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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2012	Feb. 15, 2013	Jun. 30, 2012
Document and Entity Information
Entity Registrant Name	MACERICH CO
Entity Central Index Key	0000912242
Document Type	10-K
Document Period End Date	Dec. 31, 2012
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
Entity Public Float			$ 7.8
Entity Common Stock, Shares Outstanding		137,361,571
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
ASSETS:
Property, net	$ 7,479,546	$ 6,079,043
Cash and cash equivalents	65,793	67,248
Restricted cash	78,658	68,628
Marketable securities	23,667	24,833
Tenant and other receivables, net	103,744	109,092
Deferred charges and other assets, net	565,130	483,763
Loans to unconsolidated joint ventures	3,345	3,995
Due from affiliates	17,068	3,387
Investments in unconsolidated joint ventures	974,258	1,098,560
Total assets	9,311,209	7,938,549
Mortgage notes payable:
Related parties	274,609	279,430
Others	4,162,734	3,049,008
Total	4,437,343	3,328,438
Bank and other notes payable	824,027	877,636
Accounts payable and accrued expenses	70,251	72,870
Other accrued liabilities	318,174	299,098
Distributions in excess of investments in unconsolidated joint ventures	152,948	70,685
Co-venture obligation	92,215	125,171
Total liabilities	5,894,958	4,773,898
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized, 137,507,010 and 132,153,444 shares issued and outstanding at December 31, 2012 and 2011, respectively	1,375	1,321
Additional paid-in capital	3,715,895	3,490,647
Accumulated deficit	(639,741)	(678,631)
Total stockholders' equity	3,077,529	2,813,337
Noncontrolling interests	338,722	351,314
Total equity	3,416,251	3,164,651
Total liabilities and equity	$ 9,311,209	$ 7,938,549

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2012	Dec. 31, 2011
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	137,507,010	132,153,444
Common stock, shares outstanding	137,507,010	132,153,444

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Revenues:
Minimum rents	$ 496,708	$ 429,007	$ 394,679
Percentage rents	24,389	19,175	16,401
Tenant recoveries	273,445	241,776	228,515
Management Companies	41,235	40,404	42,895
Other	45,546	33,009	29,067
Total revenues	881,323	763,371	711,557
Expenses:
Shopping center and operating expenses	280,531	242,298	223,773
Management Companies' operating expenses	85,610	86,587	90,414
REIT general and administrative expenses	20,412	21,113	20,703
Depreciation and amortization	302,553	252,075	226,550
Total expenses before interest	689,106	602,073	561,440
Interest expense:
Related parties	15,386	16,743	14,254
Other	161,392	162,965	183,789
Total interest expense	176,778	179,708	198,043
Loss (gain) on early extinguishment of debt, net		10,588	(3,661)
Total expenses	865,884	792,369	755,822
Equity in income of unconsolidated joint ventures	79,281	294,677	79,529
Co-venture expense	(6,523)	(5,806)	(6,193)
Income tax benefit	4,159	6,110	9,202
Gain (loss) on remeasurement, sale or write down of assets, net	204,668	(22,037)	497
Income from continuing operations	297,024	243,946	38,770
Discontinued operations:
Gain (loss) on disposition of assets, net	74,833	(58,230)	(23)
Loss from discontinued operations	(5,468)	(16,641)	(10,327)
Income (loss) from discontinued operations	69,365	(74,871)	(10,350)
Net income	366,389	169,075	28,420
Less net income attributable to noncontrolling interests	28,963	12,209	3,230
Net income attributable to the Company	$ 337,426	$ 156,866	$ 25,190
Earnings per common share attributable to Company-basic:
Income from continuing operations (in dollars per share)	$ 2.03	$ 1.70	$ 0.27
Discontinued operations (in dollars per share)	0.48	(0.52)	(0.08)
Net income attributable to common stockholders	2.51	1.18	0.19
Earnings per common share attributable to Company-diluted:
Income from continuing operations (in dollars per share)	2.03	1.70	0.27
Discontinued operations (in dollars per share)	0.48	(0.52)	(0.08)
Net income attributable to common stockholders	$ 2.51	$ 1.18	$ 0.19
Weighted average number of common shares outstanding:
Basic (in shares)	134,067,000	131,628,000	120,346,000
Diluted (in shares)	134,148,000	131,628,000	120,346,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 366,389	$ 169,075	$ 28,420
Other comprehensive income:
Interest rate swap/cap agreements		3,237	22,160
Comprehensive income	366,389	172,312	50,580
Less comprehensive income attributable to noncontrolling interests	28,963	12,209	3,230
Comprehensive income attributable to the Company	$ 337,426	$ 160,103	$ 47,350

- Definition

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

+ References + Details

- Definition

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

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- Definition

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

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- Definition

Net of tax and reclassification adjustments amount of the change in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges, which is attributable to the parent entity. Also includes an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569643-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4591552-111686

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a),(c)
-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4591551-111686

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A1, A4, A5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Total	Redeemable Noncontrolling Interests	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Comprehensive Income
Balance at Dec. 31, 2009	$ 2,128,466		$ 1,857,571	$ 967	$ 2,227,931	$ (345,930)	$ (25,397)	$ 270,895
Balance at Dec. 31, 2009		$ 20,591
Balance (in shares) at Dec. 31, 2009				96,667,689
Comprehensive income:
Net income	28,001		25,190			25,190		2,811	$ 28,001
Net income		419
Interest rate swap/cap agreements	22,160		22,160				22,160		22,160
Total comprehensive income	50,161		47,350			25,190	22,160	2,811	50,161
Total comprehensive income		419
Amortization of share and unit-based plans	27,545		27,545	$ 6	27,539
Amortization of share and unit-based plans (in shares)				628,009
Exercise of stock options	99		99		99
Exercise of stock options (in shares)				5,400
Exercise of stock warrants	(17,639)		(17,639)		(17,639)
Employee stock purchases	803		803		803
Employee stock purchases (in shares)				28,450
Stock offering, net	1,220,829		1,220,829	$ 310	1,220,519
Stock offering, net (in shares)				31,000,000
Distributions paid ($2.23), ($2.05) and ($2.10) per share for the year ended 2012, 2011 and 2010, respectively	(243,617)		(243,617)			(243,617)
Distributions to noncontrolling interests	(26,908)							(26,908)
Distributions to noncontrolling interests		(419)
Stock dividend	43,086		43,086	$ 14	43,072
Stock dividend (in shares)				1,449,542
Contributions from noncontrolling interests	5,159							5,159
Other	205		205		205
Conversion of noncontrolling interests to common shares			8,759	$ 7	8,752			(8,759)
Conversion of noncontrolling interests to common shares (in shares)				672,942
Redemption of noncontrolling interests	(193)							(193)
Redemption of noncontrolling interests		(9,225)
Adjustment of noncontrolling interest in Operating Partnership			(54,712)		(54,712)			54,712
Balance at Dec. 31, 2010	3,187,996		2,890,279	$ 1,304	3,456,569	(564,357)	(3,237)	297,717
Balance at Dec. 31, 2010		11,366
Balance (in shares) at Dec. 31, 2010				130,452,032
Comprehensive income:
Net income	168,910		156,866			156,866		12,044	168,910
Net income		165
Interest rate swap/cap agreements	3,237		3,237				3,237		3,237
Total comprehensive income	172,147		160,103			156,866	$ 3,237	12,044	172,147
Total comprehensive income		165
Amortization of share and unit-based plans	18,519		18,519	$ 6	18,513
Amortization of share and unit-based plans (in shares)				597,415
Exercise of stock options	266		266		266
Exercise of stock options (in shares)				10,800
Exercise of stock warrants	(1,278)		(1,278)		(1,278)
Employee stock purchases	766		766		766
Employee stock purchases (in shares)				17,285
Distributions paid ($2.23), ($2.05) and ($2.10) per share for the year ended 2012, 2011 and 2010, respectively	(271,140)		(271,140)			(271,140)
Distributions to noncontrolling interests	(25,643)							(25,643)
Distributions to noncontrolling interests		(165)
Contributions from noncontrolling interests	78,921							78,921
Other	4,139		4,139		4,139
Conversion of noncontrolling interests to common shares			21,698	$ 11	21,687			(21,698)
Conversion of noncontrolling interests to common shares (in shares)				1,075,912
Redemption of noncontrolling interests	(42)		(26)		(26)			(16)
Redemption of noncontrolling interests		$ (11,366)
Adjustment of noncontrolling interest in Operating Partnership			(9,989)		(9,989)			9,989
Balance at Dec. 31, 2011	$ 3,164,651		2,813,337	$ 1,321	3,490,647	(678,631)		351,314
Balance (in shares) at Dec. 31, 2011	132,153,444			132,153,444
Comprehensive income:
Net income	$ 366,389		337,426			337,426		28,963	$ 366,389
Amortization of share and unit-based plans	14,970		14,970	$ 6	14,964
Amortization of share and unit-based plans (in shares)				566,717
Exercise of stock options	307		307		307
Exercise of stock options (in shares)				10,800
Exercise of stock warrants	(7,371)		(7,371)		(7,371)
Employee stock purchases	956		956		956
Employee stock purchases (in shares)				20,372
Stock offering, net	175,649		175,649	$ 30	175,619
Stock offering, net (in shares)				2,961,903
Stock issued to acquire property	30,000		30,000	$ 5	29,995
Stock issued to acquire property (in shares)				535,265
Distributions paid ($2.23), ($2.05) and ($2.10) per share for the year ended 2012, 2011 and 2010, respectively	(298,536)		(298,536)			(298,536)
Distributions to noncontrolling interests	(30,694)							(30,694)
Contributions from noncontrolling interests	605							605
Other	(589)		(589)		(589)
Conversion of noncontrolling interests to common shares			26,991	$ 13	26,978			(26,991)
Conversion of noncontrolling interests to common shares (in shares)				1,258,509
Redemption of noncontrolling interests	(86)		(58)		(58)			(28)
Adjustment of noncontrolling interest in Operating Partnership			(15,553)		(15,553)			15,553
Balance at Dec. 31, 2012	$ 3,416,251		$ 3,077,529	$ 1,375	$ 3,715,895	$ (639,741)		$ 338,722
Balance (in shares) at Dec. 31, 2012	137,507,010			137,507,010

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
Distributions paid, per share (in dollars per share)	$ 2.23	$ 2.05	$ 2.10

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Cash flows from operating activities:
Net income	$ 366,389	$ 169,075	$ 28,420
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) on early extinguishment of debt, net		1,588	(3,661)
(Gain) loss on remeasurement, sale or write down of assets, net	(204,668)	22,037	(497)
(Gain) loss on disposition of assets, net from discontinued operations	(74,833)	58,230	23
Depreciation and amortization	322,720	282,643	260,252
Amortization of net (premium) discount on mortgages, bank and other notes payable	(1,600)	9,060	2,940
Amortization of share and unit-based plans	12,324	12,288	14,832
Provision for doubtful accounts	3,329	3,212	4,361
Income tax benefit	(4,159)	(6,110)	(9,202)
Equity in income of unconsolidated joint ventures	(79,281)	(294,677)	(79,529)
Co-venture expense	6,523	5,806	6,193
Distributions of income from unconsolidated joint ventures	29,147	12,778	20,634
Changes in assets and liabilities, net of acquisitions and dispositions:
Tenant and other receivables	(9,252)	(8,049)	9,933
Other assets	(9,659)	(4,421)	(25,529)
Due from affiliates	(1,181)	3,106	(565)
Accounts payable and accrued expenses	13,430	(11,797)	(8,588)
Other accrued liabilities	(17,933)	(17,484)	(19,582)
Net cash provided by operating activities	351,296	237,285	200,435
Cash flows from investing activities:
Acquisition of properties	(1,061,851)	(125,105)
Development, redevelopment, expansion and renovation of properties	(142,210)	(58,932)	(137,803)
Property improvements	(45,654)	(62,974)	(47,986)
Redemption of redeemable non-controlling interests		(11,366)	(9,225)
Proceeds from note receivable			11,763
Issuance of notes receivable	(12,500)
Proceeds from maturities of marketable securities	1,378	1,362	1,316
Deposit on acquisition of property	(30,000)
Deferred leasing costs	(30,614)	(33,955)	(30,297)
Distributions from unconsolidated joint ventures	322,242	215,651	117,342
Contributions to unconsolidated joint ventures	(95,358)	(155,351)	(16,688)
Collections of/loans to unconsolidated joint ventures, net	650	(900)	(779)
Proceeds from sale of assets	136,707	16,960
Restricted cash	(6,164)	2,524	(29,815)
Net cash used in investing activities	(963,374)	(212,086)	(142,172)
Cash flows from financing activities:
Proceeds from mortgages, bank and other notes payable	3,193,451	757,000	927,514
Payments on mortgages, bank and other notes payable	(2,371,890)	(627,369)	(1,568,161)
Repurchase of convertible senior notes		(180,314)	(18,191)
Deferred financing costs	(15,108)	(18,976)	(10,856)
Proceeds from share and unit-based plans	1,263	1,032	902
Net proceeds from stock offerings	175,649		1,220,829
Exercise of stock warrants	(7,371)	(1,278)	(17,639)
Redemption of noncontrolling interests	(86)	(42)	(341)
Contributions from noncontrolling interests	379	4,204
Dividends and distributions	(326,185)	(296,948)	(225,958)
Distributions to co-venture partner	(39,479)	(40,905)	(13,972)
Net cash provided by (used in) financing activities	610,623	(403,596)	294,127
Net (decrease) increase in cash and cash equivalents	(1,455)	(378,397)	352,390
Cash and cash equivalents, beginning of year	67,248	445,645	93,255
Cash and cash equivalents, end of year	65,793	67,248	445,645
Supplemental cash flow information:
Cash payments for interest, net of amounts capitalized	181,971	175,902	211,830
Non-cash investing and financing activities:
Accrued development costs included in accounts payable and accrued expenses and other accrued liabilities	26,322	13,291	45,224
Mortgage notes payable settled in deed-in-lieu of foreclosure	185,000	38,968
Conversion of Operating Partnership Units to common stock	26,991	21,698	8,759
Acquisition of properties by assumption of mortgage note payable and other accrued liabilities	420,123	192,566
Acquisition of property by issuance of common stock	$ 30,000
Property distributed from unconsolidated joint venture		445,004
Assumption of mortgage notes payable and other liabilities from unconsolidated joint ventures		240,537
Contribution of development rights from noncontrolling interests		74,717
Disposition of property in exchange for investments in unconsolidated joint ventures		$ 56,952
Stock dividend			$ 43,086

Organization:	12 Months Ended
Organization:	Dec. 31, 2012
Organization:
Organization:	1. Organization: The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community shopping centers (the "Centers") located throughout the United States. The Company commenced operations effective with the completion of its initial public offering on March 16, 1994. As of December 31, 2012, the Company was the sole general partner of and held a 93% ownership interest in The Macerich Partnership, L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado, LLC, a Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are collectively referred to herein as the "Management Companies."

Summary of Significant Accounting Policies:

12 Months Ended

Dec. 31, 2012

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 has 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 loan agreements.

Revenues:

Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. 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." Minimum rents were increased by $6,073, $4,743 and $4,079 due to the straight-line rent adjustment during the years ended December 31, 2012, 2011 and 2010, 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 as revenues on a straight-line basis over the terms 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:

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

Capitalization of Costs:

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

Investment in Unconsolidated Joint Ventures:

The Company accounts for its investments in joint ventures using the equity method of accounting unless the Company has 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 Camelback Colonnade Associates LP, Corte Madera Village, LLC, East Mesa Mall, L.L.C., Pacific Premier Retail LP and Queens JV LP, 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.

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

Acquisitions:

The Company allocates the estimated fair values of acquisitions to land, building, tenant improvements and identified intangible assets and liabilities, based on their estimated fair values. In addition, any assumed mortgage notes payable are recorded at their estimated fair values. The estimated fair value of the land and buildings is determined utilizing an "as if vacant" methodology. 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 minimum rents over the remaining terms of the leases. The remaining lease terms of below-market leases may include certain below-market fixed-rate renewal periods. In considering whether or not a lessee will execute a below-market fixed-rate lease renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition such as tenant mix in the center, the Company's relationship with the tenant and the availability of competing tenant space.

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

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 lease agreement using the straight-line method. As these deferred leasing costs represent productive assets incurred in connection with the Company's 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.

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


Deferred lease costs		1 - 15 years
Deferred financing costs		1 - 15 years

Accounting for Impairment:

The Company assesses whether an indicator of impairment in the value of its properties 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 projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. 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. The Company generally holds and operates its properties long-term, which decreases the likelihood of its carrying values not being recoverable. Properties 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 are recorded in comprehensive income. Ineffective portions, if any, are included in net income (loss).

Amounts paid (received) as a result of interest rate agreements are recorded as an addition (reduction) to (of) interest expense.

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. No ineffectiveness was recorded during the years ended December 31, 2012, 2011 or 2010. As of December 31, 2012 and 2011, the Company did not have any derivative instruments outstanding.

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 on a straight-line basis 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 taxable 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 are 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 the years ended December 31, 2012, 2011 or 2010.

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:

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

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

Earnings Per Share ("EPS"):

12 Months Ended

Dec. 31, 2012

Earnings Per Share ("EPS"):

Earnings Per Share ("EPS"):

3. Earnings Per Share ("EPS"):

The following table reconciles the numerator and denominator used in the computation of earnings per share for the years ended December 31 (shares in thousands):

	2012			2011			2010

Numerator
Income from continuing operations	$	297,024		$	243,946		$	38,770
Income (loss) from discontinued operations		69,365			(74,871	)		(10,350	)
Net income attributable to noncontrolling interests		(28,963	)		(12,209	)		(3,230	)

Net income attributable to the Company		337,426			156,866			25,190
Allocation of earnings to participating securities		(577	)		(1,436	)		(2,615	)

Numerator for basic and diluted earnings per share—net income attributable to common stockholders	$	336,849		$	155,430		$	22,575

Denominator
Denominator for basic earnings per share—weighted average number of common shares outstanding		134,067			131,628			120,346
Effect of dilutive securities(1)
Stock warrants		63			—			—
Share and unit based compensation		18			—			—

Denominator for diluted earnings per share—weighted average number of common shares outstanding		134,148			131,628			120,346

Earnings per common share—basic:
Income from continuing operations	$	2.03		$	1.70		$	0.27
Discontinued operations		0.48			(0.52	)		(0.08	)

Net income attributable to common stockholders	$	2.51		$	1.18		$	0.19

Earnings per common share—diluted:
Income from continuing operations	$	2.03		$	1.70		$	0.27
Discontinued operations		0.48			(0.52	)		(0.08	)

Net income attributable to common stockholders	$	2.51		$	1.18		$	0.19

(1)

The convertible senior notes ("Senior Notes") are excluded from diluted EPS for the years ended December 31, 2012, 2011 and 2010 as their effect would be antidilutive. The Senior Notes were paid off in full on March 15, 2012 (See Note 11—Bank and Other Notes Payable).

Diluted EPS excludes 193,945, 208,640 and 208,640 convertible preferred units for the years ended December 31, 2012, 2011 and 2010, respectively, as their impact was antidilutive.

Diluted EPS excludes 1,203,280 and 1,150,172 of unexercised stock appreciation rights for the years ended December 31, 2011 and 2010, respectively, as their effect was antidilutive.

Diluted EPS excludes 94,685 and 122,500 of unexercised stock options for the years ended December 31, 2011 and 2010, respectively, as their effect was antidilutive.

Diluted EPS excludes 933,650 and 935,358 of unexercised stock warrants for the years ended December 31, 2011 and 2010, respectively, as their effect was antidilutive.

Diluted EPS excludes 10,870,454 and 11,356,922 and 11,596,953 Operating Partnership units ("OP Units") for the years ended December 31, 2012, 2011 and 2010, respectively, as their effect was antidilutive.

Investments in Unconsolidated Joint Ventures:

12 Months Ended

Dec. 31, 2012

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 with third parties. The Company's ownership interest in each joint venture as of December 31, 2012 was as follows:

Joint Venture

Biltmore Shopping Center Partners LLC	50.0	%
Camelback Colonnade Associates LP	73.2	%
Coolidge Holding LLC	37.5	%
Corte Madera Village, LLC	50.1	%
East Mesa Mall, L.L.C.—Superstition Springs Center	66.7	%
Jaren Associates #4	12.5	%
Kierland Commons Investment LLC	50.0	%
Kierland Tower Lofts, LLC	15.0	%
La Sandia Santa Monica LLC	50.0	%
Macerich Northwestern Associates—Broadway Plaza	50.0	%
MetroRising AMS Holding LLC	15.0	%
North Bridge Chicago LLC	50.0	%
One Scottsdale Investors LLC	50.0	%
Pacific Premier Retail LP	51.0	%
Propcor Associates	25.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
Queens JV LP	51.0	%
Scottsdale Fashion Square Partnership	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	%
West Acres Development, LLP	19.0	%
Westcor/Gilbert, L.L.C.	50.0	%
Westcor/Queen Creek LLC	37.9	%
Westcor/Surprise Auto Park LLC	33.3	%
Wilshire Boulevard—Tenants in Common	30.0	%
WMAP, L.L.C.—Atlas Park	50.0	%
WM Inland LP	50.0	%
WM Ridgmar, L.P.	50.0	%
Zengo Restaurant Santa Monica LLC	50.0	%

(1): The Company's ownership interest in this table reflects its legal ownership interest. Legal ownership may, at times, not equal the Company's economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company's actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company's joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.

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

On February 24, 2011, the Company's joint venture in Kierland Commons Investment LLC ("KCI") acquired an additional ownership interest in PHXAZ/Kierland Commons, L.L.C. ("Kierland Commons"), a 433,000 square foot regional shopping center in Scottsdale, Arizona, for $105,550. The Company's share of the purchase price consisted of a cash payment of $34,162 and the assumption of a pro rata share of debt of $18,613. As a result of this transaction, KCI increased its ownership interest in Kierland Commons from 49% to 100%. KCI accounted for the acquisition as a business combination achieved in stages and recognized a remeasurement gain of $25,019 based on the acquisition date fair value and its previously held investment in Kierland Commons. As a result of this transaction, the Company's ownership interest in KCI increased from 24.5% to 50%. The Company's pro rata share of the gain recognized by KCI was $12,510 and was included in equity in income from unconsolidated joint ventures.

On February 28, 2011, the Company in a 50/50 joint venture acquired The Shops at Atlas Park, a 377,000 square foot community center in Queens, New York, for a total purchase price of $53,750. The Company's share of the purchase price was $26,875. The results of The Shops at Atlas Park are included below for the period subsequent to the acquisition.

On February 28, 2011, the Company acquired the additional 50% ownership interest in Desert Sky Mall, an 890,000 square foot regional shopping center in Phoenix, Arizona, that it did not own for $27,625. The purchase price was funded by a cash payment of $1,875 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $25,750. Concurrent with the purchase of the partnership interest, the Company paid off the $51,500 loan on the property. Prior to the acquisition, the Company had accounted for its investment in Desert Sky Mall under the equity method. Since the date of acquisition, the Company has included Desert Sky Mall in its consolidated financial statements (See Note 15—Acquisitions).

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

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

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

On March 30, 2012, the Company sold its 50% ownership interest in Chandler Village Center, a 273,000 square foot community center in Chandler, Arizona, for a total sales price of $14,795, resulting in a gain of $8,184 that was included in gain on remeasurement, sale or write down of assets, net during the year ended December 31, 2012. The sales price was funded by a cash payment of $6,045 and the assumption of the Company's share of the mortgage note payable on the property of $8,750. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes.

On March 30, 2012, the Company sold its 50% ownership interest in Chandler Festival, a 500,000 square foot community center in Chandler, Arizona, for a total sales price of $30,975, resulting in a gain of $12,347 that was included in gain on remeasurement, sale or write down of assets, net during the year ended December 31, 2012. The sales price was funded by a cash payment of $16,183 and the assumption of the Company's share of the mortgage note payable on the property of $14,792. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes.

On March 30, 2012, the Company's joint venture in SanTan Village Power Center, a 491,000 square foot community center in Gilbert, Arizona, sold the property for $54,780, resulting in a gain to the joint venture of $23,294. The cash proceeds from the sale were used to pay off the $45,000 mortgage loan on the property and the remaining $9,780 was distributed to the partners. The Company used its share of the proceeds to pay down its line of credit and for general corporate purposes. The Company's share of the gain recognized was $11,502, which was included in equity in income of unconsolidated joint ventures, offset in part by $3,565 that was included in net income attributable to noncontrolling interests.

On May 31, 2012, the Company sold its 50% ownership interest in Chandler Gateway, a 260,000 square foot community center in Chandler, Arizona, for a total sales price of $14,315, resulting in a gain of $3,363 that was included in gain on remeasurement, sale or write down of assets, net during the year ended December 31, 2012. The sales price was funded by a cash payment of $4,921 and the assumption of the Company's share of the mortgage note payable on the property of $9,394. The Company used the cash proceeds from the sale to pay down its line of credit and for general corporate purposes.

On August 10, 2012, the Company was bought out of its ownership interest in NorthPark Center, a 1,946,000 square foot regional shopping center in Dallas, Texas, for $118,810, resulting in a gain of $24,590 that was included in gain on remeasurement sale or write down of assets, net during the year ended December 31, 2012. The Company used the cash proceeds to pay down its line of credit.

On October 3, 2012, the Company acquired the 75% ownership interest in FlatIron Crossing, a 1,443,000 square foot regional shopping center in Broomfield, Colorado, that it did not own for $310,397. The purchase price was funded by a cash payment of $195,900 and the assumption of the third party's share of the mortgage note payable on the property of $114,497. Prior to the acquisition, the Company had accounted for its investment in FlatIron Crossing under the equity method. Since the date of acquisition, the Company has included FlatIron Crossing in its consolidated financial statements (See Note 15—Acquisitions).

On October 26, 2012, the Company acquired the remaining 33.3% outside ownership interest in Arrowhead Towne Center, a 1,196,000 square foot regional shopping center in Glendale, Arizona, that it did not own for $144,400. The purchase price was funded by a cash payment of $69,025 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $75,375. Prior to the acquisition, the Company had accounted for its investment in Arrowhead Towne Center under the equity method. Since the date of acquisition, the Company has included Arrowhead Towne Center in its consolidated financial statements (See Note 15—Acquisitions).

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:

	2012			2011

Assets(1):
Properties, net	$	3,653,631		$	4,328,953
Other assets		411,862			469,039

Total assets	$	4,065,493		$	4,797,992

Liabilities and partners' capital(1):
Mortgage notes payable(2)	$	3,240,723		$	3,896,418
Other liabilities		148,711			161,827
Company's capital		304,477			327,461
Outside partners' capital		371,582			412,286

Total liabilities and partners' capital	$	4,065,493		$	4,797,992

Investment in unconsolidated joint ventures:
Company's capital	$	304,477		$	327,461
Basis adjustment(3)		516,833			700,414

	$	821,310		$	1,027,875

Assets—Investments in unconsolidated joint ventures	$	974,258		$	1,098,560
Liabilities—Distributions in excess of investments in unconsolidated joint ventures		(152,948	)		(70,685	)

	$	821,310		$	1,027,875

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

	Pacific Premier Retail LP		Tysons Corner LLC

As of December 31, 2012
Total Assets	$	1,039,742	$	409,622
Total Liabilities	$	942,370	$	329,145
As of December 31, 2011
Total Assets	$	1,078,226	$	339,324
Total Liabilities	$	1,005,479	$	319,247

(2): Certain mortgage notes payable could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of December 31, 2012 and 2011, a total of $51,171 and $380,354, respectively, could become recourse debt to the Company. As of December 31, 2012 and 2011, the Company has indemnity agreements from joint venture partners for $21,270 and $182,638, respectively, of the guaranteed amount.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $436,857 and $663,543 as of December 31, 2012 and 2011, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense incurred on these borrowings amounted to $43,732, $42,451 and $40,876 for the years ended December 31, 2012, 2011 and 2010, respectively.

(3): The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $15,480, $9,257 and $7,327 for the years ended December 31, 2012, 2011 and 2010, respectively.

