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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2010	Dec. 31, 2009
ASSETS:
Property, net	$ 5,674,127	$ 5,657,939
Cash and cash equivalents	445,645	93,255
Restricted cash	71,434	41,619
Marketable securities	25,935	26,970
Tenant and other receivables, net	95,083	101,220
Deferred charges and other assets, net	316,969	276,922
Loans to unconsolidated joint ventures	3,095	2,316
Due from affiliates	6,599	6,034
Investments in unconsolidated joint ventures	1,006,123	1,046,196
Total assets	7,645,010	7,252,471
Mortgage notes payable:
Related parties	302,344	196,827
Others	2,957,131	3,039,209
Total	3,259,475	3,236,036
Bank and other notes payable	632,595	1,295,598
Accounts payable and accrued expenses	70,585	70,275
Other accrued liabilities	257,471	266,197
Distributions in excess of investments in unconsolidated joint ventures	65,045	67,052
Co-venture obligation	160,270	168,049
Preferred dividends payable	207	207
Total liabilities	4,445,648	5,103,414
Redeemable noncontrolling interests	$ 11,366	$ 20,591
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 130,452,032 and 96,667,689 shares issued and outstanding at December 31, 2010 and 2009, respectively	$ 1,304	$ 967
Additional paid-in capital	3,456,569	2,227,931
Accumulated deficit	(564,357)	(345,930)
Accumulated other comprehensive loss	(3,237)	(25,397)
Total stockholders' equity	2,890,279	1,857,571
Noncontrolling interests	297,717	270,895
Total equity	3,187,996	2,128,466
Total liabilities, redeemable noncontrolling interests and equity	$ 7,645,010	$ 7,252,471

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Revenues:
Minimum rents	$ 420,355	$ 472,244	$ 524,958
Percentage rents	18,404	16,631	19,048
Tenant recoveries	242,633	243,890	261,162
Management Companies	42,895	40,757	40,716
Other	30,778	29,900	30,298
Total revenues	755,065	803,422	876,182
Expenses:
Shopping center and operating expenses	244,401	256,112	280,077
Management Companies' operating expenses	90,414	79,305	77,072
REIT general and administrative expenses	20,703	25,933	16,520
Depreciation and amortization	244,543	259,909	261,339
Total expenses before interest	600,061	621,259	635,008
Interest expense:
Related parties	14,254	19,413	14,970
Other	198,564	247,632	280,102
Total interest expense	212,818	267,045	295,072
Gain on early extinguishment of debt, net	(3,661)	(29,161)	(84,143)
Total expenses	809,218	859,143	845,937
Equity in income of unconsolidated joint ventures	79,529	68,160	93,831
Co-venture expense	(6,193)	(2,262)
Income tax benefit (provision)	9,202	4,761	(1,126)
Gain (loss) on sale or write down of assets, net	497	161,937	(29,574)
Income from continuing operations	28,882	176,875	93,376
Discontinued operations:
(Loss) gain on sale or write down of assets, net	(23)	(40,171)	98,288
(Loss) income from discontinued operations	(439)	2,546	3,351
Total (loss) income from discontinued operations	(462)	(37,625)	101,639
Net income	28,420	139,250	195,015
Less net income attributable to noncontrolling interests	3,230	18,508	28,966
Net income attributable to the Company	25,190	120,742	166,049
Less preferred dividends			4,124
Net income available to common stockholders	$ 25,190	$ 120,742	$ 161,925
Earnings per common share attributable to Company - basic:
Income from continuing operations (in dollars per share)	$ 0.19	$ 1.85	$ 1.00
Discontinued operations (in dollars per share)		(0.40)	1.17
Net income available to common stockholders (in dollars per share)	0.19	1.45	2.17
Earnings per common share attributable to Company - diluted:
Income from continuing operations (in dollars per share)	0.19	1.85	1.00
Discontinued operations (in dollars per share)		(0.40)	1.17
Net income available to common stockholders (in dollars per share)	$ 0.19	$ 1.45	$ 2.17
Weighted average number of common shares outstanding:
Basic (in shares)	120,346,000	81,226,000	74,319,000
Diluted (in shares)	120,346,000	81,226,000	86,794,000

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Increase (Decrease) in Stockholders' Equity
Balance	$ 2,128,466	$ 1,641,884	$ 1,434,701
Comprehensive income:
Net income	28,001	138,666	194,432
Reclassification of deferred losses			285
Interest rate swap/cap agreements	22,160	28,028	(29,202)
Total comprehensive income (loss)	50,161	166,694	165,515
Amortization of share and unit-based plans	27,545	17,963	21,874
Exercise of stock options	99	104	8,572
Exercise of stock warrants	(17,639)
Employee stock purchases	803	611	712
Distributions paid ($2.10), ($2.60) and ($3.20) per share for the year ended 2010, 2009 and 2008, respectively	(243,617)	(191,838)	(237,378)
Distributions to noncontrolling interests	(26,908)	(30,291)	(48,595)
Stock dividend	43,086	121,273
Preferred dividends			(4,124)
Issuance of stock warrants		14,503
Stock offering	1,220,829	383,450
Contributions from noncontrolling interests	5,159	12,153	14,083
Other	205	(7,643)	1,622
Conversion of preferred shares to common shares			83,495
Redemption of noncontrolling interests	(193)	(397)	(1,321)
Reversal of adjustments to redemption value of redeemable noncontrolling interests			202,728
Balance	3,187,996	2,128,466	1,641,884
Redeemable Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance	20,591	23,327	322,619
Comprehensive income:
Net income	419	584	583
Total comprehensive income (loss)	419	584	583
Distributions to noncontrolling interests	(419)	(584)	(583)
Redemption of noncontrolling interests	(9,225)	(2,736)	(96,564)
Reversal of adjustments to redemption value of redeemable noncontrolling interests			(202,728)
Balance	11,366	20,591	23,327
Total Common Stockholders' Equity
Increase (Decrease) in Stockholders' Equity
Balance	1,857,571	1,393,766	1,200,834
Comprehensive income:
Net income	25,190	120,742	166,049
Reclassification of deferred losses			285
Interest rate swap/cap agreements	22,160	28,028	(29,202)
Total comprehensive income (loss)	47,350	148,770	137,132
Amortization of share and unit-based plans	27,545	17,963	21,874
Exercise of stock options	99	104	8,572
Exercise of stock warrants	(17,639)
Employee stock purchases	803	611	712
Distributions paid ($2.10), ($2.60) and ($3.20) per share for the year ended 2010, 2009 and 2008, respectively	(243,617)	(191,838)	(237,378)
Stock dividend	43,086	121,273
Preferred dividends			(4,124)
Issuance of stock warrants		14,503
Stock offering	1,220,829	383,450
Other	205	(7,643)	1,622
Conversion of noncontrolling interests to common shares	8,759	455	30,400
Conversion of preferred shares to common shares			83,495
Redemption of noncontrolling interests		47	(864)
Reversal of adjustments to redemption value of redeemable noncontrolling interests			202,728
Adjustment of noncontrolling interest in Operating Partnership	(54,712)	(23,890)	(51,237)
Balance	2,890,279	1,857,571	1,393,766
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance	$ 967	$ 769	$ 723
Balance (in shares)	96,667,689	76,883,634	72,311,763
Comprehensive income:
Amortization of share and unit-based plans	$ 6	$ 2	$ 2
Amortization of share and unit-based plans (in shares)	628,009	213,288	193,744
Exercise of stock options			$ 4
Exercise of stock options (in shares)	5,400	5,325	362,888
Employee stock purchases (in shares)	28,450	38,174	27,829
Stock dividend	$ 14	$ 58
Stock dividend (in shares)	1,449,542	5,712,928
Stock offering	$ 310	$ 138
Stock offering (in shares)	31,000,000	13,800,000
Conversion of noncontrolling interests to common shares	$ 7		$ 9
Conversion of noncontrolling interests to common shares (in shares)	672,942	14,340	920,279
Conversion of preferred shares to common shares			$ 31
Conversion of preferred shares to common shares (in shares)			3,067,131
Balance	$ 1,304	$ 967	$ 769
Balance (in shares)	130,452,032	96,667,689	76,883,634
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity
Balance	$ 2,227,931	$ 1,721,256	$ 1,428,124
Comprehensive income:
Amortization of share and unit-based plans	27,539	17,961	21,872
Exercise of stock options	99	104	8,568
Exercise of stock warrants	(17,639)
Employee stock purchases	803	611	712
Stock dividend	43,072	121,215
Preferred dividends			(4,124)
Issuance of stock warrants		14,503
Stock offering	1,220,519	383,312
Other	205	(7,643)	1,622
Conversion of noncontrolling interests to common shares	8,752	455	30,391
Conversion of preferred shares to common shares			83,464
Redemption of noncontrolling interests		47	(864)
Reversal of adjustments to redemption value of redeemable noncontrolling interests			202,728
Adjustment of noncontrolling interest in Operating Partnership	(54,712)	(23,890)	(51,237)
Balance	3,456,569	2,227,931	1,721,256
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity
Balance	(345,930)	(274,834)	(203,505)
Comprehensive income:
Net income	25,190	120,742	166,049
Total comprehensive income (loss)	25,190	120,742	166,049
Distributions paid ($2.10), ($2.60) and ($3.20) per share for the year ended 2010, 2009 and 2008, respectively	(243,617)	(191,838)	(237,378)
Balance	(564,357)	(345,930)	(274,834)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity
Balance	(25,397)	(53,425)	(24,508)
Comprehensive income:
Reclassification of deferred losses			285
Interest rate swap/cap agreements	22,160	28,028	(29,202)
Total comprehensive income (loss)	22,160	28,028	(28,917)
Balance	(3,237)	(25,397)	(53,425)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity
Balance	270,895	248,118	233,867
Comprehensive income:
Net income	2,811	17,924	28,383
Total comprehensive income (loss)	2,811	17,924	28,383
Distributions to noncontrolling interests	(26,908)	(30,291)	(48,595)
Contributions from noncontrolling interests	5,159	12,153	14,083
Conversion of noncontrolling interests to common shares	(8,759)	(455)	(30,400)
Redemption of noncontrolling interests	(193)	(444)	(457)
Adjustment of noncontrolling interest in Operating Partnership	54,712	23,890	51,237
Balance	297,717	270,895	248,118
Total Comprehensive Income (loss)
Comprehensive income:
Net income	28,001	138,666	194,432
Reclassification of deferred losses			285
Interest rate swap/cap agreements	22,160	28,028	(29,202)
Total comprehensive income (loss)	$ 50,161	$ 166,694	$ 165,515

