.00%
Closing price of common stock (in dollars per share) \| $ / shares								$ 92.90
Repurchase and retirement of debt					18,468
Repurchase of convertible senior notes					18,191
Loss on early extinguishment of debt					$ 489
Debt, carrying value		$ 612,179		$ 612,179			$ 606,971
Debt, unamortized discount		$ 7,453		$ 7,453			$ 12,661
Effective interest rate (as a percent)		5.41%		5.41%			5.41%
Debt, fair value		$ 619,632		$ 619,632			$ 619,632
Line of Credit
Bank and other notes payable
Revolving line of credit		$ 1,500,000		$ 1,500,000		$ 1,500,000
Reference rate for variable interest rate				LIBOR
Variable interest rate spread, low end of the range (as a percent)		1.75%		1.75%		0.75%
Variable interest rate spread, high end of the range (as a percent)		3.00%		3.00%		1.10%
Term of extension (in years)				1
Variable interest rate spread (as a percent)		2.00%		2.00%
Line of credit, average interest rate (as a percent)				2.74%
Outstanding borrowings under the line of credit		$ 145,000		$ 145,000
Maximum expanded revolving line of credit		2,000,000		2,000,000
Fair of outstanding line of credit		140,950		140,950
Greeley Note
Bank and other notes payable
Debt, carrying value		$ 25,241		$ 25,241			25,624
Effective interest rate (as a percent)		6.34%		6.34%
Debt, fair value		$ 27,171		$ 27,171			$ 23,967

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, 2011 USD ($)
Co-Venture Arrangement:
Cash proceeds for sale of interest in property		$ 4,875
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 (in shares) \| 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

- 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) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Noncontrolling Interests:
Ownership interest in operating partnership (as a percent)	92.00%	92.00%
Limited partnership interest of the operating partnership (as a percent)	8.00%	8.00%
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Number of trading days used to calculate redemption value	10
Redemption value of outstanding OP Units not owned by the Company	$ 574,510	$ 538,794
Outside ownership interests in Shoppingtown Mall, purchase option	$ 11,366	$ 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) $ / shares in Units, $ in Thousands	1 Months Ended				6 Months Ended
	May 31, 2010 USD ($)	Apr. 30, 2010 USD ($) $ / shares shares	Mar. 31, 2010 $ / shares shares	Sep. 30, 2009 USD ($) $ / shares shares	Jun. 30, 2011 $ / shares	Sep. 03, 2009 shares
Stock Dividends:
Common shares issued in connection with quarterly dividend (in shares)			1,449,542
Dividend declared (in dollars per share) \| $ / shares					$ 1.00
Percentage of cash component in aggregate dividend declared (as a percent)			10.00%
Cash component of dividend declared (in dollars per share) \| $ / shares			$ 0.06
Threshold percentage of cash election to prorate cash portion of dividend payment (as a percent)			10.00%
Minimum cash dividend paid in case of cash election (in dollars per share) \| $ / shares			$ 0.06
Percentage of cash portion of dividend in case of non election (as a percent)			10.00%
Percentage of share portion of dividend in case of non election (as a percent)			90.00%
Stock Offering:
Number of newly issued shares (in shares)		30,000,000
Additional stock offering (in shares)		1,000,000
Total stock offering (in shares)		31,000,000
Initial purchase price of common stock per share (in dollars per share) \| $ / shares		$ 41.00
Net proceeds of stock offering \| $		$ 1,220,829
FlatIron Crossing
Warrants:
Number of warrants issued in connection with the sale of ownership interest						3
Sale of ownership interest (as a percent)						75.00%
Aggregate number of common shares available for purchase under warrants (in shares)						1,250,000
Value of stock warrants \| $				$ 8,068
Exercise of stock warrants \| $	$ 17,589
Freehold Raceway Mall and Chandler Fashion Center
Warrants:
Number of common shares available for purchase under warrant (in shares)				935,358
Value of stock warrants \| $				$ 6,496
Expiration period of exercisable stock warrants following refinancing or repayment of related loans (in days)				30
Exercise price of stock warrants (in dollars per share) \| $ / shares				46.68