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures:

	SDG Macerich		Pacific Premier Retail LP		Tysons Corner LLC		Other Joint Ventures		Total

Year Ended December 31, 2012
Revenues:
Minimum rents	$	—	$	132,247	$	63,569	$	316,186	$	512,002
Percentage rents		—		5,390		1,929		15,768		23,087
Tenant recoveries		—		56,397		44,225		149,546		250,168
Other		—		5,650		3,341		37,248		46,239

Total revenues		—		199,684		113,064		518,748		831,496

Expenses:
Shopping center and operating expenses		—		59,329		35,244		192,661		287,234
Interest expense		—		52,139		11,481		136,296		199,916
Depreciation and amortization		—		43,031		19,798		115,168		177,997

Total operating expenses		—		154,499		66,523		444,125		665,147

Gain on sale or distribution of assets		—		90		—		29,211		29,301

Net income	$	—	$	45,275	$	46,541	$	103,834	$	195,650

Company's equity in net income	$	—	$	23,026	$	17,969	$	38,286	$	79,281

Year Ended December 31, 2011
Revenues:
Minimum rents	$	84,523	$	133,191	$	63,950	$	351,982	$	633,646
Percentage rents		4,742		6,124		2,068		18,491		31,425
Tenant recoveries		43,845		55,088		41,286		169,516		309,735
Other		3,668		5,248		3,061		37,743		49,720

Total revenues		136,778		199,651		110,365		577,732		1,024,526

Expenses:
Shopping center and operating expenses		51,037		59,723		34,519		218,981		364,260
Interest expense		41,300		50,174		14,237		154,382		260,093
Depreciation and amortization		27,837		41,448		20,115		126,267		215,667

Total operating expenses		120,174		151,345		68,871		499,630		840,020

Gain on sale or distribution of assets		366,312		—		—		23,395		389,707
Gain on early extinguishment of debt		15,704		—		—		—		15,704

Net income	$	398,620	$	48,306	$	41,494	$	101,497	$	589,917

Company's equity in net income	$	204,439	$	24,568	$	16,209	$	49,461	$	294,677

	SDG Macerich		Pacific Premier Retail LP			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

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

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References + Details

Derivative Instruments and Hedging Activities:	12 Months Ended
Derivative Instruments and Hedging Activities:	Dec. 31, 2012
Derivative Instruments and Hedging Activities:
Derivative Instruments and Hedging Activities:	5. Derivative Instruments and Hedging Activities: The Company recorded other comprehensive income related to the marking-to-market of interest rate agreements of $0, $3,237 and $22,160 for the years ended December 31, 2012, 2011 and 2010, respectively. There were no derivatives outstanding at December 31, 2012 or 2011. The Company had an interest rate swap agreement designated as a hedging instrument with a fair value of $3,237 that was included in other accrued liabilities at December 31, 2010. This instrument expired during the year ended December 31, 2011.

- Definition

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

+ References

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
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Reference 22: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 133
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Property:

12 Months Ended

Dec. 31, 2012

Property:

Property:

6. Property:

Property at December 31, 2012 and 2011 consists of the following:

	2012			2011

Land	$	1,572,621		$	1,273,649
Buildings and improvements		6,417,674			5,440,394
Tenant improvements		496,203			442,862
Equipment and furnishings		149,959			123,098
Construction in progress		376,249			209,732

		9,012,706			7,489,735
Less accumulated depreciation		(1,533,160	)		(1,410,692	)

	$	7,479,546		$	6,079,043

Depreciation expense for the years ended December 31, 2012, 2011 and 2010 was $237,508, $209,400 and $190,353, respectively.

The gain on remeasurement, sale or write down of assets, net for the year ended December 31, 2012 includes a remeasurement gain of $84,227 on the purchase of a 75% interest in FlatIron Crossing (See Note 15—Acquisitions) and a remeasurement gain of $115,729 on the purchase of a 33.3% interest in Arrowhead Towne Center (See Note 15—Acquisitions) offset in part by a loss of $24,555 on the impairment of Fiesta Mall, a loss of $18,827 on the write off of development costs and a loss of $390 on sale of assets.

The loss on remeasurement, sale or write down of assets, net for the year ended December 31, 2011 includes a loss on impairment of $25,216, and a loss on sale of assets of $423 offset in part by a remeasurement gain of $1,734 on the purchase of Superstition Springs Land (See Note 15—Acquisitions) in connection with the GGP Exchange (See Note 4—Investments in Unconsolidated Joint Ventures) and a remeasurement gain of $1,868 on the purchase of a 50% interest in Desert Sky Mall (See Note 15—Acquisitions). The loss on impairment was due to the decision to abandon a development project in Arizona.

During the year ended December 31, 2010, the Company recognized a gain on the sale of assets of $497.

- Definition

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

+ References + Details

Marketable Securities:

12 Months Ended

Dec. 31, 2012

Marketable Securities:

Marketable Securities:

7. Marketable Securities:

Marketable Securities at December 31, 2012 and 2011 consists of the following:

	2012			2011

Government debt securities, at par value	$	23,769		$	25,147
Less discount		(102	)		(314	)

		23,667			24,833
Unrealized gain		685			1,803

Fair value	$	24,352		$	26,636

The future contractual maturities of marketable securities is less than one year. The proceeds from maturities and interest receipts from the marketable securities are restricted to the service of the Greeley Note (See Note 11—Bank and Other Notes Payable).

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Glossary Debt Security
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-Name Statement of Financial Accounting Standard (FAS)
-Number 115
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Tenant and Other Receivables:	12 Months Ended
Tenant and Other Receivables:	Dec. 31, 2012
Tenant and Other Receivables:
Tenant and Other Receivables:	8. Tenant and Other Receivables: Included in tenant and other receivables, net, is an allowance for doubtful accounts of $2,374 and $4,626 at December 31, 2012 and 2011, respectively. Also included in tenant and other receivables, net, are accrued percentage rents of $9,168 and $7,583 at December 31, 2012 and 2011, respectively, and deferred rent receivables due to straight-line rent adjustments of $49,129 and $47,343 at December 31, 2012 and 2011, respectively. Included in tenant and other receivables, net, are the following notes receivable: On March 31, 2006, the Company received a note receivable that is secured by a deed of trust, bears interest at 5.5% and matures on March 31, 2031. At December 31, 2012 and 2011, the note had a balance of $8,502 and $8,743, respectively. On August 18, 2009, the Company received a note receivable from J&R Holdings XV, LLC ("Pederson") that bears interest at 11.6% and matures on December 31, 2013. Pederson is considered a related party because it has an ownership interest in Promenade at Casa Grande. The note is secured by Pederson's interest in Promenade at Casa Grande. Interest income on the note was $518, $413 and $138 for the years ended December 31, 2012, 2011 and 2010, respectively. The balance on the note at December 31, 2012 and 2011 was $3,445.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References

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-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

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-Section 08
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+ Details

Deferred Charges and Other Assets, net:

12 Months Ended

Dec. 31, 2012

Deferred Charges and Other Assets, net:

Deferred Charges and Other Assets, net:

9. Deferred Charges and Other Assets, net:

Deferred charges and other assets, net at December 31, 2012 and 2011 consist of the following:

	2012			2011

Leasing	$	234,498		$	281,340
Financing		42,868			40,638
Intangible assets:
In-place lease values(1)		175,735			121,320
Leasing commissions and legal costs(1)		46,419			32,242
Above-market leases		118,033			97,297
Deferred tax assets		33,414			26,829
Deferred compensation plan assets		24,670			20,646
Acquisition deposit		30,000			—
Other assets		72,811			53,824

		778,448			674,136
Less accumulated amortization(2)		(213,318	)		(190,373	)

	$	565,130		$	483,763

(1): The estimated amortization of these intangible assets for the next five years and thereafter is as follows:

Year Ending December 31,

2013	$	37,127
2014		24,992
2015		17,628
2016		13,608
2017		11,026
Thereafter		54,981

	$	159,362

(2): Accumulated amortization includes $62,792 and $56,946 relating to in-place lease values, leasing commissions and legal costs at December 31, 2012 and 2011, respectively. Amortization expense for intangible assets was $33,517, $15,492 and $14,886 for the years ended December 31, 2012, 2011 and 2010, respectively.

The allocated values of above-market leases and below-market leases consist of the following:

	2012			2011

Above-Market Leases
Original allocated value	$	118,033		$	97,297
Less accumulated amortization		(46,361	)		(39,057	)

	$	71,672		$	58,240

Below-Market Leases(1)
Original allocated value	$	164,489		$	156,778
Less accumulated amortization		(77,131	)		(91,400	)

	$	87,358		$	65,378

(1): Below-market leases are included in other accrued liabilities.

The allocated values of above and below-market leases will be amortized into minimum rents on a straight-line basis over the individual remaining lease terms. The estimated amortization of these values for the next five years and thereafter is as follows:

Year Ending December 31,	Above Market		Below Market

2013	$	13,021	$	18,309
2014		11,177		14,485
2015		9,484		10,629
2016		7,479		8,254
2017		6,138		6,390
Thereafter		24,373		29,291

	$	71,672	$	87,358

Mortgage Notes Payable:

12 Months Ended

Dec. 31, 2012

Mortgage Notes Payable:

Mortgage Notes Payable:

10. Mortgage Notes Payable:

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

	Carrying Amount of Mortgage Notes(1)

	2012				2011
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)			Monthly Debt Service(3)		Maturity Date(4)
Arrowhead Towne Center(5)	$	—	$	243,176	$	—	$	—		2.76	%	$	1,131		2018
Chandler Fashion Center(6)(7)		—		200,000		—		155,489		3.77	%		625		2019
Chesterfield Towne Center(8)		—		110,000		—		—		4.80	%		573		2022
Danbury Fair Mall		119,823		119,823		122,382		122,381		5.53	%		1,538		2020
Deptford Mall(9)		—		205,000		—		172,500		3.76	%		948		2023
Deptford Mall		—		14,800		—		15,030		6.46	%		101		2016
Eastland Mall		—		168,000		—		168,000		5.79	%		811		2016
Fashion Outlets of Chicago(10)		—		9,165		—		—		3.00	%		22		2017
Fashion Outlets of Niagara Falls USA		—		126,584		—		129,025		4.89	%		727		2020
Fiesta Mall		—		84,000		—		84,000		4.98	%		341		2015
Flagstaff Mall		—		37,000		—		37,000		5.03	%		151		2015
FlatIron Crossing(11)		—		173,561		—		—		1.96	%		1,102		2013
Freehold Raceway Mall(6)		—		232,900		—		232,900		4.20	%		805		2018
Fresno Fashion Fair		80,601		80,602		81,733		81,734		6.76	%		1,104		2015
Great Northern Mall		—		36,395		—		37,256		5.19	%		234		2013
Kings Plaza Shopping Center(12)		—		354,000		—		—		3.67	%		2,229		2019
Northgate Mall(13)		—		64,000		—		38,115		3.09	%		132		2017
Oaks, The(14)		—		218,119		—		257,264		4.14	%		1,064		2022
Pacific View(15)		—		138,367		—		—		4.08	%		668		2022
Paradise Valley Mall(16)		—		81,000		—		84,000		6.30	%		625		2014
Prescott Gateway(17)		—		—		—		60,000		—			—		—
Promenade at Casa Grande(18)		—		73,700		—		76,598		5.21	%		280		2013
Salisbury, Centre at		—		115,000		—		115,000		5.83	%		555		2016
Santa Monica Place(19)		—		240,000		—		—		2.99	%		1,004		2018
SanTan Village Regional Center(20)		—		138,087		—		138,087		2.61	%		266		2013
South Plains Mall		—		101,340		—		102,760		6.57	%		648		2015
South Towne Center		—		85,247		—		86,525		6.39	%		554		2015
Towne Mall(21)		—		23,369		—		12,801		4.48	%		117		2022
Tucson La Encantada(22)		74,185		—		75,315		—		4.23	%		368		2022
Twenty Ninth Street(23)		—		107,000		—		107,000		3.04	%		252		2016
Valley Mall		—		42,891		—		43,543		5.85	%		280		2016
Valley River Center		—		120,000		—		120,000		5.59	%		558		2016
Valley View Center(24)		—		—		—		125,000		—			—		—
Victor Valley, Mall of(25)		—		90,000		—		97,000		2.12	%		137		2014
Vintage Faire Mall(26)		—		135,000		—		135,000		3.51	%		352		2015
Westside Pavilion(27)		—		154,608		—		175,000		4.49	%		783		2022
Wilton Mall(28)		—		40,000		—		40,000		1.22	%		32		2013

	$	274,609	$	4,162,734	$	279,430	$	3,049,008

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

The debt premiums (discounts) as of December 31, 2012 and 2011 consist of the following:

Property Pledged as Collateral	2012			2011

Arrowhead Towne Center	$	17,716		$	—
Deptford Mall		(19	)		(25	)
Fashion Outlets of Niagara Falls USA		7,270			8,198
FlatIron Crossing		5,232			—
Great Northern Mall		(28	)		(55	)
Towne Mall		—			88
Valley Mall		(307	)		(365	)

	$	29,864		$	7,841

(2): The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs.
(3): The monthly debt service represents the payment of principal and interest.
(4): The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.
(5): On October 26, 2012, the Company purchased the 33.3% interest in Arrowhead Towne Center that it did not own (See Note 15—Acquisitions). In connection with this acquisition, the Company assumed the loan on the property with a fair value of $244,403 that bears interest at an effective rate of 2.76% and matures on October 5, 2018.
(6): A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 12—Co-Venture Arrangement).
(7): On June 29, 2012, the Company replaced the existing loan on the property with a new $200,000 loan that bears interest at 3.77% and matures on July 1, 2019.
(8): On September 17, 2012, the Company placed a $110,000 loan on the property that bears interest at an effective rate of 4.80% and matures on October 1, 2022.
(9): On December 5, 2012, the Company replaced the existing loan on the property with a new $205,000 loan that bears interest at an effective rate of 3.76% and matures on April 3, 2023.
(10): On March 2, 2012, the joint venture placed a new construction loan on the property that allows for borrowings up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At December 31, 2012, the total interest rate was 3.00%.
(11): On October 3, 2012, the Company purchased the 75% interest in FlatIron Crossing that it did not own (See Note 15—Acquisitions). In connection with this acquisition, the Company assumed the loan on the property with a fair value of $175,720 that bears interest at an effective rate of 1.96% and matures on December 1, 2013.
(12): On November 28, 2012, in connection with the Company's acquisition of Kings Plaza Shopping Center (See Note 15—Acquisitions), the Company placed a new loan on the property that allows for borrowing up to $500,000 at an effective interest rate of 3.67% and matures on December 3, 2019. Concurrent with the acquisition, the Company borrowed $354,000 on the loan. On January 3, 2013, the Company exercised its option to borrow an additional $146,000 on the loan.
(13): On March 23, 2012, the Company borrowed an additional $25,885 and modified the loan to bear interest at LIBOR plus 2.25% with a maturity of March 1, 2017. At December 31, 2012 and 2011, the total interest rate was 3.09% and 7.00%, respectively.
(14): On May 17, 2012, the Company replaced the existing loan on the property with a new $220,000 loan that bears interest at an effective rate of 4.14% and matures on June 5, 2022.
(15): On March 30, 2012, the Company placed a new $140,000 loan on the property that bears interest at an effective rate of 4.08% and matures on April 1, 2022.
(16): The loan bears interest at LIBOR plus 4.0% with a total interest rate floor of 5.50% and matures on August 31, 2014. At December 31, 2012 and 2011, the total interest rate was 6.30%.
(17): On May 31, 2012, the Company conveyed the property to the lender by a deed-in-lieu of foreclosure. As a result, the Company has been discharged from this non-recourse loan (See Note 16—Discontinued Operations).

(18): The loan bears interest at LIBOR plus 4.0% with a LIBOR rate floor of 0.50% and matures on December 30, 2013. At December 31, 2012 and 2011, the total interest rate was 5.21%.
(19): On December 28, 2012, the Company placed a new $240,000 loan on the property that bears interest at an effective rate of 2.99% and matures on January 3, 2018.
(20): The loan bears interest at LIBOR plus 2.10% and matures on June 13, 2013. At December 31, 2012 and 2011, the total interest rate was 2.61% and 2.69%, respectively.
(21): On October 25, 2012, the Company replaced the existing loan on the property with a new $23,400 loan that bears interest at an effective rate of 4.48% and matures on November 1, 2022.
(22): On February 1, 2012, the Company replaced the existing loan on the property with a new $75,135 loan that bears interest at an effective rate 4.23% and matures on March 1, 2022.
(23): The loan bears interest at LIBOR plus 2.63% and matures on January 18, 2016. At December 31, 2012 and 2011, the total interest rate was 3.04% and 3.12%, respectively.
(24): On April 23, 2012, the property was sold by a court appointed receiver. As a result, the Company was discharged from this non-recourse loan (See Note 16—Discontinued Operations).
(25): On October 5, 2012, the Company modified and extended the loan to November 6, 2014. The loan bears interest at LIBOR plus 1.60% until May 6, 2013 and increases to LIBOR plus 2.25% until maturity on November 6, 2014. At December 31, 2012 and 2011, the total interest rate was 2.12% and 2.13%, respectively.
(26): The loan bears interest at LIBOR plus 3.0% and matures on April 27, 2015. At December 31, 2012 and 2011, the total interest rate was 3.51% and 3.56%, respectively.
(27): On September 6, 2012, the Company replaced the existing loan on the property with a new $155,000 loan that bears interest at an effective rate of 4.49% and matures on October 1, 2022.
(28): The loan bears interest at LIBOR plus 0.675% and matures on August 1, 2013. As additional collateral for the loan, the Company is required to maintain a deposit of $40,000 with the lender, which has been included in restricted cash. The interest on the deposit is not restricted. At December 31, 2012 and 2011, the total interest rate was 1.22% and 1.28%, respectively.

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

Most of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company. As of December 31, 2012, a total of $213,466 of the mortgage notes payable could become recourse to the Company. The Company has indemnity agreements from consolidated joint venture partners for $28,208 of the guaranteed amounts.

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

Total interest expense capitalized during the years ended December 31, 2012, 2011 and 2010 was $10,703, $11,905 and $25,664, 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 estimated fair value of mortgage notes payable at December 31, 2012 and 2011 was $4,567,658 and $3,477,483, 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:


2013	$	511,366
2014		231,183
2015		646,787
2016		617,266
2017		128,890
Thereafter		2,271,987

		4,407,479
Debt premium, net		29,864

	$	4,437,343

The future maturities reflected above reflect the extension options that the Company believes will be exercised.

Bank and Other Notes Payable:

12 Months Ended

Dec. 31, 2012

Bank and Other Notes Payable:

Bank and Other Notes Payable:

11. Bank and Other Notes Payable:

Bank and other notes payable consist of the following:

Senior Notes:

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

During the years ended December 31, 2011 and 2010, the Company repurchased and retired $180,314 and $18,468, respectively, of the Senior Notes for $180,792 and $18,283, respectively, and recorded a loss on the early extinguishment of debt of $1,449 and $489, 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. On March 15, 2012, the Company paid-off in full the $439,318 of Senior Notes then outstanding.

The carrying value of the Senior Notes at December 31, 2011 was $437,788, which included an unamortized discount of $1,530. The unamortized discount was amortized into interest expense over the term of the Senior Notes in a manner that approximated the effective interest method. As of December 31, 2011, the effective interest rate was 5.41%. The fair value of the Senior Notes at December 31, 2011 was $437,788 based on the quoted market price on each date.

Line of Credit:

The Company had a $1,500,000 revolving line of credit that bore interest at LIBOR plus a spread of 0.75% to 1.10% that matured on April 25, 2011. On May 2, 2011, the Company obtained a new $1,500,000 revolving line of credit that bears interest at LIBOR plus a spread of 1.75% to 3.0% depending on the Company's overall leverage and matures on May 2, 2015 with a one-year extension option. This extension option is at the Company's discretion, subject to certain conditions, which the Company believes will be met. Based on the Company's current leverage levels, the borrowing rate on the new facility is LIBOR plus 2.0%. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000 less the outstanding balance of the $125,000 unsecured term loan as described below. As of December 31, 2012 and 2011, borrowings under the line of credit were $675,000 and $290,000, respectively, at an average interest rate of 2.76% and 2.96%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2012 and 2011 was $675,107 and $292,366, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt.

Term Loan:

On December 8, 2011, the Company obtained a $125,000 unsecured term loan under the line of credit that bears interest at LIBOR plus a spread of 1.95% to 3.20% depending on the Company's overall leverage and matures on December 8, 2018. Based on the Company's current leverage levels, the borrowing rate is LIBOR plus 2.20%. As of December 31, 2012 and 2011, the total interest rate was 2.57% and 2.42%, respectively. The estimated fair value (Level 2 measurement) of the term loan at December 31, 2012 and 2011 was $121,821 and $120,019, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt.

Greeley Note:

On July 27, 2006, concurrent with the sale of Greeley Mall, the Company provided marketable securities to replace Greeley Mall as collateral for the mortgage note payable on the property (See Note 7—Marketable Securities). As a result of this transaction, the mortgage note payable was reclassified to bank and other notes payable. This note bears interest at an effective rate of 6.34% and matures in September 2013. At December 31, 2012 and 2011, the Greeley Note had a balance outstanding of $24,027 and $24,848, respectively. The estimated fair value (Level 2 measurement) of the note at December 31, 2012 and 2011 was $24,685 and $26,510, respectively, based on current interest rates for comparable loans. The method for computing fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the collateral for the underlying debt.

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

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


2013	$	24,027
2016		675,000
Thereafter		125,000

	$	824,027

The future maturities reflected above reflect an extension option that the Company believes will be exercised.

Co-Venture Arrangement:	12 Months Ended
Co-Venture Arrangement:	Dec. 31, 2012
Co-Venture Arrangement:
Co-Venture Arrangement:	12. Co-Venture Arrangement: On September 30, 2009, the Company formed a joint venture, whereby a third party acquired a 49.9% interest in Freehold Raceway Mall and Chandler Fashion Center. As part of this transaction, the Company issued a warrant in favor of the third party to purchase 935,358 shares of common stock of the Company at an exercise price of $46.68 per share (See "Stock Warrants" in Note 14—Stockholders' Equity). The Company received approximately $174,650 in cash proceeds for the overall transaction, of which $6,496 was attributed to the warrants. The Company used the proceeds from this transaction to pay down the line of credit and for general corporate purposes. As a result of the Company having certain rights under the agreement to repurchase the assets after the seventh year of the venture formation, the transaction did not qualify for sale treatment. The Company, however, is not obligated to repurchase the assets. The transaction has been accounted for as a profit-sharing arrangement, and accordingly the assets, liabilities and operations of the properties remain on the books of the Company and a co-venture obligation was established for the amount of $168,154, representing the net cash proceeds received from the third party less costs allocated to the warrant. The co-venture obligation is increased for the allocation of income to the co-venture partner and decreased for distributions to the co-venture partner. The co-venture obligation was $92,215 and $125,171 at December 31, 2012 and 2011, respectively.

Noncontrolling Interests:	12 Months Ended
Noncontrolling Interests:	Dec. 31, 2012
Noncontrolling Interests:
Noncontrolling Interests:	13. Noncontrolling Interests: The Company allocates net income of the Operating Partnership based on the weighted average ownership interest during the period. The net income of the Operating Partnership that is not attributable to the Company is reflected in the consolidated statements of operations as noncontrolling interests. The Company adjusts the noncontrolling interests in the Operating Partnership at the end of each period to reflect its ownership interest in the Company. The Company had a 93% and 92% ownership interest in the Operating Partnership as of December 31, 2012 and 2011, respectively. The remaining 7% and 8% limited partnership interest as of December 31, 2012 and 2011, respectively, was owned by certain of the Company's executive officers and directors, certain of their affiliates, and other third party investors in the form of OP Units. The OP Units may be redeemed for shares of stock or cash, at the Company's option. The redemption value for each OP Unit as of any balance sheet date is the amount equal to the average of the closing price per share of the Company's common stock, par value $0.01 per share, as reported on the New York Stock Exchange for the ten trading days ending on the respective balance sheet date. Accordingly, as of December 31, 2012 and 2011, the aggregate redemption value of the then-outstanding OP Units not owned by the Company was $586,409 and $554,341, respectively. The Company issued common and cumulative preferred units of MACWH, LP in April 2005 in connection with the acquisition of the Wilmorite portfolio. The common and preferred units of MACWH, LP are redeemable at the election of the holder, the Company may redeem them for cash or shares of the Company's stock at the Company's option, and they are classified as permanent equity. Included in permanent equity are outside ownership interests in various consolidated joint ventures. The joint ventures do not have rights that require the Company to redeem the ownership interests in either cash or stock. The outside ownership interests in the Company's joint venture in Shoppingtown Mall had a purchase option for $11,366. Due to the redemption feature of the ownership interest in Shoppingtown Mall, these noncontrolling interests were included in temporary equity. The Company exercised its right to redeem the outside ownership interests in the partnership in cash and the redemption closed on September 14, 2011. On December 30, 2011, the Company conveyed Shoppingtown Mall to the mortgage note lender by a deed-in-lieu of foreclosure (See Note 16—Discontinued Operations).

- Definition

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

+ References + Details

Stockholders' Equity:	12 Months Ended
Stockholders' Equity:	Dec. 31, 2012
Stockholders' Equity:
Stockholders' Equity:	14. Stockholders' Equity: Stock Dividend: On March 22, 2010, the Company issued 1,449,542 common shares to its common stockholders and OP Unit holders in connection with a declaration of a quarterly dividend of $0.60 per share of common stock to holders of record on February 16, 2010, consisting of a combination of cash and shares of the Company's common stock. The cash component of the dividend (not including cash paid in lieu of fractional shares) was 10% in the aggregate, or $0.06 per share, with the balance paid in shares of the Company's common stock. In accordance with the provisions of Internal Revenue Service Revenue Procedure 2010-12, stockholders were asked to make an election to receive the dividends all in cash or all in shares. To the extent that more than 10% of cash was elected in the aggregate, the cash portion was prorated. Stockholders who elected to receive the dividends in cash received a cash payment of at least $0.06 per share. Stockholders who did not make an election received 10% in cash and 90% in shares of common stock. The number of shares issued on March 22, 2010 as a result of the dividend was calculated based on the volume weighted average trading prices of the Company's common stock on the New York Stock Exchange on March 10, 2010 through March 12, 2010 of $38.53. Stock Warrants: On September 3, 2009, the Company issued three warrants in connection with the sale of a 75% ownership interest in FlatIron Crossing. The warrants 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 provided 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 had an exercise price of $46.68 per share, with such price subject to anti-dilutive adjustments. In December 2011, holders requested a net issue exercise of 311,786 shares of the warrant and the Company elected to deliver a cash payment of $1,278 in exchange for the portion of the warrant exercised. On April 10, 2012, the holders requested a net exercise of an additional 311,786 shares of the warrant and the Company elected to deliver a cash payment of $3,448 in exchange for the portion of the warrant exercised. On October 24, 2012, the holders requested a net exercise of the remaining 311,786 shares of the warrant and the Company elected to deliver a cash payment of $3,922 in exchange for the portion of the warrant exercised. Stock Offerings: 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 the net proceeds of the offering to pay down its line of credit in full, reduce certain property indebtedness and for general corporate purposes. On August 17, 2012, the Company entered into an equity distribution agreement ("Distribution Agreement") with a number of sales agents to issue and sell, from time to time, shares of common stock, par value $0.01 per share, having an aggregate offering price of up to $500,000 (the "Shares"). Sales of the Shares, if any, may be made in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an "at the market" offering, which includes sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. The Company will pay each sales agent a commission that will not exceed, but may be lower than, 2% of the gross proceeds of the Shares sold through such sales agent under the Distribution Agreement. This program is referred to herein as the at-the-market stock offering program or "ATM Program". During the year ended December 31, 2012, the Company sold 2,961,903 shares of common stock under the ATM Program in exchange for aggregate gross proceeds of $177,896 and net proceeds of $175,649 after commissions and other transaction costs. The proceeds from the sales were used to pay down the Company's line of credit. As of December 31, 2012, $322,104 remained available to be sold under the ATM Program. Actual future sales will depend upon a variety of factors including but not limited to market conditions, the trading price of the Company's common stock and the Company's capital needs. The Company has no obligation to sell the remaining shares available for sale under the ATM Program. Stock Issued to Acquire Property: On November 28, 2012, the Company issued 535,265 restricted shares of common stock in connection with the acquisition of Kings Plaza Shopping Center (See Note 15—Acquisitions) for a value of $30,000, based on the average closing price of the Company's common stock for the ten preceding trading days.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

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+ Details

Acquisitions:

12 Months Ended

Dec. 31, 2012

Acquisitions:

Acquisitions:

15. Acquisitions:

Desert Sky Mall:

On February 28, 2011, the Company acquired the remaining 50% ownership interest in Desert Sky Mall, an 890,000 square foot regional shopping center in Phoenix, Arizona, that it did not own for $27,625. The acquisition was completed in order to gain 100% ownership and control over this well located asset. The purchase price was funded by a cash payment of $1,875 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $25,750. Concurrent with the purchase of the partnership interest, the Company paid off the $51,500 loan on the property. Prior to the acquisition, the Company had accounted for its investment under the equity method (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Desert Sky Mall.