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Cash flows from operating activities:
Net income	$ 28,420	$ 139,250	$ 195,015
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on early extinguishment of debt, net	(3,661)	(29,161)	(84,143)
(Gain) loss on sale or write down of assets, net	(497)	(161,937)	29,574
Loss (gain) on sale or write down of assets, net from discontinued operations	23	40,171	(98,288)
Depreciation and amortization	260,252	277,472	287,917
Amortization of net discount on mortgages, bank and other notes payable	2,940	670	4,931
Amortization of share and unit-based plans	14,832	8,095	11,650
Provision for doubtful accounts	4,361	9,570	4,558
Income tax (benefit) provision	(9,202)	(4,761)	1,126
Equity in income of unconsolidated joint ventures	(79,529)	(68,160)	(93,831)
Co-venture expense	6,193	2,262
Distributions of income from unconsolidated joint ventures	20,634	12,252	24,096
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	9,933	(7,794)	24,228
Other assets	(25,529)	5,982	(22,603)
Due from affiliates	(565)	3,090	(3,395)
Accounts payable and accrued expenses	(8,588)	(67,150)	15,766
Other accrued liabilities	(19,582)	(38,961)	(44,654)
Net cash provided by operating activities	200,435	120,890	251,947
Cash flows from investing activities:
Acquisitions of property, development, redevelopment and property improvements	(185,789)	(197,483)	(535,263)
Redemption of redeemable non-controlling interests	(9,225)	(2,736)	(18,794)
Collection from note receivable	11,763
Maturities of marketable securities	1,316	1,283	1,436
Deferred leasing costs	(30,297)	(27,985)	(38,095)
Distributions from unconsolidated joint ventures	117,342	169,192	141,773
Contributions to unconsolidated joint ventures	(16,688)	(50,404)	(161,070)
Loans to unconsolidated joint ventures, net	(779)	(1,384)	(328)
Proceeds from sale of assets		417,450	47,163
Restricted cash	(29,815)	(5,577)	4,222
Net cash (used in) provided by investing activities	(142,172)	302,356	(558,956)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	927,514	425,703	1,732,940
Payments on mortgages, bank and other notes payable	(1,568,161)	(1,229,081)	(1,051,292)
Repurchase of convertible senior notes	(18,191)	(55,029)	(105,898)
Deferred financing costs	(10,856)	(6,506)	(11,898)
Proceeds from share and unit-based plans	902	715	9,284
Net proceeds from common stock offering	1,220,829	383,450
Net proceeds from issuance of stock warrants		14,503
Exercise of stock warrants	(17,639)
Redemption of noncontrolling interests	(341)	(397)
Contribution from co-venture partner		168,154
Dividends and distributions	(225,958)	(95,665)	(274,634)
Distributions to co-venture partner	(13,972)	(2,367)
Dividends to preferred stockholders / preferred unit holders			(10,237)
Net cash provided by (used in) financing activities	294,127	(396,520)	288,265
Net increase (decrease) in cash and cash equivalents	352,390	26,726	(18,744)
Cash and cash equivalents, beginning of year	93,255	66,529	85,273
Cash and cash equivalents, end of year	445,645	93,255	66,529
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	280,273	258,151	263,199
Non-cash transactions:
Acquisition of noncontrolling interests in properties			205,520
Acquisition of property by assumption of mortgage note payable			15,745
Deposits contributed to unconsolidated joint ventures and the purchase of properties			50,103
Retirement of tax indemnity escrow held for nonparticipating unitholders		22,904
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	45,224	30,799	64,473
Stock dividends	43,086	121,116
Conversion of Series A cumulative convertible preferred stock to common stock			83,495
Conversion of Operating Partnership units to common stock	$ 8,759	$ 455	30,400
Accrued distribution from unconsolidated joint venture			$ 8,684

Summary of Significant Accounting Policies:

12 Months Ended

Dec. 31, 2010

Summary of Significant Accounting Policies:

Summary of Significant Accounting Policies:

2. Summary of Significant Accounting Policies:

Basis of Presentation:

These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. 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." All intercompany accounts and transactions have been eliminated in the consolidated financial statements.

Cash and Cash Equivalents and Restricted Cash:

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes impounds of property taxes and other capital reserves required under the loan agreements.

Revenues:

Minimum rental revenues are recognized on a straight-line basis over the term of the related lease. The difference between the amount of rent due in a year and the amount recorded as rental income is referred to as the "straight-line rent adjustment." Rental revenue was increased by $5,817, $6,525 and $4,545 due to the straight-line rent adjustment during the years ended December 31, 2010, 2009 and 2008, respectively. Percentage rents are recognized and accrued when tenants' specified sales targets have been met.

Estimated recoveries from certain tenants for their pro rata share of real estate taxes, insurance and other shopping center operating expenses are recognized as revenues in the period the applicable expenses are incurred. Other tenants pay a fixed rate and these tenant recoveries are recognized into revenue on a straight-line basis over the term of the related leases.

The Management Companies provide property management, leasing, corporate, development, redevelopment and acquisition services to affiliated and non-affiliated shopping centers. In consideration for these services, the Management Companies receive monthly management fees generally ranging from 1.5% to 5% of the gross monthly rental revenue of the properties managed.

Property:

Costs related to the development, redevelopment, construction and improvement of properties are capitalized. Interest incurred on development, redevelopment and construction projects is capitalized until construction is substantially complete.

Maintenance and repair expenses are charged to operations as incurred. Costs for major replacements and betterments, which includes HVAC equipment, roofs, parking lots, etc., are capitalized and depreciated over their estimated useful lives. Gains and losses are recognized upon disposal or retirement of the related assets and are reflected in earnings.

Property is recorded at cost and is depreciated using a straight-line method over the estimated useful lives of the assets as follows:


Buildings and improvements		5 - 40 years
Tenant improvements		5 - 7 years
Equipment and furnishings		5 - 7 years

Investment in Unconsolidated Joint Ventures:

The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company retains a controlling financial interest in the joint venture or the joint venture meets the definition of a variable interest entity in which the Company is the primary beneficiary through both its 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. Although the Company has a greater than 50% interest in Pacific Premier Retail Trust, Camelback Colonnade SPE LLC, Corte Madera Village, LLC, Queens Mall Limited Partnership and Queens Mall Expansion Limited Partnership, the Company does not have a controlling financial interest in these joint ventures as it shares management control with the partners in these joint ventures and, therefore, accounts for its investments in these joint ventures using the equity method of accounting.

Acquisitions:

The Company first determines the value of the land and buildings utilizing an "as if vacant" methodology. The Company then assigns a fair value to any debt assumed at acquisition. The balance of the purchase price is allocated to tenant improvements and identifiable intangible assets or liabilities. Tenant improvements represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date prorated over the remaining lease terms. The tenant improvements are classified as an asset under property and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (i) leasing commissions and legal costs, which represent the value associated with "cost avoidance" of acquiring in-place leases, such as lease commissions paid under terms generally experienced in the Company's markets; (ii) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the "assumed vacant" property to the occupancy level when purchased; and (iii) above or below market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. Leasing commissions and legal costs are recorded in deferred charges and other assets and are amortized over the remaining lease terms. The value of in-place leases are recorded in deferred charges and other assets and amortized over the remaining lease terms plus an estimate of renewal of the acquired leases. Above or below market leases are classified in deferred charges and other assets or in other accrued liabilities, depending on whether the contractual terms are above or below market, and the asset or liability is amortized to rental revenue over the remaining terms of the leases.

Marketable Securities:

The Company accounts for its investments in marketable debt securities as held-to-maturity securities as the Company has the intent and the ability to hold these securities until maturity. Accordingly, investments in marketable securities are carried at their amortized cost. The discount on marketable securities is amortized into interest income on a straight-line basis over the term of the notes, which approximates the effective interest method.

Deferred Charges:

Costs relating to obtaining tenant leases are deferred and amortized over the initial term of the agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's provision of leasing arrangements at the Centers, the related cash flows are classified as investing activities within the accompanying Consolidated Statements of Cash Flows. Costs relating to financing of shopping center properties are deferred and amortized over the life of the related loan using the straight-line method, which approximates the effective interest method. In-place lease values are amortized over the remaining lease term plus an estimate of renewal periods. Leasing commissions and legal costs are amortized on a straight-line basis over the individual lease terms.

The range of the terms of the agreements is as follows:


Deferred lease costs		1 - 15 years
Deferred financing costs		1 - 15 years
In-place lease values		Remaining lease term plus an estimate for renewal
Leasing commissions and legal costs		5 - 10 years

Accounting for Impairment:

The Company assesses whether an indicator of impairment in the value of its long-lived assets exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include the tenants' ability to perform their duties and pay rent under the terms of the leases. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. Long-lived assets classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell.

The Company reviews its investments in unconsolidated joint ventures for a series of operating losses and other factors that may indicate that a decrease in the value of its investments has occurred which is other-than-temporary. The investment in each unconsolidated joint venture is evaluated periodically, and as deemed necessary, for recoverability and valuation declines that are other than temporary.

Derivative Instruments and Hedging Activities:

The Company recognizes all derivatives in the consolidated financial statements and measures the derivatives at fair value. The Company uses interest rate swap and cap agreements (collectively, "interest rate agreements") in the normal course of business to manage or reduce its exposure to adverse fluctuations in interest rates. The Company designs its hedges to be effective in reducing the risk exposure that they are designated to hedge. Any instrument that meets the cash flow hedging criteria is formally designated as a cash flow hedge at the inception of the derivative contract. On an ongoing quarterly basis, the Company adjusts its balance sheet to reflect the current fair value of its derivatives. To the extent they are effective, changes in fair value of derivatives are recorded in comprehensive income. Ineffective portions, if any, are included in net income (loss).

No ineffectiveness was recorded during the years ended December 31, 2010, 2009 or 2008. If any derivative instrument used for risk management does not meet the hedging criteria, it is marked-to-market each period with the change in value included in the consolidated statements of operations. As of December 31, 2010, the Company's derivative instruments did not contain any credit risk related contingent features or collateral arrangements.

Share and Unit-based Compensation Plans:

The cost of share and unit-based compensation awards is measured at the grant date based on the calculated fair value of the awards and is recognized over the requisite service period, which is generally the vesting period of the awards. For market-indexed LTIP awards, compensation cost is recognized under the graded attribution method.

Income Taxes:

The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 1994. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its taxable income to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on net income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, then it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income, if any.