Acquisitions: (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
Acquisitions: (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Feb. 28, 2011	Jun. 30, 2011	Jun. 30, 2011	Jun. 06, 2011	Jun. 03, 2011	Apr. 29, 2011	Dec. 31, 2010
Acquisition
Purchase price paid through assumption of debt by the Company				$ 56,900
Business combination
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities				56,900
Carrying value of investment in Desert Sky Mall	$ 1,205,457		$ 1,205,457	1,205,457				$ 1,006,123
Desert Sky Mall
Acquisition
Additional ownership interest (as a percent)		50.00%
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
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities		25,750
Carrying value of investment in Desert Sky Mall		(2,296)
Purchase price on acquisition		27,625
Gain on remeasurement		$ 1,838		1,838
Incremental revenue generated from Desert Sky Mall				3,629
Incremental shopping center expenses of Desert Sky Mall				3,281
Kohl's store at Capitola Mall
Acquisition
Purchase price on acquisition							$ 28,500
Business combination
Purchase price on acquisition							$ 28,500
Superstition Springs Land
Acquisition
Additional ownership interest (as a percent)					50.00%
Ownership interest at completion of acquisition (as a percent)					100.00%
Purchase price funded by cash payment on acquisition						$ 75,000
Business combination
Fair value of existing ownership interest (at 50% ownership)					$ 12,914
Gain on remeasurement	$ 1,734		$ 1,734	$ 1,734

Discontinued Operations: (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
Discontinued Operations: (Details) $ in Thousands	Jun. 30, 2011	Mar. 31, 2011 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)
Discontinued Operations:
Proceeds from sale of a former Mervyn's store in Santa Fe, New Mexico		$ 3,383
Loss from sale of former Mervyn's store in Santa Fe, New Mexico			$ 24	$ 72	$ 2,262	$ 71
Number of Anchor stores not owned by the company	6
Number of Mervyn's stores	5
Revenues from discontinued operations			844	654	1,862	1,307
Income (loss) from discontinued operations			$ 111	$ (329)	$ 136	$ (652)

- Definition

Gain (loss) after tax expense or benefit, not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group.

+ References + Details

Commitments and Contingencies: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Commitments and Contingencies:
Ground rent expenses	$ 2,172	$ 1,181	$ 4,384	$ 2,768
Performance guarantee for the Centers
Contingent Liabilities
Contingent liability under letters of credit	22,376		22,376		$ 26,771
Letter of credit for Shoppingtown Mall
Contingent Liabilities
Contingent liability under letters of credit	11,366		11,366
Construction agreements
Contingent Liabilities
Outstanding obligations under construction agreements	$ 10,016		$ 10,016

Related-Party Transactions: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Related party transactions
Interest expense, related party	$ 4,086	$ 3,103	$ 8,575	$ 6,205
Loans to unconsolidated joint ventures	3,459		3,459		$ 3,095
Due from affiliates	5,269		5,269		6,599
Unconsolidated joint ventures and third-party managed properties
Related party transactions
Management Fees	6,549	6,726	12,811	13,636
Development and Leasing Fees	1,361	3,837	3,752	6,003
Fees charged to unconsolidated joint ventures and third-party managed properties	7,910	10,563	16,563	19,639
Interest income, related party	49	81	143	113
Northwestern Mutual Life ("NML")
Related party transactions
Interest expense, related party	4,086	$ 3,103	8,575	$ 6,205
Interest expense payable, related party	$ 1,355		$ 1,355		$ 1,439