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


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

Total assets acquired		62,817

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

Total liabilities assumed		54,550

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

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


Fair value of existing ownership interest (at 50% ownership)	$	4,164
Carrying value of investment in Desert Sky Mall		(2,296	)

Gain on remeasurement	$	1,868

The Company has included the gain in gain (loss) on remeasurement, sale or write down of assets, net for the year ended December 31, 2011 (See Note 6—Property).

Superstition Springs Land:

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

The Company recorded the fair value of Superstition Springs Land at $12,914. As a result of obtaining control of this property, the Company recognized a gain of $1,734, which is included in (loss) gain on remeasurement, sale or write down of assets, net for the year ended December 31, 2011 (See Note 6—Property). Since the date of acquisition, the Company has included Superstition Springs Land in its consolidated financial statements.

Fashion Outlets of Niagara Falls USA:

On July 22, 2011, the Company acquired the Fashion Outlets of Niagara Falls USA, a 530,000 square foot outlet center in Niagara Falls, New York. The initial purchase price of $200,000 was funded by a cash payment of $78,579 and the assumption of the mortgage note payable with a carrying value of $121,421 and a fair value of $130,006. The cash purchase price was funded from borrowings under the Company's line of credit.

The purchase and sale agreement includes contingent consideration based on the performance of the Fashion Outlets of Niagara Falls USA from the acquisition date through July 21, 2014 that could increase the purchase price from the initial $200,000 up to a maximum of $218,322. The Company estimated the fair value of the contingent consideration as of December 31, 2012 to be $16,083, which has been included in other accrued liabilities as part of the fair value of the total liabilities assumed.

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


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

Total assets acquired		247,560

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

Total liabilities assumed		168,274

Fair value of acquired net assets	$	79,286

The Company determined that the purchase price, including the estimated fair value of contingent consideration, represented the fair value of the assets acquired and liabilities assumed.

SDG Acquisition Properties:

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

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


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

Total assets acquired		445,004

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

Total liabilities assumed		240,537

Fair value of acquired net assets	$	204,467

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

Capitola Kohl's:

On April 29, 2011, the Company purchased a fee interest in a freestanding Kohl's store at Capitola Mall for $28,500. The purchase price was paid from cash on hand.

500 North Michigan Avenue:

On February 29, 2012, the Company acquired a 327,000 square foot mixed-use retail/office building in Chicago, Illinois ("500 North Michigan Avenue") for $70,925. The purchase price was funded from borrowings under the Company's line of credit. The acquisition was completed in order to gain control over the property adjacent to The Shops at North Bridge.

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


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

Total assets acquired		75,626

Other accrued liabilities		4,701

Total liabilities assumed		4,701

Fair value of acquired net assets	$	70,925

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

Since the date of acquisition, the Company has included 500 North Michigan Avenue in its consolidated financial statements. The property has generated incremental revenue of $7,570 and incremental loss of $502.

FlatIron Crossing:

On October 3, 2012, the Company acquired the 75% ownership interest in FlatIron Crossing, a 1,443,000 square foot regional shopping center in Broomfield, Colorado, that it did not own for $310,397. The acquisition was completed in order to gain 100% ownership and control over this asset. The purchase price was funded by a cash payment of $195,900 and the assumption of the third party's share of the mortgage note payable on the property of $114,497. Prior to the acquisition, the Company had accounted for its investment under the equity method (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of FlatIron Crossing.

The following is a summary of the allocation of the fair value of FlatIron Crossing:


Property	$	443,391
Deferred charges		25,251
Cash and cash equivalents		3,856
Other assets		2,101

Total assets acquired		474,599

Mortgage note payable		175,720
Accounts payable		366
Other accrued liabilities		11,071

Total liabilities assumed		187,157

Fair value of acquired net assets (at 100% ownership)	$	287,442

The Company determined that the purchase price represented the fair value of the additional ownership interest in FlatIron Crossing that was acquired.


Fair value of existing ownership interest (at 25% ownership)	$	91,542
Carrying value of investment		(33,382	)
Prior gain deferral recognized		26,067

Gain on remeasurement	$	84,227

The following is the reconciliation of the purchase price to the fair value of the acquired net assets:


Purchase price	$	310,397
Less debt assumed		(114,497	)
Carrying value of investment		33,382
Remeasurement gain		84,227
Less prior gain deferral		(26,067	)

Fair value of acquired net assets (at 100% ownership)	$	287,442

The Company has included the gain in gain (loss) on remeasurement, sale or write down of assets, net for the year ended December 31, 2012 (See Note 6—Property). The prior gain deferral relates to the prior sale of the 75% ownership interest in FlatIron Crossing. Due to certain contractual rights that were afforded to the buyer of the interest, a portion of that gain was deferred.

Since the date of acquisition, the Company has included FlatIron Crossing in its consolidated financial statements. FlatIron Crossing has generated incremental revenue of $11,601 and incremental earnings of $1,643.

Arrowhead Towne Center:

On October 26, 2012, the Company acquired the remaining 33.3% ownership interest in Arrowhead Towne Center, a 1,196,000 square foot regional shopping center in Glendale, Arizona, that it did not own for $144,400. The acquisition was completed in order to gain 100% ownership and control over this asset. The purchase price was funded by a cash payment of $69,025 and the assumption of the third party's pro rata share of the mortgage note payable on the property of $75,375. Prior to the acquisition, the Company had accounted for its investment under the equity method (See Note 4—Investments in Unconsolidated Joint Ventures). As a result of this transaction, the Company obtained 100% ownership of Arrowhead Towne Center.

The following is a summary of the allocation of the fair value of Arrowhead Towne Center:


Property	$	423,349
Deferred charges		31,500
Restricted cash		4,009
Tenant receivables		926
Other assets		4,234

Total assets acquired		464,018

Mortgage note payable		244,403
Accounts payable		815
Other accrued liabilities		10,449

Total liabilities assumed		255,667

Fair value of acquired net assets (at 100% ownership)	$	208,351

The Company determined that the purchase price represented the fair value of the additional ownership interest in Arrowhead Towne Center that was acquired.


Fair value of existing ownership interest (at 66.7% ownership)	$	139,326
Carrying value of investment		(23,597	)

Gain on remeasurement	$	115,729

The following is the reconciliation of the purchase price to the fair value of the acquired net assets:


Purchase price	$	144,400
Less debt assumed		(75,375	)
Carrying value of investment		23,597
Remeasurement gain		115,729

Fair value of acquired net assets (at 100% ownership)	$	208,351

The Company has included the gain in gain (loss) on remeasurement, sale or write down of assets, net for the year ended December 31, 2012 (See Note 6—Property).

Since the date of acquisition, the Company has included Arrowhead Towne Center in its consolidated financial statements. Arrowhead Towne Center has generated incremental revenue of $6,826 and incremental loss of $41.

Kings Plaza Shopping Center:

On November 28, 2012, the Company acquired Kings Plaza Shopping Center, a 1,198,000 square foot regional shopping center in Brooklyn, New York for a purchase price of $756,000. The purchase price was funded from a cash payment of $726,000 and the issuance of $30,000 in restricted common stock of the Company. The cash payment was provided by the placement of a mortgage note payable on the property that allowed for borrowings of up to $500,000. Concurrent with the acquisition, the Company borrowed $354,000 on the loan. On January 3, 2013, the Company exercised its option to borrow an additional $146,000 on the loan. The acquisition was completed to acquire a prominent center in Brooklyn, New York.

The following is a summary of the allocation of the fair value of Kings Plaza Shopping Center:


Property	$	714,589
Deferred charges		37,371
Other assets		29,282

Total assets acquired		781,242

Other accrued liabilities		25,242

Total liabilities assumed		25,242

Fair value of acquired net assets	$	756,000

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

Since the date of acquisition, the Company has included Kings Plaza Shopping Center in its consolidated financial statements. The property has generated incremental revenue of $7,106 and incremental loss of $1,091.

Pro Forma Results of Operations:

The following unaudited pro forma total revenue and income from continuing operations for 2012 and 2011, assumes the 2012 property acquisitions took place on January 1, 2011:

	Total revenue		Income from continuing operations

Supplemental pro forma for the year ended December 31, 2012(1)	$	1,000,983	$	94,335
Supplemental pro forma for the year ended December 31, 2011(1)	$	918,362	$	230,668

(1): This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the acquisitions occurred on January 1, 2011, and may not be indicative of future operating results. The Company has excluded remeasurement gains and acquisition costs from these pro forma results as they are considered significant non-recurring adjustments directly attributable to the acquisitions.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Discontinued Operations:	12 Months Ended
Discontinued Operations:	Dec. 31, 2012
Discontinued Operations:
Discontinued Operations:	16. Discontinued Operations: On March 4, 2011, the Company sold a former Mervyn's store in Santa Fe, New Mexico, for $3,732, resulting in a loss of $1,913. The proceeds from the sale were used for general corporate purposes. On June 3, 2011, the Company disposed of six anchor stores at centers not owned by the Company (collectively referred to as the "GGP Anchor Stores"), including five former Mervyn's stores, as part of the GGP Exchange (See Note 4—Investments in Unconsolidated Joint Ventures). The Company determined that the fair value received in exchange for the GGP Anchor Stores was equal to their carrying value. On October 14, 2011, the Company sold a former Mervyn's store in Salt Lake City, Utah for $8,061, resulting in a gain of $3,783. The proceeds from the sale were used for general corporate purposes. On November 30, 2011, the Company sold a former Mervyn's store in West Valley City, Utah for $2,300, resulting in a loss of $200. The proceeds from the sale were used for general corporate purposes. In June 2011, the Company recorded an impairment charge of $35,729 related to Shoppingtown Mall. As a result of the maturity default on the mortgage note payable and the corresponding reduction of the estimated holding period, the Company wrote down the carrying value of the long-lived assets to their estimated fair value of $38,968. The Company had classified the estimated fair value as a Level 3 measurement due to the highly subjective nature of computation, which involve estimates of holding period, market conditions, future occupancy levels, rental rates, capitalization rates, lease-up periods and capital improvements. On December 30, 2011, the Company conveyed Shoppingtown Mall to the mortgage note lender by a deed-in-lieu of foreclosure. As a result of the conveyance, the Company recognized an additional $3,929 loss on the disposal of the property. In March 2012, the Company recorded an impairment charge of $54,306 related to Valley View Center. As a result of the sale of the property on April 23, 2012, the Company wrote down the carrying value of the long-lived assets to their estimated fair value of $33,450 (Level 1 measurement), which was equal to the sales price of the property. On April 23, 2012, the property was sold by a court appointed receiver, which resulted in a gain on the extinguishment of debt of $104,023 (See Note 10—Mortgage Notes Payable). On April 30, 2012, the Company sold The Borgata, a 94,000 square foot community center in Scottsdale, Arizona, for $9,150, resulting in a loss of $1,275. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On May 11, 2012, the Company sold a former Mervyn's store in Montebello, California for $20,750, resulting in a loss on the sale of $407. The Company used the proceeds from the sale for general corporate purposes. On May 17, 2012, the Company sold Hilton Village, a 80,000 square foot community center in Scottsdale, Arizona, for $24,820, resulting in a gain of $3,127. The Company used the proceeds from the sale to pay down its line of credit and for general corporate purposes. On May 31, 2012, the Company conveyed Prescott Gateway, a 584,000 square foot regional shopping center in Prescott, Arizona, to the mortgage note lender by a deed-in-lieu of foreclosure. As a result of the conveyance, the Company recognized a gain on the extinguishment of debt of $16,296 (See Note 10—Mortgage Notes Payable). On June 28, 2012, the Company sold Carmel Plaza, a 112,000 square foot community center in Carmel, California, for $52,000, resulting in a gain of $7,844. The Company used the proceeds from the sale to pay down its line of credit. The Company has classified the results of operations and gain or loss on sale for all of the above dispositions as discontinued operations for the years ended December 31, 2012, 2011 and 2010. Revenues from discontinued operations were $10,601, $39,931 and $47,002 for the years ended December 31, 2012, 2011 and 2010, respectively. Income (loss) from discontinued operations, including the gain (loss) from disposition of assets, net was $69,365, $(74,871) and $(10,350) for the years ended December 31, 2012, 2011 and 2010, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Future Rental Revenues:

12 Months Ended

Dec. 31, 2012

Future Rental Revenues:

Future Rental Revenues:

17. Future Rental Revenues:

Under existing non-cancelable operating lease agreements, tenants are committed to pay the following minimum rental payments to the Company:

Year Ending December 31,

2013	$	498,634
2014		434,005
2015		379,362
2016		331,622
2017		274,886
Thereafter		904,295

	$	2,822,804

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

+ References + Details

Commitments and Contingencies:

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies:

Commitments and Contingencies:

18. Commitments and Contingencies:

The Company has certain properties subject to non-cancelable operating ground leases. The leases expire at various times through 2098, subject in some cases to options to extend the terms of the lease. Certain leases provide for contingent rent payments based on a percentage of base rental income, as defined in the lease. Ground rent expenses were $8,681, $8,607 and $6,494 for the years ended December 31, 2012, 2011 and 2010, respectively. No contingent rent was incurred for the years ended December 31, 2012, 2011 or 2010.

Minimum future rental payments required under the leases are as follows:

Year Ending December 31,

2013	$	14,496
2014		13,315
2015		12,173
2016		12,201
2017		12,186
Thereafter		276,176

	$	340,547

As of December 31, 2012, the Company was contingently liable for $3,757 in letters of credit guaranteeing performance by the Company of certain obligations relating to the Centers. The Company does not believe that these letters of credit will result in a liability to the Company.

The Company has entered into a number of construction agreements related to its redevelopment and development activities. Obligations under these agreements are contingent upon the completion of the services within the guidelines specified in the agreement. At December 31, 2012, the Company had $41,107 in outstanding obligations, which it believes will be settled in the next twelve months.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Related Party Transactions:

12 Months Ended

Dec. 31, 2012

Related Party Transactions:

Related Party Transactions:

19. Related Party Transactions:

Certain unconsolidated joint ventures have engaged the Management Companies to manage the operations of the Centers. Under these arrangements, the Management Companies are reimbursed for compensation paid to on-site employees, leasing agents and project managers at the Centers, as well as insurance costs and other administrative expenses. The following are fees charged to unconsolidated joint ventures for the years ended December 31:

	2012		2011		2010

Management Fees	$	24,007	$	26,838	$	26,781
Development and Leasing Fees		13,165		9,955		11,488

	$	37,172	$	36,793	$	38,269

Certain mortgage notes on the properties are held by NML (See Note 10—Mortgage Notes Payable). Interest expense in connection with these notes was $15,386, $16,743 and $14,254 for the years ended December 31, 2012, 2011 and 2010, respectively. Included in accounts payable and accrued expenses is interest payable to this related party of $1,264 and $1,379 at December 31, 2012 and 2011, respectively.

As of December 31, 2012 and 2011, the Company had loans to unconsolidated joint ventures of $3,345 and $3,995, respectively. Interest income associated with these notes was $254, $276 and $184 for the years ended December 31, 2012, 2011 and 2010, respectively. These loans represent initial funds advanced to development stage projects prior to construction loan funding. Correspondingly, loan payables in the same amount have been accrued as an obligation by the various joint ventures.

Due from affiliates includes $4,568 and $3,387 of unreimbursed costs and fees due from unconsolidated joint ventures under management agreements at December 31, 2012 and 2011, respectively. Due from affiliates at December 31, 2012, also includes two notes receivable from principals of AWE Talisman for a total of $12,500 that bear interest at 5.0% and mature based on the completion, refinancing or sale of Fashion Outlets of Chicago. The notes are collateralized by the principals' interests in Fashion Outlets of Chicago. AWE Talisman is considered a related party because it has an ownership interest in Fashion Outlets of Chicago. Interest income earned on the notes was $478 for the year ended December 31, 2012.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Share and Unit-based Plans:

12 Months Ended

Dec. 31, 2012

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 OP Units or other convertible or exchangeable units. As of December 31, 2012, 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, 2012, there were 6,656,505 shares available for issuance under the 2003 Plan.

Stock Awards:

The value of the stock awards 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 awards during the years ended December 31, 2012, 2011 and 2010:

	2012					2011					2010

	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		21,130		$	40.68		63,351		$	53.69		126,137		$	69.53
Granted		9,639			54.43		11,350			48.47		11,664			38.58
Vested		(9,845	)		35.69		(53,571	)		57.36		(74,143	)		78.48
Forfeited		—			—		—			—		(307	)		61.17

Balance at end of year		20,924		$	49.36		21,130		$	40.68		63,351		$	53.69

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, 2012, 2011 and 2010:

	2012					2011					2010

	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		576,340		$	11.71		1,038,549		$	7.17		1,567,597		$	7.17
Granted		72,322			54.43		64,463			48.36		—			—
Vested		(533,985	)		8.80		(519,272	)		7.17		(529,048	)		7.17
Forfeited		—			—		(7,400	)		12.35		—			—

Balance at end of year		114,677		$	52.19		576,340		$	11.71		1,038,549		$	7.17

SARs:

The executives 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 determined the value of each SAR awarded during the year ended December 31, 2012 to be $9.67 using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 25.85%, dividend yield of 3.69%, risk free rate of 1.20%, current value of $59.57 and an expected term of 8 years. The value of each of the other outstanding SARs was determined at the grant date to be $7.68 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 SARs awards during the years ended December 31, 2012, 2011 and 2010:

	2012					2011					2010

	Units			Weighted Average Exercise Price		Units			Weighted Average Exercise Price		Units			Weighted Average Exercise Price
Balance at beginning of year		1,156,985		$	56.55		1,242,314		$	56.56		1,324,700		$	56.56
Granted		39,932			59.57		—			—		—			—
Exercised		(32,732	)		56.63		—			—		—			—
Forfeited		—			—		(85,329	)		56.63		(82,386	)		56.63

Balance at end of year		1,164,185		$	56.65		1,156,985		$	56.55		1,242,314		$	56.56

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 (after conversion into OP 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 may include both market-indexed awards and service-based awards.

On February 28, 2011, the Company granted 190,000 market-indexed LTIP Units to four executive officers at a weighted average grant date fair value of $43.30 per LTIP Unit. The new grants vested over a service period ending January 31, 2012. On February 7, 2012, the compensation committee determined that the LTIP Units granted under the LTIP on February 28, 2011 had vested at the 150% level based on the Company's percentile ranking in terms of Total Return (as defined below) per common stock share to the Total Return of a group of peer REITs during the period of February 1, 2011 to January 31, 2012. As a result, the compensation committee granted an additional 95,000 LTIP Units, which vested as of January 31, 2012.

On February 23, 2012, the Company granted 190,000 market-indexed LTIP Units to four executive officers at a weighted average grant date fair value of $37.77 per LTIP Unit. On April 16, 2012, the Company granted 10,000 market-indexed LTIP Units to a new executive officer at a weighted average grant date fair value of $54.97 per LTIP Unit. On September 1, 2012, the Company granted 20,000 LTIP Units to a new executive officer at a weighted average fair value of $59.57 per LTIP Unit that were fully vested on the grant date.

The market-indexed LTIP units granted in 2012 vest over a service period ending January 31, 2013 based on the percentile ranking of the Company in terms of total return to stockholders (the "Total Return") per common stock share relative to the Total Return of a group of peer REITs, as measured at the end of the measurement period.

The fair value of the market-based LTIP Units was estimated on the date of grant using a Monte Carlo Simulation model. The stock price of the Company, along with the stock prices of the group of peer REITs (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, 2012, 2011 and 2010:

	2012					2011					2010

	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		190,000		$	43.30		272,226		$	50.68		252,940		$	55.50
Granted		315,000			40.53		422,631			46.48		232,632			48.89
Vested		(305,000	)		44.85		(504,857	)		49.85		(213,346	)		54.45
Forfeited		—			—		—			—		—			—

Balance at end of year		200,000		$	38.63		190,000		$	43.30		272,226		$	50.68

Stock Options:

The Company measured the value of each option awarded during the year ended December 31, 2012 to be $9.67 using the Black-Scholes Option Pricing Model based upon the following assumptions: volatility of 25.85%, dividend yield of 3.69%, risk free rate of 1.20%, current value of $59.57 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 stock options for the years ended December 31, 2012, 2011 and 2010:

	2012				2011					2010

	Options		Weighted Average Exercise Price		Options			Weighted Average Exercise Price		Options		Weighted Average Exercise Price
Balance at beginning of year		2,700	$	36.51		110,711		$	75.08		110,711	$	75.08
Granted		10,068		59.57		—			—		—		—
Exercised		—		—		—			—		—		—
Forfeited		—		—		(108,011	)		76.05		—		—

Balance at end of year		12,768	$	54.69		2,700		$	36.51		110,711	$	75.08

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 awards was determined by the amortization of the value of the stock units on a straight-line basis over the applicable 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, 2012, there were 257,960 units available for grant under the Directors' Phantom Stock Plan. As of December 31, 2012, 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, 2012, 2011 and 2010:

	2012					2011					2010

	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		15,745		$	34.84		29,783		$	34.18		—		$	—
Granted		7,896			57.29		10,534			48.51		54,602			35.33
Vested		(22,179	)		45.24		(24,572	)		39.89		(24,819	)		36.72
Forfeited		(1,462	)		33.74		—			—		—			—

Balance at end of year		—		$	—		15,745		$	34.84		29,783		$	34.18

Employee Stock Purchase Plan ("ESPP"):

The ESPP authorizes eligible employees to purchase the Company's common stock through voluntary payroll deductions made during periodic offering periods. Under the ESPP common stock is purchased at a 10% discount from the lesser of the fair value of common stock at the beginning and end 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, 2012 was 587,437.

Other Share-Based Plans:

Prior to the adoption of the 2003 Plan, the Company had several other share-based plans. Under these plans, the remaining 10,800 stock options were exercised during the year ended December 31, 2012. No other shares may be issued under these plans.

Compensation:

The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2012, 2011 and 2010:

	2012		2011		2010

Stock awards	$	598	$	749	$	3,086
Stock units		3,379		7,526		8,048
LTIP units		9,436		8,955		12,780
SARs		583		626		2,318
Stock options		21		—		402
Phantom stock units		953		980		911

	$	14,970	$	18,836	$	27,545

During the year ended December 31, 2010, as part of the separation agreements with two former executives, the Company modified the terms of the awards of 121,036 stock units, 2,385 stock awards, 43,204 SARs and 5,109 LTIP Units. As a result of these modifications, the Company recognized an additional $5,281 of compensation cost during the year ended December 31, 2010.

During the year ended December 31, 2011, as part of the separation agreements with six former employees, the Company modified the terms of 61,570 stock units, 2,281 stock awards and 43,204 SARs. As a result of these modifications, the Company recognized additional compensation cost of $3,333 during the year ended December 31, 2011.

During the year ended December 31, 2012, the Company modified the terms of 20,000 LTIP units and 54,405 SARs of a former executive officer. As a result of this modification, the Company recognized an additional compensation cost of $1,214 during the year ended December 31, 2012.

The Company capitalized share and unit-based compensation costs of $2,646, $6,231 and $12,713 for the years ended December 31, 2012, 2011 and 2010, respectively.

The fair value of the stock awards and stock units that vested during the years ended December 31, 2012, 2011 and 2010 was $30,454, $27,160 and $23,469, respectively. Unrecognized compensation cost of share and unit-based plans at December 31, 2012 consisted of $620 from stock awards, $2,567 from stock units, $637 from LTIP Units, $76 from stock options and $1,003 from phantom stock units.

- Definition

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

+ References

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

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-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

+ Details

Employee Benefit Plans:	12 Months Ended
Employee Benefit Plans:	Dec. 31, 2012
Employee Benefit Plans:
Employee Benefit Plans:	21. Employee Benefit Plans: 401(k) Plan: The Company has a defined contribution retirement plan that covers its eligible employees (the "Plan"). The Plan is qualified in accordance with section 401(a) of the Internal Revenue Code ("Code"). Effective January 1, 1995, the Plan was amended to constitute a qualified cash or deferred arrangement under section 401(k) of the Code, whereby employees can elect to defer compensation subject to Internal Revenue Service withholding rules. This Plan was further amended effective as of February 1, 1999 to add The Macerich Company Common Stock Fund as a new investment alternative under the Plan. A total of 150,000 shares of common stock were reserved for issuance under the Plan, which was subsequently increased by an additional 500,000 shares in January 2013. Contributions by the Company to the Plan were made at the discretion of the Board of Directors and were based upon a specified percentage of employee compensation. On January 1, 2004, the Plan adopted the "Safe Harbor" provision under Sections 401(k)(12) and 401(m)(11) of the Code. In accordance with adopting these provisions, the Company makes matching contributions equal to 100 percent of the first three percent of compensation deferred by a participant and 50 percent of the next two percent of compensation deferred by a participant. During the years ended December 31, 2012, 2011 and 2010, these matching contributions made by the Company were $3,094, $3,077 and $3,502, respectively. Contributions and matching contributions to the Plan by the plan sponsor and/or participating affiliates are recognized as an expense of the Company in the period that they are made. Deferred Compensation Plans: The Company has established deferred compensation plans under which key executives of the Company may elect to defer receiving a portion of their cash compensation otherwise payable in one calendar year until a later year. The Company may, as determined by the Board of Directors in its sole discretion prior to the beginning of the plan year, credit a participant's account with a matching amount equal to a percentage of the participant's deferral. The Company contributed $648, $570 and $586 to the plans during the years ended December 31, 2012, 2011 and 2010, respectively. Contributions are recognized as compensation in the periods they are made.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2235017

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-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Income Taxes:

12 Months Ended

Dec. 31, 2012

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:

	2012				2011				2010

Ordinary income	$	0.74	33.2	%	$	0.85	41.5	%	$	0.57	27.1	%
Capital gains		1.13	50.7	%		0.01	0.5	%		0.04	1.9	%
Unrecaptured Section 1250 gain		0.36	16.1	%		0.04	2.0	%		—	—
Return of capital		—	—			1.15	56.0	%		1.49	71.0	%

Dividends paid	$	2.23	100.0	%	$	2.05	100.0	%	$	2.10	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 of the TRSs for the years ended December 31, 2012, 2011 and 2010 are as follows:

	2012		2011		2010

Current	$	—	$	—	$	(11	)
Deferred		4,159		6,110		9,213

Income tax benefit	$	4,159	$	6,110	$	9,202

Income tax benefit of the TRSs for the years ended December 31, 2012, 2011 and 2010 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:

	2012			2011			2010

Book loss for TRSs	$	16,154		$	19,558		$	19,896

Tax at statutory rate on earnings from continuing operations before income taxes	$	5,493		$	6,650		$	6,765
Other		(1,334	)		(540	)		2,437

Income tax benefit	$	4,159		$	6,110		$	9,202

The net operating loss carryforwards are currently scheduled to expire through 2032, beginning in 2021. Net deferred tax assets of $33,414 and $26,829 were included in deferred charges and other assets, net at December 31, 2012 and 2011, respectively. The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2012 and 2011 are summarized as follows:

	2012			2011

Net operating loss carryforwards	$	33,781		$	29,045
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs		(1,973	)		(4,442	)
Other		1,606			2,226

Net deferred tax assets	$	33,414		$	26,829

The following is a reconciliation of the unrecognized tax benefits for the years ended December 31, 2012, 2011 and 2010:

	2012		2011		2010

Unrecognized tax benefits at beginning of year	$	—	$	—	$	2,420
Gross increases for tax positions of current year		—		—		—
Gross decreases for tax positions of current year		—		—		(2,420	)

Unrecognized tax benefits at end of year	$	—	$	—	$	—

The tax years 2009 through 2011 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next 12 months.