Each partner is taxed individually on its share of partnership income or loss, and accordingly, no provision for federal and state income tax is provided for the Operating Partnership in the consolidated financial statements. 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.

Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The deferred tax assets and liabilities of the TRSs relate primarily to differences in the book and tax bases of property and to operating loss carryforwards for federal and state income tax purposes. A valuation allowance for deferred tax assets is provided if the Company believes it is more likely than not that all or some portion of the deferred tax assets will not be realized. Realization of deferred tax assets is dependent on the Company generating sufficient taxable income in future periods.

Segment Information:

The Company currently operates in one business segment, the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers. Additionally, the Company operates in one geographic area, the United States.

Fair Value of Financial Instruments:

The fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions.

Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

The Company calculates the fair value of financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of those financial instruments. When the fair value reasonably approximates the carrying value, no additional disclosure is made.

The fair values of interest rate agreements are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below or rose above the strike rate of the interest rate agreements. The variable interest rates used in the calculation of projected receipts on the interest rate agreements are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Concentration of Risk:

The Company maintains its cash accounts in a number of commercial banks. Accounts at these banks are guaranteed by the Federal Deposit Insurance Corporation ("FDIC") up to $250. At various times during the year, the Company had deposits in excess of the FDIC insurance limit.

No Center or tenant generated more than 10% of total revenues during 2010, 2009 or 2008.

Management Estimates:

The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements Adopted:

In June 2009, the Financial Accounting Standards Board ("FASB") issued new guidance which removes the concept of a qualifying special-purpose entity and requires a transferor to consider all arrangements or agreements made contemporaneously with, or in contemplation of, a transfer of a financial asset in order to determine whether a transferor and all of the entities included in the transferor's financial statements being presented have surrendered control of the transferred financial asset. The adoption of this pronouncement on January 1, 2010 did not have a material impact on the Company's consolidated financial statements.

In June 2009, the FASB issued new consolidation guidance for determining whether a reporting enterprise is the primary beneficiary in a variable interest entity and therefore should consolidate the variable interest entity in its financial statements. The new consolidation guidance also requires ongoing reassessments and additional disclosures about the reporting enterprise's involvement with the variable interest entity. The Company identified two variable interest entities which meet the criteria for consolidation under the new consolidation guidance. The Company determined that it is the primary beneficiary of these variable interest entities as it has both the power to direct activities that most significantly impact the economic performance of the variable interest entities and the obligation to absorb losses or right to receive benefits that could potentially be significant to the variable interest entities. The adoption of the new consolidation guidance on January 1, 2010 did not have a material impact on the Company's consolidated financial statements as the Company had consolidated these variable interest entities in its 2009 and 2008 consolidated financial statements based upon the risks and rewards-based quantitative approach under the prior consolidation guidance. The aggregate total revenues and expenses of these variable interest entities included in the accompanying consolidated statements of operations was $11,463 and $14,515 for the year ended December 31, 2010. The significant assets and liabilities of these variable interest entities consisted of property of $81,155 and mortgage notes payable of $39,675 at December 31, 2010.

In January 2010, the FASB issued new guidance that requires new disclosures and clarifications of existing disclosures related to transfers in and out of Level 1 and Level 2 fair value measurements, further disaggregation of fair value measurement disclosures for each class of assets and liabilities, and additional details of valuation techniques and inputs utilized. The adoption of this pronouncement on January 1, 2010 did not have a material impact on the Company's consolidated financial statements.

In January 2010, the FASB issued new guidance that requires that dividends declared and payable in a combination of stock and cash be included in earnings per share prospectively and not be considered a stock dividend for purposes of computing earnings per share. This guidance is consistent with the Company's previous accounting treatment and therefore the adoption of this pronouncement on January 1, 2010 did not have a material impact on the Company's consolidated financial statements.

Earnings per Share (EPS):

12 Months Ended

Dec. 31, 2010

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 years ended December 31 (shares in thousands, except per share amounts):

		2010			2009			2008

Numerator
Income from continuing operations		$	28,882		$	176,875		$	93,376
(Loss) income from discontinued operations			(462	)		(37,625	)		101,639
Income attributable to noncontrolling interests			(3,230	)		(18,508	)		(28,966	)

Net income attributable to the Company			25,190			120,742			166,049
Preferred dividends			—			—			(4,124	)
Allocation of earnings to participating securities			(2,615	)		(3,270	)		(906	)

Numerator for basic earnings per share—net income available to common stockholders			22,575			117,472			161,019
Effect of assumed conversions:
	Partnership units		—			—			27,230

Numerator for diluted earnings per share—net income available to common stockholders		$	22,575		$	117,472		$	188,249

Denominator
Denominator for basic earnings per share—weighted average number of common shares outstanding			120,346			81,226			74,319
Effect of potentially dilutive securities:(1)
	Partnership units(2)		—			—			12,475

Denominator for diluted earnings per share—weighted average number of common shares outstanding			120,346			81,226			86,794

Earnings per common share—basic:
	Income from continuing operations	$	0.19		$	1.85		$	1.00
	Discontinued operations		—			(0.40	)		1.17

	Net income available to common stockholders	$	0.19		$	1.45		$	2.17

Earnings per common share—diluted:
	Income from continuing operations	$	0.19		$	1.85		$	1.00
	Discontinued operations		—			(0.40	)		1.17

	Net income available to common stockholders	$	0.19		$	1.45		$	2.17

(1): The Senior Notes (See Note 11—Bank and Other Notes Payable) are excluded from diluted EPS for the years ended December 31, 2010, 2009 and 2008 as their effect would be antidilutive to net income available to common stockholders.

The then-outstanding convertible preferred stock (See Note 14—Cumulative Convertible Redeemable Preferred Stock) was convertible on a one-for-one basis for common stock. The convertible preferred stock was excluded from diluted EPS for the year ended December 31, 2008 as its effect would be antidilutive to net income available to common stockholders.

Diluted EPS excludes 208,640, 205,757 and 195,164 convertible non-participating preferred units for the years ended December 31, 2010, 2009 and 2008, respectively, as their impact was antidilutive to net income available to common stockholders.

Diluted EPS excludes 1,150,172, 1,226,447 and 1,228,384 of unexercised stock appreciation rights for the years ended December 31, 2010, 2009 and 2008, respectively, as their effect was antidilutive to net income available to common stockholders.

Diluted EPS excludes 122,500, 127,500 and 138,934 of unexercised stock options for the years ended December 31, 2010, 2009 and 2008, respectively, as their effect was antidilutive to net income available to common stockholders.

Diluted EPS excludes 935,358 and 2,185,358 of unexercised stock warrants for the years ended December 31, 2010 and 2009, respectively, as their effect was antidilutive to net income available to common stockholders.

(2): Diluted EPS excludes 11,596,953 and 11,990,731 partnership units for the years ended December 31, 2010 and 2009, respectively, as their effect was antidilutive to net income available to common stockholders.

Investments in Unconsolidated Joint Ventures:

12 Months Ended

Dec. 31, 2010

Investments in Unconsolidated Joint Ventures:

Investments in Unconsolidated Joint Ventures:

4. Investments in Unconsolidated Joint Ventures:

The following are the Company's investments in various joint ventures or properties jointly owned with third parties. The Company's interest in each joint venture as of December 31, 2010 is as follows:

Joint Venture

Biltmore Shopping Center Partners LLC	50.0	%
Camelback Colonnade Associates LP	75.0	%
Chandler Gateway Partners LLC	50.0	%
Chandler Village Center, LLC	50.0	%
Coolidge Holding LLC	37.5	%
Corte Madera Village, LLC	50.1	%
Desert Sky Mall—Tenants in Common	50.0	%
East Mesa Mall, L.L.C.—Superstition Springs Center	33.3	%
FlatIron Property Holding, L.L.C.—FlatIron Crossing	25.0	%
Jaren Associates #4	12.5	%
Kierland Tower Lofts, LLC	15.0	%
La Sandia Santa Monica LLC	50.0	%
Macerich Northwestern Associates—Broadway Plaza	50.0	%
New River Associates—Arrowhead Towne Center	33.3	%
North Bridge Chicago LLC	50.0	%
NorthPark Land Partners, LP	50.0	%
NorthPark Partners, LP	50.0	%
One Scottsdale Investors LLC	50.0	%
Pacific Premier Retail Trust	51.0	%
PHXAZ/Kierland Commons, L.L.C.	24.5	%
Propcor Associates	25.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
SanTan Festival, LLC—Chandler Festival	50.0	%
SanTan Village Phase 2 LLC	34.9	%
Queens Mall Limited Partnership	51.0	%
Queens Mall Expansion Limited Partnership	51.0	%
Scottsdale Fashion Square Partnership	50.0	%
SDG Macerich Properties, L.P.	50.0	%
Superstition Springs Holding LLC	50.0	%
The Market at Estrella Falls LLC	39.7	%
Tysons Corner LLC	50.0	%
Tysons Corner Property Holdings II LLC	50.0	%
Tysons Corner Property LLC	50.0	%
WM Inland, L.L.C.	50.0	%
West Acres Development, LLP	19.0	%
Westcor/Gilbert, L.L.C.	50.0	%
Westcor/Queen Creek LLC	37.8	%
Westcor/Surprise Auto Park LLC	33.3	%
Westpen Associates	50.0	%
Wilshire Building—Tenants in Common	30.0	%
WM Ridgmar, L.P.	50.0	%
Zengo Restaurant Santa Monica LLC	50.0	%

(1): The Operating Partnership's ownership interest in this table reflects its legal ownership interest but may not reflect its economic interest since each joint venture has specific terms regarding cash flow, profits and losses, allocations, capital requirements and other matters.

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

On January 10, 2008, the Company, in a 50/50 joint venture, acquired The Shops at North Bridge, a 679,073 square foot urban shopping center in Chicago, Illinois, for a total purchase price of $515,000. The Company's share of the purchase price was funded by the assumption of a pro rata share of the $205,000 fixed rate mortgage on the Center and by borrowings under the Company's line of credit. The results of The Shops at North Bridge are included below for the period subsequent to its date of acquisition.

On June 11, 2008, the Company became a 50% owner in a joint venture that acquired One Scottsdale, which plans to develop a mixed-use property in Scottsdale, Arizona. The Company's share of the purchase price was $52,500, which was funded by borrowings under the Company's line of credit. The results of One Scottsdale are included below for the period subsequent to its date of acquisition.

On December 19, 2008, the Company sold a fee and/or ground leasehold interest in three freestanding Mervyn's department stores to Pacific Premier Retail Trust, one of the Company's joint ventures, for $43,405, resulting in a gain on sale of assets of $1,511. The Company's pro rata share of the proceeds was used to pay down the Company's line of credit. See Mervyn's in Note 16—Discontinued Operations.