Share and Unit-Based Plans: (Details) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Feb. 28, 2011 $ / shares shares	Jun. 30, 2011 USD ($) $ / shares shares	Mar. 31, 2011 $ / shares shares	Jun. 30, 2010 USD ($)	Jun. 30, 2011 USD ($) $ / shares shares	Jun. 30, 2010 USD ($)
Share and unit-based plans
Number of former executives		3	3
Additional compensation cost due to modified term of separation agreement \| $		$ 2,378			$ 3,333
Compensation cost under share and unit-based plans \| $		6,133		$ 9,073	11,902	$ 14,277
Capitalized share and unit-based compensation costs \| $		2,098		5,236	$ 5,012	7,311
LTIP Units
Share and unit-based plans
Number of executives receiving grants	4
Number of common shares into which LTIP units can be converted (in shares)					1
Look-back period (in years)					0.92
Compensation cost under share and unit-based plans \| $		$ 2,575		3,941	$ 4,477	5,441
Non-vested share and unit based plans, quantity
Balance at the beginning of the period (in shares) \| shares			272,226		272,226
Granted (in shares) \| shares	190,000				422,631
Vested (in shares) \| shares					(504,857)
Balance at the end of the period (in shares) \| shares		190,000			190,000
Non-vested share and unit based plans, weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)			$ 50.68		$ 50.68
Granted (in dollars per share)	$ 43.30				46.38
Vested (in dollars per share)					49.85
Balance at the end of the period (in dollars per share)		$ 43.30			$ 43.30
Unrecognized compensation cost of share and unit-based plans \| $		$ 5,233			$ 5,233
Stock awards
Share and unit-based plans
Number of awards with modified terms due to separation agreement			2,281
Compensation cost under share and unit-based plans \| $		$ 84		524	$ 578	2,086
Non-vested share and unit based plans, quantity
Balance at the beginning of the period (in shares) \| shares			63,351		63,351
Granted (in shares) \| shares					11,350
Vested (in shares) \| shares					(53,571)
Balance at the end of the period (in shares) \| shares		21,130			21,130
Non-vested share and unit based plans, weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)			$ 53.69		$ 53.69
Granted (in dollars per share)					48.47
Vested (in dollars per share)					57.36
Balance at the end of the period (in dollars per share)		$ 40.68			$ 40.68
Unrecognized compensation cost of share and unit-based plans \| $		$ 736			$ 736
Stock units
Share and unit-based plans
Number of awards with modified terms due to separation agreement		40,621	20,949		40,621
Compensation cost under share and unit-based plans \| $		$ 2,930		3,588	$ 5,742	5,046
Non-vested share and unit based plans, quantity
Balance at the beginning of the period (in shares) \| shares			1,038,549		1,038,549
Granted (in shares) \| shares					64,463
Vested (in shares) \| shares					(519,272)
Forfeited (in shares) \| shares					(7,400)
Balance at the end of the period (in shares) \| shares		576,340			576,340
Non-vested share and unit based plans, weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)			$ 7.17		$ 7.17
Granted (in dollars per share)					48.36
Vested (in dollars per share)					7.17
Forfeited (in dollars per share)					12.35
Balance at the end of the period (in dollars per share)		$ 11.71			$ 11.71
Unrecognized compensation cost of share and unit-based plans \| $		$ 3,758			$ 3,758
Stock options
Share and unit-based plans
Compensation cost under share and unit-based plans \| $				148		295
Stock appreciation rights ("SARs")
Share and unit-based plans
Number of awards with modified terms due to separation agreement		40,000			40,000
Compensation cost under share and unit-based plans \| $		$ 302		656	$ 623	951
Non-vested share and unit based plans, quantity
Balance at the beginning of the period (in shares) \| shares			1,059,122		1,059,122
Vested (in shares) \| shares					(1,034,122)
Forfeited (in shares) \| shares					(25,000)
Balance at the end of the period (in shares) \| shares		0			0
Non-vested share and unit based plans, weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)			$ 7.51		$ 7.51
Granted (in dollars per share)					0.00
Vested (in dollars per share)					7.51
Forfeited (in dollars per share)					7.51
Balance at the end of the period (in dollars per share)		$ 0.00			$ 0.00
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans \| $		$ 242		$ 216	$ 482	$ 458
Non-vested share and unit based plans, quantity
Balance at the beginning of the period (in shares) \| shares			29,783		29,783
Granted (in shares) \| shares					5,870
Vested (in shares) \| shares					(12,028)
Balance at the end of the period (in shares) \| shares		23,625			23,625
Non-vested share and unit based plans, weighted average grant date fair value
Balance at the beginning of the period (in dollars per share)			$ 34.18		$ 34.18
Granted (in dollars per share)					48.99
Vested (in dollars per share)					40.09
Balance at the end of the period (in dollars per share)		$ 34.84			$ 34.84
Unrecognized compensation cost of share and unit-based plans \| $		$ 823			$ 823

Income Taxes: (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes: (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Income tax benefit
Deferred	$ 1,768	$ 1,375	$ 4,246	$ 2,590
Income tax benefit	1,768	$ 1,375	4,246	$ 2,590
Net deferred tax assets	$ 24,592		$ 24,592		$ 19,525

- 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) $ / shares in Units, $ in Thousands	1 Months Ended			6 Months Ended
	Sep. 30, 2011	Jul. 31, 2011 USD ($)	Mar. 31, 2010	Jun. 30, 2011 USD ($)	Jul. 29, 2011 $ / shares	Jul. 22, 2011 USD ($)	Jul. 01, 2011 USD ($)
Subsequent events
Percentage of dividend/distribution payable in cash (in percentage)			10.00%
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities				$ 56,900
Fashion Outlets of Niagara Falls
Subsequent events
Area of acquired regional shopping center (in square feet)		526,000
Purchase price on acquisition						$ 200,000
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities		$ 121,421
Purchase price funded by cash payment on acquisition						$ 78,579
Dividend declared
Subsequent events
Dividend/distribution for common stockholders and OP Unit holders (in dollars per share) \| $ / shares					$ 0.50
Percentage of dividend/distribution payable in cash (in percentage)	100.00%
Dividend declared \| Pacific Premier Retail Trust \| 4.46 percent mortgage notes payable
Subsequent events
Face amount of debt							$ 200,000
Interest rate (as a percent)							4.46%

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2011	Aug. 03, 2011
Document and Entity Information
Entity Registrant Name	MACERICH CO
Entity Central Index Key	0000912242
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
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		131,916,463
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2