- Definition

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

+ References

+ Details

Quarterly Financial Data (Unaudited):

12 Months Ended

Dec. 31, 2012

Quarterly Financial Data (Unaudited):

Quarterly Financial Data (Unaudited):

23. Quarterly Financial Data (Unaudited):

The following is a summary of quarterly results of operations for the years ended December 31, 2012 and 2011:

	2012 Quarter Ended									2011 Quarter Ended

	Dec 31		Sep 30		Jun 30		Mar 31			Dec 31		Sep 30		Jun 30			Mar 31
Revenues(1)	$	251,165	$	215,669	$	204,545	$	214,729		$	208,479	$	193,319	$	181,299		$	185,265
Net income (loss) attributable to the Company(2)	$	174,247	$	43,893	$	133,354	$	(14,068	)	$	163,107	$	12,941	$	(19,216	)	$	34
Net income (loss) attributable to common stockholders per share—basic		1.27		0.33		1.00		(0.11	)		1.23		0.10		(0.15	)		—
Net income (loss) attributable to common stockholders per share—diluted		1.27		0.33		1.00		(0.11	)		1.23		0.10		(0.15	)		—

(1): Revenues as reported on the Company's Quarterly Reports on Form 10-Q have been reclassified to reflect adjustments for discontinued operations.
(2): Net income attributable to the Company for the fourth quarter 2012 includes a remeasurement gain of $84,227 on the purchase of FlatIron Crossing and a remeasurement gain of $115,729 on the purchase of Arrowhead Towne Center (See Note 15—Acquisitions). Net income attributable to the Company for the quarter ended December 31, 2011 includes a gain of $188,264 from the SDG Transaction (See Note 4—Investments in Unconsolidated Joint Ventures) and an impairment loss of $25,216 related to the reduction of the expected holding period of certain long-lived assets (See Note 6—Property).

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Subsequent Events:	12 Months Ended
Subsequent Events:	Dec. 31, 2012
Subsequent Events:
Subsequent Events:	24. Subsequent Events: On January 2, 2013, the Company's joint venture in Kierland Commons replaced the existing loans on the property with a new $135,000 loan that bears interest at LIBOR plus 1.90% and matures on January 2, 2016. On January 3, 2013, the Company exercised an option to borrow an additional $146,000 on the mortgage note on Kings Plaza Shopping Center. On January 24, 2013, the Company acquired Green Acres Mall, a 1,800,000 square foot regional shopping center in Valley Stream, New York, for a purchase price of $500,000. The purchase price was funded from the placement of a $325,000 mortgage note on the property and $175,000 from borrowings under the Company's line of credit. Pro forma information is not yet available for this acquisition, as the purchase price allocation has not yet been completed. On February 1, 2013, the Company announced a dividend/distribution of $0.58 per share for common stockholders and OP Unit holders of record on February 22, 2013. All dividends/distributions will be paid 100% in cash on March 8, 2013.

Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Schedule III-Real Estate and Accumulated Depreciation

Schedule III-Real Estate and Accumulated Depreciation

THE MACERICH COMPANY

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2012

(Dollars in thousands)

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

	Initial Cost to Company						Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period												Total Cost Net of Accumulated Depreciation
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
Arrowhead Towne Center	$	36,687	$	386,662	$	—	$	350	$	36,687	$	386,817	$	195	$	—	$	423,699	$	1,892	$	421,807
Black Canyon Auto Park		20,610		—		—		4,042		14,141		—		—		10,511		24,652		—		24,652
Capitola Mall		20,395		59,221		—		9,314		20,392		66,942		1,388		208		88,930		25,791		63,139
Chandler Fashion Center		24,188		223,143		—		10,963		24,188		230,500		3,507		99		258,294		68,444		189,850
Chesterfield Towne Center		18,517		72,936		2		42,325		18,517		112,217		3,027		19		133,780		61,654		72,126
Danbury Fair Mall		130,367		316,951		—		86,798		142,751		386,153		4,897		315		534,116		78,546		455,570
Deptford Mall		48,370		194,250		—		30,399		61,029		208,957		1,482		1,551		273,019		37,334		235,685
Desert Sky Mall		9,447		37,245		12		1,275		9,447		38,017		506		9		47,979		2,580		45,399
Eastland Mall		22,050		151,605		—		1,463		22,066		152,804		248		—		175,118		4,672		170,446
Estrella Falls		10,550		—		—		71,395		10,747		38		—		71,160		81,945		7		81,938
Fashion Outlets of Chicago		—		—		—		164,902		—		—		—		164,902		164,902		—		164,902
Fashion Outlets of Niagara Falls USA		18,581		210,139		—		8,519		18,581		209,842		31		8,785		237,239		11,218		226,021
Fiesta Mall		19,445		99,116		—		32,395		31,968		118,790		198		—		150,956		29,207		121,749
Flagstaff Mall		5,480		31,773		—		16,729		5,480		48,104		398		—		53,982		13,052		40,930
Flagstaff Mall, The Marketplace at		—		—		—		52,836		—		52,830		6		—		52,836		11,745		41,091
FlatIron Crossing		109,851		333,540		—		983		102,339		334,387		61		7,587		444,374		3,119		441,255
Freehold Raceway Mall		164,986		362,841		—		91,128		168,098		447,671		2,667		519		618,955		104,446		514,509
Fresno Fashion Fair		17,966		72,194		—		44,653		17,966		115,242		1,605		—		134,813		47,718		87,095
Great Northern Mall		12,187		62,657		—		7,229		12,635		68,970		468		—		82,073		17,810		64,263
Green Tree Mall		4,947		14,925		332		35,712		4,947		50,093		876		—		55,916		39,538		16,378
Kings Plaza Shopping Center		209,041		485,548		20,000		465		209,041		485,884		20,123		6		715,054		1,311		713,743
La Cumbre Plaza		18,122		21,492		—		22,523		17,280		44,457		208		192		62,137		16,152		45,985
Lake Square Mall		6,386		14,739		—		92		6,390		14,713		114		—		21,217		540		20,677

See accompanying report of independent registered public accounting firm

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

	Initial Cost to Company						Cost Capitalized Subsequent to Acquisition			Gross Amount at Which Carried at Close of Period												Total Cost Net of Accumulated Depreciation
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
Macerich Management Co.		—		8,685		26,562		39,297			1,878		6,425		64,178		2,063		74,544		51,860		22,684
MACWH, LP		—		25,771		—		24,807			11,557		31,267		164		7,590		50,578		5,735		44,843
Mervyn's (former locations)		27,281		109,769		—		18,394			27,280		127,275		313		576		155,444		19,756		135,688
Northgate Mall		8,400		34,865		841		98,917			13,414		126,308		3,111		190		143,023		49,406		93,617
Northridge Mall		20,100		101,170		—		13,375			20,100		112,913		1,233		399		134,645		32,038		102,607
NorthPark Mall		7,746		74,661		—		2,805			7,885		77,174		53		100		85,212		2,758		82,454
Oaks, The		32,300		117,156		—		233,662			56,064		324,318		2,242		494		383,118		75,857		307,261
Pacific View		8,697		8,696		—		127,568			7,854		135,357		1,750		—		144,961		44,823		100,138
Panorama Mall		4,373		17,491		—		6,640			4,857		22,801		421		425		28,504		7,179		21,325
Paradise Valley Mall		24,565		125,996		—		41,842			35,921		154,132		2,163		187		192,403		46,139		146,264
Paradise Village Ground Leases		8,880		2,489		—		(6,264	)		3,870		1,235		—		—		5,105		280		4,825
Promenade at Casa Grande		15,089		—		—		100,944			11,360		104,626		47		—		116,033		23,513		92,520
Paradise Village Office Park II		1,150		1,790		—		3,574			2,300		3,919		295		—		6,514		2,190		4,324
Rimrock Mall		8,737		35,652		—		13,775			8,737		48,696		731		—		58,164		21,097		37,067
Rotterdam Square		7,018		32,736		—		3,408			7,285		35,612		265		—		43,162		9,766		33,396
Salisbury, The Centre at		15,290		63,474		31		27,334			15,284		89,609		1,236		—		106,129		38,657		67,472
Santa Monica Place		26,400		105,600		—		283,344			48,374		359,314		7,499		157		415,344		35,291		380,053
SanTan Adjacent Land		29,414		—		—		4,756			29,506		—		—		4,664		34,170		—		34,170
SanTan Village Regional Center		7,827		—		—		189,997			6,344		190,778		702		—		197,824		51,864		145,960
Somersville Towne Center		4,096		20,317		1,425		13,647			4,099		34,785		554		47		39,485		22,962		16,523
SouthPark Mall		7,035		38,215		—		134			7,017		38,235		32		100		45,384		1,678		43,706
South Plains Mall		23,100		92,728		—		28,258			23,100		120,031		955		—		144,086		44,283		99,803
South Towne Center		19,600		78,954		—		27,389			20,360		104,112		1,320		151		125,943		43,025		82,918
Southridge Mall		6,764		—		—		11,615			6,302		2,212		10		9,855		18,379		34		18,345
Tangerine (Marana), The Shops at		36,158		—		—		(2,283	)		16,922		—		—		16,953		33,875		—		33,875
The Macerich Partnership, L.P.		—		2,534		—		14,276			902		7,461		6,378		2,069		16,810		3,038		13,772
Towne Mall		6,652		31,184		—		2,515			6,877		33,238		236		—		40,351		9,099		31,252

See accompanying report of independent registered public accounting firm

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

	Initial Cost to Company						Cost Capitalized Subsequent to Acquisition		Gross Amount at Which Carried at Close of Period												Total Cost Net of Accumulated Depreciation
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
Tucson La Encantada		12,800		19,699		—		55,358		12,800		74,865		192		—		87,857		32,158		55,699
Twenty Ninth Street		—		37,843		64		210,409		23,599		223,790		927		—		248,316		77,382		170,934
Valley Mall		16,045		26,098		—		3,557		15,616		30,035		47		2		45,700		1,074		44,626
Valley River Center		24,854		147,715		—		13,449		24,854		159,558		1,303		303		186,018		34,257		151,761
Victor Valley, Mall of		15,700		75,230		—		40,432		20,080		108,829		1,566		887		131,362		25,341		106,021
Vintage Faire Mall		14,902		60,532		—		53,086		17,647		109,736		1,137		—		128,520		47,060		81,460
Westside Pavilion		34,100		136,819		—		70,422		34,100		201,394		5,674		173		241,341		74,948		166,393
Wilton Mall		19,743		67,855		—		12,981		19,810		76,359		1,105		3,305		100,579		17,518		83,061
500 North Michigan Avenue		12,851		55,358		—		197		12,851		55,482		32		41		68,406		1,933		66,473
Other land and development properties		44,686		4,420		—		50,324		31,125		8,568		83		59,655		99,431		2,385		97,046

		1,480,516		4,912,479		49,269		2,570,441		1,572,621		6,913,877		149,959		376,249		9,012,706		1,533,160		7,479,546

See accompanying report of independent registered public accounting firm

Depreciation of the Company's investment in buildings and improvements reflected in the consolidated statements of operations 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, 2012 are as follows:

	2012			2011			2010

Balances, beginning of year	$	7,489,735		$	6,908,507		$	6,697,259
Additions		1,909,530			784,717			239,362
Dispositions and retirements		(386,559	)		(203,489	)		(28,114	)

Balances, end of year	$	9,012,706		$	7,489,735		$	6,908,507

The changes in accumulated depreciation for the three years ended December 31, 2012 are as follows:

	2012			2011			2010

Balances, beginning of year	$	1,410,692		$	1,234,380		$	1,039,320
Additions		241,231			223,630			206,913
Dispositions and retirements		(118,763	)		(47,318	)		(11,853	)

Balances, end of year	$	1,533,160		$	1,410,692		$	1,234,380

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References + Details

Summary of Significant Accounting Policies: (Policies)

12 Months Ended

Dec. 31, 2012

Summary of Significant Accounting Policies:

Basis of Presentation:

Basis of Presentation:

Cash and Cash Equivalents and Restricted Cash:

Cash and Cash Equivalents and Restricted Cash:

Revenues:

Revenues:

Property:

Property:

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

Capitalization of Costs:

Capitalization of Costs:

Investment in Unconsolidated Joint Ventures:

Investment in Unconsolidated Joint Ventures:

Acquisitions:

Acquisitions:

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

Marketable Securities:

Marketable Securities:

Deferred Charges:

Deferred Charges:

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


Deferred lease costs		1 - 15 years
Deferred financing costs		1 - 15 years

Accounting for Impairment:

Accounting for Impairment:

Derivative Instruments and Hedging Activities:

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.

Share and Unit-based Compensation Plans:

Share and Unit-based Compensation Plans:

Income Taxes:

Income Taxes:

Segment Information:

Segment Information:

Fair Value of Financial Instruments:

Fair Value of Financial Instruments:

Concentration of Risk:

Concentration of Risk:

No Center or tenant generated more than 10% of total revenues during the years ended December 31, 2012, 2011 or 2010.

Management Estimates:

Management Estimates:

Summary of Significant Accounting Policies: (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Significant Accounting Policies:

Schedule of estimated useful lives of property


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

Schedule of range of the terms of loan and lease agreements


Deferred lease costs		1 - 15 years
Deferred financing costs		1 - 15 years

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

12 Months Ended

Dec. 31, 2012

Earnings Per Share ("EPS"):

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

The following table reconciles the numerator and denominator used in the computation of earnings per share for the years ended December 31 (shares in thousands):

	2012			2011			2010

Numerator
Income from continuing operations	$	297,024		$	243,946		$	38,770
Income (loss) from discontinued operations		69,365			(74,871	)		(10,350	)
Net income attributable to noncontrolling interests		(28,963	)		(12,209	)		(3,230	)

Net income attributable to the Company		337,426			156,866			25,190
Allocation of earnings to participating securities		(577	)		(1,436	)		(2,615	)

Numerator for basic and diluted earnings per share—net income attributable to common stockholders	$	336,849		$	155,430		$	22,575

Denominator
Denominator for basic earnings per share—weighted average number of common shares outstanding		134,067			131,628			120,346
Effect of dilutive securities(1)
Stock warrants		63			—			—
Share and unit based compensation		18			—			—

Denominator for diluted earnings per share—weighted average number of common shares outstanding		134,148			131,628			120,346

Earnings per common share—basic:
Income from continuing operations	$	2.03		$	1.70		$	0.27
Discontinued operations		0.48			(0.52	)		(0.08	)

Net income attributable to common stockholders	$	2.51		$	1.18		$	0.19

Earnings per common share—diluted:
Income from continuing operations	$	2.03		$	1.70		$	0.27
Discontinued operations		0.48			(0.52	)		(0.08	)

Net income attributable to common stockholders	$	2.51		$	1.18		$	0.19

(1)

Diluted EPS excludes 193,945, 208,640 and 208,640 convertible preferred units for the years ended December 31, 2012, 2011 and 2010, respectively, as their impact was antidilutive.

Diluted EPS excludes 1,203,280 and 1,150,172 of unexercised stock appreciation rights for the years ended December 31, 2011 and 2010, respectively, as their effect was antidilutive.

Diluted EPS excludes 94,685 and 122,500 of unexercised stock options for the years ended December 31, 2011 and 2010, respectively, as their effect was antidilutive.

Diluted EPS excludes 933,650 and 935,358 of unexercised stock warrants for the years ended December 31, 2011 and 2010, respectively, as their effect was antidilutive.

Investments in Unconsolidated Joint Ventures: (Tables)

12 Months Ended

Dec. 31, 2012

Investments in Unconsolidated Joint Ventures:

Schedule of ownership interest in joint ventures

Joint Venture

Biltmore Shopping Center Partners LLC	50.0	%
Camelback Colonnade Associates LP	73.2	%
Coolidge Holding LLC	37.5	%
Corte Madera Village, LLC	50.1	%
East Mesa Mall, L.L.C.—Superstition Springs Center	66.7	%
Jaren Associates #4	12.5	%
Kierland Commons Investment LLC	50.0	%
Kierland Tower Lofts, LLC	15.0	%
La Sandia Santa Monica LLC	50.0	%
Macerich Northwestern Associates—Broadway Plaza	50.0	%
MetroRising AMS Holding LLC	15.0	%
North Bridge Chicago LLC	50.0	%
One Scottsdale Investors LLC	50.0	%
Pacific Premier Retail LP	51.0	%
Propcor Associates	25.0	%
Propcor II Associates, LLC—Boulevard Shops	50.0	%
Queens JV LP	51.0	%
Scottsdale Fashion Square Partnership	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	%
West Acres Development, LLP	19.0	%
Westcor/Gilbert, L.L.C.	50.0	%
Westcor/Queen Creek LLC	37.9	%
Westcor/Surprise Auto Park LLC	33.3	%
Wilshire Boulevard—Tenants in Common	30.0	%
WMAP, L.L.C.—Atlas Park	50.0	%
WM Inland LP	50.0	%
WM Ridgmar, L.P.	50.0	%
Zengo Restaurant Santa Monica LLC	50.0	%

(1): The Company's ownership interest in this table reflects its legal ownership interest. Legal ownership may, at times, not equal the Company's economic interest in the listed properties because of various provisions in certain joint venture agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company's actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests. Substantially all of the Company's joint venture agreements contain rights of first refusal, buy-sell provisions, exit rights, default dilution remedies and/or other break up provisions or remedies which are customary in real estate joint venture agreements and which may, positively or negatively, affect the ultimate realization of cash flow and/or capital or liquidation proceeds.

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

	2012			2011

Assets(1):
Properties, net	$	3,653,631		$	4,328,953
Other assets		411,862			469,039

Total assets	$	4,065,493		$	4,797,992

Liabilities and partners' capital(1):
Mortgage notes payable(2)	$	3,240,723		$	3,896,418
Other liabilities		148,711			161,827
Company's capital		304,477			327,461
Outside partners' capital		371,582			412,286

Total liabilities and partners' capital	$	4,065,493		$	4,797,992

Investment in unconsolidated joint ventures:
Company's capital	$	304,477		$	327,461
Basis adjustment(3)		516,833			700,414

	$	821,310		$	1,027,875

Assets—Investments in unconsolidated joint ventures	$	974,258		$	1,098,560
Liabilities—Distributions in excess of investments in unconsolidated joint ventures		(152,948	)		(70,685	)

	$	821,310		$	1,027,875

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

	Pacific Premier Retail LP		Tysons Corner LLC

As of December 31, 2012
Total Assets	$	1,039,742	$	409,622
Total Liabilities	$	942,370	$	329,145
As of December 31, 2011
Total Assets	$	1,078,226	$	339,324
Total Liabilities	$	1,005,479	$	319,247

(2): Certain mortgage notes payable could become recourse debt to the Company should the joint venture be unable to discharge the obligations of the related debt. As of December 31, 2012 and 2011, a total of $51,171 and $380,354, respectively, could become recourse debt to the Company. As of December 31, 2012 and 2011, the Company has indemnity agreements from joint venture partners for $21,270 and $182,638, respectively, of the guaranteed amount.

Included in mortgage notes payable are amounts due to affiliates of Northwestern Mutual Life ("NML") of $436,857 and $663,543 as of December 31, 2012 and 2011, respectively. NML is considered a related party because it is a joint venture partner with the Company in Macerich Northwestern Associates—Broadway Plaza. Interest expense incurred on these borrowings amounted to $43,732, $42,451 and $40,876 for the years ended December 31, 2012, 2011 and 2010, respectively.

(3): The Company amortizes the difference between the cost of its investments in unconsolidated joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The amortization of this difference was $15,480, $9,257 and $7,327 for the years ended December 31, 2012, 2011 and 2010, respectively.

Assets and liabilities of significant subsidiaries

	Pacific Premier Retail LP		Tysons Corner LLC

As of December 31, 2012
Total Assets	$	1,039,742	$	409,622
Total Liabilities	$	942,370	$	329,145
As of December 31, 2011
Total Assets	$	1,078,226	$	339,324
Total Liabilities	$	1,005,479	$	319,247

Combined and Condensed Statements of Operations of Unconsolidated Joint Ventures

	SDG Macerich		Pacific Premier Retail LP		Tysons Corner LLC		Other Joint Ventures		Total

Year Ended December 31, 2012
Revenues:
Minimum rents	$	—	$	132,247	$	63,569	$	316,186	$	512,002
Percentage rents		—		5,390		1,929		15,768		23,087
Tenant recoveries		—		56,397		44,225		149,546		250,168
Other		—		5,650		3,341		37,248		46,239

Total revenues		—		199,684		113,064		518,748		831,496

Expenses:
Shopping center and operating expenses		—		59,329		35,244		192,661		287,234
Interest expense		—		52,139		11,481		136,296		199,916
Depreciation and amortization		—		43,031		19,798		115,168		177,997

Total operating expenses		—		154,499		66,523		444,125		665,147

Gain on sale or distribution of assets		—		90		—		29,211		29,301

Net income	$	—	$	45,275	$	46,541	$	103,834	$	195,650

Company's equity in net income	$	—	$	23,026	$	17,969	$	38,286	$	79,281

Year Ended December 31, 2011
Revenues:
Minimum rents	$	84,523	$	133,191	$	63,950	$	351,982	$	633,646
Percentage rents		4,742		6,124		2,068		18,491		31,425
Tenant recoveries		43,845		55,088		41,286		169,516		309,735
Other		3,668		5,248		3,061		37,743		49,720

Total revenues		136,778		199,651		110,365		577,732		1,024,526

Expenses:
Shopping center and operating expenses		51,037		59,723		34,519		218,981		364,260
Interest expense		41,300		50,174		14,237		154,382		260,093
Depreciation and amortization		27,837		41,448		20,115		126,267		215,667

Total operating expenses		120,174		151,345		68,871		499,630		840,020

Gain on sale or distribution of assets		366,312		—		—		23,395		389,707
Gain on early extinguishment of debt		15,704		—		—		—		15,704

Net income	$	398,620	$	48,306	$	41,494	$	101,497	$	589,917

Company's equity in net income	$	204,439	$	24,568	$	16,209	$	49,461	$	294,677

	SDG Macerich		Pacific Premier Retail LP			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

Property: (Tables)

12 Months Ended

Dec. 31, 2012

Property:

Components of property

	2012			2011
Land	$	1,572,621		$	1,273,649
Buildings and improvements		6,417,674			5,440,394
Tenant improvements		496,203			442,862
Equipment and furnishings		149,959			123,098
Construction in progress		376,249			209,732

		9,012,706			7,489,735
Less accumulated depreciation		(1,533,160	)		(1,410,692	)

	$	7,479,546		$	6,079,043

Marketable Securities: (Tables)

12 Months Ended

Dec. 31, 2012

Marketable Securities:

Reconciliation of marketable securities

	2012			2011
Government debt securities, at par value	$	23,769		$	25,147
Less discount		(102	)		(314	)

		23,667			24,833
Unrealized gain		685			1,803

Fair value	$	24,352		$	26,636

Deferred Charges and Other Assets, net: (Tables)

12 Months Ended

Dec. 31, 2012

Deferred Charges and Other Assets, net:

Schedule of deferred charges and other assets, net

	2012			2011

Leasing	$	234,498		$	281,340
Financing		42,868			40,638
Intangible assets:
In-place lease values(1)		175,735			121,320
Leasing commissions and legal costs(1)		46,419			32,242
Above-market leases		118,033			97,297
Deferred tax assets		33,414			26,829
Deferred compensation plan assets		24,670			20,646
Acquisition deposit		30,000			—
Other assets		72,811			53,824

		778,448			674,136
Less accumulated amortization(2)		(213,318	)		(190,373	)

	$	565,130		$	483,763

(1): The estimated amortization of these intangible assets for the next five years and thereafter is as follows:

Year Ending December 31,

2013	$	37,127
2014		24,992
2015		17,628
2016		13,608
2017		11,026
Thereafter		54,981

	$	159,362

(2): Accumulated amortization includes $62,792 and $56,946 relating to in-place lease values, leasing commissions and legal costs at December 31, 2012 and 2011, respectively. Amortization expense for intangible assets was $33,517, $15,492 and $14,886 for the years ended December 31, 2012, 2011 and 2010, respectively.

Schedule of estimated amortization of intangible assets for the next five years and thereafter

Year Ending December 31,

2013	$	37,127
2014		24,992
2015		17,628
2016		13,608
2017		11,026
Thereafter		54,981

	$	159,362

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

	2012			2011
Above-Market Leases
Original allocated value	$	118,033		$	97,297
Less accumulated amortization		(46,361	)		(39,057	)

	$	71,672		$	58,240

Below-Market Leases(1)
Original allocated value	$	164,489		$	156,778
Less accumulated amortization		(77,131	)		(91,400	)

	$	87,358		$	65,378

(1): Below-market leases are included in other accrued liabilities.