On July 30, 2009, the Company sold a 49% ownership interest in Queens Center to a third party for $152,654, resulting in a gain on sale of assets of $154,156 (See Note 6—Property.) The Company used the proceeds from the sale of the ownership interest in the property to pay down the term loan (See "Term Loan" in Note 11—Bank and Other Notes Payable) and for general corporate purposes. The results of Queens Center are included below for the period subsequent to the sale of the ownership interest.

On September 3, 2009, the Company formed a joint venture with a third party whereby the Company sold a 75% interest in FlatIron Crossing. As part of this transaction, the Company issued three warrants for an aggregate of 1,250,000 shares of common stock of the Company (See Note 15—Stockholders' Equity). The Company received $123,750 in cash proceeds for the overall transaction, of which $8,068 was attributed to the warrants. The proceeds attributable to the interest sold exceeded the Company's carrying value in the interest sold by $28,720. However, due to certain contractual rights afforded to the buyer of the interest in FlatIron Crossing, the Company has only recognized a gain on sale of $2,506 (See Note 6—Property). The remaining net cash proceeds in excess of the Company's carrying value in the interest sold of $26,214 has been included in other accrued liabilities and will not be recognized until dissolution of the joint venture or disposition of the Company's or buyer's interest in the joint venture. The Company used the proceeds from the sale of the ownership interest to pay down the term loan and for general corporate purposes. The results of FlatIron Crossing are included below for the period subsequent to the sale of the ownership interest.

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 as of December 31:

		2010			2009

Assets(1):
	Properties, net	$	5,047,022		$	5,294,495
	Other assets		470,922			518,946

	Total assets	$	5,517,944		$	5,813,441

Liabilities and partners' capital(1):
	Mortgage notes payable(2)	$	4,617,127		$	4,807,262
	Other liabilities		211,942			208,863
	Company's capital		349,175			377,711
	Outside partners' capital		339,700			419,605

	Total liabilities and partners' capital	$	5,517,944		$	5,813,441

Investment in unconsolidated joint ventures:
	Company's capital	$	349,175		$	377,711
	Basis adjustment(3)		591,903			601,433

		$	941,078		$	979,144

	Assets—Investments in unconsolidated joint ventures	$	1,006,123		$	1,046,196
	Liabilities—Distributions in excess of investments in unconsolidated joint ventures		(65,045	)		(67,052	)

		$	941,078		$	979,144

(1): These amounts include the assets and liabilities of the following joint ventures as of December 31, 2010 and 2009:

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

As of December 31, 2010:
Total Assets	$	817,995	$	1,101,186	$	330,117
Total Liabilities	$	815,884	$	1,019,513	$	324,527
As of December 31, 2009:
Total Assets	$	850,593	$	1,122,156	$	323,535
Total Liabilities	$	818,912	$	1,030,429	$	328,780

(2): Certain joint ventures have debt that could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of December 31, 2010 and 2009, a total of $17,143 and $17,450, respectively, could become recourse debt to the Company.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $573,239 and $581,774 as of December 31, 2010 and 2009, respectively. NML is considered a related party because they are a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense incurred on these borrowings amounted to $40,876, $33,947 and $10,432 for the years ended December 31, 2010, 2009 and 2008, respectively.

(3): This represents the difference between the cost of an investment and the book value of the underlying equity of the joint venture. The Company is amortizing this difference into income on a straight-line basis, consistent with the lives of the underlying assets. The amortization of this difference was $7,327, $9,214 and $8,818 for the years ended December 31, 2010, 2009 and 2008, 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

Year Ended December 31, 2010
Revenues:
	Minimum rents		$	90,187		$	131,204		$	59,587	$	354,369		$	635,347
	Percentage rents			4,411			5,487			1,585		17,402			28,885
	Tenant recoveries			44,651			50,626			38,162		183,349			316,788
	Other			3,653			6,688			2,975		31,428			44,744

		Total revenues		142,902			194,005			102,309		586,548			1,025,764

Expenses:
	Shopping center and operating expenses			51,004			55,680			32,025		227,959			366,668
	Interest expense			46,530			51,796			16,204		155,775			270,305
	Depreciation and amortization			30,796			38,928			18,745		122,195			210,664

	Total operating expenses			128,330			146,404			66,974		505,929			847,637

Gain on sale of assets				6			468			—		102			576
Loss on early extinguishment of debt				—			(1,352	)		—		—			(1,352	)

Net income			$	14,578		$	46,717		$	35,335	$	80,721		$	177,351

Company's equity in net income			$	7,290		$	23,972		$	13,917	$	34,350		$	79,529

Year Ended December 31, 2009
Revenues:
	Minimum rents		$	92,253		$	131,785		$	62,293	$	310,526		$	596,857
	Percentage rents			4,615			5,039			1,353		15,949			26,956
	Tenant recoveries			48,626			50,074			37,475		152,772			288,947
	Other			3,774			4,583			2,617		24,183			35,157

		Total revenues		149,268			191,481			103,738		503,430			947,917

Expenses:
	Shopping center and operating expenses			56,189			54,722			31,675		189,223			331,809
	Interest expense			46,686			51,466			15,761		128,755			242,668
	Depreciation and amortization			30,898			36,345			17,953		113,746			198,942

	Total operating expenses			133,773			142,533			65,389		431,724			773,419

Loss on sale of assets				(931	)		—			—		(2,085	)		(3,016	)

Net income			$	14,564		$	48,948		$	38,349	$	69,621		$	171,482

Company's equity in net income			$	7,282		$	24,894		$	19,175	$	16,809		$	68,160

Year Ended December 31, 2008
Revenues:
	Minimum rents		$	96,413		$	130,780		$	60,318	$	281,577		$	569,088
	Percentage rents			4,877			5,177			2,246		18,606			30,906
	Tenant recoveries			52,736			50,690			36,818		135,142			275,386
	Other			3,656			4,706			2,168		42,564			53,094

		Total revenues		157,682			191,353			101,550		477,889			928,474

Expenses:
	Shopping center and operating expenses			63,982			54,092			30,714		167,918			316,706
	Interest expense			46,778			45,995			16,385		118,680			227,838
	Depreciation and amortization			31,129			32,627			17,875		101,817			183,448

	Total operating expenses			141,889			132,714			64,974		388,415			727,992

Gain on sale of assets				606			—			—		17,380			17,986

Net income			$	16,399		$	58,639		$	36,576	$	106,854		$	218,468

Company's equity in net income			$	8,200		$	29,471		$	18,288	$	37,872		$	93,831

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

Derivative Instruments and Hedging Activities:

12 Months Ended

Dec. 31, 2010

Derivative Instruments and Hedging Activities:

Derivative Instruments and Hedging Activities:

5. Derivative Instruments and Hedging Activities:

Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense. The Company recorded other comprehensive income (loss) related to the marking-to-market of interest rate agreements of $22,160, $28,028 and ($29,902) for the years ended December 31, 2010, 2009 and 2008, respectively. The amount expected to be reclassified to interest expense in the next 12 months is immaterial.

The following derivatives were outstanding at December 31, 2010:

Property/Entity(1)	Notional Amount		Product				Fair Value

La Cumbre Plaza	$	30,000	Cap	3.00	%	6/9/2011	$	—
Paradise Valley Mall		85,000	Cap	5.00	%	9/12/2011		—
The Oaks		150,000	Cap	6.25	%	7/1/2011		—
Victor Valley Mall		100,000	Swap	5.08	%	4/25/2011		(1,515	)
Vintage Faire Mall		135,000	Swap	5.08	%	4/25/2011		(2,046	)
Westside Pavilion		175,000	Cap	5.50	%	6/5/2011		—
Westside Pavilion		165,000	Swap	5.08	%	4/25/2011		(2,500	)

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

		Asset Derivatives					Liability Derivatives

			2010		2009			2010		2009
		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	$	—	$	80	Other liabilities	$	—	$	—
	Interest rate swap agreements	Other assets		—		—	Other liabilities		6,061		28,206

Total derivatives designated as hedging instruments				—		80			6,061		28,206

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			$	—	$	80		$	6,061	$	28,206

The following table presents the Company's derivative instruments measured at fair value as of December 31, 2010:

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total

Assets
Derivative instruments	$	—	$	—	$	—	$	—
Liabilities
Derivative instruments		—		6,061		—		6,061

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2010, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Mortgage Notes Payable:

12 Months Ended

Dec. 31, 2010

Mortgage Notes Payable:

Mortgage Notes Payable:

10. Mortgage Notes Payable:

Mortgage notes payable at December 31, 2010 and 2009 consist of the following:

	Carrying Amount of Mortgage Notes(1)

	2010				2009
	2010				2009				Interest Rate(2)			Monthly Debt Service(3)		Maturity Date
Property Pledged as Collateral	Other		Related Party		Other		Related Party		Interest Rate(2)			Monthly Debt Service(3)		Maturity Date
Capitola Mall	$	—	$	33,459	$	—	$	35,550		7.13	%	$	380		2011
Carmel Plaza(4)		—		—		24,309		—		—			—		—
Chandler Fashion Center(5)		159,360				163,028		—		5.50	%		1,043		2012
Chesterfield Towne Center(6)		50,462		—		52,369		—		9.07	%		548		2024
Danbury Fair Mall(7)		109,657		109,657		163,111		—		5.53	%		1,351		2020
Deptford Mall		172,500		—		172,500		—		5.41	%		778		2013
Deptford Mall		15,248		—		15,451		—		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)(8)		232,900		—		165,546		—		4.20	%		805		2018
Fresno Fashion Fair		82,792		82,791		83,781		83,780		6.76	%		1,104		2015
Great Northern Mall		38,077		—		38,854		—		5.19	%		234		2013
Hilton Village		8,581		—		8,564		—		5.27	%		37		2012
La Cumbre Plaza(9)		23,113		—		30,000		—		2.44	%		22		2011
Northgate, The Mall at(10)		38,115				8,844				7.00	%		191		2013
Northridge Mall(11)		—		—		71,486		—		—			—		—
Oaks, The(12)		165,000		—		165,000		—		2.31	%		276		2011
Oaks, The(13)		92,264		—		92,224		—		2.83	%		184		2011
Pacific View		84,096		—		85,797		—		7.20	%		649		2011
Panorama Mall(14)		—		—		50,000		—		—			—		—
Paradise Valley Mall(15)		85,000		—		85,000		—		6.30	%		390		2012
Prescott Gateway		60,000		—		60,000		—		5.86	%		293		2011
Promenade at Casa Grande(16)		79,104		—		86,617		—		5.21	%		297		2013
Rimrock Mall		40,650		—		41,430		—		7.57	%		320		2011
Salisbury, Center at		115,000		—		115,000		—		5.83	%		559		2016
Santa Monica Place(17)		—		—		76,652		—		—			—		—
SanTan Village Regional Center(18)		138,087		—		136,142		—		2.94	%		289		2011
Shoppingtown Mall		39,675		—		41,381		—		5.01	%		319		2011
South Plains Mall(19)		104,132		—		53,936		—		6.53	%		648		2015
South Towne Center		87,726		—		88,854		—		6.39	%		554		2015
Towne Mall		13,348		—		13,869		—		4.99	%		100		2012
Tucson La Encantada		—		76,437		—		77,497		5.84	%		448		2012
Twenty Ninth Street(20)		106,244		—		106,703		—		5.45	%		483		2011
Valley River Center		120,000		—		120,000		—		5.59	%		559		2016
Valley View Center(21)		125,000		—		125,000		—		5.81	%		596		2011
Victor Valley, Mall of(22)		100,000		—		100,000		—		6.94	%		578		2011
Vintage Faire Mall(23)		135,000		—		62,186		—		8.37	%		942		2015
Westside Pavilion(24)		175,000		—		175,000		—		7.81	%		1,130		2011
Wilton Mall(25)		40,000		—		39,575		—		1.26	%		31		2013