Schedule of estimated amortization of allocated values of above and below-market leases for the next five years and thereafter

Year Ending December 31,	Above Market		Below Market

2013	$	13,021	$	18,309
2014		11,177		14,485
2015		9,484		10,629
2016		7,479		8,254
2017		6,138		6,390
Thereafter		24,373		29,291

	$	71,672	$	87,358

Mortgage Notes Payable: (Tables)

12 Months Ended

Dec. 31, 2012

Mortgage Notes Payable:

Mortgage notes payable

	Carrying Amount of Mortgage Notes(1)
	2012				2011
Property Pledged as Collateral	Related Party		Other		Related Party		Other		Effective Interest Rate(2)			Monthly Debt Service(3)		Maturity Date(4)
Arrowhead Towne Center(5)	$	—	$	243,176	$	—	$	—		2.76	%	$	1,131		2018
Chandler Fashion Center(6)(7)		—		200,000		—		155,489		3.77	%		625		2019
Chesterfield Towne Center(8)		—		110,000		—		—		4.80	%		573		2022
Danbury Fair Mall		119,823		119,823		122,382		122,381		5.53	%		1,538		2020
Deptford Mall(9)		—		205,000		—		172,500		3.76	%		948		2023
Deptford Mall		—		14,800		—		15,030		6.46	%		101		2016
Eastland Mall		—		168,000		—		168,000		5.79	%		811		2016
Fashion Outlets of Chicago(10)		—		9,165		—		—		3.00	%		22		2017
Fashion Outlets of Niagara Falls USA		—		126,584		—		129,025		4.89	%		727		2020
Fiesta Mall		—		84,000		—		84,000		4.98	%		341		2015
Flagstaff Mall		—		37,000		—		37,000		5.03	%		151		2015
FlatIron Crossing(11)		—		173,561		—		—		1.96	%		1,102		2013
Freehold Raceway Mall(6)		—		232,900		—		232,900		4.20	%		805		2018
Fresno Fashion Fair		80,601		80,602		81,733		81,734		6.76	%		1,104		2015
Great Northern Mall		—		36,395		—		37,256		5.19	%		234		2013
Kings Plaza Shopping Center(12)		—		354,000		—		—		3.67	%		2,229		2019
Northgate Mall(13)		—		64,000		—		38,115		3.09	%		132		2017
Oaks, The(14)		—		218,119		—		257,264		4.14	%		1,064		2022
Pacific View(15)		—		138,367		—		—		4.08	%		668		2022
Paradise Valley Mall(16)		—		81,000		—		84,000		6.30	%		625		2014
Prescott Gateway(17)		—		—		—		60,000		—			—		—
Promenade at Casa Grande(18)		—		73,700		—		76,598		5.21	%		280		2013
Salisbury, Centre at		—		115,000		—		115,000		5.83	%		555		2016
Santa Monica Place(19)		—		240,000		—		—		2.99	%		1,004		2018
SanTan Village Regional Center(20)		—		138,087		—		138,087		2.61	%		266		2013
South Plains Mall		—		101,340		—		102,760		6.57	%		648		2015
South Towne Center		—		85,247		—		86,525		6.39	%		554		2015
Towne Mall(21)		—		23,369		—		12,801		4.48	%		117		2022
Tucson La Encantada(22)		74,185		—		75,315		—		4.23	%		368		2022
Twenty Ninth Street(23)		—		107,000		—		107,000		3.04	%		252		2016
Valley Mall		—		42,891		—		43,543		5.85	%		280		2016
Valley River Center		—		120,000		—		120,000		5.59	%		558		2016
Valley View Center(24)		—		—		—		125,000		—			—		—
Victor Valley, Mall of(25)		—		90,000		—		97,000		2.12	%		137		2014
Vintage Faire Mall(26)		—		135,000		—		135,000		3.51	%		352		2015
Westside Pavilion(27)		—		154,608		—		175,000		4.49	%		783		2022
Wilton Mall(28)		—		40,000		—		40,000		1.22	%		32		2013

	$	274,609	$	4,162,734	$	279,430	$	3,049,008

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

The debt premiums (discounts) as of December 31, 2012 and 2011 consist of the following:

Property Pledged as Collateral	2012			2011

Arrowhead Towne Center	$	17,716		$	—
Deptford Mall		(19	)		(25	)
Fashion Outlets of Niagara Falls USA		7,270			8,198
FlatIron Crossing		5,232			—
Great Northern Mall		(28	)		(55	)
Towne Mall		—			88
Valley Mall		(307	)		(365	)

	$	29,864		$	7,841

(2): The interest rate disclosed represents the effective interest rate, including the debt premiums (discounts) and deferred finance costs.
(3): The monthly debt service represents the payment of principal and interest.
(4): The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.
(5): On October 26, 2012, the Company purchased the 33.3% interest in Arrowhead Towne Center that it did not own (See Note 15—Acquisitions). In connection with this acquisition, the Company assumed the loan on the property with a fair value of $244,403 that bears interest at an effective rate of 2.76% and matures on October 5, 2018.
(6): A 49.9% interest in the loan has been assumed by a third party in connection with a co-venture arrangement (See Note 12—Co-Venture Arrangement).
(7): On June 29, 2012, the Company replaced the existing loan on the property with a new $200,000 loan that bears interest at 3.77% and matures on July 1, 2019.
(8): On September 17, 2012, the Company placed a $110,000 loan on the property that bears interest at an effective rate of 4.80% and matures on October 1, 2022.
(9): On December 5, 2012, the Company replaced the existing loan on the property with a new $205,000 loan that bears interest at an effective rate of 3.76% and matures on April 3, 2023.
(10): On March 2, 2012, the joint venture placed a new construction loan on the property that allows for borrowings up to $140,000, bears interest at LIBOR plus 2.50% and matures on March 5, 2017, including extension options. At December 31, 2012, the total interest rate was 3.00%.
(11): On October 3, 2012, the Company purchased the 75% interest in FlatIron Crossing that it did not own (See Note 15—Acquisitions). In connection with this acquisition, the Company assumed the loan on the property with a fair value of $175,720 that bears interest at an effective rate of 1.96% and matures on December 1, 2013.
(12): On November 28, 2012, in connection with the Company's acquisition of Kings Plaza Shopping Center (See Note 15—Acquisitions), the Company placed a new loan on the property that allows for borrowing up to $500,000 at an effective interest rate of 3.67% and matures on December 3, 2019. Concurrent with the acquisition, the Company borrowed $354,000 on the loan. On January 3, 2013, the Company exercised its option to borrow an additional $146,000 on the loan.
(13): On March 23, 2012, the Company borrowed an additional $25,885 and modified the loan to bear interest at LIBOR plus 2.25% with a maturity of March 1, 2017. At December 31, 2012 and 2011, the total interest rate was 3.09% and 7.00%, respectively.
(14): On May 17, 2012, the Company replaced the existing loan on the property with a new $220,000 loan that bears interest at an effective rate of 4.14% and matures on June 5, 2022.
(15): On March 30, 2012, the Company placed a new $140,000 loan on the property that bears interest at an effective rate of 4.08% and matures on April 1, 2022.
(16): The loan bears interest at LIBOR plus 4.0% with a total interest rate floor of 5.50% and matures on August 31, 2014. At December 31, 2012 and 2011, the total interest rate was 6.30%.
(17): On May 31, 2012, the Company conveyed the property to the lender by a deed-in-lieu of foreclosure. As a result, the Company has been discharged from this non-recourse loan (See Note 16—Discontinued Operations).

(18): The loan bears interest at LIBOR plus 4.0% with a LIBOR rate floor of 0.50% and matures on December 30, 2013. At December 31, 2012 and 2011, the total interest rate was 5.21%.
(19): On December 28, 2012, the Company placed a new $240,000 loan on the property that bears interest at an effective rate of 2.99% and matures on January 3, 2018.
(20): The loan bears interest at LIBOR plus 2.10% and matures on June 13, 2013. At December 31, 2012 and 2011, the total interest rate was 2.61% and 2.69%, respectively.
(21): On October 25, 2012, the Company replaced the existing loan on the property with a new $23,400 loan that bears interest at an effective rate of 4.48% and matures on November 1, 2022.
(22): On February 1, 2012, the Company replaced the existing loan on the property with a new $75,135 loan that bears interest at an effective rate 4.23% and matures on March 1, 2022.
(23): The loan bears interest at LIBOR plus 2.63% and matures on January 18, 2016. At December 31, 2012 and 2011, the total interest rate was 3.04% and 3.12%, respectively.
(24): On April 23, 2012, the property was sold by a court appointed receiver. As a result, the Company was discharged from this non-recourse loan (See Note 16—Discontinued Operations).
(25): On October 5, 2012, the Company modified and extended the loan to November 6, 2014. The loan bears interest at LIBOR plus 1.60% until May 6, 2013 and increases to LIBOR plus 2.25% until maturity on November 6, 2014. At December 31, 2012 and 2011, the total interest rate was 2.12% and 2.13%, respectively.
(26): The loan bears interest at LIBOR plus 3.0% and matures on April 27, 2015. At December 31, 2012 and 2011, the total interest rate was 3.51% and 3.56%, respectively.
(27): On September 6, 2012, the Company replaced the existing loan on the property with a new $155,000 loan that bears interest at an effective rate of 4.49% and matures on October 1, 2022.
(28): The loan bears interest at LIBOR plus 0.675% and matures on August 1, 2013. As additional collateral for the loan, the Company is required to maintain a deposit of $40,000 with the lender, which has been included in restricted cash. The interest on the deposit is not restricted. At December 31, 2012 and 2011, the total interest rate was 1.22% and 1.28%, respectively.

Debt premiums (discounts) on mortgage notes payable

Property Pledged as Collateral	2012			2011

Arrowhead Towne Center	$	17,716		$	—
Deptford Mall		(19	)		(25	)
Fashion Outlets of Niagara Falls USA		7,270			8,198
FlatIron Crossing		5,232			—
Great Northern Mall		(28	)		(55	)
Towne Mall		—			88
Valley Mall		(307	)		(365	)

	$	29,864		$	7,841

Future maturities of mortgage notes payable


2013	$	511,366
2014		231,183
2015		646,787
2016		617,266
2017		128,890
Thereafter		2,271,987

		4,407,479
Debt premium, net		29,864

	$	4,437,343

Bank and Other Notes Payable: (Tables)

12 Months Ended

Dec. 31, 2012

Bank and Other Notes Payable:

Schedule of future maturities of bank and other notes payable


2013	$	24,027
2016		675,000
Thereafter		125,000

	$	824,027

Acquisitions: (Tables)

12 Months Ended

Dec. 31, 2012

Acquisition

Schedule of pro forma total revenue and income from continuing operations

		Total revenue			Income from continuing operations
Supplemental pro forma for the year ended December 31, 2012(1)		$	1,000,983		$	94,335
Supplemental pro forma for the year ended December 31, 2011(1)		$	918,362		$	230,668

(1): This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the acquisitions occurred on January 1, 2011, and may not be indicative of future operating results. The Company has excluded remeasurement gains and acquisition costs from these pro forma results as they are considered significant non-recurring adjustments directly attributable to the acquisitions.

Desert Sky Mall

Acquisition

Summary of the allocation of fair value


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

Total assets acquired		62,817

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

Total liabilities assumed		54,550

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

Summary of gain on remeasurement of existing investment


Fair value of existing ownership interest (at 50% ownership)	$	4,164
Carrying value of investment in Desert Sky Mall		(2,296	)

Gain on remeasurement	$	1,868

Fashion Outlets of Niagara

Acquisition

Summary of the allocation of fair value


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

Total assets acquired		247,560

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

Total liabilities assumed		168,274

Fair value of acquired net assets	$	79,286

SDG Properties

Acquisition

Summary of the allocation of fair value


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

Total assets acquired		445,004

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

Total liabilities assumed		240,537

Fair value of acquired net assets	$	204,467

500 North Michigan Avenue:

Acquisition

Summary of the allocation of fair value


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

Total assets acquired		75,626

Other accrued liabilities		4,701

Total liabilities assumed		4,701

Fair value of acquired net assets	$	70,925

FlatIron Crossing

Acquisition

Summary of the allocation of fair value


Property	$	443,391
Deferred charges		25,251
Cash and cash equivalents		3,856
Other assets		2,101

Total assets acquired		474,599

Mortgage note payable		175,720
Accounts payable		366
Other accrued liabilities		11,071

Total liabilities assumed		187,157

Fair value of acquired net assets (at 100% ownership)	$	287,442

Summary of gain on remeasurement of existing investment


Fair value of existing ownership interest (at 25% ownership)	$	91,542
Carrying value of investment		(33,382	)
Prior gain deferral recognized		26,067

Gain on remeasurement	$	84,227

Schedule of reconciliation of the purchase price to the fair value of the acquired net assets


Purchase price	$	310,397
Less debt assumed		(114,497	)
Carrying value of investment		33,382
Remeasurement gain		84,227
Less prior gain deferral		(26,067	)

Fair value of acquired net assets (at 100% ownership)	$	287,442

Arrowhead Towne Center

Acquisition

Summary of the allocation of fair value


Property	$	423,349
Deferred charges		31,500
Restricted cash		4,009
Tenant receivables		926
Other assets		4,234

Total assets acquired		464,018

Mortgage note payable		244,403
Accounts payable		815
Other accrued liabilities		10,449

Total liabilities assumed		255,667

Fair value of acquired net assets (at 100% ownership)	$	208,351

Summary of gain on remeasurement of existing investment


Fair value of existing ownership interest (at 66.7% ownership)	$	139,326
Carrying value of investment		(23,597	)

Gain on remeasurement	$	115,729

Schedule of reconciliation of the purchase price to the fair value of the acquired net assets


Purchase price	$	144,400
Less debt assumed		(75,375	)
Carrying value of investment		23,597
Remeasurement gain		115,729

Fair value of acquired net assets (at 100% ownership)	$	208,351

Kings Plaza

Acquisition

Summary of the allocation of fair value


Property	$	714,589
Deferred charges		37,371
Other assets		29,282

Total assets acquired		781,242

Other accrued liabilities		25,242

Total liabilities assumed		25,242

Fair value of acquired net assets	$	756,000

Future Rental Revenues: (Tables)

12 Months Ended

Dec. 31, 2012

Future Rental Revenues:

Schedule of future minimum rental payments to be received by the company under non-cancelable operating lease agreements

Year Ending December 31,

2013	$	498,634
2014		434,005
2015		379,362
2016		331,622
2017		274,886
Thereafter		904,295

	$	2,822,804

Commitments and Contingencies: (Tables)

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies:

Schedule of future minimum rental payments by the Company

Year Ending December 31,

2013	$	14,496
2014		13,315
2015		12,173
2016		12,201
2017		12,186
Thereafter		276,176

	$	340,547

Related Party Transactions: (Tables)

12 Months Ended

Dec. 31, 2012

Related Party Transactions:

Schedule of fees charged to unconsolidated joint ventures

	2012		2011		2010
Management Fees	$	24,007	$	26,838	$	26,781
Development and Leasing Fees		13,165		9,955		11,488

	$	37,172	$	36,793	$	38,269

Share and Unit-based Plans: (Tables)

12 Months Ended

Dec. 31, 2012

Share and Unit-based Plans:

Summary of activity of non-vested stock awards

	2012					2011					2010
	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		21,130		$	40.68		63,351		$	53.69		126,137		$	69.53
Granted		9,639			54.43		11,350			48.47		11,664			38.58
Vested		(9,845	)		35.69		(53,571	)		57.36		(74,143	)		78.48
Forfeited		—			—		—			—		(307	)		61.17

Balance at end of year		20,924		$	49.36		21,130		$	40.68		63,351		$	53.69

Summary of activity of non-vested stock units

	2012					2011					2010
	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		576,340		$	11.71		1,038,549		$	7.17		1,567,597		$	7.17
Granted		72,322			54.43		64,463			48.36		—			—
Vested		(533,985	)		8.80		(519,272	)		7.17		(529,048	)		7.17
Forfeited		—			—		(7,400	)		12.35		—			—

Balance at end of year		114,677		$	52.19		576,340		$	11.71		1,038,549		$	7.17

Summary of activity of SARs awards

	2012					2011					2010
	Units			Weighted Average Exercise Price		Units			Weighted Average Exercise Price		Units			Weighted Average Exercise Price
Balance at beginning of year		1,156,985		$	56.55		1,242,314		$	56.56		1,324,700		$	56.56
Granted		39,932			59.57		—			—		—			—
Exercised		(32,732	)		56.63		—			—		—			—
Forfeited		—			—		(85,329	)		56.63		(82,386	)		56.63

Balance at end of year		1,164,185		$	56.65		1,156,985		$	56.55		1,242,314		$	56.56

Summary of activity of non-vested LTIP Units

	2012					2011					2010
	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		190,000		$	43.30		272,226		$	50.68		252,940		$	55.50
Granted		315,000			40.53		422,631			46.48		232,632			48.89
Vested		(305,000	)		44.85		(504,857	)		49.85		(213,346	)		54.45
Forfeited		—			—		—			—		—			—

Balance at end of year		200,000		$	38.63		190,000		$	43.30		272,226		$	50.68

Summary of activity of stock options

	2012				2011					2010
	Options		Weighted Average Exercise Price		Options			Weighted Average Exercise Price		Options		Weighted Average Exercise Price
Balance at beginning of year		2,700	$	36.51		110,711		$	75.08		110,711	$	75.08
Granted		10,068		59.57		—			—		—		—
Exercised		—		—		—			—		—		—
Forfeited		—		—		(108,011	)		76.05		—		—

Balance at end of year		12,768	$	54.69		2,700		$	36.51		110,711	$	75.08

Summary of activity of non-vested phantom stock units

	2012					2011					2010
	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		15,745		$	34.84		29,783		$	34.18		—		$	—
Granted		7,896			57.29		10,534			48.51		54,602			35.33
Vested		(22,179	)		45.24		(24,572	)		39.89		(24,819	)		36.72
Forfeited		(1,462	)		33.74		—			—		—			—

Balance at end of year		—		$	—		15,745		$	34.84		29,783		$	34.18

Compensation cost under the share and unit-based plans

	2012		2011		2010
Stock awards	$	598	$	749	$	3,086
Stock units		3,379		7,526		8,048
LTIP units		9,436		8,955		12,780
SARs		583		626		2,318
Stock options		21		—		402
Phantom stock units		953		980		911

	$	14,970	$	18,836	$	27,545

Income Taxes: (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes:

Schedule of components of distributions made to common stockholders on a per share basis

	2012				2011				2010
Ordinary income	$	0.74	33.2	%	$	0.85	41.5	%	$	0.57	27.1	%
Capital gains		1.13	50.7	%		0.01	0.5	%		0.04	1.9	%
Unrecaptured Section 1250 gain		0.36	16.1	%		0.04	2.0	%		—	—
Return of capital		—	—			1.15	56.0	%		1.49	71.0	%

Dividends paid	$	2.23	100.0	%	$	2.05	100.0	%	$	2.10	100.0	%

Schedule of income tax benefit of TRSs

	2012		2011		2010
Current	$	—	$	—	$	(11	)
Deferred		4,159		6,110		9,213

Income tax benefit	$	4,159	$	6,110	$	9,202

Reconciliation of income tax benefit (provision) of the TRSs to the amount computed by applying the federal corporate tax rate

	2012			2011			2010
Book loss for TRSs	$	16,154		$	19,558		$	19,896

Tax at statutory rate on earnings from continuing operations before income taxes	$	5,493		$	6,650		$	6,765
Other		(1,334	)		(540	)		2,437

Income tax benefit	$	4,159		$	6,110		$	9,202

Schedule of tax effects of temporary differences and carryforwards of the TRSs included in net deferred tax assets

	2012			2011
Net operating loss carryforwards	$	33,781		$	29,045
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs		(1,973	)		(4,442	)
Other		1,606			2,226

Net deferred tax assets	$	33,414		$	26,829

Reconciliation of the unrecognized tax benefits

	2012		2011		2010
Unrecognized tax benefits at beginning of year	$	—	$	—	$	2,420
Gross increases for tax positions of current year		—		—		—
Gross decreases for tax positions of current year		—		—		(2,420	)

Unrecognized tax benefits at end of year	$	—	$	—	$	—

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References + Details

Quarterly Financial Data (Unaudited): (Tables)

12 Months Ended

Dec. 31, 2012

Quarterly Financial Data (Unaudited):

Summary of quarterly results of operations

	2012 Quarter Ended									2011 Quarter Ended

	Dec 31		Sep 30		Jun 30		Mar 31			Dec 31		Sep 30		Jun 30			Mar 31
Revenues(1)	$	251,165	$	215,669	$	204,545	$	214,729		$	208,479	$	193,319	$	181,299		$	185,265
Net income (loss) attributable to the Company(2)	$	174,247	$	43,893	$	133,354	$	(14,068	)	$	163,107	$	12,941	$	(19,216	)	$	34
Net income (loss) attributable to common stockholders per share—basic		1.27		0.33		1.00		(0.11	)		1.23		0.10		(0.15	)		—
Net income (loss) attributable to common stockholders per share—diluted		1.27		0.33		1.00		(0.11	)		1.23		0.10		(0.15	)		—

(1): Revenues as reported on the Company's Quarterly Reports on Form 10-Q have been reclassified to reflect adjustments for discontinued operations.
(2): Net income attributable to the Company for the fourth quarter 2012 includes a remeasurement gain of $84,227 on the purchase of FlatIron Crossing and a remeasurement gain of $115,729 on the purchase of Arrowhead Towne Center (See Note 15—Acquisitions). Net income attributable to the Company for the quarter ended December 31, 2011 includes a gain of $188,264 from the SDG Transaction (See Note 4—Investments in Unconsolidated Joint Ventures) and an impairment loss of $25,216 related to the reduction of the expected holding period of certain long-lived assets (See Note 6—Property).

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

Summary of Significant Accounting Policies: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Revenues
Increase in minimum rent due to straight-line rent adjustment	$ 6,073	$ 4,743	$ 4,079
Minimum
Revenues
Management fees as a percentage of gross monthly rental revenue	1.50%
Maximum
Revenues
Management fees as a percentage of gross monthly rental revenue	5.00%

Summary of Significant Accounting Policies: (Details 2)	12 Months Ended
Summary of Significant Accounting Policies: (Details 2)	Dec. 31, 2012
Investment in unconsolidated joint ventures
Threshold ownership percentage above which to use equity method of accounting only if no controlling financial interest	50.00%
Buildings and improvements \| Minimum
Property, Plant and Equipment
Estimated useful lives of assets	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment
Estimated useful lives of assets	40 years
Tenant improvements \| Minimum
Property, Plant and Equipment
Estimated useful lives of assets	5 years
Tenant improvements \| Maximum
Property, Plant and Equipment
Estimated useful lives of assets	7 years
Equipment and furnishings \| Minimum
Property, Plant and Equipment
Estimated useful lives of assets	5 years
Equipment and furnishings \| Maximum
Property, Plant and Equipment
Estimated useful lives of assets	7 years

Summary of Significant Accounting Policies: (Details 3) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2011 USD ($)	Dec. 31, 2012 item
Acquisitions
Number of forms of in-place operating lease intangible assets and liabilities \| item		3
Consolidated variable interest entities
Variable interest entities included in the consolidated financial statements
Redemption of noncontrolling interests \| $	$ 11,366

Summary of Significant Accounting Policies: (Details 4)	12 Months Ended
Summary of Significant Accounting Policies: (Details 4)	Dec. 31, 2012 item
Segment Information:
Number of business segments	1
Number of geographic areas in which the Company operates	1
Minimum
Deferred Charges:
Deferred lease costs, amortization period	1 year
Deferred financing costs, amortization period	1 year
Leasing commissions and legal costs, amortization period	5 years
Maximum
Deferred Charges:
Deferred lease costs, amortization period	15 years
Deferred financing costs, amortization period	15 years
Leasing commissions and legal costs, amortization period	10 years

Earnings Per Share ("EPS"): (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Numerator
Income from continuing operations									$ 297,024	$ 243,946	$ 38,770
Income (loss) from discontinued operations									69,365	(74,871)	(10,350)
Net income attributable to noncontrolling interests									(28,963)	(12,209)	(3,230)
Net income attributable to the Company	$ 174,247	$ 43,893	$ 133,354	$ (14,068)	$ 163,107	$ 12,941	$ (19,216)	$ 34	337,426	156,866	25,190
Allocation of earnings to participating securities									(577)	(1,436)	(2,615)
Numerator for basic earnings per share-net income attributable to common stockholders									336,849	155,430	22,575
Numerator for diluted earnings per share-net income attributable to common stockholders									$ 336,849	$ 155,430	$ 22,575
Denominator
Denominator for basic earnings per share-weighted average number of common shares outstanding									134,067,000	131,628,000	120,346,000
Effect of dilutive securities
Stock warrants									63,000
Share and unit based compensation									18,000
Denominator for diluted earnings per share-weighted average number of common shares outstanding									134,148,000	131,628,000	120,346,000
Earnings per common share-basic:
Income from continuing operations (in dollars per share)									$ 2.03	$ 1.70	$ 0.27
Discontinued operations (in dollars per share)									0.48	(0.52)	(0.08)
Net income attributable to common stockholders	$ 1.27	$ 0.33	$ 1.00	$ (0.11)	$ 1.23	$ 0.10	$ (0.15)		2.51	1.18	0.19
Earnings per common share-diluted:
Income from continuing operations (in dollars per share)									2.03	1.70	0.27
Discontinued operations (in dollars per share)									0.48	(0.52)	(0.08)
Net income attributable to common stockholders	$ 1.27	$ 0.33	$ 1.00	$ (0.11)	$ 1.23	$ 0.10	$ (0.15)		$ 2.51	$ 1.18	$ 0.19

Earnings Per Share ("EPS"): (Details 2) - shares	12 Months Ended
Earnings Per Share ("EPS"): (Details 2) - shares	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Convertible preferred units
Antidilutive securities
Antidilutive securities (in shares)	193,945	208,640	208,640
Stock appreciation rights ("SARs")
Antidilutive securities
Antidilutive securities (in shares)		1,203,280	1,150,172
Stock options
Antidilutive securities
Antidilutive securities (in shares)		94,685	122,500
Warrants
Antidilutive securities
Antidilutive securities (in shares)		933,650	935,358
Partnership unit
Antidilutive securities
Antidilutive securities (in shares)	10,870,454	11,356,922	11,596,953

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Investments in Unconsolidated Joint Ventures: (Details)	Dec. 31, 2012	Jun. 03, 2011	Feb. 24, 2011
Biltmore Shopping Center Partners LLC
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
Camelback Colonnade Associates LP
Investments in unconsolidated joint ventures:
Percentage ownership	73.20%
Coolidge Holding
Investments in unconsolidated joint ventures:
Percentage ownership	37.50%
Corte Madera Village, LLC
Investments in unconsolidated joint ventures:
Percentage ownership	50.10%
Superstition Springs Center
Investments in unconsolidated joint ventures:
Percentage ownership	66.70%	66.70%
Jaren Associates #4
Investments in unconsolidated joint ventures:
Percentage ownership	12.50%
Kierland Commons Investment LLC
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%		50.00%
Kierland Tower Lofts, LLC
Investments in unconsolidated joint ventures:
Percentage ownership	15.00%
La Sandia Santa Monica LLC
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
Macerich Northwestern Associates - Broadway Plaza
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
MetroRising AMS Holding LLC
Investments in unconsolidated joint ventures:
Percentage ownership	15.00%
North Bridge Chicago LLC
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
One Scottsdale Investors LLC
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
Pacific Premier Retail LP
Investments in unconsolidated joint ventures:
Percentage ownership	51.00%
Propcor Associates
Investments in unconsolidated joint ventures:
Percentage ownership	25.00%
Propcor II Associates, LLC Boulevard Shops
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
Queens Center
Investments in unconsolidated joint ventures:
Percentage ownership	51.00%
Scottsdale Fashion Square Partnership
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
The Market at Estrella Falls LLC
Investments in unconsolidated joint ventures:
Percentage ownership	39.70%
Tysons Corner LLC
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
Tysons Corner Property Holdings II LLC
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
Tysons Corner Property LLC
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
West Acres Development, LLP
Investments in unconsolidated joint ventures:
Percentage ownership	19.00%
Westcor/Gilbert, L.L.C.
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
Westcor/Queen Creek LLC
Investments in unconsolidated joint ventures:
Percentage ownership	37.90%
Westcor/Surprise Auto Park LLC
Investments in unconsolidated joint ventures:
Percentage ownership	33.30%
Wilshire Building - Tenants in Common
Investments in unconsolidated joint ventures:
Percentage ownership	30.00%
WMAP, L.L.C. Atlas Park
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
WM Inland LP
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
WM Ridgmar, L.P.
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%
Zengo Restaurant Santa Monica LLC
Investments in unconsolidated joint ventures:
Percentage ownership	50.00%