	$	2,957,131	$	302,344	$	3,039,209	$	196,827

(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) as of December 31, 2010 and 2009 consist of the following:

Property Pledged as Collateral	2010			2009

Danbury Fair Mall(7)	$	—		$	4,938
Deptford Mall		(30	)		(36	)
Freehold Raceway Mall(8)		—			5,507
Great Northern Mall		(82	)		(110	)
Hilton Village		(19	)		(36	)
Shoppingtown Mall		482			1,565
Towne Mall		183			277

	$	534		$	12,105

(2): The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts), deferred finance costs and notional amounts covered by interest rate swap agreements.
(3): The monthly debt service represents the monthly payment of principal and interest.
(4): On April 7, 2010, 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): In addition to monthly principal and interest payments, contingent interest, as defined in the loan agreement, may be due to the extent that 35% of the amount by which the property's gross receipts exceeds a base amount. The Company recognized contingent interest expense of $0, ($331) and $285 for the year ended December 31, 2010, 2009 and 2008, respectively. This loan was paid off in full on February 1, 2011.

(7): On September 10, 2010, the Company replaced the existing loan on the property with a new $220,000 loan that bears interest at 5.53% and matures on October 1, 2020. In addition, the loan provides for $30,000 of additional borrowings at 5.50% depending on certain conditions. As a result of the refinancing of the debt, the Company recognized a gain on early extinguishment of $2,123, which represented the unamortized premium then outstanding.
(8): On December 29, 2010, the Company replaced the existing loan on the property with a new $232,900 loan that bears interest at 4.20% and matures on January 1, 2018. As a result of the refinancing of the debt, the Company recognized a gain on early extinguishment of debt of $2,073, which represented the unamortized premium then outstanding.
(9): The loan bears interest at LIBOR plus 0.88% that was set to mature on December 9, 2010. On the maturity date, the loan was extended to December 9, 2011 and has a remaining 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 2.44% and 2.11% at December 31, 2010 and 2009, respectively.
(10): 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% and 6.90% at December 31, 2010 and 2009, respectively.
(11): On February 12, 2010, the loan was paid off in full.
(12): The loan bears interest at LIBOR plus 1.75% and matures on July 10, 2011 with two one-year extension options. The Company placed an interest rate cap agreement on the loan that effectively prevents LIBOR from exceeding 6.25% on $150,000 of the loan amount over the loan term. See Note 5—Derivative Instruments and Hedging Activities. At December 31, 2010 and 2009, the total interest rate was 2.31% and 2.28%, respectively.
(13): The construction loan allows for total borrowings of up to $135,000, bears interest at LIBOR plus a spread of 1.75% to 2.10%, depending on certain conditions and matures on July 10, 2011, with two one-year extension options. At December 31, 2010 and 2009, the total interest rate was 2.83% and 6.75%, respectively.
(14): On July 2, 2010, the loan was paid off in full.
(15): 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% over the loan term. See Note 5—Derivative Instruments and Hedging Activities. At December 31, 2010 and 2009, the total interest rate was 6.30%.
(16): On December 30, 2010, the Company replaced the existing loan on the property with a new $79,104 loan that bears interest at LIBOR plus 4.0% with a LIBOR rate floor of 0.50% and matures on December 30, 2013. At December 31, 2010 the total interest rate was 5.21%.
(17): On October 1, 2010, the loan was paid off in full.
(18): The construction loan allows for total borrowings of up to $145,000 and bears interest at LIBOR plus a spread of 2.10% to 2.25%, depending on certain conditions. The loan matures on June 13, 2011, with two one-year extension options. At December 31, 2010 and 2009, the total interest rate was 2.94% and 2.93%, respectively.
(19): On March 31, 2010, the Company replaced the existing loan on the property with a new $105,000 fixed rate loan that bears interest at 6.53% and matures on April 11, 2015.

(20): The loan bears interest at LIBOR plus 3.40% with a total interest rate floor of 5.25% and was to mature on March 25, 2011. At December 31, 2010 and 2009, the total interest rate was 5.45% and 10.02%, respectively. 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% with no interest rate floor and matures on January 18, 2016.
(21): 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.
(22): The loan bears interest at LIBOR plus 1.60% and matures on May 6, 2011, with two one-year extension options. The Company placed an interest rate swap on the loan that effectively converts the loan from floating rate debt to fixed rate debt of 6.94% until April 25, 2011. See Note 5—Derivative Instruments and Hedging Activities. At December 31, 2010 and 2009, the total interest rate on the loan was 6.94% and 2.09%, respectively.
(23): On April 27, 2010, the Company replaced the existing loan on the property with a new $135,000 loan that bears interest at LIBOR plus 3.0% and matures on April 27, 2015. The Company placed an interest rate swap on the loan that effectively converts the loan from floating rate debt to fixed rate debt of 8.37% until April 25, 2011. See Note 5—Derivative Instruments and Hedging Activities. At December 31, 2010, the total interest rate was 8.37%.
(24): The loan bears interest at LIBOR plus 2.00% and matures on June 5, 2011, with two one-year extension options. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 5.50% over the initial loan term. In addition, the Company placed an interest rate swap on the loan that effectively converts $165,000 of the loan amount from floating rate debt to fixed rate debt of 8.08% until April 25, 2011. See Note 5—Derivative Instruments and Hedging Activities. At December 31, 2010 and 2009, the total interest rate on the loan was 7.81% and 3.24%, respectively.
(25): On August 2, 2010, the Company replaced the existing loan on the property with a new $40,000 loan that 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 December 31, 2010, the total interest rate was 1.26%.

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, will be refinanced, extended and/or paid-off from the Company's line of credit or with cash on hand.

Total interest expense capitalized during the years ended December 31, 2010, 2009 and 2008 was $25,664, $21,294 and $33,281, respectively.

Related party mortgage notes payable are amounts due to affiliates of NML. See Note 19—Related-Party Transactions for interest expense associated with loans from NML.

The fair value of mortgage notes payable at December 31, 2010 and 2009 was $3,438,674 and $2,897,332, 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.

The future maturities of mortgage notes payable are as follows:


2011	$	1,200,656
2012		348,981
2013		380,380
2014		16,123
2015		597,278
Thereafter		715,523

		3,258,941
Debt premium, net		534

	$	3,259,475

Bank and Other Notes Payable:

12 Months Ended

Dec. 31, 2010

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 years ended December 31, 2010 and 2009, the Company repurchased and retired $18,468 and $89,065, respectively, of the Senior Notes for $18,283 and $54,135, respectively, and recorded a (loss) gain on the early extinguishment of debt of ($489) and $29,824, respectively. The repurchases were funded by borrowings under the Company's line of credit and/or from cash proceeds from the Company's April 2010 common stock offering.

The carrying value of the Senior Notes at December 31, 2010 and 2009 was $606,971 and $614,245, respectively, which included an unamortized discount of $12,661 and $23,855, 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 December 31, 2010 and 2009, the effective interest rate was 5.41%. The fair value of the Senior Notes at December 31, 2010 and 2009 was $619,632 and $596,624, respectively, based on the quoted market price on each date.

Line of Credit:

The Company has a $1,500,000 revolving line of credit that bears interest at LIBOR plus a spread of 0.75% to 1.10% depending on the Company's overall leverage that was scheduled to mature on April 25, 2010. On April 25, 2010, the Company extended the maturity date to April 25, 2011.

On April 20, 2010, the Company paid down in full the line of credit with a portion of the proceeds from its equity offering of common stock. See Note 15—Stockholders' Equity. As of December 31, 2010, there were no borrowings outstanding on the line of credit. As of December 31, 2009, borrowings outstanding on the line of credit were $655,000 at an average interest rate of 6.10%. The fair value of the Company's line of credit at December 31, 2009 was $643,662 based on a present value model using current interest rate spreads offered to the Company for comparable debt.

Term Loan:

On April 25, 2005, the Company obtained a five-year, $450,000 term loan that bore interest at LIBOR plus 1.50%. The loan was paid off during the year ended December 31, 2009 from the proceeds of sales of ownership interests in Queens Center and FlatIron Crossing (See Note 4—Investments in Unconsolidated Joint Ventures) and through additional borrowings under the Company's line of credit.

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 December 31, 2010 and 2009, the Greeley note had a balance outstanding of $25,624 and $26,353, respectively. The fair value of the note at December 31, 2010 and 2009 was $23,967 and $20,589, 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.

As of December 31, 2010 and 2009, the Company was in compliance with all applicable financial loan covenants.

The future maturities of bank and other notes payable are as follows:


2011	$	776
2012		620,453
2013		24,027

		645,256
Debt discount		(12,661	)

	$	632,595

Stockholders' Equity:

12 Months Ended

Dec. 31, 2010

Stockholders' Equity:

Stockholders' Equity:

15. Stockholders' Equity:

Stock Dividends:

On June 22, 2009, the Company issued 2,236,954 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 May 11, 2009, 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.

On September 21, 2009, the Company issued 1,658,023 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 August 12, 2009, 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.