Investments in Unconsolidated Joint Ventures: (Details 2) $ in Thousands				1 Months Ended						3 Months Ended	4 Months Ended	12 Months Ended
	Oct. 26, 2012 USD ($) ft²	Oct. 03, 2012 USD ($) ft²	Aug. 10, 2012 USD ($) ft²	May 31, 2012 USD ($) ft²	Mar. 31, 2012 USD ($)	Dec. 31, 2011 USD ($) item	Jun. 30, 2011 USD ($) entity store	Apr. 30, 2011 USD ($)	Feb. 28, 2011 USD ($) ft²	Dec. 31, 2011 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Mar. 30, 2012 ft²	Dec. 30, 2011	Jun. 03, 2011 USD ($)	Feb. 24, 2011 USD ($) ft²
Investments in unconsolidated joint ventures:
Purchase price paid through assumption of debt by the Company												$ 420,123	$ 192,566
Gain (loss) on sale or remeasurement of assets												29,301	389,707	$ 576
Gain on purchase of remaining interest in property												115,729
Cash proceeds for sale of interest in property												136,707	16,960
Mortgage note assumed by purchaser as sale consideration												$ 185,000	38,968
GGP Exchange
Investments in unconsolidated joint ventures:
Purchase price funded by cash payment on acquisition																	$ 75,000
Number of anchor locations exchanged \| store							6
GGP Exchange \| Mervyn's
Investments in unconsolidated joint ventures:
Number of anchor locations exchanged \| entity							5
Superstition Springs Land
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition																	100.00%
Gain on purchase of remaining interest in property							$ 1,734						1,734
Desert Sky Mall
Investments in unconsolidated joint ventures:
Property square footage \| ft²									890,000
Purchase price on acquisition									$ 27,625
Purchase price funded by cash payment on acquisition									1,875
Purchase price paid through assumption of debt by the Company									$ 25,750
Ownership percentage in property on completion of acquisition									100.00%
Loan paid off									$ 51,500
Gain on purchase of remaining interest in property									1,868				$ 1,868
Eastland Mall
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition						100.00%				100.00%			100.00%
Lake Square Mall
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition						100.00%				100.00%			100.00%
SouthPark Mall
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition						100.00%				100.00%			100.00%
Southridge Mall
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition						100.00%				100.00%			100.00%
NorthPark Mall
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition						100.00%				100.00%			100.00%
Valley Mall
Investments in unconsolidated joint ventures:
Ownership percentage in property on completion of acquisition						100.00%				100.00%			100.00%
Kierland Commons Investment LLC
Investments in unconsolidated joint ventures:
Percentage ownership before additional interest acquired																		24.50%
Ownership percentage in joint ventures											50.00%	50.00%						50.00%
Gain (loss) on sale or remeasurement of assets									25,019
Remeasurement gain on acquisition of additional interest, pro rata share									12,510
Kierland Commons Investment LLC \| Kierland Commons
Investments in unconsolidated joint ventures:
Property square footage \| ft²																		433,000
Total purchase price																		$ 105,550
Purchase price									34,162
Purchase price paid through assumption of debt by the Company									$ 18,613
Percentage ownership by all joint venture partners before additional interest acquired																		49.00%
Total ownership percentage acquired by all joint venture partners																		100.00%
The Shops at Atlas Park
Investments in unconsolidated joint ventures:
Property square footage \| ft²									377,000
Total purchase price									$ 53,750
Ownership percentage in joint ventures									50.00%
Other joint venture partners' ownership percentage in joint ventures									50.00%
Company's share of total purchase price									$ 26,875
SDG Macerich Properties, L. P.
Investments in unconsolidated joint ventures:
Ownership percentage in joint ventures																50.00%
Other joint venture partners' ownership percentage in joint ventures																50.00%
Gain (loss) on sale or remeasurement of assets										$ 188,264			$ 366,312	$ 6
Share of gain on conveyance of Granite Run Mall								$ 7,753
Gain on purchase of remaining interest in property						$ 188,264
Number of regional shopping centers owned by investee \| item						11
Number of assets distributed to the Company \| item						6
Number of regional malls distributed by the investee to the outside partner \| item						5
Arrowhead Towne Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²	1,196,000
Purchase price on acquisition	$ 144,400
Purchase price funded by cash payment on acquisition	69,025
Purchase price paid through assumption of debt by the Company	$ 75,375
Ownership percentage in joint ventures											66.70%	66.70%					66.70%
Ownership percentage in property on completion of acquisition	33.30%
Gain (loss) on sale or remeasurement of assets											$ 115,729
Additional ownership interest acquired (as a percent)	33.00%
Gain on purchase of remaining interest in property	$ 115,729
Superstition Springs Center
Investments in unconsolidated joint ventures:
Ownership percentage in joint ventures											66.70%	66.70%					66.70%
Additional ownership interest acquired (as a percent)							33.30%
Chandler Village Center, LLC
Investments in unconsolidated joint ventures:
Property square footage \| ft²															273,000
Percentage of ownership interest sold					50.00%
Consideration received on sale of joint venture interest					$ 14,795
Gain on sale of investments in unconsolidated entity												$ 8,185
Cash proceeds for sale of interest in property					6,045
Mortgage note assumed by purchaser as sale consideration					$ 8,750
Chandler Festival
Investments in unconsolidated joint ventures:
Property square footage \| ft²															500,000
Percentage of ownership interest sold					50.00%
Consideration received on sale of joint venture interest					$ 30,975
Gain on sale of investments in unconsolidated entity												12,347
Cash proceeds for sale of interest in property					16,183
Mortgage note assumed by purchaser as sale consideration					14,792
SanTan Village Power Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²															491,000
Gain (loss) on sale or remeasurement of assets					23,307
Loan paid off					45,000
Proceeds from sale of property					54,780
Gain on sale of property, pro rata share					11,504
Cash distributed to the partners					9,780
Gain on sale of property, pro rata share included in net income attributable to noncontrolling interests					$ 3,566
Chandler Gateway
Investments in unconsolidated joint ventures:
Property square footage \| ft²				260,000
Percentage of ownership interest sold				50.00%
Consideration received on sale of joint venture interest				$ 14,315
Gain on sale of investments in unconsolidated entity												3,365
Cash proceeds for sale of interest in property				4,921
Mortgage note assumed by purchaser as sale consideration				$ 9,394
NorthPark Center
Investments in unconsolidated joint ventures:
Property square footage \| ft²			1,946,000
Purchase price			$ 118,810
Gain on sale of investments in unconsolidated entity												24,590
FlatIron Crossing
Investments in unconsolidated joint ventures:
Property square footage \| ft²		1,443,000
Purchase price on acquisition		$ 310,397
Purchase price funded by cash payment on acquisition		195,900
Purchase price paid through assumption of debt by the Company		$ 114,497
Gain (loss) on sale or remeasurement of assets											$ 84,227
Additional ownership interest acquired (as a percent)		75.00%
Gain on purchase of remaining interest in property												$ 84,227

Investments in Unconsolidated Joint Ventures: (Details 3) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Assets of unconsolidated joint ventures:
Properties, net	$ 4,328,953	$ 3,653,631	$ 4,328,953
Other assets	469,039	411,862	469,039
Total assets	4,797,992	4,065,493	4,797,992
Liabilities and partners' capital of unconsolidated joint ventures:
Mortgage notes payable	3,896,418	3,240,723	3,896,418
Other liabilities	161,827	148,711	161,827
Company's capital	327,461	304,477	327,461
Outside partners' capital	412,286	371,582	412,286
Total liabilities and partners' capital	4,797,992	4,065,493	4,797,992
Investments in unconsolidated joint ventures:
Company's capital	327,461	304,477	327,461
Basis adjustment	700,414	516,833	700,414
Investments in unconsolidated joint ventures	1,027,875	821,310	1,027,875
Investments in unconsolidated joint ventures	1,098,560	974,258	1,098,560
Liabilities - Distributions in excess of investments in unconsolidated joint ventures	(70,685)	(152,948)	(70,685)
Investments in unconsolidated joint ventures, net of distributions in excess of investments	1,027,875	821,310	1,027,875
Mortgage notes payable that could become recourse debt to the Company	380,354	51,171	380,354
Indemnity of guaranteed amount	182,638	21,270	182,638
Amortization of difference between cost of investments and book value of underlying equity		15,480	9,257	$ 7,327
Revenues of unconsolidated joint ventures:
Minimum rents		512,002	633,646	635,347
Percentage rents		23,087	31,425	28,885
Tenant recoveries		250,168	309,735	316,788
Other		46,239	49,720	44,744
Total revenues		831,496	1,024,526	1,025,764
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses		287,234	364,260	366,668
Interest expense		199,916	260,093	270,305
Depreciation and amortization		177,997	215,667	210,664
Total operating expenses		665,147	840,020	847,637
Gain on sale or distribution of assets		29,301	389,707	576
Gain (loss) on early extinguishment of debt			15,704	(1,352)
Net income		195,650	589,917	177,351
Company's equity in net income		79,281	294,677	79,529
Northwestern Mutual Life ("NML")
Investments in unconsolidated joint ventures:
Mortgage notes payable to affiliate	663,543	436,857	663,543
Interest expense on borrowings from related party		43,732	42,451	40,876
SDG Macerich Properties, L. P.
Revenues of unconsolidated joint ventures:
Minimum rents			84,523	90,187
Percentage rents			4,742	4,411
Tenant recoveries			43,845	44,651
Other			3,668	3,653
Total revenues			136,778	142,902
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses			51,037	51,004
Interest expense			41,300	46,530
Depreciation and amortization			27,837	30,796
Total operating expenses			120,174	128,330
Gain on sale or distribution of assets	188,264		366,312	6
Gain (loss) on early extinguishment of debt			15,704
Net income			398,620	14,578
Company's equity in net income			204,439	7,290
Pacific Premier Retail LP
Assets of unconsolidated joint ventures:
Total assets	1,078,226	1,039,742	1,078,226
Investments in unconsolidated joint ventures:
Total liabilities	1,005,479	942,370	1,005,479
Revenues of unconsolidated joint ventures:
Minimum rents		132,247	133,191	131,204
Percentage rents		5,390	6,124	5,487
Tenant recoveries		56,397	55,088	50,626
Other		5,650	5,248	6,688
Total revenues		199,684	199,651	194,005
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses		59,329	59,723	55,680
Interest expense		52,139	50,174	51,796
Depreciation and amortization		43,031	41,448	38,928
Total operating expenses		154,499	151,345	146,404
Gain on sale or distribution of assets		90		468
Gain (loss) on early extinguishment of debt				(1,352)
Net income		45,275	48,306	46,717
Company's equity in net income		23,026	24,568	23,972
Tysons Corner LLC
Assets of unconsolidated joint ventures:
Total assets	339,324	409,622	339,324
Investments in unconsolidated joint ventures:
Total liabilities	$ 319,247	329,145	319,247
Revenues of unconsolidated joint ventures:
Minimum rents		63,569	63,950	59,587
Percentage rents		1,929	2,068	1,585
Tenant recoveries		44,225	41,286	38,162
Other		3,341	3,061	2,975
Total revenues		113,064	110,365	102,309
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses		35,244	34,519	32,025
Interest expense		11,481	14,237	16,204
Depreciation and amortization		19,798	20,115	18,745
Total operating expenses		66,523	68,871	66,974
Net income		46,541	41,494	35,335
Company's equity in net income		17,969	16,209	13,917
Other Joint Ventures
Revenues of unconsolidated joint ventures:
Minimum rents		316,186	351,982	354,369
Percentage rents		15,768	18,491	17,402
Tenant recoveries		149,546	169,516	183,349
Other		37,248	37,743	31,428
Total revenues		518,748	577,732	586,548
Expenses of unconsolidated joint ventures:
Shopping center and operating expenses		192,661	218,981	227,959
Interest expense		136,296	154,382	155,775
Depreciation and amortization		115,168	126,267	122,195
Total operating expenses		444,125	499,630	505,929
Gain on sale or distribution of assets		29,211	23,395	102
Net income		103,834	101,497	80,721
Company's equity in net income		$ 38,286	$ 49,461	$ 34,350

Derivative Instruments and Hedging Activities: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Derivative Instruments and Hedging Activities:
Other comprehensive income related to marking-to-market of interest rate agreements	$ 3,237	$ 22,160
Interest rate swap agreement
Derivatives
Fair Value		$ 3,237

- Definition

+ References

+ Details

Property: (Details) - USD ($) $ in Thousands	12 Months Ended
Property: (Details) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Property:
Land	$ 1,572,621	$ 1,273,649
Buildings and improvements	6,417,674	5,440,394
Tenant improvements	496,203	442,862
Equipment and furnishings	149,959	123,098
Construction in progress	376,249	209,732
Total	9,012,706	7,489,735
Less accumulated depreciation	(1,533,160)	(1,410,692)
Property, net	7,479,546	6,079,043
Depreciation expenses	$ 237,508	$ 209,400	$ 190,353

Property: (Details 2) - USD ($) $ in Thousands			1 Months Ended		12 Months Ended
Property: (Details 2) - USD ($) $ in Thousands	Oct. 26, 2012	Oct. 03, 2012	Jun. 30, 2011	Feb. 28, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Jun. 03, 2011
Purchase of interest in property
Remeasurement gain on acquisition of additional interest					$ 115,729
Write off of development cost					19,204
Impairment charge						$ 25,216
Loss on sale of assets					390	423	$ 497
Fiesta Mall
Purchase of interest in property
Impairment charge					24,555
Desert Sky Mall
Purchase of interest in property
Remeasurement gain on acquisition of additional interest				$ 1,868		$ 1,868
Ownership percentage purchased				50.00%		50.00%
Superstition Springs Land
Purchase of interest in property
Remeasurement gain on acquisition of additional interest			$ 1,734			$ 1,734
Ownership percentage purchased			50.00%					50.00%
FlatIron Crossing
Purchase of interest in property
Remeasurement gain on acquisition of additional interest		$ 84,227			$ 84,227
Ownership percentage purchased		75.00%			75.00%
Arrowhead Towne Center
Purchase of interest in property
Remeasurement gain on acquisition of additional interest	$ 115,729				$ 115,729
Ownership percentage purchased	33.30%				33.30%

Marketable Securities: (Details) - USD ($) $ in Thousands	12 Months Ended
Marketable Securities: (Details) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Marketable Securities:
Government debt securities, at par value	$ 23,769	$ 25,147
Less discount	(102)	(314)
Government debt securities, net	23,667	24,833
Unrealized gain	685	1,803
Fair value	$ 24,352	$ 26,636
Maximum future contractual maturity of marketable securities	1 year

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX210.4-08(b))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.6)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5086-111524

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Section 563c.102
-Paragraph 4
-Chapter V
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

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

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph i
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph b
-Article 4

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 18, 19
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Tenant and Other Receivables: (Details) $ in Thousands		12 Months Ended
Tenant and Other Receivables: (Details) $ in Thousands	Mar. 27, 2012 USD ($) item	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Tenant and Other Receivables:
Allowance for doubtful accounts		$ 2,374	$ 4,626
Components of tenant and other receivables, net
Deferred rent receivable due to straight-line rent adjustments		49,129	47,343
Accrued percentage rents
Components of tenant and other receivables, net
Accounts receivable		$ 9,168	7,583
Note receivable secured by deed of trust
Components of tenant and other receivables, net
Note receivable, interest rate (as a percent)		5.50%
Notes receivable		$ 8,502	8,743
Note receivable from Pederson
Components of tenant and other receivables, net
Note receivable, interest rate (as a percent)		11.60%
Notes receivable		$ 3,445	3,445
Interest income on notes receivable		$ 518	$ 413	$ 138
Note receivable from AWE Talisman Company
Components of tenant and other receivables, net
Note receivable, interest rate (as a percent)	5.00%
Notes receivable	$ 12,500
Number of notes receivable \| item	2
Interest income on notes receivable	$ 478

Deferred Charges and Other Assets, net: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Deferred Charges and Other Assets, net:
Leasing	$ 234,498	$ 281,340
Financing	42,868	40,638
Intangible assets:
In-place lease values	175,735	121,320
Leasing commissions and legal costs	46,419	32,242
Above-market leases	118,033	97,297
Deferred tax assets	33,414	26,829
Deferred compensation plan assets	24,670	20,646
Acquisition deposit	30,000
Other assets	72,811	53,824
Deferred charges and other assets, gross	778,448	674,136
Less accumulated amortization	(213,318)	(190,373)
Deferred charges and other assets, net	565,130	483,763
Accumulated amortization for in-place lease values, leasing commissions and legal costs	62,792	56,946
Amortization expense for intangible assets	$ 33,517	$ 15,492	$ 14,886

Deferred Charges and Other Assets, net: (Details 2) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Allocated values of leases
Less accumulated amortization	$ (62,792)	$ (56,946)
Allocated value net	159,362
Estimated amortization of above-market leases and below-market leases for next the five years and thereafter
2013	37,127
2014	24,992
2015	17,628
2016	13,608
2017	11,026
Thereafter	54,981
Allocated value net	159,362
Above-Market Leases
Allocated values of leases
Original allocated value	118,033	97,297
Less accumulated amortization	(46,361)	(39,057)
Allocated value net	71,672	58,240
Estimated amortization of above-market leases and below-market leases for next the five years and thereafter
2013	13,021
2014	11,177
2015	9,484
2016	7,479
2017	6,138
Thereafter	24,373
Allocated value net	71,672	58,240
Below-Market Leases
Allocated values of leases
Original allocated value	(164,489)	(156,778)
Less accumulated amortization	77,131	91,400
Allocated value net	(87,358)	(65,378)
Estimated amortization of above-market leases and below-market leases for next the five years and thereafter
2013	(18,309)
2014	(14,485)
2015	(10,629)
2016	(8,254)
2017	(6,390)
Thereafter	(29,291)
Allocated value net	$ (87,358)	$ (65,378)

Mortgage Notes Payable: (Details) - USD ($) $ in Thousands														12 Months Ended
Mortgage Notes Payable: (Details) - USD ($) $ in Thousands	Jan. 03, 2013	Dec. 28, 2012	Dec. 05, 2012	Nov. 28, 2012	Oct. 26, 2012	Oct. 26, 2012	Sep. 17, 2012	Sep. 06, 2012	Jun. 29, 2012	May 17, 2012	Mar. 30, 2012	Mar. 23, 2012	Feb. 01, 2012	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Oct. 03, 2012
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party														$ 274,609	$ 279,430
Others														4,162,734	3,049,008
Debt premiums (discounts), net														29,864	7,841
Interest expense capitalized														10,703	11,905	$ 25,664
Fair value of mortgage notes payable														$ 4,567,658	3,477,483
Period of loan maturities expected to be refinanced, restructured, extended or paid-off														12 months
Arrowhead Towne Center
Mortgage loans payable on real estate
Ownership percentage purchased						33.30%
Arrowhead Towne Center
Mortgage loans payable on real estate
Others														$ 243,176
Effective Interest Rate (as a percent)														2.76%
Monthly Debt Service														$ 1,131
Debt premiums														17,716
Fair value of loan assumed on acquisition					$ 244,403	$ 244,403
Chandler Fashion Center
Mortgage loans payable on real estate
Others														$ 200,000	155,489
Effective Interest Rate (as a percent)														3.77%
Monthly Debt Service														$ 625
Interest in the loan assumed by a third party (as a percent)														49.90%
Debt issued									$ 200,000
Interest rate on debt (as a percent)									3.77%
Chesterfield Towne Center
Mortgage loans payable on real estate
Others														$ 110,000
Effective Interest Rate (as a percent)														4.80%
Monthly Debt Service														$ 573
Debt issued							$ 110,000
Danbury Fair Mall
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party														119,823	122,382
Others														$ 119,823	122,381
Effective Interest Rate (as a percent)														5.53%
Monthly Debt Service														$ 1,538
Deptford Mall One
Mortgage loans payable on real estate
Others														$ 205,000	172,500
Effective Interest Rate (as a percent)														3.76%
Monthly Debt Service														$ 948
Debt discounts														(19)	(25)
Debt issued			$ 205,000
Deptford Mall Two
Mortgage loans payable on real estate
Others														$ 14,800	15,030
Effective Interest Rate (as a percent)														6.46%
Monthly Debt Service														$ 101
Eastland Mall
Mortgage loans payable on real estate
Others														$ 168,000	168,000
Effective Interest Rate (as a percent)														5.79%
Monthly Debt Service														$ 811
Fashion Outlets of Chicago
Mortgage loans payable on real estate
Others														$ 9,165
Effective Interest Rate (as a percent)														3.00%
Monthly Debt Service														$ 22
Mortgage notes payable, maximum borrowings														$ 140,000
Interest rate basis														LIBOR
Interest rate spread over basis (as a percent)														2.50%
Fashion Outlets of Niagara Falls USA
Mortgage loans payable on real estate
Others														$ 126,584	129,025
Effective Interest Rate (as a percent)														4.89%
Monthly Debt Service														$ 727
Debt premiums														7,270	8,198
Fiesta Mall
Mortgage loans payable on real estate
Others														$ 84,000	84,000
Effective Interest Rate (as a percent)														4.98%
Monthly Debt Service														$ 341
Flagstaff Mall
Mortgage loans payable on real estate
Others														$ 37,000	37,000
Effective Interest Rate (as a percent)														5.03%
Monthly Debt Service														$ 151
FlatIron Crossing
Mortgage loans payable on real estate
Others														$ 173,561
Effective Interest Rate (as a percent)														1.96%
Monthly Debt Service														$ 1,102
Debt premiums														5,232
Fair value of loan assumed on acquisition																	$ 175,720
Freehold Raceway Mall
Mortgage loans payable on real estate
Others														$ 232,900	232,900
Effective Interest Rate (as a percent)														4.20%
Monthly Debt Service														$ 805
Interest in the loan assumed by a third party (as a percent)														49.90%
Fresno Fashion Fair
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party														$ 80,601	81,733
Others														$ 80,602	81,734
Effective Interest Rate (as a percent)														6.76%
Monthly Debt Service														$ 1,104
Great Northern Mall
Mortgage loans payable on real estate
Others														$ 36,395	37,256
Effective Interest Rate (as a percent)														5.19%
Monthly Debt Service														$ 234
Debt discounts														(28)	(55)
Kings Plaza
Mortgage loans payable on real estate
Others														$ 354,000
Effective Interest Rate (as a percent)														3.67%
Monthly Debt Service														$ 2,229
Debt issued				$ 354,000
Mortgage notes payable, maximum borrowings														500,000
Kings Plaza \| Subsequent event
Mortgage loans payable on real estate
Debt issued	$ 146,000
Northgate Mall
Mortgage loans payable on real estate
Others														$ 64,000	$ 38,115
Effective Interest Rate (as a percent)														3.09%	7.00%
Monthly Debt Service														$ 132
Debt issued												$ 25,885
Interest rate basis														LIBOR
Interest rate spread over basis (as a percent)														2.25%
The Oaks
Mortgage loans payable on real estate
Others														$ 218,119	$ 257,264
Effective Interest Rate (as a percent)														4.14%
Monthly Debt Service														$ 1,064
Debt issued										$ 220,000
Pacific View
Mortgage loans payable on real estate
Others														$ 138,367
Effective Interest Rate (as a percent)														4.08%
Monthly Debt Service														$ 668
Debt issued											$ 140,000
Paradise Valley Mall
Mortgage loans payable on real estate
Others														$ 81,000	84,000
Effective Interest Rate (as a percent)														6.30%
Monthly Debt Service														$ 625
Interest rate basis														LIBOR
Interest rate spread over basis (as a percent)														4.00%
Debt interest rate floor (as a percent)														5.50%
Prescott Gateway
Mortgage loans payable on real estate
Others															60,000
Promenade at Casa Grande
Mortgage loans payable on real estate
Others														$ 73,700	76,598
Effective Interest Rate (as a percent)														5.21%
Monthly Debt Service														$ 280
Interest rate basis														LIBOR
Interest rate spread over basis (as a percent)														4.00%
Interest rate basis floor (as a percent)														0.50%
Salisbury Center
Mortgage loans payable on real estate
Others														$ 115,000	115,000
Effective Interest Rate (as a percent)														5.83%
Monthly Debt Service														$ 555
Santa Monica Place
Mortgage loans payable on real estate
Others														$ 240,000
Effective Interest Rate (as a percent)														2.99%
Monthly Debt Service														$ 1,004
Debt issued		$ 240,000
SanTan Village Regional Center.
Mortgage loans payable on real estate
Others														$ 138,087	$ 138,087
Effective Interest Rate (as a percent)														2.61%	2.69%
Monthly Debt Service														$ 266
Interest rate basis														LIBOR
Interest rate spread over basis (as a percent)														2.10%
South Plains Mall
Mortgage loans payable on real estate
Others														$ 101,340	$ 102,760
Effective Interest Rate (as a percent)														6.57%
Monthly Debt Service														$ 648
South Towne center
Mortgage loans payable on real estate
Others														$ 85,247	86,525
Effective Interest Rate (as a percent)														6.39%
Monthly Debt Service														$ 554
Towne Mall
Mortgage loans payable on real estate
Others														$ 23,369	12,801
Effective Interest Rate (as a percent)														4.48%
Monthly Debt Service														$ 117
Debt premiums															88
Debt issued					$ 23,400
Tucson La Encantada
Mortgage loans payable on real estate
Carrying Amount of Mortgage Notes, Related Party														$ 74,185	75,315
Effective Interest Rate (as a percent)														4.23%
Monthly Debt Service														$ 368
Debt issued													$ 75,135
Twenty Ninth Street
Mortgage loans payable on real estate
Others														$ 107,000	$ 107,000
Effective Interest Rate (as a percent)														3.04%	3.12%
Monthly Debt Service														$ 252
Interest rate basis														LIBOR
Interest rate spread over basis (as a percent)														2.63%
Valley Mall
Mortgage loans payable on real estate
Others														$ 42,891	$ 43,543
Effective Interest Rate (as a percent)														5.85%
Monthly Debt Service														$ 280
Debt discounts														(307)	(365)
Valley River Center
Mortgage loans payable on real estate
Others														$ 120,000	120,000
Effective Interest Rate (as a percent)														5.59%
Monthly Debt Service														$ 558
Valley View Center
Mortgage loans payable on real estate
Others															125,000
Victor Valley, Mall
Mortgage loans payable on real estate
Others														$ 90,000	$ 97,000
Effective Interest Rate (as a percent)														2.12%	2.13%
Monthly Debt Service														$ 137
Interest rate basis														LIBOR
Interest rate spread over basis (as a percent)														2.25%
Vintage Faire Mall
Mortgage loans payable on real estate
Others														$ 135,000	$ 135,000
Effective Interest Rate (as a percent)														3.51%	3.56%
Monthly Debt Service														$ 352
Interest rate basis														LIBOR
Interest rate spread over basis (as a percent)														3.00%
Westside Pavilion
Mortgage loans payable on real estate
Others														$ 154,608	$ 175,000
Effective Interest Rate (as a percent)														4.49%
Monthly Debt Service														$ 783
Debt issued								$ 155,000
Wilton Mall
Mortgage loans payable on real estate
Others														$ 40,000	$ 40,000
Effective Interest Rate (as a percent)														1.22%	1.28%
Monthly Debt Service														$ 32
Interest rate basis														LIBOR
Interest rate spread over basis (as a percent)														0.675%
Deposit maintained with the lender														$ 40,000

Mortgage Notes Payable: (Details 2) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Future maturities of mortgage notes payable
Debt premium, net	$ 29,864	$ 7,841
Total	4,437,343	$ 3,328,438
Mortgage notes payable
Future maturities of mortgage notes payable
2013	511,366
2014	231,183
2015	646,787
2016	617,266
2017	128,890
Thereafter	2,271,987
Long term debt including debt premium	4,407,479
Debt premium, net	29,864
Total	$ 4,437,343

Bank and Other Notes Payable: (Details) $ in Thousands		1 Months Ended			12 Months Ended
Bank and Other Notes Payable: (Details) $ in Thousands	Mar. 15, 2012 USD ($)	Dec. 31, 2011 USD ($)	Nov. 30, 2011	Mar. 31, 2007 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 08, 2011	May 02, 2011 USD ($)	Apr. 25, 2011 USD ($)
Bank and other notes payable
Repurchase of convertible senior notes						$ 180,314	$ 18,191
Gain (loss) on early extinguishment of debt						(10,588)	3,661
Senior Notes
Bank and other notes payable
Debt issued				$ 950,000
Interest rate on debt (as a percent)					3.25%
Conversion rate per $1 principal amount					0.0089702
Repurchase and retirement of debt						180,314	18,468
Repurchase of convertible senior notes						180,792	18,283
Gain (loss) on early extinguishment of debt						(1,449)	$ (489)
Debt, carrying value		$ 437,788				437,788
Debt, unamortized discount		$ 1,530				$ 1,530
Effective interest rate (as a percent)		5.41%			5.41%	5.41%
Debt, fair value		$ 437,788				$ 437,788
Revolving line of credit									$ 1,500,000
Reference rate for variable interest rate					LIBOR
Term of extension					1 year
Repayment of Senior Notes	$ 439,318
Line of Credit
Bank and other notes payable
Revolving line of credit										$ 1,500,000
Reference rate for variable interest rate					LIBOR
Variable interest rate spread (as a percent)					2.00%
Line of credit, average interest rate (as a percent)					2.76%	2.96%
Outstanding borrowings under the line of credit		290,000			$ 675,000	$ 290,000
Maximum expanded revolving line of credit					2,000,000
Fair value of outstanding line of credit		292,366			$ 675,107	$ 292,366
Line of Credit \| Low end of range
Bank and other notes payable
Variable interest rate spread (as a percent)									1.75%	0.75%
Line of Credit \| High end of range
Bank and other notes payable
Variable interest rate spread (as a percent)									3.00%	1.10%
Unsecured term loan
Bank and other notes payable
Debt issued		$ 125,000
Reference rate for variable interest rate			LIBOR		LIBOR
Variable interest rate spread (as a percent)					2.20%
Interest rate (as a percent)		2.42%			2.57%	2.42%
Fair value of debt		$ 120,019			$ 121,821	$ 120,019
Unsecured term loan \| Low end of range
Bank and other notes payable
Variable interest rate spread (as a percent)								1.95%
Unsecured term loan \| High end of range
Bank and other notes payable
Variable interest rate spread (as a percent)								3.20%
Greeley Note
Bank and other notes payable
Debt, carrying value		24,848			$ 24,027	24,848
Effective interest rate (as a percent)					6.34%
Debt, fair value		$ 26,510			$ 24,685	$ 26,510

Bank and Other Notes Payable: (Details 2) - Bank and other notes payable $ in Thousands	Dec. 31, 2012 USD ($)
Future maturities of bank and other notes payable
2013	$ 24,027
2016	675,000
Thereafter	125,000
Long term debt including debt premium	$ 824,027

Co-Venture Arrangement: (Details) $ in Thousands	1 Months Ended	12 Months Ended
Co-Venture Arrangement: (Details) $ in Thousands	Sep. 30, 2009 USD ($) $ / shares shares	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Co-Venture Arrangement:
Cash proceeds for sale of interest in property		$ 136,707	$ 16,960
Co-venture obligation		$ 92,215	$ 125,171
Freehold Raceway Mall and Chandler Fashion Center
Co-Venture Arrangement:
Interest sold to third party (as a percent)	49.90%
Number of common shares available for purchase under warrant \| shares	935,358
Exercise price of stock warrants (in dollars per share) \| $ / shares	46.68
Cash proceeds for sale of interest in property	$ 174,650
Proceeds attributed to the warrants	6,496
Co-venture obligation	$ 168,154

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 25
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7656322&loc=d3e4724-112606

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Warrant
-URI http://asc.fasb.org/extlink&oid=6528364

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 14
-Paragraph 16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Noncontrolling Interests: (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Sep. 13, 2011
Noncontrolling Interests:
Ownership interest in operating partnership (as a percent)	93.00%	92.00%
Limited partnership interest of the operating partnership (as a percent)	7.00%	8.00%
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Number of trading days used to calculate redemption value	10 days
Redemption value of outstanding OP Units not owned by the Company	$ 586,409	$ 554,341
Outside ownership interests in Shoppingtown Mall, purchase option			$ 11,366

Stockholders' Equity: (Details) $ / shares in Units, $ in Thousands							1 Months Ended			12 Months Ended
	Oct. 24, 2012 USD ($) shares	Apr. 10, 2012 USD ($) shares	Apr. 23, 2010 shares	Apr. 20, 2010 shares	Mar. 22, 2010 $ / shares shares	Mar. 12, 2010 $ / shares	May 31, 2010 USD ($)	Apr. 30, 2010 USD ($) $ / shares shares	Sep. 30, 2009 USD ($) $ / shares shares	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($) shares	Dec. 31, 2010 USD ($)	Sep. 03, 2009 warrant shares
Stock Dividend:
Common shares issued in connection with quarterly dividend					1,449,542
Dividend declared (in dollars per share) \| $ / shares					$ 0.60
Percentage of cash component in aggregate dividend declared					10.00%
Cash component of dividend declared (in dollars per share) \| $ / shares					$ 0.06
Threshold percentage of cash election to prorate cash portion of dividend payment					10.00%
Minimum cash dividend paid in case of cash election (in dollars per share) \| $ / shares					$ 0.06
Percentage of cash portion of dividend in case of non election					10.00%
Percentage of share portion of dividend in case of non election					90.00%
Weighted average common stock trading price used to calculate shares issued as dividends (in dollars per share) \| $ / shares						$ 38.53
Stock Offerings:
Number of newly issued shares				30,000,000
Additional stock offering (in shares)			1,000,000
Total stock offering (in shares)								31,000,000
Initial purchase price of common stock per share (in dollars per share) \| $ / shares								$ 41.00
Net proceeds of stock offering \| $								$ 1,220,829		$ 175,649		$ 1,220,829
Freehold Raceway Mall and Chandler Fashion Center
Stock Warrants:
Number of shares of warrants exercised	311,786	311,786									311,786
Aggregate number of common shares available for purchase under warrants									935,358
Value of stock warrants \| $									$ 6,496
Exercise of stock warrants \| $	$ 3,922	$ 3,448									$ 1,278
Exercise price of stock warrants (in dollars per share) \| $ / shares									46.68
FlatIron Crossing
Stock Warrants:
Number of warrants issued in connection with the sale of ownership interest \| warrant													3
Sale of ownership interest (as a percent)													75.00%
Aggregate number of common shares available for purchase under warrants													1,250,000
Value of stock warrants \| $									$ 8,068
Duration of warrants issued									3 years
Exercise of stock warrants \| $							$ 17,589

Stockholders' Equity: (Details 2) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 28, 2012 USD ($) item shares	Dec. 31, 2012 USD ($) $ / shares	Aug. 17, 2012 USD ($) $ / shares	Dec. 31, 2011 $ / shares
Stock Offerings
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01		$ 0.01
Value of restricted shares issued for acquisition		$ 30,000
Kings Plaza
Stock Offerings
Restricted common stock issued for acquisition (in shares) \| shares	535,265
Value of restricted shares issued for acquisition	$ 30,000
Number or trading days used to value restricted stock issued for acquisition \| item	10
At-The-Market Stock Offering Program
Stock Offerings
Common stock, par value (in dollars per share) \| $ / shares			$ 0.01
Maximum price of common stock available to be issued		322,104	$ 500,000
Maximum commission to sales agent (as a percent)			2.00%
Proceeds from sale		$ 177,896

Acquisitions: (Details)					1 Months Ended			12 Months Ended
Acquisitions: (Details)	Jan. 03, 2013 USD ($)	Nov. 28, 2012 USD ($) ft²	Oct. 26, 2012 USD ($) ft²	Oct. 03, 2012 USD ($) ft²	Jul. 31, 2011 USD ($)	Jun. 30, 2011 USD ($)	Feb. 28, 2011 USD ($) ft²	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Feb. 29, 2012 USD ($) ft²	Jul. 22, 2011 USD ($) ft²	Jun. 03, 2011 USD ($)	Apr. 29, 2011 USD ($)
Acquisition
Purchase price paid through assumption of debt by the Company								$ 420,123,000	$ 192,566,000
Business combination
Carrying value of investment								(974,258,000)	(1,098,560,000)
Gain on remeasurement								115,729,000
Pro forma information
Revenue								1,000,983,000	918,362,000
Income from continuing operations								94,335,000	$ 230,668,000
Desert Sky Mall
Acquisition
Additional ownership interest (as a percent)							50.00%		50.00%
Property square footage \| ft²							890,000
Purchase price on acquisition							$ 27,625,000
Ownership interest at completion of acquisition (as a percent)							100.00%
Purchase price funded by cash payment on acquisition							$ 1,875,000
Purchase price paid through assumption of debt by the Company							25,750,000
Payment of mortgage note							51,500,000
Allocation of the fair value
Property							46,603,000
Deferred charges							5,474,000
Cash and cash equivalents							6,057,000
Tenant receivables							202,000
Other assets							4,481,000
Total assets acquired							62,817,000
Mortgage note payable							51,500,000
Accounts payable							33,000
Other accrued liabilities							3,017,000
Total liabilities assumed							54,550,000
Fair value of acquired net assets (at 100% ownership)							8,267,000
Business combination
Fair value of existing ownership interest (at 25% ownership)							4,164,000
Carrying value of investment							(2,296,000)
Gain on remeasurement							$ 1,868,000		$ 1,868,000
Superstition Springs Land
Acquisition
Additional ownership interest (as a percent)						50.00%						50.00%
Ownership interest at completion of acquisition (as a percent)												100.00%
Business combination
Fair value of existing ownership interest (at 25% ownership)												$ 12,914,000
Gain on remeasurement						$ 1,734,000			1,734,000
Fashion Outlets of Niagara
Acquisition
Property square footage \| ft²											530,000
Purchase price on acquisition											$ 200,000,000
Purchase price funded by cash payment on acquisition											78,579,000
Purchase price paid through assumption of debt by the Company					$ 121,421,000
Increase in purchase price due to contingent consideration, high end of range											218,322,000
Fair value of contingent consideration								16,083,000	$ 14,786,000
Allocation of the fair value
Property											228,720,000
Deferred charges											10,383,000
Restricted cash											5,367,000
Other assets											3,090,000
Total assets acquired											247,560,000
Mortgage note payable											130,006,000
Accounts payable											231,000
Other accrued liabilities											38,037,000
Total liabilities assumed											168,274,000
Fair value of acquired net assets (at 100% ownership)											$ 79,286,000
SDG Acquisition Properties
Acquisition
Ownership interest at completion of acquisition (as a percent)									100.00%
Allocation of the fair value
Property									$ 371,344,000
Deferred charges									30,786,000
Tenant receivables									10,048,000
Other assets									32,826,000
Total assets acquired									445,004,000
Mortgage note payable									211,543,000
Accounts payable									10,416,000
Other accrued liabilities									18,578,000
Total liabilities assumed									240,537,000
Fair value of acquired net assets (at 100% ownership)									$ 204,467,000
Kohl's store at Capitola Mall
Acquisition
Purchase price on acquisition													$ 28,500,000
500 North Michigan Avenue:
Acquisition
Property square footage \| ft²										327,000
Purchase price on acquisition										$ 70,925,000
Allocation of the fair value
Property										66,033,000
Deferred charges										7,450,000
Other assets										2,143,000
Total assets acquired										75,626,000
Other accrued liabilities										4,701,000
Total liabilities assumed										4,701,000
Fair value of acquired net assets (at 100% ownership)										$ 70,925,000
Business combination
Incremental revenue generated from acquired property								7,570,000
Incremental earnings (loss) of acquired property								$ (502,000)
FlatIron Crossing
Acquisition
Additional ownership interest (as a percent)				75.00%				75.00%
Property square footage \| ft²				1,443,000
Purchase price on acquisition				$ 310,397,000
Ownership interest at completion of acquisition (as a percent)				100.00%
Fair value of existing ownership interest (as a percent)				25.00%
Purchase price funded by cash payment on acquisition				$ 195,900,000
Purchase price paid through assumption of debt by the Company				114,497,000
Payment of mortgage note				114,497,000
Allocation of the fair value
Property				443,391,000
Deferred charges				25,251,000
Cash and cash equivalents				3,856,000
Other assets				2,101,000
Total assets acquired				474,599,000
Mortgage note payable				175,720,000
Accounts payable				366,000
Other accrued liabilities				11,071,000
Total liabilities assumed				187,157,000
Fair value of acquired net assets (at 100% ownership)				287,442,000
Business combination
Fair value of existing ownership interest (at 25% ownership)				91,542,000
Carrying value of investment				(33,382,000)
Prior gain deferral recognized				26,067,000
Gain on remeasurement				$ 84,227,000				$ 84,227,000
Incremental revenue generated from acquired property								11,601,000
Incremental earnings (loss) of acquired property								$ 1,643,000
Arrowhead Towne Center
Acquisition
Additional ownership interest (as a percent)			33.30%					33.30%
Property square footage \| ft²			1,196,000
Purchase price on acquisition			$ 144,400,000
Ownership interest at completion of acquisition (as a percent)			100.00%
Fair value of existing ownership interest (as a percent)			66.70%
Purchase price funded by cash payment on acquisition			$ 69,025,000
Purchase price paid through assumption of debt by the Company			75,374,000
Allocation of the fair value
Property			423,349,000
Deferred charges			31,500,000
Restricted cash			4,009,000
Tenant receivables			926,000
Other assets			4,234,000
Total assets acquired			464,018,000
Mortgage note payable			244,403,000
Accounts payable			815,000
Other accrued liabilities			10,449,000
Total liabilities assumed			255,667,000
Fair value of acquired net assets (at 100% ownership)			208,351,000
Business combination
Fair value of existing ownership interest (at 25% ownership)			139,326,000
Carrying value of investment			(23,597,000)
Gain on remeasurement			$ 115,729,000					$ 115,729,000
Incremental revenue generated from acquired property								6,826,000
Incremental earnings (loss) of acquired property								41,000
Kings Plaza
Acquisition
Property square footage \| ft²		1,198,000
Purchase price on acquisition		$ 756,000,000
Purchase price funded by cash payment on acquisition		726,000,000
Issuance restricted common stock		30,000,000
Face amount of debt		500,000,000
Placement of mortgage note on the property	$ 146,000,000	354,000,000
Allocation of the fair value
Property		714,589,000
Deferred charges		37,371,000
Other assets		29,282,000
Total assets acquired		781,242,000
Other accrued liabilities		25,242,000
Total liabilities assumed		25,242,000
Fair value of acquired net assets (at 100% ownership)		$ 756,000,000
Business combination
Incremental revenue generated from acquired property								7,106,000
Incremental earnings (loss) of acquired property								$ (1,091,000)

Acquisitions: (Details 2) - USD ($) $ in Thousands			12 Months Ended
Acquisitions: (Details 2) - USD ($) $ in Thousands	Oct. 26, 2012	Oct. 03, 2012	Dec. 31, 2012	Dec. 31, 2011
Reconciliation of the purchase price to the fair value of the acquired net assets
Less debt assumed			$ (420,123)	$ (192,566)
Carrying value of investment			974,258	$ 1,098,560
Remeasurement gain			115,729
FlatIron Crossing
Reconciliation of the purchase price to the fair value of the acquired net assets
Purchase price		$ 310,397
Less debt assumed		(114,497)
Carrying value of investment		33,382
Remeasurement gain		84,227	84,227
Less prior gain deferral		(26,067)
Fair value of acquired net assets		$ 287,442
Ownership interest at completion of acquisition (as a percent)		100.00%
Arrowhead Towne Center
Reconciliation of the purchase price to the fair value of the acquired net assets
Purchase price	$ 144,400
Less debt assumed	(75,374)
Carrying value of investment	23,597
Remeasurement gain	115,729		$ 115,729
Fair value of acquired net assets	$ 208,351
Ownership interest at completion of acquisition (as a percent)	100.00%

Discontinued Operations: (Details) $ in Thousands	1 Months Ended								12 Months Ended
Discontinued Operations: (Details) $ in Thousands	Jun. 30, 2012 USD ($)	May 31, 2012 USD ($) ft²	Apr. 30, 2012 USD ($) ft²	Nov. 30, 2011 USD ($)	Oct. 31, 2011 USD ($)	Jun. 30, 2011 entity store	Mar. 31, 2011 USD ($)	Jul. 31, 2009 item	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Jun. 28, 2012 ft²	May 17, 2012 ft²	Mar. 31, 2012 USD ($)	Jun. 29, 2011 USD ($)
Discontinued Operations:
Gain (loss) from sale									$ 74,833	$ (58,230)	$ (23)
Gain (loss) on extinguishment of debt										(10,588)	3,661
Revenues from discontinued operations									10,601	39,931	47,002
Gain (loss) income from discontinued operations									$ 69,365	(74,871)	$ (10,350)
Mervyn's
Discontinued Operations:
Number of locations sold \| item								5
Proceeds from sale		$ 20,750		$ 2,300	$ 8,061		$ 3,732
Gain (loss) from sale		(407)		$ (200)	$ 3,783		$ (1,913)
Shoppingtown Mall
Discontinued Operations:
Impairment charge															$ 35,729
Long-lived assets written off to fair value															$ 38,968
Gain (loss) on extinguishment of debt										$ (3,929)
Valley View Mall
Discontinued Operations:
Impairment charge														$ 54,306
Long-lived assets written off to fair value														$ 33,450
Gain (loss) on extinguishment of debt			$ 104,023
The Borgata
Discontinued Operations:
Proceeds from sale			9,150
Gain (loss) from sale			$ (1,275)
Property square footage \| ft²			94,000
Hilton Village.
Discontinued Operations:
Proceeds from sale		24,820
Gain (loss) from sale		$ 3,127
Property square footage \| ft²													80,000
Prescott Gateway
Discontinued Operations:
Property square footage \| ft²		584,000
Gain (loss) on extinguishment of debt		$ 16,296
Carmel Plaza
Discontinued Operations:
Proceeds from sale	$ 52,000
Gain (loss) from sale	$ 7,844
Property square footage \| ft²												112,000
GGP Exchange
Discontinued Operations:
Number of anchor locations exchanged \| store						6
GGP Exchange \| Mervyn's
Discontinued Operations:
Number of anchor locations exchanged \| entity						5

Future Rental Revenues: (Details) $ in Thousands	Dec. 31, 2012 USD ($)
Future Rental Revenues:
2013	$ 498,634
2014	434,005
2015	379,362
2016	331,622
2017	274,886
Thereafter	904,295
Total	$ 2,822,804

Commitments and Contingencies: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Commitments and Contingencies:
Ground rent expenses	$ 8,681	$ 8,607	$ 6,494
Minimum future rental payments
2013	14,496
2014	13,315
2015	12,173
2016	12,201
2017	12,186
Thereafter	276,176
Total	340,547
Contingent Liabilities
Contingent liability under letters of credit	3,757
Outstanding obligations under construction agreements	$ 41,107

Related Party Transactions: (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Related party transactions
Interest expense, related party	$ 15,386	$ 16,743	$ 14,254
Loans to unconsolidated joint ventures	3,345	3,995
Due from affiliates	17,068	3,387
Unconsolidated joint ventures
Related party transactions
Interest income, related party	254	276	184
Northwestern Mutual Life ("NML")
Related party transactions
Interest expense, related party	15,386	16,743	14,254
Interest expense payable, related party	1,264	1,379
Unconsolidated joint ventures and third-party managed properties
Related party transactions
Management Fees	24,007	26,838	26,781
Development and Leasing Fees	13,165	9,955	11,488
Fees charged to unconsolidated joint ventures and third-party managed properties	37,172	36,793	$ 38,269
Due from affiliates	$ 4,568	$ 3,387

Share and Unit-based Plans: (Details) $ / shares in Units, $ in Thousands						12 Months Ended
	Sep. 02, 2012 $ / shares shares	Apr. 16, 2012 $ / shares shares	Feb. 23, 2012 employee $ / shares shares	Feb. 07, 2012 shares	Feb. 28, 2011 employee $ / shares shares	Dec. 31, 2012 USD ($) shares item $ / shares	Dec. 31, 2011 USD ($) item $ / shares shares	Dec. 31, 2010 USD ($) item $ / shares shares
Share and unit-based plans
Additional compensation cost from modified terms of awards due to employee separations \| $						$ 1,214	$ 3,333	$ 5,281
Compensation cost under share and unit-based plans \| $						14,970	18,836	27,545
Capitalized share and unit-based compensation costs \| $						$ 2,646	$ 6,231	$ 12,713
Number of employees reduced \| item							6	2
2003 Equity Incentive Plan
Share and unit-based plans
Term of award						10 years
Maximum shares authorized under plan						13,825,428
Shares available for issuance under plan						6,656,505
Director's Phantom Stock Plan
Share and unit-based plans
Maximum shares authorized under plan						500,000
Shares available for issuance under plan						257,960
Number of common shares into which units can be converted						1
Deferral period for grant of units						3 years
Employee Stock Purchase Plan
Share and unit-based plans
Maximum shares authorized under plan						750,000
Shares available for issuance under plan						587,437
Share and unit-based plans, additional information
Discount on purchase price (as a percent)						10.00%
Other Share-Based Plans
Options
Balance at beginning of period (in shares)						10,800
Balance at end of period (in shares)							10,800
LTIP Units
Share and unit-based plans
Number of common shares into which units can be converted						1
Number of awards with modified terms due to separation agreement \| item						20,000		5,109
Compensation cost under share and unit-based plans \| $						$ 9,436	$ 8,955	$ 12,780
Award activity, Shares or Units
Balance at the beginning of the period (in shares)						190,000	272,226	252,940
Granted (in shares)						315,000	422,631	232,632
Vested (in shares)						(305,000)	(504,857)	(213,346)
Balance at the end of the period (in shares)						200,000	190,000	272,226
Award activity, Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) \| $ / shares						$ 43.30	$ 50.68	$ 55.50
Granted (in dollars per share) \| $ / shares						40.53	46.48	48.89
Vested (in dollars per share) \| $ / shares						44.85	49.85	54.45
Balance at the end of the period (in dollars per share) \| $ / shares						$ 38.63	$ 43.30	$ 50.68
Level of percentile ranking at which awards vested (as a percent)				150.00%
Share and unit-based plans, additional information
Unrecognized compensation cost of share and unit-based plans \| $						$ 637
Fair value assumptions
The stock price that must be exceeded in estimating fair value assumption (in dollars per share) \| $ / shares						$ 0
LTIP Units \| Executive officers
Share and unit-based plans
Number of executives receiving grants \| employee			4		4
Award activity, Shares or Units
Granted (in shares)	20,000	10,000	190,000	95,000	190,000
Award activity, Weighted Average Grant Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 59.57	$ 54.97	$ 37.77		$ 43.30
Stock awards
Share and unit-based plans
Number of awards with modified terms due to separation agreement \| item							2,281	2,385
Compensation cost under share and unit-based plans \| $						$ 598	$ 749	$ 3,086
Award activity, Shares or Units
Balance at the beginning of the period (in shares)						21,130	63,351	126,137
Granted (in shares)						9,639	11,350	11,664
Vested (in shares)						(9,845)	(53,571)	(74,143)
Forfeited (in shares)								(307)
Balance at the end of the period (in shares)						20,924	21,130	63,351
Award activity, Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) \| $ / shares						$ 40.68	$ 53.69	$ 69.53
Granted (in dollars per share) \| $ / shares						54.43	48.47	38.58
Vested (in dollars per share) \| $ / shares						35.69	57.36	78.48
Forfeited (in dollars per share) \| $ / shares								61.17
Balance at the end of the period (in dollars per share) \| $ / shares						$ 49.36	$ 40.68	$ 53.69
Share and unit-based plans, additional information
Unrecognized compensation cost of share and unit-based plans \| $						$ 620
Stock units
Share and unit-based plans
Number of common shares into which units can be converted						1
Number of awards with modified terms due to separation agreement \| item							61,570	121,036
Compensation cost under share and unit-based plans \| $						$ 3,379	$ 7,526	$ 8,048
Award activity, Shares or Units
Balance at the beginning of the period (in shares)						576,340	1,038,549	1,567,597
Granted (in shares)						72,322	64,463
Vested (in shares)						(533,985)	(519,272)	(529,048)
Forfeited (in shares)							(7,400)
Balance at the end of the period (in shares)						114,677	576,340	1,038,549
Award activity, Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) \| $ / shares						$ 11.71	$ 7.17	$ 7.17
Granted (in dollars per share) \| $ / shares						54.43	48.36
Vested (in dollars per share) \| $ / shares						8.80	7.17	7.17
Forfeited (in dollars per share) \| $ / shares							12.35
Balance at the end of the period (in dollars per share) \| $ / shares						$ 52.19	$ 11.71	$ 7.17
Share and unit-based plans, additional information
Unrecognized compensation cost of share and unit-based plans \| $						$ 2,567
Stock options
Share and unit-based plans
Compensation cost under share and unit-based plans \| $						$ 21		$ 402
Options
Balance at beginning of period (in shares)						2,700	110,711	110,711
Granted (in shares)						10,068
Forfeited (in shares)							(108,011)
Balance at end of period (in shares)						12,768	2,700	110,711
Weighted Average Exercise Price
Balance at beginning of period (in dollars per share) \| $ / shares						$ 36.51	$ 75.08	$ 75.08
Granted (in dollars per share) \| $ / shares						59.57
Forfeited (in dollars per share) \| $ / shares							76.05
Balance at end of period (in dollars per share) \| $ / shares						$ 54.69	$ 36.51	$ 75.08
Share and unit-based plans, additional information
Unrecognized compensation cost of share and unit-based plans \| $						$ 76
Fair value assumptions
Volatility rate (as a percent)						25.85%
Dividend yield (as a percent)						3.69%
Risk free rate (as a percent)						1.20%
Current value (in dollars per share) \| $ / shares						$ 59.57
Expected term						8 years
Grant date of award (in dollars per share) \| $ / shares						$ 9.67
Stock appreciation rights ("SARs")
Share and unit-based plans
Term of award						10 years
Number of awards with modified terms due to separation agreement \| item						54,405	43,204	43,204
Compensation cost under share and unit-based plans \| $						$ 583	$ 626	$ 2,318
Award activity, Shares or Units
Balance at the beginning of the period (in shares)						1,156,985	1,242,314	1,324,700
Granted (in shares)						39,932
Exercised (in shares)						(32,732)
Forfeited (in shares)							(85,329)	(82,386)
Balance at the end of the period (in shares)						1,164,185	1,156,985	1,242,314
Award Activity, Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share) \| $ / shares						$ 56.55	$ 56.56	$ 56.56
Granted (in dollars per share) \| $ / shares						59.57
Exercised (in dollars per share) \| $ / shares						56.63
Forfeited (in dollars per share) \| $ / shares							56.63	56.63
Balance at the end of the period (in dollars per share) \| $ / shares						$ 56.65	$ 56.55	$ 56.56
Fair value assumptions
Volatility rate (as a percent)						25.85%
Dividend yield (as a percent)						3.69%
Risk free rate (as a percent)						1.20%
Current value (in dollars per share) \| $ / shares						$ 59.57
Expected term						8 years
Grant date of award (in dollars per share) \| $ / shares						$ 9.67
Phantom stock units
Share and unit-based plans
Compensation cost under share and unit-based plans \| $						$ 953	$ 980	$ 911
Award activity, Shares or Units
Balance at the beginning of the period (in shares)						15,745	29,783
Granted (in shares)						7,896	10,534	54,602
Vested (in shares)						(22,179)	(24,572)	(24,819)
Forfeited (in shares)						(1,462)
Balance at the end of the period (in shares)							15,745	29,783
Award activity, Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) \| $ / shares						$ 34.84	$ 34.18
Granted (in dollars per share) \| $ / shares						57.29	48.51	$ 35.33
Vested (in dollars per share) \| $ / shares						45.24	39.89	36.72
Forfeited (in dollars per share) \| $ / shares						$ 33.74
Balance at the end of the period (in dollars per share) \| $ / shares							$ 34.84	$ 34.18
Share and unit-based plans, additional information
Unrecognized compensation cost of share and unit-based plans \| $						$ 1,003
Stock awards and units
Fair value assumptions
Fair value of equity-based awards vested during period \| $						$ 30,454	$ 27,160	$ 23,469
SARS granted prior to 2012
Fair value assumptions
Volatility rate (as a percent)						22.52%
Dividend yield (as a percent)						5.23%
Risk free rate (as a percent)						3.15%
Current value (in dollars per share) \| $ / shares						$ 61.17
Expected term						8 years
Grant date of award (in dollars per share) \| $ / shares						$ 7.68

Employee Benefit Plans: (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans: (Details) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Jan. 31, 2013	Feb. 01, 1999
401(k) Plan
Employee Benefit Plans:
Number of common stock shares reserved for issuance					150,000
Employer match of employee contributions of first 3% of eligible compensation (as a percent)	100.00%
Percentage of eligible compensation, matched 100% by employer	3.00%
Employer match of employee contributions of next 2% of eligible compensation (as a percent)	50.00%
Percentage of eligible compensation, matched 50% by employer	2.00%
Employer contribution	$ 3,094	$ 3,077	$ 3,502
401(k) Plan \| Subsequent event
Employee Benefit Plans:
Number of additional common stock shares reserved for issuance				500,000
Deferred Compensation Plans
Employee Benefit Plans:
Employer contribution	$ 648	$ 570	$ 586

Income Taxes: (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Common stock dividend distribution
Ordinary income (in dollars per share)	$ 0.74	$ 0.85	$ 0.57
Capital gains (in dollars per share)	1.13	0.01	0.04
Unrecaptured Section 1250 gain (in dollars per share)	0.36	0.04
Return of capital (in dollars per share)		1.15	1.49
Dividends paid (in dollars per share)	$ 2.23	$ 2.05	$ 2.10
Ordinary income (as a percent)	33.20%	41.50%	27.10%
Capital gains (as a percent)	50.70%	0.50%	1.90%
Unrecaptured Section 1250 gain (as a percent)	16.10%	2.00%
Return of capital (as a percent)		56.00%	71.00%
Dividends paid (as a percent)	100.00%	100.00%	100.00%
Income tax benefit
Current			$ (11)
Deferred	$ 4,159	$ 6,110	9,213
Income tax benefit	4,159	6,110	9,202
Reconciliation of income tax benefit (provision) of the TRSs
Book loss for TRSs	16,154	19,558	19,896
Tax at statutory rate on earnings from continuing operations before income taxes	5,493	6,650	6,765
Other	(1,334)	(540)	2,437
Income tax benefit	4,159	6,110	9,202
Components of net deferred tax assets
Net operating loss carryforwards	33,781	29,045
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other assets costs	(1,973)	(4,442)
Other	1,606	2,226
Net deferred tax assets	$ 33,414	$ 26,829
Reconciliation of unrecognized tax benefits
Unrecognized tax benefits at beginning of year			2,420
Gross decreases for tax positions of current year			$ (2,420)