On December 21, 2009, the Company issued 1,817,951 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 November 12, 2009, 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.

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 2009-15 and 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 June 22, 2009 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 June 10, 2009 through June 12, 2009 of $19.9927. The number of shares issued on September 21, 2009 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 September 9, 2009 through September 11, 2009 of $28.51. The number of shares issued on December 21, 2009 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 December 9, 2009 through December 11, 2009 of $30.16. 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.

Warrants:

On September 3, 2009, the Company issued three warrants in connection with the sale of a 75% ownership interest in FlatIron Crossing. (See Note 4—Investments in Unconsolidated Joint Ventures.) The warrants provide 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. Each warrant had a three-year term and was immediately exercisable upon its issuance. In May 2010, the warrants were exercised pursuant to the holders' net issue exercise request and the Company elected to deliver 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 has entered into a registration rights agreement with the warrant holders requiring the Company to provide certain registration rights regarding the resale of shares of common stock underlying the warrant.

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 October 27, 2009, the Company completed an offering of 12,000,000 newly issued shares of its common stock, as well as an additional 1,800,000 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 13,800,000 shares of common stock at an initial price to the public of $29.00 per share, were approximately $383,450 after deducting underwriting discounts, commissions and other transaction costs. The Company used the net proceeds of the offering to pay down its line of credit.

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 plans to use the remaining cash for debt repayments and/or general corporate purposes.

Discontinued Operations:

12 Months Ended

Dec. 31, 2010

Discontinued Operations:

Discontinued Operations:

16. Discontinued Operations:

Mervyn's:

In July 2008, Mervyn's filed for bankruptcy protection and announced in October 2008 its plans to liquidate all merchandise, auction its store leases and wind down its business. The Company had 45 former Mervyn's stores in its portfolio. The Company owned the ground leasehold and/or fee simple interest in 44 of those stores and the remaining store was owned by a third party but is located at one of the Centers.

In September 2008, the Company recorded a write-down of $5,214 due to the anticipated rejection of six of the Company's leases by Mervyn's. In addition, the Company terminated its former plan to sell the 29 Mervyn's stores located at shopping centers not owned or managed by the Company. The Company's decision was based on then current conditions in the credit market and the assumption that a better return could be obtained by holding and operating the assets. As a result of the change in plans to sell, the Company recorded a loss of $5,347 on the write-down of assets in order to adjust the carrying value of these assets for depreciation expense that otherwise would have been recognized had these assets been continuously classified as held and used.

In December 2008, Kohl's and Forever 21 assumed a total of 23 of the Mervyn's leases and the remaining 22 leases were rejected by Mervyn's under the bankruptcy laws. As a result, the Company wrote-off the unamortized intangible assets and liabilities related to the rejected and unassumed leases in December 2008. The Company wrote-off $27,655 of unamortized intangible assets related to lease in place values, leasing commissions and legal costs to depreciation and amortization. Unamortized intangible assets of $14,881 relating to above-market leases and unamortized intangible liabilities of $24,523 relating to below-market leases were written-off to minimum rents.

On December 19, 2008, the Company sold a fee and/or ground leasehold interest in three former Mervyn's stores to its joint venture, Pacific Premier Retail Trust, for $43,405, resulting in a gain on sale of assets of $1,511. The proceeds were used to pay down the Company's line of credit.

In June 2009, the Company recorded an impairment charge of $25,958, as it relates to the fee and/or ground leasehold interests in five former Mervyn's stores due to the anticipated loss on the sale of these properties in July 2009. The Company subsequently sold the properties in July 2009 for $52,689, resulting in an additional $456 loss related to transaction costs. The Company used the proceeds from the sales to pay down the Company's term loan and for general corporate purposes.

On September 29, 2009, the Company sold a leasehold interest in a former Mervyn's store for $4,510, resulting in a gain on sale of $4,087. The Company used the proceeds from the sale to pay down the Company's line of credit and for general corporate purposes.

During the six months ended June 30, 2011, the Company completed the disposition of six former Mervyns' stores. Accordingly, the Company has reclassified the results of operations and loss on sale of these dispositions to discontinued operations for the years ended December 31, 2010, 2009 and 2008.

Rochester Redemption:

On January 1, 2008, a subsidiary of the Operating Partnership, at the election of the holders, redeemed the 3,426,609 participating convertible preferred units ("PCPUs"). As a result of the redemption, the Company received the 16.32% noncontrolling interests in the portion of the Wilmorite portfolio acquired on April 25, 2005 that included Danbury Fair Mall, Freehold Raceway Mall, Great Northern Mall, Rotterdam Square, Shoppingtown Mall, Towne Mall, Tysons Corner Center and Wilton Mall, collectively referred to as the "Non-Rochester Properties," for total consideration of $224,393, in exchange for the Company's ownership interest in the portion of the Wilmorite portfolio that consisted of Eastview Commons, Eastview Mall, Greece Ridge Center, Marketplace Mall and Pittsford Plaza, collectively referred to as the "Rochester Properties," including approximately $18,000 in cash held at those properties. Included in the redemption consideration was the assumption of the remaining 16.32% interest in the indebtedness of the Non-Rochester Properties, which had an estimated fair value of $105,962. In addition, the Company also received additional consideration of $11,763, in the form of a note, for certain working capital adjustments, extraordinary capital expenditures, leasing commissions, tenant allowances, and decreases in indebtedness during the Company's period of ownership of the Rochester Properties. The Company recognized a gain of $99,082 on the exchange based on the difference between the fair value of the additional interest acquired in the Non-Rochester Properties and the carrying value of the Rochester Properties, net of minority interest. This exchange is referred to herein as the "Rochester Redemption."

The Company determined the fair value of the debt using a present value model based upon the terms of equivalent debt and upon credit spreads made available to the Company. The following table represents the debt measured at fair value on January 1, 2008:

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at January 1, 2008

Liabilities
Debt on Non-Rochester Properties	$	—	$	71,032	$	34,930	$	105,962

The source of the Level 2 inputs involved the use of the nominal weekly average of the U.S. treasury rates. The source of Level 3 inputs was based on comparable credits spreads on the estimated value of the property that serves as the underlying collateral of the debt.

As a result of the Rochester Redemption, the Company recorded a credit to additional paid-in capital of $202,728 due to the reversal of adjustments to noncontrolling interests for the redemption value on the Rochester Properties over the Company's historical cost. In addition, the Company recorded a step-up in the basis of approximately $218,812 in the remaining portion of the Non-Rochester Properties.

Other Dispositions:

In June 2009, the Company recorded an impairment charge of $1,037 related to the anticipated loss on the sale of Village Center, a 170,801 square foot urban village property, in July 2009. The Company subsequently sold the property on July 14, 2009 for $11,912 in total proceeds, resulting in a gain of $144 related to a change in estimate in transaction costs. The Company used the proceeds from the sale to pay down the term loan and for general corporate purposes.

During the fourth quarter 2009, the Company sold five non-core community centers for $71,275, resulting in an aggregate loss on sale of $16,933. The Company used the proceeds from the sale to pay down the Company's line of credit and for general corporate purposes.

The Company has classified the results of operations and gain or loss on sale for all of the above dispositions as discontinued operations for the years ended December 31, 2010, 2009 and 2008.

The following table summarizes the revenues and income for the years ended December 31:

		2010			2009			2008

Revenues:
	Scottsdale/101	$	—		$	—		$	10
	Holiday Village		—			—			338
	Great Falls Marketplace		—			—			(21	)
	Mervyn's(1)		3,494			5,218			16,488
	Village Center		(7	)		946			1,989
	Village Plaza		5			1,806			2,048
	Village Crossroads		9			2,135			2,565
	Village Square I		—			552			687
	Village Square II		2			1,290			1,927
	Village Fair North		(9	)		3,263			3,619

		$	3,494		$	15,210		$	29,650

(Loss) income from discontinued operations:
	Scottsdale/101	$	(11	)	$	(5	)	$	(3	)
	Holiday Village		—			(9	)		338
	Greeley Mall		—			(4	)		—
	Great Falls Marketplace		—			—			(33	)
	Northwest Arkansas Mall		—			1			—
	Mervyn's(1)		(271	)		(1,966	)		(2,943	)
	Village Center		(21	)		429			557
	Village Plaza		(54	)		790			1,277
	Village Crossroads		(14	)		1,086			1,395
	Village Square I		(17	)		193			324
	Village Square II		(39	)		482			813
	Village Fair North		(12	)		1,549			1,626

		$	(439	)	$	2,546		$	3,351

(1): Revenues and (loss) income from discontinued operations includes the results from the disposition of six former Mervyn's stores completed during the six months ended June 30, 2011.

Share and Unit-Based Plans:

12 Months Ended

Dec. 31, 2010

Share and Unit-Based Plans:

Share and Unit-Based Plans:

20. Share and Unit-Based Plans:

The Company has established share and unit-based compensation plans for the purpose of attracting and retaining executive officers, directors and key employees.

2003 Equity Incentive Plan:

The 2003 Equity Incentive Plan ("2003 Plan") authorizes the grant of stock awards, stock options, stock appreciation rights, stock units, stock bonuses, performance based awards, dividend equivalent rights and operating partnership units or other convertible or exchangeable units. As of December 31, 2010, stock awards, stock units, LTIP Units (as defined below), stock appreciation rights ("SARs") and stock options have been granted under the 2003 Plan. All stock options or other rights to acquire common stock granted under the 2003 Plan have a term of 10 years or less. These awards were generally granted based on certain performance criteria for the Company and the employees. None of the awards have performance requirements other than a service condition of continued employment unless otherwise provided. All awards are subject to restrictions determined by the Company's compensation committee. The aggregate number of shares of common stock that may be issued under the 2003 Plan is 13,825,428 shares. As of December 31, 2010, there were 8,931,222 shares available for issuance under the 2003 Plan.