Quarterly Financial Data (Unaudited): (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended								12 Months Ended
	Oct. 26, 2012	Oct. 03, 2012	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Quarterly Financial Data (Unaudited):
Revenues			$ 251,165	$ 215,669	$ 204,545	$ 214,729	$ 208,479	$ 193,319	$ 181,299	$ 185,265	$ 881,323	$ 763,371	$ 711,557
Net income (loss) attributable to common stockholders			$ 174,247	$ 43,893	$ 133,354	$ (14,068)	$ 163,107	$ 12,941	$ (19,216)	$ 34	$ 337,426	$ 156,866	$ 25,190
Net income (loss) attributable to common stockholders per share-basic (in dollars per share)			$ 1.27	$ 0.33	$ 1.00	$ (0.11)	$ 1.23	$ 0.10	$ (0.15)		$ 2.51	$ 1.18	$ 0.19
Net income (loss) attributable to common stockholders per share-diluted (in dollars per share)			$ 1.27	$ 0.33	$ 1.00	$ (0.11)	$ 1.23	$ 0.10	$ (0.15)		$ 2.51	$ 1.18	$ 0.19
Quarterly Financial Data (Unaudited)
Remeasurement gain on acquisition of additional interest											$ 115,729
Remeasurement gain on acquisition of additional interest											29,301	$ 389,707	$ 576
Impairment loss related to the reduction of the expected holding period of certain long-lived assets												$ 25,216
SDG Properties
Quarterly Financial Data (Unaudited)
Remeasurement gain on acquisition of additional interest							$ 188,264
FlatIron Crossing
Quarterly Financial Data (Unaudited)
Remeasurement gain on acquisition of additional interest		$ 84,227									84,227
Arrowhead Towne Center
Quarterly Financial Data (Unaudited)
Remeasurement gain on acquisition of additional interest	$ 115,729										$ 115,729

Subsequent Events: (Details) $ / shares in Units, $ in Thousands						1 Months Ended
	Jan. 24, 2013 USD ($) ft²	Jan. 03, 2013 USD ($)	Jan. 02, 2013	Nov. 28, 2012 USD ($)	Mar. 22, 2010	Mar. 02, 2013	Feb. 02, 2013 $ / shares
Subsequent events
Percentage of dividend/distribution payable in cash					10.00%
Kings Plaza
Subsequent events
Placement of mortgage note on the property				$ 354,000
Subsequent event \| Green Acres Mall
Subsequent events
Property square footage \| ft²	1,800,000
Purchase price on acquisition	$ 500,000
Placement of mortgage note on the property	325,000
Borrowings under entity's line of credit	$ 175,000
Subsequent event \| Kings Plaza
Subsequent events
Placement of mortgage note on the property		$ 146,000
Subsequent event \| Kierland Commons
Subsequent events
Interest rate basis			LIBOR
Interest rate spread over basis (as a percent)			1.90%
Subsequent event \| Dividend declared
Subsequent events
Dividend/distribution for common stockholders and OP Unit holders (in dollars per share) \| $ / shares							$ 0.58
Percentage of dividend/distribution payable in cash						100.00%

Schedule III-Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Initial Cost to Company
Land	$ 1,480,516
Buildings and Improvements	4,912,479
Equipment and Furnishings	49,269
Cost Capitalized Subsequent to Acquisition	2,570,442
Gross Amount at Which Carried at Close of Period
Land	1,572,621
Buildings and Improvements	6,913,877
Equipment and furnishings	149,959	$ 123,098
Construction in progress	376,249	209,732
Total	9,012,706	7,489,735
Accumulated Depreciation	1,533,160
Total Cost, Net of Accumulated Depreciation	7,479,546	$ 6,079,043
Arrowhead Towne Center
Initial Cost to Company
Land	36,687
Buildings and Improvements	386,662
Cost Capitalized Subsequent to Acquisition	350
Gross Amount at Which Carried at Close of Period
Land	36,687
Buildings and Improvements	386,817
Equipment and furnishings	195
Construction in progress	0
Total	423,699
Accumulated Depreciation	1,892
Total Cost, Net of Accumulated Depreciation	421,807
Black Canyon Auto Park
Initial Cost to Company
Land	20,600
Cost Capitalized Subsequent to Acquisition	4,052
Gross Amount at Which Carried at Close of Period
Land	14,141
Construction in progress	10,511
Total	24,652
Total Cost, Net of Accumulated Depreciation	24,652
Capitola Mall
Initial Cost to Company
Land	20,395
Buildings and Improvements	59,221
Cost Capitalized Subsequent to Acquisition	9,314
Gross Amount at Which Carried at Close of Period
Land	20,392
Buildings and Improvements	66,942
Equipment and furnishings	1,388
Construction in progress	208
Total	88,930
Accumulated Depreciation	25,791
Total Cost, Net of Accumulated Depreciation	63,139
Chandler Fashion Center
Initial Cost to Company
Land	24,188
Buildings and Improvements	223,143
Cost Capitalized Subsequent to Acquisition	10,963
Gross Amount at Which Carried at Close of Period
Land	24,188
Buildings and Improvements	230,500
Equipment and furnishings	3,507
Construction in progress	99
Total	258,294
Accumulated Depreciation	68,444
Total Cost, Net of Accumulated Depreciation	189,850
Chesterfield Towne Center
Initial Cost to Company
Land	18,517
Buildings and Improvements	72,936
Equipment and Furnishings	2
Cost Capitalized Subsequent to Acquisition	42,325
Gross Amount at Which Carried at Close of Period
Land	18,517
Buildings and Improvements	112,217
Equipment and furnishings	3,027
Construction in progress	19
Total	133,780
Accumulated Depreciation	61,654
Total Cost, Net of Accumulated Depreciation	72,126
Danbury Fair Mall
Initial Cost to Company
Land	130,367
Buildings and Improvements	316,951
Cost Capitalized Subsequent to Acquisition	86,798
Gross Amount at Which Carried at Close of Period
Land	142,751
Buildings and Improvements	386,153
Equipment and furnishings	4,897
Construction in progress	315
Total	534,116
Accumulated Depreciation	78,546
Total Cost, Net of Accumulated Depreciation	455,570
Deptford Mall
Initial Cost to Company
Land	48,370
Buildings and Improvements	194,250
Cost Capitalized Subsequent to Acquisition	30,399
Gross Amount at Which Carried at Close of Period
Land	61,029
Buildings and Improvements	208,957
Equipment and furnishings	1,482
Construction in progress	1,551
Total	273,019
Accumulated Depreciation	37,334
Total Cost, Net of Accumulated Depreciation	235,685
Desert Sky Mall
Initial Cost to Company
Land	9,447
Buildings and Improvements	37,245
Equipment and Furnishings	12
Cost Capitalized Subsequent to Acquisition	1,275
Gross Amount at Which Carried at Close of Period
Land	9,447
Buildings and Improvements	38,017
Equipment and furnishings	506
Construction in progress	9
Total	47,979
Accumulated Depreciation	2,580
Total Cost, Net of Accumulated Depreciation	45,399
Eastland Mall
Initial Cost to Company
Land	22,050
Buildings and Improvements	151,605
Cost Capitalized Subsequent to Acquisition	1,463
Gross Amount at Which Carried at Close of Period
Land	22,066
Buildings and Improvements	152,804
Equipment and furnishings	248
Total	175,118
Accumulated Depreciation	4,672
Total Cost, Net of Accumulated Depreciation	170,446
Estrella Falls
Initial Cost to Company
Land	10,550
Cost Capitalized Subsequent to Acquisition	71,395
Gross Amount at Which Carried at Close of Period
Land	10,747
Buildings and Improvements	38
Construction in progress	71,160
Total	81,945
Accumulated Depreciation	7
Total Cost, Net of Accumulated Depreciation	81,938
Fashion Outlets of Chicago
Initial Cost to Company
Cost Capitalized Subsequent to Acquisition	164,902
Gross Amount at Which Carried at Close of Period
Construction in progress	164,902
Total	164,902
Total Cost, Net of Accumulated Depreciation	164,902
Fashion Outlets of Niagara Falls USA
Initial Cost to Company
Land	18,581
Buildings and Improvements	210,139
Cost Capitalized Subsequent to Acquisition	8,519
Gross Amount at Which Carried at Close of Period
Land	18,581
Buildings and Improvements	209,842
Equipment and furnishings	31
Construction in progress	8,785
Total	237,239
Accumulated Depreciation	11,218
Total Cost, Net of Accumulated Depreciation	226,021
Fiesta Mall
Initial Cost to Company
Land	19,445
Buildings and Improvements	99,116
Cost Capitalized Subsequent to Acquisition	32,395
Gross Amount at Which Carried at Close of Period
Land	31,968
Buildings and Improvements	118,790
Equipment and furnishings	198
Total	150,956
Accumulated Depreciation	29,207
Total Cost, Net of Accumulated Depreciation	121,749
Flagstaff Mall
Initial Cost to Company
Land	5,480
Buildings and Improvements	31,773
Cost Capitalized Subsequent to Acquisition	16,729
Gross Amount at Which Carried at Close of Period
Land	5,480
Buildings and Improvements	48,104
Equipment and furnishings	398
Total	53,982
Accumulated Depreciation	13,052
Total Cost, Net of Accumulated Depreciation	40,930
Flagstaff Mall, The Marketplace at
Initial Cost to Company
Cost Capitalized Subsequent to Acquisition	52,836
Gross Amount at Which Carried at Close of Period
Buildings and Improvements	52,830
Equipment and furnishings	6
Total	52,836
Accumulated Depreciation	11,745
Total Cost, Net of Accumulated Depreciation	41,091
FlatIron Crossing
Initial Cost to Company
Land	109,851
Buildings and Improvements	333,540
Cost Capitalized Subsequent to Acquisition	983
Gross Amount at Which Carried at Close of Period
Land	102,339
Buildings and Improvements	334,387
Equipment and furnishings	61
Construction in progress	7,587
Total	444,374
Accumulated Depreciation	3,119
Total Cost, Net of Accumulated Depreciation	441,255
Freehold Raceway Mall
Initial Cost to Company
Land	164,986
Buildings and Improvements	362,841
Cost Capitalized Subsequent to Acquisition	91,128
Gross Amount at Which Carried at Close of Period
Land	168,098
Buildings and Improvements	447,671
Equipment and furnishings	2,667
Construction in progress	519
Total	618,955
Accumulated Depreciation	104,446
Total Cost, Net of Accumulated Depreciation	514,509
Fresno Fashion Fair
Initial Cost to Company
Land	17,966
Buildings and Improvements	72,194
Cost Capitalized Subsequent to Acquisition	44,653
Gross Amount at Which Carried at Close of Period
Land	17,966
Buildings and Improvements	115,242
Equipment and furnishings	1,605
Total	134,813
Accumulated Depreciation	47,718
Total Cost, Net of Accumulated Depreciation	87,095
Great Northern Mall
Initial Cost to Company
Land	12,187
Buildings and Improvements	62,657
Cost Capitalized Subsequent to Acquisition	7,229
Gross Amount at Which Carried at Close of Period
Land	12,635
Buildings and Improvements	68,970
Equipment and furnishings	468
Total	82,073
Accumulated Depreciation	17,810
Total Cost, Net of Accumulated Depreciation	64,263
Green Tree Mall
Initial Cost to Company
Land	4,947
Buildings and Improvements	14,925
Equipment and Furnishings	332
Cost Capitalized Subsequent to Acquisition	35,712
Gross Amount at Which Carried at Close of Period
Land	4,947
Buildings and Improvements	50,093
Equipment and furnishings	876
Total	55,916
Accumulated Depreciation	39,538
Total Cost, Net of Accumulated Depreciation	16,378
Kings Plaza Shopping Center
Initial Cost to Company
Land	209,041
Buildings and Improvements	485,548
Equipment and Furnishings	20,000
Cost Capitalized Subsequent to Acquisition	465
Gross Amount at Which Carried at Close of Period
Land	209,041
Buildings and Improvements	485,884
Equipment and furnishings	20,123
Construction in progress	6
Total	715,054
Accumulated Depreciation	1,311
Total Cost, Net of Accumulated Depreciation	713,743
La Cumbre Plaza
Initial Cost to Company
Land	18,122
Buildings and Improvements	21,492
Cost Capitalized Subsequent to Acquisition	22,523
Gross Amount at Which Carried at Close of Period
Land	17,280
Buildings and Improvements	44,457
Equipment and furnishings	208
Construction in progress	192
Total	62,137
Accumulated Depreciation	16,152
Total Cost, Net of Accumulated Depreciation	45,985
Lake Square Mall
Initial Cost to Company
Land	6,386
Buildings and Improvements	14,739
Cost Capitalized Subsequent to Acquisition	92
Gross Amount at Which Carried at Close of Period
Land	6,390
Buildings and Improvements	14,713
Equipment and furnishings	114
Total	21,217
Accumulated Depreciation	540
Total Cost, Net of Accumulated Depreciation	20,677
Macerich Management Co.
Initial Cost to Company
Buildings and Improvements	8,685
Equipment and Furnishings	26,562
Cost Capitalized Subsequent to Acquisition	39,297
Gross Amount at Which Carried at Close of Period
Land	1,878
Buildings and Improvements	6,425
Equipment and furnishings	64,178
Construction in progress	2,063
Total	74,544
Accumulated Depreciation	51,860
Total Cost, Net of Accumulated Depreciation	22,684
MACWH, LP
Initial Cost to Company
Buildings and Improvements	25,771
Cost Capitalized Subsequent to Acquisition	24,807
Gross Amount at Which Carried at Close of Period
Land	11,557
Buildings and Improvements	31,267
Equipment and furnishings	164
Construction in progress	7,590
Total	50,578
Accumulated Depreciation	5,735
Total Cost, Net of Accumulated Depreciation	44,843
Mervyn's (former locations)
Initial Cost to Company
Land	27,281
Buildings and Improvements	109,769
Cost Capitalized Subsequent to Acquisition	18,394
Gross Amount at Which Carried at Close of Period
Land	27,280
Buildings and Improvements	127,275
Equipment and furnishings	313
Construction in progress	576
Total	155,444
Accumulated Depreciation	19,756
Total Cost, Net of Accumulated Depreciation	135,688
Northgate Mall
Initial Cost to Company
Land	8,400
Buildings and Improvements	34,865
Equipment and Furnishings	841
Cost Capitalized Subsequent to Acquisition	98,917
Gross Amount at Which Carried at Close of Period
Land	13,414
Buildings and Improvements	126,308
Equipment and furnishings	3,111
Construction in progress	190
Total	143,023
Accumulated Depreciation	49,406
Total Cost, Net of Accumulated Depreciation	93,617
Northridge Mall
Initial Cost to Company
Land	20,100
Buildings and Improvements	101,170
Cost Capitalized Subsequent to Acquisition	13,375
Gross Amount at Which Carried at Close of Period
Land	20,100
Buildings and Improvements	112,913
Equipment and furnishings	1,233
Construction in progress	399
Total	134,645
Accumulated Depreciation	32,038
Total Cost, Net of Accumulated Depreciation	102,607
NorthPark Mall
Initial Cost to Company
Land	7,746
Buildings and Improvements	74,661
Cost Capitalized Subsequent to Acquisition	2,805
Gross Amount at Which Carried at Close of Period
Land	7,885
Buildings and Improvements	77,174
Equipment and furnishings	53
Construction in progress	100
Total	85,212
Accumulated Depreciation	2,758
Total Cost, Net of Accumulated Depreciation	82,454
Oaks, The
Initial Cost to Company
Land	32,300
Buildings and Improvements	117,156
Cost Capitalized Subsequent to Acquisition	233,662
Gross Amount at Which Carried at Close of Period
Land	56,064
Buildings and Improvements	324,318
Equipment and furnishings	2,242
Construction in progress	494
Total	383,118
Accumulated Depreciation	75,857
Total Cost, Net of Accumulated Depreciation	307,261
Pacific View
Initial Cost to Company
Land	8,697
Buildings and Improvements	8,696
Cost Capitalized Subsequent to Acquisition	127,568
Gross Amount at Which Carried at Close of Period
Land	7,854
Buildings and Improvements	135,357
Equipment and furnishings	1,750
Total	144,961
Accumulated Depreciation	44,823
Total Cost, Net of Accumulated Depreciation	100,138
Panorama Mall
Initial Cost to Company
Land	4,373
Buildings and Improvements	17,491
Cost Capitalized Subsequent to Acquisition	6,640
Gross Amount at Which Carried at Close of Period
Land	4,857
Buildings and Improvements	22,801
Equipment and furnishings	421
Construction in progress	425
Total	28,504
Accumulated Depreciation	7,179
Total Cost, Net of Accumulated Depreciation	21,325
Paradise Valley Mall
Initial Cost to Company
Land	24,565
Buildings and Improvements	125,996
Cost Capitalized Subsequent to Acquisition	41,842
Gross Amount at Which Carried at Close of Period
Land	35,921
Buildings and Improvements	154,132
Equipment and furnishings	2,163
Construction in progress	187
Total	192,403
Accumulated Depreciation	46,139
Total Cost, Net of Accumulated Depreciation	146,264
Paradise Village Ground Leases
Initial Cost to Company
Land	8,880
Buildings and Improvements	2,489
Cost Capitalized Subsequent to Acquisition	(6,264)
Gross Amount at Which Carried at Close of Period
Land	3,870
Buildings and Improvements	1,235
Total	5,105
Accumulated Depreciation	280
Total Cost, Net of Accumulated Depreciation	4,825
Promenade at Casa Grande
Initial Cost to Company
Land	15,089
Cost Capitalized Subsequent to Acquisition	100,944
Gross Amount at Which Carried at Close of Period
Land	11,360
Buildings and Improvements	104,626
Equipment and furnishings	47
Total	116,033
Accumulated Depreciation	23,513
Total Cost, Net of Accumulated Depreciation	92,520
Paradise Village Office Park II
Initial Cost to Company
Land	1,150
Buildings and Improvements	1,790
Cost Capitalized Subsequent to Acquisition	3,574
Gross Amount at Which Carried at Close of Period
Land	2,300
Buildings and Improvements	3,919
Equipment and furnishings	295
Total	6,514
Accumulated Depreciation	2,190
Total Cost, Net of Accumulated Depreciation	4,324
Rimrock Mall
Initial Cost to Company
Land	8,737
Buildings and Improvements	35,652
Cost Capitalized Subsequent to Acquisition	13,775
Gross Amount at Which Carried at Close of Period
Land	8,737
Buildings and Improvements	48,696
Equipment and furnishings	731
Total	58,164
Accumulated Depreciation	21,097
Total Cost, Net of Accumulated Depreciation	37,067
Rotterdam Square
Initial Cost to Company
Land	7,018
Buildings and Improvements	32,736
Cost Capitalized Subsequent to Acquisition	3,408
Gross Amount at Which Carried at Close of Period
Land	7,285
Buildings and Improvements	35,612
Equipment and furnishings	265
Total	43,162
Accumulated Depreciation	9,766
Total Cost, Net of Accumulated Depreciation	33,396
Salisbury, The Centre at
Initial Cost to Company
Land	15,290
Buildings and Improvements	63,474
Equipment and Furnishings	31
Cost Capitalized Subsequent to Acquisition	27,334
Gross Amount at Which Carried at Close of Period
Land	15,284
Buildings and Improvements	89,609
Equipment and furnishings	1,236
Total	106,129
Accumulated Depreciation	38,657
Total Cost, Net of Accumulated Depreciation	67,472
Santa Monica Place
Initial Cost to Company
Land	26,400
Buildings and Improvements	105,600
Cost Capitalized Subsequent to Acquisition	283,344
Gross Amount at Which Carried at Close of Period
Land	48,374
Buildings and Improvements	359,314
Equipment and furnishings	7,499
Construction in progress	157
Total	415,344
Accumulated Depreciation	35,291
Total Cost, Net of Accumulated Depreciation	380,053
SanTan Adjacent Land
Initial Cost to Company
Land	29,414
Cost Capitalized Subsequent to Acquisition	4,756
Gross Amount at Which Carried at Close of Period
Land	29,506
Construction in progress	4,664
Total	34,170
Total Cost, Net of Accumulated Depreciation	34,170
SanTan Village Regional Center
Initial Cost to Company
Land	7,827
Cost Capitalized Subsequent to Acquisition	189,997
Gross Amount at Which Carried at Close of Period
Land	6,344
Buildings and Improvements	190,778
Equipment and furnishings	702
Total	197,824
Accumulated Depreciation	51,864
Total Cost, Net of Accumulated Depreciation	145,960
Somersville Towne Center
Initial Cost to Company
Land	4,096
Buildings and Improvements	20,317
Equipment and Furnishings	1,425
Cost Capitalized Subsequent to Acquisition	13,647
Gross Amount at Which Carried at Close of Period
Land	4,099
Buildings and Improvements	34,785
Equipment and furnishings	554
Construction in progress	47
Total	39,485
Accumulated Depreciation	22,962
Total Cost, Net of Accumulated Depreciation	16,523
SouthPark Mall
Initial Cost to Company
Land	7,035
Buildings and Improvements	38,215
Cost Capitalized Subsequent to Acquisition	134
Gross Amount at Which Carried at Close of Period
Land	7,017
Buildings and Improvements	38,235
Equipment and furnishings	32
Construction in progress	100
Total	45,384
Accumulated Depreciation	1,678
Total Cost, Net of Accumulated Depreciation	43,706
South Plains Mall
Initial Cost to Company
Land	23,100
Buildings and Improvements	92,728
Cost Capitalized Subsequent to Acquisition	28,258
Gross Amount at Which Carried at Close of Period
Land	23,100
Buildings and Improvements	120,031
Equipment and furnishings	955
Total	144,086
Accumulated Depreciation	44,283
Total Cost, Net of Accumulated Depreciation	99,803
South Towne Center
Initial Cost to Company
Land	19,600
Buildings and Improvements	78,954
Cost Capitalized Subsequent to Acquisition	27,389
Gross Amount at Which Carried at Close of Period
Land	20,360
Buildings and Improvements	104,112
Equipment and furnishings	1,320
Construction in progress	151
Total	125,943
Accumulated Depreciation	43,025
Total Cost, Net of Accumulated Depreciation	82,918
Southridge Mall
Initial Cost to Company
Land	6,764
Cost Capitalized Subsequent to Acquisition	11,615
Gross Amount at Which Carried at Close of Period
Land	6,302
Buildings and Improvements	2,212
Equipment and furnishings	10
Construction in progress	9,855
Total	18,379
Accumulated Depreciation	34
Total Cost, Net of Accumulated Depreciation	18,345
The Shops at Tangerine (Marana)
Initial Cost to Company
Land	36,158
Cost Capitalized Subsequent to Acquisition	(2,283)
Gross Amount at Which Carried at Close of Period
Land	16,922
Construction in progress	16,953
Total	33,875
Total Cost, Net of Accumulated Depreciation	33,875
The Macerich Partnership, L.P.
Initial Cost to Company
Buildings and Improvements	2,534
Cost Capitalized Subsequent to Acquisition	14,276
Gross Amount at Which Carried at Close of Period
Land	902
Buildings and Improvements	7,461
Equipment and furnishings	6,378
Construction in progress	2,069
Total	16,810
Accumulated Depreciation	3,038
Total Cost, Net of Accumulated Depreciation	13,772
Towne Mall
Initial Cost to Company
Land	6,652
Buildings and Improvements	31,184
Cost Capitalized Subsequent to Acquisition	2,515
Gross Amount at Which Carried at Close of Period
Land	6,877
Buildings and Improvements	33,238
Equipment and furnishings	236
Total	40,351
Accumulated Depreciation	9,099
Total Cost, Net of Accumulated Depreciation	31,252
Tucson La Encantada
Initial Cost to Company
Land	12,800
Buildings and Improvements	19,699
Cost Capitalized Subsequent to Acquisition	55,358
Gross Amount at Which Carried at Close of Period
Land	12,800
Buildings and Improvements	74,865
Equipment and furnishings	192
Total	87,857
Accumulated Depreciation	32,158
Total Cost, Net of Accumulated Depreciation	55,699
Twenty Ninth Street
Initial Cost to Company
Buildings and Improvements	37,843
Equipment and Furnishings	64
Cost Capitalized Subsequent to Acquisition	210,409
Gross Amount at Which Carried at Close of Period
Land	23,599
Buildings and Improvements	223,790
Equipment and furnishings	927
Total	248,316
Accumulated Depreciation	77,382
Total Cost, Net of Accumulated Depreciation	170,934
Valley Mall
Initial Cost to Company
Land	16,045
Buildings and Improvements	26,098
Cost Capitalized Subsequent to Acquisition	3,557
Gross Amount at Which Carried at Close of Period
Land	15,616
Buildings and Improvements	30,035
Equipment and furnishings	47
Construction in progress	2
Total	45,700
Accumulated Depreciation	1,074
Total Cost, Net of Accumulated Depreciation	44,626
Valley River Center
Initial Cost to Company
Land	24,854
Buildings and Improvements	147,715
Cost Capitalized Subsequent to Acquisition	13,449
Gross Amount at Which Carried at Close of Period
Land	24,854
Buildings and Improvements	159,558
Equipment and furnishings	1,303
Construction in progress	303
Total	186,018
Accumulated Depreciation	34,257
Total Cost, Net of Accumulated Depreciation	151,761
Victor Valley, Mall of
Initial Cost to Company
Land	15,700
Buildings and Improvements	75,230
Cost Capitalized Subsequent to Acquisition	40,432
Gross Amount at Which Carried at Close of Period
Land	20,080
Buildings and Improvements	108,829
Equipment and furnishings	1,566
Construction in progress	887
Total	131,362
Accumulated Depreciation	25,341
Total Cost, Net of Accumulated Depreciation	106,021
Vintage Faire Mall
Initial Cost to Company
Land	14,902
Buildings and Improvements	60,532
Cost Capitalized Subsequent to Acquisition	53,086
Gross Amount at Which Carried at Close of Period
Land	17,647
Buildings and Improvements	109,736
Equipment and furnishings	1,137
Total	128,520
Accumulated Depreciation	47,060
Total Cost, Net of Accumulated Depreciation	81,460
Westside Pavilion
Initial Cost to Company
Land	34,100
Buildings and Improvements	136,819
Cost Capitalized Subsequent to Acquisition	70,422
Gross Amount at Which Carried at Close of Period
Land	34,100
Buildings and Improvements	201,394
Equipment and furnishings	5,674
Construction in progress	173
Total	241,341
Accumulated Depreciation	74,948
Total Cost, Net of Accumulated Depreciation	166,393
Wilton Mall
Initial Cost to Company
Land	19,743
Buildings and Improvements	67,855
Cost Capitalized Subsequent to Acquisition	12,981
Gross Amount at Which Carried at Close of Period
Land	19,810
Buildings and Improvements	76,359
Equipment and furnishings	1,105
Construction in progress	3,305
Total	100,579
Accumulated Depreciation	17,518
Total Cost, Net of Accumulated Depreciation	83,061
500 North Michigan Avenue
Initial Cost to Company
Land	12,851
Buildings and Improvements	55,358
Cost Capitalized Subsequent to Acquisition	197
Gross Amount at Which Carried at Close of Period
Land	12,851
Buildings and Improvements	55,482
Equipment and furnishings	32
Construction in progress	41
Total	68,406
Accumulated Depreciation	1,933
Total Cost, Net of Accumulated Depreciation	66,473
Other land and development properties
Initial Cost to Company
Land	44,686
Buildings and Improvements	4,420
Cost Capitalized Subsequent to Acquisition	50,325
Gross Amount at Which Carried at Close of Period
Land	31,125
Buildings and Improvements	8,568
Equipment and furnishings	83
Construction in progress	59,655
Total	99,431
Accumulated Depreciation	2,385
Total Cost, Net of Accumulated Depreciation	$ 97,046

Schedule III-Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Changes in total real estate assets
Balances, beginning of year	$ 7,489,735	$ 6,908,507	$ 6,697,259
Additions	1,909,530	784,717	239,362
Dispositions and retirements	(386,559)	(203,489)	(28,114)
Balances, end of year	8,070,963	7,489,735	6,908,507
Changes in accumulated depreciation
Balances, beginning of year	1,410,692	1,234,380	1,039,320
Additions	223,630	241,231	206,913
Dispositions and retirements	(47,318)	(47,318)	(11,853)
Balances, end of year	$ 1,587,004	$ 1,410,692	$ 1,234,380
Buildings and improvements \| Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Buildings and improvements \| Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	40 years
Tenant improvements \| Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Tenant improvements \| Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	7 years
Equipment and furnishings \| Minimum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	5 years
Equipment and furnishings \| Maximum
REAL ESTATE AND ACCUMULATED DEPRECIATION
Estimated useful lives of assets	7 years