Stock Awards:

The value of the stock awards was determined by the market price of the common stock on the date of the grant. The following table summarizes the activity of non-vested stock awards during the years ended December 31, 2010, 2009 and 2008:

		2010					2009					2008

		Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
Balance at beginning of year			126,137		$	69.53		275,181		$	74.68		336,072		$	77.21
	Granted		11,664			38.58		6,500			8.21		127,272			61.17
	Vested		(74,143	)		78.48		(155,077	)		76.09		(182,510	)		70.06
	Forfeited		(307	)		61.17		(467	)		70.19		(5,653	)		70.04

Balance at end of year			63,351		$	53.69		126,137		$	69.53		275,181		$	74.68

Stock Units:

The stock units represent the right to receive upon vesting one share of the Company's common stock for one stock unit. The value of the outstanding stock units was determined by the market price of the Company's common stock on the date of the grant. The following table summarizes the activity of non-vested stock units during the years ended December 31, 2010 and 2009:

		2010					2009

		Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Balance at beginning of year			1,567,597		$	7.17		—		$	—
	Granted		—			—		1,600,002			7.17
	Vested		(529,048	)		7.17		(32,405	)		7.17
	Forfeited		—			—		—			—

Balance at end of year			1,038,549		$	7.17		1,567,597		$	7.17

SARs:

The SARs vest on March 15, 2011. Once the SARs have vested, the executive will have up to 10 years from the grant date to exercise the SARs. Upon exercise, the executives will receive unrestricted common shares for the appreciation in value of the SARs from the grant date to the exercise date. The Company measured the grant date value of each SAR to be $7.68 using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 22.52%, dividend yield of 5.23%, risk free rate of 3.15%, current value of $61.17 and an expected term of 8 years. The assumptions for volatility and dividend yield were based on the Company's historical experience as a publicly traded company, the current value was based on the closing price on the date of grant and the risk free rate was based upon the interest rate of the 10-year treasury bond on the date of grant.

The following table summarizes the activity of non-vested SARs awards during the years ended December 31, 2010, 2009 and 2008:

		2010					2009					2008

		SARs			Weighted Average Grant Date Fair Value		SARs			Weighted Average Grant Date Fair Value		SARs			Weighted Average Grant Date Fair Value
Balance at beginning of year			1,135,397		$	7.51		1,228,384		$	7.68		—		$	—
	Granted		—			—		29,000			1.17		1,257,134			7.68
	Vested		—			—		(91,050	)		7.68		—			—
	Forfeited		(76,275	)		7.68		(30,937	)		7.68		(28,750	)		7.68

Balance at end of year			1,059,122		$	7.51		1,135,397		$	7.51		1,228,384		$	7.68

Long-Term Incentive Plan Units:

Under the Long-Term Incentive Plan ("LTIP"), each award recipient is issued a form of operating partnership units ("LTIP Units") in the Operating Partnership. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units are ultimately redeemable for common stock, or cash at the Company's option, on a one-unit for one-share basis. LTIP Units receive cash dividends based on the dividend amount paid on the common stock. The LTIP provides for both market-indexed awards and service-based awards.

The market-indexed LTIP Units vest 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 in accordance with the award agreement. The service-based LTIP Units vest straight-line over the service period. The compensation cost is recognized under the graded attribution method for market-indexed LTIP awards and the straight-line method for the serviced based LTIP awards.

The fair value of the market-based LTIP Units is 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 (for market-indexed awards), is assumed to follow the Multivariate Geometric Brownian Motion Process. Multivariate Geometric Brownian Motion is a common assumption when modeling in financial markets, as it allows the modeled quantity (in this case, the stock price) to vary randomly from its current value and take any value greater than zero. The volatilities of the returns on the share price of the Company and the peer group REITs were estimated based on a look-back period. The expected growth rate of the stock prices over the "derived service period" is determined with consideration of the risk free rate as of the grant date.

The following table summarizes the activity of non-vested LTIP Units during the years ended December 31, 2010, 2009 and 2008:

		2010					2009					2008

		Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Balance at beginning of year			252,940		$	55.50		299,350		$	57.02		187,387		$	55.90
	Granted		232,632			48.89		—			—		118,780			61.17
	Vested		(213,346	)		54.45		(46,410	)		65.29		(6,817	)		89.21
	Forfeited		—			—		—			—		—			—

Balance at end of year			272,226		$	50.68		252,940		$	55.50		299,350		$	57.02

Stock Options:

The following table summarizes the activity of stock options for the years ended December 31, 2010, 2009 and 2008:

		2010				2009				2008

		Options		Weighted Average Grant Date Fair Value		Options		Weighted Average Grant Date Fair Value		Options		Weighted Average Grant Date Fair Value
Balance at beginning of year			102,500	$	81.10		102,500	$	81.10		102,500	$	81.10
	Granted		—		—		—		—				—
	Exercised		—		—		—		—		—		—
	Forfeited		—		—		—		—		—		—

Balance at end of year			102,500	$	81.10		102,500	$	81.10		102,500	$	81.10

At December 31, 2010, all the stock options were fully vested. The weighted average remaining contractual life for the stock options outstanding was six and a half years.

Directors' Phantom Stock Plan:

The Directors' Phantom Stock Plan offers non-employee members of the board of directors ("Directors") the opportunity to defer their cash compensation and to receive that compensation in common stock rather than in cash after termination of service or a predetermined period. Compensation generally includes the annual retainers payable by the Company to the Directors. Deferred amounts are generally credited as units of phantom stock at the beginning of each three-year deferral period by dividing the present value of the deferred compensation by the average fair market value of the Company's common stock at the date of award. Compensation expense related to the phantom stock award was determined by the amortization of the value of the stock units on a straight-line basis over the applicable three-year service period. The stock units (including dividend equivalents) vest as the Directors' services (to which the fees relate) are rendered. Vested phantom stock units are ultimately paid out in common stock on a one-unit for one-share basis. To the extent elected by a director, stock units receive dividend equivalents in the form of additional stock units based on the dividend amount paid on the common stock. The aggregate number of phantom stock units that may be granted under the Directors' Phantom Stock Plan is 500,000. As of December 31, 2010, there were 276,390 units available for grant under the Directors' Phantom Stock Plan. As of December 31, 2010, there was no unrecognized cost related to non-vested phantom stock units.

The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2010, 2009 and 2008:

		2010					2009					2008

		Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Balance at beginning of year			—		$	—		3,209		$	83.88		6,419		$	83.86
	Granted		54,602			35.33		25,036			14.99		11,234			34.17
	Vested		(24,819	)		36.72		(28,245	)		22.82		(14,444	)		45.21
	Forfeited		—			—		—			—		—			—

Balance at end of year			29,783		$	34.18		—		$	—		3,209		$	83.88

Employee Stock Purchase Plan ("ESPP"):

The ESPP authorizes eligible employees to purchase the Company's common stock through voluntary payroll deduction made during periodic offering periods. Under the ESPP plan, common stock is purchased at a 10% discount from the lesser of the fair value of common stock at the beginning and ending of the offering period. A maximum of 750,000 shares of common stock is available for purchase under the ESPP. The number of shares available for future purchase under the plan at December 31, 2010 was 625,094.

Other Share-Based Plans:

Prior to the adoption of the 2003 Plan, the Company had several other share-based plans. Under these plans, 20,000 stock options were outstanding as of December 31, 2010. No additional shares may be issued under these plans. All stock options outstanding under these plans were fully vested as of December 31, 2005. As of December 31, 2010, all of the outstanding shares are exercisable at a weighted average price of $28.68. The weighted average remaining contractual life for options outstanding and exercisable was one and a half years.

Compensation:

The following summarizes the compensation cost under the share and unit-based plans:

	2010		2009		2008

LTIP units	$	12,780	$	3,800	$	6,443
Stock awards		3,086		6,964		11,577
Stock units		8,048		3,291		—
Stock options		402		596		596
SARs		2,318		2,669		2,605
Phantom stock units		911		643		653

	$	27,545	$	17,963	$	21,874

On February 25, 2009, the Company reduced its workforce by 142 employees out of a total of approximately 2,845 regular and temporary employees. This reduction in workforce was a result of the Company's review and realignment of its strategic priorities, including its expectation of reduced development and redevelopment activity in the near future. As part of the plan, the Company accelerated the vesting of the share and unit-based awards of certain terminated employees. As a result of the modification of the awards, the Company recorded a reduction in compensation cost of $487.

On March 26, 2010, as part of a separation agreement with a former executive, the Company modified the terms of the awards of 83,794 stock units and 5,109 LTIP Units granted under the LTIP. In addition, on September 14, 2010, as part of a separation agreement with another former executive, the Company modified the terms of the awards of 37,242 stock units, 2,385 stock awards and 40,000 SARs then outstanding. As a result of these modifications, the Company recognized an additional $5,281 of compensation cost during the year ended December 31, 2010.

The Company capitalized share and unit-based compensation costs of $12,713, $9,868 and $10,224 for the years ended December 31, 2010, 2009 and 2008, respectively.

The fair value of the stock awards and stock units that vested during the years ended December 31, 2010, 2009 and 2008 was $23,469, $2,217 and $12,787, respectively. Unrecognized compensation cost of share and unit-based plans at December 31, 2010 consisted of $1,483 from LTIP awards, $805 from stock awards, $3,929 from stock units and $526 from SARs.

Income Taxes:

12 Months Ended

Dec. 31, 2010

Income Taxes:

Income Taxes:

22. Income Taxes:

For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31:

	2010				2009				2008

Ordinary income	$	0.57	27.1	%	$	0.09	3.3	%	$	3.19	99.7	%
Capital gains		0.04	1.9	%		1.12	43.2	%		0.01	0.3	%
Unrecaptured Section 1250 gain		—	0.0	%		0.93	35.8	%		—	0.0	%
Return of capital		1.49	71.0	%		0.46	17.7	%		—	0.0	%

Dividends paid	$	2.10	100.0	%	$	2.60	100.0	%	$	3.20	100.0	%

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 income tax benefit (provision) of the TRSs for the years ended December 31, 2010, 2009 and 2008 is as follows:

	2010			2009			2008

Current	$	(11	)	$	(264	)	$	—
Deferred		9,213			5,025			(1,126	)

Income tax benefit (provision)	$	9,202		$	4,761		$	(1,126	)

Income tax benefit (provision) of the TRSs for the years ended December 31, 2010, 2009 and 2008 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:

	2010			2009			2008

Book (loss) income for TRSs	($	19,896	)	($	15,371	)	$	879

Tax at statutory rate on earnings from continuing operations before income taxes	$	6,765		$	5,226		$	(299	)
Other		2,437			(465	)		(827	)

Income tax benefit (provision)	$	9,202		$	4,761		$	(1,126	)

The net operating loss carryforwards are currently scheduled to expire through 2030, beginning in 2021. Net deferred tax assets of $19,525 and $11,866 were included in deferred charges and other assets, net at December 31, 2010 and 2009, respectively. The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2010 and 2009 are summarized as follows:

	2010			2009

Net operating loss carryforwards	$	20,292		$	10,380
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs		(3,097	)		(646	)
Other		2,330			2,132

Net deferred tax assets	$	19,525		$	11,866

The following is a reconciliation of the unrecognized tax benefits for the years ended December 31, 2010, 2009 and 2008:

	2010			2009			2008

Unrecognized tax benefits at beginning of year	$	2,420		$	2,201		$	1,906
Gross increases for tax positions of current year		—			651			647
Gross decreases for tax positions of current year		(2,420	)		(432	)		(352	)

Unrecognized tax benefits at end of year	$	—		$	2,420		$	2,201

The tax years 2007 through 2009 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next 12 months.

Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2010

Schedule III-Real Estate and Accumulated Depreciation

Schedule III-Real Estate and Accumulated Depreciation

THE MACERICH COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share amounts)

THE MACERICH COMPANY

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2010

(Dollars in thousands)

	Initial Cost to Company									Gross Amount at Which Carried at Close of Period

Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation
Black Canyon Auto Park	$	20,600	$	—	$	—	$	553		$	19,555	$	—	$	—	$	1,598	$	21,153	$	—	$	21,153
Black Canyon Retail		—		—		—		514			—		—		—		514		514		—		514
Borgata		3,667		28,080		—		7,592			3,667		35,455		194		23		39,339		9,765		29,574
Cactus Power Center		15,374		—				16,372			—		—		—		31,746		31,746		—		31,746
Capitola Mall		11,312		46,689		—		8,089			11,309		54,122		556		103		66,090		22,063		44,027
Carmel Plaza		9,080		36,354		—		15,823			9,080		51,983		194		—		61,257		16,979		44,278
Chandler Fashion Center		24,188		223,143		—		7,652			24,188		229,593		1,202		—		254,983		56,775		198,208
Chesterfield Towne Center		18,517		72,936		2		37,226			18,517		107,800		2,223		141		128,681		51,494		77,187
Coolidge Holding		—		—		—		69			—		—		—		69		69		—		69
Danbury Fair Mall		130,367		316,951		—		72,286			136,200		363,184		4,091		16,129		519,604		53,683		465,921
Deptford Mall		48,370		194,250		—		24,540			61,029		205,123		933		75		267,160		24,451		242,709
Estrella Falls		10,550		—		—		65,071			—		—		—		75,621		75,621		—		75,621
Fiesta Mall		19,445		99,116		—		56,325			36,601		138,116		169		—		174,886		21,185		153,701
Flagstaff Mall		5,480		31,773		—		13,657			5,480		45,186		137		107		50,910		9,515		41,395
Freehold Raceway Mall		164,986		362,841		—		98,407			178,875		442,556		2,219		2,584		626,234		72,072		554,162
Fresno Fashion Fair		17,966		72,194		—		40,619			17,966		111,345		1,462		6		130,779		39,476		91,303
Great Northern Mall		12,187		62,657		—		7,390			12,635		68,482		406		711		82,234		13,856		68,378
Green Tree Mall		4,947		14,925		332		34,793			4,947		49,444		606		—		54,997		35,703		19,294
Hilton Village		—		19,067		—		1,237			—		20,183		121		—		20,304		3,179		17,125
La Cumbre Plaza		18,122		21,492		—		21,056			17,280		43,054		260		76		60,670		11,159		49,511
Macerich Cerritos Adjacent, LLC		—		6,448		—		(5,692	)		—		756		—		—		756		193		563
Macerich Management Co.		—		2,237		26,562		56,485			1,922		5,457		70,426		7,479		85,284		45,387		39,897
MACWH, LP		—		25,771		—		4,930			458		27,770		1,013		1,460		30,701		4,938		25,763
Mervyn's (former locations)		19,876		118,089		—		98,769			54,067		174,115		229		8,323		236,734		19,896		216,838

See accompanying reports of independent registered public accounting firms

THE MACERICH COMPANY

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2010

(Dollars in thousands)

	Initial Cost to Company									Gross Amount at Which Carried at Close of Period

Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation
Northgate Mall		8,400		34,865		841		96,097			13,414		123,683		2,971		135		140,203		38,661		101,542
Northridge Mall		20,100		101,170		—		11,332			20,100		111,759		718		25		132,602		25,671		106,931
Oaks, The		32,300		117,156		—		228,879			56,064		319,955		1,894		422		378,335		49,615		328,720
One Scottsdale		—		—		—		86			—		—		—		86		86		—		86
Pacific View		8,697		8,696		—		116,774			7,854		121,720		1,776		2,817		134,167		35,582		98,585
Palisene		—		2,759		—		27,547			—		—		—		30,306		30,306		—		30,306
Panorama Mall		4,373		17,491		—		4,955			4,857		21,335		235		392		26,819		5,459		21,360
Paradise Valley Mall		24,565		125,996		—		40,795			35,921		153,407		1,996		32		191,356		34,244		157,112
Paradise Village Ground Leases		8,880		2,489		—		(4,945	)		5,054		1,370		—		—		6,424		193		6,231
Prasada		6,365						22,009			6,615		—		—		21,759		28,374		—		28,374
Prescott Gateway		5,733		49,778		—		8,894			5,733		58,446		226		—		64,405		16,396		48,009
Prescott Peripheral		—		—		—		5,586			1,345		4,241		—		—		5,586		877		4,709
Promenade at Casa Grande		15,089		—		—		99,892			11,360		103,574		47		—		114,981		13,707		101,274
PVOP II		1,150		1,790		—		3,539			2,300		3,884		295		—		6,479		1,812		4,667
Rimrock Mall		8,737		35,652		—		11,049			8,737		46,170		445		86		55,438		18,172		37,266
Rotterdam Square		7,018		32,736		—		2,270			7,285		34,400		339		—		42,024		7,604		34,420
Salisbury, The Centre at		15,290		63,474		31		23,772			15,284		86,194		810		279		102,567		32,224		70,343
Santa Monica Place		26,400		105,600		—		263,116			41,365		308,518		5,702		39,531		395,116		5,766		389,350
SanTan Village Regional Center		7,827		—		—		189,052			6,344		189,857		678		—		196,879		30,626		166,253
SanTan Adjacent Land		29,414		—		—		4,048			29,506		—		—		3,956		33,462		—		33,462
Shoppingtown Mall		11,927		61,824		—		13,923			12,371		71,525		190		3,588		87,674		13,691		73,983
Somersville Town Center		4,096		20,317		1,425		13,588			4,099		34,825		486		16		39,426		20,144		19,282
South Plains Mall		23,100		92,728		—		25,448			23,100		115,207		939		2,030		141,276		36,334		104,942
South Towne Center		19,600		78,954		—		25,113			20,360		102,231		975		101		123,667		36,767		86,900
Superstition Springs Power Center		1,618		4,420		—		73			1,618		4,397		58		38		6,111		1,059		5,052

See accompanying reports of independent registered public accounting firms

THE MACERICH COMPANY

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2010

(Dollars in thousands)

	Initial Cost to Company									Gross Amount at Which Carried at Close of Period

Shopping Centers/Entities	Land		Building and Improvements		Equipment and Furnishings		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Equipment and Furnishings		Construction in Progress		Total		Accumulated Depreciation		Total Cost Net of Accumulated Depreciation
The Macerich Partnership, L.P.		—		2,534		—		14,289			728		5,050		5,845		5,200		16,823		1,507		15,316
The Shops at Tangerine (Marana)		36,158		—		—		(4,090	)		16,921		—		—		15,147		32,068		—		32,068
Towne Mall		6,652		31,184		—		1,972			6,890		32,811		107		—		39,808		6,826		32,982
The Market at Estrella Falls		—		—		—		9,713			—		9,713		—		—		9,713		486		9,227
The Marketplace at Flagstaff Mall		—		—		—		52,762			—		52,756		6		—		52,762		6,995		45,767
Tucson La Encantada		12,800		19,699		—		55,119			12,800		74,598		220		—		87,618		24,740		62,878
Twenty Ninth Street		50		37,793		64		204,303			23,599		217,782		829		—		242,210		58,913		183,297
Valley River		24,854		147,715		—		10,845			24,854		157,448		1,106		6		183,414		24,171		159,243
Valley View Center		17,100		68,687		—		48,111			23,764		108,118		1,712		304		133,898		42,582		91,316
Victor Valley, Mall at		15,700		75,230		—		45,241			22,564		111,400		1,207		1,000		136,171		20,935		115,236
Vintage Faire Mall		14,902		60,532		—		47,949			17,647		104,851		874		11		123,383		37,146		86,237
Wadell Center West		12,056		—		—		4,066			—		—		—		16,122		16,122		—		16,122
Westcor / Queen Creek		—		—		—		347			—		—		—		347		347		—		347
Westside Pavilion		34,100		136,819		—		63,660			34,100		193,513		5,205		1,761		234,579		60,884		173,695
Wilton Mall		19,743		67,855		—		7,524			19,810		74,485		198		629		95,122		12,822		82,300

	$	1,039,828	$	3,360,956	$	29,257	$	2,478,466		$	1,158,139	$	5,332,947	$	124,530	$	292,891	$	6,908,507	$	1,234,380	$	5,674,127

See accompanying reports of independent registered public accounting firms

THE MACERICH COMPANY

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2010

(Dollars in thousands)

Depreciation of the Company's investment in buildings and improvements reflected in the statements of income are calculated over the estimated useful lives of the asset as follows:


Buildings and improvements		5 - 40 years
Tenant improvements		5 - 7 years
Equipment and furnishings		5 - 7 years

The changes in total real estate assets for the three years ended December 31, 2010 are as follows:

	2010			2009			2008

Balances, beginning of year	$	6,697,259		$	7,355,703		$	7,078,802
Additions		239,362			241,025			349,272
Dispositions and retirements		(28,114	)		(899,469	)		(72,371	)

Balances, end of year	$	6,908,507		$	6,697,259		$	7,355,703

The changes in accumulated depreciation for the three years ended December 31, 2010 are as follows:

	2010			2009			2008

Balances, beginning of year	$	1,039,320		$	984,384		$	891,329
Additions		206,913			224,279			193,685
Dispositions and retirements		(11,853	)		(169,343	)		(100,630	)

Balances, end of year	$	1,234,380		$	1,039,320		$	984,384

See accompanying reports of independent registered public accounting firms

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2010
Document and Entity Information
Entity Registrant Name	MACERICH CO
Entity Central Index Key	0000912242
Document Type	8-K
Document Period End Date	Dec. 31, 2010
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	FY

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
CONSOLIDATED STATEMENTS OF EQUITY
Distributions paid, per share (in dollars per share)	$ (2.10)	$ (2.60)	$ (3.20)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2010	Dec. 31, 2009
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	130,452,032	96,667,689
Common stock, shares outstanding	130,452,032	96,667,689